The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-10-28
RUN ON ST. LOUIS TRUST COS.
PANIC STARTS AMONG MISSISSIPPI
Valley DEPOSITORS.
Spreads TO Patrons OF Other Institute Ions
ALI Who Reach Paying Tellers Re-
ceiNe Their NlOney-Rumors From
Chicago Said to Have started the Hun
Directors Pledge Private Fort unes.


Directors Pledge Private Fort unes.
ST. LOUIS, Mo-, Oct. Shortly after
the opening of banking hours this morning
run began on the Mississippi Valley Trust
Company, swelling in volume az the day
progressed. The streets were soon packed
with people who came to withdraw their
deposits. President ID. X. Francis OF
the worlds fair and others addressed
the clamoring crowds in an endeavor to
stay what promised to be- a panic.
Shortly after noon there was a run on
the other trust companies, depositors with
drawing their funds from the Mercantile,
American Central. st. Louis Union. Mis-
souri,, Lincoln and Commonwealth The
main points of attack were the Mississippi
Valley and Mercantile,
Squads of police were detailed to pre-
serve some sembance OF order. When 3
O'Clock arrived the crowds were larger
than at any time during the day. and
the police had to aid the bank EN-
ployees TO close the doors SO many We're
pressing in to get their money. At6oc clock
this evening the streets in front of the Mis-
sissippi Valley building were still crowded
with angry depoeitors who had been un-
able to reach the paying tellers' windows.
Every depostor who got inside Was paid
in full on presentati Of his claim. but not
third Of the anxious ones were able to get
waited upon.
No cause is known for the raid, as the
trust companies are believed TO be able
10 meet all obligations. A report ia cur
rent that the run was caused bv stories
sent out by Chicago financiers rejecting on
the stability Of the st. Louis trust COM
panies.
tall the trust companies packages Of cur
rency were stacked up like cordwood, and
gold and silver coins were piled up 20 that
depositors could see that every preparation
had been made to meet the run, in the nope
that confidence would be- restored by the
sight OF the vast volume of money
This evening there was u conference
between trust company and bank officials,
and II was agreed among them that thirty
and sixty days notice should be required
for the withdraw wal Of time deposits, i'll ac
cordance with their bylaws,
The Mississippi Valley has an available
surplus of ss0OOOOO and the Msrca ntile
affected by the run. Most OF the deposit
tors Withdrawing their accounts were
women. several Of whom tainted from
excitement. Male depositors We're more
philosophical, and, while strong language
was frequently heard. there was no dispo-
siton to resort to extreme measures
One r,lmor late tonight was that James
l.. Blair, former counsel of the worlds
fair and now accused of fraud, had touch ed
the trust companies heavily, but this was
absolutely denied,
President Francis, who is one OF the
Mercantile company directors, in his speech
to the crowd OF deposltors, who com
pletely filled the bank. said:
All ol INNS excitement IA uficai'ed Ior
The 81 iouls trust companies are the safest
ana most prosperous III Ihe country, aho
me Mercah,lle lruEI aha an the RESI- Oh
mem can Glose business ,o-ilight ana pay
do'tar Tor ao,ar. "ouiu ADVISE you all 70
70 nome anu i2'Hel Ill,a sort vi !ung, los
we country anu tfle oai'hI,s .ilsel'ntlons OF
,lts coultiN W.T. littti ~ ilioie piospei,
Gus conul.lon .''ah ,lley are toaay ana al.
tills eNrl.ei'le,'t - u'ca'.eu WI anu WITHOUT
any reeS 7 arm VII H..
otheS a''po'n' 'aau !? W. VI" H'ani.ieS.
nan II, ~, lr,utS' Man H. ~ we NeinaI,,!e
Ir's' olnphnnIg es.ap' ~ ~ nm. az Gay
re nai eo a sor Tho Nareo,til Trnnt
- az ~. ~ ,as,,,, -, a,'n H. III.
COMPANY Is pefice'iy solvent arc Is ready
70 pay ooi!aI LOT uolIaI on oelnaho
~ ln s!s '.iHai' 1I,' ,.InH lspnS WIRE
fai', az VI t,,, - ~ = 'pn1 Pc
'a',e' .u'e ''"u o''" ''ie'''' VI VIC '"i"'fs
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