9404. 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
f292fc9cc25d3467

Response Measures

None

Description

Multiple articles (June 4–6, 1894) report a run on the First National and Central Savings banks of St. Joseph following the failure/assignment of Steele & Walker. The run was met with payment limits (the 30‑day rule, $50 cash payments) and had subsided by noon/next day; banks reportedly had plenty of money and no suspension or receivership occurred. Cause attributed to loss of confidence from the Steele & Walker failure (and the earlier Schuster failure).

Events (1)
1. June 4, 1894 Run
Cause
Bank Specific Adverse Info
Cause Details
Loss of confidence following the failure/assignment of Steele & Walker (who were large stockholders and debtors connected to the banks) and earlier Schuster failure.
Measures
Enforced 30-day rule; depositors limited to $50 withdrawals; bank kept open longer into evening to meet demand.
Newspaper Excerpt
When it was announced today that the firm had made an assignment, a run was started on the First National and the Central Savings banks.
Source
newspapers

Newspaper Articles (10)
1. June 4, 1894 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, June 4, 1894

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Article Text

ST. JOE SHAKEN By the Failure of Its. Largest Grocery House. Steele & Walker Make an Assignment Today. LOSSES VERY HEAVY. The Liabilities Are Estimated at $725,000. A Short Run Started Upon Two of the Banks. ST. JOSEPH, Mo., June 4.-At 4 o'clock this morning, Steele & Walker, one of the largest wholesale grocery firms on the Missouri made an assignment for the benefit of their creditors, W. W. Wheeler and Beattie Weakley, 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 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 Walker's 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 $720,000 to $1,000,000. Cause of the Failure. The failure is the result of lack of confidence. At the time of the Schuster 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 stackholders, the creditors of the latter firm began to 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 banks, in both of which Messrs. Schuster, Steele and Walker were large stockholders. Considerable excitement was caused by the run, and thousands of dollars were withdrawn shortly after the opening hour. Great crowds are gathered around the First National and Central Savings banks. In the case of the Savings bank, depositors were allowed to draw but $50, the thirty day rule being enforced on all checks for a larger amount. At noon when it became evident that the banks had plenty of money the crowds of depositors dwindled to a 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 the runs will extend to any other banks or last longer than today 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 5, 1894 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, June 5, 1894

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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.

4. June 5, 1894 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, June 5, 1894

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CONDENSED DISPATCHEL The report that the Millard party were lost in the Southern California desert is false. Senator Morgan has presented an amendment to the tariff bill, directed against the formation of trusts in imported articles. By a change In the rules of the Chicago Board of Trade proprietors of regular warehouses are prohibited from merchandising in grain. Congressman Charles H. Grosvenor, Republican, was on Monday re-nominated by acciamation by the Eleventh Ohio diatrict convention. The bill to appropriate $200,000 for the Atlanta exposition, was favorably reported to the house Monday from the committee on appropriations. Congressman McCann, of Illinois, is not a candidate for re-election. He will take charge of the Twenty-second street electric car line in Chicago. The forty-fifth annual meeting of the American Medical Association will begin Tuesday in San Francisco. Three train loads of doctors arrived Monday. Timber along the Mesaba & Northern and Northern Pacific railroads in Minneeota and Wisconsin is burning, and much valuable pine will be destroyed. Davis, Steele & Co., bankers, of Belleville, Kan., have been carried down by the failure of D. M. Steel, of St. Joseph, Mo., The firm was considered very strong. Liabilities, $40,000; assets, unknown. The W. U. Bell Wholesale and Retail Grocery Company, of Fort Scott, La. has executed a chattel mortgage to a home creditor.to the extent of $7,500 and the latter will take charge of the business. R. E. R. Grenshaw, a railroad contractor of Springfield, Mo., and Robert Conneil, a laborer. were instantly killed Monday while at work on the Hot Springs, Little Rock & Texas road by a premature blast of dynamite. The cash balance in the treasury at the close of business Monday was $117,449,039, of which $75,466,166 is gold reserve. An engagement of $1,400,000 in gold for export is reported from New York, which leaves the true amount of the gold reserve $74,066,166. Representative McGuire, of California, has appeared before the house committee on Pacific roads, making a strong protest against any funding bill or other arrangement which would release the estates of Huntington, Stanford and others from personal liability to the government for the debts of the Central Pacific. The Chicago & Northern Pacific railroad has filed an answer to the amended and supplemenal bill of the Farmer's Loan and Trust Company. which is seeking to foreclose a mortgage of $30,000,000. The answer denies the right of the trust comDany to foreclose the mortgage, because it has not complied with a state law of IIlinois. Steele & Walker, the largest wholesale house on the Missouri river, with headquarters at St. Joseph, Mo., have gone into the hands of trustees. All the branch houses have closed. The failure was due to a run made on the First National and Central savings banks of St. Joseph, in which Steele & Waiker were heavy stockholders. The banks did not weaken and the run subsided. When A. N. Schuster & Co. failed confidence in Steele & Walker was weakened, as Schuster was a heavy debtor of the First National bank. The are at assets liabilities $1,100,000. placed The First in $750,000, its National vanite and when bank the had $1,000,000 in cash the run started. and received $400,000 more at noon, during the progress of the run.

5. June 5, 1894 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, June 5, 1894

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HEAVY FAILURE. Steele & Walker of St. Joseph, Mo., One of the Largest Wholesale Firms in the West Forced to Make an Assignment for the Benefit of Creditors-They Were Rated High And the Assets Are Said to Be Much Greater Than Liabilities-A Run on Banks. Sr JOSEPH, Ma, June 5.-Atta m. Stee & Waker, one of the largest wh esale gree zy firms on the Missouri river, mad an seignment for the benefit of their creditors. W. W. Wheeler and Heatti Waey leiug named as trus.to. A. th 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 Matilities of the firm are placed at $725,000. and it is claimed the assets will exceed this amount by a good sum. Conveyed All to Creditors In making the resignment, 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 M. Steele. S. A. Walker, J. W. Walker and has been regarded as one of the strongest in the West, B. W. 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 failures several weeks ago, when it became known that he was a heavy debtor to the First National, in which bank Steele & Walker were both large stockholders, the creditors of the latter firm began pressing their claims and this failure was the resuit. Started a Run on Banks. When it was announced that the firm had made an assignment, a run was started on the First National and the Central Savings banks in both of which Mesers. Schester, Steele and Walker were large stockholders. Considerable excitement was caused by the run and thousands of dollars were drawn shortly after the opening hour. In the case of the savings bank depositors were allowed to draw but $50, the 30 day rule being enforced on all checks for a larger amount.

6. 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.

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

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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.

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

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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.

9. June 7, 1894 Union County Courier Elk Point, SD
Article from Union County Courier, June 7, 1894

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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-

10. June 7, 1894 Abilene Weekly Reflector Abilene, KS
Article from Abilene Weekly Reflector, June 7, 1894

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KANSAS WHEAT. Report of the State Board of Agriculture Shows a Bad Condition. TOPEKA, Kan., June 6.-The Kansas state board of agriculture yesterday issued its report for the month ending May 31. It is substantially as follows: The month of May in some respects was for the state as a whole, especially to wheat and oats, quite unfavorable, chiefly from frosts and lack of general and soaking rains. While the frosts appeared with about the same severity in all the counties. it scarcely affected any two fields alike, DM one would be severely injured while its adjacent neighbor would searcely suggest there having been a frost. The principal damage was supposed to have been done to potatoes and corn. but both have by their steady growth and vigor since demonstrated that not a hundredth part of the destruction feared actually resulted from freezing. The one considerable crop that has suffered from prevailing conditions since the last report Is winter wheat. Statements of its conditions show it worse than one month before from 10 to 60 per cent., and there is every probability that 35 or even 45 per cent. is not too large a figure to describe the general decline, which will include numerous counties with but 11 poor prospect before that, now have practically none. Scarcely 16 fraction of the total damage by chinch bugs reported as doing some mischief in various localities, it being accounted for by "dry weather," yet in great numbers of counties where this was undoutedly the case other crops, such as corn and potatoes. have grown in a manner most gratifying and are reported upon very favorably indeed. while their planting and cultivation have gone forward uninterruptedly. and the weeds are in the most thorough subjection ever known at the time of year. Eighty of the 103 counties report the present stand of winter wheat BB in worse condition than one month ago; twenty-five counties report it about the same or better. During the last three or four days of May there were heavy rains in many places, but not general In character, and in most instances too late to benefit much of the more debilitated wheat. For reasons stated in the foregoing the limited area of spring wheat, which is confined to the northern counties. offers little prospect of any considerable yield. The conditions as to oats are almost identical with those of spring wheat The stand is scattering. the plants feeble and with a tendency to premature and very short heading. A good stand. good growth. promising condition and unusual freedom from weeds is the burden of the information with reference to corn. Here and there slight or temporary injury was done by frost. but comparatively and in the aggregate amounting to little. Tremendously increased areas have during the month been planted to corn, in a soll not wet, but sufficiently moist to insure prompt germination and continuous growth. In spite of considerable damage by frost, potatoes are generally promising fairly well, and are free from weeds. Frost damaged fruit of all kinds, more or less, but to no such extent as was at first feared. No Fingueial Panie 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 money 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.