16038. Jarvis Conklin Mortgage Trust Company (New York, NY)

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: September 29, 1893
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: cfce316f

Response Measures

None

Description

No bank run is described in the articles. The company was placed in receivership by the U.S. Circuit Court (Sept. 1893) and remained in receivership while a reorganization plan was prepared; assets were sold by the receivers in Dec 1895 and a successor (North American Trust Company) was organized to take over assets. Thus this is a suspension/closure with receivership and asset liquidation rather than a depositor run.

Events (4)

1. September 29, 1893 Receivership

Newspaper Excerpt: Judge Lacombe ... has appointed Samuel M. Jarvis ... and Roland R. Conklin ... receivers of the Jarvis-Conklin Mortgage Trust company. ... President Samuel M. Jarvis said that the general financial condition of the country was the cause of the application for receivers.
Source: newspapers

2. December 8, 1893 Other

Newspaper Excerpt: Details of the Reorganization Plan - Capital Stock to Be Sealed Down. The reorganization plan of the Jarvis-Conklin Mortgage Trust Company has been completed and is ready to be submitted to the security holders.
Source: newspapers

3. December 11, 1895 Receivership

Newspaper Excerpt: Judge Lacombe ... granted the petition of the receivers for the Jarvis-Conklin Mortgage Trust Company to sell all the assets held by them. The sale will take place on December 11.
Source: newspapers

4. December 13, 1895 Other

Newspaper Excerpt: RECEIVERS' SALE ... The entire assets were purchased for the North American Trust Company, by its president, Samuel M. Jarvis. The total amount realized was $702,525.
Source: newspapers

Newspaper Articles (11)

1. September 29, 1893 Waterbury Evening Democrat Waterbury, CT

Article from Waterbury Evening Democrat, September 29, 1893

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RECEIVERS APPOINTED. The Jarvis-Conklin Mortgage Trust Company In Financial Straits, NEW YORK, Sept. -Judge Lacombe, in the United States circuit court for the southern district of New York, has appointed Samuel M. Jarvis of Kansas City and Roland R. Conklin of New York city receivers of the Jarvis-Conklin Mortgage Trust company. The application for receivers was made by Benjamin N. Fowler and J. G. Zachary. The principal offices and a large portion of the company's property are in the state of New York. It was organized to receive money on trust to accumulate at interest and to loan money on real estate. Its capital, issued and outstanding, is $3,750,000. The bill of complaint states that the Jarvis-Conklin company is indebted to various banks, individuals and corporations upon demand and time loans, secured and unsecured, aggregating $491,044.86, for which it has given promissory notes, some of which are payable on demand and the others about to mature. The company holds property in thestates of New York, Missouri, Kansas, Colorado, Indiana, Washington, Ohio, Arkansas, Maryland, Louisiana, Pennsylvania, Massachusetts and also in Great Britain. President Samuel M. Jarvis said that the general financial condition of the country was the cause of the application for receivers.

2. September 30, 1893 Passaic City Record Passaic, NJ

Article from Passaic City Record, September 30, 1893

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THE NEWS EPITOMIZED. Eastern and Middle States. THERE is great excitement around New Canaan, Conn., over the discovery of gold in paying quantities on the farm of Seth C. Weed. A NUMBER of prominent citizens of New York City met Mayor Gilroy in his office by request, and after a full discussion of the matter, it was decided to have a Manhattan day at the Chicago Fair. October 21 was the day agreed on. J. W. WASHBURN. of Boston, Mass., Treasurer of the Old Colony Railroad, has defaulted in the sum of $96,000. JOHN D. ROCKEFELLER, the Standard Oil magnate, has bought land on the Hudson near Tarrytown. N. Y., aggregating about seven hundred acres. Mr. Rockefeller will lay out the grounds in a public park and will erect there a mansion costing a million dollars. THE Massachusetts Democratic Convention at Boston nominated John E. Russell for Governor and James B. Carroll for Lieutenant Governor. GEORGE WALKER, aged forty-two, died at Rockland, R. I., of typhoid fever. He weighed 500 pounds. was five feet eleven inches tall, and his waist measurement was seventy-two inches. IT was "Politicians' Day" at the Trenton (N. J.) Fair; 50.000 persons were present. Claverly. a tight-rope performer, fell ninety feet to the ground, and Was mortally hurt. JOHN JACOB ASTOR'S yacht Nourmahal struck a reef in the Hudson River, New York, and was beached to prevent her sinking. SAMUEL M. JARVIS and Rolland R. Conklin were appointed receivers of the Jarvis-Conklin Mortgage Trust Company by Judge Lacombe. in the United States Circuit Court, New York City Its liabilities are $8,000,000.

3. December 8, 1893 The Sun New York, NY

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THE JARVIS-CONKLIN MORTGAGE CO. Details or the Reorganization Plan-Capital Stock to Be Sealed Down. The reorganization plan of the Jarvis-ConkIin Mortgage Trust Company has been completed and is ready to be submitted to the security holders. The members of the committee having the reorganization in charge are all well known in financial circles in this country and in Europe. The committee consists of Mr. Henry W. Cannon, President of the Chase National Bank of New York, Chairman: Mr. A. C. Barstow, President of the Mechanics' Savings Bank of Providence. R. I.: Mr. R. L. Austin. President of the Independence National Bank of Philadelphia, Pa.: Mr. Samuel M. Jarvis of New York: J.A. Binns, official receiver in bankruptcy, Bradford, England: Mr. MacLean Brodie. chartered accountant, of Glasgow. Scotland. and Mr. Edward Watson. investment agent, of Newcastle-on-Tyne, England. All of these gentlemen are largely Interested as creditors and shareholders, both for themselves and in the representation of others, with the exception of Mr. Henry W. Cannon, who is an entirely disinterested member of the committee, and who was requested by prominent creditors both in England and America to represent them. The plan as formulated contemplates the organization of a new corporation having a capital stock of $2,500,000, 1 and holders of the full paid stock of the present company are to receive two shares of new # stock for every three shares of the stock of the present company. All of the liabilities of theold company are to be merged into one series of debenture certificates of the new company bearing 4 per cent. interest, payable semi-annually. If any surplus remains from net profits in any year after payment of 4 per cent. on the capital stock such surplus is to be divided between the capital stock and the debenture certificates until the latter shall have received 6 per cent. These debenture certificates are to be issued to the full amount of outstanding obligations of the Jarvis-Conklin Mortgage Trust Company. Interest at present rates up to Oct. j 1. 1893. is to be added to the face value of the certificates, and the whole to bear interest from that date at the rate E of 4 per cent. absolutely with the conI tingent interest in the profits up to 6 per cent. The first interest payment will be made E within three months after the completion of 8 the reorganization and will include all interest which shall have then matured. Itis proposed to ask the Stock Exchange to list these certiflcates. Until the delivery of the new stock the Reorganization Committee will appoint officers and manage the affairs of the company. It is proposed that the new company shall have a Board composed of twenty-one trustees, with whom will be lodged the various assets of the company. including the securities now held by the various trustees as collateral security for the debentures. It is considered that such a Board of Trustees, composed of men of high standing and business experience, having is direct interest in administering and preserving the assets of the company. will achieve better results for the security holders than it would be possible for the trust companies, acting as trustees, to do. under their limited powers and lack of facility in handling the farm mortgages and other securities lodged with them under the trust agreements. The address to the security holders which accompanies the reorganization agreement contains the balance sheet of the company. made up as of Sept. 28 by Barrow. Wade, Guthrie & Co., chartered accountants. Taking all mortgages at their face value, real estate h at cost less 25 per cent. for depreciation or loss on realization, bills receivable at their face value less 50 per cent., and bonds and stocks at various valuations, in no case above par, the assets and resources of the company are estimated by this firm at $11,591,000. Judge John F. Dillon and other counsel certify to the legality of the proposed scheme of reorganization. and Mr. T. R. Wilkinson of Manchester. England. unites with Messrs. J. Arthur Binns and MacLean Brodie in a letter to the creditors and shareholders of the company in which they urge the acceptance of the plan as the best possible and as offering the only method by which the assets can be realized without ruinous loss.

4. August 24, 1894 Fort Worth Gazette Fort Worth, TX

Article from Fort Worth Gazette, August 24, 1894

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THE JARVIS-CONKLIN COMPANY. Charges Brought Against the Heceivers by Elizabeth Garnett. New York, Aug. 23.-The petition filed in the United States circuit court on behalf of Elizabeth Garnett of England for removal of Saml. R. Jarvis and Roland R. Conklin, receivers of the Jarvis-Conklin Mortgage Trust company, alleges among other things that the securities of the company are being disposed of at a sacrifice to a dummy corporation; that $136,000 has been loaned to a relative of Jarvis upon securities worth only quarter of that sum; speculative investments have been made to the extent of millions in such concerns as the Waukesha Mineral Spring company, In the St. Joseph stock yards and Terminal coal, in street railways and other depreciated ventures, from which it is charged the receivers mentioned, who were previously managing officers or the company received a personal profit, etc. When Mr. Conklin's attention was directed to the alllegations to-day he said: "The statements made in the petition are largely false, and where the statements themselves are not false the inferences suggested are grossly false and misleading. The parties making the attack are the remnant of a self constituted broken and discredited committee in London to oppose the reorganization plan. A similar attack was made about three months ago in London and practically the same amdavits were used in the court and fully met and disposed of,"

5. October 12, 1894 New-York Tribune New York, NY

Article from New-York Tribune, October 12, 1894

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S. M. JARVIS RESIGNED THE RECEIVERSHIP. Joseph C. Willetts, of No. 49 Wall-st., was yester. day appointed receiver of the Jarvis-Conklin Mort. gage Trust Company by Judge Lacombe, in the United States Circuit Court, in place of Samuel M. Jarvis, resigned. The resignation of Mr. Jarvis was in accordance with a recent suggestion of Judge Lacombe, when he denied the application of Mrs. Elizabeth Garner, of Bristol, England, for the removal of the receiver. Mr. Jarvis was a member of the Reorganization Committee.

6. October 13, 1894 New-York Tribune New York, NY

Article from New-York Tribune, October 13, 1894

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HE WANTS THE RECEIVERS REMOVED. Treadwell Cleveland, of the firm of Evarts, Choate & Beaman, appeared with Fabius M. Clarke before Judge Lacombe, in the United States Circuit Court, yesterday, and applied for the removal of the receivers of the Jarvis-Conklin Trust Company. The motion is in behalf of Mrs. Elizabeth Garnet, of Bristol, England. Mrs. Garnet made a previous application for the removal of the receivers, Samuel N. Jarvis and Roland R. Conklin. Judge Lacombe denied that motion. Mr. Jarvis resigned as receiver, and on Thursday last Joseph C. Willetts, of No. 49 Wall-st., was appointed in his place. It is understood that Mr. Cleveland will contend that under the circumstances Mr. Jarvis should not have been permitted to resign and that the appointment of Mr. Willetts was unwarranted. The new application for the removal of the receivers is founded on facts developed in an examination of the books of the company, that has been conducted by Fablus M. Clarke. It is alleged that it has been learned that when the company failed Messrs. Jarvis and Conklin took $32,000 for themselves and $180,000 for the company The London investors, it is also charged, were allowed to get cash, or its equivalent, from the company's assets after the failure, leaving other investors to suffer loss. It is charged also that mortgages have been used by the receivers as apparent security for the payment of debentures. It has also been discovered, It is alleged, that the company's receivers listed "stuffed" mortgages at their face value as assets of the company. Judge Lacombe said he was interested in an allegation by plaintiff's counsel that 527 mortgages had been foreclosed, bought in by Sheriff's sale by a figurehead, and then the farms were deeded to the Western Investment Company for the Jarvis-Conklin Mortgage Company. It looked as though a figurehead had been used to cover up the transaction and blind investors to the nature of the investments. Before the adjournment Mr. Cleveland moved

7. March 16, 1895 New-York Tribune New York, NY

Article from New-York Tribune, March 16, 1895

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# BITS OF LEGAL NEWS. Judge Lacombe, in the United States Circuit Court, handed down an order authorizing Roland R. Conklin and Joseph C. Willetts as receivers of the Jarvis-Conklin Trust Company, to sell at public auction 228 first mortgage bonds of the Kansas City Elevated Railway Company, each of the par value of $1,000, at a price not less than par. Justice Ingraham has signed an order appointing James J. Mealls referee to hear the dispute between Grace Langley Magee, the English actress, and William R. Palmer, jr., as to the custody of her four-year-old daughter, now in the custody of Mrs. William R. Palmer, the wife of the treasurer of Palmer's Theatre. Mrs. Magee contends that she

8. November 12, 1895 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, November 12, 1895

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Business Failures. Indianapolis, Nov. 11.-Receiver Failey, of the Order of the Iron Hall, today made his report. He says he is chargeable since October 17, 1894, with $1,025,463. and that he has paid out $838,860. The cash balance is $178,219. There are outstanding claims amounting to $154,763, and the receiver says the balance after paying all claims will be $10,000. Manchester, N. H., Nov. 1.-Late Saturday night the state bank commissioners made application to the supreme court for a receiver for the New Hampshire Trust Company for the benefit of its creditors. The liabilities are put at $4,882,632 in the trust department and $272,187 in the savings department. The company holds mortgages and liens on 1,000 parcels of land in the two Dakotas and Minnesota, on which it cannot now realize, and also owns a large amount of valuable real estate in this state and in Maine. On one block in this city it earns 3 net income of $33,000 a year. The last published statement of its assets put them at $402,526. President H. D. Upton, in speaking of the matter, said: "The bank commissioners examined into the condition of the company during the past week, and we had no reason to believe they would act as they did. The only notice we received that a petition was to be filed was after it had been done. I think they were extremely discourteous, and I resent their methods. A meeting of the directors is called for Tuesday, at which time some action will he taken on the application for a receivership. We are not disposed to fight the proceedings If It does not seem best. As It is now. I am strongly in favor of doing so. The commissioners seem to know it all. Their pisition, as I understand it. is that the company cannot get on its feet again. and that its affairs should be wound up." No detailed statement of the condition of the company is obtainable. New York, Nov. 11.-Judge Lacombe, in the United States circuit court, today granted the petition of the receivers for the Jarvis-Conklin Mortgage Trust Company to sell all the assets held by them. The amount of assets. exclusive of cash, is, acording to the books, $3,798,030, but the receivers say this is a largely prospective value. The receivers also hold much real estate in the Western and Southern states, representing an expenditure of $1,900,000. The sale will take place on December 11.

9. November 12, 1895 The Herald Los Angeles, CA

Article from The Herald, November 12, 1895

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Receivers Take Charge NEW YORK, Nov. 11.-Judge Lacombe, in the United States circuit court today granted the petition of the receivers of the Jarvis-Conklin Mortgage Trust Co., to sell all the securities held by them. The assets exclusive of cash, according to the books is $33,793,030, but the receivers say this is largely prospective values. The receivers also nold real estate in the western and southern states, representing an expenditure of $1,900,000. The sale will take place on December 11th.

10. December 14, 1895 New-York Tribune New York, NY

Article from New-York Tribune, December 14, 1895

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JARVIS-CONKLIN ASSETS SOLD. SMALL RECEIPTS FOR LARGE FACE VALUES-THE NORTH AMERICAN TRUST COMPANY THE PURCHASER. The receivers' sale of the assets of the Jarvis-Conklin Mortgage Trust Company, which failed two years ago, with liabilities of $12,000,000, took place at the Real Estate Exchange in Liberty-st. yesterday. Bills receivable, value $154,000, sold for $85; mortgages, value $418,953 14, for $25,000; stocks and bonds, value $1,270,442 11, for $455,000; book accounts, furniture, fixtures, etc., value $2,045,801 21, for $2,325; real estate interests, value $1,915,360 84, for $220,000, and equities in pledged assets, value $4,848,035, for $115. The total amount realized was $702,525, and the entire assets were purchased for the North American Trust Company, by its president, Samuel M. Jarvis, who was also president of the JarvisConklin Company. He deposited a check for 10 per cent of the purchase price. The receivers, Roland R. Conklin and Joseph C. Willetts, were present at the sale. Mr. Jarvis said that the North American Company would be the successor to the Jarvis-Conklin Company. It was incorporated in 1885 with capital of $250,000, but did not undertake operations until last June, when It made arrangements to take over the assets of the Jarvis-Conklin Company. Ninetythree per cent of the creditors of the Jarvis-Conklin Company accepted the proposition that was made, and 30 per cent of the shareholders paid an as'sessment of 20 per cent on their stock. In addition to the $250,000 of stock the North American Company will issue stock equal to the cost value of the Jarvis-Conklin assets, SO that its total capitalization will be made $1,000,000. The officers of the North American Company besides Mr. Jarvis are E. E. Carley, vice-president, and S. L. Conklin, secretary and treasurer.

11. December 14, 1895 Semi=weekly Graphic Pine Bluff, AR

Article from Semi=weekly Graphic, December 14, 1895

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ASSETS TO BE SOLD In Accordance With An Order of the United States Circuit Court, NEW YORK, Dec. 13.-In accordance with the order granted by the United States Circuit Court, the assets held by the receivers of the Jarvis-Conklin Mortgage Trust Company are up for sale today. The amount of assets, exclusive of cash, is in the neighborhood of $3,800,000, of which $1,900,000 is represented by real estate holdings in the Southern and Western States.