Omaha daily bee., 1889-07-26
HEAVY DRY GOODS FAILURE.
The Merchant Princes, Lewis Bros
& Co., Gone to the Wall.
LIABILITIES FOUR MILLIONS.
The Assignment Filed In Philadelphia
Effect OF the Crash I'm New
York, Baltimore and
Other Cities.


New York, July 25.-The announcements
that notes OF the heavy dry goods firm Of
Lewis Bros. & Co. had gone to protest was
the all-absorbing topi, Of conversation in
mercantile circles to-day. According TO the
current report the liabilities of the embar.
rassed firm amount TO nearly a, ,000, 900, which
1t was thought could be mere than covered
by the resources when the latter
were in shape to be immedi
ately available. In an interview to-day
the manager of the firm said that
no assignment had yet been made. When
asked If he thought the house would tide
over the difficulty, he said: "Yes; but the
members of the firm are not here and can
not speak authoritatively. / expect they viii
come to the store later this afternoon"
The absence of Lewis Bros. 81 Co. from
their place of business during the forenoon
gave rise to the supposition that they were
endeavoring 10 make arrangements To take
up the protested notes. 1t was understood
that If the frm could be given "A little timo
they would be able to pay In full and con-
tinuc business without detriment to either
themselves or customers The members OF
the firm are Walter IL. Lewis, Joseph w.
Lewis, Henry Lewis and John l.. Boardman,
all well and widely known in the business
community. Their house is one of the largest
OF its kind in the United States
The assignment of Lewis Bros. & Co. was
filed in the county clerks Office here this
afternoon. The assignment was executed in
Philadelphia.
The parties will make statement In a few
days Bliss the assignee, said the TRIMS
statements in the past sixty days showed
surplus Of over sl,00o0O0 but that was not
available now. A large part of it was In
accounts which they could not collect inn
mediate!y. He thought the assets would
make fair showing. The liabilities were to
banks and trust companies There will be Q
meeting of the creditors in ten days, he said.
man familiar with the firms affairs said
fn-Hn mi rlN an hnt. IN, Man
England held the firms paper especially in
cities where they had mill accounts.
Boston, Providence, Hartford, New Haven
and New Bedford banks are reported to hold
mentioned are the Fourth National, Ninth
National, Central National, and Central
Trust company. Philadelphia banks are the
heaviest holders. The firm has been ex-
severe loss in the death of Henry Lewis,
the founder of the house, who was we'll
known, particularly in Philadelphia.
1t was learned from another source that
delphia, and also their store building
on Worth street, New York, which
is on leased grounds and which it is said was
mortgaged q few months ago. 1t is said one
of the causes OF the failure was the Johns
town disaster. The late Henry Lewis had q
large interest in the Cambria iron works
there, which his estate held, and the loss by
the flood deprecated the securities The
JOnuStOWu ManufuCLurlng C0npanyS WOOD
vale wooden mills consigned their products
to Lewis Brothers. The mill was destroyed
by the flood and the loss was $500 GEO. 1t
was controlled by the Cambria Iron COM
pany. Walter ii. Lewis was q director Of
the New York Life Insurance company. The
business of the firm has amounted TO as high
as SIS, 0OO 900 year. Lately 1t Is said to have
fallen to eight or ten millions annually.
They claimed their capital was q million
and half and they made money every year.
Since January there has been donbt ex-
pressed about their financial standing, and
in March last Bradstreets took away their
capital rating and reduced their credit rating
grade April 20 the firm made the follow
ing statement to a large financial nstitu-
ton: Assets, So, Az, 900, consisting of ledger
accounts of Sl,S15000; manufacturers'
accounts 81, 793, 900; securities, $Sl 200; real
estate, S11O000; bills receivable, S223 COOS
liabilities, 81, 1290 000 of which S3, ,6S2. coo was
bills payable and Si47, 900 loan; net surplus,
81, ,343, 600. This was not looked on as u IA
vorable statement by the head. The firm
had TO work to make collections. The firm
was interested in the Conshohocken worsted
mills, which failed. They admitted in March
last that they would lose S25, 600 by President
Bullock's insolvency For over twenty five
years the firm of Lewis Bros. g. Co have
been the leading house in the dry goods
trade. 1t was founded in Philadelphia in
1867. The founder died in 1886, leaving
large estate, of which $25S, 900 was invested
in capital III the firm.