The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1889-07-26
HEAVY DRY GOODS FAILURE
The Great Firm of Lewis Bros. & Co., of
Philadelphia, Forced to Assign.
Its Branches in New York and Other Cities
also Atfected-The Liabilities Said to Be
$1,000, 000-Causes of the Failure.

Its Branches In New York and Other Cities
also Atfected-The Liabilities Said to Be
$1,000, 000-Causes of the Failure.
PHILADELPHIA, July 25.-Surprise was oc-
casioned in business circles this morning,
by the announcement that the firm OF
Lewis Bros. g. Co., wholesale dry goods
dealers, on Chestnut street, above Second,
had assigned for the benefit of their cred
itors. While the exact amount cannot as
yet be ascertained, it is thought the habili-
ties of the firm will sum up nearly 81, OOO,OO
The firm is one of the largest in its line of
business in the city, and, perhaps, in the
country. 1t has houses in many large cities
of the United States, notably New York,
Chicago. Baltimore and Boston. The MEN,
bers 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 assign
ment for the benefit of their creditors. Cor
nelius w. Bliss, of the New York firm of
Bliss Fabyan 81 Co., he stated, was the
assignee. Il am unable" continued Mr..
Wharton, ito place the amount of our liza
bilties. However. 1 feel convinced that
they will be not much in excess of our
assets. Of course, 1t is impossible to de-
termine these things until an examination
of the books has been made. We are now 60
ing over our books, and will probably know
more definitely tonight how and where we
stand. If we could have had only. two or
three days more, am sure we would have
been able to tide over our difficulties. But
the blow fell just at the worst time, and our
aIxyn 70 10 oIrvvar1 mt
and this we did this morning. For some
time past our business prospects have
never been brighter, but you know you
can't market paper"
Prominent dry goods men estimate that
Lewis Bros. 81 Go. have in Baltimore more
than half million assets, and no liabilities
In Baltimore.
The New York Branch.
NEW YORK, July 25.-The announcement
that the notes of the great dry goods firm
of Lewis, Brothers e. Co., had gone to pro-
test was the all-absorbing topic of CONVEX
sation in mercantile circles to-day. Ac-
cording to current report the liabilities of
the embarrassed firm amount to nearly
1000. 600, which it was thought could be
more than covered by the resources when
the latter were in shape to be Immediately
available. The members of the house are
Walter H. Lewis. j. w. Lewis, Henry
widely known in the business community.
The store occupied four buildings i'll Worth
street. 1t is one of the largest of the kind
in the United States
The assignment papers were filed in the
county clerks Office here this afternoon.
Cornelius n. Bliss is made assignee. The
assignment was executed in Philadelphia.
There were no preferred creditors.
The parties will make statement in a
firms statements in the past sixty days
showed a surplus of over 81 600 OOO but that
was not available now. A large part of it
was in accounts. which they could not col
lect immediately; He thought the assets
ties were to banks and trust companies.
There will be a meeting of creditors in ten
days, he said.
A man familiar with the firms affairs
New England held the firms paper. BOs-
ton, Providence, Hartford New Haven and
New Bedford banks are reported to hold
considerable paper. The New York banks
mentioned are the Fourth National. the
Central National and Central Trust Com
pany. The Chemical Bank held none of
their paper since Jan. /. Philadelphia
banks are the heaviest holders. Some
banks have taken their paper reluctantly
lately. The firm has been extended and
overloaded. They suffered a severe loss i'll
the death of Henry Lewis, the founder of
the house, who was well known.
1t was learned from another source that
the firm own their store property in Phila-
delphla, and also their store building in
New York, which is on leased grounds, and
which it is said was mOrtgaged a few
months ago. The late Henry Lewis had an
interest in the Cambria iron works at
JOhnstOwn, which his estate held, and the
loss by the food deprecated the securities.
The JOhnstOwn Manufacturing COmpany's
WOodvale woolen-mills consigned their
products to the Lewis Bros; the mill
was destroyed ed by the flood. and the loss
by the Cambria Iron Company. Walter Ii.
Lewis was a director of the New York Life
Insurance Company. The firm headquar-
ters were at No. 23S Chestnut street, Phila-
delphia, the stores in Chicago. Boston and
New York being branches The business
has amounted as high as Sl5, 600, 900 year.
Lately it is said to have fallen to s., 000, 900
or Sl0,0OO,OOO. They, claimed their capital
was 8. 100000 and they made money every
expressed about their financial standing.
In March last Bradstreet took away their
capital rating and reduced their credit
rating grade,
On April 20 the firm made the following
statement to large financial institution:
Assets-S5, AZ, 900, consisting of ledger ac-
counts. 81 ,S75, OO0 manufacturers accounts,
| S1.793.OOO; securities. ISL, 900: real estate,
$4,000; bills receivable. $4,000 Liabili-
ities-s4, $4,000, of which S3,sss,OOO was
net surplus sl,a4S,OOO. This was
statement by the trade. The firm had
hard work to make collections. The firm
was interested in the Con shohOcken wOrsted
| mills which failed. They admitted in
| March last they would lose $25 600 by Presi-
| dent George BullOck's insolvency.
| For over twenty-five years the firm of
Lewis Bros. & Co. have been the leading
| house in the dry goods trade. 1t was
| founded in Philadelphia in 1852. The
| founder died in 1886, leaving large estate,
| of which S25s, 900 was invested as Capital in
| the firm. Besides, $1,000, 900 of his was con-
tinued in the business.
Mills and Banks Caught at Providence.
PROVIDENCE. r. l., July 25.-Mills and
banks here will be involved in the failure
of Lewis Bros. IL Co., $4,000 Local banks
| have about S15C, 900 of their paper, divided
among six or eight of them and the rest is
among half a dozen mills, including those
| belief prevails here that the firm can paw
| time. None of the mills or banks will be
seriously embarrassed.i
Wholesale Grocers Assign.
CHICAGO, July 25.-T. z. Lowering e. Co.,
wholesale grocers. doing business at No. 81
and SO Wabash avenue, made an assign.
ment this morning to John Roper. The
| liabilities are estimated at between $40 OO(
| and 100000, with assets about the same
amount