10718. Boatmens Savings Institution (St Louis, MO)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
July 14, 1877
Location
St Louis, Missouri (38.627, -90.198)

Metadata

Model
gpt-5-mini
Short Digest
26a8e56e

Response Measures

Accommodated withdrawals

Description

Multiple contemporary articles (July 14-16, 1877) report a small run on the Boatmens Savings Bank which the bank met promptly and kept its doors open. Several other St. Louis banks (Butchers' and Drovers', North St. Louis, Bank of St. Louis) suspended/closed, but Boatmens did not suspend. Cause attributed to distrust after the closing of Butchers & Drovers' Bank and other recent failures (i.e., runs sparked by other local bank failures).

Events (1)
1. July 14, 1877 Run
Cause
Local Banks
Cause Details
Run probably grew out of the closing/suspension of the Butchers' and Drovers' Bank and distrust from recent local bank failures.
Measures
Kept doors open until about 6:30 PM and promptly met all demands; officers stated they could receive funds from New York faster than paid out.
Newspaper Excerpt
A run was started this afternoon on the Boatmen's Savings Bank, but the bank kept its doors open till half-past six o'clock this evening and promptly met all demands.
Source
newspapers

Newspaper Articles (10)
1. July 15, 1877 The Cheyenne Daily Leader Cheyenne, WY
Article from The Cheyenne Daily Leader, July 15, 1877

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Bucking the Banks. St. Louis, July 11.-A small run started this afternoon on the Boatmen's avings Bank, which promptly met all demands up to six o'clock. The cause is not known, neither is it known whether the run will continue on Monday. Runs were also made on the Union Savings association. Provident Sayings association, North St. Louis Savings association, Franklin Avenue, German Savings, Lucas Bank, Lifayette Bank, Citizen's Savings, and the Bank of St. Louis, but they were in no sense xtensive. The demands were exclusively made by small depositors of the laboring class, and were met promp t y, except in some cases where time deposits were called. and the banks stood upon the usual sixty days' notice.

2. July 15, 1877 The New York Herald New York, NY
Article from The New York Herald, July 15, 1877

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FINANCIAL EXCITEMENT. Sr. LOUIS. Mo., July 14, 1877. A run was started this afternoon on the Boatmen's Savings Bank, but the bank kept its doors open till half-past six o'clock this evening and promptly met all demands. The run was not very great, the largest single amount drawn being $8,000. The business of the bank progressed nearly as usual, and the amount received by 18 amounted to nearly half as much as was paid out. What started the run is not exactly known, but probably it grew out of the closing of the Butchers and Drovers' Bank and the distrust which resulted from the recent failures. It is believed by those in a position to know that the bank 18 entirely sound and fully able to meet all demands upon it. Numerous rumors have been in circulation during the day respecting other banks, but most of them were wild and unfounded.

3. July 15, 1877 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, July 15, 1877

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Financial matters in St. Louis are in a very disagreeable flurry, portending a pauic. Yesterday the Butchers' and Drovers' Bank, of which B. M. CHAMBERS, owner of the St. Lonis Times, is President, was compelled to close its doors. The liabilities Foot up $750,000, and the bank claims to leave "unscaled assets equal to $800.000. There were runs on the Fourth National and Boatmen's Savings Banks. The Lumbermen's Insurance Company has resolved to wind up its affairs, owing to the excessive lethargy of business.

4. July 16, 1877 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, July 16, 1877

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News and Other Items. Thest amship Canada from New York has arrived at London. A number of burglars tools Were found in Newport yesterday, near where Mr. Jay's silver was buried. The President and his son inspected|the Post Office Department Saturday. A New York Washington special says much unfavorable comment is made upon the wrecking of Catter Grant with Secretary Sherman and party ou board. St, Thomas dates, July 7tb, state that the steamer Octavia has been released by the Spanish authorities and delivered to the British consul at Porto Rico. The governor of New York refuses to interfere lu the case of Peawell, tobe hanged in Elmira, Friday the 20th, for the murder of his wife. The Lake Danmore House, a summer resort at Salisbury, Vt., was burned Saturday afternoon. Estimated 1038 $20,000; insurance $10,000. The cooper shop of Joaas Spau'ding, in Townsead Harbor, Mass., was destroyed by fire Saturday. Cause unknown. Less on building and stock, $6000; insurance $1500. There was a runo the Boatmeus' Savings back, St. Louis, Saturday, but it was promptly met, as was the run on the half dezen other banks. The pay of the Louisville printers has been reduced from 40 to 36 cents, by an agreement between the employed and the employers Weightman's labratory at the falls of the Schuylkil', was damaged $25,000 by fire Saturday. All the officers of the New York steamship compánies arrested for smuggling have been discharged from the steamship service. A son of John Paro, four years old, felljinto the Webster Mill canal in Suncook, N. Y, Saturday afternoon and drowned. The water was drained off and the child found, and in taking him out the planking gave way, precipitating two men and three women into the canal. Joseph Morin was pulled out with a leg broken. No others hurt. The warden of the penitent ary at Joliet,haviug discovered a plot ef the prisoners to escape Saturday, seized 19 of the ringleaders and put them in solitary confinement. Mrs. Emma E. Cobb, of Manchester, N. H. a young married woman, fell backward down three steps Saturday morning, and died from the ffects of her injuries. A building owned by the Northampton Railroad and occupied by Hartwell & Brindle, was bursed at Northampton yesterday morningLoss $2500. Stock part'y issured; DO insurance on building. Incendiary. A number of Masons and others turned out yesterday at Trenten to search for the missing Youmans, but without success. It is thought h's absence is caused by domestic troubles. B. M. Chambers, President of the Butchers' and Drovers' Bank of St. Louis, announces the suspension of that institution. The annual reports of the executive depart mental will be presented to Congress in Octo. ber. A despatch from AileLtown, Pa, says a botler xploded in Reefer's ore mills, near Macdugal, Lehigh county, Saturday morning killing the engineer an three workmen and injuring several others. It also killed several horses and mu'es. Postmaster James of New York, is about adopting the regulation b.ue uniform for him. self as brigadle. general, with that of colonel for his superintendents, and captains and lieutenants for supernumerary officers, while the clerks and others will wear the uniforms of priI vates in the army. A contract is made for a 1 thousand uniforms with a cheap firm in New York. Eugene Schuyler, secretary of the American legation at Constantinople, was married at t Paris Friday afternoon, to Gertrude King, a ) daugbter of President Kiag of Columbia Col) lege, N. Y. Mrs. Brown, who is a widow and a seam, stress in Newark, has been officially notified that a fortune of $100,000 has been left her by her parents in England. 7 Thomas W. Cary, formerly a wealthy poli) tician of New York, applied for a permit Friday to enter the alms house. , The liabilities of Young. McLaughton & Co., , shirt and collar manufacturers, lately failed in Montreal, are $244,000; direct $142,000; indie rect $102,000; assets $71,000; deficiency $172,. / 800. / The Patterson, N. J., silk weavers held a meeting Saturday, raised $50 and appointed a $ committee to go to New York and employ counsel to defend the silk weavers in jail there.

5. July 16, 1877 The New Orleans Daily Democrat New Orleans, LA
Article from The New Orleans Daily Democrat, July 16, 1877

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A RUN ON THE BANKS. A Panie in St. Louis Causes a General Run on all the Banks. [Special to the Democrat.] Sr. LOUIS, July 15.-The suspension of the Butchers' and Drovers' Bank yesterday caused a run in the afternoon on the Boatmen's Savings Bank, Union Savings Association, Provident Savings Association, North St. Louis Savings Association, Lucas Bank, Lafayette Bank, Citizens' Savings Bank, and Bank of St. Louis, but these runs were in no sense extensive. The demands were almost exclusively made by small depositors of the laboring class, and were met promptly. Very few if any merchants or business men joined in these runs. It is believed anxiety will subside and business resume its regular channels to-morrow.

6. July 16, 1877 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, July 16, 1877

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ST. LOUIS. a n a Suspension of the Batchers and r Drovers' Bank of St. Louis. h A Scary Day in St. Louis--Runs on Numerous Banks. Sr. LOUIS, July 14.-B. M. Chambers, 8 President of the Butchers and Drovers e Bank of this city, made announcements e this morning, of the suspension of that r bank, He says only 50 per cent of the capital stock has been paid in, giving $130,000 to be divided from that source if 8 found necessary to secure depositors. He also says his wife and sisters stand y ready to give deeds of trust on several hundred thousand dollars' worth of prop1 erty, to secure any balance that may be a due depositors, provided such time as e may be necessary to realize on the assets $ of the bank is given them. The suspene sion grows out of a run on the bank, a year or two ago, which took from it nearly a million of dollars, and although the n bank had, to some degree, recovered from e that, the recent failures created such dis1 trust that the bank lost ground again, and it was deemed best to close up. e Sr. LOUIS, July 14.-A run was started this afternoon on the Boatmen's Savings e Bank, but the bank kept its doors e open till half past six o'clock this t evening and promptly met all demands. The run was not very great, the largest single amount being $8,000. The business of the bank progressed nearly as a usual, the amount received by it amount. 8 ing to nearly half as much as was paid e out. What started the run is not exactly h known, but it probably grew out of the e closing of the Butchers & Drovers' Bank 8 and the distrust which resulted from re8 cent failures. It is believed by those in a position to know that the bank is entire sound and fully able to meet all demanda upon it. i Runs were also made on the Union Savings Association, Provident Savings e Association, North St. Louis Savings As. 1 sociation, Franklin Avenue German Savings Bank, Lafayette Bank, Citizens' Savings Bank and the Bank of St. Louis, 1 but they were in no sense extensive. The e demands were almost exclusively made by small depositors of the laboring class, and were met promptly, except in some cases where time deposits were called for, and the banks stood upon the usual 60 days notice. The aggregate drawn from each, was comparatively small and was easily met. Very few, if any, regular merchants or business men joined in the run. It is be. I lieved, at least, and is confidently expected, that whatever excitement or anxiety exists among these small depositors to-day, will subside by to-morrow and business will resume its regular 0 channels by Monday. The officers of the Boatmens's Bank say that they can receive money from New York and other points faster than it can be paid out here, and they have no apprehensions whatever of being the least crippled, even though the run is kept up for several days. There is nothing new regarding the Butchers' and Drover's Bank, except that Mr. Chambers, its President, is perfectfecting the guarantee promised in his statement this morning, that large amounts of property would be pledged to secure the depositors if necessary. The Insurance Commissioner this afternoon made an application for the appointment of a receiver for the Charter Oak Life Insurance Company. The petition sets forth that the assets of the company are 80 much less than the liabilities that it is necessary that a receiver be appointed and the charter annulled. The Judge issued a temporary injunction. The sheriffserved papers on the officers, which requires them to answer the allegations on Monnay next and show cause why a receiver should not be appointed.

7. July 16, 1877 Evening Star Washington, DC
Article from Evening Star, July 16, 1877

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Monday of last week, died on Saturday. He lived five days with a bullet in his brain. $7 At Patherson, N. Y., Edward Holland, while drunk, shot twice and fatally wounded a young man named Ellsworth. The clerks and other employees of the New York post office are to wear uniforms as well as the carriers. 17A murderer escaped from the jail at Somerset, Ky., by eloping with the Sheriff's daughter. as The Lake Dunmore House, a summer resort at Salsbury, Vt., was burned Saturday. IT A plot to escape from the Illinois state prison at Joliet has been discovered, and nineteen of the ringleaders put in solitary confinement. Lewis H. Johnson, of the steamboat Francis Bell, was shot and killed by a negro at West Wego, La., yesterday. The murderer escaped. James A. Favor, who is under bail for assisting to kill the Harrington girl, in East Boston, drowned himself at Lowell, Mass., Saturday. In a drunken brawl in New York yesterday morning Michael Cahill was struck in the head with a brick by Daniel Murphy and killed. The Governor of New York refuses to interfere in the case of Penweil, who is to be hanged at Elmira on the 20th instant for wife murder. w A tremendous flood deluged Latacurga, Ecuador, on the 28th, deluging a portion of the city, causing the loss of several lives, besides the destruction of much property. The British steamer Octavia. seized by the Spanish authorities, was released and delivered to the British consul, at Porto Rico, on the 30th ult. 19 The Butchers' and Drovers' bank of St. Louis has suspended. A run on the Boatmen's savings bank was made but fully met. The officers, quarters at Camp Supply, Indian Territory, were burned a few days ago, the officers losing nearly all their farniture and personal effects.

8. July 16, 1877 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, July 16, 1877

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Bank Suspension. Sr. LOUIS, July 14.-B. M. Chambers, president of the Butchers and Drovers' Bank of this city, makes the announcement this morning of the suspension of that bank He says only 50 per cent of the capital stock has been paid in, giving $180,000 to be derived from that source, if found necessary to secure depositors. He says his wife and sister stand ready to give deeds of trust on several hundred thousand dollars' worth of property, to secure any balance that may be due depositors, provided such time as may be necessary to realize on the assets of the bank is given him. The suspension grows out of a run on the bank a year or ago, which took nearly $1,000,000, and although the bank bad to some degree recovered from that, the recent failures created such distrust that the bank lost ground again, and it was deemed best to close. A run was started this afternoon on the Boatmen's Savings Bank, but the bank kept its doors open till half-past six o'clock this evening, and promptly met all demands. The run was not very great, the largest single amount drawn being $8,000. The business of the bank progressed nearly as usual, and the amount received by it amounts to nearly half as much as was paid out. What started the run is not exactly known, but it probably grew out of the closing of the Butchers' and Drovers' Bank, and the distrust which resulted from recent failures. It 18 believed by those in position to know that the bank is entirely sound and fully able to meet all demands upon it. Runs were also made on the Union Savings Association. Provident Savings Association, North St. Louis Savings Association, Franklin Avenue German Savings Bank, Lucas Bank, Lafayette Bank, Citizens' Savings and Bank of St. Louis, but they were in no sense extensive The demands were almost exclusively made by small depositors of the laboring class, were met some were and cases where the promptly. deposits except called in for, and the banks stc upon the usual sixty days' notice. The aggregate drawn from each was comparatively small and was easily met Very few, if any, regular merchants or business men joined in the runs It is believed-at least it is contidently expected-that whatever of exeitement or anxiety among these small depositors to-day will subside to-morrow, and that business will resume its regular channels by Monday. The officers of the Boatmen's bank say they can receive money from New York and other points faster than it can be paid out here, and they have no apprehensions whatever of being in the least crippled, even though the run is kept up several days. There is nothing new regarding the Butchers and Drovers', excepting that Mr. Chambers, its president, is perfecting the guarantee promised in his statement this morning, that large amounts of property would be pledged to secure the depositors it necessary. ST. LOUIS, July 15.-All the papers this morning donated a good deal of space to the financial situation, and the run on the banks yesterday. The latter 18 treated quite lightly, and is not re. garded as in any sense serious or likely to result in disaster The U.S. Fire In surance Co, of this city, nas reinsured all its policies in the Scottish Commeretal, ot Glasgow, and closed up its affairs. Dullness of business is the chief cause of winding up. It will pay all debts, and return ninety per cent. to the stockholders.

9. July 17, 1877 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, July 17, 1877

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ST. LOUIS. Run on the Banks Continues. North St. Louis Savings Association Closes its Doors. Sr. LOUIS, July 16.-At this hour, ten o'clock, everything at the various banks is quiet. There are a few ladies at the Boatmens Bank taking small deposits out, and the same may be said of one or two other savings institutions, but there no excitement, and no indications that anything that can be called a run will be made on any of the banks to-day, CLOSED ITS DOORS. The North St. Louis Savings Association closed its doors at 10:30 A. M. No statement has yet been made by its offi. cera or directors. BANK OF ST. LOUIS CLOSED. The Bank of St. Louis has closed its doors. Its President Jacob S. Merrill saya that the depositors will be paid in time. This bank should not be confound with the National Bank of St. Louis, which is regarded at a very staunch institution. There are rumors about Home other small Saving Associations, but at this writing they have not been verified. ANOTHER RICKETY BANK. A special to the Globe-Democrat from Louisiana, Mo; says: At: meeting of the stockholders of the Pike County Bank to. day the directors reported that the total libilities of the bank were $110,000, net value of assetsabout $50,000. Statements were made that the depositors would receive dollar for dollar if time was granted. The capital of the bank is $400,000, with 15 per cent paid in. A majority of the stockholders are solvent and there seems to be no doubt but the banks indebtedness will soon be paid. Depositors passed resolutions granting the bank six months to pay balances due them providing the directors will pay 10 per cent of the installments as fast as their assets are realized upon, and that the directors will call on the stockholders within 30 days for such amounts as will meet all liabilities not met by the present assets. A statement by A. M. Weir, cashier, shows the first speculations made by him were for the purpose of trying to make up some losses by the bank. He also confesses that the two dividends were paid out of deposits, there being no profits of which to make dividends. SMALL DEPOSITORS DRAWING THEIR MONEY. Contrary to expectation, the flurry of Saturday regarding the condition of the brnks 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 were almost wholly confined to small depositors of Savings Institutions and small shop-keepers, no merchants or business men of any pretentions taking partin it. The closing of the Northern Apsociation is attributed to the shortage of $10,000 at the clearing house this morning. The Bank of St. Louis did its clearing through the North St. Louis Savings Bonk, 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 severe comments. The banks run on to-day were the 4th National, Provident Savings, Franklin Avenue, German and Boatmens' Savings Banks. All of the current accounts were promptly met however, and there was at no time any noticeable excitement. Everything was done in a quiet manner, and the crowds, if they can be called such, at the various banks were quitesmall. Before noon it was agreed that time certificates, which were freely paid on Saturday and early this morning, should be subject to except cases the in rule of where 30 and urgent 60 days need notice, of money could be shown. This had the effect of reducing the demands to a considerable extent and the vigor of the run was good'deal relaxed, and several other say: ings institutions were more or less besieged, but they all asserted their ability to pay all just demands. The commercial banks are pursuing the even tenor of their way, being very little if any affected.

10. July 20, 1877 Vicksburg Weekly Herald Vicksburg, MS
Article from Vicksburg Weekly Herald, July 20, 1877

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St. Louis Banks in Trouble. ST. LOUIS, July 15.-A run was started on the Boatmens Savings Bank, Saturday noon. The bank kept its doors open until 6:30, and met all demande. The run is not very great, the largest single amount drawn being $8,000. The business of the bank progressed nearly as usual, and the amount received by it amounted to nearly halfas|much as was paid out. What started the run is not exactly known, but probably grew out of the closing of the Butchers and Drovers Bank, and the distrust which resulted from recent failures. It is believed by those in a position to know that the bank 18 entirely sound. ST. LOUIS, July .--The Bank of St. Louis has closed its doors. Jacob S. Merrill, President, says the depositors will be paid in time. ST. LOUIS, July 16.-The North St. Louis Savings Association closed its doors at half-past ten o'clock this morning. No statement. Everything at the various banks is quiet. A few ladies at the Boat. mens' Bank are withdrawing small deposits; the same may be said of one or two other savings institutions. No excitement or indication of a run.