The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1910-06-19
GEO. M. SHELLEY BROKE.

There are many of the older Keo-
kuk citizens who will remember the
late ]. M. Shelley and his sons, also
his widow, who up until short time
ago still resided here in the old fam
lily home at the corner of Fourth and
Franklin streets. At one time the
Shelleys were wealthy and influential
citizens, engaged in a profitable and
large business. George M. Shelley
went from Keokuk to Kansas City
and has just gone bankrupt, through
misplaced confidence in loaning over
a million dollars to friends.
The following from the Kansas City
Journal OF June Is, will be interest
Ing to the friends of the family here:
Old, poor, and alone, George M.
Shelley, by his own account, down to
his last copper, sat in the rear of the
little store at TIP Wyandotte street
last night and patched his trousers,
while near him, a monument to one
mans trust in his friends, stood a
filing cabinet containing $1,600,000 in
ontlawed notes for money he had loan
ed or goods he had sold.
George M. Shelley filed a petition
In voluntary bankruptcy in the United
States district court yesterday after
noon. Shelley is the man who gave all
except his life and his honor that his
friends might continue to be we'll fed
and prosperous. He is now 60 years
old, and not worth cent. His petit
ton in bankruptcy, filed with Judge
John F. Philips, Mr.. Shelley declares
that there is floating against him at
the present time total of s72,651.05
in paper, entirely unsecured.
Some of those mentioned as hav
ing unsecured claims, of this city
are C. A. Oldham, $1,000; Bernard
Corrigap, $4,000, and James B. Shan
non, $1,000. Other large holders of &C
commodation paper in the shape O
notes, etc, are: Burnham, Hanna
Munger Dry Goods Company Kansa.
City, $4,000; Theodore Arched & Co.
Chicago, $4,000; Merchants Nationa
Bank Of Omaha, $4,000; P. K. Wilson
& Co., New York City, S1,394.43 ant
the National Bank of Commerce o
Kansas City s1,9Ss.
| The case will have a hearing befor,
Judge Philips this morning.
Signed for His Friends.
For over forty years Mr.. Shelle.
engaged in politics in this city. HI
was mayor twice, postmaster once
and held offices of public trust con
tinually until he resigned from hi
last one this spring. During this tim
he made many friends, some OF whom
have chung to him with the close en-
brace OF parasite plant about tn
oak tree. 1t Is estimated by Mr.. She
ley himself that he has spent nearly
| quarter of million dollars in takin
up notes he Endorsed to accommodate
his friends.
Four years ago SUITS to recove
s1T5,000 we're brought against him b
the holders of indorsed paper, an
gradually his cnce comfortable fol
tune melted away. Today he is Ii,
ing in the rear of the store he MAJ
ages for the Southern Trading Con
pany at 712 Wyandotte street
Il have done my best to pay all tn
Endorsements, and IL there was a hop
that | might sometime pay them, tn
petition in bankruptcy would NO
have been fled he said last night.
But ! am getting old, and tn
chances of my recovering my forum
getting slim. All of my friends &C
vised me to take this step to reliev
my mind and get the incubus off m
shoulders where it does not properl
belong.