The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-07-13
What THEY'LteET'
Twelve and a Half Per Cent to
First National Depositors.
First National Creditors Will
Get This Soon.
AWAITING DECISION.
Receiver Bradley Unable to Fix
Receiver Bradley Unable to Fix
the Date.
Final Dividend Will Brine
Total to SO 1-2 Per Cent.

Two hundred thousand dollars will
! be distributed among the depositors
and creditors of the defunct First Ma
tional bank within the next several
weeks. This will make twelve and a
half per cent dividend and the third
one. to be declared since the failure of
the bank two years ago, Monday, July
Bird, 1906
When the patient waiting deposit
tors receive this third dividend they
VIII have had returned to them 81 "
per cent of the funds which were orig
inally deposited.
The formal declaration of dividend
Is simply held back awaiting a decree
from the Shawnee district court an
proving the sale of lands and notes to
the amount of 100000 to the Assets
retaliation company of Chicago. The
application asking for Judge Dana to
approve the sale will be made next
week.
1.-THE only hitch that can now come
up in declaring a dividend is over this
decree in the court" said James T..
Bradley, receiver. I'VE don't know
The company that purchased the as
sets can not get out of the sale for
they have deposited a forfeit and the
sale has not been made contingent on
any conditions. 1t is simply straight
out and out SALE
A meeting will be held by the re-
ceiver with the advisory committee
of the depositors relative to the sale
just made. This meeting will afford
any objecting creditor an opportunity
of filing his declarat lions against the
contamination of the sale. :.
''I don't believe that the objections
of the advisory committee. if they
have any, would change the recon-
Ridgely. who has already placed his
approval on the sale" continued Mr..
Bradley. Mr.. RidgeIy does not think
that, a general rule, there is much
to be gained by continuing a receiver
ship. The sooner that a receivership
can be terminated the better, seems to
be the opinion of the officials who
have had experience in these matters.
1t is only right though, that the adj
visory committee should pass upon the
sale"
The assets disposed of consisted
of 1900 acres of1farm land in Marshall
acres of farm land in Shawnee county
on the Burlingame road. commonly
known as the 'Devlin farm" the for
mer Devlin residence Thirteenth and
dwellings, and a small farm in. Doug
In addition to this all of the notes.
held by the bank with the exception Of
included in the purchase, "a lot of the
paper was uncollectible, said Mr..
Bradley. f+715 ef
The paper which the bank holds
against the Devlin Coal company is the
only remaining asset that has not been
of. This has face value OF
S120, 500 with accumulated interest run
ming up the total value, estimated, at
$40, coo.
The property and securities sold, were
put up at auction in Chicago with
Ridge1y. Receiver James T.
Bradley, and F. f.. Oldham, attorney,
s. f1,al
of the currency's depart
ment, present.
Frank H. Smith, of Dwight, III. a
brother of John Smith, chief clerk TO
the state tax commission and the AS.
sets Realization company were the TWO
active bidders to secure the property
offered. sr..
When this last dividend is, distributed
the receivership of James L. Braoley
will come to an end and the disposal
Of the remaining. $12O,50o of securities
will be handled from washington
II think that it would be better ana
so advised in conference tnat we nd9
IN which this was brought up, sald
Mr. Bradley. 1T will reduce the ex-
oense of conducting the receivershlp
and cut down all of the costs 10 a
minimum There will be no. n ne ac
% maintain an office here. 1t is unde-
,ided in what manner the remaining
assets will be disposed Of l nope tnat
We can get another S1s per cent dlVl-
lend out OF them, out lIldI II
hat is simply guess work, there is no
yav TO tell what the last dividend may
,e. -
Ill, safiefied, with the way things
,ova turned out 1t has turned out
,etter than the way things looked at
he time the bank failed. II had
.nown some of the things that l know
oora than they did then, can see
here he / would have probably been able
= oct more money for the creditors but
II in all, it is as good as can De ex-