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Receiver for Ohio Company. St. Louis: Circuit Judge Wood Monday appointed the Mercantile Trust Company auxiliary receiver for the Missouri assets of Aultman, Miller & Co., of Akron, O. The company manufactures agricultural implements and its capital is $1,000,000.
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POLICE AT BANK RUNS IN ST. LOUIS Depositors Rush to Mississippi Valley and Mercantile Trust Companies on Rumors of Trouble Not Explained. ST. LOUIS, Oct. 27.-There was excitement in financial circles here to-day when for some unaccountable reason runs were started on two of the strongest banking institutions in the city. The first was against the Mississippi Valley Trust Company, which ranks with the highest financial houses in the country. It has Rockefeller connections, and is declared thoroughly sound. Disquieting reports said to have emanated from Chicago started the run, however, but as fast as the depositors appeared they were paid. The people flocked to both places in such numbers that the police had to keep order. While the throng was at the Mississippi Valley Trust Company David R. Francis, President of the Louisiana Purchase Exposition Comapny and a director of the trust company, made a short speech in which he tried to reassure them. He said that a committee of three disinterested persons had only recently gone over the books of the company and had not found anything that should cause apprehension as to the stability of that institution. There were no bad investments or loans. (He hoped that those who had money in the company's vaults would be calm and reconsider their desire to pull out and not cause any apprehension on the part of the general public. The Mississippi Valley Trust Company, he said, was willing and able to pay all who wished their money, and walved its right to take advantage of the sixty dayp clause. "The eyes of the world are on St. Louis," said President Francis. "and I hope you will do nothing to cause discredit to fail on the city and its institutions." Second Vice-President John D. Davis, discussing the matter. said: "We do not know how the rumor that we were in financial straits got started. but it probably began in the department stores among the hundreds of clerks who have savings in our bank. W appreciate the confidence of those who have allowed their deposits to remain with us. but we certainly want those who have lost confidence to withdraw their money. The bank is perfeotly safe and we do not fear a run." The readiness with which all demands were met checked the run to some extent. and as quiet was being restored a run was started against the Mercantile Trust Company. People suddenly thronged the corridor and in & flew moments a line had been formed from the bank window out to the street. Policemen hurried to the scene and prevented disorder. while within the bank officials mingled with the crowd and assured everybody that depositors would be speedily paid. President F. J. Wade said. "I do not know why this run was started. It came like a flash. but the only result will be that the people will get their money. They will get it just as fast as they call for it. We have no for the bank.
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RUN ON THE ST. LOUIS BANKS Frantic Depositors Besiege the Counters of Two Prominent Trust Companies BANKS CLAIM ABILITY TO PAY Mississippi Valley Trust Company and Mercantile Trust Company Were the Ones Assailed - Bank Officials De. clare the Institutions are Solid and Able to Pay Every Claim St. Louis, Oct. 27.-As a result of disquieting rumors, a run started today on the Mississippi Valley Trust Company, but as fast as the depositors poured in they were given their money without hesitancy. The bank officials say the bank is perfectly safe and that they do not fear a run. David R. Francis, president of the Louisiana Purchase Exposition Company and director of the Mississippi Valley Trust Company, made a short speech to the depositors in which he said a committee of three disinterested persons had only recently gone over the books and had not found anything that should cause apprehension as to the stability of that institution. There were no bad investments or loans. The Mississippi Valley Trust Company, he said, was willing and able to pay all who wished their money. and waived its right to take advantage of the sixty day clause. A run started on the Mercantile Trust Company this afternoon by the savings depositors. The people suddenly thronged the corridors and in a very few moments a line had been formed from the bank window out to the street. Policemen were hurried to the scene and prevented disorder, while within the bank officials mingled with the crowd and assured everybody the deposits would be speedily paid President Wade said to the Associated Press: "I do not know why the rua started. It came like a flash, but the only result will be that the people will get their money. They will get it just as fast as they call for it. We have no fear whatever for the bank."
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IT DIDN'T BREAK. Runs Started on Banks But to No Avail. St. Louis, Oct. 27.-As a result of disquieting rumors a run was start. ed today on the Mississippi Valley Trust Company, but just as fast as the depositors poured in they were given their money without hesita. tion. This also started a run at 1:30 this afternoon on the Mercan tile Trust Company by the savings depositors. The officials of the company declare they do not know what started the rumors. St. Louis, Oct. 27.-President Francis of the Louisiana Purchase Exposition and director of the Miss. Valley company made short speech to the depositors who filled the bank at 2 o'clock in which he tried to reassure them. He said the company was willing and able to pay all who wished their money, but he pleaded with depositors not to cause any apprehension on the part of the public.
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A ST. LOUIS FRIGHT Wild Rush Yesterday For the Savings Banks -It Was Started By a Rumor From Chicago That They Were Tottering. A Restoration of Confidence. St. Louis, Mo., Oct. 27.-From shortly before 1 o'clock today until the closing hour, 3 o'clock, runs were made in the savings departments of three banks at St. Louis, and at the same time more than the ordinary amount of withdrawals by savings depositors were noticeable in the other banking institutions. The run, so far as it can be traced, was started by a disquieting rumor from the outside that seemed to strike St. Louis shortly after noon to the effect that the savings institutions here were unsound and like a prairie fire it spread in a flash through the streets and different mercantile establishments whose employes represent the majority of savings depositors. With a rush the corridors of the Lincoln Trust company, the Mercantile Trust company and the Mississippi Valley Trust company were filled with. men and women, all eager to withdraw their money. It is stated that the rumor came from Chicago and was to the effect that two directors of the Misissippi Valley company had recently endeavored to negotiate a loan of $2,000,000 for that company and had been refused. Today this rumor was pronounced an absolute conard by the directors concerned. As soon as the runs started all other business was laid aside and every facility was afforded for the prompt payment of deposits. The clause which gives the bank the privilege of withholding payment until sixty days after notification was waived and amounts were paid rapidly regardless of their size. There was no disorder manifested at any of the institutions and in many cases depositors who had hurried to withdraw their amounts departed without their money after having conversed a few moments with the officials and had been made confident that the bank would continue to do business. At the Metropelitan company, before 3 o'clock the incipient run had ceased. The presidents of the different national banks assembled during the afterroon and issued a statement that the banks of St. Louis are all perfectly solvent and amply able to liquidate all demands.
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ST. LOUISANS ARE ALARMED 1 Runs Made on Three Savings Banks. ORS PAID IN FULL DEP 0 als Say They are Ready to Meet Demands. THE by &umor Said to Have Originated in Chicago Concerning Solvency of the Institutions Started the Trouble. St. Louis, Oct. 27.-From shortly before 1 o'clock until the closing hour (3 o'clock) today runs were made in the savings departments of three banks of St. Louis, and at the same time more than the ordinary amount of withdrawals by savings depositors were noticeable in the other banking institutions. The run, so far as it can be traced, was started by a disquieting rumor from the outside that seemed to strike St. Louis shortly after noon, to the effect that the savings institutions here were unsound, and like a prairie fire it spread through the streets and different mercantile establishments, whose employes represent the majority of savings depositors. Eager for Their Money. With a rush the corridors of the Lincoin Trust Company. the Mercantile Trust Company and the Mississippi Valley Trust Company were filled with men and women all eager to withdraw their money. At each of these banks a line of people with bank books in their hands stretched out into the street and intermingled with policemen and bank officials counseling calmness and giving assurances of solvency. It is stated that the rumor that started the run came from Chicago, and was to the effect that two directors of the Mississippi Valley Trust Company had recently endeavored to negotiate a loan of $2,000,000 in that city and had been refused. Today this rumor was pronounced an absolute canard by the directors concerned. As soon as the runs started all other business was laid aside and every facility was afforded for the prompt payment of deposits. The clauses which gave the bank privilege of withholding payment until sixty days after notification were waived and the amounts were paid rapidly regardless of their size. There was no disorder manifested at any of the institutions and in many cases depositors who had hurried to withdraw amounts departed without their money after having conversed a few moments with the officials and been made confident that the bank would continue to do business. Run Soon Over. At the Missouri Trust Company a number of depositors had collected to demand payment, but the crowd soon thinned, and before 3 o'clock the incipient run had ceased. Presidents of the different national banks assembled during the afternoon, and issued a statement that the banks of St. Louis are all perfectly solvent and amply able to liquidate all demands. All the banks closed at 3 o'clock, the usual closing hour, and gave out word that they will open tomorrow at the usual hour. 10 o'clock, and will meet all demands. The directors of the Mercantile Trust Company, representing several millions of dollars, have signed the following agreement: "We, the Directors of the Mercantile Trust Company, knowing that all its affairs are in sound and safe condition and that every dollar of its obligations of every nature will be met, do hereby bind ourselves individualy to the extent of our individual fortunes, to the payment in full of all current and savings deposits accounts and we do hereby guarantee such payment."
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RUN ON THE ST. LOUIS BANKS Safety Deposit Banks Have a Strenuous Session for a Short Time. St. Louis, Oct. 28.-From shortly before I o'clock until the closing hour, 3 o'clock yesterday, runs were made in the savings departments of the banks of St. Louis, and at the same time more than the ordinary amount of withdrawals by savings depositors were noticeable on the other banking institutions. The runs so far as it can be determined were started by a disquieting rumor from the outside that seemed to strike St. Louis after noon to the effect that the savings institutions here were unsound and like a prairie fire it spread in a flash through streets and different mercantile establishments whose employes represent the majority of the savings depositors. With & rush the rooms of the Lincoln Trust Co., Mercantile Trust Co. and Mississippi Vallely Trust Co. were filled with men and women all eager to withdraw their money. The scene at one bank was duplicated in the other two. Lines of people with bank books in their hands and faces eagerly scanning the little barred windows of the bank tellers, stretched into the street and intermingled were policemen and bank officials counseling calmness and giving assurances of solvency. It is stated that the rumor that started the run came from Chicago and was to the effect that two directors of the Mississippi Trust Co., had recently endeavored to negotiate a loan of $27,000,000 in that city and had been refused. This rumor was pronounced as an absolute canard by the directors concerned. As soon as the run started al lother business was laid aside and every facility was afforded for prompt payment of deposits. The clauses which give the bank the privilege of withholding payment until sixty days after notice were waived and the amounts were paid regardless of their size. There was no disorder manifested at any of the institutions and in many instances the depositors who had hurried to withdraw the amounts deposited, left without their money, after having conversed a few moments with officials and had been made confident that the bank would continue to do business. At the Missouri Trust Co., a number of depositors had collected to demand payment but the crowd soon thinned out and before 3 o'clock the incipient run had ceased. The presidents of the different national banks assembled during the afternoon and issued a statement that the banks of St. Louis are all perfectly solvent and amply able to liquidate all demands. The directors of the different trust companies at meetings decided to enforce the thirty and sixty-day notifica tion clause tomorrow and this. it is believed, will doubtless stop all tenden1 cy to a continuation of the runs.
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Continuous Line of Depositors Draw Savings from St. Louis Banks. INSTITUTIONS ARE ALL SOLVENT Incipient Scare Believed Over-Report Said to Have Come from Chicago. Corridors and Street Filled With People Eager to Withdraw Money. St. Louis, Oct. 28.-From shortly before 1 o'clock Tuesday until the closing hour, 3 o'clock, runs were made on the savings departments of three banks in St. Louis, and at the same time more than the ordinary amount of withdrawals by savings depositors were noticeable in the other banking institutions. The run, SO far as it can be traced, was started by a disquieting rumor from the outside that seemed to strike St. Louis shortly after noon, to the effect that the savings institutions here were unsound. With a rush the corridors of the Lincoln Trust company, the Mercantile Trust company and the Mississippi Valley Trust company were filled with men and women, all eager to withdraw their money. Scene Duplicated in Other Banks. The scene in any one bank was duplicated in the other two. A line of people with bank books in their hands and faces eagerly scanning the little barred windows of the bank tellers stretched out into the street, and intermingled were policemen and bank officials counseling calmness and giving assurances of solvency. It is stated that the rumor that started the run came from Chicago and was to the effect that two directors of the Mississippi Valley Trust company had recently endeavored to negotiate a loan of $2,000,000 in that city and had been refused. This rumor was pronounced an absolute canard by the directors concerned. As soon as the runs started all other business was laid aside and every facility was afforded for the prompt payment of deposits. The clauses which give the banks privilege of withholding payment until 10 days after notification was waived and amounts were paid rapidly, regardless of their size. No Disorder Manifested. There was no disorder manifested at any of the institutions, and in many cases depositors who had hurried to withdraw amounts departed without their money after having conversed few moments with the officials and been made confident that the bank would continue to do business. At the Missouri Trust company a number of depositors had collected to demand payment, but the crowd soon thinned out and before 3 o'clock the incipient run had ceased. Presidents of the 'different national banks assembled during the afternoon and issued a statement in which they announced that the banks of St. Louis are all perfectly solvent and amply able to liquidate all demands. All the banks closed at 3 o'cock, the usual closing hour, and announcement was made that they would open this morning at the usual hour, 10 o'clock, and will meet all demands made. The directors of the different trust companies have decided to enforce the 30 and 60-day notification clause, and this, it is believed, will doubtless stop all tendency to a continuation of runs.
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The St. Louis Banks, St. Louis, Oct. 28.-When the doors of the Mississippi Valley Trust and Mercantile Trust Companies were opened this morning, lines of depositors were in waiting, anxious to withdraw their funds, as a result of the scare resulting from Tuesday's run. Most of those in line were working men and women. Each was told that thirty to sixty days' notice to withdraw deposits would be required. No money was, paid out but declaration of intention to withdraw was made by many. The trust companies also have decided not to pay certificates of deposit before maturity. Small crowds were assembled in front of the other banking itstitutions. By 11 o'clock the crowd has increased to such an extent that a platoon of police was totally unable to control it and the officers stationed at the doors were swept away from their statlons almost as rapidly as they could regain them. There is much excitement.
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MANY GOT BLANKS INSTEAD. The Institutions Insisted Upon Due Notice of Withdrawal Being Given. WOMEN WERE ROUGHLY HANDLED Greatest Rush Was to the Mercantile Trust Co., but Others Also Were Well Besieged. St. Louis, Oct. 28.-Long before 10 o'clock, the hour of opening, lines of depositors stretched away from the closed doors of the Mississippi Valley Trust company, the Lincoln Trust company, the Mercantile Trust company and the Missouri Trust company. Small crowds were assembled before the doors of the other savings institutions nearby. It was observed that most of those in line were working people, and many of them women, whose savings were not heavy. Owing to the action taken last night by the officials of the eight trust companies doing business in St. Louis, requiring 30 and 60 day notices of intention to withdraw funds, depositors were not able to get any money. All they could do was to declare their intention of withdrawing their deposits at the end of the time taken advantage of by the companies under their rules. The trust companies also decided not to pay certificates of deposit before maturity. The greatest crowd was before the doors or the Mercanthe Trust company. Locust and Lighth streets, were Jammed for a distance of several hunared feet, and all efforts to keep them clear were practically abandoned, white the police directed their efforts chieny toward maintaining some degree or order at the doors. At 9 o'clock the doors were opened and the crowd surged in with a force that swept aside the lines or police and bank employes formed to preserve a regular line to the windows of the pay. ing teller or the time and open adcounts. Festus J. Wade, president of the Mercantile Trust company, mounten a enair and made an announcement that unless the depositors formed in line they would be ejected from the building. This announcement had the desired effect and some semblance of order was restored. When as many persons as could be accommodated at one time in the banking rooms had formed in the two lines, further admission was refused until some of the first comers had left by a separate door; then others were admitted and forced to keep in line and leave as soon as they had transacted their business. By 10 o'clock the crowd around the building had increased to such an extent that the police were totally unable to control it and the officers stationed at the doors were swept away from their stations almost as rapidly as they could regain them. Women, who, as on Tuesday, constituted a large percentage of the crowd, were crushed in the jam, and in the struggle their dresses were torn and their hats knocked off. The police in trying to handle the crowd pushed many OE them into the gutter, and in several instances personal fights were averted only by interference by cooler heads. At the various institutions named the officials stated to the Associated Press that current accounts are being received and paid out as usual. The early crowds which thronged the doors of the banks gd
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DEPOSITORS ARE AGAIN IN HURRY St, Louis Bank Officials, However, Say Trouble is Over MANY OFFERS OF ASSISTANCE Expression of Confidence and Such Offers on Part of National Banks Has Helped-Long Lines of Depositors. St Louis, October 28 The statement of President Julius S Walsh of the Mississippi Valley Trust company, whose sentiments are produced in interview given to the Associated Press by other trust company officials of St. Louis that "the situation is thoroughly in hand, "the excitement has subsided, and "from this on we expect business will be conducted in the usual orderly manner, expressed the opinion that seems general tonight, concerning the unwonted financial conditions which prevailed here during parts of yesterday and today. Officers of all the trust companies state that voluntary offers of help were received from financial institutions in New York. Philadelphia, Chicago New Orleans, Kansas City, Boston and many of the smaller towns of Missouri and Illinois, but all were declined for the reason that they had sufficient cash with which to handle their business Expression of confidence and offers of aid on the part of the national banks and financial institutions of St. Louis, has helped to strengthen the situation and restore confidence Lines of Depositors. Just before the hour of opening today the lines of depositors stretched away from the closed doors of the Mississippi Valley Trust company, the Lincoln Trust company, the Mercantile Trust company and the Missouri Trust company Small crowds were assembled before the doors of the other savings institutions It was observed most of that those line were in working people and many of them women whose savings heavy Owing to the action taken last night by the officials of the eight trust companies doing business St. Louis enLoreing thirty and sixty days' notice of Antention to funds, the depositors were not able to get any money All they could do to declare their intentions of their deposits at the end of the time taken advantage of by the companie. under their rules. pay The trust companies decided not to certificates of deposit before maturity Crowd Serges In. doors The greatest crush was before the at of the Mercantile Trust company Eighth and Locust streets. o'clock the doors were opened and the crowd surin with force that swept aside the lines of police and bank employe formed to preserve regular line to the windows of the paying tellers of the time The policemen were unable to handle the crowd and Festus Wade, president of the company, mounted chair and announced unless the depositors formed in line they would be ejected from the building He said was impossible wait in upon them if they insisted in crowding such This had the effect and some semblance of order was restored be the could As as persons the banking rooms had admisformed in two lines, and further sion refused until some of the first entrance; comers had left by separate then others admitted and forced they keep in line and leave soon as to had transacted their business. Many Women in the Crowd. the By 10 o'clock the crowd around an such trust company's building had increased to totally extent that the police were unable to control it. and ficers stationed at the doors the of. away from their were swept stations almost as constituted ly as they could resume them. Women rapidlarge percentage of the Many and crushed in the knocked off dresses were torn and hats jam. crowd The policemen in trying to handle pushed many of the instances personal gutter and in several them into the lights were narrowly averted. opened company When the were doors of the Mercantile Trust street east of the building just across the the while the street it was packed. street, both to the west, and Eighth comparatively clear north and south, were an hour Half later, crowded for however, both streets them keep were clear hundred feet, and all efforts distance to of several ractically wards police directing their efforts abandoned chiefly the doors. the maintaining some degree of order toE. John Davis during the Mississippi Valley second vice Trust president of the morning, made his company, addressed stone steps leading into the way to the follows: the throng assembled bank there and as Bank Official Speaks. of The you anxiety is expressed here by out entirely uncalled for, so many reason. Not one person and withmoney through this trust will lose any shall conduct our business company, and our paid ular to condition "There manner. whatever is whatever. no should change We have in have to in financial our always regin the are going are just soon 'All everyone, open future accounts and will be to be do so paid as will Every other reguday will will paid no they delay. just paid presented which here. paid it falls account due There due. to. is for reason any lar turn. There today in your Your and money invested worry. at it want you in the conyour tract. of no that official positively the Valley Mississippi not do We been need to money. Chicago for money. Trust company We has financially with and everything are splendid shape us I think the is prosperous Lapanxiety preciate every trust your company in same St. Louis. true of that of gentleman this company and officer and assure stockholder you through groundless. :his company.- and you will your lose fears no money Henry M. Meir's of the Henry M. Meir, vice Statement. president
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ST. LOUIS, Mo., Oct. 28.-When the doors of the Mississippi Valley bank and the Mercantile Trust company's house were opened this morning. long lines of depositors stood waiting to withdraw their deposits. The banks took advantage of the 30-day notice of an attempted run. Small crowds stood in front of other banking institutions. The runs became so bad by noon, that the police were unable to handie the crowds. Men and women were trampled under foot, and the clothing torn from their bodles. The
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RUN ON ST. LOUIS BANKS. Demands Are Promptly Met by Institutions Affected. From shortly before 1 o'clock Tuesday afternoon until the closing hour, 3 o'clock, runs were made in the savings departments of three banks of St. Louis and at the same time more than the ordinary amount of withdrawals by savings depositors were noticeable in the other banking institutions. The run, so far as it can be traced, was started by a disquieting rumor from the outside that seemed to strike St. Louis shortly after noon to the effect that the savings institutions there were unsound, and like a prairie fire it spread in a flash through the streets and different mercantile establishments whose employes represent the majority of the savings depositors: With a rush the corridors of the Lincoln Trust Company. the Mercantile Trust Company and the Mississippi Valley Trust Company were filled with men and women, all eager to withdraw their money. The scene in any one bank was duplicated in the other two. A line of people with bank books in their hands and faces eagerly seanning the little barred windows of the bank tellers stretched out into the street and intermingled were policemen and bank officials counseling calmness and giving assur ances of solvency. St. Louis bankers and trust company officials with one voice lay the blame for the runs on Chicago stock brokers, whom they accuse of deliberately circulating malicious and utterly unfounded rumors concerning St. Louis financial institutions for the purpose of depressing and "bearing" the stock market. As soon as the runs started all other business was laid aside and every facility was afforded for the prompt payment of deposits. The clause which gives the bank the privilege of withholding payment until sixty days after notification was waived and amounts were paid rapidly, regardless of their size. There was no disorder manifested at any of the institutions, and in many cases depositors who had hurried to withdraw their money departed without it after having conversed a few minutes with the officials. The directors of the different trust companies at meetings Tuesday night decided to enforce the thirty and sixty-day notification clause in an effort to stop all tendency to a continuation of runs.