The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-11-16
left OUT IN COLD
B.M. Davies Wanted the National
Hotel Block.
Receiver Bradley Thought He
Had Dropped Out.
RADGES is SATISFIED.
Says He Considered It the Best
Thing to Do.
May Hold Up Deal to Hear From
Mr.. Davies.
RADGES is SATISFIED.

A hitch may take place in the trans
fer of the First National bank building
to the knights and Ladies of Security
through the fact that another bidder
for the property was unwittingly left
out of copsideration in putting through
the transaction with the Knights and
Ladies Of Security.
B. NJ. Davies, a heavy owner of Tope-
l1a real estate and who maintains his
residence partially in Topeka and in
California, made bid for the property
through his resident agent and was un-
der the belief that he had an option on
the property uD until the first of De-
cember. Receiver J. T. Bradley was
under the impression that Davies was
no longer considering the investment
and completed his negotiations with the
Knights and Ladies of Security.
Before accepting the bid Mr.. Brad
ley consulted the executive committee
of the depOsitors of the bank who
ratified the intended action of the re-
ceiVer and stated their belief that it
was perfectly agreeable to the remain
ing creditors. At this time the COM
mittee was unaware that Mr. Davies
had made a proposition to purchase
the property. They understood later
when it was communicated to them
that Davies had given UP the idea of
making In6 purchase
Since then through the resident
agent of Mr.. Davies it has been
learned that the latter was still con-
templating a purchase and that he had
intended to raise his bid which was
first made Since Mr.. Davies fully in
tends to pay cash for the property the
depOsitOrS' committee believes that
this would be a better bargain pro-
vided that the price would be on a par
with that of the Knights and Ladies Of
he
was held this noon to talk over this
matter and try to get into cOmmuni-
cation with Mr.. Davies.
The fact that the Knights and La
dies of Security are given credit for
their $S2, coo on deposit in the defunct
First National bank on a basis of 100
cents on the dollar while the payment
of the dep0sitors in fun is still a mat
ter of question Is the thing which in
duces the deposit0rs committee to
favor q cash sale as against the one
made to the Knights and Ladies of
Security. It places the lodge on a
basis which savors of preference while
the remaining depositOrs are CHANGING
the payment in full of their deposits
The deal is rather unique, but it has
been given regularity through a sane
ton of the comptroller of the cur
rency and the depositors' committee.
The transfer of the property is not far
enough along to keep a better bid
from leth1uS the property Inc OIQef
for the sale of the property has not
yet been received from the United
States district court by Receiver
Bradley.
Sam Radges of the committee said:
I'VE were perfectly satisfied when we
were aware of the status of this other
bid, with the offer which the Knights
and Ladies of Security had made Mr..
Bradley acted very nicely about the
matter and called US in, in consultation
with him concerning the offer. We
agreed with him that it would be
good thing to do. The present aspect
of things makes it look as if the bank
will very probably pay out in full and
by accepting the deposits on their face
value we would save the per cent in
terest on this amount which the United
States allows when final settlement is
made, that is, if there is enough money
left after the deposits are paid, and
7 understand the chances are that there
will be- Of course we understand that
it is a good bargain for the Knights and
Ladies of Security but in the main we
considered it the best thing to do under
the circumstances. At the time. how
ever, we did not know about this other
bid