The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1889-07-26
IHH Heavy FAILURE
OF Lewis Brothers & Co.,, of
New York and Philadelphia,
WHOLESALE DRYGooDS FIRM,
Causes a seuSation-Their liabilities
are sI,ooo.ooo-Throo Days More
Would Have Saved Them,
Houses in Other Cities,

PHILADELPHIA, July 25.-The an,
nounCement that the notes OF the heavy
dry goods firm Of Lewis, Bros, 4 Co., had
gone TO protest was the all,absorbing
topic Of conversation in mercantile cir.
Cles to-day, According to current report
the liabilities Of the embarrassed firm
amount 10 nearly $4,OOO,OOO, which IL
was thought could more than be covered
by the resources when the latter were in
shape 10 be Immediately available.
Areporter who visited the firms store
on Chestnut street, to-day, found tho
manager and employees on hand, and
apparently as busy as bees. Some were
talking to customers and friendSoi the
house.
HAS the firm made IN asslgument?"
was asked Of the man In command OF tho
army Of workers,
Mot yet" was the reply.
"Do you think the house will be tided
over the difllculties?" Yes; but the
members Of the firm are not here and /
can't speak authoritatively. expect
they will come to the store late this
afternoon The absence OF Lewis Bros,
y Co., from their place OF business
during The forenoon gave rise to the
suppositlon that they were endeavoring
to make arrangements to take up the
protested notes. 1t was understood
that II the firm could be given n little
time they would be able to pay In full
and continue business without detri-
ment to either themselves or customers.
The members oil the house are Walter
II. Lewis Joseph W. Lewis, Henry
Lewis and John l., Boarden, all well
and widely known In the business con-
munity, The main store occupies four
buildings in Worth street, New York.
It is one Of tho largest Of the kind in
the United States.
; Il has houses in many OF the larger
cities Of the United States, notably New
York, Chicago, Baltimore and Boston.
The members OF the firm resident in
this city are George w. Wharton, Joseph
W. Lewis and Henry Lewis. Mr..
Wharton when seen this morning,
promptly admitted the authenticity OF
the rumor that his firm had made an
assignment for the benefit OF their credi-
tors, Cornelius w. Bliss, OF Bliss, Fab
yam 4 Co., he stated, was the assignee.
II am unable" continued Mr., Whar-
ton, ITO place the amount Of our liabili-
ties. However, ! feel convinced that
they will not be much in excess OF our
assets. OF course II Is impossible to de-
terminethe things until IN examina-
ton Of The books has been made. We
are now going over our books aud will
probably know more definitely tonight
how and where we stand. II we could
have had only two or three days more
am sure e'we would have been able TO
tide over our difficulties. But the blow
fell Just at tho worst time, and our only
course was 10 make an assignment, this
We did this morning. For sometime
past our business prospects have never
been brighter, but you know you can't
mark q paper.
A New York dispatch says: Tho par
ties will make a statement in a few days.
Mr.. Bliss, the assignee, said the firms
statements in the past sixty days showed
a surplus Of over Sl,000,000, but that
was not available now, A large part OF
it was In accounts which they could not
collect Immediately. He thought the
assets would make fair showing. Tho
liabilities were to banks and trust coin.
panies.
Philadelphia banks are the heaviest
holders. Some banks have taken their
paper with reluctance lately. The firm
has been extended and overloaded.
They suffered severe loss In the death
Of Henry Lewis, the founder Of tho
house, who waG well known, particular
ly in Philadelphia. 1t is said that one
Of the causes Of the failure was the
Johnstown disaster, The late Henry
Lewis had q large interest In the Cam
bria Iron Works, which his estate had,
and the loGs by the food deprecated the
securities.
ABalllmore dispatch says: Prominent
dry goods men here estimate that Lewis
Bros. & %, have In Baltimore more than
half q million assets and no liabilities in
Baltimore.