The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-08-03
CALLFOR THECASH
Stockholders of First National
Assessed 100 Per Cent.
Payments Are to Be Made by
August Z.
NOT ALL COLLECTIBLE
Much More Than Half Held by
Devlin Interests.
Figured That Little or None of
This Will Be Paid.
NOT ALL COLLECTIBLE


tionaI bank have been assessed the full
amount of their holdings. Notice of
the assessment was sent to the stock
holders Wednesday afternoon by Re-
ceiver Bradley. The action was taken
in accordance with instructions from
the comptroller of the currency at
Washington.
The assessment is due on the 18th of
August. A payment of 25 per cent. of
the amount may be made at that time
provided sufficient security is put up
to cover the balance. The remaining
portion of the assessment is due in
quarterly payments which follow at 80
day intervals until the complete assess
ment has been paid over.
With this assessment the receiver
has taken full advantage of the double
liza bility act, which makes a stockholder
liable for just twice the amount of
stock which he holds. The bank now
holds as part of its assets the full
paid in capital stock; this makes the
first liability.
sessrnent will realize more than $40
900 since Devlin and his associates
held 2,405 out of the 5000 shares is
sued, while there are additional hold
ingS of small value. II don't know
how much it will realize said Receive
er Bradley this morning. "A number
of the stockholders are strangers to
me and am not acquainted with their
standing or what will possibly be real
that some will be unable to pay up
and that others are good. We haven't
got any secret methods by which we
can extract money from people that
haven't got it. You can't get blood
out of turnip and necessarily we will
not be able to collect the full amount
of the stock outstanding. Where col
lections are difficult to be made on the
assessment we will resort to legal pro-
ceedings. An assessment of this nature
is the same as any other obligation
and the only thing that is exempt is
the homestead"
Isn't it rather early to make an
assessment before finding out in detail
just what the securities will probably
bring, is it because you expect to make
an early dividend payment" was
asked.
mo, it is not necessarily early
Whenever the conditions seem to
justify an assessment, it is made. If
there is anything left after the de-
positors have been paid in full it will
be paid back to the stockholders and
in that way it represents if there is a
sufficient surplus they may secure the
full return of their assessment. In
this present instance with the condi-
ton that those Devlin securities are
in am not sure how it is coming out,
Mr.. Bradley'S voice trailed off and
he sat silent. He showed conclusively
by his manner that there was small
hope that there will be any surplus
left and that there will be no return to
stock holders on their assessment.
He continued. Il don't know about
the dividend. That's a matter which
the comptroller decides. l have received
no intimation from him when it would
be and it will doubtless be announced
publicly by him.
What il the reason for making the
first payment due on August Z; do you
expect to have it form a portion of the
report which the receivers in bank
ruptcy will return to the court on that
day." was asked.
s'Well, you might construe it that
way" came the reply. Though 1 en-
bodied an estimate of what the assess
ment would return to the receivers
when they asked for a report from me.
The first payment you know will be set
for August Z. They can pay % per cent
of the amount due at that time if they
wish, provided they give sufficient Sc
curity to cover the balance. The bal
ance will be due in quarterly amounts
thirty days, sixty days and ninety days
thereafter. No interest will be charged
The 5000 shares of stock of the First
National is held by 81 different stock
holders; of this amount 2.607 shares are
held by five individuals. Each one of
these individuals is so badly tied up by
the Devlin failure that it will be next
to impossible to realize on anything
they have. The stock held by Deviin
and his associates is divided as follows:
c. J. DevIin, 2,256; c. E. Hawley, 80;
w. E. Thomas, 100; ]. L. Christopher.
10. This amount represents 2.405 shares
or S240, 500, which has but little value.
In addition Mrs. c. e. Noel holds 202
shares Mrs. Noel has practically moth
ing but her home aside from her bank
stock The total bank stock therefore
upon which there is small expectation
of any assessment being realized is 2,601
shares or $3.50, 700. The remaining stock
iS held a G follows.