The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1899-12-27
Assignment Was Not a Natter Of
Surprise.
No Statement AS To
Firms Condition.
Concern Was Organized i'm 1871
by John p. Lowell.

Boston. December 23.-The John +.
Lowell Arms company ard John p. Lowell
company, an Allied concern. made an as
slgnment this afternoon for the benefit Of
their oredlters to Barnes and Ball attor-
nsys. the assignment was not matter
of surprise, being simply . confirmation
of rumors that had been In circulation In
business Orioles for several days past.
The firms were ind ,bted for large
amounts to the GIobs National bank.
which was LAST week placed In charge OF
q temporary receiver and this institution
or more exactly, Its former president, Mr..
Cole, has bsen represented In the bus,-
meas by q. W. Noroross who Ia said to
have virtually managed the concern for
mors than year past In the interests OF
tho bank.
IL has been STATED that Mr.. Cole. late
president of the bank, exchanged the paper
Of the Lowell company for mining securi-
tiss, bnt the fact that Mr.. Ntreross has
remained IN charge up to the present
time would seem to cast doubt upon
this story. Ii ia state that the niorchau-
disc bills contracted by the company have
been paid as promptly ns those Of most
business houses. so that the manufac-
tur rs who have supplied them with
eccds are not err large creditors, the
bulk OF the iIdsbtedness being 10 banks
who have discounted the company'5
paper.
Charles b. Barnes, Jr., one OF the as
signees, when seen at his home IN Hing
ham tonight ard asked as to the liahili-
At. nd o. ha said.
al he assignees are unable TO give any
estimate yet rs to the assets and liabili-
ties and pro baby will no. be able to DO
SO for some days. There ara two COM
panies concernsd-The john p. Lowell
compan and the John Lowell Arms COM
pany. Both OF these co npanies made an
assignment with the same assisnees in
each csse The companies operate stores
IN a number of cities from Bangor, Me-,
to Providence, X. l., and they have large
stocks on hand which viii have to be
thoroughly examined before she assignees
can discover just what the financial
situation Is. A statement will probably
/ o issued In a few days but We cannot
tell when. We do not know when q meet
ing OF the creditors viii be held. In fact.
have not yet seen coniplets list OF the
creditors.'
Iha Louise OF the John p. Lowell Arms
company MAS formed in 1871 by John p
Lowell and was Mt fret engaged solely in
the manufacture OF guns. 1t soon
branohed out into the sporting line OF
business, and has grown to be one OF tbs
largest concerns OF the kind in New Eng
land, there being scarcely an article used
by q sportsman that was not carried In
Us stock.
A few years ago the firm name WAS
changed TO the John p. Lowell Arms
company. and IS the sons grew up they
rsers taken tuto partnership.
At the death Of the senior member In
1891, john L. Lowell was president; Col.
=. $. Loyeil, tr5 asurer, ana Henry l..
Lowell, clerk. For great many years
the nrm has done all iis fnanc al .busi-
ness with the Globe National bank as,
owing to the HIKING Of joan p. Lowell for
that Institution, he hRd, practically never
had DEALINGS with any other during his
!oag business o8reer. Col. Benjamin :.
Loyell, the present treasurer OF the COM
pgnF. has io- many years been iamtlisr
figure IL Grand Army bnd roIticai
circles IN MazscchussttB, where he has
usts OF strong ana generous friends. lie
has bseE considered cArsful bus4ne ;
man and one who knew the value Of
money, but 70 has been said no one evar
appealed to him On behalf OF the Grand
Eripy ur "a deserving vet ran IN vain. de
has Eesn a member Of the legislature and
OF thl exsoutiTa council aud Wa6 mean
her OF Gov. Greuuhslge's personal stah.
Cpl. Lowell has no. been Ia the lest OF
health for year or more, bat 6spt about
until month aga, when he was COM
r. lied 20 remain at his homo in Wey-
month and ia nov coHd nod 10 his BID.