Mercantile National Bank, Saint Louis, MO (Charter 9297)
Mercantile National Bank, Saint Louis, MO (Chartered 1908 - Liquidated 1918)
Town History
The founding of St. Louis was preceded by a trading business between Gilbert Antoine de St. Maxent and Pierre Laclède Liguest in the fall of 1763. St. Maxent invested in a Mississippi River expedition led by Laclède, who searched for a location to base the company's fur trading operations. Though Ste. Genevieve was already established as a trading center, he sought a place less prone to flooding. He found an elevated area overlooking the flood plain of the Mississippi River, not far south from its confluence with the Missouri and Illinois rivers. In addition to having an advantageous natural drainage system, there were nearby forested areas to supply timber and grasslands which could easily be converted for agricultural purposes. This place, declared Laclède, “might become, hereafter, one of the finest cities in America.” He dispatched his 14-year-old stepson, Auguste Chouteau, to the site, with the support of 30 settlers in February 1764. Laclède arrived at the future town site two months later and produced a plan for St. Louis based on the New Orleans street plan. The default block size was 240 by 300 feet, with just three long avenues running parallel to the west bank of the Mississippi. He established a public corridor of 300 feet fronting the river, but later this area was released for private development.
St. Louis was transferred to the French First Republic in 1800 (although all of the colonial lands continued to be administered by Spanish officials), then sold by the French to the U.S. in 1803 as part of the Louisiana Purchase. St. Louis became the capital of, and gateway to, the new territory. Shortly after the official transfer of authority was made, the Lewis and Clark Expedition was commissioned by President Thomas Jefferson. The expedition departed from St. Louis in May 1804 along the Missouri River to explore the vast territory.
St. Louis became a major port on the Mississippi River and from 1870 until the 1920 census, it was the fourth-largest city in the country. It separated from St. Louis County in 1877, becoming an independent city and limiting its political boundaries. In 1904, it hosted the Louisiana Purchase Exposition and the Summer Olympics.
Saint Louis had 42 National Banks chartered during the Bank Note Era, and 37 of those banks issued National Bank Notes.
Bank History
- Organized December 22, 1908
- Chartered December 24, 1908
- Opened for business Jan 14, 1909
- Liquidated February 5, 1918
- Absorbed by Mercantile Trust Company of Saint Louis, MO
The Mercantile Trust Company of Saint Louis was established on November 16, 1899. From year to year it grew until ten years later it amassed a surplus and profits of $6,576,242.07 as reported on November 16th, 1909. The dividends paid since the company's organization were an impressive $4,415,625. The Mercantile Trust began business on the street floor of the Columbia Building at the southeast corner of Eighth and Locust Streets, directly across the street from two large building now required by the trust company and the recently organized Mercantile National Bank. The office of the Anderson-Wade Realty Company occupied the first floor of the Columbia building and early in November the first bank fixtures were placed in the front of the office suite and the real estate men moved to the rear. The trust company took over the Anderson-Wade Co. and its real estate department. Then came the sign "Mercantile Trust Company" which went up over the front door. It began with just one clerk in the banking department who acted as paying, receiving, note and discount teller. The company in 1909 employed over 200 people. The first day's deposits were $17,051.19 from 30 depositors and President Festus J. Wade considered it an auspicious beginning.
On May 19, 1904, the business of the former American Central Trust Company would be conducted at the Mercantile Trust Company's building on the corner of Locust and Eighth Streets. The Mercantile Trust Co. had acquired control of the American Central Trust Co. and Mr. Edward Buder, the secretary and treasurer, Louis E. Dehlendor, teller, Ross P. Cuddy, bookkeeper and other employees were transferred to the Mercantile. The directors of the American Central Trust Co. were B. Schnurmacher, Leo S. Rassieur, S.H. Kleinschmidt, G.A. Buder, Wm. H. Lange, August W. Hager, Edward Buder, Shepard Barclay, Wm. S. Simpson, F.P. Hunkins, Joseph Wachtel, Morris Glaser, Henry W. Gehner, John A. Nies, and H.F. Powitzky.[1]
On Monday September 23, 1907, the stock of the Missouri-Lincoln Trust Company was removed from the trading list of the St. Louis Stock Exchange. The directors of the Mercantile Trust Co. voted to assume the assets of the Missouri-Lincoln Trust Co. as security to protect its depositors. The Mercantile Trust did not buy stock of the Missouri-Lincoln, nor did it acquire any interest in it. Stockholders in the Missouri-Lincoln would receive whatever was left after the depositors had been fully paid. The par value of Missouri-Lincoln stock was $3,000,000 and the deposits amounted to $7,000,000. To cover these deposits when the deal was made there was the Missouri Trust Building valued at $1,500,000 and securities and cash valued at $9,006,000. The capital stock was $3,000,000 and surplus was $1,000,000. Under the terms of the deal, the Mercantile Trust Co. accepted the assets of the Missouri-Lincoln at their face value, holding them in trust for the Missouri-Lincoln depositors. In addition, it paid $350,000 for the good will of the Missouri-Lincoln Trust Co., including both its banking and savings deposit business. Secretary of State Swanger said that the magnitude of the interests involved had caused him to take a personal interest in the transaction. For several weeks rumors had circulated that rival trust companies were attempting to absorb the Missouri-Lincoln.[2]
Through the activities of the real estate department, many of the largest buildings in Saint Louis had been erected. Among these were the Jefferson Hotel, Planters' Hotel, Grand-Leader Building, Rialto Building, Hargadine-McKittrick Building, and scores of other structures in the downtown district. The company buys and sells real estate strictly on a commission basis and owned no real estate except for the office buildings at Eight and Locust Streets.
The trust department was under the management of Virgil M. Harris, a leading member of the Saint Louis Bar. The bond department was instituted in January 1903 for buying and selling bonds in addition to supervision of the company's own bond investments. From a one-man department, the bond department grew to a manager, Mr. J. Hugh Powers, and 12 assistants.
The foreign exchange department was one of the results of the World's Fair, commemorating the Centennial of the Louisiana Purchase. Prior to the opening of this great event, in anticipation of a large increase in foreign exchange business, this was established as a special department and placed under Mr. George Schuchker who had previously been manager of the foreign exchange department of the National Bank of Commerce in New York City. In order to create a satisfactory service for travelers' letters of credit, it was necessary to increase the connections with banks and banking houses in all parts of the world to a number exceeding 3,000. The Mercantile then began issuing its own travelers' checks which in the U.S. alone were handled by more than 550 banks and bankers.
The Mercantile was one of the first trust companies to establish a women's department in 1902. Miss Julia Kennett, manager of this department, was a woman familiar with every detail of the banking business. She was the wife of Congressman R. Graham Frost.
In 1909, the officers of the Mercantile Trust Co. were Festus J. Wade, president; Paul Brown, Geo. W. Wilson, Wm. Maffitt, W.F. Carter, vice presidents; Edward Buder, treasurer; John H. Kruse and J.M. Murphy, assistant treasurers; J. Hugh Powers, assistant treasurer and manager of the bond department; C.H. McMillan, secretary; J.B. Moberly, M.K. Salmon, assistant secretaries; James W. Bell, manager, savings department; Jacob Klein, counsel; Virgil M. Harris, trust officer; George B. Cummings, assistant trust officer; George Schuchker, manager, foreign exchange department; Amedee V. Reyburn, manager, safe deposit department and W.J. Duggan, auditors. The directors of the Mercantile were L.E. Anderson, James W. Bell, Paul Brown, James G. Butler, James Campbell, W.F. Carter, E.G. Cowdery, L.D. Dozier, David Eiseman, Henry Griesedieck, Jr., R.C. Kerens, W.J. Kinsella, C.H. McMillan, William Maffitt, George D. Markham, J.B. Moberly, Frank A. Ruf, Harry Scullin, John S. Sullivan, Festus J. Wade, J.S. Walker, and George W. Wilson.
The Mercantile National Bank was organized January 14, 1909. At less than a year old it had capital of $1,500,000, surplus and undivided profits $583,956.33. Its total resources as of November 16, 1909 were $8,541,135.17 and deposits on that date were $4,867,178.74. The officers were Festus J. Wade, president; Paul Brown, George W. Wilson, William Maffitt, W.F. Carter, vice presidents; Edward Buder, cashier; John H. Kruse, J.M. Murphy, and J. Hugh Powers, assistant cashers; and W.J. Duggan, auditor. The directors were practically the same as those of the trust company.[3]
In January 1917, the direcotrs were Lorenzo E. Anderson, James W. Bell, paul brown, Edward Buder, D.R. Calhoun, W.F. Carter, D.G. Cook, W.J. Kinsella, Louis F. Kupferle, W.C. McBride, Walter McKittrick, C.H. McMillan, William Maffitt, George D. Markham, J. Hugh Powers, Frank A. Ruf, John Scullin, Harry Scullin, E.W. Stix, Festus J. Wade, W.C. Waggoner, and George W. Wilson.[4] On Monday, January 22, Festus J. Wade was re-elected president of the Mercantile Natonal Bank. Paul Brown, George W. Wilson, and William Maffitt were re-elected vice presidents. Edward Buder was elected a vice president to succeed W.F. Carter who would remain with the Mercantile Trust Company. W.C. Waggoner was elected cashier while Irving L. Jones and G.R. Alexander were re-elected assistant cashiers. R.K. Kauffmann was selected to take charge of the real estate department for the Mercantile Trust Co.[5]
On Wednesday, February 6, 1918, the assets and business of the Mercantile National Bank were absorbed by the Mercantile Trust Company. The reasons which existed for the organization of the national bank had been removed by Congress, and by reason of its membership in the Federal Reserve System, the Mercantile Trust Company was able to afford all the same advantages to its customers and depositors.[6] The resources of the Mercantile Trust Company reported at the close of 1917 were $44,840,733.99, while the Mercantile National had $10,849.973.32. The national bank reported capital $1,500,000, surplus $500,000, undivided profits $20,497.51, circulation $895,000 and deposits $6,524,322.72.The St. Louis Star and Times, St. Louis, MO, Wed., Jan. 9, 1918.
Official Bank Title
1: The Mercantile National Bank of St. Louis, MO
Bank Note Types Issued
A total of $6,103,800 in National Bank Notes was issued by this bank between 1908 and 1918. This consisted of a total of 569,392 notes (569,392 large size and No small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1902 Date Back 4x5 1 - 70830 1902 Date Back 3x10-20 1 - 59668 1902 Date Back 50-100 1 - 3000 1902 Date Back 3x50-100 1 - 4160 1902 Plain Back 4x5 70831 - 74020 1902 Plain Back 3x10-20 59669 - 62668
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1908 - 1918):
Presidents:
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
- Mercantile National Bank, Saint Louis, MO History (NB Lookup)
- The Mercantile National Bank of St. Louis (SPMC PM#180)
- Missouri Bank Note History (BNH Wiki)
Sources
- Saint Louis, MO, on Wikipedia
- Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
- Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
- Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
- ↑ The St. Louis Republic, St. Louis, MO, Thu., May 19, 1904.
- ↑ St. Louis Post-Dispatch, St. Louis, MO, Mon., Sep. 23, 1907.
- ↑ The Bankers' Magazine, Vol. 79, July 1909-Dec. 1909, pp 459-963-972.
- ↑ St. Louis Star and Times, St. Louis, MO, Wed., Jan. 17, 1917.
- ↑ St. Louis Globe-Democrat, St. Louis, MO, Tue., Jan. 23, 1917.
- ↑ St. Louis Post-Dispatch, St. Louis, MO, Wed., Feb. 6, 1918.