OCR Text |
Show AN INVESTMENT COMPANY FAILS Alio Did Hanking rin.in.e .ad Ham. W.tU()Otl on ltrpo.it. ' Coincii. IJmikks, July 23. The. Kimball & Champ Investment coinpauy of this city, with a capital mock of WOO, 000. assigned for the benefit of creditors. Messrs. KUuball & Champ, head of the company, also did a banking bank-ing business. Before the failure of the investment company there was on deposit de-posit in the bank about $50,000, Including Includ-ing $7100 of Pottawattamie county's money. Tuu county treasurer drew out this amount just before the assign-roent assign-roent was riled. Some other depositor got out thoir money also, but thu largee part of the deposits are now in the hands of the a.-Biguee. The attorney for the assignee svr" thu cause of the assignment were many. Chief among thorn was th total failures of the borrowers in Nebraska Ne-braska to pay interest cnupons.extreme dullness of business, stringency in markets, mar-kets, poor collections and the company's com-pany's inability to bond the Grand hotel, which it had just built at a cost of $2.10.000. He savs the assets will amount to about $4U0,II0 , and the liabilities lia-bilities to about $100,000. He thinks Kimball & Champ, as bankers), have protected the trust funds and deposit-! ot.1 so there will be no loss here. Ens-tern Ens-tern capitalists are largoly interested in the investment coinpauy. |