The daily morning journal and courier., 1899-12-27
LOWELL ARMS co. ASSIGNS
ALSO THE JOHN P. LOTELL CO.,, AN
 ALLIED CONCERN.
Firms Largely Indebted to Globe Ma tionaI Bank, of Boston, Now in Hands of Receiver Liabilities Not Yet known--The Arms Company One of the Largest of the Kind in New Eng land.


 the Largest of the Kind in New Eng
 land.
 Boston, Dec 26.-The John P. Lowell Arms company and the John P. Lowell company, an allied concern, made an assignment this afternoon for the bene- fit of their creditors to Barnes & Ball, attorneys. The assignment was not a matter of surprise, being simply a con- tirmation of rumors that had been in circulation in business circles for sev- eral days past. The firms were in debted for large amounts to the Globe National bank, which was last week placed in charge of a temporary re- ceiver, and this institution, or more eX- actly, it's former president, MT. Cole, has been represented in the business by C. w. Norcross, who is said to have virtually managed the concern for
 more than a year past in the interests of the bank.
 It has been stated that MT. Cole, late president of the Globe National bank, exchanged the paper of the Lowell com pany for mining securities, but the fact that MT. Norcross has remain in charge up to the present time would seem to cast a doubt upon this story. It is stated that the merchandise bills contracted by the company have been paid as promptly as those of most bus mess 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 B. Barnes, jr., one of the as signees, when seen at his home ln Hingham tonight and asked as to the liabilities and assets of the company said 'The assignees are unable to give any estimate yet as to 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 F. Lowell Arms company. Both of these compa- nies made an assignment with the same assignees in each case. The companies operate stores in a number of cities from Bangor, Me, to Providence, R. l., and they have large stocks on hand which will have to be thoroughly exam ined before the assignees can discover just what the financial situation is. statement will probably b. issued in few days, but we cannot tell when. We do not know when a meeting of the creditors will be held. In fact I have not complete list of the creditors"
 The house of the John P. Lowell Arms company was founded in 1S41 by John P. Lowell, and was at first engaged solely in the manufacture of guns. It soon branched out into the sporting line of business and has grown to be one of the largest concerns of the kind in New England, there being scarcely an article used by sportsman that was not car ried in it's stock. A few years ago the firm name was changed to the John P. Lowell Arms company and as the sons grew up they were taken into partner ship. At the death of the senior mem Der in 1897, John P. Lowell was elected president, Colonel B. s. Lowell, treas- urer, and Henry l.. Lowell, clerk. For a great many years the firm has done all it's financial business with the. G obe National bank. as owing to the liking of John F. Lowell for that institution he had practically never had dealings with any other bank during his business ca- reer.
 Colonel Benjamin $. Lowell, the pres ent treasurer of the company, has for many years been a familiar figure in Grand Army and political circles in Massachusetts, where he has hosts of strong and generous friends. He has been considered a careful business man and one who knew the value of money, but it has been said no one ever ap- pealed to him on behalf of the Grand Army or deserving veteran in vain. He has been a member of the legisla l ture and of the executive council and 1 was a member of Governor Green halge's personal staff. Colonel Lowell 1 has not been in the best of health for year or more, but kept about until a month ago, when he was compelled to | at his home in Weymouth, and is now confined to his bed.