The St. Louis Republic., 1903-10-28
MALICIOUS CHICAGO RUM0RS
CAUSED WITHDRAWALS.

started a. the preliminary TO a bear raid
on the stock market. Mr.. Buder said;
For ten days We have been receiving
queries from chicago asking tho general
/ financial con ition Of tho 81. Louis trust
companies. None OF these queries we're
from banks or trust companies.
1t is significant that all the queries,
both OF phone and Wirr. were entirely from
brokers. while cur correspondents among
the banks have not troubled us Tor in
formation.
There is little doubt that the rumors
are maliciously intended 10 create a feel
Ing uf distrlgst. and that they are designed
TO further the pans Of stock dealers who
have sold the market short.
This stock market IS on the rise. and
the shorts have started this rumor to
enable themselves 10 cover their short
ages.
There is mot a word II truth in the
Tumors. ami 1 am cofdcnt that there
will be- mo- repetition Of the scenes Of this
afternoon. tomorrow. as the folly OF their
action in Withdrawing their funds and
losing the interest will be soon seen by
those who withdrew to-day"
KOEHLER MAKES STATEMENT.
Henry Koehlsr, Jr., president OF the
GeTmauia Trust Company, made the fol-
lowing statement tu The Republic Of his
understanding uf the start Of the run on
81. Louis trust companies.
All this trouble WAS caused by rumor
sent out from the Chicago stock market.
There are many who have sold the mar
ket short In Chicago. and ~ stocks have
reached their absolutely lowest legitimate
level FOR rome time. way to break the
rising market and enable the shorts 10
cover was sought
The furry cannot last over tomorrow.
as there never was time when our
banks and trust companies were I'm better
condition than to-day. The mere fact
that tEcv were able 20 supply the money
FOR moving the cotton crop should aIlay all
fears as 10 the stability OF the institu-
lions
We have had no run here; in fact. our
deposits Of savings have been greater to-
day than they have been for some time.
The rumor sent out from Chicago was
absolutely without foundation and was
malicious I'm the extreme II dill not.
understand. specify any particular insti-
tuition. hut spoke OF the largest. This alb
sence Of defniteneSs is proof OF the falsiiy
OF the rumor."
no LARGE WITHDRAWALS.
At the Commonwealth Trust Company
officials stated that. while their business
FOR the day had been larger than usual.
no large depositors had presented their
pass books to the savings department with
a check 10 close account All or the with
drawals were Of small accounts.
\ crowd gathered in front OF the Mis-
souri, Trust Company for a short time late
in the afternoon. and some depositors
withdrew small accounts. Officials Of the
company made the statement that the
company was absolutely solvent and
would pay depos:tors accounts as fast
as they could be certified and the money
counted out.
Al meeting OF the officers Of all the
trust companies last night. it was agreed
that in the Withdrawal Of savings ac-
counts. hereafter. thirty DAYS notice
would be required from dspoSitors Of less
than 500 and sixty days notice from those
who wished 10 withdraw more than that
amount. This action covers not only the
present. but will be invariably required
from all depositors in the savings depart
ment. This Is in accordance with the rules
OF the institutions although # has not
been recently enforced.
Demand certificates will be paid as they
matzre, while current accounts will be
subject to check as usual