10744. Franklin Avenue German 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
c9f0bd9a

Response Measures

Accommodated withdrawals

Description

Multiple contemporaneous newspaper reports (July 11–17, 1877) list a small, non-extensive run on Franklin Avenue German Savings. Withdrawals were mostly by small depositors and were promptly met; time deposits were sometimes placed on the usual 60-day/30/60 notice. No article reports a suspension or closure of this specific institution.

Events (1)
1. July 14, 1877 Run
Cause
Local Banks
Cause Details
Run likely grew out of distrust following closing/suspension of other local banks (Butchers & Drovers' Bank, North St. Louis Savings Association, Bank of St. Louis) and recent failures.
Measures
Promptly met current demands; time deposits in some cases subjected to usual 30/60 days' notice.
Newspaper Excerpt
Runs were also made on ... Franklin Avenue German Savings Bank ... but they were in no sense extensive. The demands were exclusively made by small depositors of the laboring class, and were met promptly, except in some cases where time deposits were called.
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 16, 1877 The Rutland Daily Globe Rutland, VT
Article from The Rutland Daily Globe, July 16, 1877

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Runs on Banks. ST. LOUIS, July 15. A run was started this afternoon on Boatman's savings bank, but the bank kept its door open till 6.30 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 amounted to nearly half as much as was paid out. W hat 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 is believed by those in a position to know that the bank is entirely sound and fully able to meet all demands upon it. Runs were also made on the Provident savings association, Franklin avenue German savings bank, Lucas' bank, Lafayette bank, Citizens' savings bank and Bank of St. Louis, but they were in no sense extensive.

3. 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.

4. 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.

5. 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.

6. 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.

7. 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.

8. 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.

9. 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.

10. July 20, 1877 The Emporia News Emporia, KS
Article from The Emporia News, July 20, 1877

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patches report the suspension of the Pike County Bank at Louisana, Missiouri to-day. It is said that the depositors will be paid, but there will be little left for the stockholders. CINCINNATI, July 11.-The National Bank Examiner for Indiana has closed the First National Bank of Delhi on account of a run upon the bank, owing to the failure of Dugan, Case & Spears, of Chicago, Dugan being president of the bank. The assets are said to be $50,000 in excess of liabilities. Sr. LOUIS, July 14.BB M. Chambers, president of the Butchers' and Dovers bank of this city: makes an announcement this morning of the suspension of that bank. He says only fifty per cent. of the capital stock has been paid in, leaving $130,000 to be derived from that source if found necessary to secure depositors. Sr. LOUIS, July 14.-A run was started this afternoon On the Boatman's Savings bank, but the bank kept its doors open until 6:30 o'clock this evening, and promptly met all demands. The run was not very general, the largest single amount drawn being $300. The business of the bank progressed nearly as usual, and the amonnt received by it amounts to nearly half as much as was paid out. Runs were also made on the Union Savings association, North St. Louis Savings association, Franklin avenue German Savinger Lucas bank, Lafayette bank, Citizens' 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, and were met promptly, except in some cases where time deposits were called for and the banks stood upon the usual sixty day's notice. The aggregate drawn from each bank was comparatively small, and was easily met. Very few, if any, regular merchants or business men joined in the rans Sr. LOUIS, July 16. The North St. Louis Savings Association closed. its doors at half past ten. No statement has yet been made by its officers or directors. The Bank of St. Louis has closed its doors. The President, Jacob S. Merrill, says the depositors will be paid in time. 6P. M.-It is stated on good authority that all the large banks have declared their purpose to pay no more time certificates, except.in cases where distress or an unusual need of money is clearly shown. The Globe-Democrat special from Louisana, Missouri says at a meeting of the stockholders of the Pike county bank to-day, the directors reported the total liabilities of the bank at $115,000; net value of the assets about $70,000. The statement 16 made that depositors would receive dollar for dollar if time is granted. The capital of the bank was $400,000 with filteen per cent. paid in. The flurry of Saturday, occasioned by the condition of the banks, contrary to expectation, did not subside yesterday, but continued to-day and was materially strengthened towards noon by the elosing. of the North St. Louis Saving Association and the Bank of St. Louis. As on Saturday, however, the persons engaged in the run are almost wholly confined to small depositors of savings institutions and small shop keepers. No merchants or business men of any pretensiors are taking part in it. The four per cent. Government bonds and all securities, even those which command a premium, are being sought after or investment. BOSTON, July 17.-The Commissioner of Savings Banks has enjoined the Havenbill, Mass., Savings Bank from doing further business. ST. LOUIS, July 17,--The enforcement of the 30 days notice rules has stopped theyrunned the banks. The Brewer Savings bank closed to-day.