The record-union., 1894-06-05
BIG FAILURE IN MISSOURI.
A ST. JOE GROCERY HOUSE IN THE
HANDS OF A TRUSTEE.
The Liabilities Three Quarters of
Million, With Assets Far Ex-
ceeding That sum.
Special to the REcoRD-UN1oN.

Special to the RECORD-UNI0N.
ST. JOSEPH (Mo.), June 4.-Steele 81
Walker, the largest wholesale grocery
house on the Missouri River. has gone
intothe hands of 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 evil
dent the banks had plenty of money, the
depOSitOrs in line dWindled to a few
dozen at o'clock.
w. w. Wheeler and Beatty Walker are
named as trustees for Steele. The liabil
tiles are placed at S725, 900. 1t is claimed
the assets exceed this amount. In max
ing 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 ID. 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
100000 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 heavy debtor to the First Ma
tional Bank. The creditors of Steele and
Walker have begun pressing their claims.
Late this afternoon ID. M. Steele turned
over all his Kansas lands for the benefit
of the firms creditors. The land is placed
at $4,000, which brings the total amount
of assets so far up to 100000, with addi-
tional assets which will be turned in,
which will bring the total up to 81, 100.000
VI ls-%1 l. i
little over 100000. The firm is indebted
to Mrs. Kate TooIle of this city to the
amount of So, 1000, and Steadman and
Wheeler, both old residents, $ll 900, with
Dunscombe q Jenkins of New York rep
resenting 100000. The total amount due
to local creditors is S270,000.
The run on the First National Bank of
Buchanan County and the Central Saw
ings Bank was stopped at noon. The
Buchanan had over $1,000, 900 in cash
when the trouble started, and while it
was at its hight wagon drove up and
S400, 900 more in currency was unloaded
and piled on the counters, with an invi-
tation to the people to come and get their
money. The bank refused aid offered by
the Clearing house, which is ready to fur
nish all that is needed. Over S4, ZOO, 600 is
in the banks vaults here, which will be
available if needed. At the Central Saw
ings Bank the officials took advantage of
the thirty and sixty days notice, and paid
no more than $50 to depositor. The run
stopped at 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 deposit
ors, and the bank had more money when
it closed at night than when it opened.
5. A. Walker, as soon as the failure of
Steele d Walker was announced, ten
dered his resignation as President Of the
First National Bank of Buchanan County,
and r. S. McAllister was elected in his
place.
Tonight 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 splendid business, and it is said
made 1000 profits last year. The stock
of the house here is quite large, as this
has been 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
Wichita institution.