The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1901-04-08
Secures Controlling Interest in
the First National.
Purchases Interests Of Levi z.
Letter, Chicago Millionaire.
PRICE PAID is s1S6, 900.
Vim. Sims is Elected President
Of the Bank.
Cashier IL e. O. Faulkner and
New Directors Elected.

c. J. Devlin this morning purchased
L. z Letters controlling interest in the
First National Bank Of Topeka The
price paid for the 1e0 shares was $4,000
or S. cents on the dollar
At present Mr.. Devlin owns about IS
per cent Of the shares in the Central
National bank and within the last week
or so he bought shares and it is expected
that ultimately he viii own the contrpH-
ing interest
It is understood from Mr. Devlin's rep
rese1 tatives that he does not intend to
consolidate the First National and the
Cent al National They Will be operated
as separate institutions.
At the annual meeting Of the board Of
directors of the Central National bank
c. s Downing was elected vice presi-
dent and is Mr. Devlin's active represen-
tative in the institution
This morning the stockholders Of the
First National bank elected the follow
ing board Of directors. William Sims,
w Fl. Rossington, c. j. Devlin, a. A.
Robinson. II. O. Faulkner. w. A. Steph-
eng and G. J. L.antry.
At a meeting Of the board Of directors
the following officers were elected.
William Sims, president
W H Rossington, vice president
Z. o. Faulkner, cashier.
Mr.. Faulkner, who Will succeed Will
liam Henderson, resigned, as cashier has
Ee and "A business associate OF Mr..
Devlin's. w. "A. Stephens, the other new
member Of the board Of directors, is gen
eral auditor of Mr. Devlin's Mount Car
mel coal company
The sale OF the bank stock carries with
Il the ownership of the National hotel
The bank offices are in the hotel build
ing which gives the National bank the
right TO operate the property.
The story Of how Millionaire Letter
happened to become the principal owner
~ H. a. III -.
rypewritten letter When the presi-
dency of the First National bank was
held by Edwin MOultOn Mr.. Letter wrote
TO Eoulton and asked him why banks
did not pay in Kansas. MOultOn very
carefully and exhaustively wrote a let
ter OF explanation When he had it
written he took it to a typewritist and
had it copied. 1t covered several pages
He sent il to Letter who was then Of the
firm Of Field & Letter. of Chicago, now
Marshall Field & Co.
Millionaire Letter does not believe in
typewriters He wrote back to MOulton
and upraided him for having had the
letter typewriter He said that he.
Letter, wrote his own letters by hand
and thai other people should do the
same He did not like machines.
Moulton then took his pen in hand and
wrote to Letter and gave him his opIn-
ton Of a man who would not use ma
chimes Then Moulton left the Topeka
hank and went to Chicago and became
vice president OF the Globe National
bank. a new institution.
At that time P. c. Noel was in the
dry goods business In Fort Scott H
came to Topeka and bought an interest
in the Kendall Dry Goods company and
went to Chicago to buy goods Of Field
and Letter. Letter saw much Of Noel
ana decided that he was a good business
man.
It was through Noel's efforts that
letter was induced to interest himself
III Topeka bank property. That was
during the boom days
The First National had $50 shares OF
stock Letter could not buy any. The
stock was at a premium He finally in
duced the bank to increase the capt. al
stock to 300 shares and he bought the
80 new shares at a premium of $50
share and paid for his interest S195. 900.
The First National bank. under the
presidency Of p. G. Noel. built the Ma
tional hotel. which turned out a poor
Investment and which was the reas on
eor Letter disposing Of his stock at less
than par.