The Mankato free press., 1909-03-12
LOAD WAS TOO HEAVY
w. A. FUNK AND MRS. MARIA FUNK
. FILE PETITION IN BANKRUPTCY
Liabilities Are Placed at $4,000 and
the Assets, 2S,6oo; Wife's Indebt-
cdness is $Is,oIS; With $4,000 on
Other Side of Ledger; Statement
From the Well-Known Attorney.

From Frdav's Daily
w. a. Funk and wife, Maria +.
fmk, yesterday afternoon filed petit
tions i'll bankruptcy in the federal
court.
W. A. Funk's liabilities are about
S24,6O0 including mortgages on lands
now sold subject to mortgages. His
assets arc about $4,000. including GER
tain lands sold, covered by Funk mort
Cages, listed above as liabilities. His
exemptions, including law library, (no
real estate, Mr.. Funk having recently.
sold his homestead and applied the
proceeds on his debts,) are S2,730.
Maria T.. Funk's liabilities, including
mortgages on certain lands sold, sub
Jcct to the same, Oisted to relieve
obligation OH the notes given with the
mortgagesl the same as in case of
William a. Funk,) are $lS,0lS, and her
assets about $4,000, including lands
sold subject to Funk Mortgages, her
exemptions arc 5000, about two-thrds
of the liabilities are secured.
The above tigrcs are greatly mis-
leading as to liabilities, for the rea-
son that the ma jor part of the debts
and obligations are on papers signed
by both Mr.. Funk and wife, and the
same amonts appear as separate claims
against each of them,-thus doubling
shc apparent obligations. The assets
are also increased by inserting lands
now sold, but securing mortgages listed
as liabilities. 1t would appear that the
full amount of claims against both.
will run about $4,000. including all
real estate mortgages, and the joint
assets something more than that
amount.
Statement From Mr. Funk
Mr.. Funk gives The Free Press the
following statement:
'Al the debts scheduled against Mrs.
Funk and myself are in reality my
own debts, she having signed my OBJ
legations to such an extent as to eX
haust her separate property, which
amounted to Il considerable sum, and
which would have made her indepcnd
cnt. My failure is attributed to real
northern land sales came, six years
ago, | had large holdings of lands,
heavily incumbered producing only
taxes and interest. Had active land
sales continued Il year or two longer,
[ cold have unloaded and been safe.
As it was. and has continued to be,
the membranes and taxes ate up
many of my equities. In the last ten
years, | have paid in taxes, interest
and commissions over 100000. / have
lost as much more through forcclos-
ures, forfeitures of land contracts and
some other uDavailing sacrifices. l eN-
haustcd my credit at the banks for
money TO pay interest and taxes and
payments pressing me on land con-
tracts, and thus unpaid local bills were
inevitable As to the local bills, any
part of such that the estate will not
pay, | expect to make satisfactory i'll
the future.
Sacrifices His Homestead.
Il had hoped by the sacrifice of
my homestead. and from other sources
that [ might be able to pull through,
and might have done SO, had all the
creditors been patient. But certain
ones worn out with waiting began
TO press us with suits, which could
have no other effect than TO force the
present proceedings in bankruptcy. We
both keenly feel the humiliation of
the situation. We also exceedingly re-
gret the inability to pay those who
trusted us. But under the circumstances,
the action taken is the best and most
Just settlement we can possibly make
with them at this time.
Il shall continue my practice as
heretofore except that | shall make
fewer divergences from it
The financial troubles OF MIR. and
Mrs. Funk will be IL source! of regret
TO their many friends, who will wish
them better luck in the future.