Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1890-08-28
FINANCIALLY EmBARnAssED.

4
Suspension of the Banking Firm OF
Potter, Lowell & Co. of Boston-The
Embarrassment Claimed to be Only
Temporary-No Statement of LfabiI-
tiles pr Assets.
Boston, Aug. 27.-It was rumored in
the street this afternoon that Messrs. Pot
ter, Lowell & Co., bankers, No. 43 Federal
street, were financially embarrassed. There
are two concerns carrying on business of
similar character at the same place
Potter, Lowell & Co. and the Potter-Lovell
company. The firm of Potter, Lowell &
Co., bankers, is composed of Walter Pot
ter, w. D. Lowell and G. W. Terrill The
Potter-Lovel company, dealers in COM
mercial paper, has for its president Mr.. HI.
Walter Potter; yice-president, Thorn
as G. Carson; treasurer, W. D.
Lowell, and secretary George w. Terrill
The identity of interests on the part of
individuals and the otherwise close con-
nection between the concerns makes it i'm
possible to determine at once Just what
the relations of the two concerns are to
the existing difficulties. 1t is claimed by
friends of the firm that the embarrassment
of the suspension, coming unexpectedly
even to the firm, prevents q statement of
liabilities and assets at the present time.
The house has been in existence some
twelve years. Walter Power was asked
this noon as to the truth of the reported
suspension of his firm and replied that it
had simply refused to pay some drafts,
that was all. He did not wish to be
quoted and had no statement to make.
Other members of the firm were equally
disinclined to enter into the details. 1t
was stated on other authority that checks
of the firm had been thrown out during the
day but this information was coupled with
the assurance that there could not be. alb
solute failure because of an existing sur
plus of 5000, 900 and that efforts were max
ing to raise 5000, 900 to $500, 900 to tide
over the present difficulties. The Potter
Lowell company was incorporated under
the laws of Massachusetts, in 1884 with
capital of 100000, with the purpose of
discounting commercial paper. The COM
pany has made prominent speciality of
and boot and shoe manufacturers; like
wise other staple industries, as well as city
and town loans.
Boston, Aug PA gentleman well
known in financial circles said tonight re-
garding the Potter-Lovell company's sus-
pension that it was not easy to estimate
its liabilities, but it was quite safe to say
that the embarrassment would but slightly
affect business. But a small amount of
their paper is held by Boston banks and
no firms or individuals here will be seri-
ously hurt This gentleman believed that
matters would be satisfactorily adjusted
The tight money market of the past week
had caused the trouble and if the failure
hoI Tod Loot fha,-,
might have been a panic, but with the
more settled condition of the market none
need be feared now.
A meeting of creditors was held in this
city tonight and w. A. Haskell, vice
president of the New York and New
England railroad, was chosen assignee.
Every one conversant with the concerns
affairs is close mouthed, the only state
ment that can be obtained being that the
face value of the firms assets show a sur
plus of some 5000, 900 over their iabil-