The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-08-30
w ~ D@H LIN BVHU 3 -
Underwriting Corporation Pro-
posed for Bankrupt Companies.
Hinges Upon Amount of Assets
and Liabilities.
ACCOUNTANTS AT WORK
All Depends Upon the Report of
the Auditors.
Conference to Be Held in Chicago
Soon.

A plan to finance the properties and
interests of c. J. Devlin, bankrupt, is
now on foot. 1t is the intention of a
number of eastern capitalists, Chicago
and New York, to form a close corpor-
alton, purchase the claims of the credi-
tors and secure the discharge of the re-
ceivers by the United States district
court
The creditors of Devlin. will under
this plan if it is carried through, receive
the full amount of their claims. The
company will then secure absolute con-
troll of the Devlin properties and man
age them according to policy which
will be outlined by those interested.
c. ]. Devlin will secure a certain per-
centage of the surplus remaining after
all obligations are met. This percent
age will be agreed upon by him and
the parties forming the underwriting
corporation. To secure an accurate idea
of the amount of the assets and liabili-
ties involved in the properties, expert
accountants have been engaged to go
over the accounts and report their find
ingS to the members of the company
which is being promoted. Haskins and
Sells, the expert accountants who were
employed to go over the books at the
state house, are engaged upon the ex-
animation of the Devlin properties ana
pected, within the next ten days.
A conference will be held in Chicago
the latter part of this week by those IN
terested in the venture and at that time
the full plan will be discussed. Though
as vet the details are not perfected there
is sufficient foundation to the scheme TO
excite the interest of a number or the
creditors who reside in Topeka ana VINO
have been made aware OF the lIileAueo
movement
1t is stated on good authority that
the corporation will not nave any OF
the creditors of Mr.. DeVlin in Its PACK
ing This corporation to underWrlte
the property will have no connection
Whatever with the holding corporation
which was first proposed at a Kansas
| City meeting early in July and IN
which c. S. Gleed and j. w. Gieed
were moving spirits. Neither will b..
P. Cheney of Boston have a voice or
part in the affairs of the new company
1t is entirely separate and distinct.
number of Topeka parties, it is stated.
will take part in the conference at
Receiver Bradley of the First Ma
tional bank will move his headquarters
to the Real Estate building about the
9th of September. He said today: I'VE
are to give possession at about the 18th
of next month, but I expect that we
will be moved out of here by the 9Th.
that is on Saturday. I have been Of
fered S2SOOO for the Real Estate
posing of the property at that price; it
is worth $35, 900. I have received sew
eraI offers for the First National bank
building, but there is nothing more to
them than talk
In speaking of the run upon the
Bank of Topeka, he continued: There
should not be the least cause for alarm
upon the part of the depositors of the
banks in this city. Every one of them
is solvent and could secure more than
sufficient money to pay off their de-
positors in full. Every bank in town
is in good condition. / don't blame the
working man and the widow for be-
coming scared and drawing out their
money. 1t is their all and they don't
know the condition and become easily
worked up by needless alarms