Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1899-12-27
FORCE TO ASSIGN.
The John P. Lowell Companies
Make Assignments.
Drawn Into Financial Trouble by the
Globe Bank Failure.
Probable that Broadway Bank Of Boston. Will
Resume Business.

Boston, Dec 2G-The John p. Lowell
Arms Co. and John +. Lowell Co, an
allied concern, made an assignment,
this afternoon. for the benefit of their
creditors, to Charles Il. Barnes. Jr., an
attorney, and Geo. II. Ball Of this city.
The assignment was not a matter Of
surprise. being simply a confirmation
of rumors that had been in circulation
in business circles for several days
past. The firms We're indebted for
large amounts to the Globe National
Bank, which was, last week, placed IN
charge of a temporary receiver, and
this institution, or more exactly, its
former president. Mr. Cole has been
represented in the business by G. W.
Norcross, who is said to have virtual
ly managed the concern for more Than
a year past, in the interests Of the
bank.
1t has been stated that Mr.. Cole. late
president of the bank, exchanged the
paper Of the Lowell 90. for mining Sc
curities, but that fact that Mr.. Nor
cross has remained in charge up to the
present time would seem to east a
doubt upon this story. 1t 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 to banks who have
discounted the company's paper
Charles Il. Barnes. Jr.. one of the
asslgnees. when seen at his home in
bingham. tonight. and asked as To- the
liabilities and assets Of the company.
said: THE asiguccs are unable 10 give
any estimate yet as to the assets and
liabilities and probably will not b. abb
TO do 50 for some days. There are TWO
companies commemorative John II
Lowell co. and the John L. Lowell Arms
Co. Both OF these companies made an
assignment with the same assignees in
each case. The companies operate
stores in number Of cities from Ban
gor. Me. to Providence. X. r.. and
they have large stocks on hand which
will have to be thoroughly examined
before the assignecs can discover just
what the financial situation IL.
"A statement viii probably be issued
in a few days but we cannot tell when.
We do not know when meeting OF the
creditors Will be held In fact. have
not Yet seen 4 complete list Of the cred
itors."
The house OF the John p Lowell Arms
Co. was founded in 1871 by John p.
Lowell. and was at first engaged solely
in the manufacture Of guns. 1t soon
branchcd out into the sporting line Of !
business and has grown IL be one Of
the largest concerns of the kind in New
England. there being scarcely an arti- |
Gle used by "A sportsman that was not |
carried IN it, stock. A few years ago. !
the firm name was changed to the John !
+. Lowell Arms CO.. and as the sons
grew NJ they We're taken into partner /
ship. At the death Of the senior mem |
her. in 1897. John p. Lowell was presi- |
dent. Col. b. 5. Lowell. treasurer. and |
Henry l.. Lowell clerk.
For a great many years the firm has /
done all its financial business with the
Globe National Bank as owing t. the |
liking of John =. Lowell for that insti- |
tuition he had. practically. never had |
dealings with any other during his long /
business career.
Col. Benz. :. Lowell. the present I
treasurer of the company. has for many |
years been familiar figure in Grand |
Army and political circles in Massa-
chusetts. where he has a host Of strong |
and generous friends He has been |
considered a careful business man and |
one who knew the value of money. but |
II has been said no one ever appealed 4
70 him on behalf OF the Grand Army or I
Il deserving veteran in vain. He has /
been member of the Legislature ana |
of the Executive Council and was a
member OF Gov. Greenhalge's personal /
stan. Col. Lowell has not been in the
best Of health for a year or more. but
kept about until a month ago. when he
was compelled to remain at his home
in Weymouth. and is now confined 10
his bed