Lincoln Trust Company (St Louis, MO)

Episode Information

Episode UID
8864333091246
Episode Type
Run → Suspension → Reopening
Bank Type
trust
Bank ID
886433309 hash
Start Date
October 27, 1903
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
0aebcce05c12c780

Response Measures

None

Events (3)
1. October 27, 1903 Run
Cause
Rumor Or Misinformation
Cause Details
Groundless rumor from Chicago that directors of Mississippi Valley Trust Company had failed to negotiate a large loan, spreading panic among savings depositors.
Measures
Paid many who presented books during day; policemen and officials counseled calm.
Newspaper Excerpt
With a rush the corridors of the Lincoln Trust Company ... were filled with men and women, all eager to withdraw their money.
Source
newspapers
2. October 28, 1903 Reopening
Newspaper Excerpt
All banks closed at 3 o'clock ... will open tomorrow morning at the usual hour.
Source
newspapers
3. October 28, 1903 Suspension
Cause Details
Trust companies collectively enforced 30- to 60-day notice to stem withdrawals (administrative measure by banks rather than government action).
Newspaper Excerpt
Enforcement of the thirty and sixty day rule ... depositors were not able to get their money.
Source
newspapers

Newspaper Articles (12)
1. October 28, 1903 The Washington Times Washington, DC
Article from The Washington Times, October 28, 1903

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Article Text

DEPOSITORS CLAMOR FOR THEIR MONEY Wild Reports of Financial Difficulty Caused Run on Three St. Louis Institutions. ST. LOUIS, Mo., Oct. 28.-From shortly before 1 o'clock yesterday until the closing hour, 3 o'clock, runs were made on 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. 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. 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 said that the rumors that started the run came from Chicago, and were 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. These rumors were pronounced an absolute canard.

2. October 28, 1903 Evening Star Washington, DC
Article from Evening Star, October 28, 1903

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RUN ON ST. LOUIS BANKS. Started by a Groundless Rumor From Chicago. A dispatch from St. Louis, Mo., yesterday says: From shortly before 1 o'clock today until the closing hour-3 o'clock-runs were made on the savings departments of three banks of St. Louis, and at the same time more than the ordinary amount of withdrawals by 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 Mississ ppi Valley Trust Company were filled with men and women, all eager td withdraw their money. The scene n 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 stretcred out into the street, and interm ngled were policemen and bank officials counseling calmness and giving assurances of solvency. It is stated that the rumor that started the run came from Ch.cago 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.

3. October 28, 1903 The Fargo Forum and Daily Republican Fargo, ND
Article from The Fargo Forum and Daily Republican, October 28, 1903

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Article Text

UBLES IN ST. LOUIS The Depositors in the Savings Banks Started a Big Run Yesterday Afternoon. They Were Headed Off This Morning by the Thirty and Sixty-Day Clauses. St. Louis, Oct. 28.-On account of the run of te savings banks yesterday afternoon long before the hour of opening today lines of depositors stretched away from the closed doors of the Mississippi Valley Trust Co., the Lincoln Trust Co., and the Mercantile Trust Co., and the Missouri Trust Co. Most of them were working people and many were women. Owing to the enforcement of the thirty and sixty day rule, the depositors were not able to get their money. Vice President Meier of the Missouri Trust Co., made a statement to a crowd of depositors that all the banks and the trust companies in the city had sufficient funds to tide them over the present trouble.

4. October 28, 1903 The Morning Astorian Astoria, OR
Article from The Morning Astorian, October 28, 1903

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Sensation Caused in St. Louis Financial Circles by Run on the Leading Banking Institutions. Long Lines of Depositors Hurried for Their Money and Get It At Once. FALSE REPORTS THE CAUSE Alleged Failure of One Bank to Negotiate Big Loan at Chicago Excites Depositors. St. Louis, Oct. 27-From shortly before 1 o'clock today until the closing hour, 3 o'clock, runs were made on the savings departments of three banks of St. Louis. The run, so far as it can be traced, was started by a rumor said to have come from Chicago 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, and like a prairie fire it spread in a flash. With a rush the corridors of the Lincoln Trust Company, Mercantile Trust Company and Mississippi Valley Trust Company were filed, the line of men and women with bankbooks in their hands stretching out into the street. As soon as the runs started every facitily was afforded for the prompt payment of deposits and amounts were paid rapidly regardless of their size. The presidents of the different national banks assembled during the afternoon and issued a statement that the banks are perfectly solvent and amply able to liquidate all demands. All banks closed at 3 o'clock, the usual closing hour, and gave out word they will open tomorrow morning at the usual hour. At a meting of the different savings banks it was decided to enforce the 60day clause in order to prevent further runs.

5. October 28, 1903 The Daily Silver State Winnemucca, NV
Article from The Daily Silver State, October 28, 1903

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Weather Bureau, Winemucca, Nevada, Oct.' 27, 1903. 30.24 inches Mean barometer 72 degrees Maximum temperature 24 degrees Minimum temperature 48 degrees Mean temperature 46 degrees Normal temperature Prevailing wind, direction SW 0 inches Precipitation Minimum temp., Oct. 28, 34 degrees J. C. HAYDEN. Tonight cloudy; Thursday cloudy. McADIE. STARTED A RUN ON BANKS (Continued from Page 1.) Louis," said President Francis, "and I hope you will do nothing to cause discredit to fall on the city and its institutions." At the Lincoln Trust company's office a long line of depositors stood before the paying teller's window and as fast as they presented their books the money demanded was paid out. A great many women were noticed among the depositors, many of whom were clerks in department stores. President Woerheide of the Lincoln Trust company, said the run began at 12:30 o'clock when the banking 0:fice was deserted except for the usual customers, and from then on until 3 o'clock the line of waiting depositors grew. The run, said President Woerheide, was caused by rumors printed in out of town papers as to the stability of St. Louis trust companies. He said all demands would be promptly met, that the banking department of the company would close as usual at 3 o'clock and re-open again in the morning. The sixty day clause had not been taken advantage of. At the different trust companies where runs were taking place there was good order, kept by the police sprinkled through the crowds. The savings departments of these concerns are alone affected.

6. October 28, 1903 The Sun New York, NY
Article from The Sun, October 28, 1903

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RUN ON ST. LOUIS TRUST dississiv DNOWV savas DINVE DEPOSITORS ATTIVA spreads to Patrons of Other Institution All Who Reach Paying Tellers JP41 Chicago Said to Have Started the Directors Pledge Private Fortun ST. LOUIS, Mo., Oct. 27.-Shortly he opening of banking hours this morni a run began-on the Mississippi Valley Try Company, swelling in volume as the progressed. The streets were soon with people who came to withdraw deposits. President D. R. Francis he world's fair and others address he clamoring crowds in an endeavor tay what promised to be a panic. Shortly after noon there was a run he other trust companies, depositors drawing their funds from the Mercanti American Central, St. Louis Union, souri, Lincoln and Commonwealth main points of attack were the Mississip Valley and Mercantile. Squads of police were detailed to erve some semblance of order. When 'clock arrived the crowds were han at any time during the day. the police had to aid the bank oloyees to close the doors SO many pressing in to get their money. At 60 his evening thestreets in front of the issippi Valley building were still crowd with angry depositors who had been ible to reach the paying tellers' window Every depositor who got Inside was n full on presentation of his claim, but hird of the anxious ones were able to vaited upon. No cause is known for the raid, as rust companies are believed to be o meet all obligations. A report is Aq SBM una one that que, ent out by Chicago financiers reflecting he stability of the St. Louis trust Issued At all the trust companies packages of

7. October 28, 1903 Evening Journal Wilmington, DE
Article from Evening Journal, October 28, 1903

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Article Text

FALSE REPORTS START RUNS ST. LOUIS BANKS and ate U 28. -For three ere made on the savings its of three banks of St. Louis he same time more than the vary amount of withdrawals by mgs depositors were noticeable in he 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 to the effect that the savings institutions were unsound. With a rush the corridors of the Lincoln 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 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. 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

8. October 29, 1903 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, October 29, 1903

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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

9. October 29, 1903 Durango Semi-Weekly Herald Durango, CO
Article from Durango Semi-Weekly Herald, October 29, 1903

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FOOLISH ST. LOUIS DEPOSITORS ST. LOUIS, Oct. 28.-The Mississippi Valley and Mercantile Trust companies today demanded of depositors a thirty to sixty-day notification of intention to withdraw deposits. Long lines of depositorrs are awaiting the opening of the doors of the two institutions. Some small crowds are also assembled in front of other banking institutions in the city. Fifteen policemen kept order in the crowd around the Mercantile Trust company's offices. A number of men prominent in financial circles advised the crowd to be calm and declared the money of the depositors was safe. The runs started, it is charged, through rumors set afloat for revenge by eastern brokers whose appeals for loahs had been refused. Despite the fact that several boxes filled with currency and guarded by armed men was unloaded at the Mercantile Trust company's offices, the crowd was 80 dense at noon that the police were helpless and many women and children were crushed in the immense throng that surrounded the offices. The Mississippi and Lincoln companies locked their doors later and admitted only a few at a time.

10. October 30, 1903 The Stark County Democrat Canton, OH
Article from The Stark County Democrat, October 30, 1903

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BANK RUN CONTINUES Excited Depositors Are Demanding Their Money. Scripps-McRae Telegram. St. Louis, Mo., Oct. 28.-When the doors of the Mississippi Valley and Mercantile Trust Co. were thrown open this morning, long lines of depositors were in waiting anxious to withdraw their funds, the scare resulting from Tuesday's run not having died out. Most of those in line were workingmen and women. Each was told that 30 to 60 days' notice of intention to withdraw deposits would be required. No money was paid out, but the declaration of intention to withdraw was made by many. Financiers say the banks are perfectly sound and the scare is senseless. At the Mercantile Trust bank 15 police could not keep order and the crowd surged by and into the building. It is declared that the whole trouble was started by the malicious rumors of eastern speculators. The St. Louis Clearing House association is backing the banks, and new Orleans, New York and Chicago promise all the money needed to check the run. At 12 o'clock the crursh became so great the Mercantile, Mississippi Valley and Lincoln Trust company's offices that the doors were locked and only a few at a time were permitted to enter. Very little money is being paid out.

11. October 30, 1903 The Billings Gazette Billings, MT
Article from The Billings Gazette, October 30, 1903

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EXCITEMENT HAS SUBSIDED. I Run on St. Louis Trust Companies at an End. St. Louis, Oct. 29.-The statement of President Julius S. Walsh of the Mississippi Valley Trust company, whose sentiments are echoed in interviews given out 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," expresses the opinion that seems general after the unwonted financial conditions which prevailed here during parts of Tuesday and Wednesday. Officers of all the trust companies state that voluntary offers of help were received from financial institutions at 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. Expressions of confidence and offers of aid on the part of the national banks, financial and other institutions of St. Louis, helped to strengthen the situation and restore confidence. "The flurry is over," said Mr. A. A. B. Woerheide, president of the Lincoln Trust company. "Long before our regular closing hour had arrived all those who desired their money had received it and departed. There is no reason for further concern."

12. November 6, 1903 The Black Hills Union Rapid City, SD
Article from The Black Hills Union, November 6, 1903

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RUNS CONTINUE ON ST. LOUIS CONCERNS City Has Been Especially Free From the Recent Speculative Excesses. BIG DEPOSITORS SERENE ift is Stated That Almost Exclusively the Savings Depositors Are the Ones Who Have Become Panic Stricken. St. Louis. Oct. 30.-Long before the doors of the Mississippi Valley, Lin-coln, Mercantile and Missouri Trust companies had been opened, there were dong lines of depositors assembled lawaiting the beginning of the day's business. Small groups stood before the saving institutions when the doors were opened. The most anxious depositors were working people whose savings were not heavy. Owing to the action taken last night by the officials of the trust companies, requiring 30 to 60 days' notice of intention to withdraw funds, the depositors were not able to get any money. The trust companies have also decided not to pay certificates of deposit before maturity. At the institutions named the officials stated that current accounts are being received and paid out as usual. The early crowds which thronged the doors and fought for places in the line soon