7052. Investment Trust Company of America (Topeka, KS)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
trust company
Start Date
January 1, 1902*
Location
Topeka, Kansas (39.048, -95.678)

Metadata

Model
gpt-5-mini
Short Digest
d3970e5f

Response Measures

None

Description

The company had been in receivership (receiver Bennett R. Wheeler) for about six years prior to the 1902 court sale. No article describes a depositor run. Federal-court-ordered sale of assets occurred (order Sept 23, 1902; sale confirmed Dec 2, 1902) and a reorganization committee purchased assets and planned to resume business — i.e., suspension/receivership followed by reorganization and resumption. Cause classified as government_action because events stem from a court receivership and sale in equity.

Events (3)
1. January 1, 1902* Receivership
Newspaper Excerpt
The Investment Trust company went into the hands of a receiver six years ago ... receiver Bennett R. Wheeler will be dissolved (upon sale).
Source
newspapers
2. September 23, 1902 Suspension
Cause
Government Action
Cause Details
Court-ordered receivership/sale in equity (L. W. Anthony v. The Investment Trust Co. of America); receiver Bennett R. Wheeler in charge.
Newspaper Excerpt
Pursuant to the terms of the order for sale of assets entered September 23, 1902 ... all of the property ... in the hands of the receiver
Source
newspapers
3. December 2, 1902 Other
Newspaper Excerpt
At 3 o'clock this afternoon a reorganization committee ... 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.
Source
newspapers

Newspaper Articles (8)
1. October 4, 1902 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, October 4, 1902

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Article Text

NOTICE OF SALE. In the United States Circuit Court for the District of Kansas, First Division. L. W. Anthony, complainant, vs. The Investment Trust Co. of America, et al., defendants-In Equity 7376. Pursuant to the terms of the order for sale of assets entered September 23, 1902, in the above entitled cause and court, I, Frank L. Brown, as Special Master, will, at the east front door of the court house of the district court of Shawnee county, Kansas, at Topeka, on Tuesday, the second day of December, 1902, at 10 o'clock in the forenoon of said day, sell at public sale to the highest and best bidder the following property: All of the property, excepting cash, in the hands of the receiver in the above entitled cause, at the commencement of business on September 23, 1902, securing what is known as the General Issue of Debentures of the defendant. The Investment Trust company of America, consisting of mortgages, equities of redemption, stocks, bonds, lands, securities, choses in action, and property of other kinds not specifically mentioned, all of which are shown by the books and papers in the hands of the receiver, and a list and more particular description of which may be seen at my office in Topeka, Kansas. I shall require of any and all bidders for the property in bulk a deposit, in cash or good certified check, in the sum of $25,000, as pledge that the bidder will make his bid good. The property securing said debentures will be offered in convenient parcels, if any bidders desire to bid thereon in parcels, and then in bulk, and that bid will be reported to the court which makes the largest sum total for the property. No bid for a parcel will be reported, unless an amount equal to 10 per cent thereof is at the time of its temporary acceptance paid to me as a pledge that the bid will be made good. No bid will be received for the property in bulk for less than $325.000, and no bids in parcels will be reported that do not aggregate such sum. All persons having claims against the property sold or against the receiver, shall present them by intervening petition filed herein on or before the 9th day of December, 1902, and all persons holding debentures entitled to a distributive share shall present the same to me before that time. All persons having claims or holding debentures as above mentioned, who do not present the same within the time limited shall be barred from participation in the proceeds of sale unléss the court hereafter, for good cause, shall order otherwise. The Special Master may make aljournments of this sale from time to time without other notice than oral proclamation at the time the sale is adjourned, and proceed with the sale at the time and place to which the same may have been so adFRANK L. BROWN. journed. Special Master. Dated September 29, 1902.

2. October 11, 1902 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, October 11, 1902

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Article Text

NOTICE OF SALE. In the United States Circuit Court for the District of Kansas, First Division. L. W. Anthony, complainant, VS. The Investment Trust Co. of America, et al., defendants-In Equity 7376. Pursuant to the terms of the order for sale of assets entered September 23, 1902, in the above entitled cause and court, I, Frank L. Brown, as Special Master, will, at the east front door of the court house of the district court of Shawnee county, Kansas, at Topeka, on Tuesday, the second day of December, 1902, at 10 o'clock in the forenoon of said day, sell at public sale to the highest and best bidder the following property: All of the property, excepting cash, in the hands of the receiver in the above entitled cause, at the commencement of business on September 23, 1902, securing what is known as the General Issue of Debentures of the defendant. The Investment Trust company of America, consisting of mortgages, equities of redemption, stocks, bonds, lands, securities, choses in action, and property of other kinds not specifically mentioned, all of which are shown by the books and papers in the hands of the receiver, and a list and more particular description of which may be seen at my office in Topeka, Kansas. I shall require of any and all bidders for the property in bulk a deposit, in cash or good certified check, in the sum of $25,000, as pledge that the bidder will make his bid good. The property securing said debentures will be offered in convenient parcels, if any bidders desire to bid thereon in parcels, and then in bulk, and that bid will be reported to the court which makes the largest sum total for the property. No bid for a parcel will be reported, unless an amount equal to 10 per cent thereof is at the time of its temporary acceptance paid to me as a pledge that the bid will be made good. No bid will be received for the property in bulk for less than $325,000, and no bids in parcels will be reported that do not aggregate such sum. All persons having claims against the property sold or against the receiver, shall present them by intervening petition filed herein on or before the 9th day of December, 1902, and all persons holding debentures entitled to a distributive share shall present the same to me before that time. All persons having claims or holding debentures as above mentioned. who do not present the same within the time limited shall be barred from participation in the proceeds of sale unless the court hereafter, for good cause, shall order otherwise. The Special Master may make aljournments of this sale from time to time without other notice than oral proclamation at the time the sale is adjourned, and proceed with the sale at the time and place to which the same may have been so adFRANK L. BROWN. journed. Special Master. Dated September 29, 1902.

3. October 18, 1902 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, October 18, 1902

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Article Text

NOTICE OF SALE. In the United States Circuit Court for the District of Kansas, First Division. L. W. Anthony, complainant, VS. The Investment Trust Co. of America, et al., defendants-In Equity 7376. Pursuant to the terms of the order for sale of assets entered September 23, 1902, in the above entitled cause and court, I, Frank L. Brown, as Special Master, will, at the east front door of the court house of the district court of Shawnee county, Kansas, at Topeka, on Tuesday, the second day of December, 1902, at 10 o'clock in the forenoon of said day, sell at public sale to the highest and best bidder the following property: All of the property, excepting cash, in the hands of the receiver in the above entitled cause, at the commencement of business on September 23, 1902, securing what is known as the General Issue of Debentures of the defendant, The Investment Trust company of America, consisting of mortgages, equities of redemption, stocks, bonds, lands, securities, choses in action, and property of other kinds not specifically mentioned, all of which are shown by the books and papers in the hands of the receiver, and a list and more particular description of which may be seen at my office in Topeka, Kansas. I shall require of any and all bidders for the property in bulk a deposit, in cash or good certified check, in the sum of $25,000, as pledge that the bidder will make his bid good. The property securing said debentures will be offered in convenient parcels, if any bidders desire to bid thereon in parcels, and then in bulk, and that bid will be reported to the court which makes the largest sum total for the property. No bid for a parcel will be reported, unless an amount equal to 10 per cent thereof is at the time of its temporary acceptance paid to me as a pledge that the bid will be made good. No bid will be received for the property in bulk for less than $325,000, and no bids in parcels will be reported that do not aggregate such sum. All persons having claims against the property sold or against the receiver, shall present them by intervening petition filed herein on or before the 9th day of December, 1902, and all persons holding debentures entitled to a distributive share shall present the same to me before that time. All persons having claims or holding debentures as above mentioned, who do not present the same within the time limited shall be barred from participation in the proceeds of sale unless the court hereafter, for good cause, shall order otherwise. The Special Master may make aljournments of this sale from time to time without other notice than oral proclamation at the time the sale is adjourned, and proceed with the sale at the time and place to which the same may have been SO adFRANK L. BROWN. journed. Special Master. Dated September 29, 1902.

4. October 25, 1902 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, October 25, 1902

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Article Text

NOTICE OF SALE. In the United States Circuit Court for the District of Kansas, First Division. L. W. Anthony, complainant, VS. The Investment Trust Co. of America, et al., defendants-In Equity 7376. Pursuant to the terms of the order for sale of assets entered September 23; 1902, in the above entitled cause and court, I, Frank L. Brown, as Special Master, will, at the east front door of the court house of the district court of Shawnee county, Kansas, at Topeka, on Tuesday, the second day of December, 1902, at 10 o'clock in the forenoon of said day, sell at public sale to the highest and best bidder the following property: All of the property, excepting cash, in the hands of the receiver in the above entitled cause, at the commencement of business on September 23, 1902, securing what is known as the General Issue of Debentures of the defendant. The Investment Trust company of America, consisting of mortgages, equities of redemption, stocks, bonds, lands, securities, choses in action, and property of other kinds not specifically mentioned, all of which are shown by the books and papers in the hands of the receiver, and a list and more particular description of which may be seen at my office in Topeka, Kansas. I shall require of any and all bidders for the property in bulk a deposit, in cash or good certified check, in the sum of $25,000, as pledge that the bidder will make his bid good. The property securing said debentures will be offered in convenient parcels, if any bidders desire to bid thereon in parcels, and then in bulk, and that bid will be reported to the court which makes the largest sum total for the property. No bid for a parcel will be reported, unless an amount equal to 10 per cent thereof is at the time of its témporary acceptance paid to me as a pledge that the bid will be made good. No bid will be received for the property in bulk for less than $325,000, and no bids in parcels will be reported that do not aggregate such sum. All persons having claims against the property sold or against the receiver, shall present them by intervening petition filed herein on or before the 9th day of December, 1902, and all persons holding debentures entitled to a distributive share shall present the same to me before that time. All persons having claims or holding debentures as above mentioned, who do not present the same within the time limited shall be barred from participation in the proceeds of sale unless the court hereafter, for good cause, shall order otherwise. The Special Master may make aljournments of this sale from time to time without other notice than oral proclamation at the time the sale is adjourned, and proceed with the sale at the time and place to which the same may have been SC adFRANK L. BROWN. journed. Special Master. Dated September 29, 1902.

5. December 2, 1902 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, December 2, 1902

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Article Text

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.

6. December 12, 1902 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, December 12, 1902

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HOOK HERE MONDAY. He Will Wind Up Affairs in Investment Trust Company. Judge W. C. Hook will be in Topeka Monday, and will take up the case of the Investment Trust company of America. The recent sale of the entire remaining property of the company for $325,000, the upset price, will in all probability be confirmed, and arrangements made for winding up the business of Receiver Bennett R. Wheeler. So far there have been no objections filed to the sale of the property for $325,000, and no one has offered to give any more for the property. The bid of $325,000 was made by a reorganization committee composed of some of the old stockholders in the concern. There are several million dollars worth of outstanding stock which will be paid off out of the proceeds of the sale. It is not yet known how many cents on the dollar will be paid. Geo. Sharitt, clerk of the court, has filed away in his vault, thousands of dollars worth of the stock of the company which have been left with the court awaiting the distribution of the assets of the company. The company will be reorganized under the new management, and the place of business moved from Topeka to Kansas City. The company owns a great deal of real estate in Kansas and other states.

7. April 14, 1903 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, April 14, 1903

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MUST PAY THE TAXES. County Officers Take Steps to Collect From Receiver. In the United States circuit court Monday afternoon an application was made for an order restraining Bennett R. Wheeler, receiver for the Investment Trust company, from transferring any of the property in his possession from the county or from diminishing it in any manner until taxes for 1903 had been collected upon it. The application was made by J. R. McNary, assistant county attorney, upon information provided by County Treasurer H. M. Philips and in behalf of the county commissioners. The case results from the effort of County Treasurer Philips to coilect taxes upon the property and Mr. Wheeler's refusal to do SO without an order from the court. According to the statement made by Receiver Wheeler to the assessor he has about $135,000 worth of taxable property in his charge. The tax on it amounts to about $3,300. Wheeler says he has never paid taxes upon this property during nis receivership and that he has no authority to do 30 without the order of the United States circuit court. Although taxes upon property in this county for the present year are not due until October the county treasurer has authority to hasten their collection when he is under the belief that the property will be removed before the time of payment. According to the representation of County Attorney McNary in court yesterday, the county authorities had been informed that the property of which Mr. Wheeler is in charge is about to be taken away or to be divided among the creditors of the Investment Trust company. This occasioned the haste to collect the taxes. In response to the application Judge Hook directed Mr. Wheeler and a representative of the county to be present in court on April 23 to state the case in detail and to receive the instructions of the court. He assured Mr. McNary that no division of the assets of the Investment Trust company is about to be made and that none of it will be removed from the jurisdiction of the court until the question of taxes had been settled.

8. August 11, 1903 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, August 11, 1903

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Article Text

OFFERS $500. Investment Trust Company Wants to Compromise, Taxes. Shawnee county will receive something at least, in taxes from the Investment Trust company. Shawnee county wants $3,500 and the attorney for the company has tendered $500. When W. W. Denison, one of the city tax assessors, was preparing the tax rolls he found that on March 1 the receiver for the Investment Trust company, Bennett R. Wheeler, had on deposit in the Topeka banks something over $150,000. Denison requested Wheeler to make a statement of the property of the company subject to taxation. Mr. Wheeler refused to do this on the ground that the money on deposit was funds in trust and could not be taxed. Mr. Denison then filed his own statement with the commissioners, giving the funds on deposit that should be taxed over $150,000. The county commissioners then instructed the county attorney to file an interplead with Judge Hook of the United States court. asking that the receiver be ordered to pay the taxes. The court has not taken action on this proceeding. Another point in favor of the county commissioners' contention is that the receivership is about to be closed and the funds distributed. When they are distributed they will leave the state and under the law taxable property about to be removed from the state can be taxed at any time during the year if it escaped taxation on March 1. Today J. F. Switzer, attorney for the receiver, tendered the county $500 in taxes. The commissioners have not decided whether to accept it or demand the entire $3,500.