The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1908-05-06
IAMAN { COMPANY FAIL.
WE'LL KNOWN AUGUSTA COTTON
FIRM BANKRUPT.
Concern Thrown Into Receiycrshin
by Observation-Disclosures Alleged
to be $1,25O, 5O,OOO--Member of Firm
Attributes Failure to Long-Con.
tinued Financial Depression.

tinued Financial Depression.
Atlanta, Ca, May A petition
was filed in bankruptcy in the United
States circuit court today by attorneys
for the Atlantic Compress Company,
the Gulf Gulf Compress Company, ].
c. Evans and c. r. Sims, against the
firm Of Inman & Co., Of Augusta, Ga.
1t Is claimed that the liabilities of the
Arm are $1,25O,OOO. The firm say their
assets are about the same amount.
The firm of Inman & Co., of Au-
gusta, Is in no way connected with the
firm Of Inman, Akers & Inman, At
lanta, Ga, which has branches in
Liverpool and Bremen. The firms Of
Inman. Nelms & Co., Of Houston, Tex,
and Inman. Swain & Co., of New
York. are In no way connected with the
firm Of Inman e. Co., Of Augusta, and
are In no way affected by the suspen-
sion.
Thomas w. Barret, .Jr., Of Augusta,
was named as receiver by Referee
Adams. The petition alleges that the
firm Is indebted to the Atlantic Com
press Company in the sum of $4,000;
to the Gulf Compress Company, s11,-
900. and $1,000 each to j. c. Evans
and c. r. Sims. The present embar-
rassment Of the company, which was
member Of the New York cotton ex-
change, was attributed by one of it's
members to the long continued de-
preston in the cotton market and
to the loss Of one Of its leading men,
bers. Walker p. Inman. by death last
November. 1t Is believed that even
tually all creditors will be paid in full
Augusta, Ca. May 4.-The liabili-
ties Of the concern are scattered over
the country. and probably to some
extent in Europe. Several Atlanta
banks held its notes for sums of con-
sequence. but none in Augusta. Those
In authority decline to give details be-
cause of the embarrassment it might
cause. but they have assured the cor
respondent Of the Chronicle that Au-
gusta has escaped all except the prob
able loss Of the company. The total
Indebtedness amounts to about ST.
100000. 1t is due chiefly to banks
and is represented by notes and other
collateral. OF the notes $45O,0OO bear
the endorsement Of the late Walker p.
Inman. After his death. which occur
red at the beginning Of the panic, the
holders declined to renew them, and
satisfactory securities necessary to con-
tinuing their life could not be OBJ
tanned. The estate LETT by Mr.. Inman
Is fully sufficient to cover the amount
for which 1t Is liable.
1t is stated by the source from
which the above was obtained that
the assets represent on their face
about $1.500.00O. Of which the greater
part Is cotton or futures in cotton,
bought in the main at much higher
prices than those prevailing now.
They depend upon the market for
realization. and should the market
Improve large percentage of their
face value might be turned into mon
ey. However. present indications are
foreboding as the officers Of the COM
pany claim practically no sales Of cot
ton can be made at any price. The
foreign markets are filled and the
American mills have ceased to buy.
The future Of the assets, as viewed by
those in close touch with the concern
Is by no means assuring. and 1t is
seriously doubted If they will meet
more than a small part of the liabili-
ties.