New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-11-14
THOMAS'S INCOME CUT
Former Banker to Have $780,.
900 Until $1,000, 0OC Is Paid.
LOST IN THE 1907 PANIC
Court Orders That Judgment
Be Squared at the Rate OF
$4,000 a Year.

On the recommendation Of Harlan +.
stone. as referee the Supreme Court yes
terday signed an order which allows Ed
ward r. Thomas, formerly a banker OF
this city, an income OF $4,000 a year
until he pays off more than $1,0O0,o 900 OF
his debts, which are to be liquidated at
the rate of $4,000 year. Thomas mar
ried Miss Elizabeth r. Finley on Novem-
Der 5 at Newport, r l., after his nrst
wife Mrs. Linda Lee Thomas, obtained
divorce from him in this city.
The Judgment against Thomas was given
in a suit brought by ]. Horace Harding
William II. Taylor, William 0. ALISON
Elverton r. Chapman and Charles j. NC
Burney, as trustees under an agreement
made in 1909 for the liquidation OF
Thomas's indebtedness. which, in large
part, grew out Of the financial depression
Of 1907, In which Thomas lost heavily
The trustees sued Thomas, r. Living
ston Beekman, his brother-in-law; Henry
+. Eldridge and Charles /. McBurney as
executors Of the will Of General Samuel
Thomas, father OF Edward r Thomas
They asked that the court determine the
income needed by Thomas for the support
Of himself and family, and direct that the
remainder of his income be diverted 10
the payment OF his debts. II was agreed
that the decision Of Mr.. Stone as referee
was to be final
Mr. Stone reported to the court that the
total income due Thomas from the estate
of his father was $4,000 year. The total
income from the estate or General
Thomas is $4,000 a year, of which his
widow receives 10000. the remainder
going to his children, e. r. Thomas and
Mrs r. Livingston Beekman. The ref
cree said that he believed that the estate
would yield this amount for some years
to come.
The liouidating trustees have obtained
Judgment for s1,234,4S7 against Thomas.
! This amount represents the total amount
of the debts placed in their hands for
| liquidation. Since January last Thomas
has paid slT,649 toward reducing the
amount of the judgment.
Thomas testified before the referee that
| his income was $4,000. Il. II. Green,
counsel for the iquidating trustees, asked
him II the income was sufficient to pay
| Sl25. 900 a year TO his creditors and leave a
| reasonable amount for himself and his
wife Thomas replied 1T is under the
present circumstances" Further ques-
| tons about the divorce which his first
wife obtained from him brought out that
the decree made no provision for alimony
and that Thomas had authorized his at
| torney to waive his right TO appeal from
| the judgment OF the court in the divorce
! suit
Tho referee also reported that under an
execution obtained against Thomas in the
! Supreme Court by the Italian-American
Trust Company $4,000 year. or about lC
per cent OF his income, had been applied
TO pay this Judgment against Thomas.
This has been paid since 1905, and the
| judgment now amounts to s2S,17l. The
Bowling Green Trust Company has been
collecting another $4,000 year from the
! Thomas income. There is still due $50, 732
on the judgment of the trust company.
! A similar amount has been paid to the
| National Bank OF North America in an
nual instruments. and $46.79O is still owing
TO the bank.