9456. Butchers & Drovers Bank (St Louis, MO)

Bank Information

Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
state
Start Date
July 29, 1876
Location
St Louis, Missouri (38.627, -90.198)

Metadata

Model
gpt-5-mini
Short Digest
c1126c40d73eb385

Response Measures

None

Description

Contemporary newspapers report a modest run on the Butchers & Drovers Bank in St. Louis on July 29โ€“30, 1876 that was met promptly. About a year later the bank suspended (announced July 14, 1877). Coverage describes the suspension as resulting from a prior run and from recent failures/distrust in the St. Louis banking community; reporting treats the suspension as a bank failure (did not resume normal business). OCR errors corrected in names/dates where obvious (e.g., 'Butchers' and 'Drovers' rendered consistently). No explicit appointment of a receiver is reported in these articles, but multiple papers call the institution failed/suspended and describe it as a collapse.

Events (2)

1. July 29, 1876 Run
Cause Details
Undetermined local depositor withdrawals; contemporaneous reports give no concrete trigger beyond general nervousness (no specific misinformation).
Measures
Demands promptly met; time deposits and current accounts paid; several city banks offered assistance; president stated bank had abundance of money.
Newspaper Excerpt
Something of a run was made on the Butchers' and Drovers' bank of this city to-day, but the demands of depositors were met so promptly that scores of them retired without drawing their deposits, and the run soon ceased.
Source
newspapers
2. July 14, 1877 Suspension
Cause
Local Banks
Cause Details
Suspension said to 'grow out of a run on the bank a year or two ago' and the recent failures in St. Louis creating distrust and loss of prestige, precipitating the suspension.
Newspaper Excerpt
B. M. Chambers, President of the Butchers and Drovers' Bank ... makes the announcement this morning of the suspension of that institution.
Source
newspapers

Newspaper Articles (25)

Article from The Dallas Daily Herald, July 30, 1876

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MISCELLANEOUS. ST. LOUIS, July 29.-A tornado passed over the northern part of this county between three and four o'clock this morning, and did a good deal of damage to out-houses, fences, trees, crops, etc. One edge of the storm struck the extreme northern part of the city, and made considerable racket among some of the houses, one of which was wrecked, and a little girl named Ottole was killed. Something of a run was made on the Butchers' and Drovers' bank of this city to-day, but the demands of depositors were met 80 promptly that scores of them retired without drawing their deposits, and the run soon ceased. Several of the city banks offered assistance to any extent, but President Chambers stated that the bank had an abundance of money to meet all the demands that could be made upon it. Time deposits were paid as well as current expenses.


Article from Memphis Daily Appeal, July 30, 1876

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TELEGRAPHIC BRIEFS. e The report of General Crook's fight is contradicted. Jose Barzanallana has been nominated Spanish minister of finance. The Cocheco cotton mills at Dover, New Hampshire, have shut down for thirty days. The yacht Idler won the Bennett cup in the yacht race concluded at New York yesterday. The Bank of Spain has been instructed to issue two and a half milliards reals in 3 mortgage bonds. I Mrs. E. F. Murray died at Cleveland, Ohio yesterday from the effects of an overdose of morphine. The London fortnightly settlement concluded yesterday with only two moderately sized failures. The Earl block, at Kent, Ohio, was entirely destroyed by fire yesterday. Logs, twenty.five thousand dollars. The winners at Saratoga yesterday were Tom Ochiltree, in the first race; Freebooter, in the second; Piccolo, in the last. A run was made on the Butchers and Traders bank in St. Louis yesterday, but the bank met all demands promptly, and the run ceased. At Mulbury, Massachusetts, yesterday, Lanham's woolen-mills and two boarding-houses were burned. Loes, sixteen thousand dollars. A Mrs. Long lost her life in a burning tenement in Haverhill, Massachusstts, yesterday. Two other persons escaped by jumping from a window. J.C. Corbin (colored), the nominee for State school superintendent by the Arkansas Republican State convention yesterday, declines the place. Yoderhawn, a maritime town of Sweden, was almost totally burned on the twenty-second. Great distress prevaile. The damage was many millions of crowns. An order has been granted extending for thirty days the time in which defendent may file an answer in the suit of Francis D. Moulton against Henry Ward Beecher. Ex.Queen Isabella, on the eve of her departure for Spain, has written a letter to President MacMahon thanking him for kindness shown her during her eight years' residence in France. St. Louis was considerably stirred up by & thunder-storm yesterday morning. A house was wrecked, and a little girl was killed. The damage to crops in the surrounding country is reported to be considerable. New York bank statement: Loans, decrease, $1,177,100; specie, decresse, $1,386,2000; legal-tenders, increase, $2,325,200; deposits, decrease, $876,700; circulation. decrease, $253,100; reserve, inf crease, $1,158,175. p In a prize fight, yesterday, on the C. Delaware river, near Trenton, between b John Keenan and Jas. Collins, ninetyti four rounds were fought, lasting one c hour and thirty-eight minutes. Keenan t was victor, knocking Collins out of a time. a The action of Dupac, French director I of the Jesuit college, and fifty-five a students against newspapers was deSI cided in Paris yesterday. Six newspa. p pere, including the Republique From W two caise, Gambetta's organ were 100 ti thousand francs each. Of tl Lieutenant-Colonel Teodirrico Fijoo, formerly secretary of Captain-General p or Valmaseda, and Senor Trotcha, of the firm of Arnan & Co., provision dealers g: m in Havana, have been cited to answer CC the charges of defalcation and misdemeanor in the supply of provisions to h the Spanish army. If they do not sp8a n pear within thirty days, they will be declared culpable and sentenced by courtel martial. as


Article from New-York Tribune, July 31, 1876

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TELEGRAPHIC NOTES. CHICAGO, July 30.-The committee appointed to investigate the condition of wheat in the elevators report that it is in good condition, except about a dozen bins which contain warm wheat. BOSTON, July 30.-The Commencement exercises at the Maine State College began last evening with Sophomore prize declamations. President Allen delivered the baccalaureate this evening. ALBANY, N. Y., July 30.-Company G of the 74th Regiment of Buffalo arrived here last evening on its way home from the Centennial Exhibition. Company Aof the 10th Regiment gave them a collation. ST. LOUIS, July 30.-A tornado passed over the northern portion of this county yesterday morning, and did a great deal of damage to outhouses, fences, trees, crops, &c. little girl named O'Toole was killed. ST. LOUIS, July 30.-Something of a run was made on the Butchers' and Drovers' Bank yesterday, but demands were so promptly met that the run soon ceased. Several city banks offered assistance to any extent


Article from The Wheeling Daily Register, July 31, 1876

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Run on a Bank. ST. LOUIS, July 29.-Something of a run was made on the Butchers' and Drovers' Bank of this city, to-day, but the demands of depositors were so promptly met, that scores of them retired without drawing their deposits, and the run soon ceased. Several city banks offered assis. tance to any extent, but President Chambers stated that the bank had abundance of money to meet all demands that could be made. Time deposits were paid as well as current accounts.


Article from The Cincinnati Daily Star, July 31, 1876

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FLASHES. Mr. Morrison has informed the House that his tariff bill will not be pressed to a vote this sesion of Congress. The seventh annual reunion of the soldiers of Champaign County, O., was held at Lewisburg on Saturday. The Columbus Cadets left Philadelpbia for home Saturday. The Light Guards were at Cape May yesterday. Archbishop Purcell arrived at Waynesville, O., Saturday evening, and held confirmation services on Sunday. Terry Short, a desperado, was arrested at Maysville, Ky., Saturday, for an attack upon a young lady of that vicinity. The British representative in Servia is endeavoring to induce Prince Milan to make the Porte an offer ot reconciliation. The Franklin House Stables at Columbus, Ohio, were burned and three norses consumed in the flames yesterday morning. A maritime town of Sweden was almost totally burned on the 22d inst. Great distress prevails. Damage many million crowus. J.C. Corbin, the colored nominee of the Arkansas Republicans for State School Superintendent, refuses to accept the nomination. Ex-Queen Isabella has written a letter to President MacMahon, thanking him for the kindness shown her during her eight years residence in France. Mr. Sanford has proposed a match between his horse Preakness and New Holland, winner of the Goodwood Cup, on the same terms, except the weights shall be twenty-eignt pounds higher. Something of a run was made on the Butchers' and Drovers' Bank in St. Louis Saturday, but the demands of depositors were so promptly met that scores of them retired without drawing their deposits, and the run soon ceased. A tornado passed over the northern part of St. Louis between 3 and 4 o'clock Sunday morning, and did a good deal of damage to out-houses, tences, trees, crops,&c. One edge of the storm struck the extreme northern part of the city and made considerable racket among some of the houses, one of which was wrecked and a little girl named 'Toole killed. The Secretary of the Treasury has informed the Conference Committee on the Legislative Appropriation Bill that the proposed reduction of the clerical force would unquestionably cripple the public service, but furnished a schedule including the places where reductions will do the least harm in case the contemplated compromise should prove legislative ultimatum. In the case of the death of Mrs. E.F. , Murray Day, suspected by some to be one of suicide, who died at Cleveland recently, the evidence taken on the Coroner's Inquest, and still stronger evidence that has come to light since the e inquest, renders it certain that there was no intent to commit suicide, and 1 the fatal result was due simply to an accidental overdose of the opiate. S The Mayor of East St. Louis has dismissed all appointees of that city, to b to take effect August 3. This action is made necessary by the late decision of the Supreme Court of Illinois, which declares the present mode of assessment e and collection of taxes illegal. The resources of the city are therefore shut off. This leaves the city without a police force, and the citizens are talking about organizing a Vigilance Committee to preserve peace. Crazy Horse has returned to the Agency, and has sent word to Captain Egan that he would see him, shake t hands, make a treaty and be friendly. Indians lately arrived will not talk about the Custer fight, and pretend to know nothing of it. A council was held at Cheyenne Camp to talk over the change from civil to military authorities. Many opposed it. Red Cloud has exe pressed satisfaction at the change, but fears are entertained that any attempts to deprive the Indians of ponies and arms will meet with resistance.


Article from The Daily Dispatch, August 1, 1876

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A mother of four children in New Orleans has been convicted of regularly sending them out to steal. By practice they became very expert, and the profit of their thieving enabled the woman to buy a house and live comfortably. She devoted herself to the sale of the stolen articles and the general direction of the children. The story that Mr. John Bright had refused to drink the health of "The Empress" is pronounced untrue by the London Examiner. No such toast was proposed. The toast was " Victoria, Queen of Great Britain and Empress of India," and Mr. Bright rose, though he did not drink, as he never partakes of wine. A tornado caused a great deal of damage in the country north of St. Louis, Mo., Satfurday morning between 3 and 4 o'clock. One edge of the storm struck the extreme northern part of the city, wrecking a house and killing a little girl. Lord Levitt, of England, who accompanied the Prince of Wales to India, and the Count and Countess Von Arnim, of Berlin, are at Montreal. The coal miners of St. Clair and Madison counties, Ill., held a mass meeting Saturday and resolved that after August 1 they will not mine coal for less than three cents per bushel. John Reeves, for thirteen years an employรฉ in the Columbus, O., post-office, has been arrested for opening letters and abstracting money. He confessed his guilt. Ten thousand spectators witnessed the Lacrosse match between the Montreal and Toronto clubs, which was won by the latter after a hot contest at Toronto Saturday. A run was made on the Butchers' and Drovers' Bank at St. Louis Saturday, but the demands were SO promptly met that the run soon ceased. The New York Tribune thinks the Republicans have a severe fight before them, and that their only hope is to cut adrift from Grantism. Three thousand soldiers from Connecticut will encamp in Philadelphia on the 1st of September and remain about ten days.


Article from Martinsburg Independent, August 5, 1876

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A run was made on the Butchers' and Drover's Bank at St. Louis, Saturday, but the demands were so promptly met that the run soon ceased.


Article from The Rock Island Argus, July 14, 1877

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The Times Getting Harder.-Heavy Failures. ELLSWORTH, Maine, July 14.-H. M. & B. Hall, lumbermen, have failed; liabilities estimated at $175,000, one half secured; assets unsecured. ST. LOUIS, July 14.-B. M, Chambers, president of the Butchers and Drovers' Bank announces the suspension of that bank. He says only 50 per cent. of the capital stock has been paid in, giving $130,000 to be derived from that source, if it is found necessary to secure depositors; he also savs his wife and sisters stand ready to give deeds of trust on several thousand dollars worth of property to secure any balance due depositors, provided such time as may be necessary to realize on the assets of the bank is given him. The suspension of the bank grows out of a run on the bank a year or two ago which took from it nearly $1,000,000; although the bank had partially recovered from that, recent failures have created such distrust that the bank lost prestige and found suspension necessary.


Article from The New York Herald, July 15, 1877

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ANOTHER MISSOURI BANK FAILURE. ST. Locis, July 14, 1877. B. M. Chambers, President of the Butchers and Drovers' Bank, of this city, makes the announcement this morning of the suspension of that institution. He says that only tifty per cent of the capital stock has been paid 10, leaving $130,000 to be derived from that source, if found necessary, to secure depositors. He also says his wife and sisters stand ready to give deeds of trust on several hundred thousand dollars' worth of property to secure any balance which may be due to depositors, provided such time as may be necessary to realize on the assets of the bank 18 given him The suspension grows out of a run on the bank a year or two ago, which took from It nearly $1,000,000, and although the bank had in some degree recovered from that recent failures have created such a distrust that the bank lost ground again, and it was deemed bese to close it up.


Article from The Rutland Daily Globe, July 16, 1877

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Runs on Banks. ST. LOUIS, July 15. A run was started this afternoon on Boatman's savings bank, but the bank kept its door open till 6.30 o'clock this evening and promptly met all demands. The run was not very great, the largest single amount drawn being $8.000. The business of the bank progressed nearly as usual and the amount received by it amounted to nearly half as much as was paid out. W hat started the run is not exactly known, but it probably grew out of the closing of the Butchers and Drovers' bank, and the distrust which resulted from recent failures. It is believed by those in a position to know that the bank is entirely sound and fully able to meet all demands upon it. Runs were also made on the Provident savings association, Franklin avenue German savings bank, Lucas' bank, Lafayette bank, Citizens' savings bank and Bank of St. Louis, but they were in no sense extensive.


Article from The Wheeling Daily Intelligencer, July 16, 1877

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ST. LOUIS. a n a Suspension of the Batchers and r Drovers' Bank of St. Louis. h A Scary Day in St. Louis--Runs on Numerous Banks. Sr. LOUIS, July 14.-B. M. Chambers, 8 President of the Butchers and Drovers e Bank of this city, made announcements e this morning, of the suspension of that r bank, He says only 50 per cent of the capital stock has been paid in, giving $130,000 to be divided from that source if 8 found necessary to secure depositors. He also says his wife and sisters stand y ready to give deeds of trust on several hundred thousand dollars' worth of prop1 erty, to secure any balance that may be a due depositors, provided such time as e may be necessary to realize on the assets $ of the bank is given them. The suspene sion grows out of a run on the bank, a year or two ago, which took from it nearly a million of dollars, and although the n bank had, to some degree, recovered from e that, the recent failures created such dis1 trust that the bank lost ground again, and it was deemed best to close up. e Sr. LOUIS, July 14.-A run was started this afternoon on the Boatmen's Savings e Bank, but the bank kept its doors e open till half past six o'clock this t evening and promptly met all demands. The run was not very great, the largest single amount being $8,000. The business of the bank progressed nearly as a usual, the amount received by it amount. 8 ing to nearly half as much as was paid e out. What started the run is not exactly h known, but it probably grew out of the e closing of the Butchers & Drovers' Bank 8 and the distrust which resulted from re8 cent failures. It is believed by those in a position to know that the bank is entire sound and fully able to meet all demanda upon it. i Runs were also made on the Union Savings Association, Provident Savings e Association, North St. Louis Savings As. 1 sociation, Franklin Avenue German Savings Bank, Lafayette Bank, Citizens' Savings Bank and the Bank of St. Louis, 1 but they were in no sense extensive. The e demands were almost exclusively made by small depositors of the laboring class, and were met promptly, except in some cases where time deposits were called for, and the banks stood upon the usual 60 days notice. The aggregate drawn from each, was comparatively small and was easily met. Very few, if any, regular merchants or business men joined in the run. It is be. I lieved, at least, and is confidently expected, that whatever excitement or anxiety exists among these small depositors to-day, will subside by to-morrow and business will resume its regular 0 channels by Monday. The officers of the Boatmens's Bank say that they can receive money from New York and other points faster than it can be paid out here, and they have no apprehensions whatever of being the least crippled, even though the run is kept up for several days. There is nothing new regarding the Butchers' and Drover's Bank, except that Mr. Chambers, its President, is perfectfecting the guarantee promised in his statement this morning, that large amounts of property would be pledged to secure the depositors if necessary. The Insurance Commissioner this afternoon made an application for the appointment of a receiver for the Charter Oak Life Insurance Company. The petition sets forth that the assets of the company are 80 much less than the liabilities that it is necessary that a receiver be appointed and the charter annulled. The Judge issued a temporary injunction. The sheriffserved papers on the officers, which requires them to answer the allegations on Monnay next and show cause why a receiver should not be appointed.


Article from The Sun, July 16, 1877

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The people of St. Louis seem to be thoroughly alarmed by the recent suspension of several of their oldest and most trusted financial institutions. On Saturday the Butchers' and Drovers' Bank failed. with liabilities amounting to nearly one million of dollars. This, following closely upon the failure of the State Bank of Missouri. the exposure of the rottenness of the Commercial Insurance Company. and the suspension of several financial concerns of less note, caused a panic, and a general run upon banks. Several of the banks took advantage of the sixty days' notice clause in their charters, while others braved the run. and trusted that it would soon subside. To-day will probably determine whether the panic is or is not a serious one. A run upon a bank is, as a rule. as senseless as it is selfish, and is only justiflable when, as in the case of the Third Avenue Savings Bank in this city, both the bank officials and the State authorities refuse to do their duty. At the same time it must be acknowledged that recent developments both East and West, go to show that there has been much raseality and laxity in the management of not a few institutions to which the capital of the business man and the savings of other men have been committed. To fully restore public confidence it is necessary that every weak or rotten concern be weeded out, and every thief, however respectable his connections, be consigned to the penalty of a thief.


Article from The Daily Dispatch, July 16, 1877

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Banking and Insurance Companies. FAILURE OF A ST. LOUIS BANK. ST. LOUIS, July 14.-The Butchers and Drovers Bank has suspended. The depositors seem secured. EFFORT TO REORGANIZE THE CHARTER-OAK INSURANCE COMPANY. STAMFORD, CONN., July 14.-The - attempt to reorganize the Charter-Oak Insurance Company by putting its affairs into the hands of new and trustworthy officers bas failed, the assets not warranting the undertaking in the opinion of gentlemen who were requested to take hold of the company. A movement will be made at once for the appointment of a receiver, and upon such appointment the payment of the premiums will cease; but policy-holders are advised to keep their policies alive until a receiver is appointed, as they will have a right to share pro rata in the large amount of property the company owns after the liabilities are paid. A RECEIVER WANTED FOR THE CHARTER-OAK LIFE-INSURANCE COMPANY. HARTFORD, CONN., July 14,InsuranceCommissioner Stedman this afternoon made an application to Judge Pardee, of the Supreme Court, for the appointment of a receiver for the Charter-Oak Life-Insurance Company. The petition sets forth that the assets of the company areso much less than the liabilities it is necessary a receiver be appointed and the charter annulled. Judge Pardee issued a temporary injunction and the sheriff served the papers on the officers, which requires them to answer the allegations by Monday next and show cause why a receiver should not be appointed.


Article from New-York Tribune, July 16, 1877

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A BANK FAILURE IN ST. LOUIS. THE BUTCHERS' AND DROVERS' GOES DOWN. ST. LOUIS, July 15.-B. M. Chambers, President of the Butchers' and Drovers' Bank of this city, makes the announcement of the suspension of that institution. He says that only fifty per cent of the capital stock has been paid in, leaving $180,000 to be derived from that source, if found necessary, to secure depos itors. He also says his wife and sisters stand ready to give deeds of trust ou several hundred thousand dollars worth of property to secure any balar nee which may be due to depositors, provided such time as may be necessary to realize on the assets of the Bank is given him. The suspension grows out of a run on the Bank a year or two ago, which took from it nearly $1,000,000, and although the Bank had in some degree recovered from that, recent failures have created such a distrust that the Bank has lost ground again, and it is deemed best to close it up.


Article from New-York Tribune, July 17, 1877

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ST. LOUIS BANKING DIFFICULTIES. CAUSE OF UNEASY FEELING IN MERCANTILE CIRCLES. A prominent citizen of St. Louis said to a TRIBUNE reporter yesterday. that the recent bank fallures in that city had caused a very uneasy feeling in mercantile circles, and there were fears that several firms, heretofore regarded as sound, would be forced into bankruptey. "The prime cause of the failures," said the informant, "Is the fear of the law enacted by the last Legislature, which not only makes Directors financially responsible in double the amount of the stock owned by them, but also makes it a felony for officers to receive deposits or premiamas when the banking institution or insurance company is in a failing condition. This act was passed to secure depositors from frauds, as well as to strengthen sound banks by uprooting wild-eats." "The failure of the Butchers' and Drovers' Bank," this gentleman said, "is attributable to unfortunate loans and wild speculations. When it was started, the members of the Whisky Ring, then in the height of power, were leading officers and directors, and they deposited large sums of money daily. Being opposite the Union Market, it was liberally patronized by heavy butchers and drovers, whose current deposits aggregated hundreds of thousands of dollars. The President, B. M. Chambers, is entirely too generous in his disposition to manage & bank, and made loans out of sympathy frequently, which a man of sound financial judgment would have refused. He advanced liberally to The St. Louis Times Company, taking lis bonds as collateral, and was recently compelled to buy in the conoern. in order to save the bank. The total liabilities amount to over a million dollars. and It is believed that the property owned by Mr. Chambers and by his mother and sisters. will be surreudered and prove simple to pay the depositora in full. if they will allow a reasonable time to make payments. If, however, they precipitate matters by resorting to the Courts, it is doubtful if they will realize thirty cents on the dollar. The stockholders will loose all they have invested among them are William H. Renton, William McKee of The Globe Democrat, Constantine Maguire, of winsky-ring notoriety, and others." This informant expresses the belief that several other smaller banks will be forced to yield before the week is over, as they cannot bear up under a heavy run. The Bank of Commerce, Third National, First National, Boat. mens' Savings, Tenth Ward Savings', Lacas and German Savings Banks he thinks can readily respond, and perhaps others, but some of the newer and smaller institutions in the north part of the city, he thinks, must fall. "The German Bank," he added," "did not fall, but merely withdrow from business. The stockholders and officers are all men of large means, who thought it imprudent to keep their money idle when they could make it more serviceable in their business. This has been one of the most prosperous banks in the city, and withdrew oniv because investments could not be made with profit." According to the theory advanced by this gentleman St. Louis has more banks than are necessary. and can spare many more without detriment to the business interests of the community.


Article from The Daily Gazette, July 18, 1877

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Smash of St. Louis Banks, The run on the St. Louis banks, caused by the suspension of the Butchers' & Drovers' Bank has caused the closing of the St. Louis Bank and the North Street Savings Association. There are rumors that two other savings institutions are weak. It is stated on good authority that all the large banks have declared their purposes to pay no more time certificates, except in cases where distress or unusual need of money is clearly shown.


Article from Public Ledger, July 18, 1877

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ST. LOUIS BANKS. All Quies-Business Progressing in the Regular Way. ST. LOUIS, July 18.-Bank matters are very quiet this morning, and business seems to be progressing at all the institutions in the regular way. It is reported that the Washington Savings Association, at Washington, Mo, suspended yesterday. No particulars. B M. Chambers, president of the Butchers and Drovers Bank, says he has every reason to believe that the depositors will leave the adjustment of the diffi culties of that bank in his hands, and will accept the proposition made by him. He thinks an assessment of twenty-five dollars per share will be required on the stockholders to close up the business speedily, and is confident that this sum, or at least the greater part of it, will be returned to them when the assets. are realized upon. The directors of the North St. Louis Savings Association have discussed several propositions for the settlement of their affairs, with a view to re-opening the bank and resuming business. The OLE most favorably entertained is to pay all depositors one-half in cash and onehalf in stock, and if arrangements can be made to obtain money to carry out this proposition, it is probable that the bank will resume business next week. The assets of this association are one hundred and fifty thousand dollars above its liabilities. As an evidence of returning confidence it may be said that the Broadway Sav ings Bank Association, which felt the run of Saturday and Monday as severely as any bank, received a large number of new accounts yesterday and its deposits were about $80,000 over any previous day. A large number of depositors who withdrew their funds Saturday returned them yesterday. This can also be said of a number of the other banks. Over $3,000,000 arrived here yesterday by express for banking purposes.


Article from The Wheeling Daily Register, July 19, 1877

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Financial Situation in SI. Louis, ST. LOUIS, July 18. - Bank matters are very quiet this morning, and business seems to be progressing at all the institution 8 in the regular way It is reported that the Washington Savings Association, at Washington, Mo suspended yesterday. No partienlats Mr. Bruchambere, president of the Butchers and Drovers Bank, says he has every reason to believe the depositors will leave the adjustment of the difficule ties of that bank in his hands, and will accept the proposition made by him He thinks an assessment of $200 per share will be required of the stockholders to close business speedily, and is confident that this sum, or at least the greater part of it, will be returned to them when the assets are realized upon. The directors of the North St. Louis Savings Associal tion have discussed several propositions for r settlement of their affairs, with is view to reopening the bank and resuming business The one most favorably entertained 18 to pay all depositor one. half in cash and one-half in stock, if arrangements can be made to obtain some ready money to carry out this proposition. It is probable that the bank will resume business next week. The assets of this association are 1,500,000 in excess of liabilities. A an evidence of returning confidence, it may be said that the Broadway Savings Association, which telt the run of Saturday and Monday as severely as any bank received a large number of new accounts yesterday, and its deposite were about $10,000 in excess of any previous day. A large number of depositors who withdrew their funds Saturday returned them yes terday. This can also be said of n number of other banks. Over $3,000,000 arrived here yesterday, by express, for banking purposes.


Article from Mexico Weekly Ledger, July 19, 1877

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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 True Northerner, July 20, 1877

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THE NEWS CONDITION THE EAST. enormous copper lode has been discov- B. AN Milan. N. H The office of robbed T. ered Frothingham, at of Boston, was recently bonds. trunk containing $18,000 worth of in an of a TERRIBLE boiler explosion occurred A mill near Allentown Pa., one day last week, fatal ore in the killing of three men and received the resulting of five, while three others notable gathwounding injuries. There was a other day, serious literary men in Boston, the Lowell, on his of occasion departure ering to say of good-by to James Russel for his post of those presduty the as Minister poets to Longfellow Spain. Among and Oliver Wen- the dell ent were Holmes, the Ralph Waldo Harvard Emerson, College, and professors of number of Charles President Francis Adams, Jr., and a Massachusetts Congressmen. LIGHTNING struck a shed during a thunder- day, near North Bergen, N. J., the other old, storm Mrs. Sandow and a babe 10 months Mrs. killing Frederick Muller, a boy of 14 years. in and and Muller had been weeding the a Sandow and took shelter from the rain machine in field, extensive foundry and shed. shops of The A. Hartupee, in The Pittsburgh, total loss Pa., is have estibeen mated destroyed at $300,000. by fire. New York claims to have had a genuine case of Asiatic cholera. THE WEST. THE Milwaukee Sentinel prints telegrams Dathirty points in Minnesota, Iowa and kota, from which report grasshoppers in large num- the flying with the wind. In Minnesota alighting bers flying north, only a few the 'hoppers points are heard from. In the Farmers main are at 'hoppers the are doing no damage. encouraged with the crop prospects. From the scene of the Indian war in Idaho Gen. o. o. Howard telegraphs an band. acTerritory count of a battle with Chief Joseph's the meager particulars furnished we Le From that, after making a forced march, o'clock on glean the enemy, 300 strong, at 1 a struck of July 11. in a deep canon, at the mouth afternoon of the Cottonwood opened driving fire the with a howitzer, and succeeded in fighting once from their position. The from the savages in earnest, the troops firing then began rocks and barricades, and continued behind till nightfall. The soldiers slept on their the arms. aton the morning on the 12th seand, early renewed, and, after some tack was the Indians were drivvere fighting position. The pursuit was en from their some time, and the retreat of kept hostilos up for was accelerated by a number artil- of the were sent after them by the shells that Howard claims a victory as the relery. sult of Gen. this engagement, but the casualties one, show it to have been a dearly-purchased Indians it can be conceded. Thirteen not if such killed (the number of wounded of is solwere while exactly the same number slain, and given), by a singular coincidence, were killed were diers, twenty -four wounded. Among the Another Capt. Bancroft and Lieut. Butcher3' Williams. and Drovers', has St. Louis bank, doors the Reports of rich gold discovclosed in its the Big Horn country have produced from eries excitement at Deadwood, in the an immense place large parties have set out latest expectation which of finding a fortune in this Dorado. LIEUT. COL. M. V. SHERIDAN returned to Chia few days ago from the battle-ground cago where the brave Custer and his troops were The bodies of some of the dead were alain. found to be decomposed beyond which recognition. could be The bodies of the privates and the graves identified were properly buried officers The remains of twelve Lincoln. marked. brought to Fort were bones boxed of and the gallant Custer Those will be of The to West Point for intermet Smith, taken Custer, Capt. Yates. and Lieuts. the Col. and Melutosh will be removed to Calhoun Cemetery at Leavenworth. The re- of National other officers await the action mains of the Those of Lieut. Crittenden were their friends. permanent burial on the spot where father, he given fell, in obedience to the wishes of his who objected to their removal. THE failure of the Second National and Butchers' and Drovers' banks, in St. Louis, of caused quite a run on the savings banks that city, and two or three of the weaker of these institutions have suspended. THE SOUTH. A NEGRO named Wilson was hanged at Nash- a Tenn., last week, for the murder of ville, policeman. Over witnessed the execution, was conducted in a shockingly bungling culprit which The noose slipped, and the intoleramanner. died slowly of strangulation, suffering ble agonies. THE New Orleans School Board has decided to establish separate schools for the two races. The whole body of troops now stationed Southern States, with the exception of Mexican those in Texas to operate against the men. marauders, in does not exceed 1,000 or 1,200 WASHINGTON. IT is announced at the Treasury Department natural that gold that has lost in value from the abrasion in circulation will be received at loss by weight. This would involve a on treasury to depositors of not exceeding ten cents eagles or double eagles. A MEETING of white and black citizens of the in South Carolina known as the scene of a region the Ellenton riot last fall has been held with restore peace and harmony. Resolu- to a view to were unanimously adopted looking of tions of race trouble and to a dropping Federal courts. cessation pending prosecutions in the State and THE Secretary of the Navy has addressed a letter to Capt. Howgate, the originator of the establish a colony for Arctic exploration the far north, declining to The a in to accompany the expedition. Sec- to officer plan to detail authorized civil does not consider himself for retary detail civil officer for such service, and, the same reason, he regrets that he of cannot instruwith the request for a loan of the comply ments belonging to the avy for the use expedition. THE Treasury Department has issued the fifty-first call for the redemption of 5.20 bonds consols of 1865. The call of which $7,000,000 are coupon of 000,000. 1865, is for and $10,- and in$3,000,000 registered bonds, principal terest to be paid at the treasury on and after on the 16th of October next, interest to cerse that day. The Treasury Department has re- received from Barnstable, Mass., the official port of the seizure of the whaling ship Rising Sun, of that port, by a Spanish armed vessel off Cuba. The Department has also been made officially acquainted with the arrest and conof These matters will into, and Spain held to a strict finement Ellen Rizpah. of Capt. Dunham, accountability the ha schooner looked for the outrages.


Article from The Donaldsonville Chief, July 21, 1877

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St. Louis is now engaged in running on her own account a first-class, lifesize financial panic, The failure of the National Bank of Missouri started a run upon all the banking institutions in the city, and no less than six have suspended within the past fortnight. These are the, German Bank, Butchers' and Drovers' Bank, Lucas Market Savings Bank, North St. Louis Savings Association, Bank of St. Louis and Bremen Bank. The excitement is subsiding and it is believed the actual losses will not be excessive, but no reliable estimate of the damage can be made until the smoke of the smash-up clears away.


Article from Lexington Weekly Intelligencer, July 21, 1877

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The failure of the Butchers' and Drovers'. North St. Louis Savings, and German banks. in St. Louis, in no way affects our banks here, which are as solid as a rock. The run on the Boatman's Savings in St. Louis has ceased. It was a toolish one, anyhow, as that institution is one of the most solid in the state, and confidence is once more restored. The effect of the failure of the National Bank of the state, and the impending bank law, is now thought to have expended its force.


Article from The Sedalia Weekly Bazoo, July 24, 1877

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The suspension of the Butchers and Drovers' Bank is justly regarded in St. Louis as a serious calamity. The high standing and great financial ability of Mr. Chambers intensifies the feeling of regret. His high sense of Lonor and manly bearing under the embarrasing difficulties which surround him, is winning grilden opinions from all sorts of people.


Article from The Iowa Plain Dealer, July 27, 1877

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romestic INTELLIGENCE Bank. A. Hartupee's large foundry and machine shope, at Pitt-burgh, Pa., were burned last week. Loss estimated at โ‚ฌ300,000. A man died in New York, the other day, with what the attending physicians pronounce a "genuine case of Ariatic cholera." The Hartford Courant advisor the busiblic that it will be very foolish for any one who holds a policy in the Charter Oak Life Insurance Company to it. The lowent entimate yet made by any one of the value of the assets of the company puts them at 46,000,000. Even at that a policy IN worth saving. and an soon as a receiver in appointed the necessity for minking payments ceaser, and at some time each policyholder will receive his dividend on the present value of his policy Forext fires are raging in the vicinity of Fort Fairfield, Me. Vast areas of timber-land are burned over and many buildings destroyed. Ex-Gov. Tiklen railed from New York for Europe lant week. Courtenny mind Biley, two professional oarsmen, were matched to row a race on Occonwood Inko, not far from New York. Largo of money were staked on the result, and an in: mense crowd congregated to witsock the contest. June before the start Courtenay was taken suddenly ill. He and his friends claim that he was poloned by Moltio of Billey's Inchere. Great pertuatiation among the sports in consequence. Weme. Lieut. Col. M. V. Sheridan returned to Chicago n few dayn ago from the battle ground where the trave Custor and him troops were main. The bodies of some of the dead were found to be decomposed beyond recognition. The bodies of the privaton which could be identified were properly buried and the graves marked. The remains of twelve officers were boxed and brought to Fort Lincoln. The bones of the kallant Cunter will be taken to Went Point for insterment. Those of : Col. Custor. Capt. Yaton, and Lieuts. Ninits, Calhoun and MeIntowh will be removed to the National Cemetery nb Leavenworth. The remain of the other officers awnil the action of their friends. Thore of Liout. Crittenden were Kiven nermanent burial on the ngpt where he fell, in obedience to the winter of his father, who objected totheir removal. Following the failure of the Butchers' and Drovers' and Record National Banks of St. Louis, comes the announcement of the closing up of the North St. Louis Havings Institution mild the Bank of Ht. Louis. The Chicago Journal says : "The cropnews continues good-only good, and very good. There in no exception to the rule. From the Enne, Went niid Mouth the nown in in the highone degree cheering, and embraces the entire I range of the products of the earth." A Walla Walla (Oregon) diapatch ways the Indians have killed three mou mild one girl on Cow creek. 8 A day N dollign in the Black Hills in this noted in a disputch from Deadwood A camp of freightern nonr Crook City wan stocked by a Kung of horre the who stampeded and got away with about meventy horean and mules. A war party of thirty-live Indiana were seen on Hearth-h creek. A party of ten Indiana came down upon n ranch on the Red Water, tired sev-


Article from Iron County Register, September 10, 1896

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Investment Co.'s securities $10,000 in cash; the company has tried to make me surrender the $10,000, and because I did not think proper to do so, sundry efforts have been put forth to make me do so by blackmail; the case was tried before Judge Vailiant, and I won, In his opinion, he said that my actions in this matter could not be successfully attacked from a legal, business or moral standpoint. The case was appealed, and is now in the supreme court. I propose to protect the bondholders, who scattered all over our state. and will hold every dollar in my possession until the courts order me to give it up. In trying to do my duty in this case, God only knows the abuse I have had to stand. I learn also that my administration of the Fifth national bank trust does not meet with the approval of Mr. Lewis' personal St. Louis organ, just at this time. In looking over the list of stockholders and depositors of the bank, I do not see that any of them are interested, and possibly their dissatisfaction should not be considered, but my work as receiver of the Fifth national bank has been indorsed by Comptrollers Trenholm, Abrahams and Lacey, the comptroller's office counselors, the depositors and stockholders' committees in the city of St. Louis, the St. Louis press, without a single exception; also of ex-Gov. Francis, Col, C. H. Jones, Hon. Nathan Frank, Col. J. B. Mc-Cullagh, Hon. Carl Daenzer and hundreds of others qualified to speak. When the bank was turned over to me by Examiner Foreman-and let us state here, I made no fight for the receivership-he said: "Lon, God have mercy on you, it's the worst mixed up affair I ever saw: if you get anything at all out of it you will surprise me." He did not. when seriously speaking, think I could realize over 33โ…“ per cent. out of the wreck: in two months I paid the depositors 50 per cent. on their claims, and in a very short time paid them 96 per cent. In the great excitement attending my taking hold of this work, it is strange to me that I did not offend many, but as far as I know I made an enemy of but one depositor, and I accomplished this by simply trying to help him; he had a claim of $5.000 against the bank; he had lost in the failure of the old Butchers' and Drovers' and was almost mad. When he learned of the collapse he drove to the home of the late Mayor Overstolz, president of the bank, rang his bell and shot his home full of holes. I knew he was desperate ani almest crazy, and I took special interest in him, all the time keeping my "eye on the gun." He wanted to sell at 25, then at 30, then at 40. then at 50, but I prevented. I went to Boonville to spend the Christmas holidays. While here he wired me or wrote me he was offered about sixty, and I told him to wait until I returned before selling. When I reached St. Louis he had sold his claim. He was the happiest man in St. Louis when I saw him; I never met him, but he wanted to "take something" with me, but when I reached a point beyond 60 per cent. his ardor cooled and he turned against me; many of my friends told me to be armed and ready to protect myself against him. He claimed Nelson, my brother-in-law, bought indirectly his claim, and intimates we divided the profits. Well, Nelson never bought his claim; he never bought any claims against the bank. I don't want to be held responsible for anything Nelson does; he is old enough to take care of himself; he is as independent as a hog on ice, and if any man has anything he wants to say to him, he can always be found doing business at the old stand: don't come to me with Nelson's business. I have as much of my own as I can attend to. As to my record as receiver of the Fifth national bank I am willing to stand or fall upon that. Enough of the personal for the present. # THE NATIONAL PLATFORM. The democrats in national convention assembled have given us a platform upon which every democrat, upon which every friend of humanity can stand. a platform which sys what it means, and which means what it says; a platform in which there is not the slightest semblance of a compromise or straddle upon any of the important issues of the moment. They have given us in the boy orator of the Platte and the shipbuilder of Maine standard-bearers who are platforms within themselves. Democrats who have spent many years of their lives in fighting the battles for the masses as against the classes, and for the restoration of our fathers' money to the position it occupied in the monetary system of our country before it was struck down at midnight by a conspiracy that was both foul and damnable-silver was struck down with the dagger of an assassin are asked by the republican party to indorse a standard of crime. The fruits of this crime have been summed up as follows: It has given the homesteads of thousands of toilers to the creditor; one-third of our railway mileage is in the hands of receivers; it has given idleness to four millions of would-be toilers in shop and field; it has given creative capital no scope for use, and little or no returns for risks assumed; it has given the silver miners ruin: it has given nakedness, hunger and cold to millions of men, women and helpless children; it has produced a sea of tears, and volumes of groans and prayers for succor; it has blighted hope and blasted aspirations in a million homes; it has produced mobs and riots and the calling forth of armed forces of the nation to check and control: it has produced over two hundred millions more of government bonds, which are so many financial fetters to shackle the feet of industry; it has filled 10,000 graves with despairing suicides: it has robbed the farmer of hope. it has darkened his once happy home, and filled his and his family's hearts with fear and anxiety for the future; how any man with a heart, who loves humanity, and who loves his country, can look upon this sad picture of woe and misery without a feeling of indignation arising in his throat against those responsible for it, without determining anew to do all in his power in the great fight for financial freedom from England's and Wall street's greed and avarice, and for the restoration of the people's rights, is a mystery to me; the settlement of this question can no be safely much longer delayed. My friends, what confidence can you have in the candidate for public favor who will attempt in the mannerism and dialect of the clown, to tell you, in your anxiety and distress, that you are the most prosperous and happy people on earth, that you should let well enough alone. etc. Is he not your most dangerous foe? Is he not a dangerous leader? Mr, Lewis, in his Chillicothe speech, says: "The people will not take silver." Have any of you fellow-citizens ever refused to take any of it? Who won't take it? He says it won't cost any express to get Carlisle to ship you some; but, great God! the express is not a consideration; it is not a drop in the bucket. If we could only get it we would pay the express willingly and a great deal more. Every cent in our country of silver is in use, and doing the work for which God Almighty and the constitution designed it. Mr. Lewis to the contrary notwithstanding, and there is room and demand for more. Mr. Lewis says, with almost cruel heartlessness, "send in your paper money and get silver. You don't need it, help yourselves, etc." This is like a wag conducting a poor, starved man up to Delmonico's Broadway restaurant, showing him piles of tempting bread. meat and fruits, and telling him to help himself. etc. It is thus we are wronged and robbed, and then taunted because of our hunger an