Central Savings Bank (St Joseph, MO)

Episode Information

Episode UID
1684169191134
Episode Type
Run Only
Bank Type
savings
Bank ID
168416919 hash
Start Date
June 4, 1894
Location
St Joseph, Missouri (39.769, -94.847)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
23ddb2376ae2cafd

Response Measures

None

Events (1)
1. June 4, 1894 Run
Cause
Bank Specific Adverse Info
Cause Details
Failure/assignment of major local wholesale firm Steele & Walker (large stockholders in the bank) triggered depositor panic
Measures
Paid limited withdrawals (depositors allowed to draw only $50; thirty-day rule enforced on larger checks)
Newspaper Excerpt
a run was started on the First National and the Central Savings banks
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 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe Daily New Mexican, June 4, 1894

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Article Text

A BIG FAILURE. The Largest Mercantile House in St. Joseph, Mo., Goes Under-A Run on the Banks St. Joseph, Mo., June 4.-Steel & 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, but are not yet known. Great crowds are around the First National and Central Savings banks, both of which were largely owned by men interested in the Schuster and Steel & Walker failures. Both banks are holding time deposits. The liabilities of the firm are placed at $725,000 and it is claimed the assets will exceed this amount by a good sam. In making the assignment nothing was reserved except the homestead of Mr. Steel, both the Walkers conveying their residence property to secure the liabilities. The firm was composed of D. M. Steel, .A. Walker and J. W. Walker and has been regarded as one of the strongest in the west, D. M. Steel having been rated at from $750,000 to $1,000,000. THE BANKS BEING PRESSED. The failure is the result of lack of confidence. At the time of the Steele failure several weeks ago when it became known that he was a heavy debtor to the First National bank in which bank Steele & Walker were both large holders, the creditors of the latter firm began pressing their claims and the failure of this morning was the result. When it was announced to-day that the firm had made an assignment a run commenced on the First National and Central Savings banks, in both of which Steele & Walker were large stockholders. Considerable excitement was caused by the run and thousands of dollars were drawn out shortly after the opening hour. In the case of the Savings bank the depositor was allowed to draw out only $50, the thirty day rule being enforced on all checks for a larger amount. At noon when it became known that the banks had plenty of money the crowds of depositors dwindled to a few dozen, whereas before this time the line extended far out into the street. It is claimed that both banks will pull through, and it is hardly likely that the run will extend to any other bank or last longer than to-day. A BRANCH HOUSE SUSPENDS. Wichita, Kas.-Steele & Walker's branch house at this place closed to-day on account of the failure of the St. Joseph house.

3. 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.

4. 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.

5. June 5, 1894 New-York Tribune New York, NY
Article from New-York Tribune, June 5, 1894

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Article Text

A BIG GROCERY FIRM FAILS. ASSIGNMENT OF STEELE & WALKER, OF ST. JOSEPH, MO. LIABILITIES $700,000 AND ASSETS OF NEARLY $1,000,000-RUNS ON TWO BANKS FOLLOW THE ANNOUNCEMENT. St. Joseph, Mo., June 4.-Steele & Walker, one of the largest wholesale grocery houses of this city and of the West, made a general assignment this The morning for the benefit of their creditors. papers were filed at 3 a. m. J. A. B. Weakley and William W. Wheeler, of this city, were named as trustees, and are now in possession. The liabilities are estimated at about $700,000, with assets valued at from $900,000 to $1,000,000. The house has a branch at Wichita, Kan. Efforts will be made to enable the firm to resume. The firm is composed of Dudley M. Steele and James W. Walker, and has been in business for ten years. Mr. Steele is one of the pioneer merchants of the Missouri River, having been engaged in business here since 1860. The failure is attributed to the late panic, which made it impossible for the firm to 'collect outstanding accounts. The principal creditors are in this city, Chicago, Boston, New-York and Philadelphia. Large crowds gathered around the First National and Central Savings banks, both of which are largely owned by the men interested in the Steele & Walker and Schuster failures. The run on the First National Bank amounted to nothing, more money being deposited than was paid out. The run on the Central Savings Bank continued quietly all day, but it is not believed that the institution is in any danger of being forced to the wall.

6. June 5, 1894 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, June 5, 1894

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Article Text

A BIG FAILURE AtSt. Joseph Causes n Run on Two Banks. Large Grocery Firm Assigns. ST. JOSEPH, Mo., Juno 4.-At 4 a. m. to-day Steele and Walker, one of the largest wholesale grocery firms on the Missouri river, made an assignment for the benefit of their creditors. The liabilities of the flrm are placed at $725,000. and it is claimed the assets will exceed this sum. The failure is the result of lack of confidence. At the time of the Shuster failure several weeks ago, when it became known that he was a heavy debtor to the First National bank, in which bank Steele and Walker were both 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. shuster and Walker were large stockholders. Considerable excitement was caused by the run and thousands of dollars were drawn shortly after the opening hours. At the Savings bank depositors were allowed to draw but $50, the thirty day rule being enforced on all checks for a larger amount. This afternoon when it became evident that the banks had plenty of money the crowds of dopositors dwindled to 11 few dozen, when, before that time, the line had extended far out 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 the most.

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

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Article Text

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.

8. June 6, 1894 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, June 6, 1894

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Article Text

ST. JOE'S SQUEEZE. ST. JOSEPH, Mo., June 5.-The run which was started on the First National and Central Savings banks yesterday had no effect on business today. S.A. Walker has resigned as cashier of the first named bank and J. W. McAlister elected. Both banks have plenty of money, and no further trouble will follow. The failure of Steele & Walker had 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.

9. June 6, 1894 The Herald Los Angeles, CA
Article from The Herald, June 6, 1894

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Article Text

THE WALKER FAILURE. It Will Cause the Suspension of Several Retail Stores. Sr. JOSEPH, Mo., June 5.-The run that was started on the First National bank and Central Saving bank vesterday had no effect on business today. S. A. Walker had resigned as cashier of the First National bank and J. W. McAlister was 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 7, 1894 Union County Courier Elk Point, SD
Article from Union County Courier, June 7, 1894

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Article Text

SOUTHERN SUMMARY. ST. JOSEPH, Mo., special: Steele & Walker, the largest wholesale grocery house on the Missouri River, has gone into the hands of a trustee as the result of the recent failure of A. N. Schuster & Co. Steele & Walker were rated at $750,000 to $1,000,000. The liabilities are put at the former figure They had a branch at Wichita, Kan. There were runs on the First National and Central Savings Banks, both of which are largely owned by men interested in the failed firm. The runs began to dwindle by noon, however, when it became evident both banks had plenty of money. It is believed that the banks will pull through all right, SAN ANTONIO, Tex., special: An extensive land deal was closed here involving 2,500,000 acres of land lying on the Rio Grande, in the Mexican states of Conhuila and Chihuabua. The land was sold by ex-Governor Gonzales of Chihuahus to the Mexican Coffee, Cotton and Colonization Company, with headquarters here, and represented by J. S. McNamara. W. H. Ellis, who is interested in Mexican colonization schemes, will colonize 10,000 negroes on part of the land. PARIS, Tex., special: The last heard of the Longview bank robbers was that three men went to the camp of four men seven miles east of Springtown, I. T., Wednesday. One of them had been wounded in the face. Posses that left Kosoma lost the trail. Some of them went straight to Springtown to intercept them. The deputies report to the United States Marshal's office here that the robbers are headed for the Verdigris River in the Creek nation. MUSKOGEE, I. T., special: The Cherokees have received the first installment of one-sixth of their money and the big payment of more than $6,500,000 begins at Tahlequah. More than 24,000 Cherokees will draw $267 in cold cash each. Great crowds, traders, fakers and sharks are flocking to Tohlequah in the hope of getting some of the money. MACON, Mo., special: The Lucas Company declared its mines open for work, but engaged no miners. The strikers have guns stacked at the camp outside of the coal company's fonce, and the officers fear a conflict at any time. The negroes have plenty of guns, and the coal company has hired guards and deputy marshals, who are well armed. FORT GIBSON, I. T., special: Meetings were held at various points in the Chickasaw Nation, and 80 far as learned resolutions were passed affirming the offer made by the United States and authorizing the Chickasaw Government to take steps to conclude a treaty with the Dawes Commission. PALMTRA, Mo., special: Burglars entered the residence of Banker John M. Russell. The couple were awakened by the noise. The burglars turned on them and fired, wounding both seriously. Great excitement prevails. The burglars are being trailed by bloodhounds. GUTHRIE, Oklahoma, special: During the regular semi-annual sun dance of the Sac and Fox Indians two bucks became involved in a quarrel over a rife. Chief Astor, Little Boy, Two Taila, No Head and Wolf Eye were shot, the first two fatally. ST. LOUIS special: Mrs Lizzie Lockner, a beautiful woman, was killed by her husband, who escaped and has not yet been found. It 15 supposed the deed was the result of despondency over poverty and failure to get work. ST. LOUIS special: Dr. J. S. Breed. the young forger who flooded the country with bogus Wells-Fargo mon orders, pleaded guilty in the Criminal Court and was sentenced to three and one-half years in the penitentiary. WASHINGTON special: The Presi-