9484. Grand National Bank (St Louis, MO)

View Charter #12220 on SPMC

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
12220
Charter Number
12220
Start Date
May 31, 1930
Location
St Louis, Missouri (38.627, -90.198)

Metadata

Model
gpt-5-mini
Short Digest
1e70518ee42db92a

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Fed/other loan, Public signal of financial health, Partial suspension

Receivership Details

Depositor recovery rate
89.0%
Date receivership started
1934-03-19
Share of assets assessed as good
37.6%
Share of assets assessed as doubtful
49.1%
Share of assets assessed as worthless
13.4%

Description

A large safe-deposit vault burglary (≈$1,000,000) triggered a depositor run beginning May 31, 1930. The bank weathered the run with cash shipments/loans from the Federal Reserve and Chase National; officers posted 30–60 day notice for savings withdrawals. There is later discussion of reorganizing and creating a new Continental National Bank, but there is no evidence the Grand National suspended payments or closed — it remained open and met demands. Classified as run_only.

Events (3)
1. June 15, 1922 Chartered
Source
historical_nic
2. May 31, 1930 Run
Cause
Bank Specific Adverse Info
Cause Details
A massive safe-deposit vault burglary/looting (~$1,000,000) revealed losses (≈$350,000–$400,000 to bank or customers), prompting depositor fears and heavy withdrawals.
Measures
Posted bulletins requiring 30–60 days' notice for savings withdrawals; Federal Reserve sent cash; emergency loan/advance ($450,000) from Chase National; money trucks replenished funds.
Newspaper Excerpt
The Grand National Bank, looted of more than $1,000,000 ... weathered a run today. A long line of customers, fearing the institution would fail ... Twice money trucks arrived with additional cash from the Federal Reserve Bank.
Source
newspapers
3. March 19, 1934 Receivership
Source
historical_nic

Newspaper Articles (13)
1. May 31, 1930 Carthage Evening Press Carthage, MO
Article from Carthage Evening Press, May 31, 1930

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LOUIS BANK LOOTING CALLED AN INSIDE Tools Are Found in Basement SUSPECTS HELD Chief of Detectives Declares Some Person in Bank "Knew What Going On" Associated St. Louis, May tools, found in the basement of the Grand National bank, looted of more than one million dollars when safe deposit boxes were robbed Sunday, strengthened Chief of Detectives Kaiser's theory of an "inside job." Three men, including two former officials of the institution, are held under $50,000 bond each, to answer any charge that may be placed against them. search of the unused and unlighted basement rooms of the bank last night disclosed police 12 percussion caps of the type used in setting the explosive which blasted the vault door, quantity of soap, lamp, punch, pound hammer and pinch bar. "Apparently this is an inside job," Chief of Detectives Kaiser declared, "and you can quote me to that effect.' Somebody with inside knowledge of the vaults or bank knew what was ing The inside door of the vault was unlocked, Kaiser said, adding the blasting of the door was merely to "throw dust in the eyes of the police." Start "Run" on Bank Customers started run on the bank today. More than 100 customers in line to withdraw their deposits when the institution opened its doors. An hour later the line extended for nearly block and uniformed policemen guarded the door, admitting them few The Federal Reserve bank sent $250,000 to the institution two days ago, in anticipation of withdrawals. Declares Bank Solvent Officers of the bank posted bulletins today requiring 30 to 60 days' notice for withdrawal of savings accounts. Vice President Joseph Ledbetter repeated an announcement made yesterday by President Ed Mays, that the bank was sound and in liquid condition.

2. May 31, 1930 The Kansas City Star Kansas City, MO
Article from The Kansas City Star, May 31, 1930

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RUN ON LOOTED WITHDRAW FUNDS FROM LOUIS Police Required Guard Before Grand Repeated Announce- May Customers started today on the Grand National Bank. which was "looted of than million dollars by robbers who broke into the vault early last Sunday. Despite repeated announcements its officers that the institution sound more hundred depositors standing in line withdraw their funds the bank opened this morning. An hour later the extended block, and uniformed police guarded door, admitting time. Two days ago the federal sent million dollars used against withdrawals. Officers the bank posted bulletins requiring from thirty to sixty days' notice for withdrawing savings counts. Ed Mays, and Joseph Ledbetter. vice-president. today peated an announcement previously that after its $350,000 securities and $43,000 cash had charged off. the bank's capital would unimpaired, and its surplus reduced The discovery last night of wrecking tools the basement the bank building strengthened the police theory the looting was an "inside job." Three includformer officials of the instiare held under $50,000 bond each in connection with the

3. May 31, 1930 Sun Herald Biloxi, MS
Article from Sun Herald, May 31, 1930

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RUN STARTED ON BANK ROBBED LAST SUNDAY St. Louis, May 31. found the Grand National Bank, looted than when safety deposit robbed Sunday, strengthened Chief ser's theory an "inside including former officials institution. held under $50,000 each to answer any charges that may be placed against them. search of unused and unlighted the bank night disclosed police caps, the setting off plosive which blasted the vault door, quantity soap, lamp, punch The inside the vault unlocked, Kaiser Adding blasting the merely throw the eyes the LINE BLOCK LONG Customers started the bank today. More than 100 were line withdraw their when the institution opened doors. hour later the tended nearly block and formed guarded the door, them time. Officers the posted bulletins today thirty sixty days notice for withdrawal savings Vice Joseph Ledbetter repeated terday President Ed Mays that the bank sound and in liquid condition.

4. June 1, 1930 Joplin Globe Joplin, MO
Article from Joplin Globe, June 1, 1930

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MONEY TRUCKS BRING NEEDCASH DEPOSITORY LOUIS. St. Louis, May Grand National bank, looted more than in cash, securities and other valuables, taken from safe deposit boxes week ago, weathered today. long line of customers, fearing the institution would fail after closure yesterday that its part of the approximate filed bank all day withthrough drawing deposits. At times, the line extended more than block down street. $450,000 One Truck. Twice trucks with money additional cash from the federal bank. One delivery, the reserve bank announced, consisted $450,lent for the the emergency Chase National bank of New York. Late today, President Ed Mays out statement that the crisis had that demands had passed, met and would continue to be He declared the bank is solmet. and will to operate. Uniformed police guarded the door, ten customers patrolled sidewalk, time, those waiting in line keeping order ordering spectators Anticipating heavy withdrawals, officers had posted bulletins bank thirty and sixty days' notice for withdrawals from savings accounts. Continuing their officials reiterated their robbery "inside plaining they were convinced bank's employ familiar with robbers' plans before the looting, which took place last Sunday morning while the safe deposit vault, being dismantled for Gifford moving, Herbert, cashier, who has resigned, and William Brittin, custodian the vault, was fired yesterunder $50,000 bonds inday, vestigation in the burglary. Missing Lawyer Returns. Jacksonville, May Paul Thompson, prominent Jacksonville attorney who disapfrom Louis four months peared conference with following tong leaders there, returned home here today. weakened physical and apparently suffering from shock.

5. June 1, 1930 The Buffalo Times Buffalo, NY
Article from The Buffalo Times, June 1, 1930

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ROBBERY FOLLOWED BY HEAVY BANK RUN Million Dollar Vault Disappearance Yet Unsolved United ST. LOUIS, $1,000,000 robbery of the Grand National bank apparently long planned and executed with the greatest finessee, remained unsolved Saturday after week investigation. A on the institution started Saturday and continued during the evening. Bank officials said the loss to bank proper only $264,000, and capital of $800,000 unimpaired. Detectives they believed the burglary inside This development followed finding of tools eached in storage of the bank, and arrest of Cashier Herbert Custodian William Brittin, for investigation.

6. June 1, 1930 Evening Star Washington, DC
Article from Evening Star, June 1, 1930

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ROBBED ST. LOUIS BANK SURVIVES RUN Depositors Crowd Into Institution Which Lost $1,000,000 a Week Ago. By the Associated Press. ST. LOUIS, May 31.-The Grand National Bank, looted of more than $1,000,000 in cash, securities and other valuables taken from safe deposit boxes a week ago, weathered a run today. A long line of customers, fearing the institution would fail after disclosure yesterday that its part of the loss would approximate $400,000, filed through the bank all day withdrawing deposits. At times the line extended for more than a block down the street. Twice money trucks arrived with additional cash from the Federal Reserve Bank. One delivery, the bank announced, consisted of $450,000 loaned for the emergency by the Chase National Bank of New York. Late today President Ed Mays declared that the crisis had passed and that all demands had been met and would continue to be met. He said the bank is solvent. Continuing their investigation, police officials reiterated their opinion the robbery was an "inside job." They were convinced that some one in the bank's employ was familiar with the robbers' plans before the looting, which took place last Sunday morning, while the safe deposit vault, being dismantled for moving, was unguarded. Gifford J. Herbert, cashier, who has resigned, and William A. Brittin, custodian of the vault, who was discharged yesterday, are under $50,000 bonds pending investigation.

7. June 1, 1930 The Baltimore Sun Baltimore, MD
Article from The Baltimore Sun, June 1, 1930

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Looted Of Million, Grand National Stormed By Depositors FUNDS ON HAND TWICE REPLENISHED Police Term Robbery Inside Job St. Louis, May 31 Grand National looted of more than cash, and other valuables taken boxes week ago, weathered run today. long fearing the institution would fail after disclosure yesterday part would approximate $400,000, filed through the bank all day, withdrawing deposits. At times the line extended for more than block down the street. Funds Twice Replenished Twice trucks arrived with additional cash from the Federal Reserve Bank. One the bank anof for the by the Chase National New York. Late the day Ed Mays, president the bank, that the crisis had passed and that all demands had been and would continue to be met. He said the bank solvent. "Inside Job," Police Assert Continuing their investigation, lice officials reiterated their opinion the robbery was an "inside They that some one in the bank's employ was familiar with the robbers' the looting, took last Sunday morning while the safe deposit vault, being dismantled for was unguarded. Gifford Herbert, cashier, who resigned, and William Brittin, todian vault, who was discharged yesterday, are under $50,000 bonds pending investigation.

8. June 1, 1930 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, June 1, 1930

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GREAT ROBBERY AN "INSIDE JOB" Police Believe They Soon Will Solve St. Louis Theft (By the Associated Press.) St. Louis.-Safe wrecking tools found in the basement of the Grand National bank, looted of more than $1,000,000 when safety deposit boxes were robbed Sunday, strengthened Chief of Detectives Kaiser's theory of an "Inside job." Three men, in. cluding two former officials of the institution, are held under $50,000 bond each to answer any charge that may be placed against them. A search of unused and unlighted basement of the bank last night disclosed to police 12 percussion caps, of the type used in set. ting off the explosive which blasted the vault door, a quantity of soap, a lamp, a punch, a 20-pound hammer and a pinch bar. Apparently this is an inside job," Chief of Detectives Kaiser declared. "and you can quote me to that ef. fect. Somebody with inside knowl. edge of the vaults or the bank knew what was going on. The inside door of the vault was unlocked, Kaiser said, adding the blasting of the door was merely "to throw dust in the eyes of the police. Ben Strozier, Negro janitor, was two hours late Sunday, the detective chief pointed out and apparently surprised the burglars, as Strozier was ordinarily finished before o'clock. The janitor was bound. gagged and placed in closet, as was William Brittin, custodian of the vault. one of the trio arrested. Brittin. however. told police he did not reach the bank until 9:30 o'clock when he went to the vault to get his cigarets. The other two held are Gifford J. Herbert, 40. cashier and director, who resigned Friday, and Morris "Sapphe" Barnholtz, 52, hotel proprietor and safety deposit box holder. Barnholtz was arrested Sunday when police learned his box, had been singled out by the robbers from another rack. Heaviest losers include the bank with $43,000 cash and about $350,000 in securities posted by customers as loan collateral; National Indemnity Exchange, $232,000: Continental Life Insurance company, $95,000; Muckerman Investment company, $94,000: Edwin C. Sandera, $72,000; Henry Kramer, $35,000; and Dr. John A. Customers started a run on the bank Saturday. More than 100 were in line to withdraw their deposits when the institution opened its doors. An hour later the line extended for nearly & block and uniformed policemen guarded the door. admitting them few at a time. Officers of the bank posted bulletins requiring 30 to 60 days' notice for withdrawal of savings accounts. Vice President Joseph V. Ledbetter repeated an made Friday by President Ed Mays that the bank was sound and in liquid condition.

9. June 1, 1930 The Lima News Lima, OH
Article from The Lima News, June 1, 1930

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RUN WEATHERED BY LOOTED BANK Federal Reserve Sends Cash After Solvency Doubted by Depositors ST. LOUIS, May 31-(AP)The Grand National bank, looted of more than $1,000,000 in cash, securities, and other valuables taken from safe deposit boxes week ago, weathered a run today. A long line of customers, fearing the institution would fall after disclosure yesterday that its part of the loss would approximate $400,000. filed thru the bank all day withdrawing depos- At times the line extended for more than a block down the street. Twice money trucks arrived with additional cash from the federal reserve bank. One delivery, the bank announced, consisted of $450,000 lent for the emergency by the Chase National bank of New York. Late today President Ed Mays declared that the crisis had passed and that all demands had met and would continue to be met. He said the bank is solvent. AUTO BARES MURDER INDIAN APOLIS, May 31 (AP) charred body of man, believed to be Harold Herbert Schroeder, of Mobile, Ala., was fourd this morning in the smoking debris of an automobile along road west of here. Deputy sheriffs said the circumstances indicated the man had been robbed and murdered.

10. June 1, 1930 Richmond Times-Dispatch Richmond, VA
Article from Richmond Times-Dispatch, June 1, 1930

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Run Follows Bank's Loss By Loot Of Boxes Customers File Through Doors Entire Day But They Are Paid in Full Special Motion Pictures for Youngsters Meet Disapproval of Children GENEVA. May 31-(P)-The League The Musicians' Club board of of Nations has learned officially what ernors will hear reports at its Wedof houses nesday morning meeting on the first proprietors movie have week's results of the membership drive known for long time, that special now being put One thousand films for children disap- members the goal which sought proval from the youngsters them- list artists which the club has presented various times is selves. held an of the attracThe International Cinematographic which will foster in the fuInstitute has filed lengthy report ture. With larger the with the secretariat showing that better club expects to increase and there is little difference in this re- its activities. spect among the children of different countries. Furthermore, the report says that no one need be surprised at this because: film suited to children can only be produced an artist and producer working together. The report lists two chief causes for the almost universal failure these films. The first that kids do not like them because educational factor is too obvious; the second that adults, who accompany children the theatres do like to attend shows. The triple alliance needed for successful outlined by the institute in this fashion "The psychologist should find out the childs' real and not theoretical which vary age, social environment and habits "The artist should realize that no audience has keener sense beauty than an audience children and the ideas of the psycholo- The producer should add his techknowledge to the ideas of the other two." The institute recognizes several types of films as satisfactory to young fans Historical, political and ligionus themes can be adapted the intelligence of children and ventures or examples of courage and patriotism can put up in nondramatic but form. Classical stories fablse need need to be adapted suit modern tastes. If informative films put out they should depict episodes from real life. As for modern drama, the test fitness given whether they are for children to in. whether they are fit for children to act in as well see. ST. LOUIS. May Grand National Bank. looted of more than $1,000,000 in cash. securities and other valuables taken from safe deposit boxes week ago, weathered run today. long line of customers, fearing the institution would fail after disclosure yesterday that its part of the loss would approximate $400.000 filed through the bank all day withdrawing deposits. At times the extended for more than block down the Twice money trucks arrived with additional cash the Federal Reserve Bank. One the announced, consisted of $450,000 lent for the emergency by the Chase National Bank New York Late today President Ed Mays declared that the had passed and that demands had been met and continue to be met. He said the bank Horace A. Hawkins Resting Comfortably in Local Hospital their investigation. police Horace A. Hawkins. veteran newsofficials reiterated their opinion that paperman, is patient at Stuart the robbery was "inside job. They Circle He is not seriously ill and was were convinced that some one in the said be resting comfortably late bank's employ was familiar with the Mr who has robbers 'plans the looting. which been in newspaper work for fifty-two took place last Sunday morning while Richmond, Danville and the safe deposit being Lynchburg. has circle of acmantled for moving was unguarded quaintances the State Gifford Herbert, cashier who has As writer for the Evening Jourresigned, and William A. Brittin. cus- nal, the Evening Dispatch, and The todian of the vault. who was dis- he has covered many you call at once. charged yesterday. are under $50.000 major political and court happenings bonds pending investigation. for nearly half century

11. June 2, 1930 The St. Louis Star and Times St. Louis, MO
Article from The St. Louis Star and Times, June 2, 1930

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CASHIER GETS HIS JOB BACK Bank Watchman Max Seufert Discharged as Herbert and Custodian Brittin Are Reinstated. ELEVATOR SHAFT CLEW IN ROBBERY Mays Tells of Plan to Take Business Into Institution Called 'Continental National.' Five new developments relating to the Grand National Bank robbery today the bank opened for business They plan reorganize the bank evidence of the bank in sound of Cashier GifHerbert resigned, and Custodian William Brittin, who had been of and important Dismissal of Bank Watchman Max Seufert President Ed Mays issued the following statement about the reorganization plans 'Our institution in sound condition and its capital and surplus are unimpaired. We plan to keep that capital and that we draw necessary. should any suits be filed against the Grand tional. Business Normal plan to take the business of the into institution known the Continental National Bank which to with entirely capital surplus. To this propose apply for permission the United States of currency Washington Only few depositors were in the bank this morning. They came to conduct ordinary business. was evident that bank's directors had completely the "run" which started Saturday morning After meeting withdrawals ing $739,000. bank had $750,000 cash on hand at the close of busiSaturday night, The clew the discovery that the bandits might easily have entered the bank basement and moved loot by means elevator shaft leading through the Beers Hotel building, in which the bank Explains Reinstatements Herbert Brittin whose con nections with the bank ended they had rested and placed under bond to that might be placed against them connection with the robbery. were reinstated. Mays said, because the directors the "have the utmost confidence these Mays explained that Brittin and Herbert permitted resign "because wanted to give the police free rein in their invesHerbert and Brittin resumed their former duties today Brittin custodian of deposit department where the robbers gained trance on the morning May 25 and made more than worth securities, cash jewelry from safe deposit the bank and its patrons The throws an new light on the question to the got in and out of the bank been that they entered by the front on Grand with key, although one reported anybody leaving the bank during time the no business On daylight and of the in the city, the burglars got into the bank and and left some time noon. Today reporters the might used vator shaft the basement get into the department door in the wall of the on the elevator shaft. It directly opposite temporary iron door which guarded the deposit vault elevator. an ancient affair, operated by cable, runs tween the ground floor of the bank building. Mays disclosed that the time of the robbery, pended at the ground floor, that anyone could have the shaft, able to walk under the and into by forcing the door which guarded (Continued on Page

12. June 2, 1930 Jefferson City Post-Tribune Jefferson City, MO
Article from Jefferson City Post-Tribune, June 2, 1930

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MAYS PROPOSES GRAND BANK DISCONTINUE President of Looted Institution Urges New Co. Be Organized. WEATHER HEAVY RUN SATURDAY But There Was No Indication of a Resumption of Withdrawals. ST. LOUIS, June 2-(AP)-Ed Mays, president of the Grand National Bank, looted of $1,000,000 in a Burglary of the safe deposit vault May 25, said today he would propose to associates that the bank go out of business and that a new depository be organized to take over its affairs. The new institution would be known as the Continental National Bank and would have the same officers as the Grand National, including Gifford J. Herbert, who was reinstated today as cashier and a director after his resignation Friday. Herbert is under $50,000 bond to answer any charge that may be filed in connection with the burglary. Mays declined to discuss the proposed capital setup of the new depository. He said the old bank would be liquidated in time, but that its $700,000 capital and $350,000 surplus would be left intact so that claims arising from customers losses will be against the Grand National and not against the new bank. The bank president also announced today the reinstatement of William A. Brittin, who was discharged last Friday as custodian of the vault because of his arrest for investigation in the burglary. He also is under $50,000 bond. There was no indication today of further heavy withdrawals from the Grand National by depositors. It weathered a run Saturday during which $739,000 was withdrawn.

13. June 5, 1930 The Missouri Telegraph Fulton, MO
Article from The Missouri Telegraph, June 5, 1930

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FULTON YOUTHS IN WRONG LINE Wating For an Hour For Show Tickets Boys Find Selves in Gold Rush. Two Falton youths, in Louis Saturday, found themselves in amusement and decided to take theatre They wandered Grand Avenue, expecting attend Theatre lined up with hey supposed were other pleasure seekers, and after an extended about hour, found themselves the midst miniature Klondike Reaching the vicinity of the the boys stepped the line, which they supposed to secure tickets for the The line made little progress and the boys stood and stood making any great about the matter Finally of boys grow impatient Billy McClure turned and remarked. believe they open until The front of them iround rapidly and with his almost gasped have they dawned upon the boys they in the wrong line investigation proved that they line of depositors that on the Grand Nationa which robbed the before of about million