5291. Spring Valley National Bank (Spring Valley, IL)

View Charter #3465 on SPMC

Bank Information

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

Metadata

Model: gpt-5-mini
Short Digest: 3aea8550

Response Measures

Full suspension, Books examined

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%

Description

Depositors ran beginning Monday afternoon after reports about President C. J. Devlin and the failure of the First National Bank of Topeka. The bank suspended/closed July 5, 1905 and a receiver was appointed; it did not reopen as an operating bank but went into receivership and later paid dividends in 1906.

Events (6)

1. March 6, 1886 Chartered

Source: historical_nic

2. July 3, 1905 Run

Cause: Local Banks
Cause Details: Run precipitated by reports from Topeka about the failure/condition of C. J. Devlin and the First National Bank of Topeka; large withdrawals ($17,000 call then $20,000 drawn).
Measures: Directors posted suspension notice and the bank did not open the following morning; ultimately comptroller appointed a receiver.
Newspaper Excerpt: La Salle, Ill., July 5.-The Spring Valley national bank closed its doors this morning 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.
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 examiners receivers for the Spring Valley National bank ... 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.
Source: newspapers

5. July 5, 1905 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Suspension/closing attributed to the failure of C. J. Devlin (president) and his insolvent affairs which affected the bank's condition; comptroller appointed examiner as receiver.
Newspaper Excerpt: 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.
Source: newspapers

6. February 10, 1906 Other

Newspaper Excerpt: H. M. Trimble, receiver of the Spring Valley National bank which failed July 1, 1905 paid today the first dividend of 20 per cent. amounting to $85,000.
Source: newspapers

Newspaper Articles (24)

1. July 5, 1905 The Topeka State Journal Topeka, KS

Article from The Topeka State Journal, July 5, 1905

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Receiver Bradley in Charge. Tuesday afternoon J. T. Bradley the arrived in Topeka and took charge of affairs of the First National in place of E. Ames. Mr. Bradley is the nationE. bank examiner who has beenappointal ed temporary receiver by the comptroller of the currency. Mr. Bradley and Mr. Ames put in the the afternoon going over the affairs of this bank. Tuesday evening he made statement: friends of Mr. Devlin who have "The declaring that the First National a bank been will open for business within week will be disappointed. I am of the do opinion that the bank will never business again as a banking institution, take I am of the opinion that it will inat and least a year to make a thorough vestigation of the security and collatbank and learn its it is possible to eral do not of the believe bank value. finish which a I thorough investigation of a this has been in business as long as one has in less than that time." Mr. Ames confirmed the opinion of Bradley, adding that the institube able to declare to time among the Mr. from tion would time depositors. dividends dividend is probable that the first three It not be declared for two or the months. will The permanent receiver for a institution will be appointed within time and he will have to become short thoroughly acquainted with the affairs its of the institution and then convert securities into cash. brief, this is the condition of the, to bank. In The obligations of the bank depositors amount to about $1,300,000 is the against these deposits there othand property transferred and the turnTopeka real estate securities er to the bank by in all to $700,000. In the insurance policies ed amounting there over are Mr. addition Devlin turned value Mr. Devlin, the actual cash is stated at $200,000. bank, exclusive of in of sets by which of the amount the The Devlin as- to turned in, col$1,050,000. property Of this there is Devlin The with a par value of $600,000. actual lateral cash value of this collateral can yet be determined. The other notes not held by the bank amount to $300,000. Devlin's Illinois Banks Close. Washington, July 5.-The comptroller has appointed of of D. A. Cook, Bank the Examiner currency receiver bank, National of the Spring Valley National Spring Valley, Ill., upon advice received from Cook that the bank had closed. The comptroller has also appointed National Bank Examiner J. Macsholt, of of the First National bank upon advice from the of the bank that it receiver president Toluca, Ill., would and vice not a for business this morning take open request to have an examiner 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 is $100,000. When the First National bank of Topeka, controlled by C. J. Devlin, failed DevJuly 3. it was known that the lin on estate owed both the Spring Valley n National bank of Spring Valley, Ill., a and the First National bank of Toluca, and a Ill., which closed their doors today, 1 the suspension of the latter institutions rea was expected to follow as a natural 1 sult. Just what amounts the Devlin a estate owes to the two Illinois banks be- is f not known, but it is stated that they to e involved in loaning money t came the Toluca, Marquette & Northe ern build railroad, a small coal carrying road (Continued on Page Six.)

2. 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.

3. July 5, 1905 Rock Island Argus Rock Island, IL

Article from Rock Island Argus, July 5, 1905

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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.

4. 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.

5. July 5, 1905 The Topeka State Journal Topeka, KS

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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.

6. 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.

7. July 6, 1905 The Cairo Bulletin Cairo, IL

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8. 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.

9. July 6, 1905 The Sun New York, NY

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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.

10. July 6, 1905 New-York Tribune New York, NY

Article from New-York Tribune, July 6, 1905

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DEVLIN CREDITORS ACT. Petition Filed to Declare Topeka Banker a Bankrupt. Topeka, Kan., July 5.-A petition to declare C. J. Devlin a bankrupt was filed in the United States District Court to-day on behalf of Thomas Lightfoot. John A. Long and the Long Brothers' Grocery Company, of Kansas City, Mo. 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. The transfer of real estate to the First National Bank which was made by Mr. Devlin on the Monday following the closing of the bank will be set aside, as will also the attachment of Devlin property made later at Kansas City by the National Bank of Commerce. The petitioners represent that when Mr. Devlin assigned his property to the First National Bank of Topeka, July 3, he was then insolvent, and that such transfer was made with the intent to make the wrecked bank a preferred creditor. The petition will prevent further attachments on the Devlin property. It is made returnable on July 20. When the First National Bank of Topeka, controlled by Devlin, failed, on July 3, it was known that the Devlin estated owed both the Spring Valley National Bank of Spring Valley, III., and the First National Bank of Toluca, III., which closed their doors to-day, and the suspension of the three institutions was expected to follow as a natural result. Just what amounts the Devlin estate owes to the two illinois banks is not known. Receiver Bradley said to-day that it would be ten days before a statement of the bank's assets and liabilities could be made public. He said further that he did not think the State would be a preferred creditor, but would have to take its chances with other depositors in the settlement. Runs on Topeka banks which started on Monday, following the failure of the First National Bank, had apparently been stopped when the institutions opened for business to-day. A small crowd gathered about the First National Bank, but there was no excitement.

11. 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.

12. July 12, 1905 The Miller Sun Miller, SD

Article from The Miller Sun, July 12, 1905

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MORE BANKS FAIL. Two Devlin Institutions in Illinois Closed. The comptroller of the currency at Washington, D. C., has appointed national bank examiners receivers for the Spring Valley National Bank. of Spring Valley, Ill., and the First National Bank, of Toluca, Ill., 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 National Bank was $50,000 and of the First National of Toluca, $100,000.

13. July 13, 1905 River Falls Journal River Falls, WI

Article from River Falls Journal, July 13, 1905

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A roundhouse in the South Nashville, Tenn., yards of the Louisville & Nashville railroad was burned. Loss, $50,000. Nine locomotives were damaged to the extent of $1,000 each. C. J. Devlin filed in the United States district court at Topeka, Kan., an involuntary petition in bankruptcy. The petition schedules liabilities exceeding $2,600,000. James W. Alderdice, a lawyer convicted in New York of forgery, was sentenced to 18 years' imprisonment in Sing Sing. J. A. Spekenhier has been appointed receiver of the Commercial bank, of Hagerstown, Ind., on application of President Frank Mason. The liabilities exceed $100,000, while the assets are given as much less than that amount. Harry Walker, aged 18 years; and Alex. Worrall, aged 12, were dro wned in the Youghiagheny river near McKeesport, Pa. The seventh international conve ntion of the Epworth league was opened in Denver, Col. A tornado in Texas caused much loss of life and destruction of property in Montague county and the northern portion of the state. Twenty-four are known to be dead. The five-year-old son of Samuel Squillman, of Seymour, Ia., and the fouryear-old son of a neighbor, George Billard, were burned to death in a fire which destroyed Squillman's home. Herman Meminger, chief of the Milwaukee (Wis.) fire department, died from the effects of injuries sustained at a fire two months ago, when it was reported he inhaled acid fumes. Fred Ross, who was knocked out by Jack Donnelly in the sixteenth round of a prize fight at Aberdeen, Wash., is dead. His neck was dislocated and a blood clot gathered on the brain. Three railroad employes were killed and two injured and thousands of dollars' worth of property destroyed by a head-on collision on the Fitchburg division of the Boston & Maine railroad near Wachusett, Mass. Gen. Amasa Cobb, brigadier general of volunteers during the civil war, veteran of the Mexican war, congressman and ex-justice of the supreme court of Nebraska, died at Los Angeles, Cal, aged 82 years. The formal opening of the twenty-second International Christian Endeavor convention took place in Armory hall, Baltimore, Md., with about 8,000 delegates present. Mrs. Lucie B. Tyng, one of the bestknown temperance workers in the United States, died in Peoria, III. The new directory indicates Chicago's population to be 2,272.000. The weekly crop report shows that growth has been retarded by heavy rains, but the condition of corn in the corn belt is excellent. The money circulation July 1 was the largest per capita and in amount in the history of the country. Bank note issues in the past year were larger than the new gold increase. Most of the Chicago indicted packers, their agents and the companies in which they are interested have furnished bonds. Gov. Hanly's crusade against bookmakers has put an end to horse racing in Indiana. Samuel Thompson, a Chicago coffee importer, says the scheme of an eastern clique to have a tax imposed is a market manipulation to secure $12,000,000 profit on stock. Graeme Stewart's will, dividing an estate of $500,000 between his widow, children, brothers and sisters, was filed in Chicago. The Spring Valley (III.) national bank and the First national bank of Toluca, Ill., closed their doors as the result of the failure of C. J. Devlin, of Topeka, Kan. S. L. Frazer, of Chicago, when asked for an accounting by his partner in the brokerage business suddenly fled, leaving an alleged defalcation of $100,000. The Wabash Railway company has discharged its superintendent of the secret service department and 121 men employed in detective work. Fourth of July casualties reported throughout this country number 42 deaths and 2,431 injured. Loss of life variously estimated at more than 200 and less than 1,000 persons, and property damage to the extent of over $1,000,000 were caused by the recent flood which swept over the town of Guanajuaro, Mex. John Bowman, cashier of the Commercial bank of Hagerstown, Ind., committed suicide by shooting. No cause for the deed is known. Ten business houses and one dwelling at Roulette, Pa., were destroyed by fire. entailing-a loss of $50,000. The insurance was small. The American revivalists, Rev. Reuben A. Torrey and Charles M. Alexander, concluded their five months' revival campaign in England with a great thanksgiving service at Albert hall, London, for the 14,000 converts recorded. In view of the bad harvest prospects owing to the drought and the storms in Portugal, King Charles has sanctioned the importation of 75,000 tons of American wheat and has ordered the reduction of the customs duties by 50 per cent. The heat, which continued several days throughout central Europe, has caused, it is estimated from the reports now coming in, more than 100 deaths in Germany. At midday in the shade the temperature has been as

14. July 13, 1905 Valentine Democrat Valentine, NE

Article from Valentine Democrat, July 13, 1905

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MORE BANKS FAIL. Two Devlin Institutions in Illinois Closed. The comptroller of the currency at Washington, D. C., has appointed national bank examiners receivers for the Spring Valley National Bank, of Spring Valley, III., 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 National Bank was $50,000 and of the First National of Toluca, $100,000.

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 New-York Tribune New York, NY

Article from New-York Tribune, August 1, 1905

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RECEIVERS OF BANKS APPOINTED. Washington, July 31.-Judge Harvey M. Trimble, of Princeton, III., has been appointed receiver of the Spring Valley National Bank, of Spring Valley, Ill., and Charles Andrews, of Brazil, Ind., receiver of the Vigo County National Bank, of Terre Haute, Ind. The Controller of the Currency has received the first report of the receiver of the Spring Valley National Bank. which closed its doors on July 5. He classifies the assets of the bank as follows: Good. $57,108 doubtful, $463,569. The liabilities are as follows: Individual deposits, $50,203. certificates of deposit $374.028

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 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.

21. 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.

22. January 12, 1906 The Montgomery Tribune Montgomery City, MO

Article from The Montgomery Tribune, January 12, 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, Mich., 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 Ch'cago. 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.

23. February 11, 1906 The Cairo Bulletin Cairo, IL

Article from The Cairo Bulletin, February 11, 1906

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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.

24. 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.