The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1906-06-07
BIG DEVLIN SALE.
Two Hundred Thousand in Coal
Stocks Go.
Out OF This Comes Dividend Of
ID Per Cent.
WILL BE MADE JULY 1
Bring Dividends for First Year
to 20 Per Cent.
Wichita Firm Purchasers of t he
Stocks and Bonds.

A IS per cent dividend will be de-
clared by Receiver James t. Bradley
of the First National bank on or be-
fore the first OF July.
This Will make with its payment
20 per cent. dividend to the creditors
of the First National within less than
a year since the failure of the bank,
which occurred the srd of July.
The dividend is based upon the sale
of S2O8,00O worth of bonds and
stocks of the Crawford County Coal
company, the Devlin- Miller Coal com
pany, and the Galena, Frontenac &
Northern railway. which will be made
to Wichita firm of coal operators.
The formal announcement Of the
dividend is withheld pending the legal
formalities which are necessary to be
gone through with before a dividend
can be declared.
The advisory committee formed Of
the executive committee Of the de-
| positors met with Receiver James Il.
Bradley this morning and approved
| the sale of the bonds and stocks of
the companies noted above. The
comptroller of the currency at Wash
ington will upon learning the action
of the advisory committee give mis-
| the receiver viii apply to the United
States court for an order to dispose of
the stocks and bonds.
Il shall make an effort to the best
of my ability to declare a 10 per cent
dividend by the first of the month.
said Mr.. Bradley. IT want the cred
itors to feel that 20 per cent. of their
claims have been paid within the first
year. Just as soon as I can get the
comptroller of the currency to so-
prove the sale. which he said he would
do when he had learned the action
of the advisory committee, I will
make an application to the court for
an order I will send notice to the
comptroller Immediately of the action
/ Of the advisory committee.
Il consider the price that we got
/ for the stocks and bonds a very fair
one. We had an expert to go down
was largely or the basis of his report,
supplemented by some other iHforma-
ton. that the sale was made.
Il am not at liberty to give the
name of the firm making the pur-
chase, but 1t is sufficient to state that
they are a Wichita firm. They have
already got hold of all the rest of the
issue of the stocks and bonds pur-
chasing them from the Central Ma
tional Of this city and the American
of Kansas City.
1.-THE properties are not worth az
much as the total issue of stocks and
bonds, and the owners can bring pro-
ceedings to have receiver appointed
II they want to. The interest has not
been paid for a year. and there is
nothing as far as I can see to keep
them from declaring the bonds in de-
fault IF the Devlin trustees want to
fight the appointment of a receiver
they can of course. but I don't see
that they can help themselves. The
new owners of the stocks and bonds
will probably have a receiver ap-
pointed and then take over the prop
critics and manage them
The stocks and bonds sold by the
First National are: S210,000 par value
Crawford County Coal company
bonds. sale price s100,80O; S132.00o
Devlin- Miller Coal company bonds
sale price sSs,440: $4,000 par value.
or total issue. of Galena. Frontenac &
Northern railroad bonds, sale price
S1s.76O
The total issue of stocks and bonds
against these companies was as fol-
lows: Crawford County Coal COM
pany-stocks 100000. bonds s40o.-
900: DevIin-Miller Coal com pansr=
stocks $500, 600, bonds 100000 Ca
lena, F'rontenac & Northern railroad
stocks 500, 600. bonds $4,000.
fThe properties are valuable. but
Mr.. Dev1in had bonded them too
heavily" said Mr.. Bradley.