10743. Fourth National Bank (St Louis, MO)

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 283
Charter Number: 283
Start Date: July 16, 1877
Location: St Louis, Missouri (38.627, -90.198)

Metadata

Model: gpt-5-mini
Short Digest: 091099f4

Response Measures

Accommodated withdrawals

Description

Multiple contemporaneous newspaper reports (mid-July 1877) describe a run by small depositors on several St. Louis banks including the Fourth National. The Fourth National met checks promptly and the run subsided; there is no evidence in these articles that the Fourth National suspended or closed. The run appears driven by distress/closures of other local savings banks (e.g., North St. Louis Savings Association and Bank of St. Louis), so cause is classified as 'local_banks'.

Events (3)

1. February 26, 1864 Chartered

Source: historical_nic

2. July 16, 1877 Run

Cause: Local Banks
Cause Details: Run by small depositors triggered/strengthened after the closing of the North St. Louis Savings Association and the suspension/closing of the Bank of St. Louis; contagion from other local bank failures.
Measures: Current checks were promptly paid; banks (including Fourth National) met current accounts and business resumed; enforcement of 30/60 days' notice for time certificates reduced demands.
Newspaper Excerpt: The banks run on were the Fourth National, Provident Savings, Franklin Avenue, German and Boatmens' Savings Banks.
Source: newspapers

3. January 15, 1907 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (10)

1. 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.

2. 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.

3. July 17, 1877 The Wheeling Daily Register Wheeling, WV

Article from The Wheeling Daily Register, July 17, 1877

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The Panic Continues. ST. LOUIS, July 16.-Contrary to ex. pectations, 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 the small depositors of the savings institutions and small shop keepers, none of the merchants or business men of any pretentions taking any part in it The closing of the Northern Association. is attributed to a shortage of $10,000 at the clearing house this morning. The Bank of St. Louis did its clearing through the North St, Louis Savings and when the latter closed it had $27,000 worth of paper belonging to the Bank of St. Louis, and this forced the latter to suspend. The action of the North St. Louis Savings Bank has given rise to consider. able severe comments. The banks run on were the Fourth National, the Provident Savings, the Franklin avenue German Bank and the Boatmen's Savings. All the current accounts were promptly met, however, and there was at no time any noticeable excitement. Everything was done in a quiet and orderly manner, and the crowds (it they can be called crowds) at the various banks were quite small. Before noon it was agreed that the time certificates, which were freely paid on Saturday and early this morning, should be subject to the rule of thirty and sixty days' notice, except in cases whe 9 urgent need of money could be show This had the effect of redncing the demands to a considerable extent, and the vigor of the run was a good deal relaxed, and several other Savings institutions were more or less besieged, but they all asserted their ability to meet all just demands, The commercial banks are pursuing the even tenor of their way, being very little, if any, effected.

4. July 17, 1877 Public Ledger Memphis, TN

Article from Public Ledger, July 17, 1877

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ST. LOUIS. Business at Banks this Morning Opened with Brighter Prospects -The Rans Stopped. ST. Louis, July 17.-This morning business at the banks opened with much brighter prospects, and up to this hour (eleven o'clock) nothing of special note has transpired. A very few people, not more than half a dozen at any one time, have been at the Fourth National and Provident Savings banks presenting their checks, which have been promptly paid. The run seents to have stopped, and it is hoped there will be no further excitement or trouble. Still, it cannot be said what the day will bring forth. The officers of the St. Louis Savings Bank assert that the assets of the bank exceed its liabilities fully one hundred and fifty thousand dollars, 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 Cincinnati, had a considerable sum in the bank when it closed. As stated yesterday. Mr. Merrill, president of the Bank of St. Louis, says that the bank will pay its depositors every dollar. The current deposits are about $500,000, and time deposits $33,000, with assets more than sufficient to pay all. The bank had a large amount of New York exchange which it could not dispose of, but it could have pulled through had not the North St. Louis Savings closed, locking up $27,000 of its clearings.

5. July 17, 1877 New-York Tribune New York, NY

Article from New-York Tribune, July 17, 1877

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THE ST. LOUIS BANKS. CONTINUANCE OF THE RUN BY SMALL DEPOSITORSBUSINESS MEN NOT ALARMED. ST. LOUIS, July 16.-Contrary to expectation the flurry of Saturday regarding the condition of banks did not subside yesterd Ly, 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 in savings institutions, and small shop-keepers. No merchants or business-men of any pretentions took part in the run. The closing of the North St. Louis Savings Association is attributed to a shortage of $10,000 at the clearing-house this forenoon. The Bank of St. Louis did its clearing through the North St. Louis Savings, and when the latter closed it had $27,000 of the paper belonging to the former. This forced the Bank of St. Louis to suspend. The action of the North St. Louis Savings Association has given rise to considerable severe comments. The banks run on to-day most were the Fourth National, the Provident Savings, the Franklin Avenue, the German Savings and the Boatmen's Savings. All current accounts were promptly met, however, and there was at no time any noticeable excitement. Everything was done in a quiet, orderly manner, and the crowds, if they can be called crowds, at the various banks were quite small. Before noon it WS8 agreed that time certificates, which were freely paid on Saturday and early this morning, should be subject to the rule of thirty and sixty days notice, except in cases where urgent need of money could be shown. This had the effect of reducing the demands to a considerable extent, and the vigor of the run was a good deal relaxed Several other savings institutions were more or less besieged, but they all asserted their ability to meet all just demands. The commercial banks are pur* suing the even tenor of their way, being very little, if any, affected, except that those best known to be strong and safe are receiving individual deposits and doing increased business. The aggregate of currency held by these banks now, is largely in excess of the amount in their vaults two weeks ago. Four per cent Government bonds and all securities, even those which command a premium, are being sought after for investment. Of course there is a good deal of comment on the present condition of aflairs and what the outcome is likely to be. 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 it may be stated that the substantial merchants and business men of the City, generally do not apprehend any serious disasters to follow the present excitement.

6. July 18, 1877 The Dallas Daily Herald Dallas, TX

Article from The Dallas Daily Herald, July 18, 1877

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The Shopkeepers of the Mound City Are Pante-Stricken, and Strengthen the Excitement By a Run on the Banks. Substantial Merchants and Business Men of the City Generally Do Not Apprehend Any Serious Disaster to Follow the Present Flurried State of Affairs. [Noon Associated Press Report.) ST. LOUIS, July 17.-Contrary to expectation, the flurry of Saturday, regarding the condition of the banks, did not subside yesterday, but continued, and was materially strength. ened toward 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 nien of any pretensions are taking part in it. The closing of the North St. Louis Savings Association is attributed to 16 shortage of $10,000 at the clearing house. Yesterday morning the Bank of St. Louis did its clearing through the North St. Louis Savings Association, and when the latter closed it had $25,000 of paper belonging to the Bank of St. Louis. This caused the latter to suspend. The actions of the North St. Louis Savings has given rise to considerable severe comment. The banks run on the most were the Fourth National, Provident Savings, Franklin avenue and German Savings and Boatman's Savings. All current accounts were promptly met, however, and there was at no time any noticable excitement. Other savings banks were more or less besieged, but they all assertea 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, to obtain their money, but substantial merchants and business men of the city generally do 0 not apprehend any serious disasters to 1 follow the present state of affairs.

7. 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.

8. July 18, 1877 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, July 18, 1877

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The Financial Crisis-Bank of St. Louis Will Pay in Full. Sr LOUIS, July 17.-This morning business at the banks opened with brighter prospects, and up to the hour of 11 o'clock nothing of special note has 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 that there will be no further excitement f or trouble. Still, it cannot be said what the day will bring forth. The officers of the North St. Louis Say. . ing Institution assert that the assets of e the bank exceed the liabilities by $150,. 000, and that they can be pretty easily to 0 $600,000. realized upon. The bank The will deposits go into amount liquiday tion. It is said that Eisher, Hilulback & 8 Co., of Cincinnati, had a considerable a sum in coin in the bank when it closed. 8 Asstated yesterday Mr. Merrill, President of the bank, will pay the depositors every dollar. The current deposits are about $50,000 and time deposits $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 Institution closed, locking up $27,000 of its clearings. BREMEN BANK. Sr. LOUIS, July 16.-A pretty well authenticated report has just come down from the extreme northern part of this city that the Bremen Bank had closed. No particulars can be given at the present writing. The run on the down town banks may be regarded as stopped. The enforcement of the thirly days notice yesterday, regarding the time certificates, seems to have effected this result, and as the small current accounts in the savings banks have mostly been drawn out the excitement has about subsided, and business is again progressing in its regular channel.

9. July 18, 1877 The Wheeling Daily Register Wheeling, WV

Article from The Wheeling Daily Register, July 18, 1877

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were unloaded, FinancialSituation in St. Louis. ST. LOUIS, July 17.-This morning business at the banks opened with brighter prospects, and up to the hour of eleven o'clock nothing of special note had transpired. Very lew people not more than a half-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 said what the day will bring forth. The officers of the North St. Louis Savings Institute assert that the assets of that 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 Easher, Hilulback & Co., of Cincinnati, had a considerable sum in coi.: in the bank when it closed Mr. Merrill, President of the Bank of St. Louis, says that the bank will pay depositors every dollar. The current deposits are about $50,000, and time deposits $33.000, with assets more than sufficient to pay all. The bank had a large amount of New York exchange. which it could not dispose of, but it could have pulled through had not the North St. Leuis Savings closed, locking up $270,000 of its clear ings A pretty well authenticated report hajust come down from the extreme northern part of the city that the Bremen band has closed. No particulars can be given at this writing. The run on the down town banks way be regarded as stopped. The enforcements of the thirty days' notice rule, yesterday, regarding time certificates seems to have effected this result, and as the email current accounts in the savings banks have mostly been drawn out, the excitement has about subsided, and business is progressing again in its regular channels. ST. LOUIS, July 17.-The report about the closing of the Brewers' Savings Bank has proved to be true The bank did its clearings through the Franklin Avenue Savings bank, but assurances of further accommodation from that source not being forthcoming to-day the directors held a meeting and adopted 8 resolution declaring that in view of the requireof the new State banking law and the ments present financial distress, and in duty to the depositors, the bank would suspend for a period of ten days with a view to final liquidation. The original capital was $100,000, but this was reduced some time ago to $69,000 by reason of bad securities. he deposits amount to about $200,000, including $115,000 time deposits. The assets are placed at $250,000. The officers of the bank say the depositors will be fully paid. The run to-day was very light, and long before the close of business' hours it had practically ceased. It seems the flurry is entirely over, and there will be no further trouble. It is expected that business tomorrow will be resumed in its regular course. The statement that Espy, Heidelbach & Co., of Cincinnati, had considerable money in the North St. Louis Savings Bank when it closed yesterday, has proved false. That house is debtor in r small amount to the bank. instead of being the creditor.

10. 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.