First National Bank, Toluca, IL (Charter 4871)
First National Bank, Toluca, IL (Chartered 1893 - Receivership 1905)
Town History
Toluca is a city in Marshall County, Illinois. The population was 1,414 at the 2010 census, up from 1,339 in 2000. In 1900 the population was 2,629 and in 1920 it was 2,503. Toluca is part of the Peoria, Illinois, Metropolitan Statistical Area.
Toluca was established in 1887 as a stop on the Atchison, Topeka, and Santa Fe Railway, on land owned by Marshall County native William Twist. In that year, local farmers led by Twist requested that the railroad make Toluca a regular stop. Their request was granted. An engineer who had planned railroads in Mexico gave the town its Mexican-Spanish name. With the backing of a Chicago firm, a grain elevator was built and maintained by Thomas Colehower of Long Point, Illinois. Colehower built the first house in the area of Toluca now called Old Town. In 1892, the Devlin Coal Company began mining coal at Toluca.
Toluca [toˈluka], officially Toluca de Lerdo [toˈluka ðe ˈleɾðo], is the state capital of the State of Mexico as well as the seat of the Municipality of Toluca. With a population of 910,608 as of the 2020 census, Toluca is the fifth most populous city in Mexico.
Toluca was incorporated as a city in 1894. Its growth continued, fueled by immigrants from Poland, Italy, and Lithuania who came to work in the coal mines. By 1924, the coal mines were unprofitable and they closed causing the population to shrink drastically.
Toluca had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.
Bank History
- Organized February 21, 1893
- Chartered May 10, 1893
- Receivership July 5, 1905
On May 10, 1893, The First National Bank of Toluca, Illinois was authorized to begin business with capital of $100,000. Charles J. Devlin was president; William W. Twist, vice president; and D.M Wood, cashier.
Levi Z. Leiter, the Chicago millionaire, sold the controlling interest in the First National Bank of Topeka to C.J. Devlin of Topeka for $136,000. Mr. Devlin owned the coal mines at Marquette, Toluca, Sparland and a number of towns in Kansas, a controlling interest in the Spring Valley and Topeka banks, seven or eight farms in Bureau County, the site for a fine residence at Spring Valley and stock in a dozen or two corporations. He commenced life at Peru without a cent and he was first employed driving a mule in the Peru mines. People who knew him said he was worth about $2.5 million. The Chicago Tribune in December 1901 reported Devlin carried $642,000 in life insurance and only F.H. Peavey of Minneapolis carried more at $1,308,000. In Peoria, Martin Kingman carried $320,000.
In January 1902, C.J. Devlin, W.W. Twist, H. Dugan, J.E. Porterfield and D.M. Wood were elected directors. The same directors were re-elected in January 1904.
On July 3, 1905, The First National Bank of Topeka with C.J. Devlin as principal stockholder, failed to open its doors, having been closed by order of the comptroller of the currency. Afterward there was a slight run on the Central National Bank in which Devlin was a large stockholder. To offset the run, $300,000 in cash was deposited in the Central National. Devlin had turned over property valued at nearly $1.5 million along with $700,000 of life insurance to the Central. The most recent report showed the First National owed depositors $1.4 million.
Because of Devlin's illness, the result of overwork, it had been decided to form a corporation to cover all his properties worth about $7 million. The Devlin Mining, Mercantile & Manufacturing Company was organized at Kansas City by Devlin's business associates. The capital was placed at $1 million. It was announced the question of raising a large sum of money needed by the holding company to keep the Devlin properties going. Several hundred thousand dollars had been telegraphed to Topeka to offset the anticipated run on the Topeka bank in which Devlin held stock.
On July 5, 1905, a petition was filed in federal court on behalf of Kansas City creditors to declare C.J. Devlin bankrupt. The comptroller of the currency appointed national bank examiners as receivers for the Spring Valley National Bank and the First National Bank of Toluca, Illinois. C.J. Devlin was president of both banks.
On July 7 in United States district court in Topeka, Devlin's bankruptcy petition was granted. The statement of Devlin's liabilities was given as follows: First National Bank of Topeka, about $1.2 million; Central National Bank of Topeka, about $300,000; American National Bank of Kansas City, about $263,000; National Bank of Commerce of Kansas City, about $200,000; Corn Exchange National Bank of Chicago, about $150,000 Central Trust Co. of Chicago, about $70,000; Bank of Topeka, Topeka, about $30,000; Union National Bank of Kansas City, about $9,000; Hirsch, St. Louis, about $5,000; Merchants National Bank of Topeka, about $5,000; Long Brothers Kansas City, about $4,000; Southwestern Fuel Co., of Topeka, $138,000; Fourth National Bank of St. Louis, about $200,000; First National Bank of Toluca, Illinois, Spring Valley National Bank of Spring Valley, Illinois and two national banks in the City of New York, amounts not given.
On October 31, 1905, Charles J. Devlin, the bankrupt millionaire coal operator, died at St. Elizabeth's Hospital in Chicago at midnight, the result of a second stroke. He suffered his first stroke the previous summer and this led to the failure of his vast interests. Mr. Devlin was 52 years old and left a widow and five children. He was one of the wealthiest men in Kansas at the head of 26 different companies, coal mining enterprises and mercantile establishments in Kansas, Missouri, Illinois and other states. C.J. Devlin carried life insurance policies aggregating $1,200,000 of which 678,000 was assigned to Receiver J.T. Bradley of the First National Bank of Topeka, the rest was carried in the name of his wife or children. Burial was made at his old home, La Salle, Illinois.
In January 1906, the receiver for the First National Bank of Toluca announced it would begin paying out $68,924.25 to creditors and the creditors would receive about 75% when affairs were finally settled.
Official Bank Title(s)
1: The First National Bank of Toluca, IL
Bank Note Types Issued
A total of $270,960 in National Bank Notes was issued by this bank between 1893 and 1905. This consisted of a total of 32,484 notes (32,484 large size and No small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1882 Brown Back 4x5 1 - 4503 1882 Brown Back 3x10-20 1 - 3618
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1893 - 1905):
Presidents:
Cashiers:
Other Bank Note Signers
- William W. Twist, Vice President 1894...1900
- There are currently no known Assistant Cashier bank note signers for this bank.
Wiki Links
- Illinois Bank Note History
- General information on Toluca (Wikipedia)
- General information on Marshall County (Wikipedia)
- General information on Illinois (Wikipedia)
Sources
- Toluca, IL, Wikipedia, https://en.wikipedia.org/wiki/Toluca,_Illinois
- Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
- Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
- Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
- Chicago Tribune, Chicago, IL, Thu., May 11, 1893.
- Marshall County Democrat, Lacon, IL, Thu., May 3, 1894.
- The Inter Ocean, Chicago, IL, Tue., Apr. 9, 1901.
- The Streator Free Press, Streator, IL, Fri., Apr. 19, 1901.
- Henry News-Republican, Henry, IL, Thu., Dec. 5, 1901.
- Henry News-Republican, Henry, IL, Thu., Jan. 28, 1904.
- The Rock Island Argus, Rock Island, IL, Mon. July 3, 1905.
- Herald News, Joliet, IL, Wed., July 5, 1905.
- Freeport Daily Bulletin, Freeport, IL, Fri., July 7, 1905.
- The Inter Ocean, Chicago, IL, Thu., Nov. 2, 1905.
- The Times, Streator, IL, Tue., Jan. 30, 1906.