Merchants National Bank, Saint Louis, MO (Charter 1501)

Needed: a contemporary postcard or photo of the bank.

Merchants National Bank, Saint Louis, MO (Chartered 1865 - Liquidated 1895)

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

Merchants Bank of St. Louis, Haxby MO-25, Obsolete $10 bank note Payable in Oseola, dated Oct. 1, 1839. Vignette at right depicts a wharf scene, slaves moving a large barrel, with a mule team and a river boat in background. A woman is shown at lower left. Courtesy of Heritage Auctions, www.ha.com

Organized July 6, 1865
Chartered August 2, 1865
Succeeded Merchants Bank
Liquidated July 1, 1895
Succeeded by 5002 (Merchants-Laclede NB, Saint Louis, MO)

On June 14, 1867, Robert Campbell, Esq., having resigned his position as president and director of the Merchants National Bank, Wm. L. Ewing, Esq., was elected president, Geo. L. Stansberry, vice president and Thos. Rankin, directors. Jas. E. Yeatman was cashier.

The year 1889 was the most prosperous ever for bankers in St. Louis with lower rates of discounts and largely increased capital and increased clearing. Over the past decade capital in the city increased $5,000,000 which accompanied increased deposits. The following is a table of leading banks at the start of 1890.


Bank	Capital	President	Vice President	Cashier	Assistant Cashier
National Bank of Commerce	3,000,000	W.H. Thompson	Nathan Cole	J.C. Van Blarcom	John E. Thomson
Continental National Bank	2,000,000	George A. Baker	Hugh A. Crawford	Chas. W. Bullen	N/A
Third National Bank	1,000,000	George T. Cram	N.O. Nelson	T.A. Stoddart	J.B. Sharpe
Laclede Bank	500,000	S.E. Hoffman	John D. Perry	James B. True	N/A
Fourth National Bank	1,000,000	John C.H.D. Block	Louis J. Holthaus	F.W. Blebinger	G.A.W. August
Mechanics' Bank	500,000	D.K. Ferguson	D.R. Garrison	R.R. Hutchinson	N/A
Merchants National Bank	700,000	Jas. E. Yeatman	Wm. H. Lee	W.G. Allis	David Rankin
German Savings Institution	250,000	F.W. Meister	John Wahl	Richard Hospes	H. Hunicke
American Exchange Bank	200,000	Peter Nicholson	Orson Hewit	Walker Hill	N/A
Millanphy Savings Bank	100,000	John H. Rottmann	G.H. Elbrecht	L.G. Kammerer	N/A
International Bank of St. Louis	100,000	August W. Straub	J. Sibley White	A. Hertnel	N/A

In January 1891, Mr. W.H. Lee, president of the Midland Blast Furnance Co., was elected president of the Merchants National Bank. During the past year, Mr. Lee had managed much of the business of the bank and a large increase in the business evidenced his excellent management.

Official Bank Title(s)

1: The Merchants National Bank of Saint Louis, MO

Bank Note Types Issued

Original Series $5 bank note with pen signatures of James E. Yeatman, Cashier and William S. Ewing, President. Courtesy of Heritage Auctions, www.ha.com

Series of 1875 $10 bank note with pen signatures of James C. Moore, Cashier and James E. Yeatman, President. Courtesy of Heritage Auctions, www.ha.com

A total of $505,900 in National Bank Notes was issued by this bank between 1865 and 1895. This consisted of a total of 69,632 notes (69,632 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
Original Series	4x5	1 - 10650
Original Series	3x10-20	1 - 2360
Series 1875	4x5	1 - 1500
Series 1875	3x10-20	1 - 876
1882 Brown Back	3x10-20	1 - 2022

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1895):

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
Daily Missouri Republican, St. Louis, MO, Sun., June 16, 1867.
Crawford Mirror, Steelville, MO, Thu., Jan. 15, 1891.