The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1908-04-16
Affairs of Kansas City Coal and
Coke Co. Adjusted.
Observation-Disclosures
Creditors Organize a Company
With $4,000 Capital.
Will Take Over. Property of the
Deylin Company.

This afternoon the various claim
ants of the Kansas City Coal and Coke
company of Kansas City, Mo-, signed
an agreement to merge all of their
conflicting interests and organize
corporation with a capital stock of
$4,000 to be divided upon the follow
ing basis:
Trustees of the Devlin estate 20 2-9
per cent.
Trustee of Kansas City Coal and
Coke company, 80 So per cent.
Central National bank, Topeka, Z
per cent.
Alliance Realty and Securities COM
pany, Kansas City, per cent.
Trustee, w. E. Thomas estate, "a
29 per cent.
The corporation will take over the
holdings of the company which con-
sist mainly of forty-three lots in Kan
sas City, Mo-, lying in close proximity
to the proposed site of the new union
depot in that city. The property is
valued at from s25O,00O to 100000.
The Kansas City Coal and Coke COM
pany acted as the selling agent at
Kansas City for coal from the Devlin
mines and was organized in 1892
with a capital stock of $4,000 of
which c. ]. Devlin and w. E. Thomas
of Leavenworth were the principal
stockholders, each holding about one
half Of the issue.
The affairs of the company were
badly involved when the bankruptcy
of Devlin was precipitated. The liti-
cation to settle the conflicting claims
against the assets of this company has
occupied the courts for two years and
more, during the past year it has oc-
cupied the attention of N. H. LOOMS,
special referee, almost exclusively as
against any other Devlin company.
ooy1xr oil he irfa
resented by attorneys in the hearing
set this morning and though it was
expected that the compromise could
not be reached before Friday, things
cleared up quickly this morning and
at noon it was agreed that the stipu-
lations should be signed. C. F. w.
Dassler of Leavenworth representing
the First National and the Manufact-
urers National banks of that city and
the Bank of Topeka and John A.
Eaton of Kansas City, representing
the receiver of the Bankers Trust
company objected somewhat to the
proposed compromise.
Mr.. Eaton claimed that the compro-
mise and the recognition of the in
terests of Mary A. ]. Devlin and that
of w. E. Thomas meant that the cred
itors at large would not secure as much
upon the Indebtedness which they held
against the company and that if the
uIlSdllOH was Carried Oh the Claims VI
Mrs. Devlin and of w. E. Thomas
would be defeated. c. F. w. Dassler
thought the organization of company
would not result in the speedy winding
up of the affairs of the company and
the disposal of the assets. He thought
a long time would elapse before the
sale of the property would be made in
that manner and that a lot of the as
sets would be dissipated in paying tax
es and the other expenses incident to
management
The majority of the creditors attor-
neys, however, held against these two
and the agreement was signed. Under
| the agreement all of the interests re-
allied in the litigation are transferred
and conveyed to the corporation with
out any further payment of money.
All of the interests by the organic
alton of a corporation are Joined in one
and by this means clear title can be
given to the property to the intending
purchaser. AS it was the trustees of
the Devlin estate, Frank E. Lewis, the
trustee of the w. E. Thomas estate,
Mary A. ]. Devlin, Mrs. A. J. Sample,
Alliance Realty and Securities COM
pany American National, Bankers
Trust company, John Moore and the
Central National bank all had well
vested claims against the Kansas City
Coal and Coke company and the claims
and interests were so unfortunately
mixed UP that it would have taken
years to straighten them out and prac-
tically make it impossible to give a
clear title to the property.
| N. H. Loomis, referee, stated that ii
was the intent to hurry the sale of the
property as much as possible and the
proceeds would be prorated according
to the amount of stock held.
This winds up the last big remaining
| mic Of hofnr0
| special referee in the Devlin matters.
| Those Moving to Chicago.
| Take notice. We load a car for thai