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Receiver for Ohio Company. St. Louis: Circuit Judge Wood Monday appointed the Mercantile Trust Company auxiliary receiver for the Missouri assets of Aultman, Miller & Co., of Akron, O. The company manufactures agricultural implements and its capital is $1,000,000.
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RUN ON THE ST. LOUIS BANKS Frantic Depositors Besiege the Counters of Two Prominent Trust Companies BANKS CLAIM ABILITY TO PAY Mississippi Valley Trust Company and Mercantile Trust Company Were the Ones Assailed - Bank Officials De. clare the Institutions are Solid and Able to Pay Every Claim St. Louis, Oct. 27.-As a result of disquieting rumors, a run started today on the Mississippi Valley Trust Company, but as fast as the depositors poured in they were given their money without hesitancy. The bank officials say the bank is perfectly safe and that they do not fear a run. David R. Francis, president of the Louisiana Purchase Exposition Company and director of the Mississippi Valley Trust Company, made a short speech to the depositors in which he said a committee of three disinterested persons had only recently gone over the books and had not found anything that should cause apprehension as to the stability of that institution. There were no bad investments or loans. The Mississippi Valley Trust Company, he said, was willing and able to pay all who wished their money. and waived its right to take advantage of the sixty day clause. A run started on the Mercantile Trust Company this afternoon by the savings depositors. The people suddenly thronged the corridors and in a very few moments a line had been formed from the bank window out to the street. Policemen were hurried to the scene and prevented disorder, while within the bank officials mingled with the crowd and assured everybody the deposits would be speedily paid President Wade said to the Associated Press: "I do not know why the rua started. It came like a flash, but the only result will be that the people will get their money. They will get it just as fast as they call for it. We have no fear whatever for the bank."
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IT DIDN'T BREAK. Runs Started on Banks But to No Avail. St. Louis, Oct. 27.-As a result of disquieting rumors a run was start. ed today on the Mississippi Valley Trust Company, but just as fast as the depositors poured in they were given their money without hesita. tion. This also started a run at 1:30 this afternoon on the Mercan tile Trust Company by the savings depositors. The officials of the company declare they do not know what started the rumors. St. Louis, Oct. 27.-President Francis of the Louisiana Purchase Exposition and director of the Miss. Valley company made short speech to the depositors who filled the bank at 2 o'clock in which he tried to reassure them. He said the company was willing and able to pay all who wished their money, but he pleaded with depositors not to cause any apprehension on the part of the public.
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RUN ON BIG BANK AT ST. LOUIS TODAY Officers of Mississippi Valley Trust Company Do Not Fear Result. St. Louis, Oct. 27.-As a result of disquieting rumors a run was started today on the Mississippi Valley Trust company, but as fast as depositors poured in they were given their money without hesitation. The bank offieials say the bank is perfectly safe and do not fear the run. A run was started on the Mercantile Trust company this afternoon by savings depositors. The people suddenly thronged the corridors and in a very few moments a line had been formed from the bank window to the street. A policeman hurried to the scene to prevent disorder, while within the bank an official mingled with the crowd and assured everybody the deposits would be speedily paid. President Wade said he did not know the cause of the run and that everybody would be paid in full and he had no fear for the bank.
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RUN ON THE ST. LOUIS BANKS Safety Deposit Banks Have a Strenuous Session for a Short Time. St. Louis, Oct. 28.-From shortly before I o'clock until the closing hour, 3 o'clock yesterday, runs were made in the savings departments of the banks of St. Louis, and at the same time more than the ordinary amount of withdrawals by savings depositors were noticeable on the other banking institutions. The runs so far as it can be determined were started by a disquieting rumor from the outside that seemed to strike St. Louis after noon to the effect that the savings institutions here were unsound and like a prairie fire it spread in a flash through streets and different mercantile establishments whose employes represent the majority of the savings depositors. With & rush the rooms of the Lincoln Trust Co., Mercantile Trust Co. and Mississippi Vallely Trust Co. were filled with men and women all eager to withdraw their money. The scene at one bank was duplicated in the other two. Lines of people with bank books in their hands and faces eagerly scanning the little barred windows of the bank tellers, stretched into the street and intermingled were policemen and bank officials counseling 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 two directors of the Mississippi Trust Co., had recently endeavored to negotiate a loan of $27,000,000 in that city and had been refused. This rumor was pronounced as an absolute canard by the directors concerned. As soon as the run started al lother business was laid aside and every facility was afforded for prompt payment of deposits. The clauses which give the bank the privilege of withholding payment until sixty days after notice were waived and the amounts were paid regardless of their size. There was no disorder manifested at any of the institutions and in many instances the depositors who had hurried to withdraw the amounts deposited, left without their money, after having conversed a few moments with officials and had been made confident that the bank would continue to do business. At the Missouri Trust Co., a number of depositors had collected to demand payment but the crowd soon thinned out and before 3 o'clock the incipient run had ceased. The presidents of the different national banks assembled during the afternoon and issued a statement that the banks of St. Louis are all perfectly solvent and amply able to liquidate all demands. The directors of the different trust companies at meetings decided to enforce the thirty and sixty-day notifica tion clause tomorrow and this. it is believed, will doubtless stop all tenden1 cy to a continuation of the runs.
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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.
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(Special Telegram to Evening Teller.) ST. LOUIS, Oct. 28.-At noon today the police are unable to handle the excited mob gathered about the entrances to the Mississippi Valley bank and the Mercantile Trust company. The run began yesterday and continued until closing time in the afternoon. Many women are in the crowds and in many instances they have been trampled under the heels of the excited mob and their clothing torn. Men and women are fighting for admission to the buildings and at noon today the police lost control of the mob. This morning a long line of people was at the doors a long time before the opening hour. Both banks took advantage of the thirty-day savings clause but paid all
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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.
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BASELESS RUMOR CAUSES BANK RUN St. Louis Depositors Get Their Money Out and the Banks Are Sound. ST. LOUIS, Mo., Oct. 27.-From shortly before 1 o'clock until the closing hour, 3 o'clock, today, runs were made in the savings departments of the 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 runs, SO far as it can be determined, were started by a disquieting rumor from the outside that seemed to strike St. Louis after noon that the savings institutions here were unsound. It spread in a flash through the streets and different mercantile establishments whose employes represent the majority of savings depositors. With a rush the rooms 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 that started the run came from Chicago, and it was 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. Today the rumor was pronounced an absolute canard by the directors concerned. Every facility was afforded for the prompt payment of depositors. The clauses which give the bank the privilege of withholding payment until sixty days after the notice were waived and amounts were paid rapidly regardless of their size. Presidents of the different national banks assembled during the afternoon and issued a statement that the banks of St. Louis are all perfectly solvent and amply able to liquidate all demands. All the banks gave out word that they will open tomorrow morning at the usual hour and will meet all demands made.
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RUN IS CONTINUED. Saving Banks Enforce the Time Clause. Louis, Oct. 28.-Just before depositors the hour St. today the lines of doors of of opening away from the closed stretched Mississippi Valley Trust Company, the Lincoln Trust Company, the Missouri Mercanthe Trust Company and the Small before the doors of sembled tile Trust Company. crowds observed the were other that asinstitutions. It was savings of those in line were working people and most many of them women, whose savings were Owing not to heavy the action taken last night by officials of the eight trust companies the business in St. Louis enforcing doing and sixty days' notice of Intention were thirty withdraw funds, the depositors to able to get any money. All they could not do was to declare their intentions end of withdrawing their deposits at the of the time taken advantage of by the companies under their rules. The trust companies decided not to pay certificates of deposit before maturity. crush was the Mercantile Trust 9 and Locust doors The of greatest streets. before Company At the the doors were opened the at o'clock Eighth that and swept crowd surged in with a force aside the lines of police and bank em- line ployes formed to preserve a regular of to the windows of the paying tellers the time accounts. policemen were unable to handle the Festus Wade, mounted a chair crowd company, The and president and of an- the unless the depositors formed in would be ejected from said it was to line ing. nounced they He impossible in the crowding build- wait them if they insisted \upon in such a manner. This had the effect and some semblance of order was restored. As many of the persons as could be at the banking rooms had two lines, and accommodated formed in further the admis- first refused until some of had left by a separate were admitted and to comers sion then was others entrance; forced they in line and leave as soon as their the crowd the had keep By transacted 10 o'clock business. around building had extent that the trust to such company's an police increased the were ofunable to control it, and stationed at the doors were their stations as rapcould resume ficers away totally from almost them. Women swept a large per constituted idly as they centage the of jam. the crowd, and were erushed in knockMany dresses were torn and hats ed off. The policemen in trying to handle the crowd pushed many of them into personal the gutter. and in several instances fights were narrowly averted. When the doors of the Mercantile Trust the were opened just across Company east of the building it was packed, street the street to the west. and Eighth while Street, both to the north and south. were comparatively clear. an hour later. however, both of Half, were crowded for a distance to several streets hundred feet. and all efforts abanthem clear were practically keep the police directing their degree efforts chiefly doned, towards maintaining some of order at the doors. E. Davis, second vice-president Company, of John Mississippi Valley Trust to the the the morning made his way adduring steps leading to the bank there and stone dressed the throng assembled as follows: anxiety expressed here by so many with"The is entirely uncalled for. and will lose out reason. of you Not one person money through this trust company in our any and we shal conduct our business regular manner is no change in our financial con- paid "There whatever. We have always dition should have to be paid to every- the one whatever and we are going to do so in future. accounts will be paid just There as 'All open they are presented here. soon as no delay. Every other account due. will be be paid just as soon as it falls will an account which is due today today in your turn. it If will you be have paid regular Your There is no reason for any worry. well invested and you can get want it at the money it back is if you contract. regular time provided for in your 'I tell you positively that no official of Mississippi Valley Trust Company has the to Chicago for money. We do not We are in g and everything is been need financially money. splendid prosperous of shape every I think the same is true in St. Louis. I S with trust us. company appreciyour anxiety and I assure you as of a gentleman ate and officer and stockholder this company that your fears are groundless, and that you will lose no money through this company. e Henry M. Meir, Vice-President of this the Missouri Trust Company. made e statement today: "Our institution has money in abund
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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
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ST. LOUIS BANKS DEMAND NOTICE Officials Seek to Avert Panic by Enforcing Rules Allowing Time to Pay Deposits. MANY WORKING PEOPLE RUSH TO WITHDRAW THEIR SAVINGS Greatest Crush Is at Mercantile Trust Company and Police Unable to Handle Crowds-Situation Becomes Better as Day Advances - Money Received from New York. St. Louis, Oct. 29.-Long before ten o'clock, the hour of opening, 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, Wednesday. Small crowds were assembled before the doors of some of the other savings institutions. It was observed that most of those in line were working people, and many of them women, whose savings were not heavy. Owing to the action taken Tuesday night by the officials of the eight trust companies doing business in St. Louis requiring 30 and 60-day notices of intention to withdraw funds, depositors were not able to get any money. All they could do was to declare their intention of withdrawing their deposits at the end of the time taken advantage of by the companies under their rules. The trust companies also decided not to pay any certificates of deposit before maturity. Crush at Mercantile Bank. The greatest crush was before the doors of the Mercantile Trust company, on Eighth and Locust streets. At nine o'clock the doors were opened and the crowd surged in with a force that swept aside the lines of police and bank employes formed to preserve a regular line to the windows of the paying tellers of the time and open accounts. Crowd Increases. By ten o'clock the crowd around the trust companies' building had increased to such an extent that the police were totally unable to control it, and the officers stationed at the door were swept away from their stations almost as rapidly as they could regain them. Women, who as on Tuesday constituted a large percentage of the crowd, were crushed in the jam, and in thestruggle their dresses were ,torn and their hats knocked off. The policemen, in trying to handle the crowd, pushed many of them into the gutter, and in several instances personal fights were averted only by the interposition of cooler persons. Feeling Becomes Stronger. At one o'clock the uneasiness of small depositors in the trust companies seemed to have been removed. At that hour there were only a few depositors withdrawing daily balance accounts or giving notice of withdrawal of savings deposits at the Mercantile and the Mississippi Valley companies. Many persons who withdrew money Tuesday deposited it again Wednesday, and in some instances new savings accounts were opened. At the other trust companies the withdrawals were but little in excess of the normal. One effect of the withdrawals was observed at the City Hall in the great increase In the payment of taxes. In the afternoon the unusual crowds at the different trust companies' offices had dwindled away and business seemed to have resumed normal sway. Heavy Demand on New York. New York, Oct. 29.-St. Louis continues to make demands on this center for cash. The sum of $600,000 was sent by telegraphic transfer from the subtreasury Wednesday and direct shipments of about the same amount were made by local banks Tuesday night. No definite news regarding the situation in St. Louis is obtainable in authoritative quarters here, but bankers profess to believe that reports have been exaggerated. Private advices received by stock exchange houses agree that the substantial interests of St. Louis have the situation well in hand. Chicago and New Orleans also drew moderately on the subtreasury Wednesday for "crop" money. A further installment of $660,000 was transferred to St. Louis shortly before the close of business. This makes a total shipment for the day to that point