10812. Real Estate Savings Institution (St Louis, MO)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
December 28, 1877
Location
St Louis, Missouri (38.627, -90.198)

Metadata

Model
gpt-5-mini
Short Digest
4ad6c1ad

Response Measures

None

Description

Multiple contemporaneous newspapers (Dec 28, 1877) report that the Real Estate Savings Institution (also called Real Estate Savings Bank/Institution) in St. Louis resolved to suspend payment because of a large shrinkage in real-estate-backed assets and inability to realize on securities. No article mentions a reopening; classification as permanent suspension/closure (suspension_closure) is most likely. Bank charter type not stated explicitly; labeled as a savings institution so bank_type set to unknown. OCR variants of name and asset figures across papers noted but refer to same institution.

Events (1)
1. December 28, 1877 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Great shrinkage in real estate values and inability to realize on mortgages and securities acquired by foreclosure.
Newspaper Excerpt
At a meeting of the stockholders of the Real Estate Savings Bank this afternoon it was resolved to suspend at once.
Source
newspapers

Newspaper Articles (10)
1. December 29, 1877 New-York Tribune New York, NY
Article from New-York Tribune, December 29, 1877

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Article Text

A ST. LOUIS SAVINGS BANK SUSPENDED. ST. LOUIS, Dec. 28.-At a meeting of the stockholders of the Real Estate Savings Bank, this afternoon, it was resolved to suspend at once. The assets are stated to be, in round numbers, bills receivable, secured on real estate and interest accrued thereon, $208,000; real estate, $26,300; cash and furniture, $11,000; liabilities due depositors, with interest, $226,000; bills payable, $68,000; capital stock and the amount due the Real Estate Savings Institution, the concern out of which the present bank grow less than a year ago, $187,000; profits, $1,000. The cause of the suspension was the great shrinkage in real estate owned by the bank, which has been acquired by the foreclosure of mortgages. It is thought that the depositors will be paid in full, and that the stockholders will also receive something. Among the directors of the bank were several prominent and wealthy citizens.

2. December 29, 1877 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, December 29, 1877

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Article Text

Another Bank Gone. NEW YORK, December 28.-The Rockland County National Bank suspended. AND STILL ANOTHER. ST. LOUIS, December 28.-At a meeting of the stock holders of the Real Estate Savings Bank, this afternoon, it was resolved to suspend at once, The assets are stated to be in round numbers: Bills receivable, secured on real estate and interest accrued thereon, $20,800; real estate, $26,800; cash and furniture, $11,000. Liabilities-Due to depositors with interest $226,000, bills payable $68,000, capital stock and amount due the Real Estate Savings Institution, a concern out of which the present bank grew less than a year ago, $187,000, profits $1,000. The cause of the suspension was the great shrinkage in real estate owned by the bank, which had been ac. quired by the foreclosure of mortgages. It is thought the depositors will be paid in full, and that the stockholders will also receive something. The directors of the bank embraced several quite prominent and wealthy citizens.

3. December 29, 1877 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, December 29, 1877

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Article Text

Bank Suspension. ST. LOUIS, Dec. 28.-At the instance of the directors of the Real Estate Sayings Institute, the stockholders held a meeting this afternoon. and after a full and free discussion a resolution was adopted to suspend at once. The assets are placed at $45,000, mainly in bonds, mortgages on real estate. and the liabilities to dépositors are about $255,000. It is thought that depositors will be paid in full and perhaps stockholders will receive something. The cause of the suspension is the great shrinkage in real estate values and inability to realize on securities,

4. December 29, 1877 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, December 29, 1877

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Article Text

MISSOURI. Bank Suspension. ST. LOUIS, December 28 the instance of the directors of the Real Estate Savings Institution, the stockholders b-ld a meeting this afternoon to examine and consider the condition of the bank. After a full a d free discussion, a resolution was adopted to su-pend at oace. The assets are plac ed at $450,000, mainly in bonds and mortgages on cal extate, and the liabilities to the depositors are about $255,000. It is thought the depositors will he paid in full, and perhaps the stockholders will receive something. The cause of the suspension 1. the great shrinkage in real estate values and inability to realize on securities.

5. December 29, 1877 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, December 29, 1877

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Article Text

Financial and Commercial Troubles. SUSPE NSION OF THE NYACK BANK. NYACK, N. Y., December 28.-The Rockland County National Bank, of Nyack, N. Y., suspended payment this morning. NEW YORK, December 28.-A receiver has been appointed for the Jersey City Savings Bank. OTHER BUSINESS TROUBLES. HALIFAX, N. S., December 28.-John B. Flowers, dealer in boots and shoes, has gone into insolvency. Edward Albro & Co., hardware merchants, are embarrassed. Liabilities, $160,000; assets, $100,000. FAILURE OF A REAL ESTATE SAVINGS INSTITUTION. ST. LOUIS, December 28.-The Real Estate Savings Institution has suspended. Assets, $450,000, mainly in bonds and mortgages. Liabilites to depositors, $255,000. It is thought the depositors will be paid in full, and perhaps the stockholders will receive something. The shrinkage of real estate and inability to realize on securities is the cause.

6. December 29, 1877 New-York Tribune New York, NY
Article from New-York Tribune, December 29, 1877

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Article Text

THE NEWS THIS MORNING. FOREIGN.-The British Government has consented 0 mediate between the Sultan and the Czar; it is deemed probable at St. Petersburg that the latter will refuse to open negotiations in that way. Military operations around Rustchuk are suspended on account of snow. The Czar has called for Prince 250,000 men to reinforce the army. Bismarck's influence is again dominant in the German Government. DOMESTIC.-It is proposed that Congress shall authorize the printing of 3,000 or 4 000 of Walker's statistical atlas. A new tariff bill will le reThe ported to Congress after the recess. consolidation of the rules of the House and the abolition of thirty-six of them is proposed. Judge C. B. Lawrence, of Chicago, denies all that part of Wm. E. Chandler's letter which relates to him and the withdrawal of the Rehm prosecution. The State funded debt has been reduced $12,000,000 during the year, and is now a little more than $10,000,000. The Rockland National Bank of Nyack, the Real Estate Savings Bank of St. Louis, and the Derry Savings Bank of Manchester, N. H., havesuspended. CITY AND SUBURBAN.-Nw-York capitalists express alarm at the progress of the silver movement, and certain banks and trust companies refuse loans Cornelius to the West except on a gold basis. J. Vanderbilt gave further testimony in the VanRecorder derbilt will contest yesterday. Hackett sentenced several violators of the Law. Excise Judge Van Hoesen denied a mandamus to compel the issue of There was an advance in auction licenses. prices for coal. The body of the engineer, Herzbacher. was found in the Barclay-st. ruins. The cigar-makers held another mass-meeting. The Jersey City Savings Bank was closed. Gold 1025, 1025g, 102⁵₈. Gold value of the legaltender dollar at the close, 97410 cents. Stocks dull, but higher, closing firm. THE WEATHER.-TRIBUNE local observations indicate fair weather, at times partly cloudy. Thermometer yesterday. 37°, 50°, 44°.

7. December 29, 1877 The New York Herald New York, NY
Article from The New York Herald, December 29, 1877

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Article Text

SAVINGS BANK SUSPENSION. ST LOUIS, Dec. 28, 1877. At a meeting of the stockholders of the Real Estate Savings Bank this afternoon it was resolved to suspend at once. The assets are stated to be in round numbers, bills receivable, secured on real estate and interest accrued thereon, $208,000; real estate, $26,300; cash and furniture, $11,000. Liabilities-Due depositors, with interest, $226,000; bills payable, $68,000. Capital stock and the amount due the Real Estate Savings Institution, the concern out of which the present bank grew less than a year ago, $187,000: Profits, $1,000. The cause of the suspension was the great shrinkage in real estate owned by the bank which has been acquired by the foreclosure of mortgages. It is thought the depositors will be paid in full and that the stockholders will also receive something. Among the directors of the bank were soveral prominent and wealthy citizens.

8. January 3, 1878 Litchfield Enquirer Litchfield, CT
Article from Litchfield Enquirer, January 3, 1878

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Article Text

The Rockland National Bank of Nyack, the Real Estate Savings Bank of St. Louis, and the Derry Savings Bank of Manchester, N. H., have suspended. Judge C. B. Lawrence, of Chicago, denies all that partof Wm. E. Chandler's letter which relates to him and the withdrawal of the Rehm prosecution. Six bodies have been taken from the Barclay St. ruins. Colonel Wm. Randolgh Berkeley was shot at Farmville, Ga., last week, by Captain Wm. H. Kennedy, who afterward shot himself. The Tennesse Legislature adjourned last day, having reached no settlement of the State debt. The West Boston Savings Bank isin trouble. A receiver has been appointed for the Delaware and North Shore Railroad. Two men were killed, last week, by a collision on the Union Pacific Railroad. Netter & Co. of New York, suspended Wednesday with liabilities estimated at $300,000. President and Mrs. Hayes silver wedding was celebrated on Monday evening in a quiet manner. Southern and western Congressmen seem determined to restore the income tax. Destitute Indians aremaking trouble in Wyoming. The New York Assembly have chosen Hused, speaker. 'Is SEEMS asif Ishould cough my head off" is sometimes the impatient exclamation of a sufferer from a severe Couge. Quell the paroxysms with Hate's Honey of Horehound and Tar. The relief is immediate and the cure certain. Sold by all Druggists. Pike's Toothache Drops cure in 1 minute. 40-4w

9. January 3, 1878 The Crisis Chillicothe, MO
Article from The Crisis, January 3, 1878

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Article Text

The suspension of the Real Estate Bank of St. Louis IS reported. Also the Drug house of John D. Park & Son of Cincinnati. More resumption wrecks.

10. January 5, 1878 The Donaldsonville Chief Donaldsonville, Gonzales, LA
Article from The Donaldsonville Chief, January 5, 1878

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Article Text

Domestic. Navigation of the Hudson river is closed by ice. Sixty negroes sailed from New York for Liberia, Monday. George Washington, colored, killed his brother-in-law at Washington. The Rockland county National Bank of Nyack, N. Y., suspended. W. W. Heaton, chief justice of the appellate court of Illinois, is dead. Shoemakers at Lynn, Mass., are striking. Savings bank at Launton, Mass., failed. Real Estate Savings Institution of St. Louis suspended; assets ample. Ralph Waldo Emerson has been elected a foreign associate of the French Academy of Moral Sciences. The ship Nimbus, with a cargo of wheat, was lost off Columbia river bar. Crew saved. One boy dangerously wounded another while firing at a target with a small pistol, at New Orleans. A negro knocked down, outraged and robbed a sixteen year old girl, in Washington city. The schooner Josephine, from Long Island City, for Orient, is supposed to healest, with five souls on board. Geo. B. Bigelow, a prominent Boston lawyer, is charged with embezsling $40,000 in trust funds. Jacob Harness was executed at Clinton, Tenn., for the murder of Isaac White in 1863.