The Providence news. (Providence [R.I.]) 1891-1906, 1899-12-27
II Did Not Come in the Nature
Of a Very Great Surprise.
THEIR CONDITION WELL KNOWN
Both Were Heavily In Debt 10 The Globe
National Bank Of Boston.
INDEBTED ALSO TO OTHER BANKS
Which Have Discounted Their Paper Statement OF
Assets and Liabilities Will Probably MOI Dc
Rad, for Several Days.

Boston, Dec. 27.--The John +. Lowell
Arms Company and John II. Lowell
assignment yesterday afternoon for
the benefit of their creditors to Messrs.
Charles B. Barnes. Jr., an attorney,
and George III. Ball of this city. The
assignment was not a matter of sur
prise. being simply a confirmation of
uunors that had been in circulation in
business circles for some time past.
The firms were indebted for large
amounts TO the Globe National Bank.
which was last week placed in charge
of a temporary receiver. and this insti-
uution, or more exactly, it's former
president, Mr.. Cook, has been repre-
sented dn the business by c. w. Nor
cross, who is said to have virtually
managed the concern for more than
year past in the interests OF the bank.
II has been stated that Mr.. Cole. late
president of the bank, exchanged the
paper Of the Lowell Company for min
ing securities, but the fact that Mr..
NorcToss has remained i'm charge up to
the present time would seem to cast a
doubt upon this story. Ii is stated
that the merchandise bills contracted
by the company have been paid as
promptly as those OF most business
houses. so that the manufacturers who
have supplied them with goods are not
very large creditors, the bulk of the
Indebtedness being 10 banks who have
discounted the companys paper.
NO FIGURES READY.
Charles b. Barnes. Jr. one OF the as
signees when seen at his home i'm Hing
ham, last night. and asked as to the
Liabilities and assets OF the company
said:
The assignees are unable to give
any estimate yet as 10 the assets and
liabilities, and probably will not be
able to do so for some days. There are
two companies concerned the John p.
Lowell Company and the John =. Low
ell Arms Company. Both OF these COM
panies made an assignment with the
same assignees In each case The com
panies operate stores in a number OF
cities from Bangor, Me, % Providence.
X, l., and they have large stocks on
hand which will have to be thoroughly
examined before the assignees can dis
cover just what the financial situation
Is.
"A statement will probably be issued
IN a few days, but we cannot tell when.
We do not know when a meeting OF
the creditors will be held In fact |
have not yet seen a complete list of the
creditors"
AN OLD CONCERN.
The house Of the John p. Lowell
Arms Company was founded i'm 1S4l by
John L, Lowell and was at first en-
gagged solely in the manufacture OF
guns. IL soon branched out into the
sporting line of business and has
grown to be one Of the largest con-
Germs OF the kind in New England.
there being scarcely an article used by
a sportsman that was not carried In its
stock
a few years ago the firm name was
changed TO the John p Lowell Arms
company, and as the sons grew nm
they were taken into partnership.
Az the death of the senior member in
1897. john p. Lowell was president. Col
- >. Lowell treasurer and Henry L.
Lowell clerk.
For a great many years the firm bas
done all Of 1t financial business with
the Globe National Bank. as owing IN
the liking of John +. Lowell for that
institution, he had practically never
had dealings with any other during his
long business career.
HAS MANY FRIENDS.
" b'HJallIIu :. LONeIl, the present
treasurer Of the company has for many
years been a familiar figure i'm Grand
Army and political circles i'm Massaclru-
setts. where he has hosts OF strong and
generous friends. He has been consid-
cred careful business man. and ono
who knew the value of money. and n
has been said that no one ever apneaIed
10 MIN on behalf Of the Ct'and Army or
a deserving veteran in vain. He has =.
been a member of the legislature and
of the executive council and was a
member of Gov Greenhalge's personal
stan.
Col Lowell has not been I'm the best OF
health for a year or more. but kent
about until a month ago, when he was
compelled To- remain at his home i'm
Weymouth tbd Is now confined to his
bed
The Boston News Bureau saws:
"Gl'be bank facts are coming out
piecemeal Well posted people have
known all along that the Lowell Arms
company loans and over-drafts con-
s'ituted the largest item in the trouble.
More than 81 000, ,000 of the Globe bank
monev and of its president has gone
Into this concern.
The discovery OF the condition Of ar
fairs AZ the Globe bank was quite ac-
Cidental. The bank examiner after
passing the Globe banks account hhp-
pened ~ 20 directly 20 tho Second Ma
tioral bank. and there fo1inV an item
Of s95n COO due from the Globe bank
could not remember that he had pqssed
Tho corresnCnding item on the debit
side ~ the Globe hank 50 he went
Continued on PAGE Seven.)