USA > Missouri > Encyclopedia of the history of Missouri, a compendium of history and biography for ready reference, Vol. I > Part 25
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In January, 1855, when the banking house of Page, Bacon & Co. suspended under a heavy run of depositors, there was precipitated a run on all the other banking houses of the city, threatening ruin to them. and. along with this, utter derangement of the machinery of business of the city. The run continued throughout Saturday, the 15th of January, when, fortunately. Sunday allowed an oppor- tunity for counsel and preparation for Mon- day. It was said that over $700,000 had been paid out to depositors, and it was of the ut- most importance that a repetition of Satur- day's proceedings should be prevented by some action that would allay the excitement and restore popular confidence. Accordingly, Monday morning a card was published. signed by John O'Fallon, Edward Walsh, J. B. Brant, L. A. LaBeanme, L. M. Kennett, John How, James Harrison, Charles P. Chouteau, and Andrew Christy, pledging their fortunes as guaranty that all deposits would be made good in the houses of Lucas & Simonds, Bogy, Miltenberger & Co., Tesson & Dangen, L. A. Benoist & Co., John J. Ander-
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BANKS AND BANKING IN ST. LOUIS.
son & Co., Darby & Barksdale, and the Boat- men's Saving Institution. This card had the desired effect ; the run of Saturday was not re- peated, and the banking houses were saved. Two and a half years later, in August, 1857, a general panic was precipitated on the whole country by the failure of the Ohio Life & Trust Company, of Cincinnati, this failure marking the collapse of an era of wild and reckless speculation, stimulated by the great yield of gold in California. The Cincinnati failure was followed by the suspension of the banks in New York and other Eastern cities. An attempt was made to withstand the effect in St. Louis by the publication of a card similar to that of 1855, signed by wealthy and well-known citizens, guaranteeing the bank- ing houses of James Il. Lucas & Co., and Renick & Peterson : but the effect of this was only temporary-the stringency increased, and the houses in St. Louis were forced to suspend ; and even the old Bank of the State ceased specie payment.
In the fall of 1860 and the spring of 1861 the St. Louis Banks shared the universal de- pression that preceded the outburst of the Civil War, and were forced to suspend the pay- ment of specie, this suspension lasting until resumption by the government in 1879. This was not, however, altogether a period of mis- fortune to them. After the close of the war. in 1865. and indeed before, when the relaxa- tion of rigorous military regulations allowed St. Louis to resume its legitimate business re- lations, there was an extension of its commerce into the South and West, attended by a won- derful prosperity, in which the banks had their full share : and when, in 1873. the failure of the Philadelphia banking house of Jay Cooke & Co. precipitated another general monetary collapse in the country, it found this city better able to meet these disasters than ever before. Our bankers revealed surprising strength, and, by resorting to the temporary expedient of certificates of indebtedness, based upon ap- proved assets and guaranteed by all the banks in the Clearing House Association, they kept the weaker ones from failing, and thereby averted the collapse which menaced the banks and the business firms with a common mis- fortune. Indeed, the experience of 1873 and also of 1893 so signally demonstrated an un- expected affluence of resources in the St. Louis banks, their prudent management and their powers of resistance when acting to-
gether in a common danger, that it has come to be hoped that no general prostration of banks in St. Louis will ever be seen again. The simple truth is that in the last third of the nineteenth century St. Louis has in- creased marvelously in all the agencies and accomplishments of wealth and power. It is a great and prosperous city in a prosperous State, and it is the exchange and distributing point for a wide, prosperous region ; and the fact that in February, 1898, its banks and trust companies showed aggregate capital, surplus and deposits of $140,923.778 marks it as one of the great centers where capital must continually accumulate through a vast system of productive and distributive agencies not excelled by any city in the country.
In 1898 there were twenty-one banks in St. Louis, whose names, together with a brief sketch of their history and condition, are here given :
The Boatmen's Bank was established and opened for business October 18, 1847, as the Boatmen's Saving Institution, without capital. the profits to be divided among the depositors. The first officers were Adam L. Mills, presi- dent : Robert Simpson, treasurer: and B. B. Chamberlain, secretary. In 1856 it took its second charter, with a capital of $400,000. In 1873 it took the name of Boatmen's Saving Bank, and in 1800 it took its present name of Boatmen's Bank. In May. 1808. its state- ment showed capital, $2,000,000 ; surplus and profits. $005.377 : deposit. $8.233.681 : presi- dent. Rufus J. Lackland ; vice president. Ed- wards Whitaker; cashier. William H. Thom- son : assistant 'cashier. Jules Desloge: and second assistant cashier, Ernest M. Hubbard.
The German Savings Institution was opened in May, 1853, at No. 35 Main Street. with $5.000 paid in on a subscribed capital of $60,000, and with Robert Barth as president, and Isaac Rosenfeld, Jr., as treasurer. In May. 1898, its statement showed capital, $250,000; surplus and profits, $509.955; de- posits, $4,735,534; president, F. W. Meister ; vice president, John Wahl; cashier Richard Hospes ; assistant cashier, H. Hunicke.
The State Bank of St. Louis had its be- ginning in the State Savings Institution, estab- lished in 1855. with a capital of $650,000; R. J. Henning, president ; and Isaac Rosenfeld, Jr., cashier. In May, 1898, its statement showed capital, $650,000 ; surplus and profits, $1,180,872: deposits, $4.068.233 ; president
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BANKS AND BANKING IN ST. LOUIS.
Charles Parsons, who has occupied that po- National Bank of Commerce purchased a ma- sition since 1870; vice president, John A. Scudder ; cashier. John H. McCluney ; assist- ant cashier, Logan Tompkins. In January, 1899, by an agreement entered into by over two-thirds of the stockholders of the State Bank of St. Louis and the Commercial Bank of St. Louis, the two were consolidated into the State National Bank of St. Louis, with a capital of $2,000,000.
The National Bank of Commerce had its origin in the St. Louis Building & Savings Association, organized and opened in 1857, with an authorized capital of $500,000, and with Marshall Brotherton as president ; R. M. Funkhouser, vice president ; and A. P. Ladew, cashier. In 1869 it became a national bank, with its present name. In May, 1898, its statement showed capital, $3,000,000; surplus and profits $1,011,474; deposits, $16,552,774; circulation, $939.917; president, William H. Thompson ; first vice president, Nathan Cole ; second vice president, S. M. Dodd; cashier, T. C. Van Blarcom; assistant cashier, B. F. Edwards; second assistant cashier, C. L. Merrill.
The Third National Bank of St. Louis was originally the Southern Bank of St. Louis, established in 1857, with a capital of $1,000,- 000, and with James S. Watson as president, and James H. Britton as cashier. In 1864 it became a national bank under its present name, and Thomas A. Stoddart was made cashier, retaining that position until 1897, when he was chosen manager of the St. Louis Clearing House. In May, 1898, its statement showed a capital of $1,000,000; surplus and profits, $183,783 ; deposits, $7,073,856; circu- lation, $313,350; president, Charles II. Hut- tig: vice president, W. B. Wells; cashier, G. W. Galbreath; assistant cashier, Jolmn R. Cooke.
The St. Louis National Bank was originally the Bank of St. Louis, organized in 1857, with a capital stock of $500,000, and with Jolin J. Anderson as president. In 1865 it became a national bank under its present name. In May, 1898, its statement showed capital, $1,000,000; surplus and profits, $160,213 ; de- posits, $5.247,802 ; president, John Nickerson; first vice president, Lewis C. Nelson ; second vice president, Charles G. Warner; cashier, Eugene Karst. The latter officer had been as- sociated with this bank for twenty-four years. In December, 1898, parties interested in the
jority of stock of the St. Louis National, and it was merged in the former bank.
The Mechanics' Bank was organized in 1857, with Joseph Charless as president, and J. W. Wilis as cashier. In May, 1898, its statement showed capital, $600,000; surplus and profits, $732,835 ; deposits, $3,960,547 ; R. R. Hutchinson, president; C. O. Austin, cashier.
The Fourth National Bank was established in 1864, with a capital of $160,000; president, Joseph J. Mersman ; cashier, Fred. W. Bie- binger. In May, 1898, its statement showed capital, $1,000,000 ; surplus and profits, $722 .- 249 ; deposits, $5,027,867 ; circulation, $44,340 ; president, Fred W. Biebinger ; vice president, HI. L. Cornet; cashier, G. A. W. Augst.
The American Exchange Bank was or- ganized as the Union Savings Association, in 1864, with T. S. Rutherford as president, and Thomas E. Souper as cashier. In January, 1888, its name was changed to the American Exchange Bank. In May, 1898, its state- ment showed capital, $500,000 ; surplus and profits, $357,268; president, Walker Hill; vice president, Ephron Catlin; cashier, L. A. Battaile.
The International Bank was organized No- vember 12, 1865, and reorganized in 1885, with a cash capital of $100,000, and with William C. Lange as president. In May, 1898, its statement showed a capital and surplus of $248,956; deposits, $990,304; August W. Straub, president ; and A. Berthel, cashier.
The Commercial Bank was opened in March, 1866, with a capital of $100,000; E. M. Samuel, president : John M. Platt, vice pres- ident ; J. W. Donaldson, cashier. In May, 1898, its statement showed capital, $500,000; surplus and profits, $592,820; deposits, $4.311,506; William Nichols, president ; D. S. HI. Smith, vice president ; A. P. Ccombe, cashier. In January, 1889, it was consoli- dated with the State Bank of St. Louis, in the State National Bank of St. Louis.
The Continental National Bank was or- ganized in March, 1866, with a capital of $150,- 000, and with T. B. Edgar as president, and WV. H. Maurice as cashier. In May, 1898, its statement showed capital. $1,000,000 ; surplus and profits, $316,748; deposits, $8, 102,363; circulation, $234,000 ; president, George A. Baker; vice president, Joseph M. Hayes ; second vice president, George W. Parker;
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BANKS AND BANKING IN ST. LOUIS.
cashier, F. E. Marshall; assistant cashier, J. A. Lewis.
The Franklin Bank was incorporated in 1867 as the Franklin Avenue German Sav- ings Institution, with a capital of $60,000; H. Meier, president ; A. Wippern, vice president ; G. W. Garrels, cashier. In May, 1898, its statement showed capital, $600,000; surplus and profits, $167,943 ; deposits, $3.352,170 ; H. Meier, president ; G. W. Garrels, cashier.
The Bremen Savings Bank was opened October 1. 1868, with an authorized capital of $100,000, $30,000 paid up, and with Marshall Brotherton as president, Horace Fox as vice president, and C. D. Affleck as cashier. On July 14, 1898, its statement showed capital, $100,000 ; surplus and profits, $190,000; de- posits, $1, 142,415 ; president, F. W. Prange; cashier, J. G. Gerichten.
The German-American Bank was organ- ized and opened November 3, 1872, with a capital of $150,000, and with John J. Menges as president ; Martin Lammert, vice president ; E. A. Mysenburg, cashier. In May, 1898, its statement showed capital, $150,000; surplus and profits, $899.953; deposits, $2,652,789 ; president, August Gehner; cashier, C. E. Kircher.
The Northwestern Savings Bank was opened May 15, 1873, with a capital of $50,000; C. G. Stifel, president ; J. H. Evers, vice president ; P. Obermier, cashier. In May, 1898, its statement showed capital, $200,000; surplus and profits, $92.409 ; deposits, $1.582,- 654; president, Arnold Beck ; cashier, R. A. Obermier.
The Lafayette Bank was organized in 1876, with a capital of $100,000; F. Arendes, presi- dent ; Henry Ziegenhein, vice president ; F. Leser, cashier. In May, 1898, its statement showed capital, $100,000; surplus and profits, $385,759; deposits, $2,534.726; F. Arendes, president ; P. J. Doerr, cashier.
The South Side Bank was established in 1891. In May, 1898, its statement showed capital, $200,000 ; surplus and profits, $51.483 ; deposits, $571,882 ; president, Henry Koehler, Jr .; cashier, Guido D'Oench.
The Southern Commercial and Savings Bank was opened June 12, 1891, with a capital of $100,000, and with Jolin Krausse as presi- dent ; L. P. Andrews, vice president ; and W. F. Street, cashier. In May, 1898, its state- ment showed capital, $100,000; surplus and profits, $4,235 ; deposits, $174,220; president,
Frank W. Feuerbacher; cashier, W. A. Kam- merer.
The Jefferson Bank opened in August, 1892, with a paid-up capital of $100,000 ; president, James M. Carpenter; vice president, J. F. Conrad; cashier, Russell E. Gardner. In May, 1898, its statement showed capital $100,- 000; surplus and profits $30,493; deposits, $343,195 ; president, II. Wood ; vice president, J. F. Conrad; cashier, W. F. Berger.
The Merchants'-Laclede National Bank was formed by the union of the Merchants' and the Laclede Banks. The Merchants' was es- tablished in 1857, with a capital of $700,000 ; J. A. Brownlee, president ; R. F. Barry, cashier. In 1865 it became a national bank, with William L. Ewing as president, and James E. Yeatman, cashier. The Laclede Bank grew out of the banking house of Bartholow, Lewis & Co., which in 1872 was incorporated as the Laclede Bank, with Thomas J. Bartholow as president, and F. J. Iglehart, cashier. In 1895 these two banks went into voluntary liquidation, and the Mer- chants'-Laclede National Bank was organized by the stockholders of these two banks and continued their business, with a capital of $1,400,000 and deposits of $6.168,473.60. Its present officers are W. HI. Lee, president ; David R. Francis, vice president ; A. L. Shap- leigh, second vice president ; George E. Hoff- man, cashier; R. T. Sturgeon, assistant cashier ; and D. A. Phillips, second assistant cashier. Its public statement in May, 1898, showed capital and surplus, $1,460,000; de- posits, $8,989.329.
In the year 1882 the capital and surplus of the twenty-four banks then in St. Louis amounted to $13,492,964, and the deposits to $41,729,011. In 1890 the figures were: Capital and surplus, $21,637,401 ; deposits, $60,795,305. In . 1898 the figures were : Capital and surplus, $23,398,482; deposits, $92,683,370-the increase in capital and sur- plus in this period of sixteen years having been $9,905,518, or 76 per cent, and in the deposits, $50,963,359, or more than double.
The State National Bank of St. Louis, the new bank constituted in January, 1899, by the consolidation of the State Bank of St. Louis and the Commercial Bank of St. Louis, was formally announced and opened January 30, 1899, at the banking house before that oc- cupied by the State Bank of St. Louis, Se- curity Building, corner of Fourth and Locust.
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BANKS AND BANKING IN ST. LOUIS.
Its capital was $2,000,000, and surplus $400,- 000, and its first officers were: President, Charles Parsons: first vice president, Wm. Nichols ; second vice president, John H. Mc- Cluney ; cashier, Logan Tompkins; assistant cashier, A. I'. Coombe; second assistant cashier, Chas. S. Conc.
The official statement of the twenty-one banks in St. Louis on the 5th of May, 1898. showed the following aggregates: Loans and discounts, $71,834,596; bonds, stocks and premiums, $9,402,500 ; real estate and fixtures, $2,356,242 ; cash and exchange, $34, 105,680; total resources, $117,690,020. Capital, $14,- 650,000 ; surplus and profits, $8.748,482; cir- culation, 1,617,167; deposits, $02,683,370; total liabilities, $1 17.699,020.
The statement of the four trust companies for December, 1897, showed in the aggregate : Loans, $15,254,884; bonds and stocks, $2,- 455,046; real estate and fixtures, $718,715: cash due from banks, $3.946,119: total re- sources, $22,374,766. Capital, $6,600,000 ; surplus, $1.720,017; deposits, $14.054,749: total liabilities, $22,374.766.
In 1873 the clearings amounted to $551 .- 951,451; in 1880, to $711,459.489 ; in 1890, to $1, 118,573,210 : and in 1807, to $1 . 366.703.956.
The trust companies were not received with favor by the banks when they first appeared. because they were regarded as encroaching upon a domain belonging exclusively to them and seeking to share the privileges of banks without being subject to their restrictions and obligations. They receive deposits and invite them by paying interest thereon ; and they loan money and, in some cases, buy and sell bills of exchange-these dealings belonging to the regular functions of banks ; and it was held that they ought to make statements of their condition and be subject to the same discipline as the regular banks. But, although the op- position to the trust companies has not en- tirely disappeared, it is greatly modified by an increasing community of interest and ownership between the two classes of institu- tions, and by the recognized fact that, while the trust companies do perform certain bank functions, they also perform certain services for the public which the banks do not and can not perform. They administer trusts for estates, protect the interests of minors and in- capable persons, and act as receivers in liti- gation and as trustees in mortgages. For these reasons they have secured a large
measure of public confidence and support, and may now be regarded as firmly established in St. Louis. The business done by them is large and profitable, and the statement of their condition in December, 1897, shows that they enjoy the public favor in no small degree. (See also "Trust Companies.")
The St. Louis Trust Company was organ- ized October 18, 1889, with Thomas H. West as president : John T. Davis, first vice presi- dent : John A. Scudder, second vice president ; and A. C. Stewart as secretary and counsel. On the ist of July, 1898, it had a fully paid- up capital of $2,500,000, surplus $500,000, and undivided profits of $50,136; its officers at that date being Thomas H. West, president ; Henry C. Haarstick, first vice president ; John A. Seudder, second vice president ; John D. Filley, secretary ; Allen T. West, assistant sec- retary; A. C. Stewart, counsel ; and Isaac H. Orr, trust officer.
The Union Trust Company of St. Louis was incorporated June 16, 1890, with an au- thorized capital of $500,000, one-half paid up. Its first officers were George W. Parker, president : Carlos S. Greeley, first vice presi- dent: F. W. Biebinger, second vice president ; Julius S. Walsh, third vice president : Cor- nelius Tompkins, secretary. Its officers in 1808 were George A. Madill, president ; William Taussig, vice president ; Robert S. Brookings, second vice president : Benjamin B. Graham, third vice president : Irwin Z. Smith, secretary; N. A. McMillan, treasurer. Its public statement, October 1, 1808, showed capital, $1,000,000 ; surplus. $400,000 ; de- posits, $3.747,201.
The Mississippi Valley Trust Company was organized October 3, 1890, with an authorized capital of $3,000,000 ; president, Julius S. Walsh : first vice president, John D. Perry ; second vice president, John Scullin ; secretary, Breckinridge Jones. In 1898 the officers were Julius S. Walsh, president ; Breckinridge Jones, first vice president : Sammel E. Hoff- man, second vice president ; DeLacy Chand- ler, secretary ; James E. Brock, assistant sec- retary; Frederick Vierling, trust officer ; and Nathaniel W. Ewing, superintendent of safe deposit vaults. Its public statement, June 30, 1898, showed capital, $2,600,000; surplus, $500,000; undivided profits, $305.097: de- posits, $6,469,182.
The Lincoln Trust Company of St. Louis was organized April 15. 1894, with a capital
133
BAPTIST DEPOSITORY-BAPTIST ORPHANS' HOME.
of $500,000 ; J. B. Case, president : George F. Durant, vice president ; A. A. B. Woerheide, secretary and treasurer ; and W. E. Fisse, counsel. Its published statement, June 30. 1898, showed capital. $500,000; surplus and undivided profits, $65.282; and deposits, $720,010.
WILLIAM H. THOMSON.
Baptist Depository. - An institution founded in St. Louis by the American Baptist Publication Society, which came into exist- ence February 21. 1824, at Washington, D. C. This publication society established branch houses in New York and St. Louis in 1868, for the purpose of promoting religious work by means of the Bible, the printing press, colpor- tage and Sunday school. Ten central deposi- tories and thirty-eight auxiliary societies were located and established at different points in the United States. A vast quantity of reli- gions literature has been distributed through- out the West and Southwest through the St. Louis depository. It was located, in 1898, at 316 N. Eighth Street, and was under the man- agement of M. P. Moody.
Baptist Female College .- This insti- tution was founded in 1853 at Lexington, and was then known as the Lexington Female Seminary. At the time of its founding it was an undenominational school. Two years later it was incorporated under the present name and has ever since been under the control of the Baptist Church. Dr. E. S. Dulin, who was the acting president of the William Jewell Col- lege, at Liberty, Missouri, had charge of the school up to the beginning of the war. Dur- ing the period of his management the location of the town of Lexington was shifted from its early position to the present commanding site. The Baptist Female College then occupied the courthouse building in the old portion of the town. During the civil strife the building was .occupied by the Federal troops, who afterward destroyed it. The government subsequently allowed the college management several thou- sand dollars for rental and damages, and in 1867 the school was reopened at its present lo- cation. President Dulin was succeeded by Rev. Selph, who, in 1872, was succeeded by Professor A. F. Fleet, later chairman of the faculty of the Missouri State University, and now in charge of the Culver Military Institute at Culver, Indiana. Professor J. F. Lanneau was the next president of the college, serving
eight years. In 1887 Rev. Flournoy Menefee, now president of the Washington Ladies' Col- lege at Washington, D. C., became the active head of the institution and served until 1890, when he was succeeded by Professor R. E. Binford, who held the position one year. Hle gave way to Rev. W. A. Wilson, D. D., who is now president of the Baylor Female College at Belton, Texas. In 1896 Professor W. II. Buck became president of the college and served until 1808, when Professor James A. Beauchamp, who had served as vice president for six years, was elected to the presidency. His term expired in June, 1900. Although it is classed as a sectarian institution, the Baptist Female College is not circumscribed by creed or precept and is supported by people of many denominations. It is a school of high stand- ing and dignified reputation. Professor Ru- dolph Richter is vice president and musical director, and has done much to make the school the popular institution it now is. The school is now conducted under the direction of Messrs. Cook and White, of Clinton, Ken- tucky.
Baptist Orphans' Home .- This or- phanage, located in St. Louis, was incorpo- rated June 10, 1884. Two years later it opened its doors in a small rented house on Morgan Street, for the purpose of caring for babies exclusively, this being at that time the only Protestant home in the city taking in- fants. One year later the present property at 1906 Lafayette Avenue was purchased. The building has been remodeled and enlarged, and has accommodation for seventy-five children. The age has been extended to seven years for boys and twelve years for girls. Orphans, half-orphans and abandoned children of Protestant parentage are received. Children given to the home are placed by it through legal adoption in Christian families. No chiklren are put out to domestic service. For those who are temporarily placed in the home such small compensation is received as the parent or friend is able to pay, and in cases of extreme poverty they are supported by the home. There are at present (1899) sixty in- mates, thirty-five of whom attend the school in the building, which is under the charge of an able, salaried teacher. A separate infirmary will soon be erected on the grounds. The home is under the control of a board of man- agers, consisting of thirty-eight ladies repre-
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BAPTISTS.
senting the different Baptist Churches of the city. The officers, who are elected by the board, were, in 1898, as follows: President, Mrs. A. II. Eilers ; vice presidents, Mrs. Ma- rion Peckham, Mrs. D. R. Bates, Mrs. C. A. Carpenter, Mrs. S. V. Monks, Mrs. A. M. Averill, Mrs. H. E. Roach ; recording secre- tary, Mrs. C. M. Shirley; corresponding sec- retary, Mrs. W. B. Harrison; treasurer, Mrs. J. B. Thompson. Children are received from any part of the State, and the State Baptist Association has made some contribution to the support of the home. The property is worth $30,000, and is entirely free from debt. The present endowment is $9,000, and a com- mittee of five gentlemen appointed by the board will undertake during the coming year to raise this endowment to $20,000. The number of infants necessitates an unusual amount of help, and the estimated cost of car- ing for a child is $85. A memorial endow- ment fund was started by a little girl giving, on her death-bed, $2.50-all she had-to the home. A memorial bed, with its furnishings, is placed at the instance of any contributor of $15 for this purpose. Five dollars annually will keep the bed up, or $100 will endow it permanently. The home in its incipiency owed much to the zeal of the late Mrs. Wil- liam M. Page and Mrs. Joseph B. Thompson, through whose efforts the first meeting was held. Dr. W. W. Boyd lent his energies to its active establishment ; Mrs. D. B. Gale con- tributed $1,000, and Mrs. Harriet Pratt Char- piot bequeathed $5,000, and many others have ably seconded the earnest labors of the board of managers. During the thirteen years of its history the home has cared for 1,321 children, and 122 have been adopted into good homes.
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