The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1889-08-01

CRESCO, IOWA, THUR
A GREAT CRASH.
Lewis Brothers d Co., One Or the Biggest
American Dry Goods Firms. Assigns-
Liabilities Of Over $4,000 900.
NEw YORK, July 26-The announcement
Of the financial embarrassment of the old
house Of Lewis Brothers Il Co has caused
sensation In the dry-goods district II is
one OF the biggest dry-goods commission
houses In the country, and up to within .
short time has been considered as solid -
| rock
Shortly after 2 o'clock yesterday after
noon the assignment OF Lewis Brothers h
Co, the great dry goods firm Of Worth and
Thomas streets. was filed in the county
! clelk's Office. The as signee is Cornelius N
Blias, and there are no preferences to any
person The assignment was executed In
Philadelphia
The partners Of the firm are Joseph W.
and Walter Lewis, John A Boardman,
George w. Wharton, Henry Lewis, John
Williamson, George Duren and Grinncll
Willis The last three named were on y 3D.
initted into partnership January l. 1889, and
Many years ago the firm was founded In
Philadelphia, and was known ~ Lewis 4
BoaTdmnn During the war they made .
great deal Of money. and in 1886 established
the house In New York. They prospered,
and branch houses were established in Bos-
ton and Chicago Henry Lewis. Sr., was
really at the head OF the Arm and had by
Tar the largest monetary interest in IT He
was set down as one OF the wealthiest men
In Philadelphia, and his fortune was esti-
mated at not less than <5.WO,OOO. He was .
genial, popular man. and his purse was
ever open to charitable purposea
Four years ago Mr.. Lewis died He left .
will which was Tather confusing to tho
heirs. The heirs met, however, and came
to an agreement in which they transferred
their shares to Henry Lewis, Jr., he repre-
senting their interests in the firm OF Lewis
Brothers 4 Co.
Up to year ago the credit OF the house
was first-class and 1t was supposed to be
one OF the wealthiest concerns in the busi-
ness Few thought that the house was get
ting weak These few, though, began to
be timorous after Henry Lewis, Sr 3 death
With the ninety-nine persons out OF hum
drcd. however, the credit of the house still
stood first class
! The following statement will show how
the firm stood the Goth of April. 1889:
ASSETS.
Bills receivable. ........ .e223, 600
Merchand Sc ledger accounts :. ...... Ls75.OO
Advances 10 manufacturers .......... l.79sOO
Total assets Observation-Disclosures. ,472,000
LIABILITIES.
Loans -. .... s,OO
Bills payable. ...............-..... a66s.OOO
Total liabilities. ...........tA, 120, 900
!, 6urpluS..... l.34S.OO
/ It il thought that this will practically
represent the condition of the firm to-day.
II It were not for the fact that confidence
| In the future has been largely destroyed
they would be able to liquidate and pay all
debts in full They may do 30. however, ~
matters stand
| Just what the direct cause OF the failure
u It ID hard to cay, but . number OF unfore-
seen calamities have been largely infiuen-
ttal In bringing 1t about The firm were
agents for the Conshocken worsted mills,
I Of which Mr.. Bullock was tho personal
owner. Mr.. Bullock died three months
ago, and the affairs Of the company were
| In such bad shape that they were
! Co. were also the agents Of tho Johns
town worsted mills Of Johnstown,
Pa The terrible flood swept the mill away,
and this was one OF the severest blows
which fell on the Worth street Arm They
were agents for the Worumbo Manufactur-
ing Company Of Lewiston, Ne. This latter
concern. beginning to sniff danger, took
It's business from Lewis brothers 4 Co,
and gave 1t to another commission house
the first OF the present month. In conse-
quencc Of these calanities the great fail
ure was brought about.
The principal creditors OF Lewis Broth
ers 4 Co arc banks in New York. Doston,
Philadelphia, Chicago and Providence.
While the insolvent firm were the agents
OF the famous WaMsutta mills, 1t is not
thought the latter concern will be affected.
Il will be seen by tho assets that nearly
%, OOO. 60 was advanced to manufacturers
The firm found . market for the goods
turned out OF these establishments and
made 1t point to advance them money.
Tn. firms headquarters are at No. 23S
Chestnut street, Philadelphia, the stores In
Chicago. Boston aud New York being
branches The business has amounted to
rs high as s15,OO0.OO a year. Lately
It II said to have fallen to &SOOO, ,OW
or $lo,O0O,00O annually. They claimed
that their capital was 9l, 5Q0, 900
and that they made money avery
| year Since January there has been doubt
expressed about their financial standing,
and III March last Bradstreet's took away
their capital rating and reduced their
credit rating q grade. For over twenty
| Ave years the firm of Lewis Brothers &
Co have been the leading house In the dry
goods trade. It was founded in Philadel-
phia In lS52
Among the mills for which the Arm are
sole selling agents are the Wamsutta mills.
Waurcgan mills Grinnell mills, Slatersvillo
nillA Hamlet mills, State Cotton Company,
Manyille mills. Forest Dale Manufacturing
Company, Jewel City mills. Dunnell Man.
ufacturing Company, Franklin Manufactur-
silk Manufacturing Company, United
States Bunting Company, Shepperd
BroA, Richmond wooden mills, Woodyaic
woolen mills. Chester woolen mills, Samuel
Bancroft j. l. Peck, Dexter. Richards
Son and s. H. Eaes. principally New En-
/ gland mills, with several in Pennsylvania
/ They are also agents In this city for
Francox, Henon 4 Greder, OF Paris; Lyons,
Stetienne, Grenoble, France; Massing
Freres & Co., Paris, and Mostbaum L Co., of
Crefeld
| PHILADELPHIA, July Mr. Bliss assignee
| of Lawis Brothers 4 Co was here Thurs
day. aud after briefly examining the affairs
/ OF the firm he is reported as having said
that with careful management he saw NO
reason why the firm should not pay 100
! cents on the dollar In course Of time.
CHICAGO. July :1-The assignment Of
Lewis Brothers & Co, dry-goods commits
sion merchants of New York, had no effect
upon the dry-goods trade IN this city be-
aides creating considerable OF sensation.
All the leading merchants express their re-
/ grct over tho failure.
DRIVEN FROM HOME.
nigh Water Eorc0s Residents Near Free
dOnin. KNn., to Vacato Their Habita-
lions.