German Savings Institution

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: July 13, 1877
Location: St Louis, Missouri (38.627, -90.198)

Metadata

Model: gpt-5-mini
Short Digest: b0f159cf

Response Measures

None

Description

Article (dated 1877-07-13 correspondence) reports that after the State National closed short about $3,000,000 the German Savings Bank followed suit and that bank suspensions and heavy runs were occurring in St. Louis. The piece does not state a reopening or receivership for this specific institution; closure status is not specified, so I classify as a suspension with likely permanent failure (suspension_closure) but note uncertainty. Bank type not explicit from name, so set to unknown.

Events (2)

1. July 13, 1877 Suspension

Cause: Local Banks
Cause Details: Contagion from the failure/closure of the State National (reported $3,000,000 short) and general loss of confidence among local banks, producing multiple suspensions in St. Louis and heavy withdrawals on banks generally in the city; German Savings Bank suspended following State National's failure .,random_run:false,
Newspaper Excerpt: other German Savings Bank followed suit
Source: newspapers

2. * Other

Newspaper Excerpt: Bank suspensions are of almost daily occurrence in St. Louis now... there is very general uneasiness. Yesterday and to-day some pretty heavy runs in made on all the banks.
Source: newspapers

Newspaper Articles (1)

1. July 15, 1877 The New Orleans Daily Democrat New Orleans, LA

Article from The New Orleans Daily Democrat, July 15, 1877

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Article Text

[Special Correspondence of the Democrat. of estabLOUIS, July 13 The project New OrST. line of steamships from running in lishing a Brazil, with a barge line and St. connection leans to between New Orleans Louis, has LATELY BEEN REVIVED, be the prospect of early success in an may enterpronounced and promising. As this Orleans are in which the people of New correspondent prise interested, your among particularly made a tour of inquiry men in to-day commercial and river subject. the of information on the direction search that the effort made in this seems time ago was temporarily abandoned, remain some the matter was permitted to furnish a or rather until the jettles could of sufficient in abeyance, depth of water for the passage however, draught vessels. It is now, undertaking deemed heavy advisable to renew the by the time to have the line in operation held coming in fall. Several meetings were purpose but the proceedings and the here, kept secret, because of the opposition The prowere might arise to the enterprise. government jectors that hope and believe that the will GRANT A SUBSIDY this purpose; and a memorial the to spe- this for will be laid before Congress at steameffect session in October. The Pacific both cial line and the Panama line have of a manifested ship opposition to the project and line between New Orleans and it was feared that if a subsidy became public to is to run small steamship Brazil, to would The ask prepare purpose defeat it. steamers, the these that purpose lines they not 1800 tons burthen, Pass exceeding get over the bar in Southwest the pubmay David B. Gould, of this city, authoreasily. of the St. Louis Directory, was in lisher to confer with owners of steamships he ized to furnishing the vessels, and A letter is regard in Montreal for that purpose. offernow received from a large English firm most libwas all the vessels necessary on the with the ing terms. Further correspondence Mr. eral was had, and the result is that firm has gone to Montreal to inspect of some the Gould there and consult with an agent vesvessels firm in reference to landing the Orleans in time to sels English at New begin The opera- Allan tions in September or October. examinaalso offered vessels, but upon too line tion, they proved to be too large and costly. The object is to RUN SMALL VESSELS little expense as possible. at The as Mississippi Valley Transportation Com- this offers to transport freight Orleans for at steamship pany line to and from New such lowest possible rates, and to make Louis arrangements the as the merchants of St. will no desire. Other transportation routes be no doubt make like offers, and there will facilities difficulty in getting transportation between your city and this at satisfactory rates. arrangement has been entered into with has An Pacific and Panama steamships that to induced the them to withdraw all opposition the the projected line. The plan is to have the steamers make connection with Panama Brazil steamers at some convenient port, there mail and passengers can be trans- ports and ferred. For instance, passengers for reached by the Panama and Pacific steamers Brazil out from New Orleans on the the can go and make connection with former, steamers instead of going to New York or out to the Pacific coast by rail. The PROJECT IS PROMISING, because it does not require the outlay of any Vessels of the proper size and capamoney. that are now lying idle, are ready to to city trade, and all that is necessary the success of the a enter insure the enterprise is ones small here Among the best posted Consubsidy. is entertained of the action of no this matter. The lower did once pass a gresson doubt bill House, granting a it will be for this purpose, moment it was subsidy remembered, defeated but in at the the Senate last for want of proper management. The importance of a steamship line between country and Brazil is realized by every this with ability to think and understand, who man and certainly there are few Congressmen enternot appreciate the necessity. The best do here is in the hands of some of our prise and though very little noise is being men, made over it, the prospects are encouraging BANKS FAILING. Bank suspensions are of almost daily occurin St. Louis now. The State National rence its doors several weeks ago with about The closed $3,000,000 of depositors' money short. other German Savings Bank followed suit the and on Wednesday the Iron Mountain of day, Bank announced its suspension. Rumors failing condition of other banks are thick, Yesthe and there is very general uneasiness. terday and to-day some pretty heavy runs in made on all the banks. Confidence banking were institutions of all classes is very much shaken, and thousands of persons are in drawing out their money and locking it up the Safe Deposit Company's vaults. In fact, this mode of keeping money is becoming to popular here. People say they prefer losing very retain the principal rather than risk it with the interest. The failure of the State National has brought down several country banks, of already doubt more will follow soon. Many the the and country no banks kept their balances in not National, and some of them can are State possibly survive until the bank's affairs wound up. THE TRAIN WRECKERS. The four villains who recently attempted and to passenger train on the St. Louis robSan wreck Francisco a Railroad for the purpose of