10807. Peoples Savings Institution (St Louis, MO)

Bank Information

Episode Type
Suspension → Run → Closure
Bank Type
savings bank
Start Date
February 1, 1875
Location
St Louis, Missouri (38.627, -90.198)

Metadata

Model
gpt-5-mini
Short Digest
8132a72f

Response Measures

Full suspension, Books examined

Other: Bank cashier absconded/embezzlement discovered; investigating committee appointed and accounts examined; clearinghouse shows $62,000 debt; later reports show $739,000 owed to depositors and committee findings of gross mismanagement.

Description

The People's Savings Institution (St. Louis) closed/suspended around Feb 1, 1875 after its cashier absconded with funds (embezzlement). Depositors besieged the bank afterward and the institution appears to remain closed with large deficits reported; no reopening is reported. I corrected minor OCR variants (Peoples/People's, Wurple/Wurplo).

Events (3)
1. February 1, 1875 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Cashier absconded with a large amount of money; reported heavy deficiency and debt to Clearing House (~$62,000 initially; later reported much larger deficits and mismanagement).
Newspaper Excerpt
Rumors have been circulating since noon that the People's Savings Institution ... had suspended ... the bank had closed its doors
Source
newspapers
2. February 12, 1875 Other
Newspaper Excerpt
the bank is besieged daily by a throng of men and women, who gather around its doors and spend the hours in lamentations of their hard fate and denunciations ... on account of his embezzlements the bank has been compelled to suspend
Source
newspapers
3. February 17, 1875 Other
Newspaper Excerpt
The committee appointed to investigate the affairs of the People's Savings Institution ... made a partial report, which shows gross mismanagement ... the bank is indebted to its depositors to the amount of $739,000 ... assets not yet ascertained
Source
newspapers

Newspaper Articles (10)
1. February 2, 1875 New-York Tribune New York, NY
Article from New-York Tribune, February 2, 1875

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Article Text

J. A. EMERSON. Ark.. Secretary. SAVINGS BANK IRREGULARITIES THE PEOPLE'S SAVINGS INSTITUTION OF ST. LOUIS CLOSED-RUMORS OF A DEFALCATION. ST. LOUIS, Feb. 1.-Rumors have been circulating since noon that the People's Savings Institution, corner of Fifth-st. and Carondelet-ave., in the lower part of the city, had suspended, and that the cashier had abseconded with a large amount of money, but beyond the facts that the bank had closed its doors, that it had a debt of $62,000 against it in the Clearing-house this morning, and that the cashier had not been at the bank today, little la known. Other officers of the bank are examining its accounts, and probably a statement of its affairs will be made to-night.

2. February 2, 1875 The New York Herald New York, NY
Article from The New York Herald, February 2, 1875

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Article Text

RUMORS OF BANK IRREGULARITIES. ST. LOUIS, Mo., Feb. 1, 1875. Rumors have been circulating since noon that the People's Savings Institution, corner of Fifth street and Carondelet avenue, in the lower part of the city, nad suspended and that the cashier had absconded with a large amount or money ; but veyond the fact that the bank closed its doors, that it had a debt of $62,000 against it in the Clearing House this morning. and that the cashier nad not been at the bank to-day. little is known. Other officers of the bank are examining its accounts and probably a statement of its afairs will be made known to-night.

3. February 2, 1875 The New Orleans Bulletin New Orleans, LA
Article from The New Orleans Bulletin, February 2, 1875

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Article Text

RUMORED SUSPENSION OF A SAVINGS BANK. Sr. LOUIS, Feb. 1.-Rumors have been in circulation since noon that the People's Savings Institution, corner of Fifth street and Carondelet Avenue, in the lower part of the city, has suspended, and the cashier absconded with a large amount of money ; but beyond the facts that the bank closed its doors; that it had a debt of sixty-two,thousand dollars against it at the Clearing-House this morning, and that the cashier was not at the bank to-day, little is known. The other officers of the bank are examining the accounts, and probably a statement of its affairs will be made to-night.

4. February 11, 1875 Knoxville Journal Knoxville, IA
Article from Knoxville Journal, February 11, 1875

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Article Text

West and South. The Illinois House of Representatives on the 27th adopted a series of resolutions condemning military interference (except in the manner prescribed in the Constitution) in State affairs, and censuring the Administration for its maintenance by Federal authority of the Kellogg Government in Louisiana in opposition to the will of the people, and especially condemning the alleged military interference with the organization of the Legislature of that State A report from Fort Sully, D. T., states that the recent cold weather there was the severest ever known in that country. The thermometer for several days ranged from thirty-eight to forty-four below. Many cattle and ponies were frozen to death. A National Convention of reformers whose object is to secure an amendment to the United States Constitution acknowledging God and the Bible was recently held in St. Louis. Speeches were made and resolutions were adopted in keeping with the object of the meeting. One of the resolutions declares " that the fact of the nation's life and its duty to God unite in requiring an explicit acknowledgment in its written Constitution of its relations to God as the author of its existence, to Christ as its ruler and the Bible as of Supreme authority." The Minnesota Legislature on the 30th, by an almost unanimous vote, passed a resolution calling on William S. King to immediately appear before the Ways and Means Committee of the United States House of Representatives and clear himself of the charges and make a full expose of his knowledge of the Pacific Mail subsidy business, or, failing in that, to resign his position in Congress. B. G. Caulfield has taken his seat in Congress as successor to the late J. B. Rice, of the First Illinois District. At Memphis, on the 1st, while a messenger of the Southern Express Company was engaged in delivering a package of money marked W. R. Parker & Co. at the reputed office of that firm, in the presence of two white men and three negroes, a rope was thrown around his neck and a bag over his head, and he was quite severely beaten, after which the gang succeeded in carrying off the messenger's satchel, containing a large number of money packages. Gen. Sheridan left New Orleans for Vicksburg on the evening of the 2d. The People's Savings institution of St. Louis has suspended, the Cashier having absconded with a large amount of money belonging to the bank. The National Grange of the Patrons of Husbandry met at Charleston, S. C., on the 3d, Master Adams, of Iowa; in the Chair. All the officers and about sixty delegates were present. In his address the Master congratulated the Order on the strength gained during the past year, only a few States not having organized, and they were about doing so. The Treasurer's report was read and standing committees were appointed. A public meeting of welcome was held at night, at which speeches were delivered by prominent citizens and delegates. Hon. Angus Cameron, of La Crosse, was elected United States Senator by the Wisconsin Legislature on the 3d by a coalition of the Democrats and bolting Republicans. The final ballot was: Cameron, 68; Carpenter, 59; Hazelton, 3; Clark, 1. Mr. Cameron is said to be an Anti-Monopoly Republican, and a Milwaukee dispatch says he was nominated by the Democratic caucus conditionally upon his acceptance of a platform which includes hard money, tariff for revenue only, and the supremacy of the civil authority in time of peace. The Michigan Republican State Convention to nominate two Justices of the Supreme Court and two Regents of the State University, has been called to meet at Jackson on the 3d of March. King Kalakaua and suite and the United States Minister at Hawaii, Mr. Pierce, salled from San Francisco on the 2d, on the United States steamer Pensacola, for Honolulu.

5. February 11, 1875 Mineral Point Tribune Mineral Point, WI
Article from Mineral Point Tribune, February 11, 1875

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Article Text

PERSONAL. The Thomas Paine memorial building in Boston was dedicated on the 29th. Mr. Trask, the well-known anti-tobacco apostle, died at Fitchburg, Mass., a few days ago, at the age of seventy-nine. B. G. Caulfield has taken his seat in Congress as successor to the late J. B. Rice, of the First Illinois District. Judge Neilson on the 1st decided that Mr. Tilton was a competent witness in his suit against Mr. Beecher, but that he should not disclose confidential communications from his wife. Mr. Tilton then proceeded to give his testimony before the jury. Gen. Sheridan left New Orleans for Vicksburg on the evening of the 2d. The People's Savings Institution of St. Louis has suspended, the Cashier having absconded with a large amount of money belonging to the bank. King Kalakaua and suite and the United States Minister at Hawaii, Mr. Pierce, sailed from San Francisco on the 2d on the United States steamer Pensacola, for Honolulu. Senator and ex-Gov. William A. Buckingham, of Connecticut, died at his home in Norwich on the night of the 4th, aged seventy years. Samuel F. Hersey, of Maine, member of the present Congress and member-elect of the next, died on the 4th, at Bangor, aged sixty-two years. The Rev. James De Koven. D. D., Warden of Racine College, Wis., has been elected Bishop of the Episcopal Diocese of Illinois.

6. February 12, 1875 Dodgeville Chronicle Dodgeville, WI
Article from Dodgeville Chronicle, February 12, 1875

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Article Text

THE NEW WORLD. A NUMBER of representative colored men have recently issued an address to Congress appealing for the enactment of appropriate laws for the "better protection of persons, property and political rights in the South.' The address claims that a wretched state of affairs will grow out of the neglect of Congress to pass such laws before adjournment. ON the evening of the 1st, according to a Harrisburg dispatch, during a discussion in the Pennsylvania House of Representatives of a contested election case, a Mr. Wolf (Rep.) for some offense was ordered under arrest, when the Republican members rushed to the defense of their colleagae and wrested him from the Sergeant-at-Arms. The Speaker thereupon adjourned the House. During the disturbance pistols were drawn. GEN. SHERIDAN left New Orleans for Vicksburg on the 2d. THE People's Savings Bank of St. Louis has suspended, the cashier having absconded with a large proportion of the funds of the bank. ON the 3d the Senate rejected the Canadian reciprocity treaty. SEVERAL of the largest mills in Fall River, Mass., have lately shut down in consequence of a disagreement with the operatives on the question of wages. One thousand of the weavers have concluded to return to England. THE National Grange of the Patrons of Husbandry met at Charleston, S. C., on the 3d, Grand-Master Adams, of Iowa, presiding. All the officers and about sixty delegates were present. The Master delivered an address, which was well received. The Treasurer's report was read and standing committees appointed. HON. ANGUS CAMERON, of La Crosse, was elected Senator from Wisconsin on the 3d by a coalition of Democrats and bolting Republicans. The final ballot was: Cameron, 68; Carpenter 59; Hazleton, 3; Clark, 1. Mr. Cameron is said to be an Anti-Monopoly Republican. THE Michigan Republican State Convention has been called to meet at Jackson on the 3d to nominate two Justices of the Supreme Court and two Regents of the State University. KING KALAKAUA left San Francisco for Honolulu on the 2d. SENATOR BUCKINGHAM, of Connecticut, died on the night of the 4th, aged seventy years. REPRESENTATIVE HERSEY, of Maine, died at Bangor on the 4th, aged sixty-two years. REV. JAMES DE KOVEN, D.D., of Racine, Wis., was on the 4th elected Episcopal Bishop of Illinois. TAYLOR HALL, part of the Episcopal col: lege at Racine, Wis., was burned on the morning of the 4th. Loss $60,000. THE Kemble libel suit against the New York Sun has been brought to a conclusion by the failure of the jury to agree. THE Shaker settlement at New Lebanon, N. Y., was very extensively damaged by fire on the 6th. THE Conservative members of the Louisiana Legislature met on the night of the 5th and adopted a proposition-38 to 27-favor ing as a compromise with the Republicans that the Conservatives should be allowed a majority of about ten in the House, and that the past action of the Kellogg Government should not be inquired into. After the vote

7. February 12, 1875 The New Orleans Bulletin New Orleans, LA
Article from The New Orleans Bulletin, February 12, 1875

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Article Text

Common as defalcations are, there is something more than ordinarily pitiful in the results of the crime of the cashier of the People's Savings Bank in St. Louis. On account of his embezzlements the bank has been compelled to suspend, and there is yet no indication of what portion of the half million of dollars it held will be returned to depositors. It was an institution most extensively patronized by the working classes of the city, and the few hundred dollars trusted to it by each individual, in many cases represented years of hard labor, thrift and economy. The bank is besieged daily by a throng of men and women, who gather around its doors and spend the hours in lamentations of their hard fate and denunciations of those whom they call robbers. Yet in this sad picture there is a phase of humor. The German musicians of St. Louis had a considerable amount of money in the bank, and on Tuesday evening, while the Directors were inside in ex mination of the Cashier's accounts, they assembled in front of the building and serenaded them with a performance of the Dead March in the oratorio of Saul.

8. February 17, 1875 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, February 17, 1875

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A ROTTEN INSTITUTION. Sr. LOUIS, Feb. 10.-The Committee appointed to investigate the affairs of the People's Savings Institution, recently suspended by reason of the abaconding of its Cashier. Edmand Wurplo, made a partial report, which shows gross mismanasgement of the Institution, not only on the part of the Cashier, but its President and Directo rs. It appears that Wurple was permitted to manage the entire affairs of the concern, and that he recklessly speculated with the funds of the bank for his own benefit. The bank IN indobted to its depositors to the amount of $739,000, but the amount of assets or their value 18 not yet ascortained. Taussig, Fisher & Co., of New York, had nearly $400,000 in United States bonds belonging to this bank when they failed, for which securities covering a large part of that amount, but of uncertain value. have been since received. Another report will be made when the value of the assets has been ascertained.

9. February 18, 1875 The Daily Argus Rock Island, IL
Article from The Daily Argus, February 18, 1875

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CINCINNATI, Feb. 17.-The mail train leaving here this morning on the Ohio and Mississippi Railway ran off the track at South Bend, near this city. Three coaches turned completely over. No one was seriously hurt. The accident was caused by a broken rail. DES MOINES, Feb. 17.-This evening the large gasometer of the Des Moines gas works exploded, and in a few minutes the whole works were on fire aud are now burning. It is probable that all the buildings will be totaly consumed. One man 18 missing, and it is feared he was killed and is covered by the debris. The whole fire department is out and working with all possible energy for the supression of the fire. ST. LOUIS, Feb. 16-The committee appointed to investigate the affairs of the People's Savings Institution, recently suspended by reason of the absconding of its cashier, Edmund Wurple, made a partial report, which shows gross mismanagement of the institution, not only on the part of the cashier, but its president and directors. It appears that Wurple was permitted to manage the entire affairs of the concern, and that he recklessly speculated with the funds of the bank for his own benefit. The bank is indebted to its depositors to the amount $739, 0.', but the amount of assets or their value is not yet ascertained Taus sig. Fisher & Co., of New York, had near ly $400,000 in United States bonds belong ing to this bank when they failed. for which securities covering a large part of that amount, but of uncertain value, have been since received. A nother report will be made when the value of the assets has been ascertained.

10. February 18, 1875 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, February 18, 1875

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MISSOURI. Mismanagement. St. Louis, February 17. Aninvestigation shows great mismanagement of the People's Savings Bank, which recently suspended. Woman's Suffrage. The Woman's Suffrage association appointed a committee to urge the constitutional convention to incorporate in the constitution the right of suffrage for woman.