The Topeka state journal., 1905-07-04

and waited for repairs and better
ments. In a few hours he heard about
a state treasurer named Kelly or
something, who needed a bond. Nor
gan, being in the bond manufacture
and selling business, tackled Kelly
Now this man Kelly was a skittish
customer. He looked pleasant and did
not have the appearance of a bad risk
smoked was one big point in his favor.
Morgan hung onto Kelly like a man
who needed the commission. Finally
he did business by making Kelly good
on 100000 bond for reasonable
commission, some of which he finally
manager to get home with.
This is the banner policy of the
Scranton company. No one else has
been able to do such a business, and
he has been praised greatly for landing
such an order. The policy is of new
kind, giving more comfort, consolation
and promising more cash in case of
fall-down than any other. 1t is said
to be worth it's full face of 100000
now to the state of Kansas, provided
Kelly has lost the money
On hearing the news yesterday Mr.
Morgan with great care framed a
message for Scranton. 1t broke the
news gently that they owe Kansas a
half million dollars on that banner
policy. Morgan predicted: ST know
the board of directors, on getting my
dispatch, will die laughing Up to an
early hour this morning no fatalities
have been reported from Scranton.
Morgan says Kelly is an awfully nice
man and he will never forget how hard
he had to work to get that policy.
But that Newton man got away
from Morgan, was accommodated by
another company, which settled a few
weeks ago by paying only $4,000.
DevIin's Deal With Letter.
The bank that failed in Topeka, says
the Kansas City Star, furnishes an in
cident that shows how Mr.. Devlin would
do business. 1t was formerly controlled
by Levi z. Letter of Chicago. Letter
passed On the loans himself and quar-
relied with the Topeka men connected
with the bank. He went to Topeka to
have it cut with them. The differences
were considerable and Mr.. Letter con-
cluded to sell his interest and get out
This was at night. He could think of
no one but Devlin who could buy a
bank on short notice so he called a
carriage and rode out to the Devlin
home on Topeka avenue. Mr.. Devlin
the situation. A price was named some
thing in the neighborhood of u million
dollars.
'.AIl right. I'll buy it" Devlin said.
He made an appointment to meet Letter
in the morning and the details of hand
ing over the certificates of stock and
the money were attended to at the
morning meeting. That was -Devlin's
purchase of the First National.
His capacity to make things pay ov-
ercame his caution as an investor in
recent years. A mining property offered
at small price he, would promptly buy
it. He would go to bank and borrow
on short time in preference to mort
gaging or bonding the property. Then
when he had the money he would often
buy part of the bank and renew his
loans rather than pay out.
A strong, vigorous man, bold and
energetic, he knew how to get the
most out of a business enterprise, and
he owns a great many interests that
would be profitable If he had his
health and could devote his time to
them. But with the banks crowding
and the man who managed and con-
trolled unable to talk business with his
most confidential friends, and little
prospect of recovery at any time be-
fore him, the situation is very diff
ferent. His old rivals in the coal
business say if Devlin could be on his
feet two years and did not buy any
all of his property clear. He went
into the semi-anthracite field few
years ago and there made probably
the only large loss of his life.
Mr.. Devlin's devotion to the Cath
olic church was a subject often men
toned among his associates in the
coal business. More than one priest
working among the miners looked to
him for his main support He built
churches and made frequent gifts to
churches and schools. In Frontenac
where he had two large mines he
erected a large building for the Ro-
man Catholic church, his own re-
ligion. At all of his mines he en-
couraged men to buy homes and sold
them company houses" on install
ments.
Second Bank Failure.
4
of the comptroller of the currency, il
was known last Saturday that the
First National bank of Topeka was In
distress. The information came from
a national bank examiner at st. Louis
where some of the drafts on the To-
peka bank had gone to protest Tbs
comptroller Immediately wired j. I
Bradley, a national bank examiner al
Sedan, Kan, to proceed to Topeka ano
take charge of the bank. Prior te
troller received a telegram from Mr
Ames, another national bank examin-
er, that he would take charge unit
| Bradley's arrival.
The comptroller was notified BY
wire of a run on the Central Nationa
bank of Topeka, and from another
source heard that run was started or
| a Kansas City bank, but he placed NJ
| credence in the latter report, as it wa:
not official. This is the first banl
failure in Kansas since 1899, when tn.
First National bank of Mcpherson
| failed. This bank had been in volun
! tary liquidation for some time, but i
became necessary to appoint a receives
for it. This record, the acting comp
troller says, is an excellent one for tht
state.
Attach DevIin's Property.
Kansas City, Mo, July 4.-Suit wa:
| filed in the circuit court of jackson
county, at 4:30 yesterday afternoon, b,
| the National Bank of Commerce, O
| Kansas City, against c. J. Devlin, TO
| attachment of real estate in Kansas Cit.
to satisfy notes held against companie
4 in which he was interested, in the valu
of $150.900. There are sixty-three lot;
in all in the list of real estate, in {
dozen or more various tracts.
The petition was filed by w. S
| Woods, president; w. H. Winants. vic
president, and w. A. Rule, cashier, o
| the bank.
! There were three Kansas City Goa
1 -. - Ill.,