Spring Valley National Bank (Spring Valley, IL)

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Episode Information

Episode UID
346501267
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
34650 national
Charter Number
3465
Start Date
July 3, 1905
Location
Spring Valley, Illinois (41.323, -89.184)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e2fd54fb72ec5d54

Response Measures

Full suspension, Books examined

Other: Comptroller-appointed receiver (national bank examiner) took charge; bank directors posted a suspension notice.

Receivership Details

Depositor recovery rate
41.2%
Date receivership started
1905-07-05
Date receivership terminated
1912-06-15
OCC cause of failure
Excessive lending
Share of assets assessed as good
11.0%
Share of assets assessed as doubtful
89.0%

Events (5)
1. March 6, 1886 Chartered
Source
historical_nic
2. July 3, 1905 Run
Cause
Local Banks
Cause Details
Run precipitated by reports of the failure/condition of C. J. Devlin and the First National Bank of Topeka (reports from Topeka).
Measures
Directors posted a suspension notice and the bank did not open; depositors withdrew funds prior to closing.
Newspaper Excerpt
The Spring Valley national bank closed its doors ... after a run which began Monday afternoon. The run was precipitated by reports from Topeka, Kan., regarding the condition of President Devlin's affairs.
Source
newspapers
3. July 5, 1905 Receivership
Source
historical_nic
4. July 5, 1905 Receivership
Newspaper Excerpt
The comptroller of the currency has appointed National Bank Examiner D. A. Cook receiver of the Spring Valley National Bank of Spring Valley, Ill., upon advice received from Examiner Cook that the bank had closed.
Source
newspapers
5. July 5, 1905 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension ordered by comptroller and receiver appointed due to the failure of C. J. Devlin and related insolvency exposures.
Newspaper Excerpt
The comptroller of the currency has appointed National Bank Examiner D. A. Cook receiver of the Spring Valley National Bank of Spring Valley, Ill., upon advice received from Examiner Cook that the bank had closed.
Source
newspapers

Newspaper Articles (23)
1. July 5, 1905 Evening Star Washington, DC
Article from Evening Star, July 5, 1905

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Article Text

Result of Devlin's Failures. The controller of the currency has appointed National Bank Examiner D. A. Cook, receiver of the Spring Valley National Bank of Spring Valley, III., upon advice received from Examiner Cook that the bank had closed. The controller has also appointed National Bank Examiner J. MacSholl receiver of the First National Bank of Toluca, Ill., 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 to the failure of C. J. Devlin, who was president of both of them. The capital of the Spring Valley National Bank is $50,000, and of the First National of Toluca $100,000.

2. July 5, 1905 Santa Fe New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe New Mexican, July 5, 1905

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CLOSING OF t. t TWO BANKS S Directly Due to Failure of C. J. : e Devlin, President of Both. p IS FILED PETITION :In U. S. District Court Asking That e e Banker Be Declared Bankrupt in d Favor of Kansas City Creditors. Washington, July 5.-The comptrol. a ler of the currency has appointed Na. y tional Bank Examiner D. A. Cook as receiver of the Spring Valley National . s Bank of Spring Valley, Illinois, upon advice received from Mr. Cook that the : bank was closed. The comptroller 1 has also appointed J. Macsholt as receiver of the First National Bank of : Toluca, Illinois, upon advice from the 1 vice president of the bank that it would not be open for business this : morning. The suspension of these banks is due to the failure of C. J. Devlin, who was president of both. The capital of the Spring Valley National is $50,000 and of the First National of Toluca is $100,000. Unable to Make Statement Yet. Peoria, July 5.-D. A. Cook, national bank examiner, who was appointed as receiver of the Spring Valley Bank of Spring Valley, Illinois, was unable to make a statement today as to the condition of the bank's finances and of the amount owed the bank by the Devlin estate. There was no run on the institution when its doors were closed. Petition Filed in Court. Topeka, Kans., July 5.-A petition to declare C. J. Devlin a bankrupt will be filed in the United States district court today in behalf of the Kansas City creditors. Will the State Be a Preferred Creditor? Topeka, Kans., July 5.-The condition of the half a million of dollars of state funds in the First National Bank is causing much discussion among state officials. T. T. Kelly, state treasurer, believes the state will be considered a preferred creditor, as the money was left in the bank in the ordinary course of collection and not as a deposit upon which interest was drawn. J. T. Bradley, receiver for the First National says he does not believe the state will be a pre. erred creditor and that it will have to take its chances with the other creditors. Mr. Bradley says it will be 10 days before he will be able to give a statement of the liabilities and assets.

3. July 5, 1905 Bismarck Daily Tribune Bismarck, ND
Article from Bismarck Daily Tribune, July 5, 1905

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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.

4. July 5, 1905 The Providence News Providence, RI
Article from The Providence News, July 5, 1905

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MORE DEVLIN BANKS HAVE SUSPENDED Washington, July 5.-The comptroller of the currency has appointed National Bank Examiner D. A. Cook receiver of the Spring Valley National bank of Spring Valley, Ill., upon advice received from Examiner Cook that the bank had closed. The comptroller has also appointed Bank Examiner J. McSholtz receiver of the First National bank of Toluca. III., upon advices 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 to the failure of C. J. Devlin, who was president of both of them. The capital of the Spring Valley bank is $50,000 and of the First National of Toluca $100,000.

5. July 5, 1905 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, July 5, 1905

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RECEIVER APPOINTED. Washington, July 5.-The comptroller of the currency has appointed National Bank Examiner D. A. Cook receiver of the Spring Valley National bank of Spring Valley, III., upon advice received from Examiner Cook that the bank had closed. The comptroller has also appointed National Bank Examiner J. MacSholt receiver of the First National bank of Toluca, III.. 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 to the failure of C. J. Devlin, who was president of both of them. The capital of the Spring Valley National bank is $50,000. and of the First National of Toluca $100,000.

6. July 5, 1905 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, July 5, 1905

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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.

7. July 6, 1905 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, July 6, 1905

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DEVLIN'S FAILURE CLOSED TWO BANKS Institutions at Spring Valley and Toluca in Hands of Comptroller of Currency By Associated Press. WASHINGTON, July 5.-The comptroller of the currency has appointed National Bank Examiner D. A. Cook receiver of the Spring Valley National bank of Spring Valley, Ill., upon advice received from Cook that the bank had closed. The comptroller has also appointed National Bank Examiner J. Macsholt receiver of the First National bank of Toluca, Ill., upon advice from the vice president of the bank that it would not open for business this morning. The suspension of these banks is due to the failure of C. J. Devlin, who was president of both of them. The capital of the Spring Valley National bank is $50,000 and of the First National of Toluca $100,000.

8. July 6, 1905 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, July 6, 1905

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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.

9. July 6, 1905 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, July 6, 1905

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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.

10. July 6, 1905 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, July 6, 1905

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Due to Devlin Failure. Washington, July 5.-The comptroller of the currency has appointed National Bank Examiner J. D. Cook receiver of the Spring Valley National bank at Spring Valley, Ill., upon advice received from Cook that the bank had closed. The comptroller has also appointed National Bank Examiner J. MacSholt receiver of the First National Bank of Tulosca, Ill., 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 two banks is due to the failure of C. J. Devlin, who was president of both of them. The capital of the Spring Valley National bank is $50,000. and of the First National of Tulosca, $100,000.

11. July 6, 1905 The Sun New York, NY
Article from The Sun, July 6, 1905

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MORE DEVLIN BANKS CLOSE. Directors Did Not Wait for the Depositors' Impending Run. OTTAWA, Ill., July 5.-The Spring Valley National Bank of Spring Valley, Ill., 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. Devlin 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 5.-State Treasurer Kelly of Kansas may lose his job because of the publicity given to matters connected 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.

12. July 6, 1905 The Sun New York, NY
Article from The Sun, July 6, 1905

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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.

13. July 7, 1905 Barton County Democrat Great Bend, KS
Article from Barton County Democrat, July 7, 1905

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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.

14. July 10, 1905 Vilas County News Eagle River, WI
Article from Vilas County News, July 10, 1905

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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.

15. July 13, 1905 The Cooperstown Courier Cooperstown, ND
Article from The Cooperstown Courier, July 13, 1905

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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.

16. July 14, 1905 The Ely Miner Ely, MN
Article from The Ely Miner, July 14, 1905

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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.

17. July 15, 1905 The L'anse Sentinel L'anse, MI
Article from The L'anse Sentinel, July 15, 1905

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each. 000'T$ JO 11 J. Devlin filed in the United States ict court at Topeka, Kan., an involry petition in bankruptcy. The pe1 schedules liabilities exceeding '000' mes W. Alderdice, a lawyer cond in New York of forgery, was in send to 18 years' imprisonment A. Sing. Spekenhier has been appointed ver of the Commercial bank, of rstown, Ind., on application of dent Frank Mason. The liabilities d $100,000. while the assets are as much less than that amount. ry Walker, aged 18 years, and Worrall, aged 12, were drowned in 'oughiagheny river near McKeesPa. seventh international convention e Epworth league was opened in Coll '. ornado in Texas caused much loss : and destruction of property in gue county and the northern porof the state. Twenty-four are 1 to be dead. five-year-old son of Samuel Squillof Seymour, Ia., and the fourld son of a neighbor, George Bilvere burned to death in a fire destroyed Squillman's home. man Meminger, chief of the Mile (Wis.) fire department, died he effects of injuries sustained at two months ago, when it was re1 he inhaled acid fumes. 1 Ross, who was knocked out by Donnelly in the sixteenth round rize fight at Aberdeen, Wash., is His neck was dislocated and a clot gathered on the brain. e railroad employes were killed vo injured and thousands of dolworth of property destroyed by a n collision on the Fitchburg divi: the Boston & Maine railroad-near isett, Mass. Amasa Cobb, brigadier general unteers during the civil war, vetf the Mexican war, congressman x-justice of the supreme court of ska, died at Los Angeles, Cal, aged S. formal opening of the twenty-secternational Christian Endeavor tion took place in Armory hall, ore, Md., with about 8,000 delepresent. Lucie B. Tyng. one of the best1 temperance workers in the Unittes, died in Peoria. III. new directory indicates Chicago's tion to be 2,272.000. weekly crop report shows that 1 has been retarded by heavy but the 'condition of corn in the elt is excellent money circulation July 1 was the : per capita and in amount in the y of the country. Bank note is1 the past year were larger than w gold increase. : of the Chicago indicted packers, gents and the companies in which are interested have furnished Hanly's crusade against bookS has put an end to horse racing in e uel Thompson, a Chicago coffer er, says the scheme of an eastern to have a tax imposed is a marke' ulation to secure $12,000,000 profit ck. me Stewart's will, dividing an es$500,000 between his widow, chilrothers and sisters, was filed in o Spring Valley (III.) national bank e First national bank of Toluca, sed their doors as the result of the of C. J. Devlin, of Topeka, Kan. Frazer of Chicago, when asked

18. August 1, 1905 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, August 1, 1905

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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.

19. October 19, 1905 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, October 19, 1905

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Receivers File Their Report This Afternoon. Shows That Assets Exceed the Liabilities. # EXCESS IS VERY SMALL Mount Carmel Coal Company Hopelessly Insolvent. Personal Assets of Devlin Show Up Well. # COAL LAND UNWORKED Report Shows Twelve Thousand Acres to Be Opened. Receivers Are Greatly Pleased Over the Report. No account has been taken in the above of the claim made by receiver of Spring Valley National bank that, to that trust belongs by purchase, $167,- 000 bonds of Toluca, Marquette & Northern R. R. Co., $5,000 bonds of Marquette, S. V. & N. W. R. R. Co. The receivers in the above entitled cause respectfully submit this, their inventory and appraisement of the property of C. J. Devlin, and of the several companies, bankrupts. In submitting this report we desire to say in explanation, that the condition and character of these properties are such that it is impossible for us to reach conclusions which we can say are absolutely accurate. As an ex- ample and illustration of this state- ment, we will instance the property of the Devlin Coal company, located in Marshall county, Illinois: It consists, principally, of 11,996 acres of coal. This coal field will yield from 3,500 to 4,500 tons of coal per acre. At the low profit of ten cents per ton, this property will yield a value of approximately $400 per acre, or a total of $4,800,000, or at the more reasonable profit of fif- teen cents per ton, it will yield a value of more than $7,000,000; but against this is the interest charge on the cap- ital invested, in a constantly diminish- ing amount as the coal is mined and sold, but for such period of time as will be required to mine all of this coal which may extend to 30 or 40 or pos- sibly 50 years. The development of other similar mines in the immediate locality of this mine may have an influence upon the results of this mine which can not be estimated. The future demands for coal within the market range of this mine can not be estimated, nor can the supply or demand be now deter- mined; the future cost of production may, during the life of this mine ma- terially change, making the cost of production more or less. Other ele- ments enter into the ultimate value of this property, which make it im- possible at this time to fix a present value with any certainty. We have estimated as we think conservatively the present value of this coal at $599,- 820. We particularize with this prop- erty as illustrative of the difficulties attending the fixing of values in these several properties, and, accordingly, state that the values fixed in the fol- lowing statements are the best that we have been able to determine, acting conservatively, but desire to inform the court that we can not assume accu- racy. For accuracy of values we pre- fer to wait an appraisement which we understand will have to be made by experts to be appointed by the court after the election of trustees.

20. January 1, 1906 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, January 1, 1906

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Business Failures Jan. 3-First national bank of Faribault, Minn., closed; receiver appointed. 9-Brott cotton mills, Massachusetts, capital $1,200,000. 27-Standard Rope & Twine Co., N. Y., for $12,000,000. 29-Pan-American bank, Chicago; assets $17,200, liabilities $75,900. Mar. 5-Arnold Brewing Co., Saulte St. Marie, Mich.; liabilities $85,000; assets $65,000. 7-Coe Co., Minneapolis; liabilities, $200,000. Apr. 3-Ladoga, Ind., bank; assets $80,000, liabilities $109,000. 24-Canton, O., state bank closes Lexington, Okla., First national bank falls. 26-Barberton, O., First national bank Jun. 2-Ladysmith, Wis., First national bank closed. 19-Fyfe & Munson, Chicago, placed in receiver's hands. 23-Vicksburg, Mich., exchange bank. 26-Knight, Donnelly & Co., Chicago. 28-Terre Haute, Ind., national bank closed doors. Jul. 5-Spring Valley, Ill., and Toluca, III., national banks close. 6-Hagerstown, Ind., Commercial bank; liabilities, $125,000. 19-Spring Valley, O., bank closes. 20-City national bank, Kansas City, Mo. Aug. 3-West Liberty, Ky., bank closes. 21-Western bank, Louisville, Ky.; due to overloans. Sep. 19-Minot, S. D., national bank closes doors. Oct. 6-Peoria (I11.) national bank closes because of Dougherty indictments. Nov. 1-Kingfisher (Okla.) national bank closed by comptroller of currency. Dec. 18-John R. Walsh's three banks in Ch'cago. Chicago National, Home Savingsand Equitable company in liquidation. Local clearing house guarantees payment of $26,000,000. Public and private accounts involved. 27-Merchants Trust company, American Savings bank and Mechanics Savings bank, Memphis, Tenn., close doors; first named in liquidation.

21. January 2, 1906 Ottumwa Tri-Weekly Courier Ottumwa, IA
Article from Ottumwa Tri-Weekly Courier, January 2, 1906

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Business Failures Jan. 3-First national bank of Faribault, Minn., closed; receiver appointed. 9-Brott cotton mills, Massachusetts, capital $1,200,000. 27-Standard Rope & Twine Co., N. Y., for $12,000,000. 29-Pan-American bank, Chicago; assets $17,200, liabilities $75,900. Mar. 5-Arnold Brewing Co., Saulte St. Marie, Mich.; liabilities $85,000; assets $65,000. 7-Coe Co., Minneapolis; liabilities, $200,000. Apr. 3-Ladoga, Ind., bank; assets $80,000, liabilities $109,000. 24-Canton, O., state bank closes Lexington, Okla., First national bank fails. 26-Barberton O., First national bank Jun. 2-Ladysmith, Wis., First national bank closed. 19-Fyfe & Munson, Chicago, placed in receiver's hands. 23-Vicksburg, M h., exchange bank. 26-Knight, Donnelly & Co., Chicago. 28-Terre Haute, Ind., national bank closed doors. Jul. 5-Spring Valley, Ill., and Toluca, Ill., national banks close. 6-Hagerstown, Ind., Commercial bank; liabilities, $125,000. 19-Spring Valley, O., bank closes. 20-City national bank. Kansas City, Mo. Aug. 3-West Liberty, Ky., bank closes. 21-Western bank, Louisville, Ky.; due to overloans. Sep. 19-Minot, S. D., national bank closes doors. Oct. 6-Peoria (III.) national bank closes because of Dougherty indictments. Nov. 1-Kingfisher (Okla.) national bank closed by comptroller of currency. Dec. 18-John R. Walsh's three banks in Chicago. Chicago National, Home Savings and Equitable company in liquidation. Local clearing house guarantees payment of $26,000,000. Public and private accounts involved. 27-Merchants Trust company, American Savings bank and Mechanics Savings bank, Memphis, Tenn., close doors; first named in liquidation.

22. January 5, 1906 Morgan County Democrat Versailles, MO
Article from Morgan County Democrat, January 5, 1906

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Business Failures Jan. 3-First national bank of Faribault, Minn., closed; receiver appointed. 9-Brott cotton mills, Massachusetts, capital $1,200,000. 27-Standard Rope & Twine Co., N. Y., for $12,000.000. 29-Pan-American bank. Chicago: assets $17,200, liabilities $75,900. Mar. 5-Arnold Brewing Co., Saulte St. Marie, Mich.; liabilities $85,000; assets $65,000. Apr. 3-Ladoga, Ind., bank; assets $80,000. liabilities $109,000. 26-Barberton. O., First national bank Jun. 2-Ladysmith, Wis., First national bank closed. 19-Fyfe & Munson, Chicago, placed in receiver's hands. 26-Knight, Donnelly & Co., Chicago. Jul. 5-Spring Valley, Ill., and Toluca, III., national banks close. 6-Hagerstown, Ind., Commercial bank: liabilities. $125,000. Aug. 3-West Liberty, Ky., bank closes. Sep. 19-Minot. S. D., national bank closes doors. Oct. C-Peoria (III.) national bank closes because of Dougherty indictments. Nov. 1-Kingfisher (Okla) national bank closed by comptroller of currency. Dec. 18-John R. Walsh's three banks in Ch'cago. Chicago National. Home Savings and Equitable company in liquidation. Local clearing house guarantees payment of 826,000,000. Public and private accounts involved. 27-Merchants Trust company, American Savings bank and Mechanics Savings bank. Memphis, Tenn., close doors; first named in liquidation.

23. February 12, 1906 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, February 12, 1906

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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.