The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-08-01

Cheney of Boston, millionaire owner
of Santa Fe stock, would put up the
money to float the proposition. Edwin
Knowles of the Central National said
this morning: 81 know nothing of 1T
as a definite proposition, though it is
not unlikely that some sort of a scheme
as that is on foot. Mr.. Cheney is
very close friend of Mr.. Gleed'S and 1T
is very probable that some sort of an
agreement may have been reached,
though as l say l know nothing about
it. Mr.. Cheney has no interest in the
Devlin properties as creditor and his
only connection would be from finan-
cial considerations. He is worth some
$4,000, 000."
Mayor w. H. Davis, who was in at
tendance upon the meeting at Kansas
City, said: LAS far as 1 know the re-
port of that syndicate is nothing more
than a rumor. 1 heard it spoken of
while l was in Kansas City. AS far as
the results of the meeting are con-
cerned the day was wasted for me.
The conference resulted simply in
nothing; The receivers stated that
they believed that it would pay out
dollar for dollar but they had no fig
ures to show for their claims. 1 think
that if the Devlin properties pay out
so or so cents on the dollar that with
the banks share of this every de-
positor will be paid out in full. That's
my belief. There was a feeling among
the creditors Monday to the effect that
after the report on August 9TH that
they would be in favor of just having
one man run the business. One man
can do it better than three. They
seem to have more confidence in Mr..
Hurley as a receiver than they have
for the other two receivers. They be-
| lieve that he understands the business
better. AS far as organizing a new
bank is concerned we will defer action
until the outcome of this statement
concerning of the formation of
this syndicate is known"
J. w. Gleed stated this afternoon
that he did not believe there was any
truth that a syndicate was about to be
formed or that Cheney had any con-
nection with it.
| T. J. CoughIin, who went down
| from Topeka to attend the creditors
meeting. said: 1.-The receivers believed
| that the properties would pay the in
debtedness and there is occasion to
| believe that if Mr.. Devlin can get
back and control them as he formerly
did that they will more than pay out
for themselves and leave a little in
addition for Mr.. Devlin. The only
statement that was given in figures
was when Mr.. Reeves stated that he
thought that the assets would amount
to about IS, 900, 900; he would not give
the amount of the liabilities. The re-
ports which the receivers made
| showed that the mines were makNng
| from 100000 to 100000 net per
year, not including interest charges.
A committee will be appointed from
among the creditors by the chairman
to investigate the books and accounts
of these various banks and companies
in which Mr.. Devlin had an interest
and try to discover just how they are
run. Another thing which was dis
covered is that though a great many
of these coal companies were bonded,
the bonds were not disposed Of and
thus the creditors have been estimat-
ing the Indebtedness at just twice
what it should be-
Secretary Wallace of the x and L.
of S. denied that an effort was being
made to secure the transfer of the
First National bank building in ex-
change for their $50. 900 of deposits.