The Dillon tribune., 1885-01-17
Tho Failure Also Involves the Ruin O.
Mr., Lowell

Mr.. Lowell.
From II. Salt Lake 7,,5un<. January -.
T ate n, SATURDAY night, the 10th inst,
the widely known wagon and farming ''n
,,eu,en. firm known as the John w. Low
81, Company. OF Salt Lake and Ogden,
Utah, and of Dillon and Deer Lodge Mon
tana made an assignment to L. l.. Lyon Oh
Detroit, Michigan, for the beneht OF "s
creditors. The papers were filed with the
Recorder Of Salt Lake county yesterday
and they show the company's assets to be
S26,ooo, which consist OF quite large
stock Of wagons, buggies, carriages and
farming implements, large amount OF
farmers notes and other property Inc
liabilities aggregate $IS5,ooo, due to fe"
local houses and to Eastern creo't0rs'
chiefly those from whom the company mas
bought its goods. The preferred creo''o's
,~e o,,v those from whom the company
has borrowed money, and who were al
ready secured by collateral. The local
houses affected, and who are thus secured
are Wells, Fargo s. Co., $500 overdraft;
Utah National Bank, of Ogden, $4,000;
D;,,on Montana, National Bank, $780,
and Clark & Larabie, Deer Lodge, Mon
,ana, S., ,oo aggrega,ing $19,65o' The
balance Of the Indebtedness OF the COM
panv is due mostly TO its Eastern creditors
in Racine. Wisconsin; in Chicago and IN
St. Louis.
The immediate causes leading to the as
s;gnment are stated by MIR. Lowell 10 De
the almost total failure to make COLLECTIONS
and sales during the past sixty Gays
coupled with unfavorable reports that nave
been nut in circulation affecting the com
pany's credit. Mr.. Lowell believes now
ever. that if reasonable time were given
the company to enable it to realize from
Nh. stock and notes the demands of all the
creditors could be met in full, and consld'
erable surplus would be left over, but it the
stock and farmers notes are disposed OF al
forced sale, the realizations of the com
nanv's creditors will fall short OF then
claims. He stated further that in the pres
ent condition Of things in Utah, with
wheat at 80 cents bushel and no demane
for it at that, with other produce al tnf
lowest prices ever known here, the farmers
are simply unable to meet their obligations
and their notes, if put up at public auction
would not realize IS cents On the dollar
"For instance" said Mr.. Lowell, there IS
farmer whose note we hold for $3.50. -
has 40 acre farm, which is his homestead
worth $40 per acre, two wagons, e'gh
horses worth $50 each, two or three COW
and small flock of sheep, worth all toll
perhaps $4,000. But he has eleven mem
bers in his family, and under the law ex
empting from execution $1,000 home
stead and $3.50 each for the members
his family, he is entitled to hold $3.50
against any attachment for debt. Th1
man. good for what he owes, is like all tn
farmers in the Territory--he cannot rea
izc on anything he has, and an enforce
collection cannot be made. II the stock
the company is put up at auction it will ne
realize more than half its cost 1t wa
tried once when another wagon firm fai
ed, and the goods were offered at auctio
during conference time. Wagons, tn
cost SOS to lay them down here, went ft
SEX each, and other things at proportional
prices.
MR.. LowELL's ASSIGNMENT.
AS Mr.. Lowell had Endorsed heavily f
the company, its assignment necessarily ii
volved his, which was made at the san
time as the company's and TO the SAN
assignee. 1t includes his elegant residen'
on Second South and Fourth East street
with all its costly furniture, 100000 Of Il
stock of the Lowell Company, and Il
company's indebtedness to him. amour
idg to about $4,000. Mr.. Lowells asse
involved in the failure amount to abo
$l2oooo Messrs. Bennett 4 Harkne
are attorneys for the assignors.