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A MORTGAGE COMPANY FAILS. PLIGHT OF THE JARVIS-CONKLIN CONCERN OF KANSAS CITY, UNABLE TO MEET ITS INTEREST PAYMENTSTHE PRESIDENT LOOKS FOR AN EARLY RESUMPTION OF BUSINESS. Judge Laconbe in the United States Circuit Court yesterday appointed Samuel M. Jarvis, of Kansas City, and Roland R. Conklin, of this city, receivers for the Jarvis-Conklin Mortgage Trust Company, of Kansas City. The New-York office of the company is at No. 40 Wall-st. The apelication for the receivers was made by Benjamin it Fewler. of Poughkeepsie and J. G. Zachary, of New-York. The application was granted on the complaint that the company had not paid the interest on its bonds and certificates of deposit on the last interest day, which was in August. The company declared in its answer to the complaint that the financial stringency had made it impossiblo for it to meet its obligations. The officers of the company are: Samuel M. Jarvis, president: Roland R. Conklin, secretary, and Herbert Mills, ireasirer. The directors are William Hacker, IT. M. Beardsley, Wallace Pratt. E H. Austin, S. L. Conklin, and the officers of the company. The corporation was organized with a capital stock of $1,500,000, which was increased to $3, 750,000. of which $950,000 has not yet been paid in. The company has debenture bonds out to the amount of $7,025,171 97 paying 5 or 6 per cent. Several companies have acted as trustees for the concern, having taken some of their bonds and sold them. . To secure these, they hold useds of the Jarvis-Conklin company. These trusfees are: The Mercantile Trust Company, which sold $1,335,000 of bonds and holds as security $1,328,229 New-England Safe Deposit and Trust Company, of Missouri, $1,991,212 in bonds, holding $2,145,200 security: Boston Safe Deposit and Trust Company, $310,900 in bonds, with $312,000 security: the Law Guarantee and Trust Society, of England, $596,363. holding $397,000 security: and the W. B. Labbock Company, of London, $1,939,393. holding $1,943,760 security The company is indebted to various banks and trust companies to the amount of $191,044 86, for which notes have been given. It has deposited to secure this amount $840,000 in bonds, the market value of which is $348,956 It is also indebted for money lent. and received from depositors, for which certificates of deposit to the amount of $414,794 80 hav. been given. Some of these certificates are due on October 16, 1893. Mr. Fowler, who made the application for a receivership, holds nine bonds of the company. and Mr. Zachary, who also was named in the complaint, holds twenty-five bonds The lawyers for the plaintiffs are D. D. Dunean and ex-Judge John F. Dillon Winslow F. Pierce represents the company. The receivers qualified in the sum of $100,000. Mr. Jarvis said last night: The company reluctantly recognized the necessity for the appointment of receivers for the protection of its creditors and stockholders. The value of the property and assets of the Jarvis-Conkin Mortgage Trust Company, under ordinary conditions. is far beyond its outstanding obligations, and, in my judg. ment. with a return of normal conditions, or with even a moderate betterment of those now prevailing. the company will be able to resume its operations and renew its credit upon the basis which has prevailed for so many years. The business of the company has, from the beginning, been careFully and conservatively managed There is absolutely 110 PERSON for the necessity of the appointment of receivers, except the general condition of the country, which has temporarily disabled its mortgage debtors from paying their obligations as promptly as usual In June, 1892, there was a sec. ond issue of $2,250,000 of capital stock. 50 per cent of which was paid in in cash. When the financial stringency became very acute, in August last, the directors issued a call for the payment of the 50 per cent remaining A significant evidence of the confidence of the shareholders is found in the fact that although no part of this call was due until the latter part of December considerable payments on subscriptions have already been made by the shareholders; and it is confidently expected that with an improvement of conditions and the fresh capital. of
