346501267 34650
national
13d29b7517c9d548Full suspension, Books examined
Click image to open full size in new tab
IN WAKE OF DEVLIN I Washington, July 5.-The Spring Valley National Bank at Spring Valley, Ill., and the First National Bank at Totuca, III., have closed their doors. The suspension of these banks was due to the failure of C. J. Devlin who is president of both of them, and who has extensive interests in Illinois, Missouri and Kansas.
Click image to open full size in new tab
DEVLIN'S FAILURE WRECKS BANKS Institutions at Spring Valley and Toluca, III., Forced to the Wall. Washington, July 5.-The comptroller of the currency has appointed national bank examiners receivers for the Spring Valley National bank, of Spring Valley, Ill., and the First National bank of Toluca, III., upon information that both institutions had closed. The suspension of the banks was due to the failure of C. J. Devlin, president of both of them. The capital of the Spring Valley Naitonal bank is $50,000, and of the First National of Toluca $100,000.
Click image to open full size in new tab
which Mr. Devlin was constructing to his mining property in that state. This road connects with the Atchison, Topeka & Santa Fe, the Illinois Central, the Chicago, Milwaukee & St. Paul, the Chicago & Alton, and the Indiana, Illinois and Iowa railroads. Negotiations are already in progress, it is said, to sell this railroad property, which is considered a valuable asset. Receiver for Spring Valley Bank. Peoria, Ill., July 5.-D. A. Cook, national bank examiner, who was appointed receiver of the Spring Valley National bank of Spring Valley, Ill., was unable to make a statement today as to the condition of the bank's liabilities or the amount owed the bank by the Devlin estate. There was no run on the instituion when its doors were closed.
Click image to open full size in new tab
Washington, D. C., July The Comptroller of the Currency has appointed receivers for the Spring Valley National Bank. at Spring Valley, Ill., and the First National Bank, at Toluca, III., both having, failure of C. suspended owing to the J. Devlin, who was of president both.
Click image to open full size in new tab
ILLINOIS BANKS HURT. Spring Valley National and Toluca National Close Their Doors. La Salle, III., July 5.-The Spring Valley national bank closed its doors this morining after a run which began Monday afternoon. The run was precipitated by reports from Topeka, Kas., regarding the condition of President Devlin's affairs. Monday afternoon the Spring Valley bank was called on for $17,000. This was followed by a run by depositors, who drew out $20,000 before the bank closed. This morning the bank did not open. It is estimated the bank's deposits amounted to $500,000. The National bank of Toluca also closed its doors this morning. Devlin was also president of the Toluca bank.
Click image to open full size in new tab
ILLINOIS BANKS HURT. Spring Valley National and Toluca National Close Their Doors. La Salle, III., July 5.-The Spring Valley national bank closed its doors this morining after a run which began Monday afternoon. The run was precipitated by reports from Topeka, Kas., regarding the condition of President Devlin's affairs. Monday afternoon the Spring Valley bank was called on for $17,000. This was followed by a run by depositors, who drew out $20,000 before the bank closed. This morning the bank did not open. It is estimated the bank's deposits amounted to $500,000. The National bank of Toluca also closed its doors this morning. Devlin was also president of the Toluca bank.
Click image to open full size in new tab
MORE DEVLIN BANKS CLOSE. Directors Did Not Walt for the Depositors' Impending Run. OTTAWA, III., July 5.-The Spring Valley National Bank of Spring Valley. III., with a capital of $50,000 and deposits of $483,000, and the First National Bank of Toluca, III., capital $100,000 and deposits $230,000, have closed. The suspension is due to the failure of the First National Bank of Topeka. Charles J. Deviin is president of both banks. Both Institutions were prepared to open for business this morning, but long before the hours of opening arrived long lines of depositors were ready to withdraw their funds. The directors, dubious of the outcome, immediately posted a suspension notice. Coincident with the failure of these two banks there was filed in this county a quit claim deed dated June 20 from Charles J. Deviin and Mary A. J. Devlin to the First National Bank of Topeka to all the lands and tenements in La Salle, Putnam and Marshall counties, with the exception of the right of way of the Toluca, Marquette and Northern Railway Company and ten acres known as the Griffith land. The value placed on this property is $350,000. Charles Devlin was born and grew to manhood in Peru, this county, and at one time was a messenger boy for the United States Express Company. He promoted and managed the great mining industries of Spring Valley, and was practically the founder of that city. TOPEKA. Kan., July .-State Treasurer Kelly of Kansas may lose his job because of the publicity given to matters connec ed with Devlin's affairs and the failure of the First National Bank. Among the deposits of the bank was one of $557,000 by the State of Kansas. The law explicitly prohibits State funds being deposited in banks, providing for its keeping in the State treasury. Technically, it is charged that Kelly is an embezzler to that extent until the money is returned to the State treasury. It is shown also that Kelly has deposited $200,000 in banks in Kansas City, Kan., Wichita and Hutchinson, while the law explicitly prohibits the deposit of State funds outside of Topeka. A petition to declare Devlin a bankrupt was filed in the United States District Court to-day on behalf of Kansas City creditors. The claims of the petitioning creditors aggregate $5,000. The effect of the action in bankruptcy will be to set aside the transfers of property which have been made by Mr. Devlin recently, except the transfers of life insurance, which were made payable to Mrs. Devlin.
Click image to open full size in new tab
Washington, July 5:-The Spring Valley, Ill., National Bank, and First National Bank of Toluca, Ill., both owned by C. J. Devlin of Topeka, have been closed as a result of the failure of the First National of Topeka. Both were small concerns. The capital of the Spring Valley bank was fifty thousand dollars, and the Toluca bank had a capital of one hundred thousand. Both banks had runs made upon them.
Click image to open full size in new tab
MORE DEVLIN BANKS fail. Two Illinois Institutions Go Down in the Crash. La Salle, III., July 6.-The Spring Valley National bank closed its doors yesterday morning after a run which began Monday afternoon. The run was precipitated by reports from Topeka, Kan., regarding the condition of President Devlin's affairs. Monday afternoon the Spring Valley bank was called on for $17,000. This was followed by a run by depositors, who drew $20,000 before the bank closed. Yesterday morning the bank did not open. It. is estimated that the bank's deposits amounted to $500,000. The National Bank of Toluca also closed its doors yesterday morning. Devlin is also president of the Toluca bank. Topeka, Kas., July 6.-The affairs of the failure of the First National bank assumed a different phase yes. terday when Kansas City creditors petitioned the United States district court to declare Charles J. Devlin a bankrupt. The petition was made returnable July 20 and the effect is to prevent further attachments of Devlin's property and set aside real estate valued at $700,000 which Devlin Monday transferred to the failed bank. The action does not affect the life insurance, which is in Mrs. Devlin's name, and which she insists be left among the assets of the bank.
Click image to open full size in new tab
ILLINOIS BANKS CLOSE. The Topeka Failure Causes Suspension of Institutions at Spring Valley and Toluca. La Salle, III., July 6.-The Spring Valley national bank closed its doors Wednesday morning after a run, which began Monday afternoon. The run was precipitated by reports from Topeka, Kan., regarding the condition of President Charles J. Devlin's affairs. Monday afternoon the Spring Valley bank was called on for $17,000. This was followed by a run by depositors, who drew $20,000 before the bank closed. Toluca, Ill., July 6.-As a result of the failure of the First national bank of Topeka, Kan., the First national bank of Toluca was closed by order of the directors Wednesday morning. Crowds of depositors were on hand early and the closing caused much excitement, especially among the miners. Rumors to the effect that of they did not get their money to-day they would blow up the bank were current. Sheriff Barr arrived with half a dozen deputies. Officials of the Devlin Coal company assured the miners that if they would be patient everything would come out all right. As near as can be learned the liabilities of the bank on July 1 were $290,000, while the assets were over $450,000. It is believed every depositor will be paid in full. Topeka, Kan., July 5.-By closing its doors Monday the First national bank of Topeka threw into liquidation the $7,000,000 estate of C. J. Devlin, in which several Chicago banks are heavily interested. The comptroller of the currency has appointed National Bank Examiner J. T. Bradley receiver of the bank. According to a recent statement the First national bank of TopeKa owed depositors $1,390,000. Of these depositors the state of Kansas has over $500.000 in deposits, the city of Topeka $39,000 and the county of Shawnee about $30,000.
Click image to open full size in new tab
ILLINOIS BANKS CLOSE. The Topeka Failure Causes Suspension of Institutions at Spring Valley and Toluca. La Salle, Ill., July 6.-The Spring Valley national bank closed its doors Wednesday morning after a run, which began Monday afternoon. The run was precipitated by reports from Topeka, Kan., regarding the condition of President Charles J. Devlin's affairs. Monday afternoon the Spring Valley bank was called on for $17,000. This was followed by a run by depositors, who drew $20,000 before the bank closed. Toluca, Ill., July 6.-As a result of the failure of the First national bank of Topeka, Kan., the First national bank of Toluca was closed by order of the directors Wednesday morning. Crowds of depositors were on hand early and the closing caused much excitement, especially among the miners. Rumors to the effect that of they did not get their money to-day they would blow up the bank were current. Sheriff Barr arrived with half a dozen deputies. Officials of the Devlin Coal company assured the miners that if they would be patient everything would come out all right. As near as can be learned the liabilities of the bank on July 1 were $290,000, while the assets were over $450,000. It is believed every depositor will be paid in full. Topeka, Kan., July 5.-By closing its doors Monday the First national bank of Topeka threw into liquidation the $7,000,000 estate of C. J. Devlin, in which several Chicago banks are heavily interested. The comptroller of the currency has appointed National Bank Examiner J. T. Bradley receiver of the bank. Topeka, Kan., July 7.-C. J. Devlin filed in the United States district court an involuntary petition in bankruptcy. This action was decided upon at a lengthy conference between Mr. Devlin and his attorneys. Mr. Devlin was in favor of the move because it would centralize the handling of all his properties and make easier the settlement of all his creditors, the principal one of which is the First national bank. Judge Pollock granted the petition.
Click image to open full size in new tab
May Doubtful Assets. Washington, July 31.-The comptroller of the currency has received the first report of the receiver of the Spring Valley National Bank, Spring Valley, Ill., which closed its doors July 5. The receiver classified the assets of the bank as follows: Good, $57,108; doubtful, $463,568; and liabilities as follows: Individual deposits, $50,902: certificates of deposit $374,000.
Click image to open full size in new tab
PAPER DOUBTFUL MUCH Receiver Makes First Report on Spring Valley Bank. Washington, July 31.-The controller of the currency has received the first report of the receiver of the Spring Valley National bank of Spring Valley, IH., which closed its doors July 5. The receiver classifies the liabilities as follows: Individual deposits, $50,902; certificate deposits, $374,000; and assets as follows: Good. $57,108; doubtful, $463,568.
Click image to open full size in new tab
$50,000 GOOD ASSETS OF DEFUNCT SPRING VALLEY BANK ARE LARGELY "DOUBTFUL." Washigton, D. C., July 31.-The comptroller of the currency has received the first report of the receiver of the Spring Valley National bank of Spring Valley, Ill., which closed its doors July 5. The receiver classified the assets of the bank as follows: Good- $57,108; doubtful $463,568, and the liabilities as follows: Individual deposits-$50,902; certificate deposits$374,000.
Click image to open full size in new tab
Trimble Receiver of Bank. Washington, Aug. 1.-Judge Harvey M. Trimble, of Princeton, III., has been appointed receiver of the Spring Valley national bank of Spring Valley, III.
Click image to open full size in new tab
Receiver for the Spring Valley Bank. Washington, Aug. 1.-Judge Harvey M. Trimble, of Princeton, Ill., has been appointed receiver of the Spring Valley National bank, of Spring Valley, III., and Charles Andrews, of Brazil, Ind., has been appointed receiver of the Vigo County National bank, of Terre Haute, Ind.
Click image to open full size in new tab
Receiver Appointed. Washington, Aug. 1.-Judge Harvey M. Trimble. of Princeon, Ill., has been appointed receiver of the Spring Valley national bank of Spring Valley, Ill., and Charles Andrews, of Brazil. Ind., has been appointed receiver of Vigo County national bank, of Terre Haute, Ind.
Click image to open full size in new tab
Receiver Appointed. Washington, Aug. 1.-Judge Harvey M. Trimble, of Princeon, III., has been appointed receiver of the Spring Valley national bank of Spring Valley, III., and Charles Andrews, of Brazil, Ind., has been appointed receiver of Vigo County national bank, of Terre Haute, Ind.
Click image to open full size in new tab
Receiver Paid First Dividend. SPRING VALLEY, Ill., February 10.-H. H. Trimble, receiver of the Spring Valley National Bank, which failed July 5, 1905, paid today the first.dividend of 20 per cent, amounting to $85,000. Charles J. Devlin, who died four months after the bank failed, was its president.
Click image to open full size in new tab
PAID FIRST DIVIDEND. Spring Valley, III.. Feb. 10.-H. M. Trimble, receiver of the Spring Val. ley National bank which failed July i. 1905 paid today the first dividend of 20 per cent. amounting to $85,000. Charles J. Devlin, who died four months after the bank failed, was its president.
Click image to open full size in new tab
DEVLIN DIVIDEND. Spring Valley Bank Depositors Receive 20 Per Cent. Spring Valley, III., Feb. 12.-Receiver Harvey M. Trimble of the defunct Spring Valley National bank, of which Charles J. Devlin was the president, has begun paying out the often promised 20 per cent. dividend. The depositors, mostly poor laboring men, will receive $85,000. These had on several occasions gathered about the bank entrance expecting some of their money back, but were as often disappointed. Among them were some who were loud in their threats against those connected with the bank and it was feared the more desperate might resort to criminal measures to get even. However, this payment has changed the situation greatly and there are hopes that .another 20 per cent. dividend will be made before the year is over.
Click image to open full size in new tab
AFTER BANK OFFICIALS. Depositors Learn That Dividend Was Declared Day Before Crash Came. SPRING VALLEY, III., Oct. B.-Receiver Harvey M. Trimble of the defunct Devlin institution, the Spring Valley National Bank, which closed its doors fifteen months ago, has made sensational disclosures about that concern. A call was issued to-day to the 1,000 depositors to assemble in mass meeting to-morrow and take legal measures in the prosecution of the bank's officials. It is publicly charged that the day before the bank suspended payment and when it was in a condition of insolvency the officers declared a dividend among themselves and by this means appropriated $100,000 of thefunds. Various other charges are also made and the arrest of the cashier, Michael Barton, will be demanded. at the meeting of the depositors, who are working up to a high state of excitement over what they have just learned from the receiver. When the bank failed it was learned that Charles J. Devlin, who died shortly afterward, had used up $500,000 of deposits exploiting coal mining and railway enterprises. The day before the failure Cashier Barton left the city and has not returned.