New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-09-30
THE LEWIS BROTHERS FAILURE.
SOME. SUGGESTIONS BASED on THE PREsEN'


STATE OF THE woOLLES TRADE.
TO me Editor or the Tribune.
Sir: In failure as large as that OF Messrs Lewis
Brothers d, Co. there follow many consequential dis
turbanceS which could not be foreseen. and are dii
cult TO adjust until matters settle into some perna
nent basis and those propped up by their supposed
strength have ceased TO fall Some supposed assets
in the present state of min properties become direct
or Indirect liabilities other assets, with the hopeful
estimate OF the owners value placed by dsinteI-
ested and conservative appraisers down to selling
level OF value; goods hand must be turned INTO
money and trust funds be accounted for intact
While all these relative factors must pass through the
necessary changes to the shrinking Of the supposed
assets the liabilities shrink but in without
abatement. in fun force and surprising amounts in
complicated affair like the in question, where mill
after mill has brought its quota 10 the snarl Before
MI Henry Lewis died. in 1856 he had suffered some
severe reverses and pcatDn, and the wiser course
al that tine liquidation, which would then have
paid 100 cents and something OF margin but this Is
not an easy matter for a house with pride and enter
prise to make up its mind fo and hope held the helm
untn the inevitable was reached The dealt! o. Mr.
George Hall last year further weakened the organza
tion and any one the dry goods commission BUSH
ness knows that IN the present requirements Of the
trade with is quick shifting demands in changes OF
styles and fabrics # Is easy matter direct mill
10 make the right thing, make money for the mlll'
pay NewYork business expenses and living expenses,
and keep clear Of bad debts. The organization must
be strong in every department and Will have It's hands
fun even then
Messrs. Lewis Irothcrs have always occupied most
honorable position among their neiglbors. ard have
concusvey shown. and every knows that they
would have failed II they cOId have prevented It,
aud having failed have placed their Affairs in the hands
! Of assignee widely known and thoroughly con-
vcrsant with The varied and sometimes peculiar re-
lations between manufacturers and commission
houses. and commission houses and wholesale dealers.
who stands In all his various relations I'm mOneyed
institutions aud places Of trust B a synonym or
integrity and ability. entitled the entire confidence
OF all Interested parties. some largely interested
creditors, With a board Of directors 10 please. VIII
doubtless desire 10 avail themselves OF techncaies
of the law 40 contest grounds in their interests
but the Hoy Spague affair with nineteen millions OF
assets aud eight million liabilities IN 1873 and sl 70
lawyers hands unsettled. illustrates the folly Of u'
CATION whbn intelligent and reasonable men can
settle by arbitration With trihlng expense and deaf
Il has been remarked that every commission house "a
jOhblne house In the large cities. would consuliN
express the hope that the creditors would d.ai
promptly EN fairly with Messrs Lewis Brothers VIC
N degree worthy of the creditors and the debtors
NeW-YorE. sept. II. I.S9. MERCHANT