The new North-west. [volume] (Deer Lodge, Mont.) 1869-1897, 1885-01-16
ASSIGNMENT OF THE JOHN w. LOW
ELL COMPANY.
Down Those In ogden, Helena, Deer
Lodge and Dillon.
Liabilities, sls5,oo0; Nominal Assets
s2B5,5O0.

John W. Lowell Co. with the Main House
in Salt Lake City, aud Others in Ogden, Hell
ena, Deer Lodge and Dillon, on Monday last
conveyed TO the public here the painful In
telligence that the firm had been compelled,
by maturing paper which could not be met
by collections, to make an assignment to 1.
L. Lyon, of Detroit, Michigan, their heav'
lest creditor, for the benefit of himself and
other creditors. The following, from the
Salt Lake Tribune of Jan. Is, gives the de-
tails more fully than we could obtain them,
and probably correctly:
Late on Saturday night, the 10th inst, the
widely known wagon and farming nipple
ment firm known as the John W. Lowell
Company. of Salt Lake and Ogden, Utah,
and Of Dillon and Deer Lodge, Montana,
made an assignment to i. l.. Lyon, OF De-
troit, Michigan, for the benefit Of its credit
ors. The papers were filed with the Recor-
der Of Salt Lake county yesterday, and they
which consist Of quite large stock OF wag-
ons, buggies, carriages and farming imple-
ments, large amount Of farmers notes and
ether property. The liabilities aggregate
SlS5 200, due to fey LEGAL houses, and. 10
the Company has bought its goods. The pre-
ferred creditors are only those from whom
the Company has borrowed money, and who
were already secured by collateral. The To-
cal houses affected, and who are thus secured
Utah National Bank Of Ogden, 5000; Dill:
lon, Montana, National Bank, $3.50; and
Clark & Larabie, Deer Lodge, Montana,
$4,000 aggregating SIS, $50. The balance of
the indie btedness Of the Company Is mostly
due to Eastern creditors in Racine, Wiscon-
sin, in Chicago and in st. Louis.
The immediate causes leading to the as
signment are stated by Mr.. Lowell to be the
almost fetal failure to make collections and
sales during the past sixty days, coupled
with unfavorabls reports that have been put
in circulation affecting the Company's credit.
Mr.. Lowell believes, however, that If rea-
sonable time were given the Company to
enable 1t to realize from the stock and the
notes, the demands Of all the creditors could
be met in full, and a considerable surplus
would be left over but If the stock and far
mer's notes are disposed of at forced sale,
the realization Of the Companys creditors
will fall short Of their claims He stated fur
Their that in the present condition OF things
in Utah, with wheat at fifty cents per bushei
and no demand for ii at that, with other pro-
duce at the lowest prices ever known here,
the farmers are simply unable to meet their
obligations and their notes, If put up at pub
lie auction would net bring % cents on the
dollar. "For instance" said Mr.. Lowell,
there is a farmer whose note for $3.50 we
hold. He has a forty acre farm, which is his
homestead, worth $50 per acre, two wagons
eight horses worth $50 each, two or three
CO WIS aad a small flock Of sheep, worth, all
told, perhaps, $3.50. But he has eleven
members in his family, and under the law
exemptipg from execution 81, 200 home
stead and S259 each for the members OF his
family, he Is entitled to hold $500 against
any attachment for debt. This man is good
for what he owes, but he is like all the farm
ers of the Territory he cannot realize on
ANYTHING he has, and an enforced collection
cannot be made. Ii the stock of the Com
pany is put up ut auction 1t will not realize
more than half its cost. 1t was tried once
whsn another wagon firm failed, and the
goods were offered at auction during confer
ence time. Wagons that cost sl05 to lay
them down here, went for $50 each, and other
things in proportion"
As Mr.. Lowell had Endorsed heavily for
the Company, its assignment necessarily in
volvsd his, which was made at the same
time as the Company's, and to the same
on Second South ard Fourth East streets,
with all its costly furniture, 100000 of the
stock of the Lowell Company, and the Con-
panys Indebtedness to him, amounting to
about $50 900. Mr.. Lowel's assets involved
liz the failure amount to about sl2OOOo
Messrs. Bennett & darkness are attorneys
fer the assignors.
wedo not know how it is with the other
Montana Houses of the firm, but we believe
assignment except Mr.. Jsslyn. the resident
partner and Manager, who not only lsses his
entire stock In the concern, but his private
property, which he put up in the endeavoI
nobody in this county has lost q dollar by the
to carry the Salt Lake House through Its
vicissitudes. The House here has always
made money and its business and collections
have been we'll managed, and. merited bet
ter fate We do not know a more energetic
or capable young business man in the Terri
tory than G. ID. Joslyn, and he has the spirit
to meet his adversely manfully. He says
"What had is gone; haven't word tt
say against John w. Lowell, who Is one o.
the best of men, and who, with the rest OF
US, tried his best to carry the House through
the crisis. But it couldn't be accomplished.
Our paper matured and the Utah collections
couldn't be made. We put in all our indi
vidual property to sustain the Stsck Com
pany, and even that was insufficient. Thel
the assignment was made for the benefit o
all creditors. giving preference only to thos'
,, we had borrowe money from. There ough
to be mere than enough to pay out dollar TO
dollar, but whether there Is or not, all L asl
| is clear name, health and average goot
luck, and I'll make my way toward the top.
And he will. We regret his misfortunes
| but it's better now than in later years, ant
the lesson, hard as it is, may be worth NOR
| to him than it cost. And SO with the univer
sal words of sympathy we add these of en-
couragement, and may all good fortune serv
endeavor.