Continental National Bank, Saint Louis, MO (Charter 4048)

A 1902 Statement of the Condition of the Continental National Bank

Continental National Bank, Saint Louis, MO (Chartered 1889 - Liquidated 1902)

Town History

Needed: a contemporary postcard or photo of the bank.

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

Organized May 29, 1889
Chartered May 31, 1889
Succeeded Continental Bank
Liquidated July 31, 1902
Absorbed by 4178 (NB of Commerce/Mercantile-Commerce NB, Saint Louis, MO)

On February 6, 1902, the directors of the Continental National Bank elected Finis E. Marshall, cashier of the bank and a member of the board to fill the vacancy left by the death of President George A. Baker. The election of a successor was deferred until Tuesday, February 18. On that day, Mr. Marshall was elected president and J.A. Lewis was advanced to cashier and G.N. Hitchcock to assistant cashier. Jos. M. Hayes was vice president and George W. Parker was second vice president. The directors were Geo. W. Parker, Jos. M. Hayes, A.H. Bauer, L.B. Tebbetts, C.H. Spencer, Alexander Douglas, B. Eiseman, Wm. J. Orthwein, F.E. Marshall, M.M. Buck, and H.S. Priest. On February 25, 1902, the bank had capital stock of $1,000,000, surplus and undivided profits of $555,059.18, circulation of $1,000,000 and deposits of $14,720,095.09. Total assets of the bank amounted to $17,275,154.27.

On Friday, May 23, 1902, the report that the agents of the Bank of Commerce were engaged in securing the controlling stock of the Continental National was confirmed by William H. Thompson, president of the National Bank of Commerce. Mr. Thompson made this statement: "No official action has as yet been taken with regard to the consolidation of the Bank of Commerce with the Continental." "I am not acquainted with the details," said Finis E. Marshall, president of the Continental National Bank, to the Post-Dispatch, "as the reported consolidation was not brought about by any negotiation between the officers of the two banks.' In other words, it was purely a stock transaction, the shares of the Continental being bought up by Bank of Commerce interests, on the. St. Louis Stock Exchange. George W. Parker, second vice president of the Continental National, said: "The matter of the transfer of the majority of the stock has not been brought officially to the directors of the Continental. We cannot prevent the stockholders from turning over their stock to the agents of the Bank of Commerce. "However, when the stockholders who have sold out ask for a ratification of their acts by the directors, I am sure that it will be granted readily." Continental stock was quoted on the exchange Thursday at $293, while Commerce sold as high as $500. Two weeks ago the latter stock could be purchased for $348. The last dividend was declared in April, being 2% quarterly. On that date the resources of the Bank of Commerce were stated to be $48,180,582.98. The capital stock of the Continental bank was $1 million while that of the Bank of Commerce was $5 million. They were recognized as two of the strongest financial institutions in the country, and with the consolidation effected would make their combined capital the largest, with one exception, of any bank west of the Alleghenies. It was generally conceded that Mr. Thompson would head the consolidated institution, while Mr. Van Blarcom would also retain his rank of vice president.

This letter appeared in the Financial section of the St. Louis Globe-Democrat:  At the close of business on May 19, 1902, the business of the Continental National Bank of St. Louis will be transferred to the National Bank of Commerce, who have purchased from the stockholders the entire capital stock of the Continental National Bank. This sale meets with the approval and consent of the officers and directors of our bank and it is with pleasure that we recommend and request that you, as our customers in the past, transfer and continue your account in the future with the National Bank of Commerce. The active officers of our Bank will be connected in an official capacity with the National Bank of Commerce, and most of our directors will also be elected Directors of the National Bank of Commerce, so that you will not be dealing with strangers, but receive the same due consideration and courtesies from the same people that you have while customers of the old Continental. Thanking you for your patronage and the confidence you have had in our Bank, and hoping to see you often in the future, we are with much respect, very truly yours, E. MARSHALL, President. J.A. LEWIS, Cashier.  By unanimous order of the Board of Directors.  Referring to the above, you are requested, until the completion of the new Bank of Commerce building, to transact your business at our present banking rooms.

Official Bank Title(s)

1: The Continental National Bank of St. Louis, MO

Bank Note Types Issued

1882 Brown Back $5 bank note with printed signatures of F.E. Marshall, Cashier and G.A. Baker, President. Courtesy of Heritage Auctions, www.ha.com

1882 Brown Back $50 bank note with printed signatures of F.E. Marshall, Cashier and G.A. Baker, President. Courtesy of Heritage Auctions, www.ha.com

A total of $1,490,250 in National Bank Notes was issued by this bank between 1889 and 1902. This consisted of a total of 118,990 notes (118,990 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
1882 Brown Back	4x5	1 - 26550
1882 Brown Back	50-100	1 - 6395

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1889 - 1902):

Presidents:

Cashiers:

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
St. Louis Globe-Democrat, St. Louis, MO, Fri., Feb. 7, 1902.
St. Louis Post-Dispatch, St. Louis, MO, Sun., Mar. 2, 1902.
St. Louis Post-Dispatch, St. Louis, MO, Fri., May 23, 1902.
St. Louis Globe-Democrat, St. Louis, MO, Fri., May 30, 1902.