Mississippi Valley Trust Company (St Louis, MO)

Episode Information

Episode UID
1654939291246
Episode Type
Run → Suspension → Reopening
Bank Type
trust
Bank ID
165493929 hash
Start Date
October 27, 1903
Location
St Louis, Missouri (38.627, -90.198)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3edd70acc99a62ec

Response Measures

None

Events (3)
1. October 27, 1903 Run
Cause
Rumor Or Misinformation
Cause Details
Runs traced to disquieting rumors from Chicago that directors failed to negotiate a $2,000,000 loan; rumors pronounced unfounded.
Measures
Paid deposits promptly in many cases; later enforced 30- and 60-day notice rules to limit withdrawals.
Newspaper Excerpt
From shortly before 1 o'clock ... runs were made on the savings departments of three banks of St. Louis ... 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.
Source
newspapers
2. October 28, 1903 Reopening
Newspaper Excerpt
All banks closed at 3 o'clock, the usual closing hour, and gave out word they will open tomorrow morning at the usual hour.
Source
newspapers
3. October 28, 1903 Suspension
Cause
Rumor Or Misinformation
Cause Details
Trust companies enforced 30- and 60-day notice rules and refused to pay certificates before maturity to check runs triggered by unfounded rumors.
Newspaper Excerpt
Each was told that thirty to sixty days' notice to withdraw deposits would be required. No money was paid out but declaration of intention to withdraw was made by many.
Source
newspapers

Newspaper Articles (12)
1. October 28, 1903 The Washington Times Washington, DC
Article from The Washington Times, October 28, 1903

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DEPOSITORS CLAMOR FOR THEIR MONEY Wild Reports of Financial Difficulty Caused Run on Three St. Louis Institutions. ST. LOUIS, Mo., Oct. 28.-From shortly before 1 o'clock yesterday until the closing hour, 3 o'clock, runs were made on the savings departments of three banks of St. Louis, and at the same time more than the ordinary amount of withdrawals by savings depositors were. noticeable in the other banking institutions. With a rush the corridors of the Lincoin Trust Company, the Mercantile Trust Company and the Mississippi Valley Trust Company were filled with men and women, all eager to withdraw their money. The scene in any one bank was duplicated in the other two. A line of people with bank books in their hands, and faces eagerly scanning the little barred windows of the bank tellers stretched out into the street, and intermingled were policemen and bank officials counseling calmness, and giving assurances of solvency.. It is said that the rumors that started the run came from Chicago, and were to the effect that two directors of the Mississippi Valley Trust Company had recently endeavored to negotiate a loan of $2,000,000 in that city and had been refused. These rumors were pronounced an absolute canard.

2. October 28, 1903 The News & Observer Raleigh, NC
Article from The News & Observer, October 28, 1903

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RUN ON THREE BANKS St. Louis Institutions Stand Firm Against Pressure Started by Rumor. (By the Associated Press.) . St. Louis, Mo., Oct. 27.-From shortly before one o'clock today until the closing hour, three o'clock, runs ere made on the savings departments of three banks of St. Louis, and at the same time more than the ordinary amount of withdrawais by depositors was 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. 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. The scene in any one bank was duplicated in the other two. A line of people with bank books in their hands and faces eagerly scanning the little barred windows of the bank teller's stretched out into the street and intermingled were policemen and bank officials counselling calmness and giving assurances of solvency. It is stated that the rumor that started the run came from Chicago, and was to the effect that the directors of the Mis sissippi Valley Trust Company had recent ly endeavored to negotiate a loan ol $2,000,000 in that city and had been refused. Today this rumor was pronounced an absolute canard 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 depositors. The clause which gives the

3. October 28, 1903 The Morning Astorian Astoria, OR
Article from The Morning Astorian, October 28, 1903

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Sensation Caused in St. Louis Financial Circles by Run on the Leading Banking Institutions. Long Lines of Depositors Hurried for Their Money and Get It At Once. FALSE REPORTS THE CAUSE Alleged Failure of One Bank to Negotiate Big Loan at Chicago Excites Depositors. St. Louis, Oct. 27-From shortly before 1 o'clock today until the closing hour, 3 o'clock, runs were made on the savings departments of three banks of St. Louis. The run, so far as it can be traced, was started by a rumor said to have come from Chicago to the effect that two directors of the Mississippi Valley Trust Company had recently endeavored to negotiate a loan of $2,000,000 in that city and had been refused, and like a prairie fire it spread in a flash. With a rush the corridors of the Lincoln Trust Company, Mercantile Trust Company and Mississippi Valley Trust Company were filed, the line of men and women with bankbooks in their hands stretching out into the street. As soon as the runs started every facitily was afforded for the prompt payment of deposits and amounts were paid rapidly regardless of their size. The presidents of the different national banks assembled during the afternoon and issued a statement that the banks are perfectly solvent and amply able to liquidate all demands. All banks closed at 3 o'clock, the usual closing hour, and gave out word they will open tomorrow morning at the usual hour. At a meting of the different savings banks it was decided to enforce the 60day clause in order to prevent further runs.

4. October 28, 1903 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, October 28, 1903

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CROWDS AT THE ST. LOUIS BANKS Police Unable to Control Mob of Depositors Who Thronged Mercantile Trust CONFIDENCE PARTLY RESTORED Huge Boxes of Gold and Silver Arrive and Have a Quieting Effect-Women Crushed and Their Clothing Torn in the Jam About the Bank CorridorsOther News. St. Louis, Oct. 28.-Long before the doors of the Mississippi Valley, trust Lincoln, Mercantile and Missouri were opened today, there lines of depositors long companies assembled, the day's awaiting the beginning of before business. Small groups stood the savings institutions before the opened. Most of the anxious whose dedoors were working people, Owing to the last savings positors were not heavy. night by officials of action taken companies. requiring thirty of to funds, the days' notice of the were withdrawing sixty trust depositors intention trust com- not any money. The to pay able to get have also decided not their macertificates panies of deposit before turity. various institutions named, Press At the stated to the Associated receivofficials accounts are being The early that out as usual. doors ed and which thronged the lines crowds current paid places in the taking soon and fought for out, many depositors withdrawal thinned their blank notices of the different of institu- to reassuring and home. made Officers speeches doors this ar- the tions before their The depositors send others away. and silver helped to several boxes of gold by armed wagons, a degree express geemed to restore before I officers, in rival of the crowd guarded building. the of confidence in Trust Company Mississippi ed President Mercantile Walsh, stated of the that he believ- about Trust that Company. the excitement was the the doors over. The greatest Mercantile crush was Trust before Com- were doors of At 9 o'clock the surged in with opened pany. and the swept crowds aside the lines of te a force that bank employes, formed window police and a regular line The to the police were the paying crowds and to handle of the upon of unable preserve Wade, president tellers. the mounted Mercantile Festus a J. that unTrust and Company, made the formed statement in line, they chair the depositors from the building. elless would all be ejected had the desired was The announcement a semblance of order as fect, and as many persons time restored. be accommodated When had at one formed in could in the banking further rooms admission was comert retwo lines. until some of the entrance; first then to fused left by separate and forced others were leave as soon as By 14 in line their the keep had transacted and admitted business. trust they te had crowd around increased o'clock the building had police were tocompany's that the and the ofan to doors were such tally unable stationed extent at control the it, almost swept them. as, ficers their positions regain away from could large per rapidly as they constituted a crushed in who were their Women, of the crowd, struggle off. centage the jam, and torn in and the hats handle knocked the dresses were in trying to of them into the many instances the and in averted only gutter, sonal crowd. Policemen. fights pushed were several persons. crowds by perdwindled interposition This afternoon of cooler trust the unusual companies only a had few depositors who in some at the different away. withdrawing There had and were deposits withdrawn and instances money new savings oned many persons re-deposited it, accounts were

5. October 28, 1903 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, October 28, 1903

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The St. Louis Banks, St. Louis, Oct. 28.-When the doors of the Mississippi Valley Trust and Mercantile Trust Companies were opened this morning, lines of depositors were in waiting, anxious to withdraw their funds, as a result of the scare resulting from Tuesday's run. Most of those in line were working men and women. Each was told that thirty to sixty days' notice to withdraw deposits would be required. No money was, paid out but declaration of intention to withdraw was made by many. The trust companies also have decided not to pay certificates of deposit before maturity. Small crowds were assembled in front of the other banking itstitutions. By 11 o'clock the crowd has increased to such an extent that a platoon of police was totally unable to control it and the officers stationed at the doors were swept away from their statlons almost as rapidly as they could regain them. There is much excitement.

6. October 29, 1903 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, October 29, 1903

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DEPOSITORS ARE AGAIN IN HURRY St, Louis Bank Officials, However, Say Trouble is Over MANY OFFERS OF ASSISTANCE Expression of Confidence and Such Offers on Part of National Banks Has Helped-Long Lines of Depositors. St Louis, October 28 The statement of President Julius S Walsh of the Mississippi Valley Trust company, whose sentiments are produced in interview given to the Associated Press by other trust company officials of St. Louis that "the situation is thoroughly in hand, "the excitement has subsided, and "from this on we expect business will be conducted in the usual orderly manner, expressed the opinion that seems general tonight, concerning the unwonted financial conditions which prevailed here during parts of yesterday and today. Officers of all the trust companies state that voluntary offers of help were received from financial institutions in New York. Philadelphia, Chicago New Orleans, Kansas City, Boston and many of the smaller towns of Missouri and Illinois, but all were declined for the reason that they had sufficient cash with which to handle their business Expression of confidence and offers of aid on the part of the national banks and financial institutions of St. Louis, has helped to strengthen the situation and restore confidence Lines of Depositors. Just before the hour of opening today the lines of depositors stretched away from the closed doors of the Mississippi Valley Trust company, the Lincoln Trust company, the Mercantile Trust company and the Missouri Trust company Small crowds were assembled before the doors of the other savings institutions It was observed most of that those line were in working people and many of them women whose savings heavy Owing to the action taken last night by the officials of the eight trust companies doing business St. Louis enLoreing thirty and sixty days' notice of Antention to funds, the depositors were not able to get any money All they could do to declare their intentions of their deposits at the end of the time taken advantage of by the companie. under their rules. pay The trust companies decided not to certificates of deposit before maturity Crowd Serges In. doors The greatest crush was before the at of the Mercantile Trust company Eighth and Locust streets. o'clock the doors were opened and the crowd surin with force that swept aside the lines of police and bank employe formed to preserve regular line to the windows of the paying tellers of the time The policemen were unable to handle the crowd and Festus Wade, president of the company, mounted chair and announced unless the depositors formed in line they would be ejected from the building He said was impossible wait in upon them if they insisted in crowding such This had the effect and some semblance of order was restored be the could As as persons the banking rooms had admisformed in two lines, and further sion refused until some of the first entrance; comers had left by separate then others admitted and forced they keep in line and leave soon as to had transacted their business. Many Women in the Crowd. the By 10 o'clock the crowd around an such trust company's building had increased to totally extent that the police were unable to control it. and ficers stationed at the doors the of. away from their were swept stations almost as constituted ly as they could resume them. Women rapidlarge percentage of the Many and crushed in the knocked off dresses were torn and hats jam. crowd The policemen in trying to handle pushed many of the instances personal gutter and in several them into the lights were narrowly averted. opened company When the were doors of the Mercantile Trust street east of the building just across the the while the street it was packed. street, both to the west, and Eighth comparatively clear north and south, were an hour Half later, crowded for however, both streets them keep were clear hundred feet, and all efforts distance to of several ractically wards police directing their efforts abandoned chiefly the doors. the maintaining some degree of order toE. John Davis during the Mississippi Valley second vice Trust president of the morning, made his company, addressed stone steps leading into the way to the follows: the throng assembled bank there and as Bank Official Speaks. of The you anxiety is expressed here by out entirely uncalled for, so many reason. Not one person and withmoney through this trust will lose any shall conduct our business company, and our paid ular to condition "There manner. whatever is whatever. no should change We have in have to in financial our always regin the are going are just soon 'All everyone, open future accounts and will be to be do so paid as will Every other reguday will will paid no they delay. just paid presented which here. paid it falls account due There due. to. is for reason any lar turn. There today in your Your and money invested worry. at it want you in the conyour tract. of no that official positively the Valley Mississippi not do We been need to money. Chicago for money. Trust company We has financially with and everything are splendid shape us I think the is prosperous Lapanxiety preciate every trust your company in same St. Louis. true of that of gentleman this company and officer and assure stockholder you through groundless. :his company.- and you will your lose fears no money Henry M. Meir's of the Henry M. Meir, vice Statement. president

7. October 29, 1903 Durango Semi-Weekly Herald Durango, CO
Article from Durango Semi-Weekly Herald, October 29, 1903

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FOOLISH ST. LOUIS DEPOSITORS ST. LOUIS, Oct. 28.-The Mississippi Valley and Mercantile Trust companies today demanded of depositors a thirty to sixty-day notification of intention to withdraw deposits. Long lines of depositorrs are awaiting the opening of the doors of the two institutions. Some small crowds are also assembled in front of other banking institutions in the city. Fifteen policemen kept order in the crowd around the Mercantile Trust company's offices. A number of men prominent in financial circles advised the crowd to be calm and declared the money of the depositors was safe. The runs started, it is charged, through rumors set afloat for revenge by eastern brokers whose appeals for loahs had been refused. Despite the fact that several boxes filled with currency and guarded by armed men was unloaded at the Mercantile Trust company's offices, the crowd was 80 dense at noon that the police were helpless and many women and children were crushed in the immense throng that surrounded the offices. The Mississippi and Lincoln companies locked their doors later and admitted only a few at a time.

8. October 29, 1903 The Caucasian Raleigh, Goldsboro, Clinton, NC
Article from The Caucasian, October 29, 1903

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Depositors Want Their Money. St. Louis, Oct. 28.-Long before 10 o'clock this morning lines of depositors stretched away from the closed doors of the Mississippi Valley, the Lincoln Mereantile and Missouri Trust Company's, on which runs said to be due to unfounded rumors, began yesterday. They got no money.

9. October 30, 1903 The Stark County Democrat Canton, OH
Article from The Stark County Democrat, October 30, 1903

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BANK RUN CONTINUES Excited Depositors Are Demanding Their Money. Scripps-McRae Telegram. St. Louis, Mo., Oct. 28.-When the doors of the Mississippi Valley and Mercantile Trust Co. were thrown open this morning, long lines of depositors were in waiting anxious to withdraw their funds, the scare resulting from Tuesday's run not having died out. Most of those in line were workingmen and women. Each was told that 30 to 60 days' notice of intention to withdraw deposits would be required. No money was paid out, but the declaration of intention to withdraw was made by many. Financiers say the banks are perfectly sound and the scare is senseless. At the Mercantile Trust bank 15 police could not keep order and the crowd surged by and into the building. It is declared that the whole trouble was started by the malicious rumors of eastern speculators. The St. Louis Clearing House association is backing the banks, and new Orleans, New York and Chicago promise all the money needed to check the run. At 12 o'clock the crursh became so great the Mercantile, Mississippi Valley and Lincoln Trust company's offices that the doors were locked and only a few at a time were permitted to enter. Very little money is being paid out.

10. October 30, 1903 The Semi-Weekly Messenger Wilmington, NC
Article from The Semi-Weekly Messenger, October 30, 1903

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ment of President Julius S. Walsh, of the Mississippi Trust Company, whose sentiments are echoed by other trust company officials of St. Louis, that "the situation is thoroughly in hand, the excitement has subsided and from this on we expect business will be conducted in the usual orderly manner expresses the opinion that seems general tonight, after the unwonted financial conditions which prevailed here during parts of yesterday and today. Officers of all the trust companies state that voluntary offers of help were received from financial institutions in New York, Philadelphia, Chicago, New Orleans, Kansas City, Bosand many of the smaller towns and Illinois, for the reason that of declined, ton Missouri but they all handle were had sufficient cash with which to their business Expressions of confidence and offers of aid on the part of the national banks, financial and other institutions of St. Louis have helped to strengthen the situation and restore confidence. Long before 10 o'clock the hour of opening, lines of depositors stretched the away from the closed doors of Mississippi Valley Trust Company, the Lincoln Trust Company, the Mer- Miscantile Trust Company and the souri Trust Company. Small crowds of assembled before the doors were some of the other savings institutions of It was observed that most also. those in line were working people and of them women, whose savings 1 many were not heavy. Owing to the action the taken last night by the officials of trust companies doing business requiring thirty of intention to eight day in St. notices Louis, withdraw and to sixty get funds depositors were not able money. All they could do was to declare any their intention of withdrawing the their deposits at expiration of time limit. crush was before the the Mercantile doors The greatest of Trust streets. Comon Eighth and Locust o'clock the doors were S crowd surged in a and pany, At 9 the with of opened police force aside the lines employes le line to the of and serve that bank swept a regular formed windows policement to prethe paying tellers. The t unable to handle the crowds Mer- and e were Festus J. Wade, president of the it cantile Trust Company. mounted a n chair and made a statement that they unless the depositors formed in line builde would be all ejected from the imn He explained that it was ining. possible to wait on them if they manner. it on crowding in such a is sisted announcement had the desired order effect This and some semblance of S was restored. e 10 o'clock the crowd around in- the t By company's building had the e creased trust to such an extent that control e s police and were the totally officers unable stationed to at their the t it doors were swept away from they stations almost as rapidly as could regain them. Women who of con the stituted a large percentage and crowd were crushed in the jam torn n the struggle their dresses were po: in their hats knocked off. The crowd and in trying to handle the S pushed licemen many of them into the personal gutter, several instances init and fights in were averted only by the it terposition of cooler persons. n Shortly after the doors of the opened, MerIs cantile Trust Company were dis10 streets were crowded for a all tance the of several hundred feet and pracefforts to keep them clear were diabandoned, while the police toward rected tically their efforts chiefly at doors. maintaining some degree of order r the 1 o'clock in the afternoon, the the At of small depositors in trust uneasiness companies seemed to have were been this hour few depositors accounts or daily only removed. a balance At withdrawing there giving deposits nowithdrawal of - Mercantile and the who is at Many rice the of savings persons Mississipp! yesterday today and in some of is it Valley withdrew again companies. money opened. deposited instances accounts were new of the different 1- ef Officers savings institutions to the dereassuring speecnes this Ie before their doors e to send others away. silmade positors and The and arit helped of several boxes of gold by in express wagons deIe officers seemed to d armed ver rival restore crowd guarded before a he of confidence in the buildT4 as gree the Mercantile Trust Company er !ng. the other trust companies excess the its withdrawals At were but little in of the normal. One effect city d- of withdrawals the was observed at the pay ment of taxes. nd S- hall in the great increase in the

11. October 30, 1903 Iowa State Bystander Des Moines, IA
Article from Iowa State Bystander, October 30, 1903

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RUN ON THREE BANKS. Scare Was Without Excuse and Confidence Was Restored at Night. St. Louis, Oct. 28.-From shortly before 1 o'clock until the closing hour, 3 o'clock yesterday, runs were made on the savings departments of three banks of 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 instituions 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. The scene in any one bank was duplicated in the other two. A line of people with bank books in their hands, and faces eagerly scanning the little barred windows of the bank tellers, stretched out into the street, and intermingled were policemen and bank officials counseling calmness, and giving assurances of solvency. As soon as the run 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. The directors of the different trust companies at meetings last night decided to enforce the unirty and sixty day notification law, and this it is believed will stop all tendency to a run on the banks.

12. November 5, 1903 The Hocking Sentinel Logan, OH
Article from The Hocking Sentinel, November 5, 1903

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RUN ON ST. LOUIS BANKS. Demands Are Promptly Met by Institutions Affected. From shortly before 1 o'clock Tuesday afternoon until the closing hour, 3 o'clock, runs were made in the savings departments of three banks of 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 there 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 the 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. The scene in any one bank was duplicated in the other two. A line of people with bank books in their hands and faces eagerly scanning the little barred windows of the bank tellers stretched out into the street and intermingled were policemen and bank officials counseling calmness and giving assurances of solvency. St. Louis bankers and trust company officials with one voice lay the blame for the runs on Chicago stock brokers, whom they accuse of deliberately circulating malicious and utterly unfounded rumors concerning St. Louis financial institutions for the purpose of depressing and "bearing" the stock market. 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 money departed without it after having conversed a few minutes with the officials. The directors of the different trust companies at meetings Tuesday night decided to enforce the thirty and sixty-day notification clause in an effort to stop all tendency to a continuation of runs.