Metropolitan Bank - St Louis, MO

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: October 27, 1903
Location: St Louis, Missouri (38.627, -90.198)

Metadata

Model: gpt-5-mini
Short Digest: b46acb0f

Response Measures

Accommodated withdrawals

Description

Article (dated Oct 27, 1903) reports an incipient run at the Metropolitan company in St. Louis provoked by a rumor from Chicago about the Mississippi Valley Trust; payments were made promptly and the run ceased the same day. OCR shows 'Metropelitan' in the text — corrected to Metropolitan. No suspension or closure is mentioned.

Events (1)

1. October 27, 1903 Run

Cause: Rumor Or Misinformation
Cause Details: A disquieting rumor from Chicago that savings institutions (including Mississippi Valley Trust) were unsound; rumor later pronounced a 'conard' (hoax) by directors.
Measures: Waived clause allowing withholding payments up to 60 days; amounts paid rapidly regardless of size; officials reassured depositors.
Newspaper Excerpt: At the Metropelitan company, before 3 o'clock the incipient run had ceased.
Source: newspapers

Newspaper Articles (1)

1. October 28, 1903 Arizona Republican Phoenix, AZ

Article from Arizona Republican, October 28, 1903

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Article Text

A ST. LOUIS FRIGHT Wild Rush Yesterday For the Savings Banks -It Was Started By a Rumor From Chicago That They Were Tottering. A Restoration of Confidence. St. Louis, Mo., Oct. 27.-From shortly before 1 o'clock today until the closing hour, 3 o'clock, runs were made in the savings departments of three banks at St. Louis, and at the same time more than the ordinary amount of withdrawals by savings depositors were noticeable in the other banking institutions. The run, so far as it can be traced, was started by a disquieting rumor from the outside that seemed to strike St. Louis shortly after noon to the effect that the savings institutions here were unsound and like a prairie fire it spread in a flash through the streets and different mercantile establishments whose employes represent the majority of savings depositors. With a rush the corridors of the Lincoln Trust company, the Mercantile Trust company and the Mississippi Valley Trust company were filled with. men and women, all eager to withdraw their money. It is stated that the rumor came from Chicago and was to the effect that two directors of the Misissippi Valley company had recently endeavored to negotiate a loan of $2,000,000 for that company and had been refused. Today this rumor was pronounced an absolute conard by the directors concerned. As soon as the runs started all other business was laid aside and every facility was afforded for the prompt payment of deposits. The clause which gives the bank the privilege of withholding payment until sixty days after notification was waived and amounts were paid rapidly regardless of their size. There was no disorder manifested at any of the institutions and in many cases depositors who had hurried to withdraw their amounts departed without their money after having conversed a few moments with the officials and had been made confident that the bank would continue to do business. At the Metropelitan company, before 3 o'clock the incipient run had ceased. The presidents of the different national banks assembled during the afterroon and issued a statement that the banks of St. Louis are all perfectly solvent and amply able to liquidate all demands.