The Birmingham age-herald., 1903-10-28
HEAVY RUN ON 'ST. LOUIS, BANKS Disquieting RunoIs Spread
 Through Streets Like Fire ALL DEPOSITORS ARE PAID 
Mercantile Trust Company Issues Statement In Which the Directors Pledge Their Individual For
 tunes to Meet All Demands.

St Louis, October 27.-From shortly be- fore 1 o'clock until the closing hour. o clock today runs were made in 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 notable in the other banking institutions. The run. so far as 1t can be traced, was started by d disqueting rumor from the outside that seemed to strike St. Louis shortly after noon. to the effect that the savings in stitutions here were unsound, and like prairie fire it spread through the strets and different mercantile establishments whose employees represent the majority of savings depositors. With a rush the corridors of the Lincoln Trust company, the Mercantile Trust company and the . Mississippi Valley Trust company were filled with men and women. all eager to withdraw their money,
 Line of People at Each Bank.
 At each of these banks d line of people with bankbooks in their hands stretched out into the street and intermingled with one policeman and bank official counsell- ing ealmness and giving assurances of soveney.
 It is stated that the rumor that started the run came from Chicago, and was to the effect that two directors of the Ms sissippi Valley Trust company had re- gently endeavored to negotiate q loan of s2, 100000 in that city and had been re- fused.
 Today this rumor was pronounced an absolute canard by the directors ca.- cerned.
 As soon as the runs sta business was laid aside an | ity was afforded for the pr of depositors. The clauses bank privilege of withAel
 until sixty days after mol
 waived, and amounts were regardless of their size. disorder manifested at any tutions, and in many cases had hurried to withdraw an
 ed without their money, afte versed a few moments witt and had been convinced II would continue to do busine
 Run Soon Cease
 At the Mercantile Trust con-. number of depositors had collected to av- mand payment, but the crowd soon thin- ned and at 8 o'clock the incipient rpm had ceased Presidents of the dinereht national banks assembled during the afe> ternoon and issued statement that the banks of St. Louis are all perfectly sol- vent and amply able to liquldate te all de- mands.
 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 .Je- mands
 The directors of the Mercantile Trust company representing several millions of dollars, have signed the following agree ment
 We. the directors of the Mercantile Trust company knowing that all it's af- fairs are in sound and safe condition, and that every dollar of It's obligations of every nature will be met, do hereby bind ourselves individually to the extent of our individual fortunes 10 the payment in full of all current and savings deposit ac- counts, and we do hereby guarantee such payment"
 Will Enforce the Notification Clause.
 The directors of the different trust coni- panies at a meeting tonight decided to enforce the thirty and sfxty-day notifica- ton clause tomorrow, and this. it is be- lieved, will stop all tendency to continue the runs.
 The following statement was given out tonight after meeting of the represen- tatives of the Associated Banks:
 '"rhe representatives or the Associated Banks of St. Louis at a meeting had to- night to consider the local situation and the demands made upon the trust com panies of the city, invited the presidents of these organizations to confer with them for part in taking such action as the situation seemed to require. 1t was ascer- ta.ned in this conference tf.at no trust company was in need of assistance of any character, but each felt assured of It's ability to protect its obligations and main- tain itself without calling on the banks for aid.
 "The action of the trust companies re. auirlng the legal notice of withdrawals of saving deposits was approved.
 (Signed) TX. c. VANBLARCOM, "President St. Louis Clearing House As-
 sociation."
 In Excellent Condition.
 Jefferson City, Mo, October 2l.--Secre- tary of State Cook when asked tonight regarding the condition of the St. Louis trust companies replied:
 "The department recently made an ex- animation of all trust companies in St. Louis They are in excellent condition and abundantly able to meet every de- mand upon them. These precipitate runs may cause temporary annoyance, but they cannot in the least affect the stand- ing of these companies"