St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-07-26
FAILED FOR MANY MILLIONS.
The Great House of Lewis Bros.
q Co. Makes an Assignment.

q Co. Makes an Assignment.
PHILADELPHIA, July 3d. Surprise
was occasioned in business circles this
morning by the announcement that the
firm of Lewis Brothers & Co., wholesale
dry goods dealers at Chestnut street,
above Second, had made an assignment
for the benefit of their creditors. While
the exact amount cannot as yet be aScer-
tanned, 1t is thought the liabilities of
the firm will sum up nearly 100000
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 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. Philadelphia banks are the
heaviest holders. Some banks have
taken their paper with reluctance,
lately. The firm has been extended
and overloaded. They suffered a severe
loss in the death of Henry Lewis, the
founder of the house, who was well
known, particularly in Philadelphia. 1t
was learned from another source that
the firm own their store property in
L uIIO dlSO JilCll oIOlO pullNt-
ing in Worth street, New York, which
is on leased grounds. and which it is
said, was mOrtgaged few months ago.
1t is said that one of the causes of the
failure was the JohnstoWn disaster.
The late Henry Lewis had large in
terest in the Cambria Iron works
there, which his estate held and the
loss by the flood deprecated the
securities. The JOhnstown Manufact-
uring company's Woodvale WOODEN mills
consigned their products to Lewis Bros.
The mill was destroyed by the flood and
the loss was 100000. 1t was controlled
by the Cambria Iron company. Walter
H. Lewis is director of the New York
Life Insurance company. The firms
headquarters are at 23S Chestnut street,
Philadelphia, the stores in Chicago.
Boston and New York being branches.
The business has amounted to as high
as S15,OOO.O0O year. Lately, it is said,
to have fallen to eight or ten million an
nually. They claimed their capital
was S1,5OO,OO0, and that they made
money every year. Since Janu-
airy, there has been doubt expressed
about their financial standing, and in
March last BradStreet'S took away their
capital rating and reduced their credit
rating a grade. On April 20 the firm
made the following statement to large
financial institutions: Assets S5,472, 1000,
consisting of ledger accounts, 81, S75. 900:
manufacturers accounts, $l,793, 900;
securities, SS11, 900; real estate, S770, 900;
bills receivable, S223.OOO. Liabilities,
81, 129, 900, of which 1852. 600 was bills
payable, and SAL 900 loan; net sur
plus 81, 343, 900. This was not looked
ON as favorable statement by
the trade. The firm had hard work to
make collections. The firm was inter
ested i'll the Conshoshocten worsted
mills, which failed. They admitted in
March last that they would lose 5000
by Pre- sident George Bullock's insol-
vency. For over twenty-five years the
firm of Lewis Bros. q Co. have been the
leading house in the dry goods trade.
1t was founded in Philadelphia in 1852.
The founder died in 1856, leaving large
estate, of which S25S,0O0 was invested
as capital in the firm. Besides 100000
of his was continued in the business.