The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-07-05
NOT TRUSTF FUND
Receiver Bradley Says State is
Like Other DepOsitors.
Neither Will County or City
Have Preference.
IS NOT YET READY.
Statement Won't Be Made for
Several Days.
DepositOrs Will Form a Pro-
tective Organization.

j. T. Bradley, temporary receiver for
the First National bank said this morn
ing: 1T will probably take from seven
to ten days before we can issue state
ment of the condition of the bank in
behalf of the depositors and creditors.
The law specifically provides that no
statement shall be made until
thorough examination has been made. 1
am forbidden to make any statements
whatsoever regarding the conditions of
the bank until receive permission from
the comptroller of the currency. 1 am
under strict instructions. 1t is mani
testify impossible for us to give any sort
of an idea now of the condition when
the amounts represent run up into the
millions. Unless we receive instructions
otherwise the report will be sent to the
authorities at Washington and those in
terested will have to receive their in
formation from that source. There may
be other instructions. We are expect
ing legal expert from the comptrol-
lers Office by tomorrow. Mr.. Robert
Lyons, who is the expert, will pass on
all of these disputed points on claims to
the satisfaction of those interested
What claims will be considered pre-
ferred?" was asked.
From my legal acquaintance as a
banker, I should consider first of all
trust funds, then collections; all the
money and funds which of right do not
belong here. Deposits would be last"
would you consider the states
funds, preferred, under trust?"
The answer came forth with some
hesitancy and reluctance. ''Well, no,
I presume not. The city's and coun-
tvs funds will not be preferred either
-,r1 ;, - lob anfr ra1o oc
depositors.''
E. F. Ames, bank examiner, said:
Il have nothing to say. am merely
clerk now acting under the direc-
tionS of Mr.. Bradley
t A number of the depositors and
others who had financial dealings with
the bank lined the steps leading up to
the side entrance of the bank this
morning and consulted Mr.. Bradley
Iconcerning disputed or i questionable
up in the bank. In each instance the
parties were referred to the arrival of
! Mr.. Lyons, the legal expert the gov
ernment sends to Topeka.
A. movement is on foot among the
| larger depositors in the bank to ef-
feet an organization to protect their
interests. The movement is headed by
/ Sam RadgeS who is large depositor.
organization will employ every means
to secure an equable adjustment OF
the banks affairs.
John r. Mulvane, president of the
Bank of Topeka, said this morning:
There is no doubt at all but the First
! National is solvent. There is no doubt
! but every depositor will be paid dollar
| for dollar. Very few people seem to
| take in account that there is $500, 900 OF
capital stock and 500, 900 in cash right
now in the bank, close to $400, 900 right
in the bank at this time. In addition
the United States will see to it that ar
assessment will be levied upon the
stockholders if there are not sufficient
securities to project the depositorS an6
creditors. There is no question in my
mind but what good collateral was put
up by Devlin to cover the amount thai
he borrowed from the bank
/ Mr.. MuIvane claims that the state
ment made that the Bank of Topeka
has $75 900 of Devlins liabilities is false
There is nothing in it whatever ant
we haven't a cent of Mr.. Devlin's paper
Not cent" he reiterated.
The financial panic which prevailed
throughout the city on Monday haC
the Fourth. Not a symptom remained
this morning and there was not a rul
or anything that appeared like one a
any of the banks. The morning
business was quiet and without specia
note. At a number of the banks tn
Fourth was spent by the clerks in al
effort to straighten out the tangle o
the business which was precipitate'
Monday. The Bank of Topeka CAV
their employees a holiday as usual ol
the Fourth but they came down earl,
and clear away the debris of the rusl
. | of Monday