Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1889-07-26
MILLIONS INVOLVED
b Assi6lnelt 4 I lannGA
Dry ese& Hsase.


NEv YoKK, July IS.
The partners Of ths big dry soods arm Of
Lesis Bros. 1 Co.. Who assigned today are
Henry Levin, Joseph W. Lewis. Walter H.
Levis. John L. BoasdmAn. George W.
whasfon, John williamson. Geo. b. Duren.
Grinneli wollis, New York Ths psrsaerv
say they will make . statement in . few
days Bliss ssid the firms state ments for
the past sixty days showed . surplus Of over
81 900 900 not available nov, . large part
in accounts which could not be
collected Immediately. Ii 10 thought that
the sssess would make fair showing. The
liabilities are held by banks and trust com
panies. There will be . meeting Of the
creditors in ~ days- A man familiar visA
the 6rm's AAAirs aid today that neasiy Ill
the banks in New England held the hsn's
paper, especially in cities where shsy bad
mill accounts.
The Boston. PYovidence. Hartford, New
Haven and New Bedford banks are rel orted
to hold considerable paper. Philadelphia
banks are the heaviest holdefs. Some banks
have taken the paper With reluctance lately.
The firm has been extended ard overloaded.
They suffered severe loss in the death Of
Henry Lewis. founder Of the house. II 10
learned from another source that the Afm
own their store property in Philadelphia also
the store building at 8s Worth street. New
York, which 10 on leased grounds and which
it 10 said we're mortgaSed few months ago
1t is said that one cause Of the failure vas
the Johnstown disaster. The late Henry
Lewis had = large interest in the Cambria
iron works. which his estate held. and the
loss by food deprecated the securities. The
Johnstown manufacturing cOmpanies and
" oodvale wooden mills who consigned the if
products to the Lewis BroiheTs' mill sere
by the flood with . loss of $780,
900. Walter II. Lewis was . director of the
New York Life Insurance Company. The
firms business amounted TO - high - el5,-
600 900 year. Lately, il 10 said to have
fallen to eight or ten millions annually.
They claimed that their capital vss mil
lion and half and that they made money
every year. Since January there has been
some doubt expressed about their financial
standing. In March Bradstreets took away
their capital rating and reduced their credit
rating a grade. April 70 the drm made q
statement to q large financial institution.
putting their assets At SJ, Az 900 and liAbil-
tiles -, ,l29 900. This vas not looked upon
as a favorable statement by the trade The
firm had hard work to make collections
They were interested in the Conshohocken
worstsd mills. which tailed. They admitted
in March that they would lose $25 900 by
President George Bullocks insolvency.
For over 25 years Lewis Bros- 4 Co. have
been the leading house in the dry goods
trade. founded in Philadelphis in 1862.
should Pay 100 Cents ON the Dollar.
Henry Lewis, Jr., said today; IAN the
creditors will be treated alike and the very
best will be done for all concerned. We
are now engaged in making an inventory of
the assets"
Bliss, assignee, came over from New
York today and was engaged in . conference
with members Of the firm for seversl hours.
A fter u brief examination of the affairs he
s reported to have said that with careful
manage ment the firm should pay 100 cents on
the dollar. The firm were selling agents for 25
mills. Some of the firms obligations were held
by Philadelphia institutions. The creditors
are chiefly New England and New York
banks and houses. 1t is stated that since
the statement in the April Arm claim to have
reduced the liabilities to nearly 5000, 600
and il is said hat to do 90 il used the Assets
md the liabilities remain the same. The
assets consist of + .ck on hand principally
from the eastern mi IL, sdvsnces made these
mills and the open accounts, the aggre gated
ralue of which 10 not estimated.