Republic National Bank, Saint Louis, MO (Charter 11973)
Republic National Bank, Saint Louis, MO (Chartered 1921 - Liquidated 1924)
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 May 2, 1921
- Chartered May 14, 1921
- Liquidated September 16, 1924
- Absorbed by American Trust Company of St. Louis
- For additional photos of the bank, see Republic National Bank, from Picture this STL.
The Republic National Bank opened for business on May 17, 1921. Its report as of the close of business, June 30, 1921, showed total resources of $2,798,994.75 against capital and surplus of $1,200,000 less unpaid subscriptions of $216,970, and deposits of $1,815,833.99. No circulation was issued at this time. The officers were: President, W.E. Brown, formerly Chairman, Executive Committee, First National Bank of Tulsa, Oklahoma; Vice President and Cashier, Melvin E. Patterson, chairman of the board, Drovers National Bank [East St. Louis, Ill.]; Vice Presidents, John Francis O'Neil, formerly president, Fulton Iron Works; Charles W. Bainbridge, formerly with Fort Dearborn National Bank of Chicago; John Henderson, Pres., West Virginia Coal Co.; Thomas H. Lovelace, recently President, Whistle Co. of St. Louis, formerly secretary, Mississippi Valley Waterways Association and St. Louis Chamber of Commerce; George W. Hobbs, recently Missouri State Bank Examiner; Assistant Vice President, Harold W. Wall, formerly Vice President, Duncan National Bank, Duncan, Oklahoma; Assistant Cashiers, H.A. Reutner, formerly with Hathaway-Smith-Folds & Co.; A.L. Gundlach, recently with the Franklin Bank; S. Deny D'Alessandro, in charge of Italian Department; Counsel, John M. Atkinson, formerly chairman, Missouri Public Service Commission; Trust Officer, John J. Brennan, Lawyer, formerly with Mercantile Trust Co.; Manager Savings Dept., William Stix Milius, formerly with Rice-Stix Dry Goods Company. The directors were J. Arthur Anderson, Pres., J. Arthur Anderson Laundry Co.; Benjamin Baer, district sales manager, United Cigar Co.; Christian Bernet, Pres., Bernet, Craft & Kauffman Milling Co. and former Pres., Merchants Exchange; Charles P. Bland, Williams & Bland Real Estate Co.; J.T. Bradley, Pres. Bradley Heating Co. and former pres., Vandeventer Trust Co.; Robert W. Brooks, Pres., Brooks Paper Co. and Pres., Tennessee Society of St. Louis; Edwin B. Meissner, vice pres., St. Louis Car Co.; A.A. O'Hallaron, lawyer; Charles Hertenstein, Pres., Typographical Union No. 8 and chairman, Efficiency Board of St. Louis; Granville Hogan, circuit judge; Walter R. Kimzey, pres., First National Bank of Mt. Carmel, Ill.; Herman Kronsbein, Pres. Holstein Commission Co.; A.B. Lewis, vice pres., Geo. D. Barnard Stationery Co. and Secy., St. Louis Leather Specialty Co.; Thomas Mellow, pres., Liberty Foundry Co.; Richard Moore, Mgr., Benj. Moore & Co. (Paint Manufacturers) and former pres., Manufacturers Association of St. Louis; M.C. Rhodes, pres., Rhodes Realty Co.; Walter Scott, Pres. Walter Scott Real Estate Co.; William Sacks, capitalist; Walter V. Wolff, vice pres., J.S. Wolff Clothing Co.; Guy A. Spencer, vice pres., Corporation Service Co.; Gaetano Viviano, vice pres., V. Viviano & Bro. Macaroni Mfg. Co.; Snider B. Ward, Pres., National Horse and Mule Co., National Stock Yards, Ill.; and J.R. Paisley, pres., Standard Life Insurance Co., Decatur, Ill.[1]
In February 1922, J.A. Lewis, vice president of the Irving National Bank of New York City, a native St. Louisan, was elected to succeed Walter Earl Brown as president of the Republic National Bank of St. Louis. He would take charge on March 15th. Brown resigned stating that his personal affairs made it impossible for him to devote as much time to the bank's affairs as the position demanded. Lewis had been in New York for more than three years. He was formerly cashier and vice president of the National Bank of Commerce of St. Louis, having served in that institution for more than twenty years.[2]
On September 15, 1923, George W. Hobbs, vice president at the Republic National Bank, assumed his new duties as vice president and cashier. He succeeded C.W. Bainbridge who resigned to become president of the Second Citizen's Bank of Chicago. Hobbs had been a vice president since the Republic National was organized and was formerly a state bank examiner. E.C. Keys, a former paying teller, was elected assistant cashier of the Republic National.[3]
In June 1924, the Republic National Bank at 718 Locust Street announced it was changing from a national bank to a trust company incorporated under Missouri laws. The move would give the institution greater powers and rights than were possible under the national banking laws, resulting in much better service to depositors and other clients of the trust company. The reorganization was brought about for the purpose of taking over the interests formerly held by William Sacks, St. Louis capitalist, and of his friends who participated in the financing of the national bank. The Standard Life Insurance Co., which recently acquired control of the International Life Insurance Co., was interested financially in the reorganization. Sacks would not comment, referring inquiries to J.A. Lewis, president of the bank, who said that Sacks had not been connected with the bank since January 8th. Lewis said that at that time Sacks' interests had been taken over by twelve directors of the bank. The capital of the Republic National was $1,000,000 with George W. Hobbs, vice president and cashier, and Ralph P. Jacoby, assistant cashier. George T. Priest and his fater, former United States District Judge Henry S. Priest were members of the board of directors. Other directors were Fred A. Banister, Chris Beckemeier, Jr., Christian Bernet, J.T. Bradley, William F. Brinkman, Sr., E.A. Cowdery, John Henderson, Walter R. Kimzey, Thomas Mellow, Richard Moore, J.F. O'Neil, J.R. Paisley, J.R. Van Raalte, Gaetano Viviano, S.B Ward, and Lewis and Hobbs.[4]
On Monday, July 14, 1924, the Republic National Bank closed after the directors decided that the bank should be liquidated at once to prevent further losses. Failure to attract depositors was given by J.A. Lewis, president, as one of the chief reasons for the failure of the bank to make money. The bank would be liquidated through the American Trust Company, Seventh and Locust Streets. As part of the announcement published by the directors, it was stated, "The bank was organized in May 1921 by William Sacks, who through speculation in oil, had arisen from a post office clerk to a millionaire within a phenomenally short time. Sacks it will be recalled is now under federal indictment at Indianapolis on a charge of using the mails to defraud in connection with the operation of the United Home Builders of America." The last financial statement, published March 31, showed resources and liabilities of $4,090,972.68. The liabilities were: Deposits, $1,813,094.18, capital, $1,000,000; undivided profits, $3,385.44; rediscounts and bills payable $682,553.06, circulation $591,340.[5]
In November 1925, the $80,774.88 suit against the American Trust Company and Hon. Frank C. Millspaugh, former state finance commissioner was dismissed by stipulation in the circuit court at the cost of the plaintiff. The attorneys declined to comment on the dismissal or to say whether or not there had been a settlement out of court. The Republic National Bank consented to liquidation in July 1924 when it was unable to obtain sufficient funds to meet the demands of its depositors, charged in its suit that the refusal of the finance commissioner to approve a reorganization plan caused the depositors in the bank to become alarmed and withdraw their deposits and that the trust company acting as liquidation agent charged an excessive commission.[6] The bank wished to organize into a trust company, but this was allegedly denied.[7]
Official Bank Title
1: The Republic National Bank of St. Louis, MO
Bank Note Types Issued
A total of $1,000,000 in National Bank Notes was issued by this bank between 1921 and 1924. This consisted of a total of 200,000 notes (200,000 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 Plain Back 4x5 1 - 50000
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1921 - 1924):
Presidents:
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Saint Louis, MO, on Wikipedia
- Missouri Historical Society
- 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
- Republic National Bank, from Picture this STL, accessed Oct. 17, 2024.
- ↑ St. Louis Globe-Democrat, St. Louis, MO, Wed., July 6, 1921.
- ↑ The St. Louis Star and Times, St. Louis, MO, Thu., Feb. 23, 1922.
- ↑ The St. Louis Star and Times, St. Louis, MO, Thu., Sep. 6, 1923.
- ↑ The St. Louis Star and Times, St. Louis, MO, Thu., June 12, 1924.
- ↑ The St. Louis Star and Times, St. Louis, MO, Mon., July 14, 1924.
- ↑ The St. Louis Star and Times, St. Louis, MO, Tue., Nov. 3, 1925.
- ↑ The Memphis Democrat, Memphis, MO, Thu., July 2, 1925.