9539. Peoples Savings Institution (St Louis, MO)

Bank Information

Episode Type
Suspension → Run → Closure
Bank Type
savings bank
Start Date
February 1, 1875
Location
St Louis, Missouri (38.627, -90.198)

Metadata

Model
gpt-5-mini
Short Digest
3c1f86d133dc3692

Response Measures

None

Description

Articles from Feb 1875 report the People's Savings Institution (St. Louis) closed/suspended after its cashier absconded with funds (embezzlement). Depositors besieged the bank and gathered at its doors; no reopening is reported and investigations show gross mismanagement and large shortfall—consistent with suspension followed by depositor agitation and apparent permanent closure.

Events (3)
1. February 1, 1875 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Cashier absconded with a large amount of the bank's funds (embezzlement); bank closed doors and had Clearing-House debt
Newspaper Excerpt
Rumors have been circulating since noon that the People's Savings Institution ... had suspended and that the cashier had absconded with a large amount of money
Source
newspapers
2. February 10, 1875 Other
Newspaper Excerpt
On account of his embezzlements the bank has been compelled to suspend, and there is yet no indication of what portion of the half million of dollars it held will be returned to depositors. The bank is besieged daily by a throng of men and women, who gather around its doors ... (reports of depositors besieging doors).
Source
newspapers
3. February 17, 1875 Other
Newspaper Excerpt
The committee appointed to investigate the affairs of the People's Savings Institution ... made a partial report, which shows gross mismanagement of the institution, not only on the part of the cashier, but its president and directors. The bank is indebted to its depositors to the amount of $739,000, but the amount of assets or their value is not yet ascertained.
Source
newspapers

Newspaper Articles (10)
1. February 2, 1875 New-York Tribune New York, NY
Article from New-York Tribune, February 2, 1875

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J. A. EMERSON. Ark.. Secretary. SAVINGS BANK IRREGULARITIES THE PEOPLE'S SAVINGS INSTITUTION OF ST. LOUIS CLOSED-RUMORS OF A DEFALCATION. ST. LOUIS, Feb. 1.-Rumors have been circulating since noon that the People's Savings Institution, corner of Fifth-st. and Carondelet-ave., in the lower part of the city, had suspended, and that the cashier had abseconded with a large amount of money, but beyond the facts that the bank had closed its doors, that it had a debt of $62,000 against it in the Clearing-house this morning, and that the cashier had not been at the bank today, little la known. Other officers of the bank are examining its accounts, and probably a statement of its affairs will be made to-night.

2. February 2, 1875 The New York Herald New York, NY
Article from The New York Herald, February 2, 1875

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Article Text

RUMORS OF BANK IRREGULARITIES. ST. LOUIS, Mo., Feb. 1, 1875. Rumors have been circulating since noon that the People's Savings Institution, corner of Fifth street and Carondelet avenue, in the lower part of the city, nad suspended and that the cashier had absconded with a large amount or money ; but veyond the fact that the bank closed its doors, that it had a debt of $62,000 against it in the Clearing House this morning. and that the cashier nad not been at the bank to-day. little is known. Other officers of the bank are examining its accounts and probably a statement of its afairs will be made known to-night.

3. February 2, 1875 The New Orleans Bulletin New Orleans, LA
Article from The New Orleans Bulletin, February 2, 1875

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RUMORED SUSPENSION OF A SAVINGS BANK. Sr. LOUIS, Feb. 1.-Rumors have been in circulation since noon that the People's Savings Institution, corner of Fifth street and Carondelet Avenue, in the lower part of the city, has suspended, and the cashier absconded with a large amount of money ; but beyond the facts that the bank closed its doors; that it had a debt of sixty-two,thousand dollars against it at the Clearing-House this morning, and that the cashier was not at the bank to-day, little is known. The other officers of the bank are examining the accounts, and probably a statement of its affairs will be made to-night.

4. February 11, 1875 The Toledo Chronicle Toledo, IA
Article from The Toledo Chronicle, February 11, 1875

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and providing for the enforce- better enacting of appropriate laws for the and ment of persons, property The adprotection rights" in the South. of af political claims that a wretched state of the dress in the South will grow out laws fairs of Congress to pass such before neglect the adjournment of the present session. According to a Harrisburg telegram of 2d, a difficulty of considerable prothe occurred during the preceding portions evening's session of the Pennsylva Durnia House of Representatives. in a contested case, ing a discussion Mr. Wolf (Rep.) election contact with the Speakcame who in ordered his arrest, when defense the Republican er, members rushed to the from their colleague and wrested him of hands of the Sergeant-at-Arms. In the midst of the commotion the Speaker were adjourned the the House. Pistols drawn during the difficulty Gen. Sheridan has left New Orleans for Vicksburg. The St. Louis People's Savings Insti- of has suspended in consequence tution absconding of the Cashier with the bank. large the portion of the money belonging to Gen. Moriones is said to have succeeded in relieving Pampeluna. The Pope is reported to have written Don Carlos advising him to reconsider in his to determination to continue the war Spain. A Carlist defeat with the capture on of the Carlist Gen. Agana was reported the 3d. The Marquis of Hartington has been Par elected Liberal leader in the British liament. The Senate has rejected the Canadian reciprocity treaty. Some of the large manufacturingestab lishments of Fall River, Mass., have of re- a cently been closed, in consequence disagreement on the question of wages. The National Grange met at Charles Master S. C., on the 3d, Grand about Adams ton, presiding. The officers and sixty delegates were present. Hon. Angus Cameron, of La Crosse, from elected United States Senator is was Wisconsin on the 3d. Mr. Cameron to be an Anti-Monopoly Republican, includsaid and was nominated on a platform hard money, tariff for revenue only, and ing the supremacy of the civil authority in time of peace. A Republican State Convention to nominate two Justices of the Supreme Uniand two Regents of the State versity Court has been called to meet at Jack son, Mich., on the 3d of March. King Kalakaua sailed from San Fran cisco for Honolulu on the 2d. The Khedive has lately annexed Darfour to Egypt. Senator Buckingham, of Connecticut, the died at his residence in Norwich on night of the 4th, aged seventy years. Representative Hersey, of Maine, member of the present Congress and member- at Banelect of the next, died on the 4th, gor, aged sixty-two years. Rev. James De Koven, D. D., President of Racine College, Wis., was elected IlliEpiscopal Bishop of the Diocese of nois on the 4th. Taylor Hall, part of the Episcopal early college at Racine, Wis., was burned about on the morning of the 4th. Loss $60,000; insurance $29,000. Don Carlos has issued a counter proclamation to that recently issued by King Alphonso. He declares he will issue his from the mouth of his cannon. protest There was fighting on the 7th near Estella. in which eight Carlist battalions are reported to have been worsted. A Mexican mob recently attacked a Protestant church at Acapulco. killed Four Mexicans and one American were and eleven wounded. has Tsae Tien, son of Prince Chien, been proclaimed Emperor of China. The British Parliament was opened on the 6th by speech from the throne. The jury in the libel suit of W. Kemble against the New York Sun failed to agree. The New Lebanon (N. Y.) Shaker set tlement was very badly damaged by fire on the 6th. One of the Judges of the Cook County Circuit Court has lately declared the law be requiring ballots to be numbered to unconstitutional A bill to abolish capital punishment of has been defeated in the Ohio House Representatives by a vote of 42 to 44. A caucus of the Conservative members of the Louisiana Legislature was held on the night of the 5th, at which proposition was adopted-38 to 27-favoring as a proposed compromise that the Conservatives should be allowed majority of about ten in the House, Gov- and that the past action of the Kellogg ernment should not be inquired into it After the vote Speaker Wiltz, it said, tendered his resignation, and Gov. McEnery, who was this present by courtesy, said by action of the caucusi it was evident to him that it was time to lower the Democratic banner, and he therefore wished to retire. At a mass meeting held on Mc the evening of the 6th, addressed by Enery, Wiltz and others, resolutions were adopted denouncing the proposed declarcompromise in strong terms, and that nothing less than the reinstallment ing of the legally-declared Legislature as it stood on the 4th of January would be agreed to. The messenger of the House Sergeant at-Arms has discovered W. S. King with a near Compton, Canada, and served him relasubpana to appear and testify in tion to the Pacific Mail subsidy business. J. J. Rout, Second Assistant Postinas Govter-General, has been confirmed as ernor of Colorado. The President has signed the Little Tariff bill. The following message from the Presi- the 8th: dent was presented to the Senate on To the Senate of the United States: Herewith the have resolution of the honor the to Rensie in accord- tha dd

5. February 11, 1875 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, February 11, 1875

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King to explain his connection with the Pacific Mail subsidy business or resign his seat in Congress. The following is a statement of the condition of the public debt Feb. 1: $1,157,085.100 Six per cent. bonds 562,025,200 Five per cent. bonds Total coin bonds $1,719,110,300 14,678,000 Lawful money debt 11,343,260 Matured debt 382,072,147 Legal-tender notes 45,405,000 Certificates of deposit 45,037,075 Fractional currency 24,655,300 Coin certificates Interest 26,908,225 Total debt $2,269,209,306 Cash in TreasuryCoin $69,465,084 10,343,050 Currency Special deposits held for the redemption of certificates of deposit, 45,405,000 as provided by law $125,213,135 Total in Treasury $2,143,996,172 Debt less cash in Treasury 1,397,870 Increase during January Bonds issued to the Pacific Railway Companies, interest payable in lawful money, principal outstanding. $64,623,512 323,117 Interest accrued and not yet paid 26,264,102 Interest paid by the United States Interest repaid by the transporta5,602,165 tion of mails, etc. Balance of interest paid by United States 20,661,936 A National Convention of reformers was recently held in St. Louis to secure an amendment recognizing God and the Bible in the Constitution. Speeches were made and resolutions adopted in keeping with the object of the gathering. Prince Bismarck has been directed by the Federal Council of Germany to conclude an extradition treaty with the United States. B. G. Caulfield, the successor of the late Hon. John B. Rice, has taken his seat as member of Congress from the First Illinois District. Mr. Tilton was decided to be a competent witness, on the 1st, in the Beecher case, only being prohibited from disclosing confidential communications from his wife. While a messenger of the Southern Express Company was delivering a money package at the reputed office of W. R. Parker & Co., Memphis, on the 1st he was set upon by two white men and three negroes, a rope thrown around his neck and a bag over his head, after which they succeeded in getting away with his sachel, in which were a great number of money packages. The Empress of China, overcome with grief at the death of her husband, has committed suicide. Several representative colored men have issued an address to Congress appealing for action in their behalf by " enacting and providing for the enforcement of appropriate laws for the better protection of persons, property and political rights" in the South. The address claims that a wretched state of affairs in the South will grow out of the neglect of Congress to pass such laws before the adjournment of the present session. According to a Harrisburg telegram of the 2d, a difficulty of considerable proportions occurred during the preceding evening's session of the Pennsylvania House of Representatives. During a discussion in a contested election case, Mr. Wolf (Rep.) came in contact with the Speaker, who ordered his arrest, when the Republican members rushed to the defense of their colleague and wrested him from the hands of the Sergeant-at-Arms. In the midst of the commotion the Speaker adjourned the House. Pistols were drawn during the difficulty. Gen. Sheridan has left New Orleans for Vicksburg. The St. Louis People's Savings Institution has suspended in consequence of the absconding of the Cashier with a large portion of the money belonging to the bank. Gen. Moriones is said to have succeeded in relieving Pampeluna. The Pope is reported to have written to Don Carlos advising him to reconsider his determination to continue the war in Spain. A Carlist defeat with the capture of

6. February 11, 1875 Mineral Point Tribune Mineral Point, WI
Article from Mineral Point Tribune, February 11, 1875

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PERSONAL. The Thomas Paine memorial building in Boston was dedicated on the 29th. Mr. Trask, the well-known anti-tobacco apostle, died at Fitchburg, Mass., a few days ago, at the age of seventy-nine. B. G. Caulfield has taken his seat in Congress as successor to the late J. B. Rice, of the First Illinois District. Judge Neilson on the 1st decided that Mr. Tilton was a competent witness in his suit against Mr. Beecher, but that he should not disclose confidential communications from his wife. Mr. Tilton then proceeded to give his testimony before the jury. Gen. Sheridan left New Orleans for Vicksburg on the evening of the 2d. The People's Savings Institution of St. Louis has suspended, the Cashier having absconded with a large amount of money belonging to the bank. King Kalakaua and suite and the United States Minister at Hawaii, Mr. Pierce, sailed from San Francisco on the 2d on the United States steamer Pensacola, for Honolulu. Senator and ex-Gov. William A. Buckingham, of Connecticut, died at his home in Norwich on the night of the 4th, aged seventy years. Samuel F. Hersey, of Maine, member of the present Congress and member-elect of the next, died on the 4th, at Bangor, aged sixty-two years. The Rev. James De Koven. D. D., Warden of Racine College, Wis., has been elected Bishop of the Episcopal Diocese of Illinois.

7. February 12, 1875 The New Orleans Bulletin New Orleans, LA
Article from The New Orleans Bulletin, February 12, 1875

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Common as defalcations are, there is something more than ordinarily pitiful in the results of the crime of the cashier of the People's Savings Bank in St. Louis. On account of his embezzlements the bank has been compelled to suspend, and there is yet no indication of what portion of the half million of dollars it held will be returned to depositors. It was an institution most extensively patronized by the working classes of the city, and the few hundred dollars trusted to it by each individual, in many cases represented years of hard labor, thrift and economy. The bank is besieged daily by a throng of men and women, who gather around its doors and spend the hours in lamentations of their hard fate and denunciations of those whom they call robbers. Yet in this sad picture there is a phase of humor. The German musicians of St. Louis had a considerable amount of money in the bank, and on Tuesday evening, while the Directors were inside in ex mination of the Cashier's accounts, they assembled in front of the building and serenaded them with a performance of the Dead March in the oratorio of Saul.

8. February 17, 1875 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, February 17, 1875

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A ROTTEN INSTITUTION. Sr. LOUIS, Feb. 10.-The Committee appointed to investigate the affairs of the People's Savings Institution, recently suspended by reason of the abaconding of its Cashier. Edmand Wurplo, made a partial report, which shows gross mismanasgement of the Institution, not only on the part of the Cashier, but its President and Directo rs. It appears that Wurple was permitted to manage the entire affairs of the concern, and that he recklessly speculated with the funds of the bank for his own benefit. The bank IN indobted to its depositors to the amount of $739,000, but the amount of assets or their value 18 not yet ascortained. Taussig, Fisher & Co., of New York, had nearly $400,000 in United States bonds belonging to this bank when they failed, for which securities covering a large part of that amount, but of uncertain value. have been since received. Another report will be made when the value of the assets has been ascertained.

9. February 18, 1875 The Daily Argus Rock Island, IL
Article from The Daily Argus, February 18, 1875

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CINCINNATI, Feb. 17.-The mail train leaving here this morning on the Ohio and Mississippi Railway ran off the track at South Bend, near this city. Three coaches turned completely over. No one was seriously hurt. The accident was caused by a broken rail. DES MOINES, Feb. 17.-This evening the large gasometer of the Des Moines gas works exploded, and in a few minutes the whole works were on fire aud are now burning. It is probable that all the buildings will be totaly consumed. One man 18 missing, and it is feared he was killed and is covered by the debris. The whole fire department is out and working with all possible energy for the supression of the fire. ST. LOUIS, Feb. 16-The committee appointed to investigate the affairs of the People's Savings Institution, recently suspended by reason of the absconding of its cashier, Edmund Wurple, made a partial report, which shows gross mismanagement of the institution, not only on the part of the cashier, but its president and directors. It appears that Wurple was permitted to manage the entire affairs of the concern, and that he recklessly speculated with the funds of the bank for his own benefit. The bank is indebted to its depositors to the amount $739, 0.', but the amount of assets or their value is not yet ascertained Taus sig. Fisher & Co., of New York, had near ly $400,000 in United States bonds belong ing to this bank when they failed. for which securities covering a large part of that amount, but of uncertain value, have been since received. A nother report will be made when the value of the assets has been ascertained.

10. February 18, 1875 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, February 18, 1875

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MISSOURI. Mismanagement. St. Louis, February 17. Aninvestigation shows great mismanagement of the People's Savings Bank, which recently suspended. Woman's Suffrage. The Woman's Suffrage association appointed a committee to urge the constitutional convention to incorporate in the constitution the right of suffrage for woman.