7039. Central National Bank (Topeka, KS)

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 3078
Charter Number: 3078
Start Date: July 3, 1905
Location: Topeka, Kansas (39.048, -95.678)

Metadata

Model: gpt-5-mini
Short Digest: 8e25ace0

Response Measures

Accommodated withdrawals, Public signal of financial health, Capital injected

Description

The articles describe a slight but noticeable run on the Central National Bank on July 3, 1905, triggered by the closure of the First National Bank (Devlin). Central National paid depositors, displayed large cash reserves and received a $300,000 deposit to offset the run; it did not suspend operations.

Events (1)

1. July 3, 1905 Run

Cause: Local Banks
Cause Details: Run was triggered by the failure/closure of the First National Bank of Topeka (C.J. Devlin's bank), which led depositors to withdraw funds from Central National.
Measures: Officers paid depositors promptly, displayed large cash reserves; cash deposits of about $300,000 were made to offset the run.
Newspaper Excerpt: A crowd of fifty anxious depositors... there was a cloud of depositors lined up... At the moment of the greatest rush there were probably some 100 persons in line. There was plenty of money on hand to meet any emergency and all depositors were paid promptly.
Source: newspapers

Newspaper Articles (11)

1. July 3, 1905 The Topeka State Journal Topeka, KS

Article from The Topeka State Journal, July 3, 1905

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about $300,000 of city and Topeka property and $400,000 in coal lands." Central National Sound. A crowd of fifty anxious depositors crowded on the steps and the sidewalk leading to the Central National bank building prior to the opening of the bank at 9 o'clock this morning. The crowd gathered quickly and in about 15 minutes there was a cloud of depositors lined up close to the doors. Here and there were a few who were simply transacting the usual morning's business, but by far the larger number had come to withdraw their savings, panic-stricken by ill founded rumors. The crowd was evenly divided between men and women. At a quarter after 9 the crowd had swelled in proportions and was wedged tightly in leading to the windows of paying tellers. At the moment of the greatest rush there were probably some 100 persons in line. There was plenty of money on hand to meet any emergency and all depositors were paid promptly. Edwin Knowles, cashier of the Central National bank, said: "We have more money now than we have ever had on

2. July 3, 1905 The Minneapolis Journal Minneapolis, MN

Article from The Minneapolis Journal, July 3, 1905

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DEVLIN'S TOPEKA BANK IS GLOSED First National in Trouble, While Its Chief Stockholder Is Ill. Topeka, Kansas, July 3.-The First National bank of Topeka, of which C. J. Devlin is the principal stockholder, failed to open its doors today. The government officials are making an examination of the bank's affairs today, but will give out no statement. Three or four hundred depositors were in line at 9 o'clock. 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. Cash t othe amount of $300,000 was deposited in the Central National to offset the run. C. J. Devlin was generally credited as one of the most wealthy men in Kansas City. He was at the head of twentysix companies, coal mining enterprises and mercantile establishments, and for many years has been one of the most active. business men in the southwest. On Friday last it was stated that because of Mr. Devlin's illness, the result of overwork, it had been decided to form a corporation to cover all his properties, worth in the aggregate, it was stated, about $7,000.000. This action was deemed necessary, it was announced, because of Mr. Devlin's inability to longer direct his interests. Mr. Devlin's wealth is largely in coal mining properties in southern Kansas, and in Illinois. Mr. Devlin also owns a number of large coalyards in Kansas City. He is a stockholder in twenty-five banks, his bank stock, it is estimated, amounting probably to $1,000,000. Another property owned by Mr. Devlin is the Toluca, Marquette & Northern railroad, a coal-carrying line fortytwo miles longfi which connects with the larger roads in Kansas. Charles S. Gilled of Topeka, general manager of the Missouri telephone company, and for manv years a business associate of Mr. Devlin, says: "Mr. Devlin's assets amount to about $7,000,000. and his liabilities do not exceed. $2,000,000. These liabilities are the debts of the different companies he controls. His personal liabilities are practically nothing. His largest liability probably is the premium on his life insurance policies, which must amount to $150,000 a year, as he carries about 1,500,000 in life insurance.' Mr. Devlin was born at St. Louis r fifty-four years ago. He was in the r coal business in southern Illinois for a short time and at times had the man agement of the coal properties of the Atchison, Topeka & Santa Fe railway and the Great Northern road.

3. July 3, 1905 The Daily Ardmoreite Ardmore, OK

Article from The Daily Ardmoreite, July 3, 1905

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TOPEKA BANK CLOSED FIRST NATIONAL NOW IN CHARGE OF FEDERAL OFFICERS. This Is Devlin's Bank-Closed By Or. ders of Vice-President for an Examination-Ligght Rain Made on Central Bank. (By Associated Press.) Topeka, Kan., July 3.-The First National Bank of Topeka, of which C. J. Devlin, the big coal man, is the principal stockholder, failed to open its doors today. Federal officers are making an examination of the bank's standing, but will not give out any statement now. The following notice is posted: "This bank closed by my orders. Comptroller of the currency has been communicated with and will send an examiner and make statement. "W. H. ROSSINGTON, "Vice-President." Following the closing of the First National, there was a slight run on the Central National in which Devlin is also a large stock holder. Cash to the amount of $300,000 was deposited in the Central National Bank to offset the run. J. W. Gleed. attorney of the Central National Bank, stated that $700,000 worth of real estate, $300,000 unincumbered Topeka property, the other $400,000 in coal lands in Southern Kansas, had been turned in by Devlin together with $700,000-life insurance. Gleed asserts the Central National Bank is solvent. He further stated that nothing further would be done in the Missouri organization of Devlin property affected Saturday until after the report of the comptroller. The First National Bank has over a half million dollars of the state's money, $39,000 of the city of Topeka and $30,000 of the county.

4. July 3, 1905 The Topeka State Journal Topeka, KS

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The Wiley Coal company. The Marceline Coal company. Mr. Devlin also owns a number of large yards in Kansas City. He is a stockholder in twenty-five banks, his bank stock it is estimated, amounting probably to one million dollars. Another property owned by Mr. Devlin is the Toluca, Marquette and Northern railway, a coal carrying line forty-two miles long, which connects with the larger roads in Illinois. Chas. S. Gleed, general manager at Kansas City of the Missouri and Kansas Telephone company, is perhaps as familiar with the affairs of the Devlin properties as any one man. Mr. Gleed is not Mr. Devlin's attorney, but is one of the attorneys of the Central National bank and as a director of the Atchison, Topeka & Santa Fe railway he has had opportunity to be a close observer of much of Mr. Devlin's business. To the Associated Press Mr. Gleed stated today that SO far as can be ascertained by hasty appraisements the value of the Devlin estate is between six and seven millions of dollars. Mr. Gleed said: "This property consists in round figures of a million dollars' worth of clear real estate, a quarter of a million dollars paid-up value of life insurance, $800,000 of bank stock, and the remainder in stocks and bonds of twenty-six mining, mercantile and railway companies, wholly or largely under his control. Against this property is an indebtedness of from two and one-half million dollars to four million dollars, principally all due to fourteen banks. "The indebtedness is secured by the stocks and bonds of the twenty-six mining, mercantile and railway companies. The debts probably are all known. The value of the stocks and bonds put up as collateral is not known. If they are as valuable as seems likely and if they are wisely managed all debts will be paid. If their value is small or if it greatly depreciates by mismanagement then the creditors will lose accordingly. No formal inventory of either debts or assets has been found. "One of the banks controlled by Mr. Devlin was the First National of Topeka. Up to about the time of Mr. Devlin's illness the bank had loaned Mr. Devlin's companies about $500,000, for which there was much collateral. After Mr. Devlin fell ill drafts came in from the various companies and were paid by the bank, so that the Devlin indebtedness ran up to about one million dollars. This crippled the bank, and this morning it did not open. It was hoped that the parties most deeply interested would advance money to the consolidated 1 properties so that the Devlin paper in the bank could be taken up and the 1 bank saved, but co-operation could not be secured. I do not see why any 1 other Topeka or Kansas City banks should be disturbed. The Central in Topeka and presumably the other banks there fortified themselves for the run which they are having today." r First National's Last Statement.

5. July 4, 1905 The Montgomery Advertiser Montgomery, AL

Article from The Montgomery Advertiser, July 4, 1905

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IT LOANED TOO MUCH BIG BANK FAILURE OCCURS AT TOPEKA, KAS. The First National Holds Papers of C. J. Devlin, Principal Stockholder, for $1,000,000-WIII Probably Pay Out. Topeka, July 3.-No definite statement was obtained up to a late hour today regarding the condition of the First National Bank, controlled by C. J. Devlin, the big 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, the national bank examiner, whom the comptroller had appointed receiver of the failed bank, and he 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." This borrower is, of course, Mr. Devlin, and the bank is said to hold the capitalist's paper to the amount of a million dollars. Mr. Devlin, whose sudden illness brought about the tangle in the big coal mining and railroad properties, valued, It is estimated, at close to seven millions of dolars, is still under the care of a physician and no statement could be secured from him. All that came from his home during the day or could be secured from other sources, was that the stricken coal operator had turned over to the bank nearly $700,000 in life insurance and about the same amount in Topeka real estate. Business assistants of Mr. Devlin gave it as their opinion that, if properly handled, this would allow the bank to pay out. Elmer Ames, bank examiner for the northern district of Kansas, who took charge pending the arrival of Receiver Bradley, would say nothing additional that would throw any light on the subject. 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 Kelly that the bank held $547,000 of the State's funds and the knowledge that Mr. Devlin was one of three of Mr. 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. Following the announcement of the failure a lively run was started on the Central National Bank and before closing time today 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, but he likewise owns fifteen twenty-eighths of the capital stock of $250,000 of this institution. But it developed that the Central National Bank held but little of Devlin's paper and when its officers displayed $700,000 in cash and made every effort to pay the depositors as fast as they made demands, 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 the banks, however, was the demand for withdrawal great, only the small depositors taking their money and there was little excitement during the day.

6. July 4, 1905 New-York Tribune New York, NY

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.

7. July 4, 1905 Ottumwa Tri-Weekly Courier Ottumwa, IA

Article from Ottumwa Tri-Weekly Courier, July 4, 1905

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C. J. DEVLIN, THOUGHT TO BE MULTI-MILLIONAIRE, CAUGHT IN CRASH. BANK FAILS TO OPEN The First National of Topeka, In Which He Was Interested, Is Closed Today And Devlin's Affairs Are In Bad Condition - Another Bank Withstands Run. Topeka, Kansas., July 3. - The First National bank of Topeka, of which C. J. Devlin is the principal stockholder. failed to open its doors the there was today. First National Following bank closing a of slight the run on the Central National bank in which Devlin was a large stockholder. amount of Cash to the $300,000 was deposited in the Central National bank to offset the run. Devlin Turns Over Properties to Bank It is stated that Devlin has turned over his property valued at nearly $1,500,000 together with $700,000 life insurance to the Central. According to a recent report the First National bank owed its depositors $1,400,000. Among Kansas City's Richest Men. Kansas City, July 3.-C. J. Devlin has been generally credited as being one of the most wealthy men of Kansas City. He was at the head of twenty-six different companies, coal mining enterprises and mercantile establishments. Holding Company Formed. On Friday last it was stated that because of Mr. Devlin's illness as the result of overwork it has been decided to form a corporation to cover all his properties, worth in the aggregate $7,000,000. On Saturday the corporation, to be known as the Devlin Mining, Mercantile & Manufacturing Co., was organized at Kansas City by Devlin's business associates. The capital stock was placed at $1,000,000. Bankers Try to Avert Crash. Yesterday, a conference of Chicago, 1 Kansas City and Topeka bankers interested in Devlin's affairs was held 9 at Kansas City and it was announced that the question of raising the large 1 sum of money needed by the holding company to keep the Devlin properties going was discussed. Today it t developed that several hundred thousand dollars had been telegraphed to Topeka to offset the anticipated run S on the Topeka banks in which Devlin holds stock. This sum was subscribed g by the different bankers present. 3 Indiana Banker a Suicide. f Richmond, Ind., July 3.-John Bow. man, cashier of the Commercial bank, committed suicide today by shooting. No cause is known for the act. The e bank's affairs are believed to be in f good condition.

8. July 4, 1905 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, July 4, 1905

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NATIONAL BANK CLOSES DOORS Failure Is Caused by Loans to the Principal Stockholder. RECEIVER IS APPOINTED INSTITUTION LOCATED AT TOPEKA, KANSAS. OPEKA, Kan., July 3.-The First National Bank of Topeka, of which T C. J. Devlin held the major part of the stock, failed to open its doors this morning. The government officials are making an examination of the bank's affairs today, but will give out no statement. Three or four hundred depositors were in line at 9 o'clock. There has also been a slight run on the Central National bank, of which Mr. Devlin owns a large number of shares, On the door of the First National bank appears this notice: "This bank is closed by my order. The comptroller of the currency has been communicated with and will send examiner who will make statement. (Signed), "W. H. ROSSINGTON, Vice-President."

9. July 4, 1905 Arizona Republican Phoenix, AZ

Article from Arizona Republican, July 4, 1905

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appointed receiver of the failed bank, and he 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." This borrower is, of course, Mr. Devlin, and the bank is said to hold the capitalist's papers to the amount of a million dollars. Mr. Devlin, whose sudden illness brought about the tangling of his twenty-six big coal mining and railroad properties, valued, it is estimated, at close to seven million dollars, is still under the care of physicians, and no statement could be secured from him. All that came from his home during the day or could be secured from other sources, was that the stricken coal operator had turned over to the bank nearly $700,000 in life insurance and about the same amount in Topeka real estate. The business associates of Mr. Devlin gave it as their opinion that, if properly handled. this would allow the bank to pay out. Elmer Ames, bank examiner for the northern district of Kansas, who took charge pending the arrival of Receiver Bradley, would say nothing additional that would throw any light on the situation. Probably the most interesting phase of the situation was the statement of State Treasurer T. T. Kelly that the bank held $568,000 of the state's funds. 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 allows, but Mr. Kelly declined to discuss the matter at this time. Following the announcement of the failure a lively run was started on the Central National Bank, and before closing time today it was said that more than $100,000 had been withdrawn from this institution. The Central also holds some of Devlin's paper, and he likewise owns 15-28 of the capital stock of $250,000 of this institution. But it developed that the Central National Bank 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 demands for their deposits, the excitement died down, and at clos-

10. July 6, 1905 Baxter Springs News Baxter Springs, KS

Article from Baxter Springs News, July 6, 1905

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DID NOT OPEN DOORS. First National Bank of Topeka,Kan, Crippled by the C. J. Devlin Embarrassment. Topeka, Kan., July 4.-The First National Bank of Topeka, of which C. J. Devlin held the major portion of the stock, failed to open its doors Monday morning, being closed by order of the comptroller of currency. The govcrnment officials are making an examination of the bank's affairs but will give out no statement. A crowd of 300 or 400 depositors were in line at 9 o'clock. There has also been a slight run on the Central National Bank, of which Mr. Devlin owns a large number of shares. On the door of the bank appears this notice: "This bank is closed by my orders. The comptroller of the currency has been communicated with, and will send examiner who will make statement." 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 unincumbered Topeka property, the other $400,000 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 in a perfectly solvent condition. He further stated that nothing further would be done with the Missouri organization of the Devlin property until after the report of the comptroller here. 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.

11. August 14, 1905 The Topeka State Journal Topeka, KS

Article from The Topeka State Journal, August 14, 1905

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der before November 1. There has been no squabble. Mr. Davis wanted to be president of the new bank, but some of us thought that the office should seek the man rather than the man the office. We preferred to take some man who could give the bank his entire time. We felt that Mr. Davis as mayor and as the head of that big business of his could not give the bank all of his time. This is just the thing that we wished to avoid. That was the trouble with the old bank. We wanted to avoid getting into any difficulties and therefore thought that we should have a man in charge who could be at the bank from the first thing in the morning until closing time. We had nothing against Mr. Davis; in fact, we were only too glad to have him associated with us. However, he did not care to take an interest unless he was given some position far up as president, and we broke. We have full confidence in Mr. Kno wles and consider him one of the best bankers in the state." No Fight, Says Davis. Mayor W. H. Davis in his office this morning said: "There has been no fight between the two factions. There was some difference of opinion but there was no ill feeling mixed up in it. I believe that the new bank will be a success. There is no doubt that it will stand, for it has a very good man at the head. Mr. Knowles is a shrewd, careful, conservative banker and will bring with him to the new bank the esteem and confidence of every one." Mr. Edwin Knowles was at his duties as usual this morning. "I have not resigned yet," he remarked, "I presume that I will take the position though. In leaving it is not because of any dissatisfaction with the management of the Central National for there has been always the kindest of feelings existing. It is simply a case of less work and more pay. I cannot but help think that with the location and the men that are behind of the institution the bank is going to start out and remain a success." Receiver Bradley expressed his satisfaction at the way things had turned out. "I am completely satisfied with the bargain we made for the sale of the bank fixtures and the lease. It is the highest lease as regards terms, that has been made. The fixtures are worth every cent of the money for them and could not be duplicated for less than $4,000. I am also well pleased with the set of men who are going to start the