Mechanics National Bank, Saint Louis, MO (Charter 5788)
Mechanics National Bank, Saint Louis, MO (Chartered 1901 - 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
- Organized April 6, 1901
- Chartered April 23, 1901
- Succeeded Mechanics Bank
- Liquidated May 23, 1905
- Succeeded by 7715 (Mechanics-American NB, Saint Louis, MO)
Mechanics Bank
The Mechanics Bank was in operation from 1857 to 1901 when it became the Mechanics National Bank of St. Louis. In the 1860s, the bank was at the southeast corner of Second and Pine Streets. Later it occupied rooms at Fourth and Pine Streets, but removed to the old Colonial Trust Building in 1904.
On January 16, 1855, Joseph Charless was elected president of the Bank of the State of Missouri in a joint session of the two Houses of the Missouri Legislature.
The Mechanics' Bank reported at the close of business on December 31, 1858, total resources of $1,804,042.28 and $798,000 circulation. In January 1859, J.W. Wills was the cashier of the mother bank in St. Louis; Geo. T. Hulse, cashier of the Weston branch; and James Dunn, Jr., cashier of the Warsaw branch.
On June 4, 1859, Joseph Charless, senior partner in the firm of Charless & Blow, president of the Mechanics' Bank, and one of the oldest and most universally esteemed citizens of St. Louis, was shot and mortally wounded by Joseph Thornton, formerly bookkeeper in the Boatmen's Saving Institution. Mr. Thornton was charged with the embezzlement of $19,000 from the Boatmen's Saving Institution three years earlier and Mr. Charless was one of the witnesses against him. The trial resulted in an acquittal, but the evidence in the case which proved insufficient to convict Thornton, was enough to compromise his reputation. Cashier Wills succeeded Mr. Charless as president and Charles Everts became the new cashier.
The Mechanics' Bank reported at the close of business on December 31, 1859, total resources of $2,805,942.87 and $1,386,000 circulation. In January 1860, Chas. Everts was the cashier of the mother bank in St. Louis; Geo. T. Hulse, cashier of the Weston branch; and James Dunn, Jr., cashier of the Warsaw branch and E.C. McCarthy, cashier of the Kansas City branch.
On Tuesday January 9, 1900, stockholders elected the following directors: R.R. Hutchinson, D.K. Ferguson, Morris Glaser, George W. Brown, James T. Drummond, B.B. Graham, James Green, R.M. Hubbard, C.G. Knox, E.H. Linley, Henry Nicolaus, O.G. Schulenburg, and Charles H. Turner.
Mechanics National Bank
On April 23, 1901, the Mechanics' Bank converted into a national banking association with the name The Mechanics National Bank with capital of $1,000,000 and surplus $500,000, located at Fourth and Pine Streets. The following gentlemen composed the directorate: R.R. Hutchinson, president; D.K. Ferguson, vice president; B.B. Graham, president, Graham Paper Co.; R.M. Hubbard, president, Hubbard & Moffit Commission Co.; C.G. Knox, president, Stock Yards Bank, National Stock Yards, Illinois; Henry Nicolaus, manager, Green Tree Brewery; Chas. H. Turner, president, Commonwealth Trust Co.; W.J. Kinsella, president, Hanley & Kinsella Coffee and Spice Co.; James Green, president, The Laclede Fire brick Manuf. Co.; James T. Drummond, President, Drummond Realty & Investment Co.; Morris Glaser, banker and broker; and Chas. O. Austin, cashier. The officers were R.R. Hutchinson, president; D.K. Fergusy and B.B. Graham, vice presidents; Chas. O. Austin, cashier; and Edward Buder, second assistant cashier.
In December 1901, the Colonial Trust Company purchased the imposing and substantial structure known as the American Central building located at the northeast corner of Broadway and Locust Street. It was a massive 8-story stone-front office building occupying 65 feet on Broadway and 105 feet on Locust Street. The negotiations were conducted by Geo. T. Cram, president of the American Central Insurance Co. and Clark H. Sampson, president of the Colonial Trust Co. The American Central building thereafter was known as the Colonial trust building and the trust company launched its business early in 1902 in a home of its own in name as well as title. Mr. L.S. Mitchell, for many years prominently identified with the St. Louis Trust Co. as chief clerk was elected secretary; Mr. Willi Brown, trust officer and manager of the real estate department; Fr. F.W. Child, until recently with Kountze Bros., bankers, New York City, and well-known to the financiers of St. Louis, was appointed treasurer and manager of the bond department. The building was built around 1880 by the Singer Manufacturing Co. which owned and occupied a portion of it for several years.
Pope Sturgeon resigned his position as assistant cashier of the Mechanics National Bank to become assistant treasurer of the Missouri Trust Company, assuming his new duties on Monday, December 15, 1902. Mr. Sturgeon had been continuously in the employ of the Mechanics National for nearly 15 years. He was the son of Isaac M. Sturgeon, formerly Comptroller of St. Louis and had an extensive acquaintance in local business and financial circles. G.A.H. Mills, formerly secretary of the St. Louis Union Trust Company would become assistant cashier of the Mechanics National.[1] Some credit Sturgeon with the discovery of the spitball in the early 1880s. He completely mastered the delivery when he pitched for the Little Nicols, the fastest amateur nine in St. Louis in 1883. He pitched a game against the world’s champion Browns of 1887 and defeated them by a score of 2 to 0. In 1888 he joined a local semi-pro team that made exhibition tours throughout the country during the summer months, and during the entire tour he never lost a game.
On January 15, 1904, after 17 years in business at Fourth and Pine Streets, the Mechanics National would move to the Colonial Trust building at Broadway and Locust Street before Feb. 1. The new quarters gave the bank the use of several modern steel vaults and double the present floor space of 6000 feet. A 10-year lease was obtained calling for $25,000 annually. The restaurant proprietors in the basement were given 10 days' notice to vacate. H.P. Hilliard was added to the list of vice presidents of the Mechanics National Bank. He came to St. Louis from Texas less than two years ago and was now vice president and cashier. The other officers remained the same.
On April 7, 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 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. 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.
Official Bank Title(s)
1: The Mechanics National Bank of Saint Louis, MO
Bank Note Types Issued
A total of $1,951,300 in National Bank Notes was issued by this bank between 1901 and 1905. This consisted of a total of 166,444 notes (166,444 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 - 24575 1882 Brown Back 3x10-20 1 - 14604 1882 Brown Back 50-100 1 - 4864
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1901 - 1905):
Presidents:
Cashiers:
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- Missouri Bank Note History
- General information on Saint Louis (Wikipedia)
- General information on St. Louis County (Wikipedia)
- General information on Missouri (Wikipedia)
Sources
- Saint Louis, MO, 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
- Glasgow Weekly Times, Glasgow, MO, Thu., Jan. 25, 1855.
- Daily Missouri Republican, St. Louis, MO, Sun., Jan. 9, 1859.
- The Weekly West, St. Joseph, MO, Sun. June 12, 1859.
- St. Louis Globe-Democrat, St. Louis, MO, Mon., Jan. 9, 1860.
- St. Louis Globe-Democrat, St. Louis, MO, Wed., Jan. 10, 1900.
- St. Louis Post-Dispatch, St. Louis, MO, Wed., Apr. 24, 1901.
- St. Louis Globe-Democrat, St. Louis, MO, Tue., Dec. 31, 1901.
- St. Louis Globe-Democrat, St. Louis, MO, Sat., Apr. 8, 1905.
- ↑ The St. Louis Republic, St. Louis, MO, Sun., Dec. 14, 1902.