10669. Central Savings Bank (St Joseph, MO)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
June 4, 1894
Location
St Joseph, Missouri (39.769, -94.847)

Metadata

Model
gpt-5-mini
Short Digest
b8985438

Response Measures

Partial suspension

Other: Bank used 30-day notice rule to limit withdrawals to $50 (partial suspension). Clearinghouse offered aid and a wagon reportedly delivered currency but was refused by bank.

Description

Multiple contemporary press reports (June 4–6, 1894) describe a depositor run on Central Savings Bank triggered by the failure/assignment of major local grocery house Steele & Walker (large stockholders). The bank enforced the 30-day rule (paid only $50) and the run stopped the same day; there is no indication the bank suspended payments permanently or entered receivership.

Events (1)
1. June 4, 1894 Run
Cause
Bank Specific Adverse Info
Cause Details
Run was triggered by the assignment/failure of Steele & Walker, who were large stockholders in the bank; loss of confidence after related firm's failure.
Measures
Enforced thirty-day rule; limited withdrawals to $50; bank remained open and paid depositors as possible.
Newspaper Excerpt
A run began on the First National and Central Savings Bank ... At the savings bank the depositors were allowed to draw but $50, the thirty-day rule being enforced.
Source
newspapers

Newspaper Articles (10)
1. June 4, 1894 The Evening World New York, NY
Article from The Evening World, June 4, 1894

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Article Text

$725,000 FAILURE IN ST. JOE. Steele & Walker, Big Grocers, Make an Assignment. Runs on Two Banks in Which the Firm Held Stocks. (By Associated Press.) ST. JOSEPH, June 4.-At 4 A. M. today Steele & Walker, one of the largest wholesale grocery firms on the Missouri River, made an assignment for the benefit of their creditors, W. W. Wheeler and Beattie Weakley being named as trustees. At the time of the filing of the papers of assignment, D. M. Steele and S. A. and J. W. Walker filed instruments conveying all their other property to the trustees for the benefit of the creditors. The liabilities of the firm are placed at $725,000 and it is claimed the assets will exceed this amount by a good sum. In making the assignment nothing was reserved except the homestead of Mr. Steele, both the Walkers conveying their residence property to secure the liabilities. This firm was composed of D. M. Steele, S. A. Walker and J .W. Walker, and has been regarded as one of the strongest in the West, D. M. Steele having been rated at from $750,000 to $1 000,000. The failure is the result of lack of confidence. At the time of the Schuster failure, several weeks ago, when it became known that Schuster was a heavy debtor to the First National Bank, in which bank Steele & Walker were large stockholders, the creditors of the latter firm began pressing their claims. When it was announced to-day that the firm had assigned, a run was started on the First National and the Central Savings banks, in both of which Messrs. Schuster and Steele & Walker were large stockholders. Considerable excitement was caused by the run and thousands of dollars were drawn out shortly after the opening hours. This afternoon, when it became evident that the banks had plenty of money, the crowds of depositors dwindled to a few hundred, when before that the line had extended far into the street. It is claimed both banks will pull through, and it is hardly likely that the runs will extend to any other banks or last longer than to-day at most.

2. June 4, 1894 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, June 4, 1894

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Article Text

Wholesale Grocery Assigns. ST. JOSEPH. Mo., June 4.-Steele & Walker, one of the largest wholesale grocery houses in this city and the west. assigned this morning. The liabilities are $700,000, and the assets are $1,000,000. The failure is attributed to the late panic which made it impossible for the firm to collect its outstanding accounts. Large crowds gathered around the First National and Central Savings banks, both of which are largely owned by men interested in the Steele & Walker failure. The banks are paying depositors as fast as possible. It is believed that the banks will be able to withstand the run.

3. June 4, 1894 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, June 4, 1894

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Article Text

A Grocery House Falls. ST. JOSEPH, June 4.-Steel & Walker, the largest wholesale grocery houseon the Missouri river has gone in the hands of a trustee. The failure grew out of the recent failure of A. N. Shuster & Co. The liabilities and assets are large. A. run began on the First National and Central Savings bank in which Steele & Walker were large stockholders. At the savings bank the depositors were allowed to draw but $50, the thirty-day rule being enforced at noon, when it became evident that the banks had plenty of money the depositors in line dwindled to Es few dozen. At 4 o'clock, W. W. Wheeler and Beatty Weakley were named as trustees for Steele. The liabilities are placed at $725,000. It is claimed the assets exceed this amount. In making the assignment nothing was reserved except the homestead of Mr. Steele, both the Walker's conveying their residence property to secure the liabilities. The firm was composed of D. M. Steele, S. A. Walker and J. W. Walker, and regarded as one of the strongest in the West, D. M. Steele, having been rated at $75,000 to $100,000. The failure was due to lack of confidence at the time of the Schuster failure; when it became known that he was a heavy debtor to the First National bank, the creditors of Steele & Walker began pressing their claims.

4. June 5, 1894 The Record-Union Sacramento, CA
Article from The Record-Union, June 5, 1894

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Article Text

BIG FAILURE IN MISSOURI. A ST. JOE GROCERY HOUSE IN THE HANDS OF A TRUSTEE. The Liabilities Three-Quarters of a Million, With Assets Far Exceeding That Sum. Special to the RECORD-UNION. ST. JOSEPH (Mo.), June 4.-Steele & Walker, the largest wholesale grocery house on the Missouri River, has gone into the hands of a trustee. The failure grew out of the recent failure of A. N. Schuster & Co. The liabilities and assets are large. A run began on the First National and Central Savings Bank, in which Steele & Walker were large stockholders. At the savings bank the depositors were allowed to draw but $50, the thirty-day rule being enforced. At noon, when it became evident the banks had plenty of money, the depositors in line dwindled to a few dozen at 4 o'clock. W. W. Wheeler and Beatty Walker are named as trustees for Steele. The liabilities are placed at $725,000. It is claimed the assets exceed this amount. In making the assignment nothing was reserved except the homestead of Mr. Steele, both the Walkers conveying their residence property to secure the liabilities. The firm was composed of D. N. Steele, S. A. Walker and J. W. Walker and was regarded as one of the strongest in the West, D. N. Steele having been ranked at $700,000 to $1,000,000. The failure was due to a lack of confidence at the time of the Schuster failure, when it became known he was a heavy debtor to the First National Bank. The creditors of Steele and Walker have begun pressing their claims. Late this afternoon D. M. Steele turned over all his Kansas lands for the benefit of the firm's creditors. The land is placed at $75,000, which brings the total amount of assets so far up to $700,000, with additional assets which will be turned in, which will bring the total up to $1,100,000. The list of creditors has now reached a little over $700,000. The firm is indebted to Mrs. Kate Tootle of this city to the amount of $64,000, and Steadman and Wheeler, both old residents, $11,000, with Dunscombe & Jenkins of New York representing $100,000. The total amount due to local creditors is $270,000. The run on the First National Bank of Buchanan County and the Central Savings Bank was stopped at noon. The Buchanan had over $1,000,000 in cash when the trouble started, and while it wasat its hight a wagon drove up and $400,000 more in currency was unloaded and on the counters, with an invithe to come The bank refused money. tation piled to people aid and offered get their by the Clearing-house, which is ready to furnish all that is needed. Over $4,000,000 is in the banks' vaults here, which will be available if needed. At the Central Savings Bank the officials took advantage of the thirty and sixty days notice, and paid no more than $50 to a depositor. The run stopped at 2 o'clock, and when the bank closed, after being kept open until night, no one was asking for money. The run was principally caused by small depositors, and the bank had more money when it closed at night than when topened. S. A. Walker, as soon as the failure of Steele & Walker was announced, tendered his resignation as President of the First National Bank of Buchanan County, and R. S. McAllister was elected in his place. To-night all danger of another run on the banks seems to be past. A BRANCH HOUSE AFFECTED. WICHITA (Kan.), June 4.-The failure of the main house of Steele & Walker, at St. Joseph, involved the branch house in this city in the collapse, and its doors were shut this morning in response to a telegram to the local manager notifying him of the assignment. The house was doing a splendid business, and it is said made $40,000 profits last year. The stock of the house here is quite large, as this has been a distributing point of the main house at St. Joseph for the Southwest. The failure had no effect whatever in business circles. In fact, the house never has been considered in this city as a Wichita institution.

5. June 5, 1894 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, June 5, 1894

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Article Text

FAILED FOR $725,000. Assignment of Steele & Walker, Wholesale Grocers at St. Joseph, Mo. ST. JOSEPH, Mo., June 4.-Steele & Walker, one of the largest wholesale grocery firms on the Missouri river, made an assignment to-day, W. W. Wheeler and Beattie Weakley being named trustees. D. M. Steele and S. and J. Walker also filed instruments conveying all their other property to the trustees for the benefit of creditors. Liabilities are placed at $725,000, and it is claimed that the assets will exceed this amount by a good sum. This firm was composed of D. M. Steele, S. A. Walker and J. A. Walker, and has been recognized as one of the strongest in the West, D. M. Steele having been rated from $750,000 to $1,000,000. The failure is the result of lack of confidence. At the time of the Schuster failure, some time ago, when it became known that he was a heavy debtor to the First National Bank, in which Steele & Walker were stockholders, the creditors of the latter firm began pressing their claims. The Wichita branch of the firm was also closed to-day. When it was announced to-day that the firm had assigned a run was started on the First National Bank and the Central Savings Bank, in both of which Mr. Schuster and Steele & Walker were large stockholders. Considerable excitement was caused by the run, and thousands were drawn shortly after the opening hour. At the savings bank the depositors were allowed to draw but $50, the thirty-day rule being enforced. that This the afternoon, banks had when plenty it became of evident money, the crowds of depositors dwindled to a few dozen, when before that time the line had extended far into the street. It is claimed that both banks will pull through, and it is hardly likely the runs will extend to any other banks. Late this afternoon D. M. Steele turned over all his Kansas lands for the benefit of the firm's creditors. The land is appraised at $175,000, which brings the total amount of the assets so far up to $790,000, with additional assets which will be turned in which will bring the total up to $1,100,000. The list of creditors has now reached a little over $710,000. The run on the First National Bank of Buchanan county and the Central Savings Bank was stopped at noon. The Buchanan had over $1,000,000 in cash when the trouble started, and while it was at its height a wagon drove up and $400,000 more in currency was unloaded and piled on the counters, with an Invitation to the people to come and get their money. The bank refused aid offered it by the clearing house, which is ready to furnish all that is needed. Over $4,000,000 is in the bank vaults here, which will be available if needed. At the Central Savings the officials took advantage of the thirty and sixty days' notice and paid no more than $50 to a depositor. The run stopped at 2 o'clock, and when the bank closed, after being kept open until night, no one was asking for money. The run was principally caused by small depositors, and the bank had more money when it closed at night than when it opened.

6. June 5, 1894 The Morning Call San Francisco, CA
Article from The Morning Call, June 5, 1894

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Article Text

IN RECEIVERS' HANDS. Failure of the Largest Wholesale Grocery in Missouri. Over a Million Due Creditors and This Caused a Run on Two Local Banks. ST. JOSEPH, Mo., June 4.-Steele & Walker, the largest wholesale groceryhouse on the Missouri River, has goneinto the hands of a trustee. The failure grew out of the recent failure of A. N. Scbuster & Co. The liabilities and assets are large. A run began on the First National and Central Savings Bank, in which Steele & Walker were large stockholders. At the savings bank the depositors were allowed to draw but $50, the 30-day rule being enforced. At noon. when it became evident the banks had plenty of money, the depositors in line dwindled to a few dozen at 4 o'clock. W. W. Wheeler and Beatty Weakley are named as trustees for Steele. The liabilities are placed at $725,000. It is claimed the assets exceed this amount. In making the assignment nothing was reserved except the homestead of Mr. Steele, both the Walkers conveying their residence property to secure the liabilities. The firm was composed of D. N. Steele, S. A. Walker and J. W. Walker and was regarded as one of the strongest in the West. D. N. Steele having been ranked at

7. June 5, 1894 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, June 5, 1894

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Article Text

A BUSINESS TROUBLE. Large Wholesale Grocery Firm of St. Joe Assigns. ST. JOSEPH, Mo., June 4.-At 4 clock this morning Steele & Walker. one of the largest wholesale grocer firms on the Missouri river, made an assignment for the benefit of their creditors, W. W. Wheeler and Beattie Wakely being named as trustees. At the same time of the filing of the papers of assignment D. M. Steele and S. A. and J. W. Walker filed instruments conveying all their other property to the trustees for the benefit of their creditors. The liabilities of the firm are placed at $725.-8 000, and it is claimed the assets will exceed this amount by a good sum. In making the assignment, nothing was reserved except the homestead of Mr. Steele. both the Walkers conveying their residence property to secure the liabilities. This firm was composed of D. M. Steele, S. A. Walker and J. W. Walker, and has been re-c garded as one of the strongest in the West. D. M. Steele having been rated at from $750,000 to $1,000,000. The failure is the result of lack of confidence. At the time of the Schester failure several weeks ago, when it became known that he was a heavy debtor to the First National, in which bank Steele and Walker were both large stockholders, the creditors of the latter firm began pressing their claims, and the failure of this morning was the result. When it was announced today that the firm had made an assignment, a run was started on the First National and the Central Savings bank, in both of which Messrs. Schester, Steele and Walker were large stockholders, but soon quieted down.

8. June 6, 1894 Evening Journal Wilmington, DE
Article from Evening Journal, June 6, 1894

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Other Failures Followed. ST. JOSEPH, Mo., June 6.-The run which was started on the First National and Central Savings banks Monday had no effect on business. Both banks have plenty of money, and no further trouble will follow. The failure of Steele & Walker has carried with it the Midland Coffee company and will probably cause the suspension of several retail stores in Kansas and Nebraska.

9. June 6, 1894 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, June 6, 1894

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Article Text

day. Liabilities, $83,000; assets, $93,700, of which $60,000 is insurance. RUN ON ST. JOSEPH BANKS. St. Joseph, Mo., June 5.-The run started on the First National and Central Savings banks yesterday had no effect on business today. S. A. Walker had resigned as cashier if the First National bank and J. W. McAllister elected. Both banks have plenty of money and no further trouble will follow. The failure of Steele & Walker has carried with it the Midland Coffee company and will probably cause the suspension of several retail stores in Kansas and Nebraska, which the firm was carrying.

10. June 8, 1894 The Kinsley Graphic Kinsley, KS
Article from The Kinsley Graphic, June 8, 1894

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No Financial Panic at St. Joseph. ST. JOSEPH, Mo., June 6.-The run which was started on the First national and Central Savings banks Monday had no effect on business yesterday. S. A. Walker has resigned as cashier of the first named bank and J. W. McAlister was elected. Both banks have plenty of inoney and no further trouble will follow. The failure of Steele & Walker has carried with it the Midland Coffee Co., and will probably cause the suspension of several retail stores in Kansas and Nebraska, which the firm was carrying.