10688. American Central Trust Company (St Louis, MO)

Bank Information

Episode Type
Run Only
Bank Type
trust company
Start Date
October 28, 1903
Location
St Louis, Missouri (38.627, -90.198)

Metadata

Model
gpt-5-mini
Short Digest
e54fec9a

Response Measures

Accommodated withdrawals

Description

Newspaper accounts (Oct 28-29, 1903) describe a short-lived run in St. Louis started by false rumors; the American Central Trust Company met all demands, declined outside aid, and did not suspend. Date of run taken as 1903-10-28 based on article dateline.

Events (1)

1. October 28, 1903 Run
Cause
Rumor Or Misinformation
Cause Details
Run explicitly described as started by false rumors; newspapers state the flurry was caused by false rumors and has subsided.
Random Run
Yes
Random Run Snippet
run that was started by false rumors
Measures
Met all withdrawal demands; declined offers of outside financial aid; reported having more cash on hand at close than at opening.
Newspaper Excerpt
No Further Excitement Over the Run That Was Started by False Rumors on Tuesday.
Source
newspapers

Newspaper Articles (2)

Article from Daily New Dominion, October 29, 1903

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Article Text

St. Louis-Trust Companies Decline*Offers of Assistance from Other Cities. FINANCIAL FLURRY ABOUT OVER Demands of Depositors Promptly Met. One Institution Closes With Million More Cash Than When Run Began. Others Report Ample Funds. St. Louis, Oct. 29.-The statement of President Julius S. Walsh, of the Mississippi Valley Trust company, whose sentiments are echoed by other trust company officials of St. Louis, that "the situation is thoroughly in hand, the excitement has subsided and from this on we expect business will be conducted in the usual orderly manner," expresses the opinion that seems general, after the unwonted financial conditions which prevailed here. Offiçers of all the trust companies state that voluntary offers of help were received from financial institutions in New York, Philadelphia, Chicago, New Orleans, Kansas City, Boston and many of the smaller towns of Missouri and Illinois, but all were declined for the reason that they had sufficient cash with which to handle their business. Expressions of confidence and offers of aid on the part of national banks, financial and other institutions of St. Louis have helped to strengthen the situation and restore confidence. No Reason for Further Concern. "The flurry is over," said A. A. B. Woerheide, president of the Lincoln Trust company. "Long before our regular closing hour arrived all those who desired their money had received It and departed. There is no reason for further concern." President Julius S. Walsh, of the Mississippi Valley Trust company, said: "There is absolutely nothing in the past or present condition of our company to justify the slightest apprehension. All demands of every kind were met, and we had more cash on hand when we closed than when we opened Tuesday morning." Festus J. Wade, president of the Mercantile Trust company, said: "The Mercantile Trust company received voluntary offers from financial institu tions of New York, Philadelphia, Chicago, New Orleans, Kansas City, St. Joseph and San Francisco, sufficient to pay off every dollar of its deposits at once. All offers, while highly appreciated, were respectfully declined, as we closed the day with over a million dollars more cash than we had when the silly run began." Outside Ald Refused. John W. Harrison, first vice president of the Missouri Trust company, said: "Other financial institutions have placed at our disposal any amount of cash funds that we might ask for in this contingency. We are pleased to say, however, that we have not been obliged to ask any financial aid whatever and have over $400,000 of cash in our vaults and ample funds at our command to meet all our liabilities of every description." G. A. Buder, counsel for the American Central Trust company, said: "Our company is practically unaffected by the flurry. I believe the situation IS clearer and that the worst is over." Lawrence B. Pierce, first vice president of the Commonwealth Trust company, stated that their deposits had been many times the amount of the withdrawals. Henry Koehler, Jr., president of the Germania Trust company, said that nothing of any consequence was drawn out of his institution, and that offers of aid received from other financial centers were thankfully declined as unnecessary. Thomas H. West, president of the St. Louis Union Trust company, stated that the so-called run was past and had done no damage except to depositors who had withdrawn their money. "Only a few of our smallest depositors withdrew their savings and they will be back again said Mr. West


Article from The Indianapolis Journal, October 29, 1903

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Article Text

No Further Excitement Over the Run That Was Started by False Rumors on Tuesday. CONFIDENCE FULLY RESTORED BANK OFFICIALS UNANIMOUS IN SAYING THE FLURRY IS OVER. Many Offers of Financial Aid-Over $2,000,000 in Gold Transferred from the Subtrensury. ST. LOUIS, Oct. 28.-The statement of President Julius S. Walsh, of the Mississippi Trust Company, whose sentiments are echoed in interviews by other trust company officials of St. Louis, that "the situation is thoroughly in hand, the excitement has subsided and from this on we expect business will be conducted in the usual orderly manner," expresses the opinion that seems general to-night after the unwonted financial conditions which prevailed here during parts of yesterday and to-day. Officers of all the trust companies state that voluntary offers of help were received from financial institutions in New York, Philadelphia, Chicago, New Orleans, Kansas City, Boston and many of the smaller towns of Missouri and Illinois, but all were declined for the reason that they had sufficient cash with which to handle their business. Expressions of confidence and offers of aid on the part of the national banks, financial and other institutions of St. Louis helped to strengthen the situation and restore confidence. "The flurry is over," said Mr. A. A. B. Woerheide, president of the Lincoln Trust Company. "Long before our regular closing hour arrived all those who desired their money had received it and departed. There is no reason for further concern." President Julius S. Walsh, of the Mississippi Trust Company, said: "There is absolutely nothing in the past or present condition of our company to justify the slightest apprehension. All demands of every kind were met, and we had more cash on hand when we closed this afternoon than when we opened yesterday morning." Festus J. Wade, president of the Mercantile Trust Company, said: "The Mercantile Trust Company received voluntary offers of financial institutions of New York, Philadelphia, New Orleans. Kansas City, St. Joseph, Chicago and San Francisco sufficient to pay off every dollar of its depositors at once. All offers were, while highly appreciated, respectfully declined, as we closed the day with over a million dollars more cash than we had when the silly run began." John W. Harrison, first vice president of the Missouri Trust Company, said: "Other financial institutions have placed at our disposal any amount of cash funds that we might ask for in this contingency. We are pleased to say, however, that we have not been obliged to ask any financial aid whatever and to-night will have over $400,000 of cash in our vaults and ample funds at our command to meet all our liabilities of every description." Mr. G. A. Buder, counsel for the American Central Trust Company, said: "Our company is practically unaffected by the present flurry. I believe the situation is cleared and that the worst is over." Lawrence B. Pierce, first vice president of the Commonwealth Trust Company, stated that their deposits had been many times the amount of the withdrawals. Henry Koehler, jr., of the Germania Trust Company, said that nothing of any consequence was drawn out of his Institution; and that offers of aid received from other financial centers were thankfully declined as unnecessary. Thomas H. West, president of the St. Louis Union Trust Company, stated that the so-called run was past and had done no damage except to depositors who had withdrawn their money. "Only a few of our smallest depositors withdrew their savings and they will be back again," said Mr. West. Many depositors lined up at the savings banks this morning but were notified they must give the requisite notice of withdrawal. There was no excitement and the crowds soon dwindled away. NEW YORK, Oct. 28.-The total transfers to St. Louis at the subtreasury were $2,100,000, making a grand total to St. Louis, Chicago and New Orleans of $2,950,000.