The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-10-28
which Have 80 Basis, According to
Declarations of officials Of the
Interested Banks.
ALL INSTITUTIONS SOLVENT
PRESIDENTS OF NATIONAL BANKS
ISSUE A STATEMENT.
Thirty and Sixty-Day Notification
Clause to He Enforced Against
Depositors.

ST. LOUIS, Oct. 27.-From shortly before
1o'clock until the closing hour. o'clock to-
day. runs were made in the savings depart
ments OF three banks OF st. Louis, and at
the same time mora than the ordinary
amount OF Withdrawals by savings depos-
itors was noticeable in the other banking In
stitutions. The run, so far as IL can be
traced, was started by disquieting ruror
from the outside that seemed to strike st.
Louis shortly after noon. TO the effect that
the savings institutions here were unsound.
and. like q prairie fire, Ii spread In flash
through the streets and different mercantile
establishments. whose employees represent
the majority Of savings depositors. With
rush the corridors OF the Lincoln Trust
Company. the Mercantile Trust Company
and the Mississippi Valley Trust Company
were filed 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
of1cials counseling calmness and giving
surances Of solvency.
1t 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 endeav-
ored to negotiate loan of 100000 in that
city and had been refused. To-day this ru-
NOR was pronounced an absolute canard By
= aha directors concerned
AS soon the runs started all other busi-
ness was laid aside and every facility was
afforded for the prompt payment OF deposits.
The clauses which give the banks the priv
ilege OF withholding payment until sixty
days after notification We're waived, and
amounts were paid rapidly regardless OF
their size. There was no disorder manifest
ed at any OF the institutions, and in many
cases dspositors who had hurried to with
draw their accounts departed without their
money after having conversed few mo-
ments with the officials and been made con-
fident that the banks would continue TO do
business. At the Missouri Trust Company
number Of depositors had collected to de-
mand payment, but the crowd soon thinned
out and before 3 o'clock the incipient run
had ceased.
ALL BANKS SOLVENT.
Presidents Of the different national banks
assembled during the afternoon and issued
statement that the banks OF St. Louis are
uidate all demands. All the banks closed
at 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.
Second Vice President John D. Davis said:
I'VE don't know how the rumor that we
were in financial straits got started, but it
probably started in the department stores
fha HYr Of cfo <ho@
their savings i'm our bank. We appreciate
the confidence of those who have allowed
their deposits to remain with u.s. but we GER
tainly want those who have lost confidence
to withdraw their money. The bank is per-
fectly cafe and we don't fear rum
President +. j. Wade, OF the Mercantile
Trust Company. said: II do not know why
their money just as fast as they call for il.
We have no fear whatever for the bank
David r. Francis, president of the Lou
fsiana Purchase Exposition COMPANY and n
director OF the Missssippie Valley Trust
Company. made a short speech TO the de-
posters who filed that bank at = o'clock.
In which he tried 10 reassure them. He said
that a committee OF three disinterested per-
sons had only recently gone the books
OF the company and had not found anything
that should cause apprehension as 10 the
stability OF that institution. There were no
bad investments or loans. He hoped those
who had money in the company's vaults
would be calm and reconsider their desire
to take it out and not cause any apprehen-
sicn 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 waived fits right to take ad-
vantage OF the sixty-day clause. "The eyes
OF the world are on St. Louis" said Presi-
dent Francis. "and hope you will do moth
Ing 10 cause discredit TO fall on the city and
It's institutions"
The directors OF the Mercantile Trus,
Company. representing several millions al
dollars. have signed the following agree
ment: We, the directors OF the Mercantile
Trust Company, knowing that all its affairs
every dollar OF its obligations of every ma.
tufe VIII be met, do hereby bind ourselves
individually 10 the extent OF our individual
fortunes TO the payment In fun of all cur
rency and savings deposits accounts anC
we do hereby guarantee such payment"
President Woerhide. of the Lincoln Trust
Company. said the on his company be.
gan about 1870 o'clock. when the bankins
office was deserted except for the usi,a
customers, and from then on until J O'Clock
the line OF waiting depositors grew TIL,
run, the president said, was caused by ru
mors printed in out-of-town papers.
The directors OF the different trust com
panies at meetings tonight decided TO en-
force the thirty and sixty-day notification
clause Tomorrow. and this, il IN believed
Will doubtless stop all the tendency To {
continuation OF runs. The following state
ment was given out tonight. after a meet
ing OF representatives or the associate,
banks:
s.The representatives OF tho Associate.
Banks OF st. Louis. at meeting held 10
night 10 consider the local situation and TN
demands made upon the trust companies o
the city. invited the presidents Of these or
san.zatons 20 confer with them for the pur
pose OF taking such action as the situatiol
seemed 10 require. IL was ascertalned II
This conference that no trust companv wa
fn need of assistance OF any Character b,,
each felt assured of rs ability to protect IL
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