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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.
