The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1909-11-30
Why Nothing Is Being Done
About TOpeka-SOuthWestern.
Bonds of the Company Haven't
Been Secured.
HELD BY A RECEIVER,
We're Turned Over When Lam.
prechts Failed.
Local People Still Have Faith
in the Project.

AS soon as the bonds of the To-
peka Southwestern Railway company,
amounting to one and a half million
dollars, can be secured from the receiv-
er for Lamprecht Bros, promoters of
the road who recently failed, an effort
Will be made to sell the bonds and Sc
cure money for the building of the
road. Just how soon this can be ac-
complished is not known, but stock
holders and directors of the company
expect it soon. Meanwhile nothing is
being done because there is nothing
that can be done until the bonds are
recovered from the receiver for Lam
precht Bros
The million and a half of Topeka
Southwestern bonds were placed in the
vault of the Columbia Trust company
of New York, to be held there until
Lamprecht Bros, New York agents for
the road. were able to find a buyer.
The entire issue of bonds remains I'M
sold save for 100000 worth which were
subscribed by Topeka people.
While buyer for the bonds was be-
ing sought Lamprecht Bros. failed and
one member of the firm has since been
convicted of fraud. A receiver was ap-
pointed for the firm and he, in seeking
assets which might be converted into
cash and thus benefit creditors of the
III III, lOuIld Tie DOIuS WHICH were OS-
posted with the trust company. With
everything else in sight in the way ct
securities they went into the receivers
hopper, and as result no effort has
since been made to sell them and thus
secure money with which to finance the
Topeka Southwestern road.
1t is declared that there is no way In
which the creditors of Lamprecht Bros.
can hold the bonds. They were not the
property of the failed firm nor securi-
ties pledged by them. Lamprechts were
only employed to sell the bonds the
same, largely, as real estate dealer is
given the task of selling property in his
line. 1t is only a question of persuad-
ing the receiver for the New York firm
that this is the case. No difficulty is
anticipated in doing So In case the
receiver continues to refuse to give up
the bonds the stockholders and di-
rectors of the road urge that legal ac-
ton to compel him to deliver the bonds
be started. 1t is likely that this will be
done if the bonds are not forthcoming
Are Still Hopeful.
A number of the stockholders and
directors Of the company are still hope
full. The proposition is as good a one
as it ever was, they declare and the
rlacing of the bonds with some reputa-
BILE promoter in 1.-THE east will lead to
the road being built. As soon the
bonds are secured, the men interested
in the proposition declare every effort
to sell them and build the road will be
made.
c. K. Holiday, one of the chief pro-
motors. is out of town now. but there
are number of men interested in the
proposition who believe that there is
no question IF the line being built
once a reputable firm gets to work
on the selling of the bonds. That a
line from Council Grove to Tonganoxie
to connect with the Missouri Pacific at
both places would be sought by the
management Of the Gould roads is still
believed by the business men here who
purchased stock in the company. 1t
would cut nearly 40 miles off the dis
taGce between Kansas City and Denver
en- the Missouri Pacific and the men
who are most hopeful of the road being
built attach great Importance to this.
Without connection with the Gould or
other large railways it is believed by
the business men here that a line to
Topeka from Council Grove would pay.
The men whose money is invested in
the proposition are confident that some
thing will soon be done towards the re-
covery of the bonds and as soon as
this is accomplished it is believed the
work of selling the bonds will soon be
accomplished and the line built.