The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-01-05
OWES $1,234,487
The Income of Millionaire e. R.
Thomas Is Garnisheed.
The Creditors VIII Take Out
$4,000 a Year.

New York. Jan. Edward Russell
Thomas, former multimiIlionaire
banker. turfman. theatrical angel
and automobile daredevil. has confess
/ ed Judgment for $1.234,4s7 of his
debts in the supreme court.
At the same time this confession
of judgment was fled. was signed by
Supreme Court Justice Giegerich an
order garnisheeing the s160, 900 income
that Thomas draws from the estate OF
his father, the late General Samuel
Thomas, each year. This order was
granted the Bowling Green Trust COM
pany. a creditor fixed at $59,100, and
will permit the company to apply
$4,000 of Thomas income annually
toward payment of the debt.
Thomas, who was once one of the
picturesque spenders of the Great
White Way. and dashing figure in
for two years with his wife, Mrs
Linda Lee Thomas, who was one of
the celebrated beauties of Newport
and New York. Thomas went abroad
after being crippled in an automobile
accident in 1908. The big Judgment
against Thomas is the result of the
1907 panic. At that time he was 1iv-
ing in a three room apartment at the
bed that cost $4,000 and paying S45.-
600 a year rent for his suite. His as
sociates were Charles w. Morse. the
convict banker, and +. Augustus
Heinze, the copper king.
General Thomas, father of E. r.
Thomas, brought his son to New York
and made him his successor in many
business enterprises. He gained the rep
utation OF being most reckless dri-
yer of automobiles and one time ran
down and killed a child in this city He
becam- a stock broker and chummed
with joe Letter, James G. Blaine, Jr.,
and other notables. He made a name
for himselI as plunger in the stock
market. having been credited with a
s., 900. 900 share in a cotton pool
When the Seventh National -ank got
into difficulties General Thomas, who
was a director, tried to save it with
his personal check for nearly a million
and the stipulation that E. r. Thomas
should be made it's president Young
Thomas did become president Of the
bank on June rs, 1901, the day he mar
ried Miss Lee.
The bank. however soon closed. In the
meantime Mrs. Thomas had DEVELOPED a
fondness for racing. She and her hus-
band squandered fortune on their
horses and won distinction as royal ell
tertainers in exclusive social circles.
After the financial crash came in 1907.
had claims of about 50, 100000 He was
also indicted on the charge of having vio-
lated the insurance code but the indict-
ment was afterwaTd -quashed. When
Thomas failed his creditors made an
agreement with him. 1t was announced
that he had agreed to turn over all Of his
annual income to them except $50, 600. He
reserved this amount Tor his personal use.
Later there was organized the Thomas
Liquidation Trustees to liquidate all
claims. Thomas assumed the debts and
agreed to pay the trustees who in turn
were to pay the creditors.
Most of his creditors are banks and !
their claims represent loans to him and |
to stockholders whom he guaranteed. |
These claims were assigned to the Hqui-
dating trustees and they tried to collect |
from Thomas who has reduced the claims |
to the amount of the judgment. BY con-
fession of Judgment he avoids litigation /
and its consequent heavy costs.
Mrs. Thomas, the mother or E. f. |
Thomas. is immensely wealthy. She is /
credited with having an income OF $780, |
Dd0 year. She has often come to the /
aid of her son in his financial dealings |
and at the time of the panic paid his |
creditors 500, 600.