10591. North St. Louis Savings Bank (Saint Louis, MO)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
July 16, 1877
Location
Saint Louis, Missouri (38.627, -90.198)

Metadata

Model
gpt-5-mini
Short Digest
f44fe42e

Response Measures

Full suspension

Other: Bank went into liquidation after suspension; thirty-day notice rule enforced for time deposits.

Description

Multiple contemporaneous newspaper reports (mid-July 1877) describe a run on St. Louis banks; the North St. Louis Savings Bank closed its doors (July 16–17, 1877) and will go into liquidation with officers claiming assets exceed liabilities. Its closure both resulted from withdrawals and caused clearing difficulties that affected the Bank of St. Louis. Classified as run → suspension → permanent closure (liquidation).

Events (3)
1. July 16, 1877 Run
Cause
Local Banks
Cause Details
General run on St. Louis banks by small depositors/shopkeepers; panic among local savings institutions led to heavy withdrawals from North St. Louis Savings Bank.
Measures
Enforcement of thirty days' notice rule for time certificates; officers announced bank would go into liquidation and asserted assets exceed liabilities.
Newspaper Excerpt
The run on the banks in St. Louis almost ceased yesterday, but another concern, the Bremen Savings Bank, closed its doors ... The run on the banks in St. Louis continued ...
Source
newspapers
2. July 16, 1877 Suspension
Cause
Local Banks
Cause Details
Closure occurred amid the citywide run and clearing-house shortages (reports note $27,000 of clearings tied up and a reported $10,000 shortage at the Clearing-House), prompting the bank to close and enter liquidation.
Newspaper Excerpt
The North St. Louis Savings Bank closed its doors. The officers of the North St. Louis Savings Bank assert that the assets of the bank exceed the liabilities fully $150,000. The bank will go into liquidation.
Source
newspapers
3. July 17, 1877 Other
Newspaper Excerpt
Its officers assert that its assets exceed the liabilities fully $150,000 ... The bank will go into liquidation. It is said Espy, Heidelbach & Co., of Cincinnati, had a considerable sum in the bank when it closed.
Source
newspapers

Newspaper Articles (11)
1. July 16, 1877 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, July 16, 1877

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News of the Day. A gentleman named Morgan Baty and a lady named Phillips were drowned at Atlanta City yesterday morning while bathing. Mr. Baty lost his life in attempting to save the lady, who had been carried beyond her depth. Wm. Reilly and Moses Churchwald, both of No. 160 West 53rd street, New York, were drowned in the Hudson river while bathing yesterday. The physician of Courtney, the oarsman, does not hesitate to say that his patient was drugged, but does not mention the nature of the drug. It is reported that au agent of the Spanish Government made an unsuccessful effort to offeet a compromise with the owners of the American vessel lately seized on the Cuban coast. The President's order prohibiting office holders from taking part in political caucuses, will be enforced by the now collector of the port of Baltimore. A correspondent of the Leesburg Washingtopian, writing from Middleburg, says there is a live lion loose in the Bull Run mountains. Mr. Hugh Scott, and old citizen of Fredericksburg, died there last Friday. The independent party is to be revived in New York. An attempt was made last Saturday night to burn Elk City, Pa. The warden of the penitentiary at Joliet, lil., having discovered a plot of the prisoners in that institution to escape, on Saturday soized ninoteen of the ringleaders and put them in solitary confinement. Four men were killed and eight mon and boys injured, five fatally, by an explosion in Keefer's ore mill in Lehigh county, Pa., on Saturday morning. Several horses and miles were also killed. Two of the injured died to-day. The printers at Louisville have consented to reduce composition from 40 cents to 36 cents per 1,000 ems on morning papers. All the government departments at Washington will be closed on Saturdays during the summer at 3 p. m. The Butchers' and Drovers' Bank of St. Louis suspended last Saturday. The clerks and others employees of the New York postoflice are to wear uniforms as well the carriers. Col. Chamberlain, has been appointed special agent of the Treasury Department in the place of Col. G. W. F. Vornon. The fears of a run on the savings banks, in St. Louis, today, were not realized, but the North St. Louis Savings Bank closed its doors. Dickson's jewelry store in Philadolphia was robbed Saturday night of $20,000 in watches and $15,000 in dismonds and jewelry. The 21 U. S. infantry is en route for Atlants to the scene of the Indian hostilities.

2. July 17, 1877 The Cheyenne Daily Leader Cheyenne, WY
Article from The Cheyenne Daily Leader, July 17, 1877

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Article Text

MISSOURI. -Couldn't Stand the Pressure. St. Louis, July 16.-The bank of St. Louis has closed its doors. Its president, Jacob S. Merrill, says depositors will be paid in time. This bank should not be confounded with the National Bank of St. Louis, which is regarded as a very staunch institution. There, are rumors about three other small savings associations, but at this writing they have not been verified. The North St. Louis Savings bank also closed its doors. It is feared others will have to suspend to-morrow.

3. July 17, 1877 The New York Herald New York, NY
Article from The New York Herald, July 17, 1877

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The Stock Market Heavy, but Not Lower. GOLD STEADY AT 105 3-8 A 105 1-2. Railroad Bonds Strong-Government Bonds Firm and Active. MONEY ON CALL EASY AT 1 1-2 A PER CENT. WALL STREET. MONDAY, July 16-6 P. M. There WHB a decided reversal to the course of speculation this morning, which, coming in the nature of a surprise, was a keen disappointment to bulls, great and small Matters had closed up so strong on Saturday that it seemed to require but a small gift of prophecy 10 predict a rousing market for to-day. Unfortunately Stock Exchange schemes, like those "O' mice and men gang aft agley," and the record of this morning's business went to show it. First quotations were strong and in most cases higher. but it was soon rendored apparent that there existed a screw loose somewhere, and that one very necessary to the support of the market. It shortly was discovered that the evil lay in disturbing reports as to the condition of the St. Louis banks, which were magnified into asserions that a general "run" was taking place and that a financial panic was raging. Here was certainly a good deal ot smoke, and much more in fact than was justified by the small amount of fire which was found 10 exist when the truth came. The whole matter seems to be of little moment, being confined to the suspension of the North St. Louis Savings Bank and the stoppage of another small institution known as the Bank of St. Louis. Late despatches state that no excitement whatever exists and that no rua upon the other banks had occurred or was anticipated. The correction was reassurring enough to bring about a 'ally in the share market, but it proved but temporary, as prices fell off again during the last hour and closed weak at generally the lowest point of the session. The decline ranged from 1/4 to 21/2 per cent, Morris and EsBOX suffering the most and the trunk railroads tailing after under various degrees of instability. or these latter Lake Shore was the weakest, losing as it did 1% per cent on the day's business. The decision rendered by Judge Barrett against the company, in the matter of past due dividends upon the guaranteed stock, 18 looked upon as unfavorable, though 11 18 stated that It is applicable to less than $200,000 of the $500,000 worth of shares of that issue. In amount of transactions, which were limited to 146,000 shares, the market may be regarded as inactive, the sales prompted by the St. Louis news being mostly for account of the smaller operators, the Great Moguls of speculation being either absent from the city or elect. ing to hold on under the impulse of the midsummer madness which has lately seized upon them. THE SALES TO-DAY. The transactions at the Stock Exchange to-day aggregated 146,543 shares New York Central, 7,900; Erie, 1,600; Lake Shore, 32,000; Wabash, 300; Northwestern, 1,326; Northwestern preferred, 6,700 Rock Island, 2,500; Milwaukeo and St. Paul, 2,650; Milwaukee and St. Paul preferred, 15,220; Pittsburg, 300; Delaware, Lackawanna and Western, 28,920; New Jersey Central, 750; Delaware and Hudson Canal, 2,700; Morris and Essex, 8,900; Michigan Central, 3,650; Hannnibal and S: Joseph preferred, 400; Panama, 100; Western Union, 27,433; Atlantic and Pacific Telegraph, 300; Pacific Mail, 1,900. OPENING, HIGUEST AND LOWEST. The following shows the opening, highest and lowest prices of the

4. July 18, 1877 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, July 18, 1877

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[Night Associated Press Report.) This morning business at the banks opened with bright prospects. At 11 o'clock, nothing of special note had transpired. Very few people, not more than one-half a dozen at any one time, have been at the Fourth National bank and Provident Savings bank presenting checks, which have been promptly paid. The run seems to have stopped, and it is hoped no further exeitement or trouble will occur. The officers of the North St. Louis Savings bank, asserts that the assets of the bank exceed the liabilities fully $150,000. This can be easily realized. The deposits amount to $600,000. The bank will go into liquidation. It is said Espy, Hudlebach & Co., of Cincinnati, Ohio, had a considerable sum in bank when it closed. As stated, yesterday, Mr. Merrell, president of the Bank of St. Louis, says the bank will pay its depositors every dollar. The current deposits amount to about $50,000, time deposits to $350,000, with assets more than sufficientto pay all. The bank had a large amount in New York exchange, which it could not dispose of; but it could have pulled through had not the North St. Louis savings bank closed up $27,000 of its clearings. Well authenticated reports from the extreme northern part of the city say that the Bremen bank has closed its doors. The run on the down town banks may be regarded as stopped. The thirty days' notice rule will be enforced.

5. July 18, 1877 The New Orleans Daily Democrat New Orleans, LA
Article from The New Orleans Daily Democrat, July 18, 1877

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DOMESTIC NEWS. THE RUN ON THE ST. LOUIS BANKS. Reported Condition of the Two Lately Suspended Banks. [Special to the Democrat.] ST. LOUIS, July 17.-The North St. Louis Savings Bank will go into liquidation. Its officers assert that its assets exceed the liabilities fully $150,000. It is said that Espy, Heidelbach & Co., of Cincinnati, had a considerable sum in the bank when it closed. Mr. Merrill, President of the Bank of St. Louis, says that the depositors will be paid in full. ST. LOUIS, July 16.-Contrary to expectatlon, the flurry of Saturday regarding the condition of the banks, did not subside yesterday but continued to-day and was materially strengthened towards noon by the closing of the North St. Louis Savings Association and the Bank of St. Louis. As on Saturday, however, the persons engaged in the run are almost wholly confined to small shopkeepers; no merchants or business men of any pretension taking part in it. The closing of the North St. Louis Savings is attributed to shortage of $10,000 at the Clearing-House. This morning the Bank of St. Liouis did its clearing through the North St. Louis Savings, and when the latter closed it had $27,000 of paper belonging to the Bank of St. Louis. This forced the latter to suspend. The action of the North St. Louis Savings Bank has given rise to considerable severe comment. The banks run on most to-day were the Fourth National, Provident Savings, Franklin Avenue, German Savings, and Boatmen's Savings. All current accounts were promptly met, however, and there was at no time any noticeable excitement. The other savings institutions were more or less besieged, but they all asserted their ability to meet all just demands. There is a strong disposition manifested on the part of small depositors in most of the banks, especially in savings institutions, to obtain their money, but substantial merchants and business men of the city generally do not apprehend any serious disasters to follow the present state of affairs.

6. July 18, 1877 New-York Tribune New York, NY
Article from New-York Tribune, July 18, 1877

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BANK TROUBLES. END OF THE RUN ON THE ST. LOUIS BANKSRUMORED SUSPENSION OF THE BREMEN BANK. ST. LOUIS, July 17.-This morning business at the banks opened with brighter prospects. and at 11 o'clock nothing of special note had occurred. Very few people, not more than half-a-dozen at any one time, have been at the Fourth National and Provident Savings Banks, presenting checks, which have been promptly paid. The run seems to have stopped and it is hoped there will be DO further excitement or trouble. Still it cannot be known what a day will bring forth. The officers of the North St. Louis Savings Bank assert that the assets of the bank exceed the liabilities fully $150,000, and that these can be pretty easily realized. The deposits amount to $600,000. The bank will go into liquidation. It 18 said that Espy, Heidelbach & Co. of Cincinnati had a considerable sum in the bank when it closed. As stated yesterday, Mr. Merrill, President of the Bank of St. Louis, saye the bank will pay its depositors every dollar. The current deposits amount to about $50,000, and the time deposits to $33,000, with assets more than sufficient to pay all. The bank had a large amount in New-York exchange which it could not dispose of, but it could have pulled through had not the North St. Louis Savings Bank closed up $27,000 of its clearings. Later in the day apparently well authenticated reporte came from the extreme Southern part of the city, that the Bremen Bank had closed its doors. No particulars can be given at this writing. The rna on down-town banks may be regarded as stopped. The enforcement of the thirty days' notice rule yesterday regarding time certificates seems to have effected this result, and as the small current accounts in Savings banks were mostly drawn out, the excitement has about subsided, and business is progressing again in its regular channels.

7. July 18, 1877 The Sun New York, NY
Article from The Sun, July 18, 1877

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THE ST. LOUIS BANKS. The Excitement SubsldIng-Condition of the North St. Louis Savings Bank. ST. LOUIS, July 17.-This morning's business at the banks opened with bright prospects. and up to 1 P. M. nothing of special note had transpired. Very few people-not more than half a dozen at any one time-have been at the Fourth National and Provident Savings Banks presenting checks. which have been promptly paid. The run seems to have stopped, and it is hoped there will be no further excitement or trouble. Still, it cannot be known what a day will bring forth. The officers of the North St. Louis Savings Bank assert that the assets of the bank exceed the liabilities fully $150,000. and that they can be pretty easily realized upon. The deposits amount to $600,000. The bank will go into liquidation. It is said that Espy. Heidelbach & Co. of Cin innati had a considerable sum in the bank when it closed. As stated yesterday. Mr. Merrill baith President with pay of NE the Bank uppos itors every dollar. The current deposits amount to about $50,000, and the time deposits to $33,000. with assets more than sufficient to pay all. The bank had a large amount in New York exchange. which it could not dispose of, but it could have pulled through had not the North St. Louis Savings Bank closed up $27,000 of its clearings. Well-authenticated reports have just come from the extreme northern part of the city that the broken bank has closed its doors. The run on down-town banks may be regarded as stopped. The enforcement of the thirty days' notice rule yesterday regarding time certificates seems to have effected this result, and, as the small current accounts in savings banks were mostly drawn out. the excitement has about subsided, and business is progressing again in its regular channels.

8. July 18, 1877 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, July 18, 1877

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MISSOURI. Bank Matters. ST. LOUIS, July 17. This morning business opened at the banks with bright prospects, and at eleven o'clock nothing of special note had transpired. Very few people, not more than a half dozen at the time, were at the Fourth National and Provident Savings Banks, presenting checks, which were promptly paid. The run seems to have stopped. The officers of the North St. Louis Savings Brnk assert the assets of the bank exceed the liabilities $150,000, and they can be pretty easily realized upon deposits of $600,000. The bank will go in liquidation.

9. July 18, 1877 The Daily Gazette Wilmington, DE
Article from The Daily Gazette, July 18, 1877

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General News. The certificate authorizing the Charter Oak Life Insurance Company of Hartford to issue new policies in New York was revoked on Monday. L. Blumgart & Co., importers of woollen and vest goods, in New York, suspended yesterday. Their liabilities are stated at nearly $500,000. The Brooklyn street railway companies have adopted the wholesale free pass system again, in direct violation of the new State law on this subject. The great silver movement to secure resumption by means of inflation has reached its inevitable result in a general demand for the repeal of the Resumption act. In this market the commission is chargable on the par of shares at New York, on the percentage of shares, two shares of $50 each being counted as one. At the United States Treasury gold received for subscriptions is weighed, and, we see it stated. the last receiver is compelled to lose the value of the coin worn off by circulation, The Commissioner of Savings Banks of Massachusetts has enjoined the Haverhill Saving's Bank from doing further business. The bank's last report showed a total of deposits of $980,098. Its loans ou real estate amounted to $593,018. Great Britain during 1876 exported to foreign countries 16,299,077 tons of coal and other similar fund valued at nearly $45,000,000. This exportation goes 10 all parts of the world, but on the Pacific coasts and in the West Indies a keen competition is noted by United States coal. The run on the banks in St. Louis almost ceased yesterday, but another concern, the Bremen Savings Bank, closed its doors and will go into liquidation.The officers of the North St. Lou's Savings Bank say that its assets exceed its liabilities $150,000, and that they can be "pretty easily realized upon." The deposits amount to $600,000. The bank will go into liquidation. The President of the Bank of St. Louis says that bank will pay its depositors in full. Its current deposits amount to about $50,000 its time deposits to $33,000.

10. July 27, 1877 The Jasper Weekly Courier Jasper, IN
Article from The Jasper Weekly Courier, July 27, 1877

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r dent of the bank. The assets are said to be $50,000 in excess of the liabilities, George Stark, who was under arrest in Allen County, Ky., charged with the murder of his sister-in-law, Miss Barton, was taken from the officers on the night of the 10th and hanged by a mob. An Omaha dispatch of the 12th says: The Texas cattle droves which have thus far arrived on the Platte number 60,000 head, and 15,000 head are yet to arrive. At San Juan, Cal., on the night of the 12th, a body of masked men overpowered the guard at the lock-up and took thence Justin Arago to the outskirts of the town and hanged him to a tree, his offense having been the murder of Manuel Burton, an inoffensive citizen. David Pearce and George Stevens, negroes, who waylaid, robbed, and murdered a young man named Edings, near Charleston, S. c., in May last were hanged in that city on the 13th in expiation of their crime. Judge James A. Lennon committed suieide at Minneapolis, on the 13th, by cutting his throat from ear to ear with a razor. A heavy run on the banks of St. Louis resulted in the closing of the Butchers' and Drovers' Bank on the 14th, and the North St. Louis Savings Bank and the Bank of St. Louis on the 16th. On the 17th, as the Bismarck stage arrived at a point two miles north of Bear Buttes and 10 miles from Crook City, the bodies of two men and one woman were discovered lying in the road. The men were shot and scalped, and the woman shot and scalped and horribly mutilated. The murdered party were traveling by team. Their bodies were brought to Crook City. Bartholomew T. Beauregard, late Collector of the Second Internal Revenue Distriet of Louisiana, is under arrest, charged with the embezzlement of Government funds. A collision took place on the 17th between the riotous railroad strikers at Martinsburg, W. Va., and the military, in which several volleys of shots were exchanged. One of the rioters was killed and several wounded, and one soldier was wounded. The Bremen Bank of St. Louis suspended on the 17th. Its deposits amount to about $200,000, which are said to be amply secured.

11. July 28, 1877 The Superior Times Superior, WI
Article from The Superior Times, July 28, 1877

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THE WEST. THE miners strike at Braidwood, III., continues. Negro miners arrive almost daily from the south and about 400 are now at work. No demonstrations as yet, although considerable loud talk is indulged in. IT is reported that cotton worms have appeared in considerable numbers at different points in the valley of Brazos, and Colorado, Guadaloup, Nuces and Trinity rivers, Texas. WORK will commence at once on the Union Pacific depot at Council Bluffs. The building is to cost $100,000. A WALLA WALLA dispatch says the Indians have killed three men and one girl on Cow Creek. Old Salty, a Spokane Chief, believes that fifty of his warriors have gone to join Joseph. They are beyond his control. FIFTY thousand dollars in cash have been paid over to the Society of Natural History of Cincinnati, in accordance with the bequest of the late Charles F. Bodmann, for many years a prominent business man of Cincinnati. Two men and a woman were murdered by the Indians near Crook City the other day. PRESIDENT HAYES has an intention of visiting Green Brier, White Sulphur Springs, but he will probably accept an invitation to visit Oldpoint, Vt., to attend the postal convention which meets there the latter part of this month. THE North St. Louis Savings Bank and the Bank of St. Louis, closed their doors on the 16th inst. Quite a run was made on the other institutions, but the excitement soon subsided. IN the United States circuit court in San Francisco, n the 14th inst., a paper was read announcing the amicable settlement of a suit in bankruptcy between the California Pacific Railroad company and German bondholders and asking that the suit be dismissed, the petitioners to pay the costs. The paper was signed by the attorneys for the petitioners. The case will be presented to the United States district court. GEN. HOWARD'S command of United States troops, engaged Joseph's Band of Indians, about 300 strong, in a deep canyon near the mouth of the Cottonwood. The Indians were routed with a loss of 13 killed and a large number wounded; eleven men were killed and Capt. Bancroft, Lieut. Williams and 24 enlisted men were wounded.