New-York tribune., 1890-08-29
TIE FAILURE or POTTER, LOVELL = ~
WHAT HAS CAUSED THE TRouBLE-THE BusF
NESS OF TIE HoUSE-lTS FFAliSS in
vnLYEp WITH TIE sHAw ESTATE


vOVED WITH THE SHAW ESTATE.
BOSTON Mass. Aug. GA news agency here says
q, thc reported failure of Potter, Lovel CO.. Inc
arm h,d only nominal existence. IL Is believed tha'
,a,.,or Mr. Potter nor the company has any engage
rent of consequence with any member Oh 'he o'ooN
Exchange or with any Stock Exchange houSc' i"e
busincss of tho house largely the sale OF com
,ncrc,al paper IL has annually handled since lts
corporate organization, In 1885, from S4oOVo'ooO 70
s6O 600 600 OF commercial paper. It's Outstanding
liabilities are secured by commercial paper. DurHs
the last ten days II has met S19OoOoO OF call loans
mn. success OF tie nrm induced outside ventures by
Walter Potter mostly in Texas In connection WIN
Chicago and London people, and In these fortune Is
nrobably locked up when this outside business
hean that President Asa Potter OF the Maverick hahR
ascd business relations with the house
walter Potter declines any assistance. He says
that If people will pay their debts to nun No Will pay
all OF his 49,. A.. A., ,oo, o,,s. ~
tho .uspcnsion Of Potter Lowell a Co. dates back TO
the big Shaw failure A draft OF $4,000 went To
protest on Monday, but was subsequently PAID INC
firm could easily have met all demands Seseruay
through offers OF assistance by friends but deeh'cu
snch action useless The greater part of the lndeocd
ness is held by Boston banks, but all the baiAs say
they are amply secured The failure Is hNey "
create a great deal of legal business. Their affairs
are involved with those Of the estate OF f. . shaw
& Hrother who failed some years ago. Counsei ior
William A. Haskell assignee Of Potter Loveu Co.,
has placed alta, hHents upon the shaw estate ana
David Cummings d Co.., tanners. No. 10 Hlgh-St' lho
attachments aggregate $2,000000. Walter Potter
say, that no failures Of consequence are HhciS
to follow on account OF Potter. Lovel & co.'s
assignment II the banks will act hDtrsih r my ILL.,
nc>s amounted to $50, ,0OO. 900 last year lhe urn
made nm assignment because they were Interested IN
stocks and bonds and the individual pI.h.eLs . & r
Potter said. had nothing to assign peyoho V"e hr"
interest. , o,, .,~ ~o,nas q, Potter
Lowell S Co affect several well known chicago Dus
ness men especially Congress sman Abnef LAY or %no
is one Of the promoters OF Texas sen me- tlc iaiute
Ia Goat the scrip Of which was one Oh tne Ihhcuiat
causes az tllc suspension. John I. 'hnmaIscro, OF
ToHn Y Farwell 4 CO.. said that his firm was not
eTpctcd nv the suspension. lie said that the trouble
was caused largely by the failure TO neat tne scrp OK
Sa nr,yos river enterprise which was one to estab
usb a dcep-water harbor In Texas, on the Gun Oh
Mexico
There were evident attempts in Wall street yestcr'
day 10 make the failure Of this note-brokerage firm
n factor I'm stock speculation IL was explained In
nous aisnatrbes that the firm had only nominal OK
,sanco 10 enable member to retain his seat In the
| po.ton Stock Exchange. The company, which was
rr,ctcalv controlled by the firm. was said 10 have
Icen highly successful and to have nearly doubled
I,s cauital since It's organization in 1885. Its bust
meas was the negotiation Of commercial paper, and
M failure was said to be due to the recent sirngency
in call money. The liabilities OF the company had
not been stated but the assets were said TO exceed
them.
The recognized business Of the concern ought to be