The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1893-03-15
The Kansas Banking and Trust Com
pany ut Atchison Very Suddenly
Coilapses.
Liabilities of the Concern Placed nj
100000, With Assets Consider.
ably Less.
Private Estates of the Manager Turned
Oyer-Ex-Senatol Ingalls, the
President.

a,YsAs Cry, March IA special
from Atchison. Kan, says: The Kansas
Trust and Banking company. of which
ex-senator Ingalls, is president, closed
its doors ut I o'clock p. IN. The liabili-
tie OF the concern are estimated at
$S!J,00O and the assets will probably
reach 500. 900. The company owns
$4,000 acres of land in Kansas and
about $40, 900 worth of property in this
city. ii. NJ. Marley, general manager,
loses $3.50, 000. Fratand Tufts of KAN
sas City was appointed receiver By
Judge Foster in the United States court
at Topeka. There was about $8O, 900
on deposit when the bank closed its
doors. Ex-senator Ingalls, loses only
about $4,000. The concern loaned con
siderable money on Kansas property at
boom figures and was compelled to take
it in, and was unable to realize az much
as had been advanced.
In the United States court Manager
Manley confessed Judgment for the
estate of his father to the amount OF
$3.50 . A confession Of Judgment wal
also made by him as manager Of the
company to the amount of $4,000.
Every dollar that the Manleys possess
has been lost in the crash.
M. G.. Armsby, cashier of the COM
pany, loses $40, 900.
will Pay I'm Full.
The company was organized in 1888
with a capital of 800. 900. The princi-
pal part, though not all the capital
stock. was subscribed by ex-senator
ingalls,, r. M. Manley and the Manley
estate and E. G. Armsby. No other
Atchison parties were involved. The
statement of Mr.. Manley is to the effect
that the receivership is in the interest
of the holders of the obligations Of the
company and wilhfesult in d complete
liquidation of all claims. There are
many local depositors who had from
$500 to %, 900 on deposit in the bank.
The bank continued to receive deposits
up to the hour of the closure, and there
was not the slightest intimation that
the crash was to COME SO soon.
All Creditors Protected.
MI. T. r. Bird, attorney for the East
ern creditors. said: Il understand that
the affairs of the company 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 debentures, which weae pro-
tected by deposit of mortgages with a
trustee in amount with the debentures
issued, and third. creditors holding the
notes of the company for borrowed
money.
'.The first two classes are fully pro-
tected by their securities and the latter
class are secured by the company, SO
that. in my opinion, no loss will be u
tanned by any OF the creditors. OF
course the stockholders will lose unless
the company can be reorganized. The
company has about 30. OOO acres of land,
all of which is rented and rents are
sufficient to pay mortgages ON land.
Might Reorganize.
There viii probably be an effort
made to reorganize the company
and I think Reorganization may be
effected if the creditors get together and
find out hat united action will be the
best for all parties, and take that &C
ton"
General Manager Manley refused to
make a statement.