The herald., 1894-06-05
THE CASH WAS THERE.
A Failure at st. Joe Causes q Run on
the Banks.

A Failure at st. Joe Causes q Run on
| the Banks.
ST.. JOSEPH, No., June 4.-Steel &
Walker, the largest wholesale grocery
house on the Missouri river, has gone
into the hands of trustees. The failure
grew out Of the recent failure of A. N.
Schuster & Co. The liabilities are large.
A run began on the First National
and Central Savings bank, in which
Steele & Walker were large stockholders.
At the savings banks the depositors
were allowed to draw out $50, the 80 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.
w. w. Wheeler and Beatty Weakly
are named as trustees for Steele. The
liabilities are placed at SIPS, 900. IL is
claimed the assets exceed this amount.
In making the assignment nothing was
reserved except the homestead of Mr..
Steele, both Walkers conveying their
residence property to secure liabilities.
The firm was composed OF ID. N. Steele,
S. A. Walker and ]. W. Walker.
Late this afternoon d. M. 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
$500, 1000, with additional assete to be
turned in, which will bring the total up
to 81, 100000 The list OF creditors has
now reached little over $4,000 The
firm is indebted to Mrs. Kate Tootle of
this city to the amount of s64 900, and
Stsadman, Steele & Wheeler of Bos-
ton represent $4,000. The total
amount due local creditors is $270, 900.
The run on the First National bank of
Buchanan county and the Central Saw
ings bank was stopped at noon. The
Buchanan had over s1,000,00O in each
when the people started, and
while it was at its height
wagon drove up and 100000
more in currency was uniosded 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 81, 000,-
600 is in the banks vaults here, which
will be available il needed. At the Gen.
trail Savings bank the officials took sd-
vantage of the so and so days. notice
and paid no more than $50 to a deposit
tor.
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 IL closed at night
than when it opened.
5. A. Walker, as soon as the failure OF
Steele & Walker was announced, ten
dered his resignation as president of the
a ana r. s. paSs 81
place. Tonight all danger of another
run on the banks seems to be passed.
THE BRANCH HOUSE CLOSES.
WICHITA, Kas., June 4.-The failure
of the main house OF Steele and Walker,
at st. Joseph, involved the branch house
in this city in the collapse. and its doors
were shut this morning. The house
was doing a splendid business and 1t is
said made $40, 900 profits last year. The
stock here is quite large as this has been
the distributing point of the main house
for the southwest. The failure has no
effect whatever in business circles, in
fact the house never has been considered
in this city az Wichita institution.
BANK GOES UNDER.
BELLEvILLE. Kan, June 4.-The fall
ure of D. M. Steele OF St. Joseph caused
the bank of Davis, Steele & Co. OF this
place to close it's doors today. 1t has
been considered one of the strongest
institutions of Kansas. 1t is hoped it
will resume. The failure will, however,
cause considerable difficulty for the time
being. Liabilities, $4,000; assets I'M
| known.
ANOTHER GROCER "BUsrED."
Fort SoorT. KAN, June 4.-The W.
U. Bell Wholesale and retail grocery
company of this city executed chattel
mortgages tonight to home creditors tc
the extent of $500, and the latter will
take charge of the business. The liabil
tiles anu Assets are unknown.