The Superior times. [volume] (Superior, Wis.) 1870-1912, 1893-03-18
INGALLS, IN A FAILU RE.
His Land ~ Banking Company Forced to
the Mal!.

His Land y Banking Company Forced to
the wall.
ATCIusoS, Kas., March 1.-THE Kan
sas Trust & Banking Company, of which
Senator ingalls, is president, closed its
doors last night. The liabilities of the
concern are estimated at $500, 600 and the
assets will probably reach 500, 900. The
company owns 10000 acres of land in
Kansas and about $4,000 worth of
property in this city. Il. NJ. Munley.
general manager, loses S25O,OO Free
land Tufts, of Kansas CITY, WAS ap-
pointed receiver by Judge Foster III
the United States court at Topeka.
There was about $50 900 on deposit when
the bank closed its doors. Senator
Ingalls, loses only about $4,000. The
concern loaned considerable money on
Kansas property al boom figures and
being compelled to take it in, WAS un-
able to realize as much as had been ad
vanCed.
The company was organized in 1886
with a capital of 100000 Ex-senator
Ingalls, is president Of the concern, K.
NJ. Manley is vice president and general
manager, and +. q. Armsbv cashier
The principal part o! the capital invest
ed was furnished by L. NJ. Man
ley and members OF his family
and Mr.. Ingalls,. The latter had
7,30U IN the company, while Armsbv
had $50 900. These amounts are lost.
While the liabilities of the company are
estimated at about $4,000 the assets
may be sufficient to pay the entire in
debtedncss if the business of the con-
Germ is settled up IN a wise and prudent
manner. The concern owns, besides
the 10000 acres OF land in Kansas, large
tracts of lands and lots in many of
the principal cities of the state.
Residents of Atchison had invested
SI25, coo in the concern, which is secured
by dehenture bonds the value of which
Is matter of conjecture. T.. G.. Arms
by recently announced his intention of
Withdrawing from the concern and en-
gaglng in other business, and 1t is said
that this hastened the crash. Manley
is practically bankrupt.
The application for a receiver was
filed in the United States court at To-
peka yesterday morning on the part of
the Interested creditors, and X. NJ.
Nanlny was present and confessed iudg-
ment TO the amount of SIS, 900. Mr..
Maney filed papers in confession of
judgment for 900 to the estate of
George Manley, for advances on which
he had become personally liable, every
Judgment FOR S.. COO was also confessed
in favor of the company. No other
business house or financial concern Of
AtChlSOn Is involved in the crash.
l.. +. Bird, OF Kansas City, who OBJ
tanned the appointment of receiver,
was seen and WAS asked what he knew
about the matter Mr. Bird said: 81
understand that the affairs of the COM
pany have not been in good shape for
some time. The company has three
classes OF creditors: First, the holders of
first mortgages on real estate in Kansas,
which loans were guaranteed by the
company; second, holders of debent-
ures, which were protected by deposit
OF mortgages with a trustee equal in
amount with the dobcnturos 'se,rnd;
ard third, creditors holding the notes
Of the company for borrowed money.
The first two classes are fully pro-
teCted by the securities, and the latter
class are secured by the company, so
that in my opinion no loss viii be sus-
tanned by any of the creditors. OF
course the stockholders will lose unless
the company can be feOrganlzed.
The statement of Mr.. Manley is to the
effect that the receivership is in the IN
tercst of holders of obligations Of the
company, and will result in a complete
liquidation of all claims. The COM
pany became slightly embarrassed
over two years ago, at the time
when the best known COMPANIES Of
the West were Obliged to sue
cumb to the general depression, as
the result of the boom, and was obliged
to borrow largely TO meetimmedate de-
mands No money is on deposit, as the
company has not done II general hank
ing business for over wear. The cred
itors in Atchison are not complaining,
rs they regard their securities as good.
KANSAS CITY, No. March IA re-
porter tried to interview ex-senator
John J. Ingalls, in regard to the failure
to-day, but he declined to discuss the
affair. He said, however, that he got
all bis money out of the concern before
the crash came, and had lost nothing.