gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7041077597a8b9fb
Response Measures
None
Description
Bank enforced the 30-day rule but had funds and continued business.
Events (2)
1.June 4, 1894Run
Cause
Local Shock
Cause Details
Run triggered by failure/assignment of major local wholesale grocer Steele & Walker and related loss of confidence.
Measures
Depositors were allowed to draw only $50; banks paid depositors as fast as possible.
Newspaper Excerpt
A run began on the First National and Central Savings bank in which Steele & Walker were large stockholders.
Source
newspapers
2.June 4, 1894Suspension
Cause
Local Shock
Cause Details
Enforcement of the 30-day rule in response to withdrawals following the Steele & Walker failure.
Newspaper Excerpt
At the savings bank the depositors were allowed to draw but $50, the thirty-day rule being enforced.
Source
newspapers
Newspaper Articles (10)
1.June 4, 1894Rock Island ArgusRock Island, IL
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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.
2.June 4, 1894Deseret Evening NewsSalt Lake City, UT
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Article Text
A Grocery House Falls. ST. JOSEPH, June 4.-Steel & Walker, the largest wholesale grocery houseon the Missouri river has gone in the hands of a trustee. The failure grew out of the recent failure of A. N. Shuster & 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 evident that the banks had plenty of money the depositors in line dwindled to Es few dozen. At 4 o'clock, W. W. Wheeler and Beatty Weakley were named as trustees for Steele. The liabilities are placed at $725,000. It is claimed the assets exceed this amount. 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. The firm was composed of D. M. Steele, S. A. Walker and J. W. Walker, and regarded as one of the strongest in the West, D. M. Steele, having been rated at $75,000 to $100,000. The failure was due to lack of confidence at the time of the Schuster failure; when it became known that he was a heavy debtor to the First National bank, the creditors of Steele & Walker began pressing their claims.
3.June 5, 1894The Morning CallSan Francisco, CA
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Article Text
IN RECEIVERS' HANDS. Failure of the Largest Wholesale Grocery in Missouri. Over a Million Due Creditors and This Caused a Run on Two Local Banks. ST. JOSEPH, Mo., June 4.-Steele & Walker, the largest wholesale groceryhouse on the Missouri River, has goneinto the hands of a trustee. The failure grew out of the recent failure of A. N. Scbuster & 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 30-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 at 4 o'clock. W. W. Wheeler and Beatty Weakley are named as trustees for Steele. The liabilities are placed at $725,000. It is claimed the assets exceed this amount. In making 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 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
4.June 6, 1894Evening JournalWilmington, DE
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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.
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.
6.June 6, 1894The Wichita Daily EagleWichita, KS
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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.
7.June 6, 1894The HeraldLos Angeles, CA
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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.
8.June 6, 1894The Salt Lake HeraldSalt Lake City, UT
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Article Text
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 8, 1894The Kinsley GraphicKinsley, KS
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Article Text
No Financial Panic 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 inoney 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.
St. Joseph's Big Grocers. At 4 o'clock Monday morning June 4, 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. The failure is the result of lack of con fidence. 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 stockholders, the creditore of the latter firm began pressing their claims and the failure was the result. 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 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 gathered around the First National and Central Savings banks.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
