..... Lyman Root and Henry Lewis, both natives of Madison, traded under the name of Root & Lewis from about 1840 to 1853, when, both having become rich, they sold to James D. and Robert W. Lane and Horace C. Bailey, all from Westmoreland, N. Y., who continued the business three years under the name of Lane, Bailey & Co., when Bailey withdrew. The Lanes continued till 1866, when J. D. Lane sold to F. D. Higgins, and the name became R. W. Lane & Higgins, which it continued for six years. In 1872, Higgins failed and withdrew. R. W. Lane purchased Higgins' interest of Hiram Gee, one of his creditors, and continued till 1878, when he was succeeded by his brother, J. D. Lane, who sold Jan. 1, 1879, to A. S. Ackerman, from Edmeston Center, who still carries on a general merchandise business.
Source: History of Chenango and Madison Counties, New York - James Hadden Smith - 1880