The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1906-08-09
One TO PAY OUT.
Marceline Mercantile Company
to Distribute Half Aug. so.
First of DevIin Concerns to Pay
a Dividend.
REST WILL BE PAID.
Referee LOOmis Says All Credi-
tors Will Get Money.
Lawsuit About the Property in
Kansas City.

The Marceline Mercantile company
viii declare a dividend of 90 per cent for
its creditors at a meeting which will
be held for that purpose on August 80
This is the first of the bankrupt COM
panfes hoated by the late c. J. Dew
lin to pay a dividend.
N. H. Loomis, special referee in bank
ruptcy, even went farther and stated
that the company would probably pay
out in full
The trustee of the company has
enough money on hand to declare a
dividend of so per cent and there is
every possibility OF the company pay
ing OF its creditors in full is the way
Mr. LOOMS put it. At present the
store and other property formerly be-
longing to the mercantile company is
owned by the, Devlin trustees, the
trustees purchasing the same from w.
S. Woods, acting as trustee for the
creditors.
The report made of the company and
contained in the receivers report show
ed that ending with July 7, 1905, there
amounting to $19. .450.73
The principal assets were real es-
tate valued at $4.950. stock of meTchan-
disc SIC. .965. q, accounts receivable Dew
S04AA NCA--ee'
able, others, 81, 1929.
The liabilities on the other hand were
capital stock $4,000, accounts payable
DevIin companies, $52L5S, accounts
payable, others, $8,755.20.
A specially called meeting of the
creditors of the Marceline Coal com
pany has been called for the same
date, August 80, to authorize the sale
of the coal rights and real estate be-
longing to the coal company. The coal
rights cover 1890 acres at Marceline,
No. valued at 100000 and in addition
to this there are IS acres of surface
lands The total value of the entire
property is $187, ,000 The mines have
been in active operation ever since the
strike settlement and are now produc-
ing coal at about 40 tons a day with
an increasing capacity.
The coal deposit is 2S inches thick
and of excellent quality. A lawsuit Of
big proportions is going to be precipi-
tated in the effort to discover who has
the real title to the Kansas City Coal
and Coke cOmpany'S assets.
n. H. Loomis. who had the matter
argued before him by the interested
attorneys for the trustees Of the Dew
lin estate as well as the attorneys for
w s. Woods Of Kansas City, has d.
rected the trustees of the company to
bring suit and declared that It is i'm
possible to settle the title to the pro-
perty in any other way. The property
is a valuable possession, the holdings
of the company which are in close
proximity to the site of the proposed
new union depot at Kansas City has
greatly increased IN value within the
last few months
The real estate is valued at $780, 600
and the entire property at s243, 600. It
was organized in the first instance to
act as agent for the disposal of the
output Of the Devlin mines.
The Marceline Coal company is also
interested in the settlement of this
company claiming an interest in it. The
whole ownership is so badly involved
that the suit will probably be lengthy
one.