6188. Bank of Topeka (Topeka, KS)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
July 3, 1905
Location
Topeka, Kansas (39.048, -95.678)

Metadata

Model
gpt-5-mini
Short Digest
b4149ea43df50dd6

Response Measures

None

Description

Multiple articles (July and August 1905) describe deposit withdrawals (runs) on the Bank of Topeka. July runs were sparked by the failure/closure of the First National Bank of Topeka (runs at multiple local banks); August 29 run was caused by a circulating rumor that the Bank of Topeka was shaky. The bank paid small depositors and 'withstood the strain'; there is no evidence of suspension, receivership, or permanent closure for the Bank of Topeka in these articles.

Events (2)

1. July 3, 1905 Run
Cause
Local Banks
Cause Details
Failure/closure of the First National Bank of Topeka (Devlin failure) prompted depositors to withdraw from multiple local banks including the Bank of Topeka.
Measures
Paid depositors who requested funds; deposits later redeposited by many customers.
Newspaper Excerpt
Following the closing of the First National Bank there was a slight run on the Central National Bank, in which Mr. Devlin also is a large stockholder, and there were small runs later in the day on the Merchants' National Bank, the Bank of Topeka and on the State Savings Bank.
Source
newspapers
2. August 29, 1905 Run
Cause
Rumor Or Misinformation
Cause Details
A circulated rumor that the condition of the Bank of Topeka was shaky led depositors (mostly small) to withdraw funds; described as a rumor by multiple papers.
Measures
Withstood the strain; continued paying withdrawals at least for small depositors (no suspension reported).
Newspaper Excerpt
A run declared to be entirely without cause was made this morning on the Bank of Topeka. The bank withstood the strain.
Source
newspapers

Newspaper Articles (10)

Article from New-York Tribune, July 4, 1905

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TOPEKA BANK SHUTS DOOR LARGE LOANS TO ONE MAN. C. J. Devlin, One of the Wealthiest Men in Kansas City, Involved. Topeka, Kan., July 3.-The First National Bank of Topeka, of which C. J. Devlin is the principal stockholder, failed to open its doors to-day. The government officials are making an examination of the bank's affairs, but gave out no statement to-day. On the door of the bank appeared this notice: This bank is closed by orders. The Controller of the Currency has been communicated with and will send an examiner, who will make a statement. W. H. ROSSINGTON, Vice-President. No definite statement was obtainable to-day regarding the condition of the First National Bank, controlled by Charles J. Devlin, a wealthy coal mine owner, which closed its doors this morning. Colonel W. H. Rossington, vice-president of the bank. locked the institution's books in the vault to await the arrival of J. T. Bradley, national bank examiner, whom the Controller had appointed receiver of the failed bank. Colonel Rossington would only say: "The bank's trouble has not been caused by dishonesty on the part of any one, but by lending too largely to one borrower. There has been no stealing." The borrower, it is said, is Mr. Devlin, and the bank is said to hold the capitalist's paper to the amount of $1,000,000. Mr. Devlin, whose sudden illness brought about the tangle in the big coal minrailroad valued, at close to $7,000,000. is still under care ing and properties, it the is estimated, from of a physician, and no statement can be obtained him. All that came from his home to-day was that coal had over in life insurance the bank stricken nearly $700,000 operator turned and about to the the same amount in Topeka real estate. Business associates of Mr. Devlin expressed their opinion that if properly handled this would allow the bank to pay out. Aside from the temporary flurry that the failure of the First National Bank caused on the other banks of the city, the most interesting phase of the situation was the statement of the State Treasurer, T. T. Kelly, that the bank held $547,000 of the State's funds. Mr. Devlin was one of the Mr. Kelly's bondsmen. Following the announcement of the failure, a lively but not disastrous run was started on the Central National Bank. Other runs of a lesser degree were started on the State Savings Bank, the Bank of Topeka and on the Merchants' National Bank. At none of these banks, however, was the demand for withdrawals great. Following the closing of the First National Bank there was a slight run on the Central National Bank, in which Mr. Devlin also is a large stockholder, and there were small runs later in the day on the Merchants' National Bank, the Bank of Topeka and the State Savings Bank. At each of these institutions all depositors who requested their money were paid and confidence was expressed in the ability to meet any demands of the depositors. Cash to the amount of $300,000 was deposited in the Central National to offset the run. J. W. Gleed stated that $700,000 worth of real estate -$300,000 unencumbered Topeka property, the other $400,000 in coal lands in Southeastern Kansas-had been turned in by Mr. Devlin, together with $700,000 life insurance. Mr. Gleed asserted that the Central National was in a perfectly solvent condition. He further stated that nothing more would be done with the Missouri organization of the Devlin property until after the report of the Controller here. In the First National Bank the State of Kansas has over $500,000 in deposits, the city of Topeka. $39,000, and the county of Shawnee about $30,000. Mr. Devlin, who has been under the care of a physician, was unable to leave his home to-day. He was up and around, however. He was in the best of spirits, and in reply to questions, said that he expected to be able to go to the bank in another week.


Article from The Salt Lake Herald, July 4, 1905

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Property Turned Over. Cash to the amount of $300,000 was deposited in the Central National to offset the sum, J. W. Gleed stated today that $700,000 worth of real estate, $300,000 in Topeka property and $500.000 in coal lands in southeast Kansas had been turned in by Mr. Devlin: also $700,000 in life insurance. Mr. Gleed says the Central National is perfectly solvent. In the closed bank the state of Kansas has over $500,000 in deposits, the city of Topeka $39,000, and the county of Shawnee about $30,000. Runs on Other Banks. Aside from the slight run begun on the Central National bank, immediately after the failure of the First National, there also were small runs later in the day on the Merchant's National bank, the Bank of Topeka and the State Savings bank. At each of these institutions all depositors who requested their money were paid, and perfect confidence was expressed in the ability to meet any demands of the depositors. It is stated that the First National bank holds $547,000 of the state's money. T. T. Kelly, the state treasurer, declined to make a statement regarding the state's funds. Mr. Devlin is on Treasurer Kelly's bond for $500,000. The remainder of his bond is secured by a security company. The Central National bank is said to hold only a small amount of Devlin paper, which it is stated, is amply secured. Loans Were Too Heavy. Vice-President Rossington, who declined to make a statement at this time regarding the affairs of the First National Bank, said: "The trouble has been brought about purely through loaning too largely to one borrower." Major William Sims, president of the First National, has not been in charge of the bank for several years because of illness, and C. E. Hawley, the cashier, is confined at his home, ill with some nervous disease. A large amount of securities, it is said, have been brought into the bank within the past few days, as it was anticipated that enough cash would be on hand this morning to pay off depositors. The money did not materialize. however. Mr. Devlin, who has been under a physician's care, was unable to leave his home today. He was upand around, however, and in the best of spirits. His physician thought that Mr. Devlin would be able to return. to the bank in about a week.


Article from Waterbury Evening Democrat, July 5, 1905

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TOPEKA BANK GOES UNDER. Failure of Charles J. Devlin Causes Panic and Run. TOPEKA, Kan., July 5.-Charles J. Devlin, one of the largest coal operators in the west and one of the wealthlest men in Kansas, lies stricken speechless at his home in this city, with his fortune of several million dollars in such a tangle that he may be left a financial wreck. The First National bank. owned by him, has failed to open its doors for business and is in the hands of a gov. ernment agent. The Central National, of which he is the principal owner, sustained a "run" of depositors unlike any. thing ever seen in Topeka before and has paid out nearly $200,000 during the day. There was also a run on the Bank of Topeka. in which It was reported that Mr. Devlin is interested. The crash in Kansas financial circles is the biggest affair of the kind that has occurred since Grant Gillette, a "cattle king." went to Mexico several years ago with nearly a million dol. lars in debts behind him.


Article from The Topeka State Journal, July 5, 1905

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END OF THE RUN. Over $300,000 Taken Out of Banks. This Was During the All Day Excitement Monday. FEW LARGE DEPOSITS People With Small Savings Got Their Money. Devlin Liabilities Believed to Be Under $3,000,000. Estimates secured from the officials of the Bank of Topeka, Central National, Merchants National and State Savings bank make the amount of funds withdrawn from those four institutions during Monday's run at $346,000, divided as follows: Bank of Topeka, $111,000. Central National, $150,000. State Savings, $60,000. Merchants National, $25,000. "Ninety per cent of the deposits withdrawn from our bank were in checks of less than $100," said John R. Mulvane of the Bank of Topeka. "Our depositors who withdrew were people who had but small amounts. But two broke over in the thousands and quite a number of them took out but $2 to $6," this is the statement of William Macferran, cashier of the State Savings. These are the statements which are also made by the Central National and Merchants National. This amount of $346,000 was distributed among some 1,800 depositors. A great many of these same people today returned to the bank where they had withdrawn their savings and redeposited. Sam Radges, who is endeavoring to secure an organization of the creditors of the bank stated this noon that a preliminary meeting looking to an organization will be held in a few days. In the meantime he is soliciting names of the depositors and those who are desirous of forming such an organization. "I understand,' said Mr. Radges, "that the insurance policy which Mr. Devlin has turned over as security is not worth anything whatever unless he dies within a few months. In other words, and I have this from good authority, that it is not a paid up policy. It just like fire insurance on a house." Radges has his entire fortune of $20,000 tied up by the failure. Cuts Down Liabilities. Later information revises the list of liabilities which the estate of Chas. J. Devlin will be responsible for on settlement. The revision reduces the amount by $179,000, making the total $2,631,000 instead of $2,810,000 as published Tuesday. Chas. S. Gleed, who is president of the holding corporation, said this noon: "It must be remembered that these liabilities are against the companies in which Mr. Devlin is interested and not personal liabilities. The personal notes which Mr. Devlin may have out can be covered by a few thousand dollars Mr. Devlin may be personally broke but it does not follow that the companies will fail to pay out. This is a point which has not been clearly brought out. The companies are good and it is against them that the liabilities hold and not against Mr. Devlin personally. Mr. Chas. S. Gleed stated that he was unable to determine whether the bank would pay out or not. Mr. J. W Gleed expressed his opinion in this manner: "I believe that the bank will pay its depositors in full if the men who are put in charge of the property manage it wisely.' Opinions still vary with reference to the status of the state as a creditor. John R. Mulvane gave it out as his opinion that in a national bank, the United States is the first preferred creditor, the state the second, the county the third and the city the fourth preferred creditor, the depositors coming last. "If this is true, said Sam Radges, "the depositors won't get a thing. For I have looked into this matter and a great deal of this collateral security is not worth its face value." Another prominent banker who did not wish his name to appear in print stated that the stand taken by State Treasurer Kelly is absolutely ridiculous. "If those in charge or the judge who makes the decision hands down an opinion of that character he should be impeached. It's the most ridiculous statement I have ever seen in print. That money had been collected by the bank and was lying there. It should have been taken out by Mr. Kelly. If such an interpretation is to be given to it, what is to prevent every one that wants to having money on deposit and simply writing across the back, 'these are collections to, be held in trust. It would be entirely possible for any one to have money on deposit for seventeen years at that rate and simply call it collections. If this does not put Mr. Kelly in a tight fix I don't see what can. Mrs. Devlin Won't Leave. Mrs. C. J. Devlin denied emphatically this afternoon that there was any foundation to the rumor that she was going east to raise funds to aid in securing the bank's creditors. She said: "I wish you would state for me that there is nothing whatever in that rumor. Of course I don't know what I am going to do next." Both Mr. Devlin and Mr. Hawley were reported as improving, this morning. Mrs. Devlin said: "Mr. Devlin is doing very nicely and is still improving. His physician forbids him to go out yet." It is stated that Mr. Deviin will not go away for a rest trip until the tangle which has taken place is entirely


Article from The Oskaloosa Herald, July 6, 1905

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BANK IN TOPEKA CLOSES'ITS DOORS FAILURE OF THE FIRST NATIONAL IS ANNOUNCED RECEIVER IS APPOINTED Institution Is Saiti to Owe Depositers a Total of $1,390,000-The $7,. 000,000 Estate of c. J. Deviin Envolved in Failure. Topeka, Kan., July 4.-By closing Its doors Monday the First national bank of Topeka threw Into liquidation. the $7,000,000 estate of C J Devllu. in which several Chicago banks are heavily Interested. The bank owed depositors $1,300,000. The comptroller of the currency has appointed National Bank Examiner J. T. Bradley receiver of the bank. There were several hundred deposi tors in line when the hour for opening the First national arrived. The bank, however, did not open. Instead, the 300 or 400 men in line read on the door the following notice: "This bank is closed by my orders The comptroller of the currency has been communicated with and will send an examiner, who will make a statement. W. H. Rossington, Vice President." Government Agents in Charge. The government authorities are now making an examination of the bank's affairs, but will give out no statement 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. Mr. Deviin's wealth is largely in coal mining properties in southern Kansas, in the vicinity of Marceline. Mo., and in Illinois. These properties include the following: Mount Carmel coal mines. Toluca coal mines the Marquette Third Vein mines, the Devlin Coal company, the DevlinMiller Coal company the Crawford County Mining company. the Pittsburg and Midway Coal company the Kansas City Coal and Coke company, the Southwestern Fuel company, the Wiley Coal company and the Marceline Coal company. Try to Save Bank. Less than 36 hours previous to the closing of the bank the Chicagoans had formed the Deviin Mining, Manu facturing and Mercantile company with a capital of $1,000,000, as a holding company to take over and manage the Devlin properties. The closing of the bank will prevent the holding com pany from managing the Devlin interests. Mr. Deviin has long been reputed the richest man in Kansas, Recently he became too 111 to manage his affairs longer, It was said, and his interests became involved in such a way that the Chicagoans interested in his schemes were notified that a large sum would have to be raised to keep the various enterprises going. This led to a conference in Topeka of representatives of Kansas City, Topeka and Chicago banks. The Chicagoans in the conference included D. A. Moulton, vice president of the Corn Exchange bank; A. A. McClanahan, of the Continental national bank, and Adolph Uhrlaub, vice president of the Central Trust company. At the conference it was decided that between $250.0 and $1,000,000 would be necessary to put new life into the 26 different Devlin companies. The banks concerned took immediate steps to raise the amount and to form the holding corporation that was intended to take over the management of the properties. The holding corporation was formed Saturday in Kansas City and a special train to Jefferson City was hired torsecure its charter. Holds State Funds. Aside from the temporary flurry that the failure of the First national bank caused upon the other banks of the city, probably the most interesting phase of the situation was the statement of State Treasurer T. T. Kelly, that the bank held $547,000 of the state's fund, and the knowledge that Mr. Devlin was one of Treasurer Kelly's bondsmen. The statement was made that Treasurer Kelly had exceeded his authority in-placing more of the state's money in the bank than the law allowed, but Mr. Kelly declined to discuss the matter at this time. Runs on Other Banks. Following the announcement of the failure, a lively run was started on the Central national bank, and before closing time Monday it, was known that something more than $100,000 had been withdrawn from this institution. The Central national also held some of Devlin's paper, and he likewise OWDS fifteen twenty-eighths of the capital stock of $250,000 of this institution. But It developed that the Central national held but little of Devlin's paper, and when its officers displayed $600,000 in cash and made every effort to pay the depositors as fast as they made demads the excitement died down, and at closing time only a few small depositors remained at the teller's window. Other runs, of a lesser degree, were started on the State savings bank, the Bank of Topeka, and on the Merchants' national bank. At none of these banks, however, was the demand for withAenels great only the small deposit-


Article from The Spokane Press, August 29, 1905

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BANK STANDS THE STRAIN (Scripps News Association.) TOPEKA, Kan., Aug. 29.-A run declared to be entirely without cause was made this morning on the Bank of Topeka. The bank withstood the strain.


Article from Los Angeles Herald, August 30, 1905

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TOPEKA DEPOSITORS MAKE RUN ON BANK By Associated Press. TOPEKA, Kas., Aug. 29.-As the result of a rumor to the effect that the condition of the Bank of Topeka was shaky there was a run on that institution today. At opening time this morning depositors began drawing out their money and the rush continued until time for the bank to close this afternoon.


Article from The San Francisco Call, August 30, 1905

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RUMOR CAUSES A RUN ON THE BANK OF TOPEKA Report That Institution Was Shaky Prompts Depositors to Withdraw Their Money. TOPEKA, Kans., Aug. 29.-As the result of a rumor circulated by unknown parties to the effect that the condition of the Bank of Topeka was shaky there was a run on that bank to-day. At opening time this morning depositors began drawing out their money, and the rush continued until time for the bank to close this afternoon. Those who withdrew their money were all small depositors, and there is no indication that the run will have a serious effect upon the bank.


Article from Durango Semi-Weekly Herald, August 31, 1905

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the Hotels are reaping a in harvest. gteerage. Aug. 28.-Thomas Wash., controlling who Life com F. SATTLE. Ryan, the bought Equitable the today said: interest an in interview the here control and "My Paul Morton The pany. in purchase of president manage COD making public duty insurance com of all great an open stituted ment a become life foundation book panies must which is the BOOD be stored. the confidence they exist can government not should which The federal same supervision as have life practically Insurance I am companies sure some over question has given he will national thought Roosevelt banks. and I hope congress. the If company express anyone opinion to Engitable he connected this with the of wrongdoing in posof been guilty anybody is to the has suffer. If belonging who Denver company should session he anythingurrender must Aug. mg_President bank. it." J. Hill DENVER, of the arrive from Savings Indian this Territory morn was was to hands of an officer Word the in the failed to sheriff's until that to noon ing received at the not arrive word had morrow. At of Vice warrant has prisoner received would today President a no Frank the been whom and Jones. of the lin been out since for of Wednesday. the officers over until Un Western arraignment bank has gone 28 Wednesday LITTLE proclamation ROCK. Ark., issued Aug. puts today up the by der Governor a Davis, Arkansas effectively against the or bars No passenger can state freight of trains, from or freight ordered The to be admitted health was free to citistate board health of certificates which will put board an the zens issue of Arkansas. war between the end to state guard. men 29.-Two and ST. the LOUIS. camp Aug. near Pine at Bluff. the from a railroad under observation suffering from Ark.. are dispensary. had health certific high city hall fever. physicians Both are are unable those cates. whether The the symptoms not. say of yellow fever has or developed that both 29. Later-It chronic malaria. Twenty have NEW ORLEANS yellow Aug. fever and today. five cases reported today Jefferson 29 The deaths Twenty-Ave new were of cases parish are at reported noon run start of Topeka ed continued from TOPEKA on the Bank Aug without all cessation. sides this as morn citl ing pronounced upon The Commer was without special session terly club held resoultion a endorsing soundness of adopted stability a and financial and giving vote dolgreat the Bank of Topeka of confidence. million an unqualified bank has about owned a by rigid MulThe in deposits. capitalista. It A failure showed investigation lars vane brothers, it following to be in the excellent Devlin conaf this h dition. The bank Its issued capital a statement stock is The $210,000 bank trnoon. its surplus is $160,000. of a quarter and first class assets over and above has million dollars assets. h a regularly listed was started through Sunday base from d The rumors run telephoned Santa Fe shop em- his e less City to a withdrawing fellow tipped money, ploye. Kansas who, after it off to his T., Aug. 29.-The state workers MUSKOGEE of I. separate sub-committees today. comittee Among name the recom of the the latter that the modified Carolina mendations state to be Sequoyah. are dispensary that the system to sell be by South adopted. for county medicinal dispensaries purposes in original only that pack and the quor receipt for liquor allowed: county, normal, district schools. annual cost of ages school a system citizens embrace state be university, city, $200,000 state be that the at Texas an the separation legislature law consist That 63 representatives. system A complete adopted. of 25 senators economic and judiciary been planned. 29. The Pan has ama canal today. has WASHINGTON Aug. a subject President of con and here sideration Shontz of the here commission that the canal is original can not bluntly declares $144,000.00 the a hunIt he thinks. estimate. be built for more. will cost conserv- and so million the most The is ative does dred General engineer regarded Paine, on the commission. as an much essential. less sea A is not lock canal now canal regarded which costs as desirable body of the commission. LOUIS. Aug. to 29 be The that of Mrs. the ST. woman believed who leaped recovered from at a Laura Oxford. been husband. is Eads bridge, has Mo. The Texas, has Herculaneum at Duncansville, ille. who to identify it. 29.-Dr. Biggar sicians gone CLEVELAND Aug family's phy the of the Rocketeller a dental of report one that today Mrs. issued ill John from worrying D. Rockefeller over Her seriously her husband. health PHILA is DELPHIA. better Aug. was the attacks upon than it was years 29 ago. The


Article from The Topeka State Journal, August 31, 1905

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SNAPSHOTS AT HOME NEWS. Rev. and Mrs. John A. Bright have returned from their eastern trip. The White Sox return to Topeka on Friday to open a series of three games with Sedalia. Mr. and Mrs. J. T. Bauer, 1321 North Monroe street, are the parents of a boy born Wednesday. Now that the cruel war is over do you feel any more secure than you did when it was at its height. People are raking up leaves in their front yards. That means the early resumption of paying coal bills. Jailor Louis Kenny, who has been on the sick list for a month, expects to return for duty in a few days. Why couldn't we have had Marshall's band concerts on the State House steps one night of every week all summer? Rev. John A. Bright leaves today for Eureka to fill a three days' engagement of "throwing out the life line." The state school fund commissioners are meeting this afternoon to arrange the purchase of bonds for the school fund. Joseph Doud secured the necessary papers from the probate judge's office yesterday to enable him to mary Margaret Hogan. State Superintendent of Instruction I. L. Dayhoff leaves this evening for Rawlins county where he will attend the closing of the county institute. The run on the Bank of Topeka illustrated the old story that when the depositors found that they could get their money, they did not want it. The executive council met this morning at the office of Secretary of State J. R. Burrow. Nothing was done except the usual approval of bills. The drum corps of the Old Abe camp, Sons of Veterans, will go to the reunion of the G. A. R. at Denver next week with the members of the local camp. Bank Commissioner John Q. Royce yesterday issued the call for a statement of the condition of state banks. The report will cover the period up to August 25. Mr. and Mrs. J. F. Greenway returned home yesterday from a month spent in visiting at Salt Lake, Portland. Virginia City, Montana, and Denver, Colorado. Rev. S. S. Estey, and family, will return home from their vacation this week. Dr. Estey will fill the pulpit at the First Presbyterian church next Sunday morning and evening. Frank Long, formerly proprietor of the Oxford hotel, came from Hutchinson yesterday to look after his interest in the property which is now being controlled by Receiver Otis Allen. Stella B. White has filed a suit in the district court asking that she may have her maiden name restored and be granted a divorce from John J. White, who she says is anything but white. Detective Josiah Ross, who has been sick for the past week with kidney trouble, is still in a serious condition. It was announced Monday that an operation would be necessary, but none has been performed. Frank J. Thomas, who has been a salesman for the Southwestern Fuel company for a number of years, has resigned and will accept a position with the St. Louis & Rocky Mountain Coal company, with headquarters at St. Louis. W. H. Eastman and David L. Lakin have entered into a partnership for the purchase and sale of real estate, writing fire insurance and making loans at No. 115 West Sixth avenue. .Ind. phone No. -127. See them before buying-also list your property with them and get resulte. County Treasurer F. C. Bowen has received a draft for $7,116.97 from state which is the second semi-annual the dividend received from the state school fund. This allows about 43 cents per capita for the children of school age in the county. This amount is increased portionment. three cents per capita by the county apWhen the run was the most severe on the Bank of Topeka a customer came in and got a $20 check cashed and received a twenty dollar gold piece in return. He passed the gold piece back and asked for a bill in return. As the bank employe granted the request he said: "Looks like you would be glad to get any kind of money on a day like this." Mr. Arthur C. Neff of Toronto, Can., is in Topeka visiting his uncle, Judge S. S. Urmy. Mr. Neff is a public accountant, and his title is "Fellow Char tered Accountant. Closing some investigations in British Northwest Territory, Mr. Neff thought he would come down to Kansas and look up his uncle, whom he had not seen since infancy. He attended police court this morning drunks. while Judge Urmy fined a pair of plain The Abilene Reflector says: In the southeastern section of the Topeka cemetery a beautiful gray granite monument will soon be erected in memory of the late Simon Schlichter, who departed this life about one year ago. Mr. Schlichter resided in Abilene from 1883 to 1889, was a member of the Lutheran church and a successful business man, and left a host of friends here. His family continues to reside in Topeka. A short memorial service was held at the Elk club rooms last night in memory of Mother Florence, who had endeared herself to the members of that order by the assistance she has