Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1890-08-29
TEXAS INTERESTED.
The Banking Firm of Potter. Loyel &
Co.. Boston, Go Under.
Failure to Float the Scrip of the Brazos River
Deep Water Farbor Scheme Caused
the Suspension.
Special to the Gazette

Special to the Gazette
Boston, MASS. Aug. 2s.-The Potter,
Lowell s. Co. failure for some IS 900, 00o
may have some interest to Texas. They
were the financial agents of the Brazos
company, and had advanced some $780,
900 to that corporation. The paper was
Endorsed by William NJ. d. Lee, 1. o.
wetherbee and Abner Taylor. Neither
Senator Fsrwell, Maj. Evans OF ustin,
or Thomas J. Hurley of Fort Worth ever
Endorsed any of the papers, consequently
the failure does not effect them, although
Mr.. Hurley's firm is also creditor of the
BRACES. The amount ia not stated, but
It is claimed they are secured. Taylor,
Lee, Evans and Hurley are to meet in
Boston Tuesday and arrange for $500, 900
TO complete the work. This firm also
owned the control of the Fort Worth
land aud street railway, but as that
company owes the Hurleys, the Pullman
car company and the Detroit cleo
trical works about 500, 900, it is
thought the three creditors will take over
the property on friendly receivership.
The failure is great loss TO Texas, as
this firm has fioated many millions of
Texas securities. They raised the money
for the Farwells to build the capitol, and
are now part owners in the Austin rail-
way, and, with Hurley, was trying to
organize O pool to take half million OF
the Austin bonds. The Austin railway
will not be affected or Gainesville either,
as the Hurleys of Fort Worth own the
control of both systems, and 1t is free
from any floating debt and in good
shape.
BRAZos RIVER DEEP WATER SCRIP.
CHICAGO. ILL. Aug. 2S.-The fnan-
cial difficulties of the Boston banking
firm Of Potter. Lowell s. Co. affects sew
eral well-known business men strongly.
1t especially interests Congressman Alb
ner Taylor, who is one of the promoters
of a Texas scheme, the failure to float
the scrip of which was one of the imme-
diate causes of the suspension.
Joun T. ShumarZers of the firm of
John V. Farwell s. Co. returned at Md
night. He said: 81 hope the trouble
will be only temporary"
"But how ia the firm of ]. V. Farwell
s. Co. concerned in this case?'
"Potter, Lowell s Co. hold some of
our commercial paper, that is all; it is
amply secured and perfectly good. The
firm Of Farwell & Co. is not affected in
lHG ledSL. w uGl chuSeu lu6 lVOuUlo WAS
largely the failure TO float the scrip of
the Brszos river enterprise. 1t was pro-
NOTED by Lee s. Ferguson OF Leaven-
worth, Kan. and Abner Taylor Endorsed
their notes. Potter, Lovel s. Co. bought
them and in ordinary times could have
disposed of them without trouble, but in
the present strlngency buyers began 10
look very closely. The Brazos scheme
not being known, its paper is difficult to
dispose of. -
The Brazos river scheme to which Mr..
Schumacher referred was one TO establish
q deep water harbor in Texas on the gulf
of Mexico.
PARTICULARS OF THE FAILURE.
BOSTON, MASS, Aug. 2S.-The news
agency here says of the reported Potter,
Lovel & Co. failure: The business of
the house was most largely the sale of
commercial paper. During the past ten
days 1t has been called upon and met
81 200 900 of call loans. Upon a capital
of S46O 900 the company has accunula-
ted surplus OF $500 900. and the stock
of the company has sold privately at
good premiums. Outside of some fifteen
stock holders in the West it is practically
owned by Messrs. Potter, Lovel & Ter
rell. Potter declines any assistance. He
says if his people will pay their debts TO
him he will pay all of his, but he will
not borrow of his friends TO carry his
mercantile associates. He could have
probably had $500, 900 or more If he had
not declined all offers.