American Exchange NB, Saint Louis, MO (Charter 7570)

Needed: a contemporary postcard or photo of the bank.

American Exchange NB, Saint Louis, MO (Chartered 1905 - Liquidated 1905)

Town History

St. Louis is the second-largest city in Missouri. It sits near the confluence of the Mississippi and the Missouri Rivers. In 2020, the city proper had a population of 301,578, while the bi-state metropolitan area, which extends into Illinois, had an estimated population of over 2.8 million, making it the largest metropolitan area in Missouri and the second-largest in Illinois.

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

Advertisement from March 1888 for the American Exchange Bank at 322 Third Street, Saint Louis. The name recently change from the Union Savings Association.

Organized January 11, 1905
Chartered January 21, 1905
Conversion of The American Exchange Bank
Opened for business February 1, 1905
Liquidated May 23, 1905
Succeeded by 7715 (Mechanics-American NB, Saint Louis, MO)

The American Exchange Bank was first chartered under the name of the Union Savings Association. This was done by a special act of the Legislature on February 10, 1864. The bank was located at Third and Olive Streets. The original incorporators were E.O. Stanard, Rene Beauvais, Gustav W. Dreyer, T.B. Edgard, John G. Woerner, James H. Corbitt, Ferdinand Meyer, John Tell, T.M. Ellis, Alexander B. Moreau, and Thomas E. Sonper.

In January 1888, the stockholders of the Union Savings Association determined to make application to change the name of the bank to "The American Exchange Bank." Peter Nicholson was president and the directors were F.G. Niedringhaus, David A. Marks, J.B.M. Kehlor, J.B.C. Lucas, Geo. W. Updike, R.D. Hunter, Alvah Mansur, Peter Nicholson, O. Hewit Hewit, Horace Ghiselin, and Wm. A. McMurray. Walker Hill was cashier. The bank intended to move from its location on Third Street, between Locust and Olive Streets to the quarters occupied by the Laclede Bank on the northeast corner of Third and Olive Streets. The Laclede Bank expected to move into the Laclede Building under construction at the southwest corner of Fourth and Olive Streets about May 1st. The bank changed its name to the American Exchange on January 24, 1888.

In January 1905, the directors were Walker Hill, president; Ephron Catlin, vice president; L.A. Battaile, cashier; F.R. Rice, A.B. Lambert, A.H. Duncan, J.C. B. Lucas, Paul Brown, H.B. Spencer, George A. Meyer, S.M. Kennard, H.F. Langenberg and James Y. Lockard. An application for authority to change to a national bank was submitted to the comptroller of the currency. On this news of the contemplated change, the stock advanced to as high as $350 on it shares quoted at a par value of $100.

On January 21, 1905, the comptroller of the currency issued a certificate authorizing the American Exchange National Bank of Saint Louis to begin business with a capital of $500,000. Officers remained the same with the addition of Emison Chanslor as assistant cashier. The directors were F.R. Rice, A.B. Lambert, A.H. Duncan, J.B.C. Lucas, Paul Brown, H.B. Spencer, Geo. A. Meyer, Sam. M. Kennard, H.F. Langenberg, Jas. Y. Lockwood, Walker Hill, Ephron Catlin, and L.A. Battaile. The bank was located at 207 North Broadway.

In April 1905, rumors of the consolidation of the American Exchange National Bank and the Mechanics National Bank led to a sudden advance in bids for shares of the two institutions. The Mechanics National shares jumped from $278, the normal price, to $293 and some 400 shares were sold between those figures with 110 shares selling at the top price. The American National had capital $500,000 and a surplus of about $650,000. Deposits were reported as $4,282,557.68 and the previous year the bank earned 23% on its capital.

The Mechanics bank was organized in the 1860s. It formerly occupied rooms at Fourth and Pine Streets, but removed to the old Colonial Trust Building in 1904. R.R. Hutchinson was president and it was said he had desired to retire for some time. H.P. Hilliard was vice president and cashier and J.S. Calfee, formerly president of the Missouri Bankers' Association, was assistant cashier. Among the directors were J.T. Drummond, Morris Glaser, James Green, Jos. M. Hayes, Jackson Johnson, J.J. Kinsella, and Henry Nicolaus. Deposits were reported as $5,576,455.63. Its capital stock was $2,000,000 and its surplus $2,250,000.

On April 7, 1905, negotiations were completed for the consolidation and as soon as certain formalities could be completed, the American Exchange National Bank would vacate it quarters and move into the Mechanics National Bank building at the northeast corner of Broadway and Locust Street. The consolidated bank would be known as the Mechanics-American Exchange National Bank with capital of $2 million, surplus of $2.5 million and total deposits of $25 million. Walker Hill, the president of the American Exchange, became president of the new bank and R.R. Hutchinson, president of the Mechanics National, retired from active business, but remained as a director of the combined banks.

Official Bank Title(s)

1: The American Exchange National Bank of St. Louis, MO

Bank Note Types Issued

1902 Red Seal $10 $20 proof approved Feb. 15, 1905. Courtesy of the Smithsonian Institution Archives

A total of $50,000 in National Bank Notes was issued by this bank between 1905 and 1905. This consisted of a total of 4,000 notes (4,000 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 Red Seal	3x10-20	1 - 1000

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1905 - 1905):

Presidents:

Walker Maury Hill Sr., 1905-1905

Cashiers:

Lewis Allen Battaile, 1905-1905

Other Bank Note Signers

There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Wiki Links

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
Neuer Anzeiger des Westens, St. Louis, MO, Fri., Apr. 22, 1864.
St. Louis Post-Dispatch, St. Louis, MO, Wed., Jan. 18, 1888.
St. Louis Post-Dispatch, St. Louis, MO, Sat., Mar. 3, 1888.
St. Louis Post-Dispatch, St. Louis, MO, Sun., Jan. 1, 1905.
Enterprise-Courier, Charleston, MO, Fri., Jan. 27, 1905.
St. Louis Post-Dispatch, St. Louis, MO, Sun., Jan. 1, 1905.
The St. Louis Republic, St. Louis, MO, Wed., Feb. 1, 1905.
St. Louis Globe-Democrat, St. Louis, MO, Sat., Apr. 8, 1905.
The Kansas City Times, Kansas city, MO, Sat., Apr. 8, 1905.