The morning call., 1894-06-05
IN RECEIVERS HANDS.
Failure of the Largest Wholesale
Grocery in Missouri.
Over a Million Due Creditors and
This Caused Run on Two
Local Banks.

ST JOSEPH. Mo-, June 4.-Steele &
Walker, the largest wholesale grocery
house on the Missouri River. has gone into
the hands of trustee. The failure grew
out of the recent failure of A. \. Scbuster
q Co. The liabilities and assets are large
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 en-
forced. At noon. hen it became evident
the banks had plenty of money, the de-
positors in line dwindled to few dozen at
o'clock.
W. W. Wheeler and Beatty Weakley are
named as trustees for Steele. The liabili-
ties are placed at S725, OO0. 1t is claimed
the assets exceed this amount. In making
the assignment nothing was reserved eX-
cept the homestead of Mr.. Steele. both the
Walkers conveying their residence prop
erty 10 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
$50, coo to 100000. The failure was due
to lack Of confidence at the time of the
Schuster failure, when it became known
be was a heavy debtor OF the First Ma
tional Bank. The creditors Of Steele and
Walker have begun pressing their claims.
Late this afternoon D. Nj. Steele turned
over all of 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 aGdi-
ti0nal assets which will be turned in,
which will bring the total up to 81, 100000.
The lists of creditors has now reached a
little over 100000 The firm is indie bted
TO Mrs. Kate Tootle of this city to the
amount of SEA, 900, and Steadman, Steele
& Wheeler of Boston represent $4,000,
with Dunscombe & Jenkins of New
York representing 100000. The total
amount due local creditors is S270, 600.
The run on the First National Bank of
Buchanan County and the Central Saw
ings Bank was stopped at noon. The
Buchanan had over 81, 900, 000in cash when
the trouble started, and while it was at It's
height wagon drove up and S40O.OO 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 by the clearing house.
which is ready to furnish all that is needed
Over $4,000, 600 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 day
notice and paid no more than $50 to a de-
position.
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
depOsitors, and the bank had more money
when 1t closed at night than when il
opened.
s.. A. Walker. as soon as the failure OF
Steele & Walker was announced, rendered
his resign alton 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 passed.
WICHITA, Kan, June 5.-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 tele-
gram 20 the local manager notifying him
of the assignment The house was doing
splendid business and, 1t is said, made
S4), 600 profits last year The stock of the
house here is quite large. as this has been
the distributing point of the main house
of 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 insti-
tuition.
BELLEVILLE, Kan, June 4.-The fail
ure of d. NJ. Steele of St. Joseph caused
the bank of Davis, Steele & Co. of this
place TO close its doors to-day. 1t has
been considered one of the strongest insti-
tutions of Kansas. 1t is hoped it will
resume. The failure will, however, cause
considerable difficulty for the time being
Liabilities, $4,000; assets unknown.