6476. Kansas Trust & Banking Company (Atchison, KS)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 14, 1893
Location
Atchison, Kansas (39.563, -95.122)

Metadata

Model
gpt-5-mini
Short Digest
67f31d93

Response Measures

None

Description

The bank closed its doors suddenly on March 14, 1893 and a federal receiver was immediately appointed. Articles describe insolvency from bad boom land loans and reveal a receivership; there is no description of a depositor run prior to suspension.

Events (2)
1. March 14, 1893 Receivership
Newspaper Excerpt
An application for the appointment of a receiver was filed ... Judge Foster named Freeland Tufts of Kansas City, as receiver and he at once came here and took charge of affairs of the concern.
Source
newspapers
2. March 14, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Insolvency caused by heavy loans on Kansas 'boom' land that proved unsalable; assets insufficient to cover liabilities.
Newspaper Excerpt
The closing of the doors of the Kansas Trust and Banking Company, of this city at 7 o'clock last night has caused a great sensation.
Source
newspapers

Newspaper Articles (18)
1. March 14, 1893 Evening Journal Wilmington, DE
Article from Evening Journal, March 14, 1893

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WITHOUT ANY WARNING Doors of the Kansas Trust and Banking House Closed. DEPOSITS TAKEN RIGHT ALONG The Company Owns Thirty Thousand Acres of Land in Kansas and $20,000 Worth of Real Estate-Ex-Senator Ingalls, the President of the Concern a Heavy Loser-Scores of Local Depositors. ATCHISON, Kan., March 14.-The closing of the doors of the Kansas Trust and Banking Company, of this city at 7 o'clock last night has caused a great sensation. An application for the appointment of a receiver was filed in the United States District Court at Topeka by the eastern creditors of the institution. Judge Foster named Freeland Tufts of Kansas City, as receiver and he at once came here and took charge of affairs of the concern. The liabilities of the bank are estimated at $800,000 and the assets, so the officers claim will fall not far short of that amount. The company owns 30,000 acres of land in Kansas and $20,000 worth of real estate in this city. Ex-Senator John J. Ingalls, the president of the concern, loses about $10,000. R. M. Manley, vice president and general managerloses about $250,000 of his own and property belonging to the estate of his father, George Manley. In the United States Court yesterday Manley confessed judgment for the es. tate of his father to the amount of $78,000. A confession of judgment was also made by him as manager to the company to the amount of $10,000. Every dollar that the Manleys possessed has been lost in the crash. E. G. Armsby, cashier of the company, loses $20,000. The company was organized in 1886, with a capital of $100,000. The principal part, if not all, the capital stock was subscribed by ex-Senator Ingalls, A. R. Manley and the Manley estate, and E. G. Armbys. The statement of the Manley party is that the receivership is in the interests of the holders of the obligations of the company and will result in a liquidation of all claims. The company became slightly embarrassed over two years ago, at the time when the best land companies were compelled to succumb to the general depression and was obliged to borrow largely to meet immediate de mands. The concern loaned considerable money three years ago, on Kansas property, at boom figures and was compelled to fore close in many instances without any chance of realizing as much as had been advanced on the same. The bank was also trustee for large amounts of money that belonged on property in Central and Western Kansas. Eastern creditors who were given first mortgages are amply recured. There are many local depositors who have from $500 to $1,000 on deposit in the bank. It is said that the bank continued to receive deposits up to the hour of closing and there was not the slightest intimation that the crash was to come so soon.

2. March 15, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, March 15, 1893

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TRUST COMPANY FAILS. The Kansas Trust and Banking Company at Atchison Closed. It Is Forced Into the Hands of a Receiver -Liabilities $800,000-Assets Unknown. ATCHISON, Kan., March 14.-A sensation was created last night when Freling Tufts, of Kansas City, appeared here, and took possession of the Kansas Trust and Banking company, as receiver. The company was organized in 1886 with a capital of $100,000. Ex-Senator John J. Ingalls is president of the company; R. M. Manley, vice-president; E. G. Armsley, cashier. The principal part of the capital was furnished by Manley and family and Ingalls. The latter had $7,500 invested, Manley $20,000. These amounts are lost. The liabilities are $800,000, and the assets it is believed, if properly managed, will pay in full. The bank has 30,000 acres of land and large tracts and lots in the principal towns and cities of the state. Residents of Atchison have $125,000 invested in the concern, secured by debenture bonds of conjectural value. It is believed the decision of Armsley to withdraw hastened the crash. Manley is practically bankrupt. The application for a receiver was made by L. F. Baird, of Kansas City, in the United States court at Topeka. R. M. Manley was present, and confessed jndgment for $88,000, including $78,000 to the estate of George Manley for advances on which he became personally responsible. No other concern is involved in the crash. It is believed that nobody except the stockholders will lose anything. The trouble is partly due to embarrassment two years ago when many loan companies went to the wall and this one was saved by borrowing heavily. No money was on deposit as the company aid not do a general banking business.

3. March 15, 1893 The Record-Union Sacramento, CA
Article from The Record-Union, March 15, 1893

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CAUSED A SENSATION. A Trust and Banking Company Insolvent. ATCHISON (Kas.), March 14.-A sensation was created last night when Freling Tufts of Kansas City appeared here and took possession of the Kansas Trust and Banking Company as receiver. The company was organized in 1886 with a capital of $100,000. Ex-Senator John J. Ingalls is President of the concern, R. H. Manley Vice-President, E. G. Armsby Cashier. The principal part of the capital was furnished by Manley and his family and Ingalls. The latter had $7,500 invested, Manley $20,000. These amounts are lost. The liabilities are $300,000. The assets, it is believed, if prudently managed will pay in full. The bank has 30.000 acres of land and large tracts and lots in the principal towns and cities of the State. The residents of Atchison have $125,000 invested in the concern, secured by debenture bonds of a conjectural value. It is believed the decision of Armsby to withdraw hastened the crash. Manley is practically bankrupt. The application for a receiver was made by L. F. Baird of Kansas City in the United States Court at Topeka. R. M. Manley presented confessed judgment for $88,000, including $78,000 to the estate of George Manley for advances on which he became personally responsible. No other concern is involved in the crash. It is believed nobody except the stockholders will lose anything. The trouble was partly duet to the embarrassment two years ago, when many loan companies went to the wall, and this one was saved by borrowing heavily. There is no money on deposit, as the company did not do a general banking business. ExSenator John J. Ingalls declined to discuss the bank failure beyond saying he got his money out before the crash came and lost nothing.

4. March 15, 1893 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, March 15, 1893

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BOOM PRICES FOR LAND Caused Ex-Senator Ingalls' Bank at Atchi. son to Fail. ATCHISON, KAS., March 14.-The Kansas Trust and Banking Company, of which Senator Ingalls is president, closed its doors last night. The liabilities of the concern are estimated at $800,000 and the assets will probably reach $700,000. The company owns 30,000 acres of land in Kansas and about $20,000 worth of property in this city. R. M. Mantley, general manager, loses $850,000. Freeland Tufts, of Kansas City, was appointed receiver by Judge Foster in the United States court at Topeka. There was about $30,000 on deposit when the bank closed its doors. Senator Ingalls loses only about $10,000. The concern loaned considerable money on Kansas property at boom figures and was compelled to take it in and was unable to realize.

5. March 15, 1893 The Dalles Daily Chronicle Dalles, OR
Article from The Dalles Daily Chronicle, March 15, 1893

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Ingalls' Turn Now. ATCHINSON, Kan., March 14.-A sensation was created last night when Aveling Tufts, of Kansas City, appeared here and took possession of the Kansas Trust and Banking Company, as receiver of the company organized in 1886, with a capital of $100,000. Ex-Senator John J. Ingalls is president of the concern, R. M. Manley vice-president, and E. G. Armsby cashier. The principal part of the capital was furnished by Manley and family and Ingalls. The latter had $7,500 invested, and Manley $200,000. These amounts are lost. The liabilities are $80,000. The assets, it is believed if prudently managed will pay in full. The bank has 30,000 acres of land and large tracts and lots in the principal towns and cities of the state. The residents of Atchison have $125,000 invested in the concern secured by debenture of conjectural value. It is believed the decision'of Armsby to withdraw hastened the crash. Manley is practically a bankrupt. KANSAS CITY, March 14.-Ex-Senator John J. Ingalls declined to discuss the bank failure beyond saying (he got his money out before the crash came and lost nothing. The application for a receiver was made by L. F. Baird, of Kansas City, in the United States court at Topeka. R. M. Manley confessed judgment for $88,000, including $78,000 to the estate of George Manley for advances on which he had become personally responsible. No other concern is involved in the crash. It is believed nobody except the stockholders will lose anything. The trouble was partly due to an embarrassment two years ago, when many loan companies went to the wall and this one was saved by borrowing heavily. There was no money on deposit, as the company did not do a general banking-business.

6. March 15, 1893 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, March 15, 1893

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LOANED MONEY ON "BOOM" PROPERTY. Failure of a Kansas Banking Concern, of Which Ex-Senator Ingalls Was President ATCHISON, Kan., March 14.-A sensation was created in Atchison last night when Freling Tufts, of Kansas City, Mo., appeared and took possession of the Kansas Trust and Banking Company. of this city, as receiver. He had been appointed by the United States Court at Topeka. The company was organized in 1886 with a capital of $100,000. Ex-Senator John J. Ingalls is president of the concern; R. M. Manley 16 vice president and general manager, and E. G. Armsby cashier. The principal part of the capital invested was furnished by M. Manley and members of his family and Mr. Ingalls. The latter had $7,500 in the company, while Armaby had $20,000. These amounts are lost. The liabilities of the company are estimated at about $800,000 and the assets at sufficient. it is said, to pay the entire indebtedness if the business of the concern is settled up in a wise and prudent manner. The concern owns about thirty thousand acros of land throughout many of the principal cities of the State. Residents of Atchison had $125,000 invested in the concern, which is secured by debenture bonds, the value of which 18 a matter of conjecture. E. G. Armaby recently announced his intention of withdrawing from the concern and engaging in other business, and it 18 said that this hastened the crash. Manley is practically a bankrupt. The company becameslightly em barrassed over two years ago at the time when the best known loan compauies of the West were obliged to succumb to the general depression following the boom. and has been obliged to borrow largely to meet immediate demands. Nomoney is on deposit, as the company hasnot donea general banking business for over a year. A reporter tried to interview x-Senator Ingalls in regard to the failure, bnt he declined positively to discuss the affair. He said. how. ever. that he got all his money out of the concern before the crash came and lost nothing.

7. March 15, 1893 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, March 15, 1893

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Kansas BANK FAILURE. Liabilities 8800,000-Ex-Senater Ingalls Heavy Stockholder. ATCHISON, Kan., March 14.-A sensation was created last night when A. Tufts, of Kansas City,appeared here and took possession of the Kansas Trust & Banking Company as receiver. The company was organized in 1886, with a capital of $100,000. Ex-Senator Jonn J. Ingalls is president of the concern, R. R. Manley vice president, and E. C. Armsby cashier. The principal part of the crpital was furnished by Manley and family and Ingalls. The latter had $7,500 invested and Manley $20.000. These amounts will be lost. The liabilities are $800,000. The assets, it is believed, if prudently managed, will pay in full. The bank has $30,000 acres of land in large tracts and lots in the principal towns and cities of the state. Residents of Atchison have $125,000 invested in the concern, secured by debenture bonds of conjectural value. It is believed that a decision of Armsby to withdraw hastened the crush. Hanley is practically bankrupt. Application for a receiver was made by L. F. Baird, of Kansas City, in the United States court at Topeka. R. M. Manley, the president, has confessed judgment for $78,000, including $78,000 to the estate of George Manley, for advances on which he became personally responsible. KANSAS CITY, March 1.-Ex-Senator John J. Ingalls declines to discuss the bank failure, beyond saying that he got his money out before the crash came and lost nothing.

8. March 15, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, March 15, 1893

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LOADED WITH LAND. A Kansas Trust Company, of Which Ingalls Is President, in a Receiver's Hands. Unsalable Kansas Soil, Bought at Big Prices, Brought on the Crash. c ATCHISON, Kan., March 14.-A sensation was created in Atchison last night when Freeling Tufts, of Kansas City, appeared and took possession of the Kansas Trust and Banking company of this city, as receiver. The company was organized in 1886 with a capital of $100,000. Ex-Senator Jo hn J. Ingalls is president of the concern, R. M. Manley is vice president and general manager and E. G. Armsby cashier. The principal part of the capital invested, was furnished by R.M.Manley and members of. his family and Mr. Ingalls. The latter had $7,500 in the company, while Armsby had $20,000. These amounts are lost. The liabilities of the company are estimated at about $800,000, and the assets are sufficient. it is said, to pay the entire indebtedness if the business of the concern is settled up in a wise and prudent manner. The concern owns about 30,000 acres of land throughout Kansas, beside large tracts of lands and lots in many of the principal cities of the state. Residents of Atchison had $125,000 invested in the concern, which is secured by debenture bonds, the value of which is a matter of conjecture. E. G. Armsby recently announced his intention of withdrawing from the concern and engaging in other business, and it is said this hastened the crash. Manley is practically bankrupt. The application for a receiver was filed in the United States court at Topeka yesterday morning on the part of the interested creditors, and R. M. Manley was present and confessed judgment to the amount of $88,000. Mr. Manley filed papers in confession of judgment for $78,000 to the estate of George Manley for advances on which he had become personally liable, every dollar of which went into the company. Judgment for $8,000 was also confessed in favor of the company. No other business house or financial concern of Atchison is involved in the crash. KANSAS CITY, March 14.--A reporter tried to interview ex-Senator John J. Ingalls in regard to the failure today, but he declined positively to discuss the affair. He said, however, that he got all his money out of the concern before the crash came, and lost nothing. MOBILE, Ala., March 14.-The Alabama National bank closed its doors this morning by direction of Bank Examiner Campbell. Depositors will be paid in full, but the capital stock of the bank is impaired to the amount of $62,000, or about 42 per cent.

9. March 15, 1893 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, March 15, 1893

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The Kansas Banking and Trust Company at Atchison Very Suddenly Collapses. Liabilities of the Concern Placed at $800,000, With Assets Considerably Less. Private Estates of the Manager Turned Over-Ex-Senator Ingalls the President. ANSAS CITY, March 15.-A special from Atchison, Kan., says: The Kansas Trust and Banking company, of which ex-Senator Ingalls is president, closed its doors at o'clock p. m. The liabilitie of the concern are estimated at $80.000 and the assets will probably reach $700,000. The company owns 30,000 acres of land in Kansas and about $20,000 worth of property in this city. H.M. Manley, general manager, loses $250,000. Fratand Tufts of Kansas City was appointed receiver by Judge Foster in the United States court at Topeka. There was about $80,000 its on deposit when the bank closed doors. Ex-Senator Ingails loses only about $10,000. The concern loaned con siderable money on Kansas property at boom figures and was compelled to take it in. and was unable to realize as much as had been advanced. In the United States court Manager Manley confessed judgment for the estate of his father to the amount of $78,000. A confession of judgment was also made by him as manager of the to the amount of $10,000. dollar that the possess company Every Manleys has been lost in the crash. M. G. Armsby, cashier of the company, loses $20,000. Will Pay in Full. The company was organized in 1886 with a capital of $100.000. The principal part, though not all the capital stock. was subscribed by ex-Senator Ingalls, R. M. Manley and the Manley estate and E. G. Armsby. involved. No other The Atchison parties were statement of Mr. Manley is to the effect that the receivership is in the interest of the holders of the obligations of the company and will result in a complete liquidation of all claims. There are many local depositors who had from $500 to $5,000 on deposit in the bank. The bank continued to receive deposits up to the hour of the closure, and there was not the slightest intimation that the crash was to come so soon. All Creditors Protected. Mr. T. F. Bird, attorney for the Eastern creditors. said: I.I understand that the affairs of the company have not been in good shape for some time. The company has three classes of creditors -first, the holders of first mortgages-on real estate in Kansas, which loans were guaranteed by the company; second, holders of debentures, which weae protected by deposit of mortgages with a trustee in amount with the debentures issued, and third. creditors holding the notes of the company for borrowed money. 'The first two classes are fully protected by their securities and the latter class are secured by the company, so in no sustained of Of that, by my any opinion, the loss creditors. will be course the stockholders will lose unless the company can be reorganized. The company has about 30.000 acres of land, all of which is rented and rents are sufficient to pay mortgages on land. Might Reorganize. "There will probably be an effort made to reorganize the company and I think reorganization may be effected if the creditors get together and find out that united action will be the best for all parties, and take that action." General Manager Manley refused to make a statement.

10. March 15, 1893 Wheeling Register Wheeling, WV
Article from Wheeling Register, March 15, 1893

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THEY LOANED MONEY At Boom Figures, and the Security Failed to Cover the Loans. ATCHISON, KANS., March 4.-The Kansas Trust and Banking Company, of which Senator Ingalls is President, closed its doors last night. The liabilities of the concern are estimated at $800,000. and the assets will probably reach $700,000. The company owns 30,000 acres of land in Kansas, and about $20,000 worth of proR. this in city, perty M. Mantley, General Manager, loses $250,000. Freeland Tufts, of Kansas City, was appointed receiver by Judge Foster in the United States court at Topeka. There was about $30,000 on deposit when the bank closed its doors. Senator Ingalls loses only about $10,000. The concern loaned considerable money on Kansas property at boom figures, and was compelled to take it in and was unable to realize.

11. March 15, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, March 15, 1893

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TRUST COMPANY FAILS. The Kansas Trust and Banking Company at Atchison Closed. It Is Forced Into the Hands of a Receiver -Liabilities $800,000-Assets Unknown. ATCHISON, Kan., March 14.-A sensation was created last night when Freling Tufts, of Kansas City, appeared here, and took possession of the Kansas Trust and Banking company, as receiver. The company was organized in 1886 with a capital of $100,000. Ex-Senator John J. Ingalls is president of the company; Rv. M. Manley, vice-president; E. G. Armsley, cashier. The principal part of the capital was furnished by Manley and family and Ingalls. The latter had $7,500 invested, Manley $20,000. These amounts are lost. The liabilities are $800,000, and the assets it is believed, if properly managed, will pay in full. The bank has 30,000 acres of land and large tracts and lots in the principal towns and cities of the state. Residents of Atchison have $125,000 invested in the concern, secured by debenture bonds of conjectural value. It is believed the decision of Armsley to withdraw hastened the crash. Manley is practically bankrupt. The application for a receiver was made by L. F. Baird, of Kansas City, in the United States court at Topeka. R. M. Manley was present, and confessed judgment for $88,000, including $78,000 to the estate of George Manley for advances on which he became personally responsible. No other concern is involved in the crash. It is believed that nobody except the stockholders will lose anything. The trouble is partly due to embarrassment two years ago when many loan companies went to the wall and this one was saved by borrowing heavily. No money was on deposit as the company aid not do a general banking business.

12. March 15, 1893 New-York Tribune New York, NY
Article from New-York Tribune, March 15, 1893

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BIG KANSAS BANK FAILS. THE LIABILITIES AMOUNT TO $300,000. X-SENATOR INGALLS WAS ONCE PRESIDENT, BUT LOST NOTHING-MONEY ADVANCES ON LAND AT BOOM VALUES CAUSED THE CRASH. Atchison, Kan., March 14.-The closing of the doors Kansas Trust and 7 o'clock last night a An application for the a of city. tion. the at Banking has appointment caused Company, great of of sensa- this receiver was filed in the United States District Court of the Freeland Tufts. of as named at creditors he Topeka yesterday, institution. Kansas and by took City, Judge the charge receiver, Eastern of Foster the and at once came here affairs of the concern. The liabilities of the concern are estimated at $800,000, and the assets, so the officials assert, will fall not far short of that amount. owns 30,000 acres real estate worth $20,000 in John J. once The and Ex-Senator company Ingalls, this of president land city. in Kansas of was said to to a reporter that he got of the concern concern, however, out Manley. have before lost vice-president the $10,000. had crash came, He all and said his and general to-day. money lost R. M. loses about own to the estate In the United judgment for estate manager. erty les. confessed belonging States $250,000 the of Court his of father, his yesterday of his George and father Manley prop. Man- to of also made by as manager the was amount $78,000. him A confession to the of company judgment to nothing. Every dollar that the Man- the the amount of $10,000. possess has been in G. cashier of the company, Atchison business house is other lets Armsby, lost involved the loses crash. $20,000. in the E. crash. No was organized in 1886, with a capital of The principal part. not stock was subscribed capital M. The Manley company $100,000. by ex-Senator and if E. G. Armsby. all. Ingalis, the R. and the Manley estate statement of the Manley party is is in the interests the of the company, and will a ga'tons celvership The of result holders became in that of the liquida- slightly the obli- reof all claims. The company over two years ago, at the best land to succumb to the general pelled embarrassed tion when loan companies depression. were the com- time and was obliged to borrow largely to meet Immediate demands. The concern loaned considerable money three years ago on Kansas property at boom and was compelled to without any chance of as advanced on the same. stances End figures, been foreclose realizing The bank in had many much was been also in- as trustee for large amounts of money which leaned on property in Central and Western Kansas. Eastern creditors who received first mortgages, are amply secured. There are many local depositors who had from $500 to $1,000 on deposit in the bank. of Kansas City, who obtained the apof a receiver, was seen he pointment L.F. Bird, and asked what that knew about the matter. He said: "I understand the affairs of the company have not been in good shape for some time. The company has three classes of creditors. First. the holders of first mortgages on real in Kansas, which loans were guaranteed by the second. holders of by deposit of mortgages a protected estate company: debentures, with trustee which and third, equal were in amount with the debentures issued: creditors holding the notes of the company for borrowed money. The first two classes are fully protected by their securities and the latter class are secured by the company. so that, in my opinion, no loss will be sustained by any of the creditors. Of course. the stockholders will lose unless the company can be reorganized." No money is on deposit. as the company has not done a general banking business for over a year. The creditors in Atchison, who hold $125,000 of debenture bonds, are not complaining, as they regard their securities as good. E. G. Armsby recently announced his intention of withdrawing from the concern and engaging in other business. and It is said that this hastened the crash. Manley Is practically a bank rupt.

13. March 16, 1893 Abilene Weekly Reflector Abilene, KS
Article from Abilene Weekly Reflector, March 16, 1893

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GREAT FAILURES. The Kansas Trust and Banking Co. Closes Its Doors. HON. J. J. INGALLS WAS PRESIDENT. "Boom" Loans Provea Boomerang-Great Failure of a Boston House Furnish Company-The Reading Liabilities. ATCHISON, Kan., March 14. -The Kansas Trust & Banking Co., of which exSenator Ingalls is president, closed its doors at 7 o'clock last evening. The liabilities of the concern are estimated at $800,000 and the assets will probably reach $790,000. The company owns 30,000 acres of land in Kansas and about $20,000 worth of property in this city. R. M. Manley, general manager, loses $250,000. Freland Tuft, of Kansas City, was appointed receiver by Judge Foster in the United States court at Topeka. There was about $30,000 on deposit when the bank closed its doors. Senator Ingalls loses only about $10,000. The concern loaned considerable money two years ago on Kansas property at boom figures and was compelled to take it in, and was unable to realize as much as had been advanced. THE READING FAILURE. PHILADELPHIA, March -The statement of the receivers of the Philadelphia & Reading Co. and the Philadelphia & Reading Coal & Iron Co. of the current liabilities and assets of both companies on February 20, 1893, was given to the press last night. The statement shows excess of current liabilities over assets of $2,693,043.60. GREAT FAILURE IN BOSTON. BOSTON, March 14. -The Atkinson House Furnishing company with fourteen branches in New England, has assigned to Charles F. Libbey of Portland. The liabilities are $1,500,000 and the assets are estimated at $3,000,000. The trouble was caused by the stringency in the money market and inability to meet a call loan Saturday.

14. March 16, 1893 The Sauk Centre Herald Sauk Centre, MN
Article from The Sauk Centre Herald, March 16, 1893

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LOANED AT BOOM PRICES Senator Ingalls' Bank Forced to the Wall. KANGAS CITY, March 15.-A special from Atchison, Kan., says: The Kansas Trust and Banking company, of which ex-Senator Ingalls is president, closed its doors at 7 o'clock p. m. The liabilities of the concern are estimated at $800,000 and the assets will probably reach $700,000. The company owns 80,000 acres of land in Kansas and about $20,000 worth of property in this city. H. M. Manley, general manager, loses $250,000. Fratand Tufts of Kansas City was appointed receiver by Judge Foster in the United States court at Topeka. There was about $80,000 on deposit when the bank closed its doors. Ex-Senator Ingails loses only about $10,000. The concern loaned considerable money on Kansas property at boom figures and was compelled to take it in, and was unable to realize as much as had been advanced. In the United States court Manager Manley confessed judgment for the estate of his father to the amount of $78,000. A confession of judgment was also made by him as manager of the company to the amount of $10,000. Every dollar that the Manleys possess has been lost in the crash. M.G. Armsby, cashier of the company, loses $20,000. Will Pay in Full. The company was organized in 1886 with a capital of $100,000. The principal part, though not all the capital stock, was subscribed by ex-Senator Ingalls, R. M. Manley and the Manley estate and E. G. Armsby. No other Atchison parties were involved. The statement of Mr. Manley is to the effect that the receivership is in the interest of the holders of the obligations of the company and will result in a complete liquidation of all claims. There are many local depositors who had from $500 to $5,000 on deposit in the bank. The bank continued to receive deposits up to the hour of the closure, and there was not the slightest intimation that the crash was to come SO soon.

15. March 16, 1893 Phillipsburg Herald Phillipsburg, KS
Article from Phillipsburg Herald, March 16, 1893

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THE Kansas Trust and Banking Company, of which John J. Ingalls was president, has passed into the hands of a receiver. The assets are placed at 30,000 acres of Ransas farm land and $20,000 worth of Atchison city property, while the liabilities are said to be $800,000. Fifty Atchison people are caught to the extent of $125,000. John J., however, got his money out before the crash came.

16. March 17, 1893 Bismarck Weekly Tribune Bismarck, ND
Article from Bismarck Weekly Tribune, March 17, 1893

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LOANED AT BOOM PRICES. Senator Ingalls' Bank Forced to the Wall. KANSAS CITY, March 15.-A special from Atchison, Kan., says: The Kansas Trust and Banking company, of which ex-Senator Ingalls is president, closed its doors at 7 o'clock p. m. The liabilities of the concern are estimated at $800,000 and the assets will probably reach $700,000. The company owns 30,000 acres of land in Kansas and about $20,000 worth of property in this city. H. M. Manley, general manager, loses $250,000. Fratand Tufts of Kansas City was appointed receiver by Judge Foster in the United States court at Topeka. There was about $80,000 on deposit when the bank closed its doors. Ex-Senator Ingails loses only about $10,000. The concern loaned considerable money on Kansas property at boom figures and was compelled to take it in. and was unable to realize as much as had been advanced. In the United States court Manager Manley confessed judgment for the estate of his father to the amount of $78,000. A confession of judgment was also made by him as manager of the company to the amount of $10,000. Every dollar that the Manleys possess has been lost in the crash. M. G. Armsby, cashier of the company, loses $20,000. Will Pay in Full. The company was organized in 1886 with a capital of $100,000. The principal part, though not all the capital stock, was subscribed by ex-Senator Ingalls, R. M. Manley and the Manley estate and E. G. Armsby. No other Atchison parties were involved. The statement of Mr. Manley is to the effect that the receivership is in the interest of the holders of the obligations of the company and will result in a complete liquidation of all claims. There are many local depositors who had from $500 to $5,000 on deposit in the bank. The bank continued to receive deposits up to the hour of the closure, and there was not the slightest intimation that the crash was to come so soon.

17. March 17, 1893 Semi-Weekly Interior Journal Stanford, KY
Article from Semi-Weekly Interior Journal, March 17, 1893

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ied NEWSY NOTES. sin elf -By an explosion of gas in a Pennsyl vania colliery five miners were burned to death. ho -Dr. E. E. Wiley, for 40 years presist, dent of Emory and Henry College, Bris for tol, Tenn., is dead. bt, -Senator Breckenridge has been plactv, don the judiciary committee in Senaas tor Lindsay's place. p-The attorney general decides that he building associations must list their se mortgages for taxation. he -Miss Fannie Taylor has been appointon is ed manager of the Western Union Telegraph office at Frankfort. d -The White Star steamer Naronic, a r 32 days out from Liverpool for New York, has been given up as lost. -At Alderson, I. T., nine men were i. killed and eight were probably fatally is injured by an explosion in a mine. r, -One hundred and ninety-one young dedoctora graduated from the medical y partment of the University of Louisville this week. h a -The floods in Michigan are causing t deal of damage, and factories in h Grand great Rapids and other cities have been forced to shut down. o g -Walter B. Rogers will wield the leader's baton in the Seventh Regiment Band. He is only 27, but has made much reputation as a cornet soloist. -Richard Heath, a son of the late Gen. Heath, was arrested in San Fran- Mccisco for the murder of Louis B. Whirter in Fresno last August. -The Kansas Trust & Banking Co., of is Atchison, of which Senator Ingalls president, has closed doors. Liabilities $1,000,000; assets about $800,000. -Secretary Carlisle says he will do H everything in his power to uphold main- the credit of the Government and to tain the parity of gold and silver. P -The Atkinson House Furnishing in Company, with several establishment New England, has assigned. Liabilities over $1,500,000 and assets $3,000,000. R -Representative Kilgore, of Texas, h when asked if he was going to:ask for a re Federal appointment, said: "Not mueb; raise I am coming back to Congress to be Cain." -Appraisers of the Rockafellow bank, e of Wilkesbarre, Penn., which failed reha cently, report the assets, less the mort- lia M gaged bank building at $42,469 and bilities at $432,000. C te -Wm. McAdoo, of New Jersey, to be E. fo assistant secretary of the navy, and an B. Whitney, of New York, to be assistm ant attorney general, have been appointed by the president. o O -Miss Nellie Helmick, of Urbana, O., fat lady of matchless beauty and the pos- will ha sessor a of a form of rare perfection, "AmeriCo pose as a model for the statue ca," for the World's Fair. ye wi -Bob Fitzsimmons will receive $19, 000 in cash and the balance in notes, qu secured by mortgage on the Crescent club's property. The fight fell $20,000 short of covering expenses -The Whisky Trust passed its divido dend, the directors claiming that meet they needed all their ready money to wr competition and to carry their whisky on hand till it is disposed of. W -Col. John F. Hager and Prof. Wilsh bur Smith are the gentlemen who have been named by Gov. Brown as the two extra World's Fair Commissioners, procon vided for in the bill recently paesed. na -After a day spent in speechifying ha over it, during which a number of mem. the wit pers showed their little knowledge of subject, the bill to prohibit farmers from kill outting Paris green on tobacco to ph worms, was killed. tio -As if to emphasize the fact that there Son no foundation for the talk about all was discrimination against editors, an editor foll the first man named by the President or Postmaster. He is Robert B. Brown, the of Meadville, Pa. the -Charlie Wells, the English plunger, in this who last season was daily indulging are he fascinating pastime of busting the ror Casino bank at Monte Carlo, has been neig entenced to eight years' penal servitude asse or swindling a woman. OWD -Mrs. Otto Saunders, of Belleville, valu threw her five small children inless Texas, well and then jumped in herself. dead When o a found the children were all pu er nd the mother was in a dying condit No cause is assigned. Morton has laid sinc that employes in the tion ule ion. Secretary Agricultural down to earn the Department will be required of a He has uati he regards as ill request the incumbents to heir laces salaries. that sinecures, found resign. several and

18. March 18, 1893 The Weekly Intelligencer Lexington, MO
Article from The Weekly Intelligencer, March 18, 1893

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FOR NEARLY A MILLION. KANSAS TRUST AND BANKING COMPANY FAILS. Estimated Liabilities $800,000 and Assets Probably $790,000--Ex-Senator Ingalls Was Its President but Got His Money Out Before the Crash Came--Cansed by Bad Loans. ATCHISON. Kan. March 14. - The Kansas Trust and Banking company of which ex-Senator Ingalls is president. closed its doors at 7 o'clock last evening. The liabilities of the concern are estimated at $8 0,000 and the assets will probably reach $790,000. The comi any owns 30,000 acres of land in Kansas and about $20,000 worth of property in this city. R.M. Manley, general manager, loses $250.000. Freland Teft of Kansas City was appointed receiver by Judge Foster in the United States court at Topeka. R. M. Manley said that there was a strong hope that the company would be reorganized, and he believed that every person interested would be paid in full. He said that unless a reorganization could be effected he would be left flat on his back financially, The crash was produced by the depression of three years ago. The company then took on too heavy a load, but managed to carry it till the present time. The company quit doing a general banking business over a year ago and no money was therefore on deposit. Those who had placed money with the company for investment were of the more prosperous classes, and they have as yet made no clamor. John J. Ingalls has nothing to say about the failure, but said that he got all his money out before the crash came. About fifty Atchison people were caught in the wreck to the extent of $125,000. They are secured by debenture bonds. the value of which is a matter of conjecture.