Fidelity Loan & Trust Company (Sioux City, IA)

Episode Information

Episode UID
2468051091141
Episode Type
Suspension β†’ Closure
Bank Type
trust
Bank ID
246805109 hash
Start Date
January 10, 1895
Location
Sioux City, Iowa (42.500, -96.400)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
397093335cef8d53

Response Measures

None

Description

Receivership/insolvency (defaulted debenture interest) led to winding up; later proceedings to terminate corporation noted.

Events (2)

1. January 10, 1895 Receivership
Newspaper Excerpt
Judge Wakefield appointed President Joseph Sampson of Sioux City and Gideon H. Candee of New York receivers.
Source
newspapers
2. January 10, 1895 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Defaulted interest on 6% debenture bonds and large floating debts; company insolvent.
Newspaper Excerpt
The Fidelity Loan and Trust company passed into the hands of a receiver today.
Source
newspapers

Newspaper Articles (13)

Article from The Wichita Daily Eagle, January 10, 1895

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Article Text

WIRE AH SMIN LATE Items of General Interest From All Over the Universe. The Charleston sailed vesterday from Chemulpo, China, for Nagasaki, Japan. William G. Saun has been confirmed as receiver of public monies at Wakeeney, Man. Henry M. Burr & Co., one of the largest wholesale and retail milliner stores in Boston, has assigned. The senate yesterday confirmed a batch of California appointments, among them being nine postmasters. The president of the Fidelity Loan and Trust company of Sioux City, Ia., admits his company insolvent; liabilities $4,000,000. Archie Gordon, a newspaper writer and author of a number of plays, died yesterday at his home in Richmond, Staten IS The civic federation of Chicago has secured the arrest of three men charged with attempted bribery in assessment matters. The death is announced of J. H. French at Beloit. Wis. Mr. French was 75 years old and was United States treasurer under President Lincoln. At Friarspoint, Miss., yesterday, Ivy Bobo, colored, was hanged for the brutal murder of his wife. Bobo made a full confession on the gallows. The hearing for a separate receiver for the Oregon Short Line set for Jan. 15, in the United States circuit court here, was 23.3 Jan. Inun peuditised Mrs. Mary Yocum of Litchfield, Neb., is in St. Louis collecting money, clothing and other necessaries for the needy farmers of Sherman county, Nebraska. The consideration of the charges against Judge Ricks of Clev reland, was again postponed yesterday by the judiciary committee of the house until Monday next. Thomas Walsh, a trusted collector of the Pacific Express company at Salt Lake City, has confessed that he stole nearly $2,000 from the company in August last. Proceedings were begun yesterday at Mexico. Mo., by John M. Marker to contest the will of William C. West, who died recently aged 92 years, and left an estate valued at $50,000. The comptroller of the currency today received notice of the failure of the First National bank at Redfield. S. D. Bank Examiner C. F. Zimmerman has been placed in charge. The police think they have unearthed band of burglars which has branches a in all the principal cities of the west, with headquarters in San Francisco. Arrests are likely to follow. Difficulty is being experienced in securing a call for a senatorial caucus in the Idaho legislature. In the senate a resolution was yesterday introduced for an equal suffrage amendment. While attempting to save a raft of sawlogs in Salt river near Shepherdsville, Ky., yesterday, W. S. Bowman, Tom McClure and Will Prentwood were carried away with the tide and drowned. The election of Elkins as United States senator is now conceded, since in the organization of the West Virginia legislature yesterday his supporters developed a majority sufficient to organize both branches. J. B. Tyrrell, dominion geological surveyor, has just returned to Winnepeg from a trip to the Hudson Bay region, never before explored by white men. Tyrrell and his companions bring back many valuable The specimens. Vault Merchants National bank of easy 01 yesterday punoj SEM "O Defander been entered and robbed by unknown parties who had closed the door in such a manner that it took an expert eighteen hours to get open. Arrangements have been made for a test vote on the Nicaragua canal bill some time this week. A motion will be made to lay the bill on the table, and from the our 201 prospects the 010A the JO result estimated eq IIIM 1119 General Passenger Agent Lomax will attend the conference of the western lines today in Chicago. The Union Pacific boycott will be considered and the prospect of the formation of a passenger association is considered brighter. The president has signed the act to exempt from duty foreign articles for exhibit at the Portland, Ore., universal exposition, and the act to amend the act B JO the authorized across the Missouri river near Jefferson ON THE Fire destroyed a large portion of the busness part of Union City, Pa., yesterday and Firemen William Rappold, Norman Anderson and Dan Conway were buried by a falling building and dangerously injured. The loss will exceed the insurance 1000'09$ sq W. W. Taylor. state treasurer of South Dakota, It is learned from reliable sources Reck- 000'008$ [east 10 JOJ defenter e SI less investments are given as the cause of his shortages. The National Bank of SI peesident SEM eq which JO Reddeld also involved. It is thought that there is little chance of securing during the present session of congress a congressional investigation of the southern negro lynchings of the past few years, the committee to which a resolution for that purpose had been referred declining to act. Yesterday the stockholders of the Colorado River Irrigation company decided to issue bonds to complete the company's canals in Southern California. In the election of officers the James H. Beatty faction was defeated by the adherents of 0 ayor Beatty. The conference between the Western, Central Traffic and Trunk roads was held yesterday, mainly to consider the question of mileage to be paid by the roads to each other on their various cases of interchange care. The matter will be further considered in New York next Wednesday. The president has recognized the following consular officers: J. Mignolet, consul of Belgium at Denver for Colorado, A A Medico: M9N pur Sujurios M Ballen, consul of Ecuador, at San Francisco: Peter Anker. vice consul of Den901A 'V M Neveral 18 mark. consul of Denmark, for Colorado: Maximo Gavito, commercial agent of Mexico, at Brisbee, Ariz. Senator Brice yesterday labored with the president for two hours ME[ Supsixe *** that miq contribe 01 beeq easy sens] puoq the Japun made, is better than the proposed legisST 11 em uo that while the president listened with apparent interest to the senator's representations, he did not himself express 700(gns *** no ue 10 esnoq prossing the uI tives yesterday bills were introduced fix. ing a maximum schedule of telephone rental. ranging from $40 to $25 a year making eight hours a legal day's work; -xe eq on ecuted within the walls of the penitenso am lands, and seizing such land after three years unless the owner becomes a citizen em JO 01 not THEM "mous 'dn MOJO I KaaMΒ» make a minister of me.' "Why, Johnny, IIIAM artsap anot St gons seque pets we T !m,sex, 15 inoqe Jeques mos 01 yeads STATE adomy 01 02 01 THEM


Article from The Herald, January 11, 1895

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Article Text

IN A RECEIVER'S HANDS. Liabilities of the Fidelity Loan and Trust Company. SIOUX CITY, Ia., Jan. 10.-The Fidelity Loan and Trust company passed into the hands of a receiver today. P. A. Sawyer, as a creditor of the company. filed an application for the appointment of a receiver in the district court. The petition stated that the company owed $3,200,000 on 6 per cont debenture bonds on which January interest was defaulted. It stated further that the floating debts of the comDANY were $1.000,000, no part of which had been paid. The only other statement in the petition was to the effect that the company was Insolvent. Judge Wakefield appointed President Joseph Sampson of Sioux City and Gideon H. Candee of New York receivers. It is expected the businers of the company will be continued under the receivership.


Article from The Madison Daily Leader, January 11, 1895

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Article Text

A BAD FAILURE. Sioux City Trust Company Goes Up With Liabilities of $4,000,000. SIOUX CITY, Ia., Jan. 11.-The Fideb ity Loan and Trust company of Sioux City defaulted payment of $30,000 in the interest on debenture bonds due the first of the year. Although the company has not yet failed President Sampson has been asked to accept the receivership should one be appointed. These debenture bonds were issued to secure loans made on farm mΓΈrtgages. The company could not collect interest from farmers $80,000 being now due them, and was thus forced to default the interest on the bonds, bringing on the financial difficulties. The firm did no banking business and none of the local banking houses or industries will be involved. The failure of the Lincoln Street railway of Lincoln, Neb., tied up $150,000 of the companies funds. Liabilities $4,000,000. The liabilities of the company are about $4,000,000, with assets nearly as large. The largest liabilities consist of $3,250,000 debenture bonds, about $2,250,000 of which are held in the New England states. One million dollars was also floated in Scotland. The other $750,000 of liabilities consists of street railway stock, etc. The company tried to negotiate a loan in New York, but failed. A meeting of parties representing the creditors was held in New York to take action regarding the company's financial affairs, but just what was done cannot be learned here. Joseph Sampson of this city. president of the company, is the principal local stockholder. - Price's Cream Laking Powde


Article from Iowa State Bystander, January 11, 1895

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Article Text

SIOUX ciry FAILURE. Receiver for the Fidelity Loan and Trust Company. Sioux CITY, Jan. 11.-The Fidelity Loan and Trust Company passed into the hands of a receiver on application of P. A. Sawyer, one of the creditors. The bill said plaintiff held a judgment for $500; that the company owed $3,200,000 on 6 per cent debenture bonds and the floating debts were $1,000,000 more. President Joseph Sampson, of the company, and Gideon H. Candes, of New York, were appointed receivers.


Article from The Seattle Post-Intelligencer, January 11, 1895

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Article Text

Business Failures. Sloux City, Ia., Jan. 10.-The Fidelity Loan & Trust Company passed into the hands of a receiver today. P. A. Sawyer, as a creditor of the company. filed an application for the appointment of a receiver in the district court. The petition stated that the company owed $3,200,000 of 6 per cent. debenture bonds, on which the January Interest was defaulted. It stated further that the floating debts of the company were $1,000,000, no part of which had been paid. The only other statement in the petition was to the effect that the company was insolvent. Judge Wakefield appointed President Joseph Sampson, of Sloux City, and Gkleon H. Candee, of New York, receivers. It is expected that the business of the company will be continued under the receivership.


Article from San Antonio Daily Light, January 11, 1895

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RECEIVERS APPOINTED. Fidelity Loan and Trust Company of Sioux City Iowa, In Chancery. SIOUX CITY, Ia., Jan. 11.-The Fidelity Loan and Trust company has passed into the hands of a receiver. P. A. Sawyer, a creditor, filed an application stating that he held a judgment against the company for $5,000; that the company owed $3,200,000 six per cent debenture bonds, on which the January interest had been defaulted, and further that the floating debts of the company were $1,000,000,no part of which had been paid, and that the company is insolvent. Judge Wakefield appointed Joseph Sampson, of Sioux City, and Gideon W. Candee, of New York, as receivers.


Article from Fort Worth Gazette, January 11, 1895

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THE FIDELITY FAILURE. avy Crash in Sioux City, Iowa. Receivers Appointed. loux City, Iowa, Jan. 10.-The FidelLoan and Trust company passed 0 the hands of a receiver today. P. Sawyer, a creditor, filed an applican stating that he held a judgment ainst the company for $5000; that company owed $3,200,000 six per at debenture bonds, on which the nuary interest had been defaulted; ther that the floating debts of the npany were $1,000,000, no part of ich had been paid, and that the npany was insolvent. udge W, Wakefield appointed Joseph mpson of Sioux City and Gideon W. adee of New York, receivers.


Article from The Providence News, January 11, 1895

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Article Text

Deeply In Debt. Sioux CITY, Ia., Jan. 11.-The Fidelity Loan and Trust company has passed into the hands of a receiver. The petition stated that the company owed $3,200,000 on 6 per cent debenture bonds, on which January interest was defaulted. It stated further that the floating debts of the com pany were $1,000,000, no part of which had been paid.


Article from The Redwood Gazette, January 17, 1895

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Article Text

A BAD FAILURE. Sioux City Trust Company Goes Up With Liabilities of $4,000,000. Stoux CITY, Ia., Jan. 12.-The Fidelity Loan and Trust company of Sioux City defaulted payment of $30,000 in the interest on debenture bonds due the first of the year. Although the company has not yet failed President Sampson has been asked to accept the receivership should one be appointed. These debenture bonds were issued to secure loans made on farm mortgages. The company could not collect interest from farmers $80,000 being now due them, and was thus forced to default the interest on the bonds, bringing on the financial difficulties. The firm did no banking business and none of the local banking houses or industries will be involved. The failure of the Lincoln Street railway of Lincoln, Neb., tied up $150,000 of the companies funds. Liabilities $4,000,000. The liabilities of the company are about $4,000,000, with assets nearly as large. The largest liabilities consist of $3,250,000 debenture bonds, about $2,250,000 of which are held in the New England states. One million dollars was also floated in Scotland. The other $750,000 of liabilities consists of street railway stock, etc. The company tried to negotiate a loan in New York, but failed. A meeting of parties representing the creditors was held in New York to take action regarding the company's financial affairs, but just what was done cannot be learned here. Joseph Sampson of this city, president of the company, is the principal local stockholder.


Article from Grant County Herald, January 17, 1895

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LIABILITIES, $4,200,000. Fidelity Loan and Trust Company of Sloux City Placed In Receivers' Hands. Sioux CITY, la., Jan. 11.-The Fidelity Loan and Trust company passed into the hands of receivers Thursday morning. It is claimed that the company owes $3,200,000 on 6 per cent. debenture bonds, on which the January interest was defaulted, and that the floating debt of the company is $1,000,000, no part of which has been paid. The receivers are President Joseph Sampson, of Sioux City, and Gideon H. Candee, of New York.


Article from Elmore Bulletin, January 19, 1895

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THE CONCERN IS INSOLVENT. Fidelity Loan and Trust. Company of Iowa in Receivers' Hands. Sioux City, Jan. 10.-The Fidelity Loan and Trust Company passed into the hands of a receiver today. P. A. Sawyer, as creditor of the company, filed an application for the appointment of a receiver in the district court. The petition stated that the plaintiff held a judgment against the company for $5,000, that the company owed $3,200,000 on 6 per cent. debenture bonds on which the January Interest was defaulted. It is stated further that the floating debts of the company were $1,000,000. no part of which had been paid. The only other statement in the petition was to the effect that the company was insolvent. Judge Wakefield appointed President Joseph Sampson of Sloux City and Gideon H. Candee of New York receivers.


Article from Audubon Republican, November 24, 1898

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State After Trust Company. SIOUX CITY, Nov. 16.-In the name of the state of Iowa, Milton Remley, the attorney general, has made an application in the district court, asking that the existence of the Fidelity Loan and Trust company of Sioux City be terminated and that the court appoint a receiver to wind up its affairs. The state alleges the company's rights as a corporation have been forfeited and asks the court to put an end to its existence for the benefit of creditors.


Article from Twice-A-Week Plain Dealer, August 8, 1899

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NEW RECEIVER. Creditors of the Fidelity Loan and Trust Company in Sioux City Hope to Receive Cash. District Judge George W. Wakefield has appointed U. G. Whitney receiver of the Fidelity Loan and Trust company, of Sioux City. The Fidelity has few visible assets, but the theory of the creditors is that the receiver may be able to collect $500,000 for their benefit by an assessment against the stockholders in the corporation. The concern did nominally only a debenture business, but is alleged to have branched out in banking a short time before its failure several years ago. It is on this ground that the creditors maintained that the stockholders were subject to assessment under the double liability law.