10746. German Savings Institution (St Louis, MO)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
October 6, 1857
Location
St Louis, Missouri (38.627, -90.198)

Metadata

Model
gpt-5-mini
Short Digest
319307c7

Response Measures

Accommodated withdrawals

Description

Multiple contemporary articles (Oct 1857) report runs on the German Savings Institution in St. Louis during the Panic of 1857. Reports explicitly state heavy withdrawals but also that there was no evidence of suspension yet and that the institution promptly met every dollar, so the episode is classified as a run that did not lead to suspension.

Events (1)

1. October 6, 1857 Run
Cause
Local Banks
Cause Details
Panic in St. Louis after failures/suspensions of local banking houses (Bogy & Miltenberger, brokers, others) triggered heavy withdrawals from savings institutions.
Measures
Promptly met withdrawals; paid depositors in specie according to reports (met every dollar).
Newspaper Excerpt
There is a run on the Bank of Missouri and Boatmans' and German Savings Institutions, no evidence of suspension yet
Source
newspapers

Newspaper Articles (3)

Article from The Evansville Daily Journal, October 2, 1857

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Article Text

# Banking Intelligence by Mail. Our exchanges are most entirely filled with articles in relation to the financial condition of the country and reports of failures and suspensions. The storm has reached St. Louis at last, and the pressure there is beginning to be serious. On Tuesday morning. Messrs. Bogy & Multenberger, well known bankers of that city, closed their doors. It is said their assetts are ample. Cards signed by a large number of the wealthy citizens have been published guaranteeing the solvency of Messrs. Lucas & Co., and Renick & Peterson, and assuring depositors of the safety of their deposits. The failure of Bogy & Multenberger caused a general run on the brokers, and John Anderson & Co. suspended. Derby & Barksdale also closed doors. The German Savings and Boatmen's Banks, and Lucas & Co. had stood heavy runs and promptly met every dollar The panic in St. Louis is considered over. Money matters in Cincinnati continue tight. The New York Life and Trust Company Examining Committee have made a partial statement to the public, in which they say that the immediate cause of the failure was large advances to a Railroad Company, (the Cleveland & Pittsburgh.) the magnitude of which, it seems, is as much a surprise to the Directors of the Railroad as it is to the Trustees of the Bank. These advances have been chiefly since April, when the Trustees resident in New York made an examination of the office and a report upon it to the Board here. The Fox River Bank located at Green Bay has failed. Its capital was $50,000, and its circulation on the 1st of July last, $25,000, which was thus secured : Virginia 6's 10,000; Tennessee 6's $14,000; Missouri 6's, $3,000; specie $3,000. Total, $27,000. The People's Bank of Milwaukie and the Badger State Bank of Wisconsin, have also suspended. Two prominent banking houses in Burlington, Iowa, have failed. Money matters appear to be easy in Louisville-a dispatch from that point, dated Tuesday says: "heavy bank payments were promptly met to-day and the banks discounted freely. All Ohio money was thrown out."


Article from The Burlington Weekly Hawk-Eye, October 7, 1857

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Article Text

by by the news by fire. Lom $600,000 mail was received Wm. Bean had been convicted of embessing . victims of the public treasure from the branch mist, CaliforI $ paus abildren belong. Haerasthy's defelsation from same establish. lians. The Calment 000'0018 dates from Cal. being carried on successfully. 17th, à de : The Career Valley people are agitating for a The following Territorial From that quarter we have su account of the frightful masacre by utta on the 18th the the Indians oldiers. General : Oregon that learn the From Constitutional need within one Convention met at Salem on the 17th August. I been obliged to From Washington Territory we have intelliunt of the abolgence of the murder of Col. Eby, collector of fores. I the pert of Townsend, by party of Indians. via Ceyloa, that His family escaped. Eighteen Indians had been nong the troops arrested by the inhabitants and they would be hem to return to bung. Hen. G. Venable, our Minister in Guatemala' and thwarted, to died of cholera, on the 33d August. This opidemis was ravaging Guatemala and San Salvaas with the rebdor. Martial law had The South American news, though a month he Gov. General's later, is unimportant. The revolution In Peru change. : ed from the comM. O. Roberts furnishes a list of the passenames Outram sucgurs from the Isthmus on board the Central onal native regiAmerica. and others were First class-J A Thorn, lost; Jose Sequin, Potroops at Lagowruvian Minister to the U. 8, U.S., foot; a Tyfel, of their officers. A Lime, Peru, saved; Wm B Smith, loss; Was per attacked the Graffts, lost; Capt W G Dyer, lost; Adolphus 0 th this loss of two Layer; his lad of 11 years, lost; Ancha Picton, ) contingent and bearer of dispatches to Paris and Belgium, Condispersed. Acsul at Lima, lost; Theodore Taylor, Mate, in the . Delhi the Euro. Pacific M. S. Co.'s employ, lost; c. McCarthy, are the place, but Engineer, saved; J Sellamer, lest. Second and a general as class-V Watson and Son, lost; Otis Baldwin, ays. last; Jas O'Neill, lost; C W Griffith, lost; Wm Oaborne, hough the official Thes saved; lost: Frank Mollony, Caras still holding penter, left; W na Wm Hemmel, lost; m Pleas, lost; to believe that Aromor, lost; T Morris, lost; F Griffith, lost. confirmed, and It now appears that the Central America had , ben destroyed 450 passengers, and $1,219,189 in specie, when under its protecshe left Aspinwal. From the St. Louis Republican, S1st ult. y scarce. Wheat, Run on the St. Louis Bankr. g. The brokers On Monday there was a great desire to ### that alwhat would be the result of the panie on Tuesit was la2d highday. It apprehended that & run would be made on the Bankers and Savings institutions, ort an advance notwithstanding the guaranties given to two of off, on the whole the banking houses by some of the leading capations of the last italists of the city, and the acknowledged sol vency of all of them; and at the hour of open ed wheat 8sa8a6d. ing, an unusual number of persons were obfleur 81a32, Ohio served on Main street, and on the cross streets 88a38s 6d. Beef leading to it. The first thing that attracted at nflux of low retention was a notice on the door of the banking house of Bogy, Miltenberger & Co., that demand at generthe house had temporarily suspended business, , good demand at and that it would not be opened. Curiosity losed on Friday seemed to lead a good many persons to the or account. spot, and they lingered there a good while, England bad injoined by many others, who seemed to have 000. little to do except to contribute to the exciters. Baring Bros., ment. This house did not open at all, although ellers than might no one doubts its ability to pay every dollar of N. Y. advices.its obligations many fold over. The suspension demand and inis, as stated, temporary. The house has been ply is below the arranging its affairs with view to its close, and it has refused many accounts, and was setted I.C. shares tling up all others. If necessary to a settle1 market. ment of its business affairs, it will, we have no cy downward doubt, resume business in short time. in demand at full The seekers after gold were early in the street in front of the banking house of J. H. Missionary who Lucas & Co., where they were soon joined by for N. Y., in the number of idlers and curiosity mongers.Those who had deposits in this house were not taken out of the in over modest demand for making and specie, stored in Plymfrom 9 till nearly 11 o'clock the tellers were busily employed in paying checks. Nobody marine Cable has was sent away without having his wishes gratyo ified in this particular, and some of them, when , York, Oct. 2. they had received the gold, appeared greatly NING. me at loss to know what to do with it. By the mp, &c, connechour of eleven, every depositor was paid off : hs, Tiffany & Co, and went off, and then the crowd disappeared. mission house at From that hour until M., there was no un. es-sterling exusual excitement on the corner of Main and Chestnut streets. do Another class of depositors were not slow in tsburg, Oct. 2. n Fourth Street, paying their respects to the gentlemen who th air and furniture manage the German Savings Institution, in the & Co., as cab. Merchants' Exchange block. There was quite st to the ground. a rush on them, and this was kept up for an hour or two, when all demand for specie from ing the fire, and e building, were affrighted depositors ceased. One of these inured. McIrwin's dividuals, after he had accomplished his pur000 in the Farpose in clutching the gold to which he was entiladelphia. Seatled, seemed to have been struck with the ridiensured. ulousnoss of the proceeding, and concluded toC. B. Palmer, put it back in the very vaults from which he of had it. received ZE the Farmers & his. A law of While these things were going on in Main O. W. Selden, was street, another set of depositors were paying trs their respects to the Boatmen's Saving Institution, at the corner of Pine and Second streets. Louis, Oct. 2. For or an hour time-say two-the young of Indian Affairs, gentlemen whose duty it is to honor drafts upreports having 25 on this institution, were a good deal exercised, treaty with the . and the coin passed out pretty freely; but by on the 24th ult. the time they had had fairly fairly got their hands in, the is announces the is demand was exbausted, and they had nothing n Salt Lake, who unusual to do the balance of the day. e fortified Fort Passing up Main street, a few stragglers were ntion of defendnoticed in the banking house of L. A. Benoist he United States' & Co., but the serenity of the gentleman who depredations by manages that concern was not disturbed, and he d daily growing rarely took his hands out of his pockets. ⑆ Still further up the street the "State Savings" Helphia, Oct. 3. had no calls for specie from importunate or suspended payof suspicious depositora, and discounts were made, and the usual business if carried : on, they e Reading R. R. had no knowledge of any undue excitement in the the city. most distinct Probably intimasyments yesterbe protested.tion they had of it, was the opening of new tel There were no accounts by depositors, who paid in twenty The Pennsylvaseven thousand dollars, the major part of it, it til Monday next. is presumed, drawn from the vaults of other banking houses. dis York, Oct. 3. 10 The Bank of Missouri was not disturded by have suspended. unusual applications for specie. Nor were any thrown out toof the other banking houses on Main street.California Mail Go All went quietly with them. We have no re7th, when the port of the newly chartered banks, but prethe Star of the sume that nothing unusual transpired in their doors. Me lag Bostop, Oct. 3. So much for yesterday's doings. The fever suspended payand desire to break the Bankers and the Banks of and Saving Institutions has, it is believed, exhausted itself, and a return to a more settled York, Oct. 5. state of things is confidently expected. Glasgow on the I morning, She The Chicago Journal says that on Saturday on the 2d, City morning last, as some wretches who had caught riel on the 4th. some of the numerous rats which the high driven had from their grade were amuhaunts, i. an sing themselves by covering them over with $ à = I spirits of turpentine, and then setting it on fire; lcans for the In one of the rats, more sensible perhaps than their tormenters, seeing the plumming shop of he native regiMessrs. Wilson & Hughes, close at hand, and ressed. knowing them to be skilful in everything per. the Indigo distaining to "water" madea straight row of tracks for their show window, under which taking read sent strong fuge, fire was communicated to the store floor, he command on and had it not been for the timely aid of some de of the Britpassers by, a serious fire might have occurred. in the recent me A KEG OF SPECIE Due Ur.-The Oswego lled. Times, of the 18th ult. tells the following story: om Bremen, arTwo men named, respectively, Ward and Hall, Ph reports that at were at work down the lake shore, some miles for ult., she spoke from this city, getting out hoop stuff, when they och, from Cardiscovered a small keg buried in the sand. This ok from her J. they dug out, and opening it found it contained


Article from Wheeling Daily Intelligencer, October 7, 1857

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Article Text

BANK EXCITEMENT. DRTHOIT, Oct. 6.-The Farmers & Mechanies' Bank of this city has been placed under injunetion by the Attorney General. ST. Louis, Oct. 6.-There is n run on the Bank of Missouri and Boatmans' and German Savings Institutions, no evidence of suspension yet el The regular Banks are strong. At a meeting at the Merchants Exchange yesterday to consider the currency question, Mr. Henry, Bank Commissioner from Illinois, made a statement of the condition of the Banks of that state, which was generally considered satisfactory. The committee appointed to report on the subject, convened this afternoon without coming to any definite. conclusions The vote on securing currency at par stood a tie. Previ ous to adjournment a re olution was passed to petition the Legislature to issue no more bonds at present and to create a sinking fund for the payment of interest on those already issued.-Another meeting will be held at the Exchange to-day. Suspended-Lucas & Co.; creating no excitement; assets ten times greater than their liabilties. BOSTON, Oct. 6.-At the instance of the Bank Commissioners a temporary injunction on the the Western Bank of Spri gfield, was issued. NEW YORK, Oct. 6.-The Mercantile Bank at Hartford, Conn., and the Bank of Watertown, New York, have been thrown out.