The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-07-03
HISTED IS OPTIMISTIC.
Says Devlin Crash Might Have Been
Ayerted.

SAaAolO 6iSteQy VINO IS &. j. Devlin'S
personal attorney and has been for sew
eral months, spent three hours in con-
Versation with the stricken financier
at his home this morning.
AT the conference Mr.. Devlin authoriz-
ed Mr.. Histed to place securities of
| s1,400, 600, equally divided from his life
insurance policies and his valuable To-
peka holdings at the disposal of the
FIRST National bank for credit.
This does not mean that so much
money was turned over. but that the
property and insurance have an asset
value Of 100000 each on the business
market.
Mr.. Histed states in his interview
tnat the present crisis and bank fiuctu-
alton in Topeka could have been avert
ed had the relatives and friends of Mr.
Devlin realized in time that he was
breaking down from the immense men
tai strain of his business.
Mr., listed also takes a very optimis-
tic view of the conditions at the First
National bank, saying that he believes
the depOsitors will receive back every
dollar which they placed in its vaults.
Nobody, in all Mr.. Devlin's bust
ness career said Mr.. Histed, "has
ever accused him of being a gambler
or a speculator. He was a keen, good
business man. His Judgment on
values, especially in coal, was accept
ed everywhere and had few equals.
Whatever Indebtedness Mr.. Devlin
owes has gone back into properties.
His assets are visible and tangible to-
day, just where he put the money.
The trouble arose merely from the
fact that Mr.. Devlin, who has been a
phenomenal worker, laboring from 15
to II hours per day, carried all the
mass of details in his own head to such
an extent that his business felt a lack
of attention when he cult. This does
not imply criticism on the men who
worked under him and were his SUBJ
ordinates
Every banker who attended the
meeting at Kansas City on Sunday
acuuiesced in this view of Mr.. Devlin.
Probably one of the troubles was that
his friends and relatives did not real
lie that the difficulty was as serious as
it has proven to be- so far as his health
is concerned. so there was q belated
start in taking hold of the question of
handling his large properties while he
is sick.
'It was not through any lack of
confidence, but rather through the
lack of opportunity to thoroughly di-
gest and agree on a plan, that this
situation in Topeka was not averted.
| think that every bank in Topeka
occasion to look into them closely, is
absolutely solvent, and able to pay its
depositors in full. 1 think that the
First National bank situation is a tenn
porary distress. and it will be found
that it's depositors will not suffer loss.
When it was found that it would be
most expedient to not open this morn
ing, and acting upon the authority of
Mr. Devlin, I turned over to the bank
real estate which has been carefully
appraised by experts of value of over
! 100000.
This includes the Central National
! bank block, the Walker block, the lot
and building where his office is sit
uated. the Real Estate building, his
! farm in Shawnee county, coal lands in
southern Kansas. and some fine farm
| ing land in Illinois / also turned over
about $780, 900 worth of life insur-
ance. This does not mean that the
| life insurance has a present cash value
| of that amount, but it does mean that
| it is worth so much in good, tangible,
visible security, which in the long run
! 1--WE feel that the shock and strain
of the situation has Of course had
anything but good effect on him.
| His present condition 1 do not regard
dangerous, yet at the same time, he is
not capable of transacting any bust
ness
Officers and Directors.
The officers of the First National
are:
VIM Sims, president; W. H. Rossing-
| ton, vice president; c. E. Hawley. cash
| Ter; C. S. Bowman, assistant cashier.
The directors are: VIM. Sims G. f.
| HawIey, A. A. Robinson, president of
the Mexican Central railway; Chas. j.
Lantry of B. Lantry & Sons, contract
| ors, Strong City, Kansas; w. H. Ros-
sington, of Rossington, Smith & west,
attorneys; Chas. ]. Dev1in and John L.
Christopher, treasurer T. M. and N.
railway Topeka. J. L. Christopher is
| a nephew of Mr.. c. J. Devlin.
The Banking Law on Loans.
The banking law does not permit a
bank to loan to any one person more
than one-tenth of its capital stock.
Mr.. Devlin's interests are supposed to
include twenty-six companies. If he
had borrowed the limit on each COM
pany he would have borrowed $780,
900. It is reported on good authority
that the First National bank holds Mr..
Devlin's notes, aggregating something
over a million dollars The last state
ment issued by the bank and pub
1ished in this issue shows that on May
| q the loans and~discounts on the bank
lamounted OF $1,097O00. This would
| indicate that practically all the loans
had been made to Mr.. Devlin and his
companies.
Examination of Banks.
National banks are required by law
to be examined at least twice a year
and a report must be made to the
comptroller upon demand at least five
times a year.
Notes of Depositors.
]. D. Mcfarland has given his opinion
| in regard to a matter which comes up
with the First National bank suspen-
sion to the effect that where a depositor
has a note in the bank and which note
remains the property of the bank and
purchaser that the note goes to offset
any deposits to the same amount.
| Woodworlxers Strike.
| Chicago, July 3.-Union woodworkers
| employed by Is bar and office fixtures