The St. Louis Republic., 1903-10-29
RUSH TO DRAW OUT
DEPOSITS CEASED.
Continued From Page One.


withdrawal windows nor WAS any large
account asked for. the average being
even smaller than was stated in The Re
public yesterday morning.
The worst feature OF the withdrawal was
stated TO be the loss 10 scared depositors
OF months interest on deposits which
many returned to the Institutions
from which they had taken them after
holding them a DAY. Those who gave no
tice OF intended withdrawal will also lose
their December interest.
NO REPETITION
OF SCARE PROBABLE
Omcials OF the trust companies we're
unanimous in the opinion that Tuesdays :
blind and unreasoniug fear has been en-
tIrely dissipatci. The strength Of - Louis
trust companies has been demonstrated 10
the banking world. which has been shown.
as one man put it. that they are not only
{ financially above question but that they
can stand run The people will not cas-
( ily be led away again by unfounded and
[ malicious rmors.' he said. but Will
know that their money is in perfectly safe
! keeping.
4 meeting Of the Mississippi Valley
! Trust Ccmpany's directors was held yes
| terday afternoon for the purpose. It was
said, Of running 20 earth. II possible, those
who had started tho rumor that led to so
| much disquiet ON the part OF the small
| depositors.
/ President David +. Francis was present
at this meeting, and he stated TO The Re
I public that nothing had been done along
I the lines indicated
No business OF any importance was
/ transacted. except a statement being made
TO the directors by Breckenridge Jones.
vice president OF the company. that the
deposits were more than three times the
amount Of the Withdrawals during the
day.
Lawrence r. Pierce. vice president OF the
Commonwealth Trust Company. said that
deposits were many times the amount OF
Withdrawals. Thomas ". Crouch. also a
vice president Of the Commonwealth. an
nOunced that the company had received
offers OF aid from outside banks that
amounted 10 more than H5OO0.Oc0 but that
all offers OF aid We're declined with thanks.
This goes TO show said Mr.. Crouch.
the estimation in which ST. Louis imam
cial Institutions are held by outside banks.
Not only the large bankinE-houses in New
York. Chicago and Boston offered aid, but
right here at homo every bank I'm the
State. am told. asked II it could be OF
any assistance 10 some one or other OF the
trust companies
The following statement was issued by
the Commonwealth Trust Company after
a meeting Of the Board OF Directors Tues
day afternoon:
10 the pep1sitors n the Commonwealth Trust
Conpany-The- assets of th- Commonwealth |
Trust Company exceed its liabilities 10 its de-
positors by sFTss55e.G5.
the company and its assets. and knowing that
it is absolutely safe beyond all question We.
the undersigned directors. do hereby personally |
guarantee the psyrneut In fun OF all current
and saving deposit accounts nov on the books
OF our company.
Tom Randolph. sam N. Ksnnard. Otto ,.
stirel. A u. Brown. II. NJ. CoIdrey Q &.
Know. Samuel e. Davis. L. B. Tebbetts Al |
bert y. Edwards. Lawrence 3. Pierce. Edward /
L Preetorius = l. Randolph, George o. Car |
pentsr. Thomas W. Crouch. NJ. B. Wallace. J.
II. Woods. :. :. DsI.ano.
MERCANTILE TRUST
COMPANY STATEMENT. ..
The following signed statement was is
sued by Festus J. Wade. president Of the I
Mercantile Trust Company. late yesterday |
afternoon:
Oct =. ls1s.-Ths run on the savings depart
rnent % the trust companies IN 81 Louis yestsr-
nay was = l-tlfsest n a teapot Il vas Il
casioned hy sto-k jobbsrs circulating rllmo-s /
regarding - Louis institutions. FOR the purpose
of bearing the New York stock market n /
cover a very large bear Interest short on Chi
caEo and New York stock.
The Mercantile Trust COMPANY raid on.
Guesday) On its savings sccount 81 GO while
In lis commercial banking department de-
poSits increased sI2- noo.
The exercise Of the thirty and sivt,- sa,. -r,is
in the savings departments by all the trust com
psnies in ST. Louis last night was don. slnpIy
TO keep currency and coin out OF stockIars and
safe deposit boxes until the people having saw
ings accounts could come to their senses.
The Mercantile Trust Company received voIun-
tsry offers from financial institutions Of New
York Philadelphia. Chicago. New Orleans Kan
saS city. 81 Joseph and San Francisco sufficient
TO pay on every dollar OF its deposits AZ orc. |
Al oners were. while highly appreciated. re-
spectfully declined. closed the dav with |
over million dollars more cash than Ne had |
when the silly run began
Ihe Mercantile Trust Compsny's strength lies
in its having s. On 600 capital s. 5pa a, s,rIu,
and 90 undivided profits with only gl2 55O.-
600 deposits
Every one hf the tWenty-one directors cf the
Mercantile Trust Company who was IN St Ioris
yesterday when the run began signed IN agree
ment pledEing their personal fortunes 20 nav
its depositors in full
show a net Increase Of over sspa,0oo.
MERCANTILE TRUST COMPANY,
Bv Festus J. Wade. President.
Thomas II. West president Of the ST.
Louis Union Trust Company. declared that
the so-calIed run was over. and had
done no damage except to the deposftors
who had withdrawn their money and will
lose the interest it had earned.
NO BUSINESS MEN
WITHDRAW ACCOUNTS
New York and Boston he said. of
fered aid in large sums. more than We |
cared to accept Only a few Of our small |
est depositors withdrew their savings, and |
most Of them will be back again. know
OF no business man who withdrew, and
our deposits are largely in excess OF with
drawals during Tuesday and to-day"
At the Missouri Trust Company Joseph |
L. Hanley, secretary OF the company. said:
The deposits in this company have ! ,
greatly exceeded the Withdrawals and
only a few Of the smaller depositors called
for their funds Out OF 5000 whose names
are on our books less than 2DO withdrew.
We were offered outside help, which we |
declined. as we have all the money OF our !
own that We can use. Our cash on hand
was much above the amount required by
law, and it has never yet sunk anywhere
near that mark"
The following statement was made by A.
A b. WoerheIde. president OF the Lin /
coin Trust Company:
AN those who desired 10 withdraw got c
their money before our regular closing | S
hour There was no reason for the run {
except some groundless and vague rurnors {
sent out from Chicago stock brokers. The I