The Providence news. (Providence [R.I.]) 1891-1906, 1893-09-29
Receivers Asked for the Jarvis
COnklin Mortgage Trust Company.
HAD A BRANCH IN PROVIDENCE.
They Dealt I'm western Farm Mortgages
and the Recent Depression Struck
Them with CycIonic Force--Expect to
Resume Omcials Mado Receivers.

appointed samuel M. jarvis OF hansas
City. NO., and Roland X. Conhlin OF that
city, receivers of the arvisConklin
Mortgage Trust company. The
Jarvis-Conklin company was or
gauized under the laws OF Mis-
souri. Its main Office il mt 40 Wall streeI,
aud IL has carried on an extensive busi-
ness in Western and Southern mortgages.
The receivers were appointed on bill OF
complaint filed by benjamin M. Fowler
ofPoughkeepsie, aud j. G. Z,chry OF New
York, stockholders in the company and
holders Of its debenture bonds.
The Jarvis Conklin Mortgage and Trust
company, according to fits charter, was
organized for tue purpose Of receiving
moneys in rust and AT such rates OF in-
terest as Nigh b obtainable or agreed
upon. The bulk of its investments was
In Western mortgages. The capital stock
OF he company is.ued and outstanding Is
s3.75O,0O. It's original capital stock was
sl.5OO,000. fully paid up in cash.
In June. 1892, was decided to increa'e
{ by 81 500.0J0 The incre 50 was all
subscribed for. but sl.l25.0O0 remain'd
uapaid up To Angus. Of the present year.
In August it was decided TO call In the
remainder at the rate Of 10 per cent. every
lOuF IuOutuS OulF SlOu,OW has oeOb
paid, leaving s975. 900 unpaid.
The company has outstanding deben-
ture bonds to the amount Of S7,O25. l7l97.
bearing Interest at the rate OF nvt and
six per cent. The bill Of complaint fur
ihrr sets forth that the tomp my II in
debtel to various banks, ind viduals and
C operations on demand aud ime loans
due OF about to become due, secured and
L -
To cover this indebt. dness the defendant
company has deposited with the payees
hon L. and securities to the par value OF
$4,000 1t is further indebted for money
borrowed and received on deposit TO the
amount o. S4i7,79I. of which sos 600 ma
lures on or before o ;tobsr 10.
Other sums due nad soou to fall due
aggrega 1888. Si5.05.
Liabilities hight Millions.
Y 1t is claimed that the liabilities are over
Ss.0O0,000.
1h. co opany owns the following prop
ert ia New York and elsewhere:
Real estate NOR cages ,131 900 90
Debenturss held by company secured
and held IA treasury assets. .,.... 133.oO0 90
Stocks; bonds and securities Of eorpor-
Open accounts and bills receivable. $4,000 90
Real estate appraised at.............. :. S34 774 95
Total.................. .............S3.loo1'4 10
On Nov. l. 1886. the company entered
into an arrangement with the Mercantile
Trast company act as trustee on de-
beutures To tue amou t OF 81. 325, 900, aud
the company was sc ured by the deposit
OF real estate mortgages aud promissory
notes TO the amount OF 81, ,32s. 279 A
like arrangement was entered into on
Jan. /, 1889, with the New England
Safe De ,osit comptnv OF Missouri
t. tire amount Of 81. 99l ,2l2. secured by ST.
145, 200; also with. the Is ston Safe
Deposit aud Trust comp,ny of
Massach use t. on October 2S, 1887, to the
amount OF S3l0 coo. secured by S3lI ,62l
with the New Eig.a1d SAT. De-
pcsit company o, March 1. 1882 to
the mount OF S>S5. 775 secured by sSSS, 900;
with the Law Guarantees and Trust Com
pauy OF Grea Britain Ia So2 to the
amount of $500 600; with b. Alfrel Try,r
of Winslow. Cheshire, England, on April
16 1889, to fte amouut OF 1898, $685.
secured by Sl,9i3,26o.
Hard Times the Cause.
The cause for going into the hands of
receivers is given as the hard times. The
petitioa for receivers says that this is
the first year thai he company has
failed to pay dividends. aud & at owing
TO the financial strngency it was not
able to this year, and that the only way
for the curt 10 protect the interest OF
al concerned is by the appoin tment OF
receivers.
The company owns property in New
YorG, MIS- ouri. Ktnsas Colorado, Indi-
ana, Washington. Ohio. Arkansas, Mary
land, Louisiana, Pennsy lvania, Boston,
and also i'm Great Britain.
Mr.. Jarvis, the president OF of the COM
pany, and one OF the receivers, was seen
last evening. and made the following
statement for tn, press:
"The company reluctantly recognized
the necessity for the appointments OF re.
ceivers for tue protection OF its creditors
and stockholders. We have had season
OF unparalleled depression in busin, 81,
and it may almost he i'd that suspension
or postponement of payments has
teen the universal rule in all me-
camille ard agricultural communities
The value OF the property and assets of
the Jarvis-Conklin Mortgage Trust
con pany, der ordinary conditions, is
far beyond its outstanding OBJ
legations, aud, in my judgment,
with return Of ornal conditions, or
with even moderate betterment OF those
now prevailing. the company will be able
to resume operations and renew it's crsdit
upon the basis which has prevailed for
so many years" lie expects the company
will soon he able To resume business.
what Local Manager Says.
Mr.. Henry =. Morgan, vice president OF
tie corporation and MA ager Of the local
branch in this city. stated this afternoon
that the failure was due to the finan cial
stringency under which Dusines.
Is staggering at the present
time A good many business
men in this city are interested In the COR
poratiou, but the manager could not state