The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-07-05
Receiver Bradley in Charge.

Tuesday afternoon j. T. Bradley ar
rived in Topeka and took charge of the
affairs of the First National in place of
E. E. Ames. Mr.. Bradley is the nation
al bank examiner who has been appoint
ed temporary receiver by the comptrol-
Ter of the currency.
Mr.. Bradley and Mr.. Ames put in the
afternoon going over the affairs of the
bank Tuesday evening he made this
statement:
The friends of Mr.. Devlin who have
been declaring that the First National
bank will open for business within a
week will be disappointed. I am of the
opinion that the bank will never do
business again as a banking institution,
and I am of the opinion that it will take
at least year to make a thorough in
vestigation of the security and collat-
eral of the bank and learn it's value 1
do not believe it is possible to finish a
thorough investigation of a bank which
has been in business as long as this
one has in less than that time
Mr. Ames confirmed the opinion of
Mr.. Bradley, adding that the institu
tion would be able to declare dividends
from time to time among the depositors.
1t is probable that the first dividend
will not be declared for two or three
months The permanent receiver for the
institution will be appointed within a
short time and he will have to become
thoroughly acquainted with the affairs
of the institution and then convert it's
securities into cash.
In brief, this is the condition of the
bank. The obligations of the bank to
depositors amount to about 81, 300, 900
and against these deposits there is the
property transferred and the 9TH
| er Topeka real estate securities turn
ed over to the bank by Mr.. Devlin
amounting in all to 100000. In addition
| there are the insurance policies turned
in by Mr.. Devlin, the actual cash value
of which is stated at 100000. The as
/ sets of the bank, exclusive of the Devlin
| property turned in, amount to
81. $50. 00O Of this there is Devlin col
lateral with a par value of $500. 900. The
| actual cash value of this collateral can
not yet be determined. The other notes
| held by the bank amount to $500 600.
| DevIin's Illinois Banks Close.
| Washington, July 5.-The comptroller
| of the currency has appointed National
Bank Examiner d. A. Cook, receiver of
Spring Valley, ILL.,, upon advice receiv-
ed from Cook that the bank had closed.
! The comptroller has also appointed
| National Bank Examiner J. Macsholt,
receiver of the First National bank of
| Toiuca, H.. upon advice from the vice
president of the bank that it would not
| open for business this morning and a
request to have an examiner take
| charge.
The suspension of these banks is due
I to the failure of c. ]. Devlin. who was
president of both of them
The capital of the Spring Valley Ma
tional bank is $4,000 and of the First
| National of Toluca is 100000
| When the First National bank of To
peka, controlled by c. J. Devlin. failed
on July 3. it was known that the Dew
| lin estate owed both the Spring valley
| National bank of Spring Valley Ill
and the First National bank of ToIuca
| Ill. which closed their doors today, anc
the suspension of the latter institutions
! was expected to follow as a natural re
suit. Just what amounts the Devlir
estate owes to the two Illinois banks i.
not known, but it is stated that they be
came involved in loaning money tt
build the Toluca, Marquette & North
ern railroad, a small coal carrying roaC
CONTINUED on page six7