Broadway Bank (St Louis, MO)

Episode Information

Episode UID
8378800191391
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
837880019 hash
Start Date
November 6, 1915
Location
St Louis, Missouri (38.627, -90.198)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c0d706af2b83b0da

Response Measures

None

Description

Closure attributed both to a clearing-agent withdrawal (triggering a run) and to bad speculative loans tied to Bankers' Trust.

Events (3)
1. November 6, 1915 Run
Cause
Correspondent
Cause Details
Notification that National Bank of Commerce would no longer act as its clearing/agent, leaving Broadway unable to clear next day and triggering withdrawals.
Measures
Bank closed same day and was placed in the hands of the state banking commissioner.
Newspaper Excerpt
The run on the bank began November 6, 1915, after the institution had been notified that the National Bank of Commerce would no longer act as its agent with the St. Louis Clearing House Association.
Source
newspapers
2. November 8, 1915 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Taken in charge by state examiner; suspension said due to loans and securities of speculative and development enterprises tied to the Bankers' Trust Company (in receivership).
Newspaper Excerpt
The Broadway Bank ... did not open its doors today. The bank was taken in charge by a state examiner today.
Source
newspapers
3. November 12, 1915 Receivership
Newspaper Excerpt
F. H. Benoist ... was appointed receiver to liquidate the Broadway bank ... The bank ... failed to open for business last Monday.
Source
newspapers

Newspaper Articles (8)
1. November 8, 1915 Evening Star Washington, DC
Article from Evening Star, November 8, 1915

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Article Text

ST. LOUIS BANK CLOSES DOORS OWING $900,000 With Institution Neighborhood Many Depositors in Examiner's Hands. ST. LOUIS, November 8.-The Broadway Bank, a neighborhood institution in the southern part of St. Louis, with deposits of approximately $900,000. did not open its doors today. The bank was taken in charge by a state examiner today. The last official statement of the institution, issued September 2, gave the deposits at $814,000; capital, $100,000. The resources, according to the statement, included loans and discounts amounting to $691,000. The bank was a member of the St. Louis Clearing House Association. It was affiliated with the Bankers' Trust Company, now in a receiver's hands, and the suspension is said to be due loans on securities of speculative and development enterprises in which the Bankers' Trust Company was interested and promoted.

2. November 9, 1915 The Richmond Virginian Richmond, VA
Article from The Richmond Virginian, November 9, 1915

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Article Text

Examiner in Charge of Bank. St. Louis, Nov. S.-The Broadway Bank, a neighborhood institution with deposits of $814,000, did not open its doors today. A State examiner took charge. The suspension is said to be due to loans and securities of speculative and development enterprises in which the Bankers' Trust Company, now in receivers' hands, was interested.

3. November 12, 1915 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, November 12, 1915

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Article Text

Receiver for Broadway Bank. St. Louis, Mo., Nov. 12.-F. H. Benoist, of St. Louis, was appointed rereciver to liquidate the Broadway bank of this city by the state bank commissioner at Jefferson City Thursday night. The bank, which had deposits aggregating approximately $900,000, failed to open for business last Monday.

4. January 27, 1916 Iron County Register Ironton, MO
Article from Iron County Register, January 27, 1916

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Article Text

The Broadway Bank. (Sunday's St. Louis Post-Dispatch.) A total loss of at least a quarter of a million dollars, by depositors and stockholders of the Broadway Bank, 1701 South Broadway, which closed its doors November 8 last, was indicated by a statement made yesterday to a Post-Dispatch reporter by E. H. Benoist, special bank commissioner, appointed to liquidate the bank's affairs. Benoist said he hoped the depositors would not lose more than 20 per cent. As the total of deposits, made by 4000 depositors, was $792,274.90, a 20 per cent loss would be more than $150,000. The $100,000 capital stock, held by 118 stockholders, is lost in its entirety. Benoist said a payment to depositors would be made in April. It may not amount to more than 35 per cent of the deposits, he said, or it may be 40 per cent or more. To date, Benoist said, he has collected about $250,000 on the assets which have come into his hands for liquidation. The depositors will get this, and as much more as he can obtain. The time for a final settlement has not been fixed, and it is by no means certain that the depositor will get more than 50 per cent in all. About 400 depositors have failed, thus far, to prove their claims, but Benoist hopes to hear from most of these before the April payment. The Bankers Trust Company, now in receivership, wasthe largest holder of the Broadway Bank's stock, having 433 shares. Edward Beisbarth, president of the bank, was the largest individual stockholder, having 156 shares. Most of the stock was in small holdings of 10 shares or less. The bank is said to have had only a small amount of Bankers Trust Company paper in its collateral.

5. November 5, 1923 The St. Louis Star and Times St. Louis, MO
Article from The St. Louis Star and Times, November 5, 1923

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Article Text

CLOSED BROADWAY BANK TO PAY OFF AT 100 CTS. ON DOLLAR Suit Against National Bank of Commerce Settled Out of Court. Depositors of the Broadway Bank, 1700 South Broadway, which closed its doors in 1915 following a run, will receive 100 cents on the dollar as the result of the settlement of a suit between the defunct bank and the National Bank of Commerce, it was learned today. The settlement will be completed in a few days. Those who had savings and checking accounts in the institution have already received 95 per cent of their deposits and the payment of the final 5 per cent will follow the filing in court of the stipulation which will dismiss the suit. The amount asked in the suit by the Broadway Bank was $1,857,484. The settlement will be made on the payment of $18,500, plus an additional amount to cover attorneys' fees. The $100,000 capital stock of the bank is wiped out by doubtful expenses and by $55,000 spent in the receivership. The run on the bank began November 6, 1915, after the institution had been notified that the National Bank of Commerce would no longer act as its agent with the St. Louis Clearing House Association. The bank was closed the same day and placed in the hands of the state banking commissioner.

6. November 5, 1923 The St. Louis Star and Times St. Louis, MO
Article from The St. Louis Star and Times, November 5, 1923

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Article Text

The run on the bank began November 6, 1915, after the institution had been notified that the National Bank of Commerce would no longer act as its agent with the St. Louis Clearing House Association. The bank was closed the same day and placed in the hands of the state banking commissioner. In 1920 the bank filed suit against the National Bank of Commerce, alleging that the latter's action in retiring as the south side bank's clearing agent caused the run on the bank and its failure. It was stated in the suit that the National Bank of Commerce made the notification at 5 p. m., November 5, after banking hours, and that the south side institution was unable to make clearing arrangements in time for the next day's business. The Broadway Bank asked $65,484.98 for the shrinkage in the value of its assets, $752,000 for the loss in profits which would have accrued to the bank during the life of its charter; $40,000 for the loss of deposits and $1,000,000 punitive damages. Officials of the banks and attorneys connected with the suit declined today to name the amount to be paid in attorneys' fees in the settlement.

7. December 22, 1923 St. Louis Globe-Democrat St. Louis, MO
Article from St. Louis Globe-Democrat, December 22, 1923

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Article Text

Old Broadway Bank Depositors Will Be Reimbursed in Full $1,857,484 Suit Against National Bank of Commerce Settled for $18,500. State Finance Commissioner Millspaugh announced that the depositors of the Broadway Bank, 1700 South Broadway, which closed its doors in 1915 following a run, will receive 100 cents on the dollar as the result of the settlement of a suit between the National Bank of Commerce, which was made yesterday. In its suit the Broadway Bank asked for $1,857,484, but, according to the stipulation filed in Circuit Judge Killoren's Court, the settlement was for $18,500, plus an additional amount to cover attorney fees. It was also announced that those who had savings accounts in the bank had already received 95 cents on the dollar and, due to the settlement of the National Bank of Commerce suit, they will receive an additional 5 per cent. The stipulation dismisses the suit. The $100,000 capital stock of the bank was wiped out by expenses and $55,000 spent in the liquidation proceedings. The run on the bank occurred November 6, 1915, after the bank had been notified that the National Bank of Commerce would no longer act as its agent with the St. Louis Clearing House Association. The bank was closed the same day and its affairs were taken over by the State Banking Commissioner. The Broadway Bank in 1920 filed suit against the National Bank of Commerce, alleging that the latter's action in refusing to clear the bank's clearings caused the run on the bank and its failure. It was charged in the suit that the National Bank of Commerce gave the Broadway Bank notice of their decision at 5 p. m., November 5, after banking hours, and that they were unable to make arrangements with some other institution for next day's business. In its suit the Broadway Bank asked $65,484.98 for the shrinkage in the value of its assets, $752,000 for loss in profits, $40,000 for the loss of deposits and $1,000,000 punitive damages. The amount paid for attorney fees is not set forth in the stipulation.

8. January 1, 1930 St. Louis Globe-Democrat St. Louis, MO
Article from St. Louis Globe-Democrat, January 1, 1930

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Article Text

1776 Fail to Take Funds Due Them in Liquidation of Bank Some Checks Written Ten Years Ago in Broadway Failure for Depositors Who Have Not Been Located Are Uncashed. Eugene Benoist, Special Deputy Finance Commissioner, charge of the defunct Broadway Bank of St. Louis approximately $8574 still deposit for former customers of bank cannot be located. revealed yesterday when Circuit Judge Hartmann approved his final report. The report disclosed there 1240 the bank which did not receive the last dividend paid November 23, last, because the officials did not know where send the checks, The amount to $5723.20. An additional 196 counts the final payment failed cash them. They have $1498 stil due them from final dividend. elapsed between the Ten the final dividend and the fifth dividend. Despite that length of time there are still thirteen checks mailed September 10, which have been cashed. There were 327 accounts which did not receive checks that time because of lack of addresses. These still $899 due them. The Bank was placed the hands the State Finance Department in 1915 following run The first dividend the paid to the depositors on April 26, 1916. Since that time 2011 checks for dividends have been held up because formation concerning the addresses the bank the first bank in The Missouri under the direction Finance partment giving that jurisdiction passed. the their penses amounted Benoist his attorney. making the final litigation adjust cident liquidation. against the that the refusal the latter bank act agent for Broadway Bank Louis Clearing House Association caused run on the Broadway Bank. This out of court for There 2836 the books when failed. These depositors have received