Mercantile Commerce National Bank (St Louis, MO)

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Episode Information

Episode UID
417801246
Episode Type
Run Only
Bank Type
national
Bank ID
41780 national
Charter Number
4178
Start Date
October 27, 1903
Location
St Louis, Missouri

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3559287fbb041f19

Response Measures

Accommodated withdrawals, Public signal of financial health, Partial suspension

Events (2)
1. December 14, 1889 Chartered
Source
historical_nic
2. October 27, 1903 Run
Cause
Rumor Or Misinformation
Cause Details
A disquieting rumor from Chicago that savings institutions were unsound (claimed two directors failed to secure a $2,000,000 loan); later called an absolute canard.
Measures
Presidents of national banks issued a statement of solvency; banks closed at 3pm and reopened next morning; trust companies later enforced 30/60-day notification.
Newspaper Excerpt
RUN ON THE BANKS WAS STARTED IN ST. LOUIS BY A CHICAGO RUMOR. ... runs were made on the savings departments of three banks of St. Louis
Source
newspapers

Newspaper Articles (6)
1. November 14, 1896 The Caldwell Tribune Caldwell, ID
Article from The Caldwell Tribune, November 14, 1896

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the banks being compelled to contra their loans, need have no more trouble in that respect. Local banks have universally withheld their gold owing to the nervousness of depositors, up to the conclusion of the election. Today they began paying the yellow metal out to all their customers who desired it. An inventory taken a few weeks ago showed that most banks here had from $150,000 to $250,000 in gold and one or two had more. "We will put 1,500 more men on the construction of the Kansas City, Pittsburg and Gulf Railway at once," said President A. E. Stillwell of that road today. "We began laving track south of Mona, Ark., yesterday at the rate of three fourths of a mile a day. We received cablegrams from Europe buying our securities this morning." Denver, Colo., Nov. 5 -The laying of rails on the Golden Circle Railroad in the Cripple Creek mining district was begun today. Syl. T. Smith, president of charge. the Cripple Creek railroad, is in It is reported that since the election he has floated the bonds for the cont struction of not only the Golden Circle but also for the Florence Southern railS road, which is to run from Florence to f the Silver Cliff district. n St. Louis, Mo., Nov. 5.-All St. Louis d banks resumed gold payments today. W President Thomson of the National Bank of Commerce said: e "We have today ordered our paying teller to pay gold whenever asked for. We did this as the result of the election of Mr. McKinley. "Before the election we dared not, as S. the demand for gold by those who S. feared the success of the silver move0 ment ply." would have exhausted our supBirmingham, Ala., Nov. elece tion of McKinley and the triumph of S sound money and protection are ale ready having a beneficial effect upon the iron industry of Alabama. y, Last night the Birmingham rolling mills resumed work. The plant emf ployed 1,000 men. The Alabama rolling mills at Gate City, which shut down because of the dull market, the d, result of the free silver threat, will ben gin work again next Monday with a complement of 700 men. e Iron masters say that the iron marit ket has shown wonderful strength with d in the past two days. Inquiries from is customers are pouring in. The latter e are anxious to buy at prices that have been prevailing, but the producers are y asking a raise of 50 cents per ton for 0immediate delivery and 75 cents for S January delivery. W It is believed that the iron market Id will show such an upward movement within the next few weeks that it will Drender necessary the resumption of a work at a number of the idle furnaces d Iron men are jubilant over the outlook ed Hammond, Ind., Nov. effects as of Republican victory are already ap parent in Hammond and its immediate es vicinity. It is learned from reliable 1g sources that within the next thirty days n. at least three large manufacturing con ng cerns will be reopened and give emen ployment to 1,500 men. ng At Hegewisch, the deserted village ill in Cook County, Ill., just over the state line, the United States Rolling Com is pany has posted notices that it will give ework to 700 men at once. The Standard al Oil Company at Whiting will give em ng ployment to an additional force of 450 men. eill Reports from Peoria are to the effect that Corning Bros. will open their lid black and sheet mill in this city Jan its 12. The Illinois Steel Company's lease ew will expire Dec. 30, and unless it is re k. newed the old company will resume op go. peration. The plant will give employ ve ment to 300 skilled mechanics and la enborers. Nothing definite has beer rnlearned regarding the Lakeside Nai ts. Company's mill in Hammond, but re all ports are that the capacity of the con cern will be tested when the regula season begins. leis A perceptible impetus has been giv rial (Concluded on Page Eight.) Awarded

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

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bank the privilege of withholding payment until sixty days after notification was waived and amounts were paid rapidly, regardless o ftheir size. There was no disorder manifested at any of the institutions, and in many cases depositors who had hurried to withdraw amounts departed without their money, after having conversed a few moments with the officials and been made confident that the bank would continue business. At the Missouri Trust Company a num ber of depositors had collected to demand payment, but the crowd soon thinned out and before three o'clock the incipient run had ceased. Presidents of the different national banks assembled during the afternoon and issued a statement in which they announced that the banks of St. Louis are all perfectly solvent and amply able to liquidate all demands. All the banks closed at three o'clock, the usual closing hour, and announcement was made that they will open tomorrow morning at the usual hour, ten o'clock, and will meet all demands made.

3. October 28, 1903 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, October 28, 1903

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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 t) withdraw amounts departed without their money after having conversed a few minutes with the officials and been made confident that the bank would continue to do business At the Missouri Trust company a number of depositors had collected to demand payment, but the crowd soon thir.ned out and before 3 o'clock the inciplent run had ceased. Presidents of the different national banks assembled during the afternoon and issued a statement that the banks of St. Louis are perfectly solvent and amply able to liquidate all demands. All the banks closed at 3 o'clock, the usual closing hour, and gave out word that they will open tomorrow morning at the usual hour, 10 o'clock, and will meet all demands made. The directors of the different trust companies at meetings tonight decided to enforce the thirty and sixty-day notitication clause tomorrow and this, it is believed, will stop all tendency to a continuation of runs. The following statement was given out tonight after a meeting of the representatives of the asociated banks: "The representatives of the associated banks of St. Louis, at a meeting held tonight to consider the local situation and the demands made upon the trust companies of the city, invited the presidents of those organizations to confer with them for the purpose of taking such action as the situation seemed to require It was ascertained in this conference that no trust company was in need of assistance of any character, but each felt assured of its ability to protect its obligations and maintain itself without calling on the banks for aid. "The action of the trust companies, requiring the legal notice of withdrawal of savings deposits, was approved."

4. October 28, 1903 The Savannah Morning News Savannah, GA
Article from The Savannah Morning News, October 28, 1903

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RUN ON THE BANKS WAS STARTED IN ST. LOUIS BY A CHICAGO RUMOR. ALL DEMANDS WERE MET. OFFICIALS PARTIALLY CONVINCED DEPOSITORS OF THEIR SAFETY. It Was Reported from Chicago That Two Directors of a St. Louis Institution Had Been Unable to Negotiate a $2,000,000 Loan-On the Savings Departments of Three Banks the Run Then Commenced. Anxiety Finally Allayed. St. Louis, Mo., Oct. 27.-From shortly before 1 o'clock to-day 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 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. 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 bankbooks 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 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 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. To-day 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 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 manitested at any of the institutions, and in many cases depositors, who had hurried to withdraw 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 Missouri Trust Company 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. Presidents of the different national banks assembled during the afternoon and issued a statement, in which they announced that the banks of St. Louis are perfectly solvent and amply able to liquidate all demands. All the banks closed at 3 o'clock, the usual hour, and announcement was made that they will open to-morrow morning at the usual hour, at 10 o'clock, and will meet all demands made. The directors of the different trust companies at meetings to-night decided to enforce the thirty and sixty day notification clause to-morrow and this, it is believed, will doubtless stop all tendency to a continuation of the runs. A statement was given out saying that the trust companies were In need of no assistance whatever.

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

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St. Louis, October 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, and at the same time more than the ordinary amount of withdrawals by depositors were noticable 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 Lincom 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 in the street, and intermingled were policemen and bank officials, counselling calmness and giving assurances of sorvency. It is stated that the rumor that started the run came from Chicago and 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 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 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 amounts departed without their money, after having conversed a few moments with the officials and been made confident that the bank would continue to do business. At the Missouri Trust Company, 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. Presidents of the different national banks assembled during the afternoon and issued a statement in which they announced that the banks of St. Louis are all perfectly solvent and amply able to liquidate all demands. All the banks closed at 3 o'clock, the usual closing hour, and announcement was made that they will open tomorrow morning at the usual hour, 10 o'clock and will meet all demands made,

6. March 9, 1933 Mound City News-Independent Mound City, MO
Article from Mound City News-Independent, March 9, 1933

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CITIZENS CALM DURING EMERGENCY Exchange Bank Suspended Operations In Conformity Presidential Proclama- tion. The Banks of Holt County suspended normal morning to conform Saturday with state wide holiday order a issued by Governor Guy Park. for Since that time President of Roosevelt has issued a proclamation all the banks closing the United States for a period ending Friday, March 10. The local banks have followregulations ordering them laid down by the secreclose, of the treasury. Some have tary remained open during regular hours for the purpose banking of making change. There is no cause for any alarm the local regarding tion as all the Holt County banks are believed to be in cellent condition. has been convened Congress special session beginning today (Thursday) and acnoon cording to radio reports have legislation conferring passed extraordinary to Presipowers dent Roosevelt, trol all banks until this emeris safely past. The spirit fortitude and patience with which the people this community and the tire has reacted to the country bank holiday, has emergency been surprising. individuals and busiMany houses found themselves ness with small amount of only hand when the currency on bank went into effect. holiday St. Business has been retarded to extent. Merchants some most cases have accepted checks for the exact amount but have been purchases tant to let loose of any currenor silver in change. Bank here The Exchange to be strong as known is anywhere, and bank there must be attributed its closing solely to the the nation. ditions throughout thing that Now the only to await the order to with patience banks after the the open and regulational adjustments formulated and tions have been issued.