10749. Grand National Bank (St Louis, MO)

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 12220
Charter Number: 12220
Start Date: May 31, 1930
Location: St Louis, Missouri (38.627, -90.198)

Metadata

Model: gpt-5-mini
Short Digest: a27c1820

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health

Description

A large theft from the safe-deposit vault (~$1,000,000) precipitated heavy withdrawals beginning May 31, 1930. The bank met demands (Federal Reserve and Chase cash/loan deliveries), remained open, and directors decided not to reorganize — no suspension or permanent closure is reported.

Events (1)

1. May 31, 1930 Run

Cause: Bank Specific Adverse Info
Cause Details: Large robbery/looting of safe-deposit boxes (reported ~ $1,000,000 stolen; bank estimated its loss at ~$264,000–$400,000), prompting depositor fear and withdrawals.
Measures: Officers posted bulletins requiring 30 to 60 days' notice for savings withdrawals; Federal Reserve sent $250,000 and additional cash/loans arrived (including $450,000 emergency loan from Chase).
Newspaper Excerpt: Customers started a run on the bank today. More than 100 customers in line to withdraw their deposits when the institution opened its doors.
Source: newspapers

Newspaper Articles (12)

1. May 31, 1930 Carthage Evening Press Carthage, MO

Article from Carthage Evening Press, May 31, 1930

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LOUIS BANK LOOTING CALLED AN INSIDE Tools Are Found in Basement SUSPECTS HELD Chief of Detectives Declares Some Person in Bank "Knew What Going On" Associated St. Louis, May tools, found in the basement of the Grand National bank, looted of more than one million dollars when safe deposit boxes were robbed Sunday, strengthened Chief of Detectives Kaiser's theory of an "inside job." Three men, including two former officials of the institution, are held under $50,000 bond each, to answer any charge that may be placed against them. search of the unused and unlighted basement rooms of the bank last night disclosed police 12 percussion caps of the type used in setting the explosive which blasted the vault door, quantity of soap, lamp, punch, pound hammer and pinch bar. "Apparently this is an inside job," Chief of Detectives Kaiser declared, "and you can quote me to that effect.' Somebody with inside knowledge of the vaults or bank knew what was ing The inside door of the vault was unlocked, Kaiser said, adding the blasting of the door was merely to "throw dust in the eyes of the police." Start "Run" on Bank Customers started run on the bank today. More than 100 customers in line to withdraw their deposits when the institution opened its doors. An hour later the line extended for nearly block and uniformed policemen guarded the door, admitting them few The Federal Reserve bank sent $250,000 to the institution two days ago, in anticipation of withdrawals. Declares Bank Solvent Officers of the bank posted bulletins today requiring 30 to 60 days' notice for withdrawal of savings accounts. Vice President Joseph Ledbetter repeated an announcement made yesterday by President Ed Mays, that the bank was sound and in liquid condition.

2. May 31, 1930 Jefferson City Post-Tribune Jefferson City, MO

Article from Jefferson City Post-Tribune, May 31, 1930

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Finding of Safe Wrecking Tools Under the Bank Bolsters Theory. MERE PLAY Was To Throw Designed Dust In the Eyes of Police ST. LOUIS, Mo., May tools found in the wrecking basement of the Grand National Bank, looted of more than in the burglary of the safety deposit vault Sunday, has strengthened chief of detectives Kaiser's of an "inside Three theory two former officials men, including the held under bond each to answer to any $50,000 charge that may be placed against them. of unusued and unlightsearch the bank last basement rooms night disclosed to police percusof the type setting sion caps, which blasted the off the explosive door, quantity of soap, vault hammer Jamp, punch, pinch bar. this inside "Apparently Detectives Kaiser Chief quote to clared, "and you can with inside that effect. Somebody vaults the bank knowledge of the knew what was going the vault The inside said, adding the unlocked, Kaiser of the door was merely blasting of the throw dust in the Strozier, negro janitor, Ben the detective hours late Sunday, out and apparently chief pointed as Strozier the burglars, surprised finished before ordinarily bound, gagjanitor in closet was placed custodian of the William the trio arrested. vault, one ism not told police tin, until o'clock, reach the bank vault to get his he went to the when cigarettes. held Gifford The other two are ing cashier and director, Herbert, and Morris yesterday, hotel pro"Sappho" Barnholtz, box holdand safety deposit prietor arrested Sunday Barnholtz was his box, had police learned when by the robbers been singled out another Heaviest losers include the bank cash and about $350,by customsecurities posted in collateral; National loans ers Indemnity Exchange, tinental Life Insurance Investment Co., 000; Muckerman Sanders, $72,000; $94,000; Edwin and Dr. Kramer, $35,000; Henry John Flury, run on the Customers started More than custombank today. line to withdraw their were in when the institution opendeposits hour later the line its doors. An block and extended for nearly the door iformed policemen guarded few at time. them Reserve Bank sent The Federal institution two days $250,000 to the in anticipation of bank bulleOfficers of the posted thirty to sixty tins today requiring withdrawal of notice accounts. V. LedbetVice President Joseph repeated by President made yesterday was sound and that the bank Mays and that, after in liquid condition in securities loss of $350,000 charged off, its $43,000 in cash was would be unimcapital of $700,000 its surplus reduced paired and $150,000.

3. May 31, 1930 The Kansas City Star Kansas City, MO

Article from The Kansas City Star, May 31, 1930

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RUN ON LOOTED WITHDRAW FUNDS FROM LOUIS Police Required Guard Before Grand Repeated Announce- May Customers started today on the Grand National Bank. which was "looted of than million dollars by robbers who broke into the vault early last Sunday. Despite repeated announcements its officers that the institution sound more hundred depositors standing in line withdraw their funds the bank opened this morning. An hour later the extended block, and uniformed police guarded door, admitting time. Two days ago the federal sent million dollars used against withdrawals. Officers the bank posted bulletins requiring from thirty to sixty days' notice for withdrawing savings counts. Ed Mays, and Joseph Ledbetter. vice-president. today peated an announcement previously that after its $350,000 securities and $43,000 cash had charged off. the bank's capital would unimpaired, and its surplus reduced The discovery last night of wrecking tools the basement the bank building strengthened the police theory the looting was an "inside job." Three includformer officials of the instiare held under $50,000 bond each in connection with the

4. June 1, 1930 Joplin Globe Joplin, MO

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MONEY TRUCKS BRING NEEDCASH DEPOSITORY LOUIS. St. Louis, May Grand National bank, looted more than in cash, securities and other valuables, taken from safe deposit boxes week ago, weathered today. long line of customers, fearing the institution would fail after closure yesterday that its part of the approximate filed bank all day withthrough drawing deposits. At times, the line extended more than block down street. $450,000 One Truck. Twice trucks with money additional cash from the federal bank. One delivery, the reserve bank announced, consisted $450,lent for the the emergency Chase National bank of New York. Late today, President Ed Mays out statement that the crisis had that demands had passed, met and would continue to be He declared the bank is solmet. and will to operate. Uniformed police guarded the door, ten customers patrolled sidewalk, time, those waiting in line keeping order ordering spectators Anticipating heavy withdrawals, officers had posted bulletins bank thirty and sixty days' notice for withdrawals from savings accounts. Continuing their officials reiterated their robbery "inside plaining they were convinced bank's employ familiar with robbers' plans before the looting, which took place last Sunday morning while the safe deposit vault, being dismantled for Gifford moving, Herbert, cashier, who has resigned, and William Brittin, custodian the vault, was fired yesterunder $50,000 bonds inday, vestigation in the burglary. Missing Lawyer Returns. Jacksonville, May Paul Thompson, prominent Jacksonville attorney who disapfrom Louis four months peared conference with following tong leaders there, returned home here today. weakened physical and apparently suffering from shock.

5. June 1, 1930 The Buffalo Times Buffalo, NY

Article from The Buffalo Times, June 1, 1930

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ROBBERY FOLLOWED BY HEAVY BANK RUN Million Dollar Vault Disappearance Yet Unsolved United ST. LOUIS, $1,000,000 robbery of the Grand National bank apparently long planned and executed with the greatest finessee, remained unsolved Saturday after week investigation. A on the institution started Saturday and continued during the evening. Bank officials said the loss to bank proper only $264,000, and capital of $800,000 unimpaired. Detectives they believed the burglary inside This development followed finding of tools eached in storage of the bank, and arrest of Cashier Herbert Custodian William Brittin, for investigation.

6. June 1, 1930 The Tennessean Nashville, TN

Article from The Tennessean, June 1, 1930

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RUN ON ROBBED BANK St. Louis, May 31-(P)-The Grand National Bank, looted of more than $1,000.000 in cash, securities and other valuables taken from safe deposit boxes week ago, weathered run today. Late today President Ed Mays declared that the crisis had passed and that demands had been met and would continue to be met. He said the bank was solvent. SCOUTS ENTERTAIN KIWANIS Manchester, Tenn., May 31(Spl)-The Manchester Boy Scout troop entertained the Manchester Kiwanis club with program at the club's regular meeting Tuesday night. Special numbers on the program were given by Scouts Robert Hickerson, Milton Jones, Frank and Clark Willis

7. June 1, 1930 Evening Star Washington, DC

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ROBBED ST. LOUIS BANK SURVIVES RUN Depositors Crowd Into Institution Which Lost $1,000,000 a Week Ago. By the Associated Press. ST. LOUIS, May 31.-The Grand National Bank, looted of more than $1,000,000 in cash, securities and other valuables taken from safe deposit boxes a week ago, weathered a run today. A long line of customers, fearing the institution would fail after disclosure yesterday that its part of the loss would approximate $400,000, filed through the bank all day withdrawing deposits. At times the line extended for more than a block down the street. Twice money trucks arrived with additional cash from the Federal Reserve Bank. One delivery, the bank announced, consisted of $450,000 loaned for the emergency by the Chase National Bank of New York. Late today President Ed Mays declared that the crisis had passed and that all demands had been met and would continue to be met. He said the bank is solvent. Continuing their investigation, police officials reiterated their opinion the robbery was an "inside job." They were convinced that some one in the bank's employ was familiar with the robbers' plans before the looting, which took place last Sunday morning, while the safe deposit vault, being dismantled for moving, was unguarded. Gifford J. Herbert, cashier, who has resigned, and William A. Brittin, custodian of the vault, who was discharged yesterday, are under $50,000 bonds pending investigation.

8. June 2, 1930 The St. Louis Star and Times St. Louis, MO

Article from The St. Louis Star and Times, June 2, 1930

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CASHIER GETS HIS JOB BACK Bank Watchman Max Seufert Discharged as Herbert and Custodian Brittin Are Reinstated. ELEVATOR SHAFT CLEW IN ROBBERY Mays Tells of Plan to Take Business Into Institution Called 'Continental National.' Five new developments relating to the Grand National Bank robbery today the bank opened for business They plan reorganize the bank evidence of the bank in sound of Cashier GifHerbert resigned, and Custodian William Brittin, who had been of and important Dismissal of Bank Watchman Max Seufert President Ed Mays issued the following statement about the reorganization plans 'Our institution in sound condition and its capital and surplus are unimpaired. We plan to keep that capital and that we draw necessary. should any suits be filed against the Grand tional. Business Normal plan to take the business of the into institution known the Continental National Bank which to with entirely capital surplus. To this propose apply for permission the United States of currency Washington Only few depositors were in the bank this morning. They came to conduct ordinary business. was evident that bank's directors had completely the "run" which started Saturday morning After meeting withdrawals ing $739,000. bank had $750,000 cash on hand at the close of busiSaturday night, The clew the discovery that the bandits might easily have entered the bank basement and moved loot by means elevator shaft leading through the Beers Hotel building, in which the bank Explains Reinstatements Herbert Brittin whose con nections with the bank ended they had rested and placed under bond to that might be placed against them connection with the robbery. were reinstated. Mays said, because the directors the "have the utmost confidence these Mays explained that Brittin and Herbert permitted resign "because wanted to give the police free rein in their invesHerbert and Brittin resumed their former duties today Brittin custodian of deposit department where the robbers gained trance on the morning May 25 and made more than worth securities, cash jewelry from safe deposit the bank and its patrons The throws an new light on the question to the got in and out of the bank been that they entered by the front on Grand with key, although one reported anybody leaving the bank during time the no business On daylight and of the in the city, the burglars got into the bank and and left some time noon. Today reporters the might used vator shaft the basement get into the department door in the wall of the on the elevator shaft. It directly opposite temporary iron door which guarded the deposit vault elevator. an ancient affair, operated by cable, runs tween the ground floor of the bank building. Mays disclosed that the time of the robbery, pended at the ground floor, that anyone could have the shaft, able to walk under the and into by forcing the door which guarded (Continued on Page

9. June 2, 1930 St. Joseph Gazette St. Joseph, MO

Article from St. Joseph Gazette, June 2, 1930

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RUN ON BANK $739,000 At Same Time $250,000 Is Deposited in St. Louis Institution. ST LOUIS June in the Grand National Bank. which lost approximately $400,000 in the looting of its safety deposit vault week withdrew ago, of $739,000 from checking accounts yesterday bank official said He added total of $250,000 deposited The official cash hand the bank closed last and it would be increased before the opening Other officials claimed the "backbone" of the run had been broken and business would soon return to Police activity was suspended over today but Chief of Detectives Kaiser expects to renew the search for the robbers of the vault morrow The bank directors have official action on the telephone received yesterday which said the bonds would be returned the reward is boosted from $25,000 to $100,000

10. June 5, 1930 The Missouri Telegraph Fulton, MO

Article from The Missouri Telegraph, June 5, 1930

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FULTON YOUTHS IN WRONG LINE Wating For an Hour For Show Tickets Boys Find Selves in Gold Rush. Two Falton youths, in Louis Saturday, found themselves in amusement and decided to take theatre They wandered Grand Avenue, expecting attend Theatre lined up with hey supposed were other pleasure seekers, and after an extended about hour, found themselves the midst miniature Klondike Reaching the vicinity of the the boys stepped the line, which they supposed to secure tickets for the The line made little progress and the boys stood and stood making any great about the matter Finally of boys grow impatient Billy McClure turned and remarked. believe they open until The front of them iround rapidly and with his almost gasped have they dawned upon the boys they in the wrong line investigation proved that they line of depositors that on the Grand Nationa which robbed the before of about million

11. June 9, 1930 St. Louis Globe-Democrat St. Louis, MO

Article from St. Louis Globe-Democrat, June 9, 1930

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Grand National Decides Not to Reorganize Continued from First Page. sued a separate statement with Mays in announcing the decision. Commenting upon his statement, Mays emphasized the fact that the bank weathered the recent run in fine shape, and considers name too valuable an asset to be changed. Some depositors who their funds in the run are now returning. and other depositors are increasing their deposits, he said. Deposits increased $32,000 Saturday and açbigger increase is expected today. Mays' Statement in Full. Following is Mays' statement: "Following with bers of the Board of Directors financial friends some of the bank's largest customers, ment was made yesterday by Ed Mays. president of the National Bank, that the matter of reorganizing the bank, under plan considered several days ago, has been reconsidered and that decision has been made to continue in business without any change of "The Grand National Bank will be in business as long as there is bank at Grand and Olive," said Mr. Mays yesterday, "and we are going to restore it to its rightful position as one of the leading financial institutions St. Louis, burglars. competitors and evilwishers to the contrary notwithstanding. "There has not been a time. during the recent run on the bank, before or since, that the depositors stood the remotest chanec of losing dime of their money. We have met every demand made upon us and still have cash in our vaults and at our command to cover every dollar of liability, without touching cent capital. "As the the worst that could happen to them would be for the bank to have to pay the uninsured losses of the safe deposit customers, in which extremity we would. of course, have to make an ssment upon them to prevent any Inroad upon our capital With the $150,000 recovered from the insurance company for the loss sustained in the recent robbery. together with the reserves we now have on hand and the proceeds from full assessment on our stockholders, would fund of $1,200,000 reserves in addition to our capital of $700,000. Able to Meet Obligations. "Should an assessment of 100 per cent, less amount, be on our stock it can be seen from list of our stockholders that those who own the bank are financially able to meet their obligations and that there not the least chance of the bank being handicapped in this respect. "Our largest stockholder is Ben G. Brinkman, who with his associates, a group of directors in the First Nations* Bank of St. Louis. own 2467 of the 7000 shares of the Grand National Bank stock, and no one questions their ability to pay Our holding company owns 1091 shares and personally own 1530 shares, and for us can state that the cash is available to meet any assessment, if necessary This accounts for 5688 of the 7000 shares of the Grand National Bank's stock; the remaining 1312 shares being distributed among fifty-seven other holders. "We are going ahead with our banking business. The Grand Na. tional Bank will retain its Identity. We soon will be in our home in the Continental Life Building 3617 Olive street, one of the most modern banking houses in the country, and with our improved facillties, including traffic windows for the accommodat of customers in automobiles, we will meet all competition in the banking business in the growing triet centering at Grand and Olive. This statement is made to offset reports that our bank is to be merged with some other bank, or that we are going out of business. We are here to stay. Not Alarmed by Suit. Judge Albert D. Nortoni, attorney for the National Bank, said with to suit that had been filed by Henry Kramer, one of the holders of safe-deposit box pilfered by the bank robbers. "There need be no alarm either to depositors or to stockholders on account of this proceeding. caid Nortoni. "Such suits will take their regular course and will not in interfere with the business of the bank. If the cases are decided against the bank the bank has its present resources and the privilege of assessing its stock for an additional $700,000 to meet this particular emergency There. the prospect that the stolen securities will be recovered, the bank doing everything possible to bring this about by the offering of large reward and in all possible ways with the police authorities.

12. April 30, 1931 The Ericson Journal Ericson, NE

Article from The Ericson Journal, April 30, 1931

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Run Follows Bank's Loss By Loot Of Boxes Customers File Through Doors Entire Day But They Are Paid in Full Special Motion Pictures for Youngsters Meet Disapproval of Children GENEVA. May 31-(P)-The League The Musicians' Club board of of Nations has learned officially what ernors will hear reports at its Wedof houses nesday morning meeting on the first proprietors movie have week's results of the membership drive known for long time, that special now being put One thousand films for children disap- members the goal which sought proval from the youngsters them- list artists which the club has presented various times is selves. held an of the attracThe International Cinematographic which will foster in the fuInstitute has filed lengthy report ture. With larger the with the secretariat showing that better club expects to increase and there is little difference in this re- its activities. spect among the children of different countries. Furthermore, the report says that no one need be surprised at this because: film suited to children can only be produced an artist and producer working together. The report lists two chief causes for the almost universal failure these films. The first that kids do not like them because educational factor is too obvious; the second that adults, who accompany children the theatres do like to attend shows. The triple alliance needed for successful outlined by the institute in this fashion "The psychologist should find out the childs' real and not theoretical which vary age, social environment and habits "The artist should realize that no audience has keener sense beauty than an audience children and the ideas of the psycholo- The producer should add his techknowledge to the ideas of the other two." The institute recognizes several types of films as satisfactory to young fans Historical, political and ligionus themes can be adapted the intelligence of children and ventures or examples of courage and patriotism can put up in nondramatic but form. Classical stories fablse need need to be adapted suit modern tastes. If informative films put out they should depict episodes from real life. As for modern drama, the test fitness given whether they are for children to in. whether they are fit for children to act in as well see. ST. LOUIS. May Grand National Bank. looted of more than $1,000,000 in cash. securities and other valuables taken from safe deposit boxes week ago, weathered run today. long line of customers, fearing the institution would fail after disclosure yesterday that its part of the loss would approximate $400.000 filed through the bank all day withdrawing deposits. At times the extended for more than block down the Twice money trucks arrived with additional cash the Federal Reserve Bank. One the announced, consisted of $450,000 lent for the emergency by the Chase National Bank New York Late today President Ed Mays declared that the had passed and that demands had been met and continue to be met. He said the bank Horace A. Hawkins Resting Comfortably in Local Hospital their investigation. police Horace A. Hawkins. veteran newsofficials reiterated their opinion that paperman, is patient at Stuart the robbery was "inside job. They Circle He is not seriously ill and was were convinced that some one in the said be resting comfortably late bank's employ was familiar with the Mr who has robbers 'plans the looting. which been in newspaper work for fifty-two took place last Sunday morning while Richmond, Danville and the safe deposit being Lynchburg. has circle of acmantled for moving was unguarded quaintances the State Gifford Herbert, cashier who has As writer for the Evening Jourresigned, and William A. Brittin. cus- nal, the Evening Dispatch, and The todian of the vault. who was dis- he has covered many you call at once. charged yesterday. are under $50.000 major political and court happenings bonds pending investigation. for nearly half century