9452. Bremen Savings Bank (St Louis, MO)

Bank Information

Episode Type
Suspension β†’ Closure
Bank Type
savings bank
Start Date
July 17, 1877
Location
St Louis, Missouri (38.627, -90.198)

Metadata

Model
gpt-5-mini
Short Digest
69c3418cc3c2d3e4

Response Measures

None

Description

Multiple contemporaneous newspapers (July 17–18, 1877) report that the Bremen Savings Bank in St. Louis 'closed its doors' and that the directors resolved to 'suspend for a period of ten days, with a view to final liquidation.' The suspension is attributed to inability to obtain further accommodation from its clearing bank and prior losses (capital reduced from $100,000 to $69,000 by bad securities). There is mention of light runs on downtown banks generally, but no clear, large independent run on Bremen; the primary action is a directors' suspension with intent to liquidate. I therefore classify this as a suspension that leads to closure. OCR errors in some articles corrected (e.g., Franklin for Franlkin; Heidelbach/Espy name variants).

Events (2)

1. July 17, 1877 Other
Newspaper Excerpt
The run to-day was very light, and long before the close of business hours it had practically ceased.
Source
newspapers
2. July 17, 1877 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors suspended because assurances of further accommodation from its clearing correspondent (Franklin Avenue Savings Bank) were not forthcoming and capital had been reduced by bad securities; suspension declared with view to final liquidation.
Newspaper Excerpt
the bank would suspend for a period of ten days, with a view to final liquidation.
Source
newspapers

Newspaper Articles (12)

Article from Daily Press and Dakotaian, July 17, 1877

Click image to open full size in new tab

Article Text

FINANCIAL TROUBLES. St. Louis, July 17.-This morning business at the banks opened with brighter prospects, and up to this hour, eleven o'clock, nothing special has transpired. The officials of the North St. Louis savings institution assert that the assets of the bank exceed the liabilities fully $150,000, and that they can be pretty easily realized upon. The deposits amount to $600,000. The bank will go into liquidation. The president of the bank of St. Louis says the bank will pay the depositor every dollar. The current deposits are about $500,000, and time deposits $33,000 with assets more than sufficient to pay all. The bank had a large amount in New York exchange, which it could not dispose of, but it could have pulled through had not the North St. Louis savings closed up $27,000 of its clearings. Boston, July 17-The commissioner of the savings banks has enjoined the Havrehill Mass. savings bank from doing further business. St. Louis, July 17-A pretty well authenticated report, just from the extreme northern part of the city is that the Bremen bank closed. No particulars. A run on the down town banks was essentially stopped by the enforcement of thirty days notice rule, and at a small current accounts in the savings banks have mostly been drawn out, the excitement has about subsided, and basiness is progressing again in its regular channels. AN EARTHQUAKE. River du Loup, July 17.-A sharp shock of earth quake occured here at 3 o'clock a. m.


Article from The New York Herald, July 18, 1877

Click image to open full size in new tab

Article Text

ST. LOUIS BANK SUSPENSIONS. END OF THE RUN ON THE BANKS. Sr. LOUIS, July 17, 1877. The reported closing of the Bremen Savings Bank has proved true. The bank did its clearing through the Franklin Avenue Savings Bank, but assurances of further accommodation from that source not being forthcoming, the directors hold a meeting to-day, and adopted a resolution declaring that. in view or the requirements of the new State Banking law and the present financial distress, and in duty to depositors and stock holders, the bank would suspend for a period of ten days, with a view to final liquidation. The original capital of the bank was $100,000, but this was reduced some time since to $69,000 by reason of bad securities. The deposits amount to about $200,000, including $115,000 in time deposits. The assets are placed at $250,000. The officers of the bank assert that depositors will be fully paid. The run 10-day was very light, and long before the close of business hours it had practically censed. It is expected that there will be no further trouble, and that business will resume its regular course to morrow. The statement that Espy, Heideibach & Co., of Cincinnati, had a considerable deposit in the North St. Louis Savings Bank when it closed yesterday, is untrue. That house is debtor in small amount to the bank, instead of being a creditor.


Article from The Dallas Daily Herald, July 18, 1877

Click image to open full size in new tab

Article Text

[Night Associated Press Report.) This morning business at the banks opened with bright prospects. At 11 o'clock, nothing of special note had transpired. Very few people, not more than one-half a dozen at any one time, have been at the Fourth National bank and Provident Savings bank presenting checks, which have been promptly paid. The run seems to have stopped, and it is hoped no further exeitement or trouble will occur. The officers of the North St. Louis Savings bank, asserts that the assets of the bank exceed the liabilities fully $150,000. This can be easily realized. The deposits amount to $600,000. The bank will go into liquidation. It is said Espy, Hudlebach & Co., of Cincinnati, Ohio, had a considerable sum in bank when it closed. As stated, yesterday, Mr. Merrell, president of the Bank of St. Louis, says the bank will pay its depositors every dollar. The current deposits amount to about $50,000, time deposits to $350,000, with assets more than sufficientto pay all. The bank had a large amount in New York exchange, which it could not dispose of; but it could have pulled through had not the North St. Louis savings bank closed up $27,000 of its clearings. Well authenticated reports from the extreme northern part of the city say that the Bremen bank has closed its doors. The run on the down town banks may be regarded as stopped. The thirty days' notice rule will be enforced.


Article from New-York Tribune, July 18, 1877

Click image to open full size in new tab

Article Text

BANK TROUBLES. END OF THE RUN ON THE ST. LOUIS BANKSRUMORED SUSPENSION OF THE BREMEN BANK. ST. LOUIS, July 17.-This morning business at the banks opened with brighter prospects. and at 11 o'clock nothing of special note had occurred. Very few people, not more than half-a-dozen at any one time, have been at the Fourth National and Provident Savings Banks, presenting checks, which have been promptly paid. The run seems to have stopped and it is hoped there will be DO further excitement or trouble. Still it cannot be known what a day will bring forth. The officers of the North St. Louis Savings Bank assert that the assets of the bank exceed the liabilities fully $150,000, and that these can be pretty easily realized. The deposits amount to $600,000. The bank will go into liquidation. It 18 said that Espy, Heidelbach & Co. of Cincinnati had a considerable sum in the bank when it closed. As stated yesterday, Mr. Merrill, President of the Bank of St. Louis, saye the bank will pay its depositors every dollar. The current deposits amount to about $50,000, and the time deposits to $33,000, with assets more than sufficient to pay all. The bank had a large amount in New-York exchange which it could not dispose of, but it could have pulled through had not the North St. Louis Savings Bank closed up $27,000 of its clearings. Later in the day apparently well authenticated reporte came from the extreme Southern part of the city, that the Bremen Bank had closed its doors. No particulars can be given at this writing. The rna on down-town banks may be regarded as stopped. The enforcement of the thirty days' notice rule yesterday regarding time certificates seems to have effected this result, and as the small current accounts in Savings banks were mostly drawn out, the excitement has about subsided, and business is progressing again in its regular channels.


Article from The Wheeling Daily Intelligencer, July 18, 1877

Click image to open full size in new tab

Article Text

The Financial Crisis-Bank of St. Louis Will Pay in Full. Sr LOUIS, July 17.-This morning business at the banks opened with brighter prospects, and up to the hour of 11 o'clock nothing of special note has transpired. Very few people, not more than half a dozen at any one time, have been at the Fourth National and Provident Savings Banks presenting checks, which have been promptly paid. The run seems to have stopped, and it is hoped that there will be no further excitement f or trouble. Still, it cannot be said what the day will bring forth. The officers of the North St. Louis Say. . ing Institution assert that the assets of e the bank exceed the liabilities by $150,. 000, and that they can be pretty easily to 0 $600,000. realized upon. The bank The will deposits go into amount liquiday tion. It is said that Eisher, Hilulback & 8 Co., of Cincinnati, had a considerable a sum in coin in the bank when it closed. 8 Asstated yesterday Mr. Merrill, President of the bank, will pay the depositors every dollar. The current deposits are about $50,000 and time deposits $33,000, with assets more than sufficient to pay all. The bank had a large amount in New York exchange which it could not dispose of, but it could have pulled through had not the North St. Louis Savings Institution closed, locking up $27,000 of its clearings. BREMEN BANK. Sr. LOUIS, July 16.-A pretty well authenticated report has just come down from the extreme northern part of this city that the Bremen Bank had closed. No particulars can be given at the present writing. The run on the down town banks may be regarded as stopped. The enforcement of the thirly days notice yesterday, regarding the time certificates, seems to have effected this result, and as the small current accounts in the savings banks have mostly been drawn out the excitement has about subsided, and business is again progressing in its regular channel.


Article from The Portland Daily Press, July 18, 1877

Click image to open full size in new tab

Article Text

The St. Louis Financial Panic. Sr. LOUIS, July 17.-The report about the close of the Bremen Savings Bank proved true. The bank did its clearing through the Frank lin Avenue Savings Bank, but assurences of further accommodation from that source will not be forthcoming. The directors adopted a resolution that the bank suspend for ten days with a view to final liquidation. The original capital of the bank was $100.000, but this was reducod some time since to $69,000 by reason of bad securities. The deposits amount to about $200,000. The assets are placed at $250,000. The officers of the bank assert that depositors will be fully paid. The run today was very light, and long before the close of business hours practically ceased.


Article from The Daily Dispatch, July 18, 1877

Click image to open full size in new tab

Article Text

ST. Louis, July 17. - -Well-authenticated reports from the extreme northern part of the city state that the Bremen Bank has closed its doors. The run on the down-town banks may be regarded as stopped. The tbirty-days'-notice rule was enforced.


Article from New-York Tribune, July 18, 1877

Click image to open full size in new tab

Article Text

ST. LOUIS BANK FAILURES. THE REPORT OF THE SUSPENSION OF THE BREMEN SAVINGS BANK CONFIRMED. ST. LOUIS, July 17.-The reported closing of the Bremen Savings Bank has proved true The Bank did its clearing through the Franklin Avenue Savings Bank, but assurances of further accommodation from that source not being forthcoming, the Directors held a meeting to-day, and adopted a resolution declaring that, in view of the requirements of the new State banking law and the present financial distress, and in duty to depositors and stockholders, the bank would suspend for a period of ten days, with a view to final liquidation. The original capital of the bank was $100,000, but this was reduced sometime since to $69,000 by reason of bad securities. The deposits amount to about $200,000, including $115,000 in time deposits. The assets are placed at $250,000. The officera of the bank assert that depositors will be fully paid. The run to-day was very light, and long before the close of business hours it had practically ceased. It is expeeted that there will be no further trouble, and that business will resume its regular course to-morrow. The statement that Eapy, Heidelback & Co. of Cincinnati had & considerable deposit in the North St. Louis Savings Bank when it closed yesterday is untrne. That house is debtor in a small amount to the bank instead of being a creditor.


Article from The New Orleans Daily Democrat, July 19, 1877

Click image to open full size in new tab

Article Text

Matters Quiet and Business Resumed in St. Louis. [Special to the Democrat.] ST. LOUIS, July 18.-Bank matters were very quiet to-day and business progressing at all institutions in the regular way. The Broadway Savings Association, which felt the run Saturday and Monday as severely as any bank, is receiving a number of new accounts, and its deposits yesterday were about eighty thousand dollars in excess of any previous day. It is reported that the Washington Savings Association at Washington and Missouri, suspended yesterday. Over three million dollars arrived here yesterday by the express for banking purposes. ST. LOUIS, July 18.-The report about the closing of the Bremen Savings Bank proved true. The bank did its clearing through the Franlkin Avenue Savings Bank, but assurances of further accommodation from that source not being forthcoming, yesterday the directors held a meeting, and adopted a resolution that the bank suspend for ten days with a view to final liquidation. The officers of the bank assert that the depositors will be fully paid. The run yesterday was very light, and long before the close of business had practically ceased.


Article from Mexico Weekly Ledger, July 19, 1877

Click image to open full size in new tab

Article Text

Six banks have broken in St. Louis during the last week or so: State National, about three weeks since; Butchers' and Drovers'; Broadway Savings; North St. Louis; Savings Bank of St. Louis; German Savings, and Bremen Savings. Quite a panic in money matters is reported in St. Louis. Nothing serious is apprehended; all now that is wanting to quiet affairs is the confidence of de positors.


Article from The Stark County Democrat, July 19, 1877

Click image to open full size in new tab

Article Text

EDITORIAL BRIEFS. The Bremen bank at St. Louis has closed its doors. Ex- President Grant is doing Germany -had a meeting with Bismarck. Great alarm at Constantinople in consequence of the Russians haying got through the Balkan mountains. Secretary Sherman and party are sailing leisurely along the coast of Maine, all at Uncle Sam's expense. They had a nice visit at Bosting. The run on the banks at Saint Louis seems to have stopped. Sixty-five millions of the government four per cent loan have already been taken in this country. This indicates no revival of business soon, but rather an idea of protracted dull times. The two Pashas who surrendered Nikopolis to the Russians are suspected of bribery. The engineers and firemen on the Baltimore & Ohio railway are on strike, resisting a reduction of wages. About 7,000 Orangemen turned out with flowers and banners, at Montreal, to attend Hackett's funeral. August 1st is the day fixed for the Republican Ohio State Convention, to meet at Cleveland. Packard, Ben Wade, "and sich" will be around. The Russians are over the Balkans in force, and Sulieman Pasha is hurrying forward with 20.000 Turks to drive them back.


Article from The Abbeville Press and Banner, August 1, 1877

Click image to open full size in new tab

Article Text

NEWS ITEMS. What is Doing in the Old World and the New A young man named Hackett. belonging to the order of Orangemen, was surrounded by a crowd of men and boys in Montreal. and after a desperate struggle was shot dead This oc. curred on the twelfth of July, the day which is observed by Orangement in commemoration of the battle of the Bovne. This year great deal of trouble on that day was anticipate in Montreal, and the police force and military made extensive preparations to quell any disturbance that might occur but the Orangelodges resolved to have no parade at the last moment the day passed without the occurrence of the sanguinary riot which was expected. although the streets were filled with armed and excited crowds, and the shooting affair above noted General arrived Grant took place Frank the Main, Germany where banThe Indian quet was given in his honor war in the West has become 80 serious that the President may call out the Pacific coast militia. 'he superintendent of insurance of New York reports deficiency in the Universal life insurance company of over $1,000,000. and the attorney -general has moved for the appointment of receiver Capt. James Werner died in Warwick, aged ninety r-eight years. Ho was made Free Mason in Providence in 1803, and believed to have been the oldest The subscrip Mason the United States tion to the new four per cent. loan amounts to over $25,000,000, and the bonds are at par in London At Charleston, S. C. George Stevens and David Pierce were hung for murdering young was man named Edings in May last. Robbery A of number the object of their crime dealers in New York have been exposed for using false weights and measures. and an inspector has been arrested for being collusion with them Bismarck asserte that mediation for peace between Russia and Turkey is impossible present The President will demand indemnity from Spain for Ameri can vessels number weavers strike for suit arrested N were Paterson. in damages for not finishing their warps accord At Bloomfield Mo.. Poin ing to contract dexter Edmonson was hung for the murder of one Shaw. He had been respited once, and Murserted his innocence to the last Near ohysboro, Mo passenger train was thrown off the track and plunged into creek, and every one of the passengers were injured noue dangerously Bayard Taylor has been offered the Russian mission by the President An official dispatch from General Howard by way. of Portland, Oregon, states that the Indians were routed after severe engager near the mouth of the Cottonwood. The savages were about 300 strong and they lost about thirteen/killed and large number of wound ded while the loss of the troops were eleven killed and twentv-six wounded, including two officers. party of thirtv one Chinamen were surprised by the Indians who revolted Idaho and Oregon recently and all but one of the Celestials were killed The Butchers and Drovers bank, of St. LoΓΊis, has suspended A boiler explode mine nine miles from Ma cungie. and three men were instantly killed and five fatally and three scriously wounded. revolution has broken out in San Domingo Moore Beatty wealthy builder of Philadelphia went to the rescue of Mrs Matilda Phillips, of New York. who was drowning in the surf at Atlantic City, N. J. Both were taken out the water and it-was found sible revive them by result of the bitter feeling gendered the trouble of the twelfth of July, another desperate fight broke out two days after between the Orangemo and Catholics of Montreal One man was fatally wounded: and the city was Daniel for time under control of mob Murphy and Michael Cahill quarreled after night of dissipation together in New York and Murphy hurled brick at Cahill, knocking him down. His head struck stone 88 he fel and he died of fractured skull an hour There will be general election in France on the eleventh of September An examination into the affairs of the Paterson Fire Insurance Company, of Paterson N showed that was without any capital and the directors asked for the tment of The subscription to the new four per cent. loan at par amounted to $68.000. .000. portion of the Russian troops have crossed the Balkan mountains. and Nikopolis on the Danube has been taken by the Muscovite Two more banks have failed in St army Louis the Bank of St. Louis and the North St Milwaukee. At Association Savings Louis re Wis.. Judge James Lennon an old and spected citizen, committed suicide tion of Sussex county, N was devastated by hailstone mpanied by tornado terrible of unusually large size. Many buildings unroofed, trees were uprooted, and crops and vegetation were completely destroyed Office holders all over the country are resigning their positions as officers of political associations by Henry Ellsworth was shot in the abdomen Edward Holland in the bar of hotel at Patterson, Holland was under the influence of liquor at the time of the shooting. Striking employees of the Baltimore and Ohio railroad (fired upon train at Martinsbure West Virginia, which contained body of troop who had been sent to the scene to quell any disturbance interference on the part of the strikers, One soldier was wounded. and the troops immediately returned the fire, killing one of the rioters and creating great excite ment among the rest. The mob charged on the train several times, but were epulsed. although they succeeded in cutting the couplings of the cars, rendering impossible for the train to continue on it's way The Bremen Savings Bank, St. Louis, has closed its doors Blumgart Co., of New York at importers of woolens, failed with liabilities The assets 8500.000 extensive few and foundry and machine shops of A. Hartupee, Pittsburgh Pa. were burned, causing loss 8300.000 severe thunder storm that of passed over New York and vicinity caused In considerable loss to ife and property. Homestead Station. Mrs Elizabeth Sandow, wife of a wealthy farmer. took refuge from the rain shed near her house. She was accompanied by her child and bired boy, and while in the shed the party were struck by lightning and instantly killed. father and two sons were suffocated near Drayton, Canada Chief-Justice John S. Sanborn died at Asbury Park The City Five Cents Savings Bank, of Haverhill doing from business, Mass. was enjoined amination showed that the condition of the bank was such as to render further proceedings hazardous to the public and to those lia funds in its custody At cabinet meeting was decided that the President civil service order calling for resignation of officeholders from political associations must be carried out without exceptions Ex-Gov. Samuel J. Tilden left New York for Great Britain three month trip in search While recreation Charles Cor and rest. of nell and Percy Hayward were fishing near New York storm came on They took refuge under a tree. which was struck by lightning soon riotous killed were The after men and both demonstrations of striking employees of the Baltimore and Ohio railroad in West Virginia became formidable that the State authorities were rendered powerless and the governor of the State was compelled to call upon President Hayes for the aid of the regular army cordingly the War department sent body of troops from the arsenal at Washington and several companies from Fort McHenry Baltimore, to the scenes of disturbance. The rioters were out in large force at Martinsburg and other points and prevented the passage of trains At Alfred, N three children of Charles Vincent died from the effects of cating berries that had been picked close to where paris green had been sprinkled upon potato bugs The first biennial convention of the National Cotton Exchange of America took place at Greenbrier, White Sulphur Springs. W. Va. Fifty delegations were present representing the cotton exchanges of New York New Orleans Memphis, Mobile, Cincinnat St. Louis, Vicksburg. Charleston, Savanna Cuban and Norfolk young wealthy named Manuel Blanco Gareria. who had re ce tly arrived in New York from Havana committed suicide He was t thought to be insane The house of William Anderson