Investment Trust Company of America (Topeka, KS)

Episode Information

Episode Type
Suspension β†’ Reopening
Start Date
May 4, 1896
Location
Topeka, Kansas (39.048, -95.678)
Bank Type
trust

Metadata

Notes

Receivers appointed by U.S. district court in May 1896; assets sold and receivership dissolved with intent to resume business in Dec 1902.

Events (2)

1. May 4, 1896 Suspension
Cause
Government Action
Cause Details
Receivers appointed by U.S. district court following suit by bondholders; company placed in receivers' hands.
Newspaper Excerpt
Judge C. C. Foster, in the United States district court, has appointed C. O. Knowles, P. G. Noel and Bennett R. Wheeler receivers of the Investment Trust company of America, doing business in this city.
Source
newspapers
2. December 2, 1902 Reopening
Newspaper Excerpt
A reorganization committee ... purchased all the assets of the Investment Trust company in the federal court for the upset price of $325,000 ... the receivership of Bennett R. Wheeler will be dissolved, and the company will be ready to resume business under its original organization.
Source
newspapers

Newspaper Articles (11)

Article from The Topeka State Journal, April 29, 1896

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Article Text

WM.LLOYD GARRISON HERE Looking After the Suit Against & Company He is Interesied In. Wm. Lloyd Garrison of Boston is in Topeka. He is one of the large holders of debenture bonds in the Investment Trust company of America and is here to investigate the condition of the company. A suit was recently brought in the Shawnee county district court on $10,000 of these bonds, and Mr. Garrison represents $500,000 of the $2,000,000, said to have been issued. The sure pending is for a receiver, and Mr. Garrison will probably determine during his stay in the city whether or not he will join in the suit and ask for a receiver.


Article from The Topeka State Journal, April 29, 1896

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Article Text

WM.LLOYD GARRISON HERE Looking After the Suit Against a Company He is Interesied In. Wm. Lloyd Garrison of Boston is in Topeka. He is one of the large holders of debenture bonds in the Investment Trust company of America and is here to investigate the condition of the company. A suit was recently brought in the Shawnee Γ§ounty district court on $10,000 of these bonds, and Mr. Garrison represents $500,000 of the $2,000,000, said to have been issued. The suit pending is for a receiver, and Mr. Garrison will probably determine during his stay in the city whether or not he will join in the suit and ask for a receiver.


Article from Las Vegas Daily Optic, May 4, 1896

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Article Text

The Day's Assignments. TOPEKA, Kansas, May 4.-The Investment trust company, of America, with headquarters here, has been placed in a receiver's hands. The company has nearly $3,000,000 in bonds outstanding and claims assets $4,000,000 in bonds, etc.


Article from The Salt Lake Herald, May 5, 1896

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Article Text

RECEIVERS APPOINTED. TOPEKA, Kan., May 4.-Judge C. C. Foster, in the United States district court, has appointed C. O. Knowles, P. G. Noel and Bennett R. Wheeler receivers of the Investment Trust company of America, doing business in this city. The concern was a large dealer in investment bonds, and among the directors are halfra dozen New England capitalists. The advertisements of the company state that its authorized capital is $3,000,000; paid in capital, $1,400,000. The receivers are friendly to the company, Bennett R. Wheeler being secretary. The president is H. E. Ball. Wheeler says the outstanding debenture bonds of over $2,000,000 are amply secured by real estate.


Article from The Topeka State Journal, May 6, 1896

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The bend of the receivers of the Investment Trust Company of America referred to yesterday and signed by the receivers themselves was merely the temporary bond to cover the interim from Saturday night till Monday morning - Another bond signed by some of the strengest financial men in Topeka was signed Monday and forwarded to Judge Foster at Fort Scott for approval.


Article from The Bryan Daily Eagle, May 6, 1896

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Article Text

Receivers Appointed. TopeKa, May 4.-Judge Foster of the United States district court, has appointed C. O. Knowles, P. G. Noel, and Bennet R. Wheeler receivers for the Investment Trust Company of America, doing business in this city. The concern is a large dealer in investment bonds. Advertisements of the company state its authorized capital at $8,000,000; paid in capital, $1,400,000. The outstanding debenture bonds are over $2,000,000, which are amply secured by real estate.


Article from The L'anse Sentinel, May 16, 1896

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# DOMESTIC. Fire destroyed the Adirondack hotel, Emerson bank, the music hall and several residences and stores at Warrensburg, N. Y., the total loss being $100,000. At Camden, N. J., Thomas J. Potter, a painter, and his wife were killed by the cars. Thomas Brennan, engineer, and Douglas Wilcox, conductor, were killed in a freight train wreck near Liberty, Neb. The Investment Trust company of America, doing business in Topeka, Kan., went into the hands of receivers with liabilities of $2,800,000. Three women delegates to the Methodist conference in Cleveland withdrew their claims in order to avoid strife. All the street car lines in Milwaukee were tied up by a strike of employes for an increase of wages. A five-story building was blown up in Cincinnati by an explosion and six persons were killed and many others were injured, some fatally. The visible supply of grain in the United States on the 4th was: Wheat, 55,519,000 bushels; corn, 11,319,000 bushels; oats, 8,240,000 bushels; rye, 4,414,000 bushels; barley, 1,139,000 bushels. The annual report of John S. Seymour, commissioner of patents, says that during the year 21,998 patents and designs were issued. The aggregate receipts were $1,245,247; expenditures, $1,084,496. The fire losses in the United States and Canada during the month of April were $12,010,600, about $1,000,000 more than the total for the month in 1895. An investigation of the trust funds collected by the state department in Washington shows a shortage of $30,000. The firm of E. & G. Friend & Co., wholesale dealers in leaf tobacco in New York, failed for $200,000. The dwelling of William Harris in Albermarle county, Va., was burned, and his four children were cremated. Rev. Prof. William Henry Green, D. D., celebrated the 50th anniversary of his appointment as instructor in the Princeton (N. J.) theological seminary. A broken rail on the Baltimore & Ohio road at New Haven, O., caused a freight wreck, fatally injuring two persons and seriously injuring a number of others. The German-American Title company of Louisville, Ky., failed for $225,000. Mrs. H. Eastby and her daughter Clara started from Spokane, Wash., to walk to New York. They live on a farm and hope to make enough money in the venture to lift a mortgage. "Cotton Head" Schmidt, the 17-year-old German boy, and Sam Foster, a negro, convicted of the murder of Bertram Atwater, the Chicago artist, in St. Louis on January 23, were sentenced to be hanged June 18. As the result of an explosion of a gasoline stove in a Brooklyn (N. Y.) tenement house Mrs. Rebecca Cohen and her two children and Mrs. Pastern were killed. An additional shortage of about $250,000 was said to have been found in the accounts of ex-City Attorney William C. Moreland, of Pittsburgh, Pa. A vast labor organization of housemaids was formed in New York, nearly every kitchen in the city being represented on the rolls of the union. The American Medical association met in 47th annual session at Atlanta, Ga. Crop reports from Illinois, Indiana, Michigan, Wisconsin and Iowa were favorable. The American Trading society of New York, with liabilities of $526,000, went into a receiver's hands. The women of Liberty Center, O., sent notice to the saloonkeepers to close their doors in ten days or their places would be blown up with dynamite. At Churchill Downs Ben Brush won the twenty-second Kentucky derby, completing the distance, 1ΒΌ miles, in 2:07ΒΌ.


Article from The Topeka State Journal, June 23, 1896

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JUDGMENT FOR $10,000. It Is Given Against the Kansas Investment Company. Judge Hazen has given a $10,000 judgment against the Kansas Investment company, which is the predecessor of the Investment Trust Company of America, which is now in the hands of receivers. The judgment is in favor of an eastern insurance company and was for a loan guaranteed by the Topeka company. The original loan was for $20,000, but $10,000 of the amount has been paid.


Article from The Topeka State Journal, July 20, 1900

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WOULD SELL THE THROOP. Hotel That Cost $240,000 on Market for $80,000. The receivers of the Investment Trust company are endeavoring to sell the Throop hotel in this city as an important step of settling the accounts of the defunct company. The hotel is the most valuable asset, and is being offered for sale at $80,000. The Throop hotel cost its builder, the late Col. Throop, $240,000. The $80,000 asked covers not only the building but all interior furnishings. The hotel is now being operated by the receivers with Mr. Irving W. Doolittle as manager. Mr. Doolittle has held this position for many years.


Article from The Topeka State Journal, September 3, 1901

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ANOTHER ADDITION. Part of Brooks Tract on West Side Platted. A new addition to Topeka has been platted. It is called the Investment addition and comprises four blocks of open territory extending from Eighth nearly to Tenth avenue, and from Lincoln to West street. It is a fraction of the old Brooks tract that was never platted. The land is now in the possession of Bennett R. Wheeler, receiver of the Investment Trust company and was platted by him as the best means of disposing of it.


Article from The Topeka State Journal, December 2, 1902

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SOLD FOR $325,000. Assets of Investment Trust Company Under Hammer. At 3 o'clock this afternoon a reorganization committee, represented by John A. Prescott, purchased all the assets of the Investment Trust company in the federal court for the upset price of $325,000. As soon as the sale is confirmed, the receivership of Bennett R. Wheeler will be dissolved, and the company will be ready to resume business under its original organization. The reorganization committee is composed of Mr. Prescott and two Boston capitalists, and they represent the original owners of the property. The reorganization committee will secure that interest in the company which is not represented in the reorganization, and the receipts of the sale will be used in defraying obligations and paying off the stockholders who retire. The Investment Trust company went into the hands of a receiver six years ago, and owns large amounts of real estate in Topeka and other localities.