Article Text
Depositors Waited in Vain for Doors to Open. Notice Posted at Five Minutes Before Nine. SIGNED BY ROSSINGTON Comptroller of the Currency Has Been Notified. C.J. Devlin Turns Topeka Property Over to Bank. WHY THEY GAVE UP. Could Not Raise Enough Money to Meet Demands. Claimed Depositors Will Be Paid in Full. National Examiner Bradley Is Appointed Receiver. At five minutes before 9 o'clock this morning, the following typewritten notice was posted on the front door of the First National bank: "This bank is closed by my order. The comptroller of the currency has been communicated with, and will send examiner who will make a statement. W. H. ROSSINGTON, ice President." "Topeka, Kan.. July 3, 1903." Washington, July 3.-The comptroller of the currency has appointed National Bank Examiner J. T. Bradley receiver of the First National bank. Topeka, Kas., upon receipt of advices from the vice president of the bank that its doors had been closed. A crowd of three or four hundred people, many of whom were depositors, read this notice and quietly dispersed. There was no great amount of excitement. As early as 8 o'clock this morning, it was evident that the First National was in for a run. People began to line up in front of the building, and three or four policemen were detailed to keep the crowd in order. Through the front windows the crowd could see the bank employes and some of the officials walk. ing about in the rear room. There was no evidence of any intention to open the doors. There were no books on the desks, no money in sight and no bustle of preparation to pay off the depositors. Hence the rumor was prevalent through the crowd that the bank would not open for business, and no particular surprise was expressed when the notice was actually posted. About one-third of the crowd at the First National bank was composed of women. The women took the situation with as much composure as did the men, however, and there was no weeping when the notice went up. While the crowd was collecting in front of the First National a smaller crowd assembled on the steps of the Central National. The Central National opened promptly for business. and the rush of depositors was quickly paid off. The people at the Central National who withdrew their money seemed to be mostly savings depositors. There was also considerable of a flurry at the Bank of Topeka. At the Merchants' National bank there were but few people doing any business. At the State Savings there was a small gathering. The North Topeka banks were not affected. The fact that the Monday morning business is usually heavier than other mornings of week served to scare a few timid depositors into the idea that a run was in progress. Depositors May Be Paid. It is claimed, however, at this time that the bank is fully solvent and that the creditors will be paid in full. The closing of the bank hinged upon the inability of the Topeka banks to extend enough aid in addition to the refusal of the banks in Kansas City, Missouri, to come to the rescue of the First National. The Central National bank and the Bank of Topeka both stood ready to help but on condition that the Kansas City banks should extend aid. A wire was received by the First National bank from Kansas City stating their inability to come to the rescue. The answer was terse and no particular interpretation of the refusal could be construed. At eight o'clock the crowds commenced to loiter around in the vicinity of the First National and across the street from vantage points where operations could be viewed In the crowds were curiosity seekers as well as interested depositors. At 8:15 there were some 15 patrons of the bank waiting for the doors to open and at nine o'clock this number had been increased to fully 175. They hung around and pressed forward to the doors until at nine o'clock the statement made by W H. Rossington, director and vice president of the bank. was affixed to the door. Anxious faces pressed close up to the glass dcors to read the statement and then turned away. The press continued The and at 9:30 gradually grew less. people took the statement philosophically and with as much optimism as could be expected. Few words indicative of chagrin or grief were made and the remarks were simply passing in their nature. The groups was divided among the large and small patrons alike. The face of the large as well as the small depositor was seen in the press. One man had $15,000 and but few feet away was small bootblack with savings of a few dollars. Could Not Save Bank. The holding corporation which was to take over the properties of Mr. Devlin will be permitted to lapse. The corporation which was to be established primarily to save the First National bank will be suffered to lapse unless it is found on further examination that it is best to establish such an organization. Mr. J. W. Gleed, who
