22623. Hudson Savings Bank (Hudson, WI)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: savings bank
Start Date: June 9, 1893
Location: Hudson, Wisconsin (44.975, -92.757)

Metadata

Model: gpt-5-mini
Short Digest: 9ec857be

Response Measures

Full suspension, Books examined

Other: Subsequent legal action: assignment/assignee and petition for receiver; evidence of internal fraud and misstatements uncovered in later proceedings.

Description

Multiple contemporaneous articles report a multi-day run culminating in the bank closing its doors and posting a suspension notice on June 9, 1893 citing the stringency of the money market. Later reporting (June 14) discusses an assignee and committee appraisal; by Sept. 4, 1893 court proceedings and a petition for appointment of a receiver are underway with allegations of discrepancies and possible fraud. Sequence: run → suspension (June 9) → assignment/receivership (by summer/autumn 1893).

Events (3)

1. June 9, 1893 Run

Cause: Macro News
Cause Details: Run driven by the general monetary stringency / tightness of the money market reported in many papers.
Measures: No special measures reported prior to suspension other than continued paying until closure; bank posted suspension notice.
Newspaper Excerpt: After a Three Days' Run. HUDSON, Wis., June 9.-The - Hudson Savings bank, having stood a run for three days, closed its doors today.
Source: newspapers

2. June 9, 1893 Suspension

Cause: Macro News
Cause Details: Bank posted notice that it suspended due to the money-market stringency; nearly $700,000 on deposit and city funds tied up prompted suspension amid commotion and runs elsewhere regionally.
Newspaper Excerpt: Closed. Owing to the stringency of the money market we deem it best in justice to our depositors to suspend for the present. The bank has assets enough to cover all deposits.
Source: newspapers

3. September 4, 1893 Receivership

Newspaper Excerpt: The preliminary examination of Alfred J. Goss, cashier of the Hudson Savings bank, with a view to setting aside the assignment occupied Court Commissioner Anderson's time ... the petition of Emmet Rice for the appointment of a receiver ... Judge Humphrey, the assignee, was examined ... an adjournment was taken until Sept. 20. The evidence thus far shows the Hudson Savings bank to have been a mere shadow ... (Iowa County Democrat, Sept. 4, 1893).
Source: newspapers

Newspaper Articles (14)

1. June 10, 1893 The Herald Los Angeles, CA

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EMBARRASSED BANKS. MANY PRIVATE INSTITUTIONS SUSPEND PAYMENT. A Big Montana Banking House in Dimculties-A Failure at Ellensburg, Wash.-Several Chicago Concorns Close Doors. MISSOULA, Mont., June 9.-C.P.Higgins' Western bank closed its doors at noor today, displaying a formal notice of suspension. This is a private concern and no statement has been obtained at present. Stringency in the money market and threatened litigation precipitated the collapse. It was the depository for county and city funds to the extent of about $80,000, the bank owns large land intereste. Its Encorporators From these lands and improvements they expect to realize more than double the amount required for liquidation when business will be resumed. Several emali business firms are affected by the failure. ELLENSBURG, Wash., June 9.-A notice was posted on the doors of the banking house of Ben E. Snipes & Co. this morning that the bank had temporarily suepended, owing to heavy withdrawals of deposite and inability to realize on securities amply sufficient to pay five dollars for one of indebtedness. A run on the branch bank at Roslyn yesterday precipitated the closing of the parent bank in this city. There is no excitement over the suspension. ALTON, Ill., June 9.-The bank of J. E. Hyattat Gillespie failed today. From information received here it seem a run has been in progress for several days, and this caused the failare. Details have not been learned. CHICAGO, June 9.-Jernberg, Griffin & Co., private bankers, have failed. Liabilities, $20,000; assets, $24,000. Jernberg, as real estate dealer, has also failed, with assets of $200,000; liabilities, $150,000. HUDSON, Wis., June 9.-The Hudson Savings bank closed its doors today. A note on the door saye the closing is temporary, owing to the monetary stringency, and that the bank has enough assets to cover all deposits. The bank had nearly $700,000 on deposit, and the failure created great commotion among business men. Farmers and laboring men will suffer severely. The city: funds are deposited in the bank. The general belief is the bank will find it difficult to resume. CHICAGO, June 9.-Joseph Higgins, a private banker, with branch banks in Illinois, failed this morning; assets, $50,000; liabilities not given. He has branches at Mascoutah, Serento, Gillespie and St. Ann. The assignment covers all. FLORENCE, Ala., June 9.-The Triscumbia Banking company closed its doors this morning. No statement was made. NEW ORLEANS, June9.-The Louisiana Cypress Lumber company is in the hands of a receiver, the result of the depression in the money market. A euit was filed by William S. Hopetra of Muskegon, Mich., to recover $311,431 due on notes. The assets of the company are nominally $300,000; indebtedness probably $200,000. GALVESTON, Tex., June 9.-The Texas Trading company, a wholesale and retail establishment, has made an assignment to W. H. Dorland; assets $163,000, liabilities $180,800. NEW YORK, June 9.-E.1 F. Sanford & Co., jewelers, assigned; liabilities $150,000, assets $100,000. New YORK, June 9.-Judge McAdam has appointed Fabiua M. Clark and Dr. Henry T. Cutter receivers of the Casino.

2. June 10, 1893 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, June 10, 1893

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After a Three Days' Run. Special to the Globe. HUDSON, Wis., June 9.-The - Hudson Savings bank, having stood a run for three days. closed its doors today. The liabilities are large, but it is believed they will be fully met.

3. June 10, 1893 The Madison Daily Leader Madison, SD

Article from The Madison Daily Leader, June 10, 1893

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WITHOUT WARNING. The Hudson, Wis., Savings Bank Closes Its Doors. HUDSON. Wis., June 10.--There was great commotion among business men and depositors generally during the morning when the Hadson Savings bank failed to open its doors. The following notice was posted: "Owing to the stringency of the money market we have deemed it best in justice. 10 our depositors to suspend for the present. The bank has assets enough to cover all deposits." No FOR or warning of any kind was given. The city funds were deposited there. There are doubts of the bank renewing business. Light Runs. KEWAUNEE. Wis., June 10. -Both the State Bank of Kewaunee and the Bank of Kewaunee have experienced light runs.

4. June 10, 1893 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, June 10, 1893

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Hudson (Wis.) Savings Bank. HUDSON. Wis., June 9.-The Hudson Savings Bank closed its doors to-day with the following notice: "Closed owing to the stringency of the money market. We deem it best, in justice to our depositors, to suspend for the present. The bank has assets enough to cover all deposits." Farmers and laboring men, as well as business houses. are interested to amounts aggregating a large sum. The general belief is that the bank will find it difficult to renew business. The city funds were deposited in the bank. Alfred Goss is president of the bank. and A. J. Goss is cashier. The last statement of the condition of the bank, issued Jan. 2, last, shows the following: Resources-Loans and discounts. $614,008; due from directors or stockholders, $120,000; due from brokers or call loans. $11,500; overdrafts, $5,816; bonds, $15,000; office fixtures, $8,000; real estate, $7,000; due from banks and bankers, $72,704; cash items, $6,285; specie, $12,485; United States and national bank notes, $17,213. Total resources, $782,012. Liabilities-Capital, $25,000; surplus, $61,843; due depositors on demand. $456,160; due depositors on time, $239,008. Total liabilities, $782,012.

5. June 10, 1893 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, June 10, 1893

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BUSINESS TROUBLES, The Hudson, Wix. Savings bank closed its doors ou June 9. owing to the minutary stripgeney. The bank bad $700,000 on deposit, including the city funds, Farmers and laboring men will suffer severely. Alfred Goss is president and A. J. Goss cashier. J. N. Hagins, a private banker of Chicago, failed on June 3. He had branch banks at Maxcoutah, Gillespie, Sereps and Star Jeruberg, Griffin & Co., private bankers of ChiCaga failed June 2 Liabilities, $31,000 assets, $24,000 Jernberg, as real estate dea or. has also failed, with assets of $200,000 and liabilities of $35,200. The Louisiana Cypress Lumber Company is in the hands of & receiver at New Orleans, due to a suit by William S. Hopetra, of Muskegon, Mich. to recover $11,000 due on notes, The assets of the company are nominally $200,000 and the indebted aces $230,000.

6. June 10, 1893 The Times Richmond, VA

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MORE BANK FAILURES. The Hudson Savings Bank Forced to Suspend-other Small Failures. HUDSON, WIS., June 9.-The Hudson Savings Bank closed its doors to-day, with the following notice: "Closed. Owing to stringency of the money market, we deem it best, in justice to our depositors, to suspend for the present. The bank has assets enough to cover all deposits." Nearly $700,000 was on deposit. The general belief is that the bank will find It difficult to renew business. The city funds were deposited in the bank. National Bank Closed. HILLBORO, O., June 9.-The Citizens' National Bank, of this place, has been closed by order of the Comptroller, and is now in the hands of the bank examiner. Other Business Failures. NEW ORLEANS, June 9.-The Louisiana Cypress Lumber Company went into the hands of a receiver yesterday, the cause being the depression of the money market. The assets are $300,000, and the indebtedness probably $200,000. Judge Billings appointed as receiver Pearl Willet, placing his bond at $50,000. An Alabama Bank Failure. FLORENCE, ALA., June 9.-The Tuscumbia (Ala.) Bank Company closed its doors this morning. The president is absent from the city. No statement will be given out until he returns. Refused to Reduce Assessment. WASHINGTON D. C., June 9.-A committee consisting of S. J. Keith, Hermann Justis, J. H. Thompson, J. H. File and J. B. Richardson, representing the Commercial National Bank of Nashville, Tenn., had a conference with Comptrolier Eckels to-day. He refused to reduce his assessment upon the stockholders of 100 per cent., but agreed to distribute its collection over a longer period than two weeks.

7. June 10, 1893 The Morning News Savannah, GA

Article from The Morning News, June 10, 1893

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BANK DOORS CLOSED. A Claim That It Has Assets Enough to Pay All Depositors. Hudson, Wis., June 9.-The - Hudson Savings Bank closed its doors to-day with the following notice: "Closed. Owing to the stringency of the money market we deem it best in justice to our depositors to suspend for the present. The bank has assets to cover all deposits." Nearly $700,000 was on deposit and the general belief is that the bank will find it difficult to renew business. The city funds were deposited in the bank.

8. June 10, 1893 Wheeling Register Wheeling, WV

Article from Wheeling Register, June 10, 1893

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CONCERNING BUSINESS AND FINANCE. CHICAGO, June ).-August Jernberg and William Griffin, composing the banking firm of Jernberg, Griffin & Co., made a voluntary assignment to-day. Liabilities of the firm are $20,000 and assets $24,000. Jernberg also conducted a real estate business and at the same time assigned, placing his assets at $200 and his liabilities at $151,000. CHICAGO, June 9.-Joseph Higgins, owning a private bank at 84 Washington street and three corresponding institutions in Illinois towns, made an assignment to George W. Dixon. Assets are scheduled at $50,000; liabilities not estimated. The assignment covers all. HUDSON, WIS., June 9.-The Audson Savings Bank closed its doors to-day with the following notice: "Closed owing to the stringency of the money market. We deem it in the best justice to our depositors to suspend for the present. The bank has assets enough to cover all deposits." The suspension caused much commotion. Nearly 700,000 dollars were on deposit. Farmers and laboring men are interested to amounts aggregating a large sum. The general belief is that the band will find it difficult to renew business. The city funds were deposited in the bank.

9. June 10, 1893 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, June 10, 1893

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WILL PAY DEPOSITORS Failure of the Hudson, Wis., Savings Bank. HUDSON, WIH., June 9.-The Hudson savings bank closed its doors today with the following notice: "Closed owing to the stringency of the money market. We dee m it in the best justice to our depositors to suspend for the present. The bank has assets enough to cover all deposits." The suspension caused much commotion. Nearly $700,000 were on deposit. Farmers and laboring men are interested to amounts aggregating a large sum. The general belief is that the bank will find it. difficult to renew business. The city funds were deposited in the bank.

10. June 15, 1893 The Herald Los Angeles, CA

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EASTERN BANK TROUBLES. A Run on the Irving Savings Institution of New York. NEW YORK, June 14.-A run was started on the Irving Savings institution this morning as soon as the doors were opened. Twenty minutes after the bank had opened the paying teller had paid out $7500. A speculator was on hand offering to buy up all the books he could get for 10 per cent commission. Treasurer Latimer said the bank had on hand $1,000,000 and could get as much more at a moment's notice if necessary. This is the bank in which Superintendent Preston found 8 deficiency of $70,000 genterday. This afternoon Superintendent of State Banks Preston made the following statement: "The directors of the institution were averse to making the condition of affairs public, fearing a run would hurt the bank's standing, but I advised them to take the public into consideration. The run will probably be over by tomorrow, when the solvency of the bank becomes generally known. The shortage may be larger than already announced, as the channels through which the money disappeared are not all discovered. There may be other dishoneet officials than the three mentioned last night." No arrests have been made. BANK SUSPENSIONS IN OHIO. PAINESVILLE, O., June 14.-A run which began on the Lake county bank of Taron, Wilcox & Co. yesterday culminated in its doors being closed this morning. A notice was posted stating the bank had suspended temporarily, and that all depositors would be paid in full. The general impression is the bank will be able to resume. The personal estates of the stockholders are liable for the bank's indebtedness, in all amounting to several hundred thousand dollars. It was considered a sound institution. TOLEDO, O., June 14.-The Exchange Banking company of Weston, O., a concern capitalized at $50,000, closed its doore this morning. AN INDIANA BANK FAILURE. INDIANAPOLIS, June 14.-The Citizens' bank of Fairmount, Ind., has sugpended operations, owing to the stringency of the money market. Capital stock, $50,000; assets, $191,000; liabilities, $130,000 to $150,000. THE HUDSON SAVINGS BANK. HUDSON, Wis., June 14.-The statement of the committee on the affairs of the Hudson Savings bank will show that the assets, according to the bank statement, are $736,127; assets, according to the committee's appraisement, $596,296 liabilities. $644,493. With careful handling by the assignee the loss will be comparatively small. OMAHA BANK RUNS SUBSIDED. OMAHA, June 14.-The runs on the Omaha savings banks subsided this morning almost as quickly as they began yesterday. A few depositors appeared early, but as soon as it became apparent that the rush was over the anxious ones left without taking their money. There are no new developments regarding the suspended banks. A KANSAS BANK WEECKRR. TOPEKA, Kan., June 14.-State Bank Commissioner Breidenthal, who made an examination of the affairs of the bank of Burr Oak, which failed Saturday, declares Manager Hurlbut conducted the 1 affairs in such a manner as to send him to e the penitentiary. Hurlbut disappeared after the failure and cannot be found. c The bank's deposits amount to $45,000. a Its assets are worthless. 8

11. June 15, 1893 The Green Forest Tribune Green Forest, AR

Article from The Green Forest Tribune, June 15, 1893

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THE WEEK'S NEWS IN BRIEF. MANY INCIDENTS REDUCED FROM COLUMNS TO SHORT. SPICY PARAGRAPHS. Everything Eliminated But Facts For the Special Convenience of Readers of The Tribune. LAST Thursday was Nebraska's day at the World's Fair EIGHTY-SIX fourth-class Postmasters were appointed Saturday. RICH gold deposits have been found in the mountains of Wyoming THE Arkansas building at the World's Fair will be dedicated to-day. THE great tragedian, Edwin Booth, passed off life's stage last Thursday VIRGINIA Populists are making preparations for an active campaign this fall. THE names of many members of Congress are to be found on the pension rolls THE Hudson, (Wis.) Savings Bank has closed with nearly $700,000 due depositors. R. W. W ALLACE has been acquitted of murder at Texarkana, after an interesting trial. A STRANGE wild human covered with long woolly hair has been discovered near Paducah, Ky. IT is believed that the problem of making 8 State out of the Indian Territory is far from solved. THERE are 1,550 candidates for the 397 seats in Germany's Reichstag to be filled by election to-day. JAMES GORDON BENNETT of the New York Herald was thrown from a carriage, in Paris, and seriously injured. WASHINGTON news say the pension examining boards are to be given an overhauling in the near future. THE Ohio Republicans nominated all the present incumbents for re-election, headed . by Governor McKinley. TREASURE worth $2,000,000 and secreted in the City of Mexico by Emperor Maximillian has been unearthed. THE belief has come to be a general one in Havaii that a protectorate will be established by the United States. THE bank of Mascoutah, Ill., controlled by J. N. Hagins, of the collapsed Columbia National of Chicago, has suspended. R. G. DUN'S weekly review says that tradeis slightly improving and that there is a material improvment in the financial situation. CHOLERA is increasing at Mecca, and deaths have occurred in France and Hamburg. England has redoubled her quarantine precautions. ROBBERS held up a Santa Fe train near Kau., last Cimeron, Saturday and relieved the express agent of a deal of the company's money. LATE developments in the Borden case show evidence strongly in favor of the defendent. The trial is calendered to last two weeks. THE World's Vegetarian Congress was week at Chicago, of atdistinguished held last vegetarians the with country most of in the tendance. AN important order has been issued by Commissioner Louchren on the subject of adjudication of the pension claims under the disability act. THE Duke of Veragua was at Columbus, O., on Thursday and was given a cordial reception by the city which was named for his illustrious ancestor. AN amusing circumstance has developed at the Treasury Department at Washington in connection with the application of two men of the same name for office. MR. CLEVELAND says he will not call Congress in extra session until early in September, unless the financial situation, which he regards as threatening, warrants it. A ROBBERY of the Mobile & Ohio express car at Forest Lawn, III.. was perpetrated by a cool and daring gang who made a complete success of the job, last Thursday. Two out of three Federal Judges at Chicago granted the injunction closing the World's Fair on Sunday, but an appeal has been taken that may reverse the decision. A TERRIBLE conflagration on Wednesday of last week devastated the city of Fargo, N. D., burning hundreds of buildings and rendering thousands of people homeless. CHIEF JUSTICE FULLER of the United States Supreme Court has suspended the injunction of the United States circuit court, closing the gates of the World's Fair on Sunday. A BRILLIANT female swindler who utilized matrimonial papers and the mails to engage herself to 40 different men from whom she obtained money has been arrested at Albany, N.Y. THREE hundred or more Western cowboys propose to start on Sunday, June 25, from Chadron, Neb., for a race of about 700 miles for money, no man being allowed morethan two horses. IT is authoratively announced that should Directors of the on in tempt to the open Sunday defiance World's of the Fair court's to atdecision the Government will use force prevent it. A PITCHED battle took place between strikers and employes of contractorson the drainage canal at Romeo, III., Friday afternoon. Several men were killed and about a dozen wounded. THE official records show many more resignations of fourth-class postmasters under this administration than under Harrison during the same length of time, but removals have been much less.

12. June 15, 1893 The Morning Call San Francisco, CA

Article from The Morning Call, June 15, 1893

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sand dollars. It was considered a sound institution. INDIANAPOLIS, June 14.-The Citizens' Bank of Fairmount, Ind., has suspended operations owing to the stringency in the money market. The capital stock is $50,000, assets $191,000, liabilities $130,000 to $150,000. HUDSON, Wis., June 14.-A statement of the committee on the affairs of the Hudson Savings Bank will show the asssets, according to the bank statement, are $736,127; the assets, according to the committee's appraisement, are $596,276 and liabilities $844,493. With careful handling by the assignee the loss will be comparatively small. CLEVELAND, Ohio. June 14. - The Baackes Wire Nail Company, one of the largest concerns of the kind in the country. has assigned. The inability to raise money to meet maturing paper is the sole cause of failure. The liabilities are only $225,000, while the assets will reach $900,000. The company is one of the largest manufacturers of wire nails in the United States and is backed by capitalists of Cleveland worth millions of dollars. Baackes, the vice-president and founder of the concern, is one of the pioneers of the wire-nail business in the country. President Lock wood of the concern said: "We simply got under cover to keep our creditors from slaughtering us with attachments. We can pay $3 for every $1 we owe. The assignment is not because of insolvency. On ordinary occasions we would have paid with 2 per cent off, but the tightness of the money market caught us. The principal creditor is Nailor & Co. of New York and Philadelphia, from whom we have bought millions of dollars, worth of steel and always paid them up. They refused to grant us an extension and insisted on the individual security of the stockholders." The Baackes Company has a capital of $543,000. OMAHA, June 14. - The runs on the Omaba savings banks subsided this morning almost as quickly as they began yesterday. A few depositors appeared early, but as soon as it became apparent the rush was over the anxious ones left without drawing their monew. There are no new developments regarding the suspended banks. TOLEDO, Ohio, June 14.-The Exchange Banking Company of Weston County, a concern capitalized at $50,000, closed its doors this morning. TORONTO, June 14.-J. F. McLaughlin, an extensive commission merchant, has assigned. The assets exceed the liabilities.

13. June 20, 1893 The Progressive Farmer Raleigh, Winston-Salem, Winston, NC

Article from The Progressive Farmer, June 20, 1893

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FAILURES IN OTHER CITIES. Several Banks and Business Houses Suspend Owing to the Stringent Market, The Hudson Savings Bank, of Hudson, Wis, closed its doors today with the following notice: "Closed. Owing to the stringency of the money market we deem it best in justice to our depositors to suspend for the present. The bank has assets enough to cover all deposits." The suspension caused much commotion among business men. Nearly $700,000 was on deposit. The general belief is that the bank will find it difficult to renew business. The city funds were deposited in the bank. Alfred Goss is president of the bank, and A. J. Goss cashier. The last statement of the condition of the bank, issued January 20th, last, shows the following to be the condition of the bank's affairs: Total resources, $782,012. Liabilities-capital, $25,000; surplus, $61,843; due depositors on demand, $456,160; due depositors on time, $239,008; total liabilities, $782,012. Sheriff Barton has attached three elevators of the Red River Valley Compary, of Devil's Lake, N. D., for $100,000 each in the Bank of Toronto and Canadian Bank of Commerce. A committee consisting of S. J. Keith, Hermann Justi, J. H. Thompson, J. H. Fite and J. B. Richardson, representing the Commercial National Bank, of Nashville, Tenn., had a conference with Comptroller Eckles in Washington yesterday. He refused to reduce his assessment upon the stockholders of 100 per cent., but agreed to distribute its collection over a longer period than two weeks. The shortage of J. A. Jenkins, the defaulting ex County Treasurer of Jeffersonville, Ind., will, it is claimed, exceed $40,000. Jenkins is critically ill. Reaves, Baugh & Co., of Brownwood, Texas, failed yesterday. L. P. Baugh is appointed receiver. Liabilities, $35,000; assets, $40,000. The Citizens' National Bank of Hills boro, Ohio, has been closed by order of the Comptroller, and is now in the hands of the bank examiner.

14. September 8, 1893 Iowa County Democrat Mineral Point, WI

Article from Iowa County Democrat, September 8, 1893

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Hudson. Wis., Sept. 4.-The preliminary examination of Alfred J. Goss, cashier of the Hudson Savings bank. with a view to setting aside the assignment occupied Court Commissioner Anderson's time for some time. This forenoon the attorneys adjourned to St. Paul to argue before Judge Kelly the petition of Emmet Rice for the appointment of a receiver for the Minneapolis property valued at $100,000. An adjournment was taken in this to permit the lawyers to prepare printed briefs. Judge Humphrey, the assignee, was examined briefly last evening and Mr. Goss has held the stand the remainder of the time in the preliminary investigation. No new developments have been made thus far and an adjournment was taken until Sept. 20. The evidence thus far shows the Hudson Savings bank to have been a mere shadow, of which Mr. Goss was the sole substance. There never was such a thing as a stock company. The president for the past twenty years was the cashier. It was developed that Goss carried debit and credit accounts upon the books of the bank with his deceased father and mother up to the day the doors of the institution were closed. Other like singular freaks were brought out. The attorney for the plaintiff sought to make much of the fact that Goss had loaned $47,000 to his son to conduct the milling business at River Falls. This business was run for many years by John Putman & Co., Mr. Goss being the "Co." The concern became stranded and Mr. Goss took the property to prevent a run upon his own bank. The mill was deeded to his son, who operated it for two years under the style of "J. B. Goss & Co.," when it went down shortly after the bank closed its doors. The principal point the plaintiff's attorneys appear to be seeking is to establish that there was a discrepancy of $80,000 or $90,000 between an official statement of the bank's condition made to the secretary of state Jan. 1. 1893, and that made to the depositors five months after, when Mr. Goss failed and filed his list of assets. This established as a fact, they think. will be conclusive evidence of fraud and enable them to set side the assignmnt and permit their clients to realize on their attachments.