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UNION LOAN AND TRUST CO. Of Sioux City Assigns-Liabilities, $745.574: Assets. $2.000.000. SIOUX CITY, Ia., April 25. -The - Union Loan and Trust Company, with a capital of $1,000,000, one of the foremost financial institutions of Sioux City, today as-igned and closed its doors. Liabilities, $745,574 assets, $2,000,000.
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TROUBLES OF BUSINESS MEN. D. T. HEDGES FAILS IN SIOUX CITY-GOVERNOR M'CONNELL'S IDAHO COMPANY GOES UNDER. Sloux City, Iowa, April 25.-D. T. Hedges, the largest financial operator here. filed an assignment this afternoon for the benefit of creditors. There are no preferences. E. 11. Hubbard is assignee. The failure is attributed to the bad state of the money market and to inability to sustain the Pacific Short Line and Sioux City and Northern railroads on In. dividual credit. None of the local banks or merchants are involved. Much paper was issued through the Union Loan and Trust Company, and soon after filing of the Hedges notice of assignment that company also closed its doors. The secretary stated that the direct liabilities are not large. Hedges's schedule of assets. stocks and bonds, not including his real estate, is $1,823,640. The last of the claims against the Leeds Land Comparty were satisfied yesterday. and yesterday after neon, L. A. Black, receiver for the company, was discharged and the affairs of the company were put back in the hands of its directors and officers. The company has already arranged to take up Its old bonds with a new issue, which will be the last step in the clearing away of the $1,500,000 indebtedness. Grand Rapids, Mich., April 25.--In the United States Court to-day, Eastern creditors and bondholders got judgments aggregating $130,000 against the draulic Company of this city. and Thomas J. O'Brien was appointed receiver to wind up the affairs of the embarrassed corporation. Chicago, April 25.-Giles Brothers, one of the largest wholesale and retail jewelry firms in Chicago, are financially embarrassed. Confessions of judgment were entered against them in the Circuit Court this afternoon for over $85,000. Moscow. Idaho, April 25.-The McConnell & Maguire Company. a corporation, the largest mercantile house in Idaho, of which Governor McConnell is the head, was closed by the Sheriff yesterday. Attachments were placed amounting to $100,000. More are expected to-morrow. The assets amount to about $80,000 In stock and a large book account. The firm's business property is mortgaged for $25,000. The firm was incorporated for $100,000. Governor McConnell is deeply sympathized with by his numerous friends. It is thought that with careful management the firm may pay dollar for dollar. Last night it made a general assignment. Providence, R. I., April 25.-Receiver Greene. of the Franklin Institution for Savings which failed twenty years ago. to-day announced a final dividend, the payment of which will be begun May 1. The last dividend will be 2 9-10 per cent. and it will in the aggregate make the payment to depositors about 94 per cent. There were originally about 20,000 depositors. but a good many have died. and the books have been lost.
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TOO HEAVY A LOAD. SIOUX CITY, Io., April 25.-D. T. Hedges, the largest financial operator here, filed an assignment this afternoon for the benefit of creditors. There are no preferences. F. H. Hubbard is assignee. The failure is attributed to the bad state of the money market, and to inability to sustain the Pacific Short Line and Sioux City & Northern railroads on individual credit. None of the local banks or merchants are involved. Much paper was issued through the Union Loan and Trust company. Soon after filing of the Hedges' notice of assignment the Union Loan and Trust company closed its doors. The secretary issued the following notice: "Assignment was necessary to protect the interest of both creditors and stockholders. Direct liabilities are not large. The situation was urgent, growing out of indorsement of customers' paper who could not pay. Our custouners have been reducing their liabilities, and since December_we collected in about $800,000, but could not collect infall cases fast enough. The gold panic of four months past has made it impossible for our customers to get renewals. We do not owe any Sioux City Banks." CHICAGO, April 25.-Giles Bros., one of the largest, if not the largest, wholesale and retail jewelry firms in Chicago, are financially embarrassed. Confessions of judgment were entered against them in the circuit court this afternoon for over $85,000, as follows: First National bank, $50,320; John Heron, $10,200; Charles A. Ferry, $5,000, and William A. Giles, $20,400. GRAND RAPIDS, Mich., April 25.-In the United States court today Eastern creditors and bondholders were given three judgments, aggregating $120,000, against the Hydraulic company of this city, and Thomas O'Brien was appointed receiver to wind up the affairs of the embarrassed corporation. The company started five years ago as a competitor in the water business with the city, and the action taken today practically closes its career.
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OTHERS TUMBLING DOWN. Far-Reaching Effect of the Disastrous Failures at Sioux City. SIOUX CITY, April 27.-The - Boston Investment company this morning, on a judgment obtained last December for $58,544, levied on the charter, franchises and all other property of the Pacific Short Line Bridge company and its successor, the Missouri River Bridge company. It is understood this action is merely precautionary in view of the recent failure here. Ed Haakenson, president and treasurer of the failed Sioux City Dressed Besf company, and president of the Washington Park Street Railway company. made an assignment to-day. Assets and liabilities are yet unknown. PONCA, Neb., April 27.-The First National bank did, not open its doors this morning. All the information that could be obtained in regard to the failure is contained in the following notice. posted on the bank door: "Owing to recent failures in Sioux City and elsewhere, and being called on for money due. we are compelled to close temporarily. Depositors will be paid as soon as matters can be adjusted." Business men believe the depositors will be paid in full. NASHUA. N. H., April 27.-A number of citizens of Nashua are affected by the closing of the doors of the Union Loan and Trust Co., of Sioux City. It is said $200,000 of the company's stock is held here. The belief here is that the suspension is temporary and that no loss will result.
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Sioux City Failure. SIOUX CITY, Ia., April 26.-D. T. Hedges, the largest financial operator in Sioux City, and que of the largest in the west, made an assignment for the benefit of his creditors. No preferences were shown. E. H. Hubbard was made assignee. He has sacrifised his fortune in two railroads, the Pacific and the Sioux City and Northern. of which A. S. Garretson is president. The panicky condition of the money market is given as the immediate cause of the failure. None of the local banks are affected, nor are any mercantile or manufacturing industries involved. The failure of Hedges involves the Union Loan and Trust company, with liabilities known to be pretty large.
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LACKED READY MONEY. Failure of Two Eastern BankingHouses. Additional Complications Arising From the Sioux City Assignments. Short in His Accounts. Special to THE MORNING CALL. LANSING, Mich., April 27.-The Ingham County Savings Bank closed this morning, and is in the hands of the Commissioners of Banking. The closing of the bank was due to the inability of the officers to realize on some securities. The directors attribute the present difficulty to the unsatisfactory condition of the money market. The Bank Commissioner says the closing was without his advice. He would have advised against it. All the bank-directors of the city are in conference. The situation is extremely critical. PONCA, Neb., April 27.-The First National Bank did not open its doors this morning. All the information that could be obtained in regard to the failure was contained in the following notice posted on the bank door: "Owing to the recent failures in Sioux City and elsewhere, and being called on for money due we are compelled to close temporarily. Depositors will be paid as soon as matters can be adjusted." Business men believe the depositors will be paid in full. PHILADELPHIA, April 27.-The liabilities of Clark & Keene, the violin manufacturers, who assigned yesterday, will amount to about $100,000, exclusive of the amount due Charles J. Webb, to whom they confessed judgment for $80,403. The assets consist of a plant valued at $150,000, and a large quantity of manufactured goods. SIOUX CITY, April 27.-The Boston Investment Company this morning, on a judgment obtained last December for $58,544, levied on thecharter and franchises and all the other property of the Pacific Short Line Bridge Company and its successor, the Missouri River Bridge Company. It is understood this action is merely precautionary, in view of the recent failures here. Ed Haskinson, president and treasurer of the failed Sioux City Dressed Beef Company and president of the Park-street Railway Company, made individual assignments to-day. The assets and liabilities are yet unknown. Nashua, N. H., April 27.-A number of the citizens of Nashua are affected by the closing of the doors of the Union Loan and Trust Company at Sioux City. It is said $200,000 of the company's stock is held here. The belief here is that the suspension is temporary and no losses will result. NDIANAPOLIS, April 27.-Charles R. Haseley, secretary of the South Side Building Association, is short $20,000 in his accounts and a fugitive in South America. The association made an assignment this afternoon.
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THE SIOUX CITY FAILURES. They Brought a String of SuspensionsOther Business Troubles. PONCA. Net., April 27.-The First National bank did not open its doors this morning. All the information that could be obtained in regard to the failure is contained in the following notice posted on the bank door: Owing to recent failures in Sioux City and there and being called on for money due, weate compelled to close temporarily. Deposbe paid as soon as matters can be ad. justed Business men believe that depositors will be paid in full. Storx CITY, Is., April 27.-Ed Haakinon. president and treasurer of the failed Sionx City Dressed Beef Company, and president of the Washington Park Street Railway Company, made an individual assignment today. His assets and liabilities are yet unknown. NASHUA, N. H., April 27.-A number of citizens of Nashua are affected by the closing of the Union Loan and Trust Company. of Sioux City, It is said that $200,to of the company's stock is held here. The belief here is that the suspension is and that no loss will result. BOSTON, April 27 .-The Sioux City Inmement Company this morning, on a judgment obtained last December for $58.is levied on the charter franchises and all other Bridge property of the Pacific Short Line and the River It IS Missouri Company Bridge its Company. successor, understoad that this action is merely precautionary. in view of the recent failures here LANGING. Mich. April 27.-The Ingham County Savings bank closed this morning, and is in the bands of a commissioner of banking Little is known of the cause, the bank officers The failare said to are is have been are reticent. caused by the failof the Peninsular of to an to furnish tros. keep agreement Savings bank, De- the Ingham County bank enough currency to the do business closing The was bank without commissionersays his advice. Rewould have advised against it. All'the bank directors in the city are in confersace The situation is extremely critical.
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IN FINANCIAL STRAITS. One More Sioux City Assignment -A Bank's Doors Closed. SIOUX CITY, April 27. - Edward Haakison. president and treasurer ot the failed Sioux City Dressed Beef and Canning company, and president of the Washington Park Street Railway company, made an individual assignment to E. B. Spaulding today. Assets and liabilities not obtainable at present. The Boston Investment company this forenoon, on a judgment obtained Dec. 15, 1892, for $58,544, levied on the charter, franchises and all other property of the Pacific Short Line Bridge company and its successor, the Missouri River Bridge company. The precautionary measure was taken by the investment company because of the recent failures here. PONCA, Neb., April 27. -- The financial flurry at Sioux City has had its effect at this place, and the First National Bank of Ponca has been forced to close its doors. The suspension is due to the failure of the Union Loan and Trust Company of Sioux City. When the flurry struck Sioux City, the banks of that place began calling in their funds in order to strengthen themselves against the run. It was a heavy creditor of the Ponca institution, and the result was when their draft was honored by the local bank it found itself without money to do business. POTTSVILLE, Pa., April 27.- The shoe manufacturing firm of Shoener & Co., at Orwighsburg, has failed, oxecutions having been executed for a sum exceeding in the aggregate $30,000. Ex-State Senator Shoener is the head of the firm. LANSING, Mich., April 27.-The Ingham County Savnigs bank closed its doors this morning. It is the back on which the run began April 19. At that time Bank Commissioner Sherwood made a speech which calmed the excitement for the time. The closing of the bank is due to its inability to realize on securities. The directors met last night and decided it would be best to close the bank for a time. They attribute the bank's difficulties to the unsatisfactory condition of the money market as much as to the Barnes failure.
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Affected by the Closing of a Western Bank. A number of citizens of Nashua, N. H., are affected by the closing of the doors of the Union Loan and Trust Company of Sioux City. It is said that some $200,000 worth of the company's stock is held at Nashua, considerably more than in any other city in New England. The business men there, who are informed of the affairs of the company. believe nothing will be lost and the suspension is but temporary. As far as could be learned none of the local savings banks hold the paper of the company. All of the stock is held by private individuals.
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Failures at Sioux City. SIOUX CITY, Iowa, April 26.-D. T. Hedges the largest financial operator here, assigned yesterday. There are no preferences. The failure is attributed to the bad state of the money market and inability to maintain the Sioux City and Northern railway on individual credit. Soon after the filing of the Hedges notice of assignment the Union Loan and Trust company also closed its doors.
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Nebraska Bank Failure. PONCA, Neb.. April 29.- 1 The financial flurry at Sioux City has had its effect at this place and the First National Bank of Ponca has been forced to close its doors. The suspension is due to the failure of the Union Loan and Trust company of Sioux City. Ex-Congressman Greer W. Dorsey is president of tho bank..
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Crookedness at Sioux City. SIOUX CITY, Ia., May -There are signs of crookedness in the recent failures at this city. Assignee Hubbard, of the Union Loan and Trust company, says the liabilities look like $6,000,000 instead of less than $1,500,000, and that it is largely composed of indorsed paper made by the syndicate. Receiver Cheeley, of the Union Stock yards. has repudiated a large quantity of paper on the ground that it was signed without authority by the president.
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Sioux City Affairs. Sioux City, Iowa, April 28.-Nothing unlooked for transpired in financial affairs today. On the application of a stockholder, Judge Gaynor, of the district court, appointed H. P. Chesley receiver of the Union Stock Yards and fixed his bend at $20,000. The measure was deemed expedient in view of the failures of Hedges and Hankinson. both of whom were interested in the management. Mr. Chesley is the present general manager for the company. Ed Hankinson, the packer, filed an assignment to E. B. Spaulding for the benefit of creditors. No inventory of liabilities or assets appears. The liabilities are believed to be above $200,000. The Boston Investment company this forenoon levied on the property, character and franchises of the Pacific Short Line Bridge company, under a general execution on a judgment obtained against the bridge company Dec. 19, 1892, for $58544. The Manhattan Trust company and five local capitalists are made co-defendants. Mechanics' liens aggregating $150,000 have been filed against the Sioux City Terminal company to secure contractors on the new union depot. The rumor that the Great Northern had bought the terminal property, together with the Sioux City & Northern and Pacific Short Line railroads, is denied. The sheriff to-day took possession of the Missouri River Bridge company, under an execution for $58,000 in favor of the Boston Investment company. The suit of the Sioux City Engine works against the Sioux City National bank for $110,000 was dismissed to-day. The excitement following the collapse of the Union Loan and Trust company has subsided and no further failures are anticipated.
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WANTS A RECEIVER, A Sionx City Man Asks for a Receiver for a Lot of Notes. SIOUX CITY, Ia., May 17.-H. Silberborn, packer, has filed a petition in the district court for a receiver of $245,000 notes. The suit grows out of a deal by which Garretson & Silberhorn bought 7,000 shares of stock of the San Francisco Stockyards company a year ago. They borrowed from the Union Loan and Trust company money with which to pay forfeit and deposited the stock with a trustee. All notes were signed by the
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Kaneaa Coal Minera strike. WEIR CITY, Kan., May 19.-The strike of coal miners which had been threatening this district for about a month past is now on, and the strikers declare that all the 9,000 miners in the state will soon be idle and the fight will be to the very end. Yesterday the men in the Hamilton shaft walked out and the men at other camps in that section intend to follow suit. The cause of the strike is the new schedule of prices brought about by the new state screen law. Several bundred miners in the Pittsburg section quit yesterday, and by tomorrow it is thought that the number of idle men will be 4,000 in that section. They are peaceable and no trouble is feared for the present. Receiver for Sious City Stove Works. Stock CITY, May 19.-Today E. H. Hubbard, assignee of the Union Loan and Trust Company, was appointed receiver for the Sioux City Stove Works This concera was founded here by the late Daniel E. Paris, and is said to be the larg. est plant of its kind in the country. The measure was taken to head off attachment proceedings on $375,000 worth of notes held by the trust company at the time of its failure.
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Big Stove Worksgo Under. Sioux CITY, May 19.-Today E. H. Hubbert, the assignee of the Union Loan & Trust Co., was appointed receiver for the Sioux City Stove Works. This concern was founded here by the late Daniel Paris and is said to be the largest plant of its kind in the country. Measures were taken to head off attachment proceedings on $375,000 worth of notes held by the Trust company at the time of its failure.
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A Sioux City Concern in Trouble. SIOUX CITY, May 19-Today E. H. Hubbard, assignee of the Union Loan & and Trust Company, was appointed receiver of the Sicux City stove works The concern was founded here by the late Daniel E Paris. and said to be the largest plant of its kind in the country This measure was taken to head of at tachment proceedings of $375.000 worth of notes, held by the trust company at the time of its failure.
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CROOKED FINANCIERING A Dubuque, Iowa, special of late date says: Confidenced out of $1,500,000 was the complaint of New England, New York and Wisconsin bankers, whose representatives yesterday had an ex parte hearing in chambers here before Judge Shiras, which reulted last night in the appointment of Judge Warwick Hough, of St. Louis, as receiver for the Sioux City Railway Terminal and Warehouse company. He shares with Samuel G. Beals, of St. Paul, a practical railroad man, the receivership or the Sloux City and Northern, lessee of the Terminal. ... S. Garretson is the guiding spirk of both corporations and of the Union Loan and Trust company, through whom he negotiated 300 notes of $5000 each. The trust company indorsed them and aunounced that It held the Terminal stock as collateral. When Trust and Terminal defaulted in interest and maturud part of principal the bankers wanted the stock, but were informed Garret900 had withdrawn it to use as collateral for another loan. The bankers have now joined the creditors of the Sioux City and Northern Trust company in an etfort a pay of the Brut morigage and save something from the wreck. The railroad properties will be rehmoilitated with the expectation of a sale to the Great Northern at a price which will net something to the credulous noteholders.
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NEWS IN A NUTSHELL. The French bourse tax yielded $418,000 in four months. Officials were fined and imprisoned for corruption in Passaie county, N. J. The depression in the United States has caused Irish linen mills to be run halftime. The cause of the explosion which resulted in the loss of the City of Alexandria is not known. A plan has been set afoot to reorganize the Union Loan a of Trust company at Sioux City, Ia. Two men were killed and one fatally wounded by the explosion of a locomotive boiler at St. Louis. Nicaragua's action against foreigners is not simed at Americans, whose interests are to be protected. The British Columbia Jute and Cooperage company's mill at Vancouver, B. C., was destroyed by fire. It is reported that Clarence King, formerly director of the United States geological survey, is insane. Joseph Eugene Bonnemere, the historian, died in Angus, France. born in 1813 at Saud ur. The British steamer Winchester was awarded $6250 salvage for standing by the disabled Maasdam for six hours. The foundry and machine shops of E. C. Wehrifritz, Little Rock, Ark., were destroyed by an incendiary fire; loss $40,000. The warlike activity in Spain is in sharp contrast to her assurances to foreign ministers that the status quo is to be respected in Morocco. The second section of a Nickel Plate passenger train ran into the rear end of the second section of a freight train at Silver Creek, N. Y. No one was serionsly hurt.
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Engine Works Sold Cheap. SIOUX CITY, Io., Feb. 17.-At receiver's sale today the equity in the Sioux City Engine works was sold to a local syndicate for $20,000. The industry was one of those involved in the failure of the Union Loan and Trust company last April. The Credit and Commutation company, the organization of the trust company's creditors, opposed the sale
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Begins Suit to Recover $800,000, SIOUX CITY, July 13.-The Credits Commutation company, of this city, has begun suit against D. T. Hedges in the United States court in Los Angeles, Cala, to recover $600,000 on personal notes given by Hedges to the Union Loan and Trust company, which went under during the financial panic of 1833 Hedges was one of five men who operated the famous railroad syndicate during the boom days in Sioux City. He was the first to knock the props from under the tottering Union Loan and Trust company, resulting in its total collapse.
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Begins Suit to Recover $800,000, SIOUX CITY, July 13-The Credits Commutation company, of this city, has begun suit against D. T. Hedges in the United States court in Los Angeles, Cala, to recover $800,000 on personal notes given. by Hedges to the Union Loan and Trust company, which went under during the financial panic of 1893. Hedges was one of five men who operated the famous railroad syndicate during the boom days in Sioux City. He was the first to knock the props from under the tottering Union Loan and Trust company, resulting in its total collapse.
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SIOUX CITY SAVINGS BANK FAILS. Carried Down Finally in the Wreck of the Union Loan and Trust. SIOUX CITY, Nov. 10.-(Special Telegram.)-A receiver was appointed for the Iowa Savings bank of this place by the district court this morning. The bank was the oldest savings bank in the city, having been organized in 1883, with D. T. Hedges, one of the big boomers, as president, and L. Wynn as cashier. In its early days it was closely connected with the Sioux National bank and both the banks were connected more or less with the syndicate of boomers who made Sioux City famous a few years ago. When the Union Loan and Trust company failed there were runs on both the Sioux National and Iowa Savings banks, and it was with difficulty that they were saved. Some weeks ago the Sioux National gave up and this affected the Iowa Savings also. During the campaign withdrawals of deposits were steady and yesterday the bank was left practically without ready cash. Mr. Manley of the Security National was placed in charge as receiver. The report shows the following: Assets:
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# Due to Depreciated Values. The insolvency of Mr. Hubbard and the milling company is due to the depreciation of value of the stock of the National Linseed Oil Co., of which he is a large holder. When this company was formed in 1888, Hubbard & Gere, who owned and operated the large oil mill at Sioux City, turned that property into the company for 11,000 shares of stock, then worth $33¼ a share. They retained their own liabilities, while the bills receivable went to the company. This stock advanced to $58 a share, and was worth $55 a share when Mr. Hubbard gave up the management of its affairs. The decline in the value of this stock began in 1892, and the panic of 1893 sent it downward rapidly, and since then it has never recovered, being quoted today at $10 a share. Here is a depreciation from $605,000 to $110,000. Only one dividend has been declared in four years, and that only half of one per cent. Mr. Hubbard drew heavily upon the milling company to meet the demands made upon him on account of the shrinkage of these securities, which were held by eastern banks as collateral. This is what involved the milling company. During the past four years Mr. Hubbard's property has shrunk in value over $800,000. He has used every means in his power to make a settlement with his creditors, believing that that would be the best for all concerned, but the disinclination of a few of the creditors to accept his proposition forced the step taken today. When the Union Loan and Trust Co. at Sioux City, failed, Hubbard & Gere had about $70,000 in cash tied up there. Hubbard & Gere have reduced their holdings of the Linseed Oil stock by several thousand shares.