Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1905-07-04
Nilliona ire Coal Operator Turns Over Real
and Life Insurance.
'ANE WILL PROBABLY PAY OUT
No Statement Available Until Examiner
Has Gone Over Books,
SHORT RUNS ON OTHER INSTITUTIONS
DeposltOrs Line I'D at the Central
National, which IL Also Cone
trOlled by Mr..
DevIin.

TOPEKA. Kan, July 3-No definite state
ment was obtainable up to a late hour to-
day regarding the condition OF the First
National bank controlled by Charles J.
Dovlin, the big coal mine owner, which
closed its doors this morning.
Colonel w. II. RossiEgton, vice president
Of the bank, locked the institutions books
in the vault to await the arrival of ]. r.
Bradley, the national bank examiner, whom
the comptroller had appointed receiver OF
the failed bank, and he would only say:
The banks trouble has not been caused
by dishonesty on the part Of anyone, out
by lending too largely to one borrower.
There has been no stealing
This borrower Is, of course, Mr.. Devln,
and the bank is said to hold the capitalists
paper to the amount OF Sl.OoO,OO0 Mr.. Dew
lin, whose sudden illness brought about
the tangle in the big coal mining and rail-
road properties valued, It was estimated.
at close to 100000 is still under the care
of a physician and no statement could be
secured from him. All that came from MS
home during the day or could be secured
from other sources was that the stricken
coal operator had turned over to the bank
nearly 100000 in life insurance and about
the same amount in Topeka real estate.
Business associates of Mr.. Devlin gave It
as their opinion that, IL properly handled,
this would allow the bank to pay out.
Elmer Ames bank examiner for the
northern district of Kansas who took
charge pending the arrival Of Receiver
Bradley, would say nothing additional that
would throw any light on the situation.
Il have nothing to give out" said Mr..
Ames. Il will be busy here all night and
by morning l may have something to say"
Aside from the temporary furry that the
upon other banks of the city, probably the
most interesting phase of the situation was
the statement of State Treasurer T. T.
Kelly that the bank held $4,000 of the
states funds and the knowledge that Mr..
Devlin was one of Treasurer kelly's bonds
men. The statement was made that Treas
urer Kelly had exceeded his authority in
placing more Of the state money In the
bank than the law allowed, but MIR. Kelly
declined to discuss the matter at this time.
Small Runs on other Banks.
Following the announcement of the fall
ure a lively run was started on the Central
National bank and before closing time to-
day it was known that something more
than 100000 had been withdrawn from this
institution. The Central National also held
some of Devin's paper and he likewise
owns fifteen -twenty-ei of the capital
But it developed that the Central Ma
tional held but little of DevlIns paper and
when It's officers displayed $500, 900 in cash
and made every effort to pay the deposltors
as fast they made demands. the excite
ment died down and at closing time only
| a few small depostors remained at the
teler's window.
other runs of lesser degree were started
on the State Savings bank, the Bank Of
I ~
bank. At none of these banks, however
was the demand for Withdrawals great.
only the small depositors taking their
money away. Many of the heavy de-
positors here and the correspondents
! throughout the state offered assistance and
! some of the local merchants made deposits
]. r. Muvane, president of the Bank of
Topeka, which kept open past banking
! hours to accommodate any who might
come for their money. spoke confidently
OF the outcome saying his bank had I.erty
/ of available assets. There was no special
show Of excitement on the part of depos-
itors during the day, although crowd Ie-
/ mained about the doors OF the failed FIJI st
National, as well at the other banks
for many hours.
| Dev!in Makes statement
! c. J. Devlin tonight authorized the fol-
! lowing statement:
| No ,depositor in the First National bank
| VII lose a dollar l will give up every
see the bank pay dollar for dollar.
+ 1t is added that Mr.. Devlin expects 10
be able to take active charge of his bust
ness within a short time. His physician
states that Mr.. Devlin will be able to go
to his Office within a week.
1t is stated on reliable authority that
| the prime cause of Mr.. Devlins financial
! troubles is the Toucla & Spring Valley
1 railroad, which he commenced to build in
| Illinois lately. The road took more money
than Mr.. Devlin figured on. and he be-
came hard pressed for funds.
DevIin Unable 10 Transact Business.
! KANSAS CITY, July &C. ]. Deviin was
generally credited with being one OF the
wealthiest men in Kansas. He was at the
| head of twenty-six different companies,
coal mining enterprises and mercantile es-
tablshments and for many years has been
one Of the most active business men in the
southwest, On Friday last It was stated
| that because Of Mr.. Devlin's Illness, the re-
/ suit of overwork, IL had been decided to
/ form a corporation TO cover all his proper
| ties, worth in the aggregate, Il was stated.
about 100000. This action was deemed
| necessary, It was announced. because OF
Mr.. Devlin's inability to longer direct his
| interests
| on Saturday last a corporation to be
| known as the Devlin Mining, Mercantile
and Manufacturing company was organized
at Kansas City by Mr.. Devlin's associates.
| The capital stock Of the company was
placed at 100000 divided into 1000 shares
Of 800 each, already subscribed and paid.
/ The shareholders, all men prominent in
| southwestern business affairs. were given
/ as follows: Landrum b. Ridge, Kansas
! city, 1895 shares; J. w. Gleed. attorney for
the Central National bank OF Topeka. 1
| share, Charles A. Loomis Of the City Ma
tional bank OF Kansas City, / share: Cliff
ford Histed, Kansas City, attorney for Mr.
| and Mrs Devlin, l share n. ]. Lantry,
/ Strong City, Kan, a director OF the Ma
tional bank Of Topeka 1 share.
Papers HuFFiedIy Filled.
As soon as the corporation papers were
drawn up a special train was hired and