Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1890-09-04
THE POTTER-LOVELL FAILURE.
Attachments Placed on Property of the Trus-
tees of the Shaw Estate.

Attachments Placed on Property of the Trus'
tees of the Shaw Estate.
Boston Transcript.
The anticipated complications resulting
from the failure OF the Potter-Lovell
company have begun to appear. These
Complications are in the nature of at
techments amounting TO 81, 900, 00C
placed by counsel for william A. Has
kell the assignee OF the failed firm, upon
the estate OF f. Shaw & Co., the tan
ners, who failed in 1888. David Cum
mings & Co., manufacturers of shoes
with an Office at 10 High street, Boston
and c. w. Clement. also a manufacturer
of shoes, are trustees OF the Shaw estate
and the attachments therefore fall upon
Cumming & Co., and Clement. 1t is
understood that the writs of attachment
were not served yesterday; but they were
filed at the registry of deeds and name
Charles w. Clement OF Boston, indiYidu-
ally and as trustee; Fayette Shaw and
Lsrantia Shaw of Newton, Brackley
Shaw and Duncan Mcintyre OF Montreal,
David Cummings, Porter f. Cummings +,
Charles I. Ferguson, Arthur H. Loring
copartners doing business under the
name of David Cummings u Co., ThaX-
ter Shaw of Medford, Wis; Lloyd b.
Clark of Springfield and Ebenezer G .
and Edwin Wallace, copartners under
the name of E. G. s. E. Wal
lace. These attachments are ex-
planned by the lawyers for the Potter
Lowell COMPANY rs necessary step TO
recover soEe $500 900 IN call loans, said
to be due from Cummings & Co., and
Clement, as the Shaw trustees. The
Clement loan is said to be small in COM
parison with the Cummings loan. 1t is
said that Potter, Lowell s. Co. claim to
be equitable creditors of the persons
above named. The attachment is placed
under bill of equity. Trustee Haskell g
counsel stated that there had been no
attachment OF anybody's personal prop
erty. f. A Wymau, who was assignee
of the Shaw estate, is counsel for Mr..
Haskell. 1t ia not believed that the
attachments will, in any way, affect the
standing OF Cummings 4 Co. or Clement
Mr.. Cummings claims to nave assets
amounting to between $500 900 and
$3.50, 900, with liabilities of from $3.50, =
600 TO $500, 900.
Regarding the amount of the liabili-
ties and assets OF the Potter Lowell COM
pany and the banking firm of Potter,
Lowell & Co., no figures will be obtaina-
bic for some time. The firms admit
liabilities of about So, 900, 900. But they
claim that they have $500 900, or $780,
600 in negotiable paper over and above
their $500, 600 of capital. The lawyers
and experts have begun on the books.
Experienced men think the final loss
will not lie sh TT of $500 600. MIR. Has
kell, the assignee, says that as yet he
can offer no idea of what relation the
assets bear to the liabilities. He limited
that possibly a solution of the difficulty
might be the formation of q new stock
company to assume the liabilities aui
continue the business. Mr.. Haskell has
posted in the Potter Lowell Office a no.
tice that he will be there between the
hours of u aud o'clock each day until
further notice, and that all assignee
business must be submitted to him there.
Among the causes for the assignment
that the street gossips have named is
that the firms had some sort of an I'M
successful deal in Thomsou-Houston.
Vice. President Coffin of the Thomson
Houston company says that the paper of
his firm has never been handled by the
Potter Lowell company. The report
probably arose out of the alleged con-
nection of Mr.. Potter with the Thomson
European welding company.
There seems to be no doubt that Mr..
Potter has good deal of money tied up
in the Shaw estate. Some years ago,
also, Mr.. Potter became interested in a
Gogebic iron enterprise in the West, and
this, too. is said TO have proved uu2rof-
liable. About year ago the firm be-
came financially interested in various en-
terprlses in Texas, in which the so called
Farwell syndicate at Chicago was heavily
and which included the pur-
chase of the street railroads in the prin-
cipal Texas towns, and also the large
scheme of deepening the Brazos river in
Texas, In order to secure a deep water
outlet for the section west OF the Miss
issippI river. These Texas enterprises
are Lib ely to be successful. In fact, some
of them are already remunerative, but
they have involved the tying up of a con-
siderable amount Of capital, which has
proved embarrassing to
Potter, Lowell s. Co. The connection
thus made with the Farwell syndicate
has led to the Potter-LoveI company be-
the agents for the former in dis
posing of large amount of Western pa
per to Boston banks.
The Potter-Lovell company was or
ganized December 30, 1884. By its last
statement st the secretary OF the COM
Office. the following were
named as stock holders: Potter, Lowell
s. Co., 2T90 shares; Walter Potter, 500
shares; j. D. Cneever. $50; ]. V. Far
well & Co., $50; ". D. Lowell 100; A.
w. Scbuster so; J. P. Squires & Co.
90, and G. W. Tirrsll 1o-making in all
1000 shares.
Cummings & Co. said to-day that they
had not yet had formal notice of the suit;
at any rate, their business is not inter-
fered with at all and no kespsrs are in
charge of the premises.