The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-11-15
NATIONAL Is SOLD
Knights and Ladies of Security
Complete Sale.
They Win Pay SS7, 800 for the
Building.
NOT WALKER BLOCK.
This Is Not Included in the
Sale.
Insurance Held by Mrs. Devlin
Less Than Thought.


The First National bank and the
hotel building at the corner of
Seventh and Kansas avenue was sold
today by Receiver James T. Bradley
of the First National bank to the
Knights and Ladies of Security for
SS7, 500. The authority for making
the transfer came from Comptroller
VIM. B. Ridgely today in telegram
and the receiver was further instruct
ed to make an application upon the
United States federal court for an or
der of sale.
The Ss7,5OO purchase price was not
made in cash. The knights and Ladies
of Security had $4,000 on deposit in
the bank and this amount is accepted
on the purchase at par. Both the re-
ceiver of the bank and the officers of
the lodge are satisfied and inclined to
think that they have made a bargain.
Receiver Bradley had placed his sell
ing price at$9O, 900 but on further con-
sideration deemed it advisable to sell
at the figure named in order to save
the interest on the deposit.
I'VE consider the property a bar
gain at the price which we paid for it.
We haven't decided as to what we
shall do in the way of improvements
on the building. That is a matter for
future consideration. We shall not
make any changes for the present at
least" said President w. B. Kirkpat-
rick of the lodge.
Il think that I have done pretty
WELL" said Receiver Bradley. 1.-THE
price paid is very near the mark which
set for $4,000. By selling now we
save the interest on the deposit of
-7rsI7 T7-axr 70, hn 4
on the final date of settlement OF
course as it is they secure interest on
their deposit up to the time the deal on
this property goes through.
The leases on the building have five
years to run yet and this win preclude
changing the building into anything else
than a hotel property unless the leases
are bought uD. The Capital National
bank and the National hotel occupy the
major portion of the building, while the
basement is leased out to a barber shop
and a bath establishment.
The rental of the building brings in
annually SO $50 and after deducting the
expense of repairs. taxes and insurance
it nets from to ; Der cent on the in
vestment. The location is one Of the
most desirable in the city. The building
is five story brick and stone structure,
occlpying the full so foot frontage on
Kansas avenue and extending 100 feet
to the alley. The lots which lie in the
n6aTL OF the DuSlDSSS 0ASLAASI AAdNS bNOAA
valued aside from the improvements at
900.
Doesn't Include Walker Building.
The Walker building five story
brick building adjoining the First Ma
tional bank property and which is par
tialIv occupied by the National hotel is
not included in the sale. Nj. DeVIln
made a small payment when he bought
this property but the equity which was
assigned over to Receiver Bradley prac-
tically no longer exists.
Mr. Devlin paid in round numbers
s44. 600 for the building and of this
amount, paid $4,000 down, leaving a
mortgage of $4,000. IN an attempt to
realize on this equity Mr.. Bradley has
found that he could not get a sale price
II, excess Of the amount of the mortgage.
The knights and Ladies OF security
nv this purchase are now holders OF
two of the most valuable properties IN
the city. They purchased tour years
bnilding and two lots on the south
west corner of Seventh and Kansas
avenue directly across from the FIRST
National bank building. They nave
since expended in improvements about
$4,000 on the property until It now
represents an investment of S66,OO
The amount of life insurance which
Mrs. Devlin is supposed to hold IS
gradually dwindIing down. From an
original sum of $564,5O0 which was
assigned and supposed to be still heId
bv her, SS1, 900 has lapsed and an ad-
ditional $4,000 has been assigned by
Mrs. Devlin to other creditors to cover
This would leave s36S,5OO still in
the possession of the Devlin heirs It
IS even possible that the amount Is
smaller than this. Mrs. DevIin hasn't
all the life insurance she is credited
with having said Receiver Bradley
this morning. ''I know of S115,000
which has been assigned to other par
ties Of which no statement has appear
ed and in addition, don't know ex-
actIy how much has lapsed."