The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1906-09-08


ia full This was made posi-
BILE By an amteable division q
property, the ownership u
which vas in dispute between
the trustees Of the Bevllh es . @i4s
tia receiver of The First National. a
formal entry of g decree this morning
b. Judge Pollock of the United states
district court authorizes the compro-
s.. mise The property involved amos IA
Illinois and Kansas valued al apoue
100000 the division results ABOUT
equally 1s each Of the interested par
ties
Il win have enough money from
the sale of certain stocks and bonds
now in possession to declare a dtVt-
dend of u < per cent as soon as / can
get the formal order from the cou-e
and the approval from the comptrol-
Ter of the currency said James l.
Bradley, receiver OF the First Nation
al bank The sale Of the property
which accrues to Us by reason OF TINS
compromise viii bring in about SSOU,-
Gee more and this viii be SUFFICIENT 10
declare a dividend Of about 70 per
cent. This would make. with the 80
per cent dividend already declared.
So IA per cent of the money due the
creditors returned to them BY the
sale of other collateral held by the
bank believe that the creditors OF the
First National viii get their money
back dollar for dollar
All of the property involved IN the
compromise IS that turned over by e
j DevliD to the First National bank
as collateral security to protect the
credit ors of the bank The trustees OF
the Devlin estate later minated that
they would attack the right Of the bank
to hold this property on the grounds
that it was making the bank pre-
ferred creditor. There were rumOrs of
q stzlt between the trustees and the re-
caiver. The compromise in which a df-
vision Of the property was to be made
-t.1- fufr1 ion of
ties was suggested and adopted. This
was helped by the knowledge that in
case Of a lawsuit Mrs. Deylin could
come in and assert certain rights,
which she possessed in case the deeds
10 the bank we're set aside, to the loss
Of tire creditors of Devi1n and that a
lawsuit would only bring about what
a compromise might effect
Under the compromise the Devlin
trustees get the coal right in Illinois
with the exception of those in which
the Devlin Coal company is Interested,
the Devlin building adjoining the Cen-
trai National bank building and the
Office Of the former M cunt Carmel Coal
company at Ninth and Kansas avenue
together with the coal properties in
Crawford county, Kansas The receiv-
er n1 the First National gets all the
farm lar DIS in Illinois, the lots at the
corner Of Eighth avenue and Jackson
street. residence property on Buchan-
an street, also on Topeka avenue, Tenth
avenue east. and the Devlin farm south
of the city.
An objection to the entry of the de-
cree was made on the part Of the un-
secured creditors and the creditors
committee by Carver & Larimer, their
attorneys.
Judge Elijah Robinson and the other
members of the committee have not
seen the terms of this contemplated di-
vision Of property or compromise said
T r. Carver. "A request has been
hrrf f1c4-
not had an opportunity to see them. We
should have several weeks. I can't see
why there need be any hurry and why
the matter could not be postponed for a
week or ten days until we could be-
come completely informed. There are
certain creditors. unsecured. with thou
sands involved,-there is the Bank of
Commerce which has q claim OF S275 600,
they should be given a full opportunity
to investigate into this. Their claims
may be affected
There are grave reasons why this
matter should not be deferred" replied
j. s. Dean. attorney for the trustees.
The bank might withdraw and if there
are any objections exceptions can be
filed after this decree is entered"
Approved by Comptroller.
MIR Gault and myself went to Wash
ingeon and saw the comptroller of the
currency personally and laid this mat
Ter before him and he gave his consent, 81
explained J. z, Bradley, receiver of the
Il have the utmost confidence in the
receivership of this estate and I am
confident that it is being handled in
ACCORDANCE with the best interests of all
Tzhe ceeditors, said Judge Pollock. Z
see ne need Of delaying the entering OF
this dscree. The decree can be entered
now and / Will give ten days in which
to hle3exceptions and If reasons can be
shown why this decree shall not 90 into
effect it viii be withdrawn
BY this division of the contested pro-
perty the First National bank cuts loose
entirely from the Devlin estate trustee
ship All the property in which the
First National bank held or claimed an
interest and in which the trustees Of
the Devlin estate were similarly inter
ested is disposed Of in the decree re
ferred to. There IS now no further con-
fict OF interests.
The acreage Of the Illinois land ac-
cTuing to the First National bank BY
reason of the decree is 1SS4.79 acres.
and lies in LaSalle, Putnam and Mar
shall counties. All of it is tilIable land
ana used for farming purposes.
In shawnee county the property COM
ing to the bank is the equity in the
Walker building on lot 211 and two
inches of lot 21S Kansas avenue. Real
Estate building on lots 21T 221 21a
Jackson street, lots 70, rs II Eighth
avenue, residence property at 1014 Van
Buren, street. three lots, lots 40 472, IA
Tyler street, lot 205 West Tenth ave-
nue., residence property 713 715 Buchan-
an street, two lots and a half. one lot
and a half. residence property at 1913
Topeka avenue. residence property 1915
Topeka avenue. vacant lots 1918 1871.
1928 Topeka avenue. 215 acres south OF
city known as Devlin farm.
The surface lands, town lots and
coal lands in Crawford county go to
The Devln trustees. In shawnee
county is The Devlin building 7O2
Kansas avenue and the office building
II III West Ninth street. There two