The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-07-05
MAY PAY
THE DEPOSITORS
Creditors of the Topeka Bank VIII
Not Lose All.
RECEIVER NOW IN CHARGE
DEVLIN is RUINED BEYOND RE-
DEMPTIoN.

Topeka Kan. July Al. T. Bradley.
recet yer Of the First National bank,
arrived i'm the city today and took
charge of the bank. When asked to-
night for some news about the bank
condition, Receiver Bradley said:
u am not permitted TO give you any
information My orders from the comp
I tFOller of the currency are explicit
on that point l make my report to
him and am not allowed to talk about
it"
None of the officials of the bank
would discuss the institutions affairs
when confronted by depOsitors. They
have turned everything over to Re
ceiver Bradley. and he is making an
effort to get the banks affairs in
shape
The only thing in the shape of in
formation about the bank comes from
the Devlin interests. Clifford Histed,
attorney by c. J. DevIin, says the es-
tate is worth more than the Indebted
ness. and that the bank can pay out
c. $. Gleed, head of the company which
has taken over the Devlin interests.
says that if there is no trouble in
holding the property turned over to the
bank by Devlin, a fun settlement viii
be made.
Estimate Too High.
Although Mr.. Devlin has given
Warranty deed and a quit claim deed
TO the First National bank for prop
erty which is said to be valued at
$ll3.5O0, less encumbrances amounting
70 about $4,000. this does not mean
that the property will bring that
amount of money at the present time.
1t Is said b. those who are posted on
the values of real estate in the city
and county that the property which
was turned over will not net the bank
more than $50, 600 or $50, 600. The prop
erty might bring more if it could be
mt
who wanted the property badly, but
under the existing circumstances the ]
property is not worth the amount paid
for it.
Mr.. Histed said that 500 GOO of prop
erty would be turned over to the bank, !
bat he neglected to state of what the
property consisted.
Due Other Banks.
a statement was published vester-
day to the effect that Mr.. Devlin owed |
other banks in Topeka nearly a half
million dollars. This proves to be |
greatly Overestimated Mr. DevIin's |
obligations to all the banks of this /
city other than the First National do !
not aggregate as much as 500, 600. E. |
w. freeman, cashier of the Merchants !
National, said tonight:
we have no loan to Mr. Devlin |
personally; one of his companies some |
time ago borrowed SO. 900 from orr
bank, but this loan is secured nv pfIt
edged collateral worth twice as much
rs the bank loaned him. That is the
extent Of our dealings with Mr. DevIin |
and his companies"
Oepositors Wrought Up.
Depositors are becoming much /
wrought UP over the matter. They /
intimate that criminal prosecution VIII !
be made If the bank fails to settle /
with depOSitOrS, alleging that careless
ness was largely the cause for the
failure.
A determined effort is being made bv |
hole
tors Of the Devliu estate will make |
every possible effort to save the estate /
from insolvency
The committee representing the chief /
creditors, has pledged itself to raise all !
The money needed to safeguard the in
terests of the people to whom c. ]. /
beVlm owes money. The committee |
Will act in conjunction with the cor
poraJon that has been formed to /
handle the Devlin estate With the in
terests of the creditors safeguarded by |
the committee. business men think there
VIII now be little difficulty in getting
lhe corporation started and bringing |
The Devlin business out of it's present /
ulIhculueS without insolvency.
New Company Needs Money.
1t is not known just how much money !
VIII he needed to recrganize the Devlin /
interests. 1t is now thought that some |
Thing like $3.50 600 will be sufficient. |
w hen the corporation was first planned |
II was the intention to save the First 4
National bank Of Topeka This would 4
nave taken much more money than is l
necessary now. Circumstances made |
u impossible to do this. and now fl is I
no longer necessary to put up money 4
Tor saving the bank. 1t is thought that /
or the bank itself will be sufficient TO /
pay all obligations of the bank
{. \ Gleed stated that in his opinion !
the First National bank would not be /
able 10 resume business.
ln brief. this is the condition of the /
pauk- The obligations of the bank 10 /
depoSitors amount TO about 81 SOC. 600 /
Against these deposits there is the /
property transferred yesterday and /
other Topeka real estate securities 1
turned over to the bank by Mr. Devlin |
amounting i'm all to 100000
Policies Turned Over.
In addition there are the insurance /
policies turned in b. Mr.. Devlin. the /
actual cash value of which is stated 4
at about 100000. The assets Of the /
bank. exclusive of the DevIin property
turned in yesterday. amount to 81 ,050- 1
GOO. OF this there is Devlin collateral |
with a par value of $500. 000 The actual /
cash value Of this collateral can not vet l
be determined. The other notes held !
by the bank amount TO $500. 600. At the
time the bank was closed yestes dag