New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-29
IN THE HANDS OF RECEIVERS
4 MORTGAGE COMPANY FAILS.
PLIGHT OF THE JARvIS-CONKILN CONCERN
OF KANSAS CITY.
UNABLE TO MEET ITS INTEREST PAYMENTS
THE PHEsTnENT LOOKS FOR An EARLY
RESUMPTION or BUSINESS.


Judge Lleon.bc in the United States Circuit
Court yesterday appointed Samuel NJ Jarvis, Of
Kansas City. and Roland r Conkin of this city,
receivers for the Jarvis-C onklin Mortgage Trust
Company. of Kansas City. The Ncw-lork Office
of the company is at No. 40 Wall-st. Tile ap-
catIon for the receivers WIS made by BENJAMIN
Il Fowler. of Pouehk"epsic and j. g. Zachary,
Of Ncw-York The application was granted on the
complaint that the company had not pad the in
;crest on its bonds and certificates Of deposit on
the last interest day, which was in August. The
company declared in its answer 10 the complaint
that the financial str1g ncy had made it mpos,l-
bo for it to meet its obligations. The officers of
the company are: Samuci VI. Jarvis. president: :
7oand X. Conklin, secretary, and Herbert Mills,
treasurer. The directors William Hacker,
IT, W. Brard,cy, Wallace Pratt l. H. Austin, >
/. Conklin, and the officers OF the company.
The corporation was organized with capital
stock of 81 ,500,C0o which was increased to 49,,
75O,Oo0. of which S9j0OoO has not Yet been
paid in The company has debcntue bonds out
to the amount Of S.,0!J,l7 81. laying , or
per cent. Several companies have actcd as trns-
tees for the concern, having taken some Of their
bond~ and sold them. 10 secure these, they hold
cs,,-s o. the Jar,lst Onklm company. These trUs-
tees are: The Mercantile Trust Company, which
sold 81 $4,000 of bonds au1 holds as security
81 SIS, , .: New England Safe Deposit and Trust
Company, OF Missouri, : ,19l.2l2 In bonds. hold-
ing Se.14j,2OO security: Boston safe Deposit
and Trust Company, $4,000 in bonds with
$4,000 security: tie Law Guarantee and Trust
Soclcty, of Lneland. $j,G,3G3. LoGing S.37,oOo
security and the ". H. Lubbock Company, of
London, SI,9"9.393. holding Sl,9i3,76o security.
The company i, indebted TO various banks and
trust companies 10 the amount OF Siol, ,Oii 80. for
which notes have been given. II has deposited
to secure this amount ; ,ooo in bond. the mar
lct value Of which is S3iS. .gjG. II is also in
dcbtcd for money lent and received from de-
po,tois, for which certificates of deposit to the
amount OF Sili.;gi 80 hay. been given. Somo
Of thee certificates are du" on October IT., o93.
-ir Fowler, who made the application for Il rec'iv-
cr.iip holds nine bonds OF the company. and Mr..
Zachary, who also Was named in rn'' complaint,
.oids twenty-five bonds The lawyers Tor the
lilintiG. are d. d. Duncan and cN-Judge john
T. Dillon. Wlt-low +. Pierce represents the com
Iany. The receivers qualified in the sum OF
100000.
Mr. Jarvis said last night.
The company reluctantly recognized the necessity
for the appointment Of receivers for the protection
property and assets oi th" Jar'ls'onklin NortSaSe
Trust Company. under orlinary conditions. is far
be}"h1 tS "uiHthHlN o"il-a'9H anu IN III, Juuh
ultnl with return OF normal conditions. or win
even a moderate bottermeut OF those now prevail
Ing the company Will be able to resume its opera
tons and renew It's credit upon the basis when
has prevailed tor $50 many years The business or
the company has. from the beginning been care
faiy aud c0nservatiyey managed Thers IL ahso-
lut .y 40 r,ason Tor the necessity OF the appoint
mrnt of receivers. except the general condition or
the country. which has temporarily disabled ITS
mortgage debtors from paying their Obligations as
promptly usual In June. 1882, there was sec
ond lssue of s-2poo, of capital stock. - per cent
OF which was pad in In cash When the nn1ncial
sirlngeucy became very acute. in August last, the
directors ISSUED "a call FOR the payment OF The %
per cent remaining. \ significant evidence OF IN"
confidence - the shareholders Is found In the TACT
tnai. although no part OF this call was due until
the latter part OF December. considerable payments
on subscriptions have already been made by the
sharchoicrs. and IL is confidently expected that
With an Improvement Of conditions and the fresh
capital ~ N195.0si thus coming In. the company
VIII shortly be able to resume its business.