Merchants-Laclede NB, Saint Louis, MO (Charter 5002)

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The old Merchants-Laclede National Bank on the Corner of Fourth and Olive Streets, St. Louis, Missouri.  The building is occupied by a Hilton Hotel (as of 2022).
The old Merchants-Laclede National Bank on the Corner of Fourth and Olive Streets, St. Louis, Missouri.  The building is occupied by a Hilton Hotel (as of 2022).  Courtesy of Google Maps
The Merchants-Laclede National Bank, ca 1909.
The Merchants-Laclede National Bank, ca 1909.[1]

Merchants-Laclede NB, Saint Louis, MO (Chartered 1895 - Liquidated 1929)

Town History

Interior of the Merchants-Laclede National Bank, 1913.
Interior of the Merchants-Laclede National Bank, 1913.

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.

The firm of Hatch and Miller designed the Merchants-Laclede Building in 1889. The building is located at 408 Olive Street and is occupied by a Hilton Hotel. The building is of Greek Revival design, with beige granite on the first two floors and soft red sandstone and brick above. Its corner round tower with round glass is an important feature. Inside is white marble. The Newhard-Cook entrance to the building is Egyptian and is probably an addition. The building is listed on the National Register of Historic Places.

Saint Louis had 42 National Banks chartered during the Bank Note Era, and 37 of those banks issued National Bank Notes.

Bank History

A 1929 advertisement for the Mississippi Valley Merchants State Trust Company formed on July 1, 1929 by merger of The Merchants-Laclede National Bank, The State National Bank, and the Mississippi Valley Trust Company.
A 1929 advertisement for the Mississippi Valley Merchants State Trust Company formed on July 1, 1929 by merger of The Merchants-Laclede National Bank, The State National Bank, and the Mississippi Valley Trust Company.

On May 21, 1895, directors of the Laclede National and the Merchants National Banks agreed upon an arrangement to merge the two institutions. Ex-Governor D.R. Francis said “We had to bring matters to an issue more rapidly than we had intended. The all-seeing eye of the press had discovered our plans and the thing had to be settled one way or the other. As it is, you have expedited the consummation of the task several days. The consolidation is in no sense an absorption by either bank.” The paid-up capital of the Merchants National Bank was $700,000, and that of the Laclede National $1,000,000. The new bank would have a capital of $1,400,000 divided about equally between the stockholders of the two existing banks, which would go into liquidation. The Merchants-Laclede National would use the present banking room of the Laclede National. Mr. W.H. Lee would be the president; he was at the head of the Merchants National. Gov. Edwin O. Stanard, who was President of the Laclede, having outside interests of such magnitude as to require his time and attention to an extent that prohibited his active connection with the new institution. Two vice presidents would be selected, one from each of the old banks, and a cashier and assistant cashier, in the same way. The Merchants-Laclede National would start out with $6,500,000 in deposits, with a directorate composed of the entire present directorates of the two banks. Mr. W.H. Lee, President of the new bank said that the consolidation was made in the interest of the stockholders of both banks, the object being to cut down expenses. Both banks, he said, had been very prosperous in the past, and he felt safe in predicting a long and useful career for the new institution. The following were the directors of the retiring concerns, who would now form the Board of Directors of the Merchants-Laclede National:

  • Laclede: Charles Clark, D.R. Francis, E.O. Stanard, James B. True, Julius S. Walsh, G.H. Goddard, Chas. A. Cox, D.W. Caruth, W.H. Lee, L.D. Dozier, and Alfred Clifford.
  • Merchants: Jas. E: Yeatman, Henry C. Scott, Thomas Ranken, Jr., J.J. O'Fallon, Henry T. Simon, Edw. Walsh, Jr., F.A. Drew, A.L. Shapleigh, David Ranken, E.E. Paramore, W.H. Lee, H.W. Eliot, and Otto L. Mersman.

On June 6, the comptroller of the currency authorized the Merchants-Laclede National Bank of St. Louis to begin business with capital of $1,000,000. On June 10, 1895, the Merchants National and the Laclede National quietly passed out of existence and the consolidated concert took charge of the joint business. The Merchants' quarters were closed as soon as the necessary papers and books had been transferred next door. The new officers were Wm. H. Lee, president; D.R. Francis and Jas. E. Yeatman, vice presidents; John Nickerson, cashier; George E. Hoffman, assistant cashier. The new bank did a big business all day long as customers of each old bank dropped in to receive new pass books. Cashier Nickerson when seen in the afternoon seemed quite at home and stated that the consolidation had gone through without the ghost of a hitch.

On April 12, 1897, the National Bank of the Republic decided to go out of business and the directors made an arrangement to liquidate through the Merchants-Laclede National Bank. The bank would transfer its business and good-will to the Merchants-Laclede at once. The liquidation was due to the recent death of Charles W. Bullen, its president. He had been with the bank almost since its organization, and its affairs were so closely identified with him personally that when he died it was said the bank would probably go out of business for want of a guiding spirit. None of the directors cared to assume the responsibility of the presidency as they had other extensive business interests. Mr. C.F. Gauss, father-in-law of Mr. Bullen and vice president was temporarily elected to full Mr. Bullen's place. The National Bank of the Republic stock had climbed on rumor of a change and closed at $108 with $115 asked. The bank had deposits of about $1,350,000 and capital stock of $300,000 having been reduced from $500,000. It had a reserve of 65% and was expected to liquidate at about $120 a share. President William H. Lee said, "our friends of the National Bank of the Republic have decided to transfer their business to us and Mr. Gauss has kindly consented to take a seat in or board."[2]

In January 1898, William H. Graham, assistant cashier, was spending 30 days leave of absence at Eureka Springs, Missouri, to recover his health. Mr. Graham was cashier of the National Bank of the Republic prior to the absorption of that bank by the Merchants-Laclede.[3] In March, Robert T. Sturgeon was appointed to succeed Mr. Graham.[4] On March 26, 1898, William H. Graham died suddenly in Alexian Brothers' Hospital. He started in the banking business in the Continental Bank and rose to be assistant cashier. When Charles W. Bullen reorganized the national Bank of the Republic and became its president, he named Mr. Graham as cashier.[5]

In January 1901, stockholders elected the following directors: Harrison I. Drummond, Henry C. Scott, Charles A. Cox, E.E. Paramore, David Ranken, D.R. Francis, R.B. Dula, F.A. Drew, C.F. Gauss, L.D. Dozier, A.L. Shapleigh, George H. Goddard, John J. O'Fallon, Charles Clark, S.E. Hoffman, J.J. Wertheimer, W.H. Lee, C.R. Scudder, George E. Hoffman.

In January 1905, the officers were W.H. Lee, president; D.R. Francis, vice president; A.L. Shapleigh, 2d vice president; Geo. E. Hoffman, cashier; R.T. Sturgeon and D.A. Phillips, 2d, assistant cashiers. The bank had total resources of $18,047,351.68, capital $1,400,000; surplus and undivided profits $1,018,182.78, circulation of $704,440, and deposits over $14 million.[6]

In February 1910, former Governor David R. Francis made an announcement that he would be a candidate for the Democratic nomination for United States Senator. This made three avowed candidates, Francis, Reed and Sterling P. Bond. Dave Francis as he was familiarly known among his friends, had held the important positions of Mayor of St. Louis, Governor of Missouri and Secretary of the Interior. He was also President of the Louisiana Purchase Exposition of St. Louis, and had held a number of important business positions. He was the President of the Hospital Saturday and Sunday Association, first vice president of the Merchants-Laclede National Bank and a director in the Mississippi Valley Trust Company. He was also a director of the Washington University and a Curator of the State University.

In 1912, the bank boasted capital $1.7 million and surplus and undivided profits $1.8 million. The directors were Joseph R. Barroll, Butler Bros.; J.S. Bemis, treasurer, Bemis Bro. Bag Co.; G.A. von Brecht, president, The Brecht Co.; Chas. A. Cox, president, Cox and Gordon Packing Co.; S.S. De Lano, treasurer, American Car and Foundry Co.; D.R. Francis, Francis, Bros. & Co.; O.L. Garrison, president, Big Muddy Coal & Iron Co.; Elias S. Gatch, president, Granby Mining and Smelting Co.; C.F. Gauss, president, Gauss-Langenberg Hat Co.; Cicil D. Gregg, president, Evens-Howard Fire Brick Co. and president, C.D. Gregg Tea & Coffee Co.; George E. Hoffman, cashier; S.E. Hoffman; E.R. Hoyt, president, Hoyt Metal Co.; W.H. Lee, president; B. McKeen, Gen. Mgr. Vandalia R.R. Co.; C.W. Mansur, secretary, John Deere Plow Co.; John J. O'Fallon; O.H. Peckham, president, National Candy Co.; C.R. Scudder, president, Sam'l Cupples Envelope Co.; A.L. Shapleigh, treasurer, Norwell-Shapleigh Hardware Co.; J.J. Wertheimer, president, Wertheimer-Swarts Shoe Co.; C.W. Whitelaw, pres., Polar Wave Ice & Fuel Co. The officers were W.H. Lee, president, D.R. Francis and A.L. Shapleigh, vice presidents; Geo. E. Hoffman, cashier; E.B. Clare-Avery, J.P. Bergs, D.A. Phillips, and L.K. Wise, assistant cashiers.

In May 1929, stockholders of the Merchants-Laclede National Bank were directed to meet at the bank at Fourth and Olive Streets in order to vote on a plan to consolidate the bank with the Mississippi Valley Trust Company and the State National Bank of St. Louis with the resulting institution to be named Mississippi Valley Merchants State Trust Company with capital stock of $3,000,000. A.L. Shapleigh was president and J.P Bergs, cashier. The directors were Judson S. Bemis, John A. Bush, W. Palmer Clarkson, R.C. Day, A.B. Elias, D.R. Francis, Jr., Elias S. Gatch, Thos. S. Lytle, W.J. Bramman, Benj. McKeen, Dick Oliver, W.J. Polk, and F.D. Seward, representing a majority of the board.

On July 1, 1929, The Mississippi Valley Trust Company, The Merchants-Laclede National Bank and The State National Bank merged to form the Mississippi Valley Merchants State Trust Company with Capital, Surplus and Undivided Profits, $9,600,000 and combined resources of over $80 million. The officers were Edward B. Pryor, Chairman of the Board; A.L. Shapleigh, Chairman of the Executive Committee; J. Sheppard Smith, President; Hord Hardin, Vice President; W.J. Bramman, Vice President; A.O. Wilson, Vice President. Provisions were made in the combined buildings of the Mississippi Valley Trust Company and the Merchants-Laclede National Bank to house the merged institutions. The Mississippi Valley Merchants State Trust Company was located on Fourth Street, Olive to Pine. 

The State National Bank was founded in 1855 and John H. McCluney entered its service in 1857 as a messenger boy, becoming president in 1907.  He served continuously for 56 years until his death in 1914.

Official Bank Title(s)

1: The Merchants-Laclede National Bank of Saint Louis, MO

Bank Note Types Issued

1882 Brown Back $100 bank note with pen signatures of George E. Hoffman, Cashier and W.H. Lee, President.
1882 Brown Back $100 bank note with pen signatures of George E. Hoffman, Cashier and W.H. Lee, President. Courtesy of Heritage Auctions, www.ha.com
1902 Date Back $100 bank note with printed signatures of J.P. Bergs, Cashier and W.H. Lee, President.
1902 Date Back $100 bank note with printed signatures of J.P. Bergs, Cashier and W.H. Lee, President. Courtesy of Heritage Auctions, www.ha.com

A total of $20,281,000 in National Bank Notes was issued by this bank between 1895 and 1929. This consisted of a total of 1,792,626 notes (1,792,626 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 - 39000
1882 Brown Back 3x10-20 1 - 100500
1882 Brown Back 50-100 1 - 833
1882 Date Back 4x5 1 - 91665
1882 Date Back 3x10-20 1 - 63334
1882 Date Back 3x50-100 1 - 2000
1882 Date Back 3x50-100 3001 - 3393
1902 Date Back 3x10-20 1 - 10000
1902 Date Back 3x50-100 1 - 5800
1902 Plain Back 3x10-20 10001 - 144796
1902 Plain Back 3x50-100 5801 - 6052

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1895 - 1929):

Presidents:

Cashiers:

Other Bank Note Signers

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
  • The Bankers' Magazine, Vol. 86, Jan. 1913-June 1913, p. 118.
  • St. Louis Globe-Democrat, St. Louis, MO, Wed., May 22, 1895.
  • The Springfield Democrat, Springfield, MO, Fri., June 7, 1895.
  • St. Louis Globe-Democrat, St. Louis, MO, Tue., June 11, 1895.
  • The St. Louis Republic, St. Louis, MO, Wed., Jan. 9, 1901.
  • The Bloomfield Vindicator, Bloomfield, MO, Fri., Feb. 11, 1910.
  • The Bankers' Magazine, Vol. 85, July 1912-Dec. 1912, p. 105.
  • St. Louis Globe-Democrat, St. Louis, MO, Fri., Jan. 2, 1914.
  • St. Louis Globe-Democrat, St. Louis, MO, Fri., May 10, 1929.
  • The St. Louis Star and Times, St. Louis, MO, Mon. July 1, 1929.
  1. ↑ The Bankers' Magazine, Vol. 79, July 1909-Dec. 1909, p. 183.
  2. ↑ St. Louis Globe-Democrat, St. Louis, MO, Tue., Apr. 13, 1897.
  3. ↑ St. Louis Post-Dispatch, St. Louis, MO, Wed., Jan. 26, 1898.
  4. ↑ St. Louis Post-Dispatch, St. Louis, MO, Fri., Mar. 11, 1898.
  5. ↑ St. Louis Post-Dispatch, St. Louis, MO, Sat., Mar. 26, 1898.
  6. ↑ St. Louis Globe-Democrat, St. Louis, MO, Mon., Jan. 16, 1905.
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