Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-10-28
st. Louis Bankers Say Run on
Their Banks There Was
Due to False Reports
BEAR TRADERS RESPONSIBLE
Rumors Affecting the Standing of Ger
tain Concerns Were Sent Out to
Affect the Market and Caused Almost
a Panic in the Worlds Fair City
Worst Over.

blamed Ly St Louis bankers for the
run on St. Louis trust companies yes
terday, which, for time, threatened to
become a regular panic. and which was
checked only by the prompt and wise
action of leading .inanciers, business
men and citizens of st. Louis. who adj
dressed the excited crowds. gave them
every assurance. including written
agreements pledging their fortunes -
that the city's financial institutions are
all safe and will be upheld under any
and all conditions and counseled them
to go quietly home and do all In their
power to allay alarm, and avoid cir
culation of injurious and unfounded re-
ports which would hurt the city and the
worlds fair soon to open.
1t is believed the worst is over and
before the close of banking hours to-
day the runs viii have ceased The
trust companies agreed last night ia
require the legal sixty or ninety days
notice on savings deposits and the
clearing house association in a state
be all sound and solvent, approved.this
course as likely to check the runs and
restrain the public from foolish action.
The feeling among the bankers and
trust company officials is very bitter.
however. They declare that there Is
no earthly excuse for Tuesdays .rou-
BILE, and that 1t never would have taken
place but for false and malicious rum
ors sent out by Chicago stock manip-
ulators. DESTROYS of checking the rising
tendency of the market in which they
We're heavily short, and who seized up
on the fact tina. a high official Of 6 Ger
tain Mexican railway--whose stock
was deprecated woefully during the
past twelve months--is also high Of
fetal of a certain st. Louis trust COM
pany, which was reported to be heavy
holder of the bonds of this same rail-
way, to attack the solidity of that crust
company, and thereby affect the en-
tire stock market.
How well these same stock jobbers
planned their campaign and how well it
succeeded is shown by yesterdays de-
velopments and the consequent effect
on the stock market.
Chicago authors OF these malicious re-
ports in plain language and says 1t
MAS the most "lastardly trick ever
played on St. Louis by the Chicago
market.
one rumor which is said to have em-
unated from Chicago is TO the effect
that a certain ST Louis trust company
president was in Chicago a few days
ago. unsuccessfully attempting to Dor
row s2,ooo,ooo.
The directors OF the Mercantile Trust
issued a signed agreement
last night. pledsing their private for
aggregate over Sloo,o0U.-
ooo--to uphold the institution. Julius
Walsh of the Mississippi Valley stated
that the company has sS,ooo,00o in cash
on hand and is absolutely solvent.
The runs on other trust companies
were comparatively insignificant, and
bankers generally agree they are al
perfectly prepared to meet any con
ditions which may arise.
Mayor Wells, Archbishop Glennon,
and President Francis Of the worlds
fair were among those who addressed
crowds at the Mississippi Valley ana
Trust company Yesterday,
and assisted in quieting the rapidly
spreading feeling of alarm.
Henry Koehler. Jr.. president OF the
Trust company, made the |
following statement last night of his
understanding of the causes of yester
days runs on st. Louis trust COM
panies
All this trouble was caused by a
rumor sent out from Chicago stock
market. There are many men whc
have sold the market short in Chicago
and as stocks have reached their alb
solutely lowest legitimate level for
some time q way to break the rising
markets and enable the shorts to cover
was zealously sought
This is the result of it, and in my
opinion it is the most dastardly trick
the Chicago market has ever played
upon St Louis.
The furry can not last over tomor-
row, as there never was time when
our banks and trust companies We're in
better condition than today. The mere
fact that they We're able to supply the
money for moving the cotton crop
should allay all fears as to the stability |
Of the institutions.
The rumor sent out from Chicago
was absolutely without foundation and
not. | understand, specify any particu-
lar institution, but spoke of the largest
This absence of detiniteness is proof |
Of the falsity of the rumor.'