Jarvis Conklin Mortgage Trust Company (New York, NY)

Episode Information

Episode UID
658179691125
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
65817969 hash
Start Date
September 28, 1893
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2e828e2d046e2479

Response Measures

None

Description

Receivership led to sale of assets and successor company; no evidence of a depositor run or reopening.

Events (4)
1. September 28, 1893 Receivership
Newspaper Excerpt
Judge Lacombe appointed Samuel M. Jarvis and Roland R. Conklin receivers for the Jarvis-Conklin Mortgage Trust Company; prevailing financial and commercial conditions prevented them from realizing on bonds, mortgages, and securities and brought about the failure. (Evening Star, 1893-09-29 / Morning News 1893-09-29 excerpts)., cause:
Source
newspapers
2. December 8, 1893 Other
Newspaper Excerpt
The reorganization plan of the Jarvis-Conklin Mortgage Trust Company has been completed ... contemplates the organization of a new corporation having a capital stock of $2,500,000 ... 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. (The Sun, 1893-12-08).
Source
newspapers
3. December 13, 1895 Other
Newspaper Excerpt
Receivers ... will today sell at auction all the assets of the Jarvis-Conklin Mortgage Trust company for the benefit of creditors ... (The Houston Daily Post, 1895-12-13).
Source
newspapers
4. December 14, 1895 Other
Newspaper Excerpt
The receivers' sale of the assets of the Jarvis-Conklin Mortgage Trust Company ... The entire assets were purchased for the North American Trust Company, by its president, Samuel M. Jarvis ... The North American Company would be the successor to the Jarvis-Conklin Company. (New-York Tribune, 1895-12-14).
Source
newspapers

Newspaper Articles (11)
1. September 29, 1893 Evening Star Washington, DC
Article from Evening Star, September 29, 1893

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Article Text

Table board, Hotel Lawrence, $20 per mo. -Advt. # Receivers for a Mortgage Trust Co. In the United States circuit court in New York yesterday afternoon Judge Lacombe appointed Samuel M. Jarvis of Kansas City and Roland R. Conklin of New York, receivers for the Jarvis-Conklin Mortgage Trust Company of Missouri on application of Benjamin M. Fowler of Poughkeepsie, and J. G. Zachary of New York city. The company owns property in the states of New York, Kansas, Colorado, Washington, Ohio, Tennessee, Arkansas, Mississippi, Missouri, Pennsylvania and Utah, as well as England. In the answer to the petitioner it is alleged that the company has always been in a thriving condition, and until last July continued to pay large dividends on its investments. The prevailing financial and commercial conditions prevented them from realizing on bonds, mortgages, and securities in their possession, and brought about the failure. Each receiver is to qualify in the sum of $100,000.

2. September 29, 1893 The Morning News Savannah, GA
Article from The Morning News, September 29, 1893

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Article Text

A MORTGAGE COMPANY FAILS. Inability to Realize on Its Securities Compelled an Assignment. New York, Sept. 28.-In the United States circuit this afternoon Judge LaCombe appointed Samuel M. Jarvis of Kansas City, Mo., and Roland R. Conklin of New York, receivers for the Jarvis Conklin Mortgage Trust Company on of Mobile, application M. Fowler of of Benjamin Poughkeepsie and J. G. Zacharias of this city. The offices of the company are at 40 Wall street in this city. The company owns property in the states of New York, Missouri, Kansas, Colorado, Washington, Ohio, Tennessee, Arkansas, Mississippi, Pennsylvania and Utah, as well as in England. In the answer to the petitioner it is alleged that the company has always been in a thriving condition and until last July continued to pay large dividends on its investments. The prevailing financial and commercial conditions prevented them from realizing on bonds, mortgages and securities in their possession, and brought about the failure. Each receiver is to qualify in $100,000.

3. September 29, 1893 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, September 29, 1893

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Article Text

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.

4. September 30, 1893 Passaic City Record Passaic, NJ
Article from Passaic City Record, September 30, 1893

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Article Text

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.

5. December 8, 1893 The Sun New York, NY
Article from The Sun, December 8, 1893

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Article Text

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.

6. August 19, 1894 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, August 19, 1894

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Article Text

Taking Another Step. Those who are in a position to know stated yesterday that the order of sale of the securities of the Jarvis-Conklin Mortgage Trust company, now in the hands of receivers, just made in New York, was but another step in the plan of reorganization. The new company will drop the mortgage part of business and enter the lists for bond purchases and other investments. It is said that early in September the company will be ready for new business. Its capital stock is to be $2,500,000.

7. October 12, 1894 New-York Tribune New York, NY
Article from New-York Tribune, October 12, 1894

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Article Text

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.

8. March 16, 1895 New-York Tribune New York, NY
Article from New-York Tribune, March 16, 1895

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Article Text

# 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

9. December 13, 1895 The Houston Daily Post Houston, TX
Article from The Houston Daily Post, December 13, 1895

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Article Text

NEW YORK-Roland C. Conklin and Joseph C. Willett, receivers of the JarvisConklin Mortgage Trust company. will today sell at auction all the assets of the Jarvis-Conklin Mortgage Trust company for the benefit of creditors, many of whom live in the Trans-Mississippi region.

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.