The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-07-01

The knowledge that the business was
to be turned over to others was the
cause of a slight furry in financial cir
cles in Topeka this morning. Mr.Devlin
IS interested in the four largest banks
in Topeka and at all of them there were
withdrawals of deposits though nothing
like run occurred at any of the banks.
Mr.. Devlin is more largely interested in
the First National. than in any other
here, owning more than two-thirds of
the stock and being large borrower,
and it was this institution That, as a
consequence, felt the greatest burden
of public disquietude.
The bank was kept open ten minutes
after the closing hour to enable all who
wanted to take their money out to do
SO but there was no excitement
w. H. Rossington, director of the
First National, was in charge owing to
the illness of G. E. Hawley, the cashier,
and he announced at noon that the in
stitution is in no danger.
The New Organization.
The Devlin Coal and Mining COM
pany which has been organized to take
over the varied interests and holdings of
c. J. Devlin will have nominal capi-
tai of 81 0O0, 900, the stock of which will
be held by the associates and friends of
Mr.. Devlin. 1t will be a close corpora
ton organized under the laws of Mis-
souri, and no stock will be placed on the
market. It is simply a holding corpora
ton designed to, maintain intact the
property for the benefit of the family
ana the creditors of Mr.. Devlin alike.
The capitalization was fixed at that
amount with the knowledge that the
issue would enable the procurement of
efficient available cash to carry on the
needs of the varied interests at stake.
The directorate, it is understood, is COM
posed of Mr. and Mrs. C. J. Devlin, j.
Willis Gleed, Chas. S. Gleed, Chas. S.
Downing of the Central National bank,
w. A. Rule, cashier of the National
Bank of Commerce, Kansas City, Mo-,
and Mr.. Clifford Histed of Kansas City,
Nc.
The following statement was made to-
day by a man familiar with Mr.. Deviin's S
affairs:
The illness of Mr.. Devlin and the
report of his condition brought on the
crisis. Essentially Mr.. Devlin is a
man who keeps but few books and
burdens his brain with the transac-
tfons of his business. In consequence
the relations which existed oeIWeen
his many companies was not intrusted
to paper. Each of the companies has
a head who looks after the details un-
der his immediate management but
the relations which exist between
those companies, their dovetailed char
acter was left to no mans memory or
keeping, other than that of Mr.. Devlin
himself All of this heavy burden.
this strain on the mind, finally told
upon the superb mental qualities of
Mr. Devlin and brought on cerebral
paralysis. A physical as well as men
tai breakdown ensued. Then came
down with it the loss of the master
hand in charge of the vast business
data The business commenced to
show the lack of the presence of its
owner.
AFFAIRS between the companies were
becoming added. Each of the COM
panies from an individual standpoint
was doing well and carrying on its in
terests but that leash which held them
common to a central guiding hand was
gone The Internationally was be-
coming muddIed and destroyed Then
the business associates and friends of
the millionaire coal operator met with
him and advised him to form a hold
ing corporation which should take
over the management of these proper
ties and retain the central manage
ment.
ssMr. Devlin agreed readily to the
plan and turned over his property
holdings. The plan was conserva-
ton of both family and creditors in
terests. The crisis also brought on
the imperative need of realizing a
large amount of money, as It takes