The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1906-01-19
DROPS ALAWSUIT
Hackney & Co. Drops Action
Against First National.
Now Satisfied That Bank viii
Pay Out.
ANOTHER TO BE ENDED
Illinois Trust Savings Bank Will
Also Dismiss.
Claims Money Was Received
After Bank Was Failing.

Prompted by an optimistic feeling
that the First National bank will pay
out dollar for dollar and probably some
thing to the stockholders as well, and
wishing to receive their share of the
dividend soon to be declared, Hackney
& Co, owners of the Topeka Milling
company, today dismissed their suit for
$4,000 against the institution in the fed
eraI court
Simultaneous with the withdrs wal
| comes an announcement from Charles
Gault, attorney for the Illinois Savings
and Trust bank, that he had received
instructions to also dismiss the suit
which his clients have in the same court
against the bank for $780, Mr.. Gault
gave the same reasons as the Hack
neys.
Both of these claims were maintained
by the plaintiffs as referred. The Hack
/ neys state that the $4,000 was pafu into
the bank between Thursday and Satur-
day noon before the institution closed
its doors The Illinois Trust 4-= Saw
lngs bank bases its claim on a draft
/ paid out of Santa F'e checks after the
/ bank had failed.
Herbert Hackney Jr., when asked
inns morning for reason why his firm
dismissed the suit, replied: I'VE feel
confident that the bank will without
4 doubt pay out dollar for dollar, that we
Will probably get interest on our money.
/ ana that possibly the stockholders will
also receive something. We have in
FesugaIed the matter very thoroughly
/ and nave had numerous conferences
| with Receiver Rradley. Things look
| that way to US and to our attorneys.
| We have considered the matter very
| carefully and feel that if such are the
/ conditions obtaining, then the wise
/ thing is for us to withdraw our action,
! receive our share of the present divi-
dend of 55 per cent, and satisfy our
| selves with the feeling that the re-
mainder will come to US, even though
! we must wait some time for it.
should we continue our suit" said
! Mr. Hackney, then we could not par
| ticipate in the dividend to be declared.
Dismissing it as I'VE had our attorney,
] Mr.. Austin do today, lets US in on that.
/ But we feel sure that the bank viii
/ pay out, and Tor thar reason we have
4 withdrawn. Should our confidence in
/ the ultimate entire paying out of the
| bank not be justified, we are sure OF
this one thing, that the loss would be
/ so inffnitesimal. that there would be
/ nothing gained by tying up our ac-
count in litigation for a long time to
come
Charles GauIt, the attorney for the
/ Illinois Savings and Trust bank, gave
/ much the same reasons. My clients
| feel that things viii come out all right, "
he said, although I have no specific
figures or facts to defend this state
ment that is nothing absolutely tangi-
BILE and convincing. But the mainten-
| ance of a suit of this kind on a pre-
ferred payment will tie up the dividend
soon to be declared. and that is big
thing and worthy of consideration. That
has much to do with this dismissal. ]
have not entered the formal order yet
although I hold the stipulation from my
| clients and it will be DONE
Even though both of these withdraw
ais are naturally biased by the desire
to participate in the dividend to be de-
| clared very soon, the checks for which
are now made out and in the hands OF
| the comptroller at Washington, a feel
ing of confidence is imposed in the ulti-
mate paying out of the bank. Though
Mr. Gault is not so optimistic, the
i TIackneys, who have very large sum
tied UP. feel sure that everything will
come out all right in the end.