3277. Union Loan & Trust Company (Sioux City, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust
Start Date
April 25, 1893
Location
Sioux City, Iowa (42.500, -96.400)

Metadata

Model
gpt-5-mini
Short Digest
696af278d2330d2d

Response Measures

None

Description

The Union Loan & Trust Company of Sioux City made an assignment and closed its doors on/around April 25, 1893. The failure was precipitated by heavy endorsements and connection to D. T. Hedges/Hedges Trust Company; assignee E. H. Hubbard later filed schedules and the company did not resume business (assets/liabilities and assignee/receiver actions follow). No article describes a depositor run on this bank — the event is an assignment/closure and subsequent receivership/liquidation.

Events (3)
1. April 25, 1893 Other
Newspaper Excerpt
Assignee E. H. Hubbard named; direct liabilities originally reported about $745,000 but later estimates and schedules showed much larger direct and indirect liabilities and eventual receivership-related litigation and asset schedules were filed by the assignee in following weeks/months. (Examples: assignee H. Hubbard statement and later asset/liability schedules.)
Source
newspapers
2. April 25, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Precipitated by the assignment/failure of D. T. Hedges and Hedges Trust Company; the trust had heavily endorsed customers' paper (including Hedges-related paper) that could not be renewed or collected, producing insolvency/assignment.
Newspaper Excerpt
The Union Loan and Trust company, with a capital of $1,000,000, one of the foremost financial institutions of Sioux City, today made an assignment and closed its doors.
Source
newspapers
3. May 11, 1893 Receivership
Newspaper Excerpt
E. H. Hubbard, assignee of the Union Loan and Trust Company ... filed his estimates of the value of assets scheduled in the assignment; assignee/receiver activity followed and receivers were appointed for connected concerns and collateral properties as part of liquidation proceedings.
Source
newspapers

Newspaper Articles (24)
1. April 26, 1893 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, April 26, 1893

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AILURES. LONDON, April 25. - The London Chartered bank of Australia, with a paid-up capital of £1,000,000 has suspended. The bank had au office in London and branches in New South Wales and Queensland. CHICAGO, April 25 - An application has been made for a receiver for the Lehigh Coal and Iron company. Similar applications were made today 111 St. Paul, Milwaukee, Daluth, West Superior and Madison, Wis. where the company has business interests. The it-sets of the company are fixed at $1,750,000, and the liabilities at $1,250,000. LONDON, April 25 -The Exeter Investment Trust company has failed. Its capital stock is £100,000. Its liabilities are £105,000: SIOUX CITY, Ia., April 25.-D. - T. Hedges, a large financial operator, assigned this afternoon. The failure was caused by his inability to sustain the Pacific Short Line and Sioux City and Northern railroad ou this individual credit. The Union Loan and Trust company, with a capital of $1,000,000. one of the fore most financial institutions of Sioux City, today made an assignment and closed its doors, The total liabilities are 8745,000, while the assets aggregate $2.000.000. The failure was precipitated by the assignment of H. T. Hedges and the Hedges Trust company.

2. April 26, 1893 New-York Tribune New York, NY
Article from New-York Tribune, April 26, 1893

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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.

3. April 26, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, April 26, 1893

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A TRUST COMPANY CLOSED. One of the Foremost Financial Houses of Sioux City Fails. SIOUX CITY, Ia., April 25.-The Union Loan and Trust company, capital $1,000,000, one of the foremost financial institutions of Sioux City, today made an assignment and closed its doors, with general liabilities of $745,574. The failure was precipitated by the assignment of D. F. Hedges and the Hedges Trust company. The Union Loan and Trust company had endorsed paper heavily for the Sioux City concern, and an immense amount of this paper is held in the east and payment demanded and a renewal refused. The Leeds Stove company this afternoon assigned to the Union Loan company, giving a mortgage on their foundry and real estate to secure $175,000, and a chattel mortgage on stock and machinery. None of the Sioux City banks are in any way involved, as the failure had been foreseen for weeks. It is believed other failures will follow.

4. April 26, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, April 26, 1893

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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.

5. April 27, 1893 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, April 27, 1893

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THREE MORE FAILURES Follow Tuesday's Crashes at Sioux Falls Large Amounts Involved. Sioux CITY, Ia., April 26.-Three more failures occurred today, directly resulting from the Union Loan and Trust Company's assignment. The Sioux City Dry Goods Company assigned. with assets, $371,000; liabilities, $232,000. The company did all its banking through the Trust Company. The Sioux City Dressed Beef and Canning Company assigned. Assets, 8264,000: liabilities, $215,000, of which $169,000 is due the Union Loan and Trust Company. The Interstate Investment Company deeded away $200,000 of property, mainly to its own stockholders. Its affairs are complicated with those of the Union Loan and Trust Company.

6. April 28, 1893 The Helena Independent Helena, MT
Article from The Helena Independent, April 28, 1893

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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.

7. April 28, 1893 The Goodland Republic Goodland, KS
Article from The Goodland Republic, April 28, 1893

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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.

8. April 28, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, April 28, 1893

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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.

9. April 28, 1893 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, April 28, 1893

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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.

10. April 28, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, April 28, 1893

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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.

11. April 28, 1893 Evening Star Washington, DC
Article from Evening Star, April 28, 1893

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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.

12. April 29, 1893 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, April 29, 1893

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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..

13. May 3, 1893 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, May 3, 1893

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HAS A BAD LOOK. Union Loan and Trust Company's Lia. bilities Said to Be Near Six Millions, Instead of Less Than One Million, As Was at First Re. ported. Its Paper Sold All Over the Country, and the Full Amount Is Not Known. SIOUX CITY. Ia., May 3. -Assignee H. Hubbard. of the Union Loan and Trust company, makes a statement which has created a sensation here. In the original statement of liabilities of the company, filed when it failed, they were placed at about $750.000 with assets of twice the amount. It proves from the assignee's statement that the liabilities are immensely greater, amounting to about $6,000,000. In an interview Mr. Hubbard said: "I will be ready in a day or two to file my statement of the assets of the company. am not required to prepare any statement of the liabilities. No. I have not gone far enough to be able to make a statement of the exact amount of liabilities of the company, but from various sources I learn indefinitely that they Are About $6,000,000. This includes both direct and indirect liabilities, the latter being on account of the notes endorsed by the company. This endorsed paper was mainly the signature of the individual mémbers of the syndicate, or of the companies connected with it. I cannot now state how much paper of the different companies or individuals was issued. The paper has been sold all over the country. It is held mainly by banks." It is learned thst an immense amount of the paper referred to was issued by the Union Stock Yards company. H. P. Chesley, receiver of this company, repudiated a large amount of this. He says it was not issued by authority of the company or its directors, and that the company never got a dollar of the money realized from it. The books show a record of the transactions. The paper was issued by D. T. Hedges as president of the company. Mr. Chesley says he does not propose to recognize it unless the courts decide that it is a legal liability of the company.

14. May 4, 1893 Courier Democrat Langdon, ND
Article from Courier Democrat, May 4, 1893

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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.

15. May 12, 1893 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, May 12, 1893

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SIOUX CITY FAILURES, Assets of Recently Assigned Concerns Cut Dowa-Receiver for an Engine Works. SIOUX CITY, Ia., May 11.-E. H. Hubbard, +ssignee of the Union Loan and Trust Company. the Hedges Trust Company and D. T. Hedges. to-day filed his estimates of the value of assets scheduled in the three assignments. The Union Loan and Trust Company's assets are placed at $1,351,574, as against an original estimate of $1,468,038. The company's liabilities are placed at $700,000. The assets of D. T. Hedges, originally placed at $2,247,000, are outdown to $307,577. Hishabilities are placed at $1,022,000. The Hedges Trust Company estimated its assets at $475,000. The assignee cuts the sum down to $183,018. The company's liabilities are $250,000. To-day William Thompson was appointed receiver of the Sioux City engine works on application of N. Desparois, a stockholder. The failure of the company is charged to theSioux National Bank. which failed to give credit for $35,000. The assets of the company are placed at $231,000 and its liabilities at $200,000.

16. May 20, 1893 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, May 20, 1893

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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.

17. May 25, 1893 Reporter and Farmer Webster, SD
Article from Reporter and Farmer, May 25, 1893

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VERY FLAT. These Sioux City Institutions are Entirely Empty-Even the Wind Gone Out. E. H. Hubbard, assignee of the Union Loan and Trust company, the Hedges Trust company and D. T. Hedges, has filed estimates of the value of assets, scheduled in three assignments. The Union Loan and Trust company's assets are placed at $1,351,574, as against an original estimate of $1,468,038. The company's liabilities are placed at $7,000,000. The assets of D. T. Hedges, originally placed at $2,247,000, are cut down to $307,577. His liabilities are placed at $1,022,000. The Hedges Trust company, in the original estimate, had assets of $475,000. The assignee cuts this sum down to $183,018. The comDany's liabilities are $250,000. W. M. Thompson has been appointed receiver of the Sioux City Engine works, on application of N. Desparois, a stockholder. Failure of the company is charged to the Sioux City National bank, which failed to give credit for $35,000. The assets of the company are placed at $231,000, and its liabilities at $200,000. The stockholders of the Sioux City Packing company, which was involved in the trust company's failure, now propose to pay in $95,000 on stock, and the district judge has ordered Receiver Chesley of the stockyards company to cancel the rental on the house for five years and pay the packing company $6,000 now owing for improvements.

18. May 26, 1893 Hot Springs Weekly Star Hot Springs, SD
Article from Hot Springs Weekly Star, May 26, 1893

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VERY FLAT. Those Sioux City Institutions are Entirely Empty-Even the Wind Gone Out. E. H. Hubbard, assignee of the Union Loan and Trust company, the Hedges Trust company and D. T. Hedges, has filed estimates of the value of assets, scheduled in three assignments. The Union Loan and Trust company's assets are placed at $1,351,574, as against an original estimate of 81,468,038. The company's liabilities are placed at $7,000,000. The assets of D. T. Hedges, originally placed at $2,247,000, are cut down to $307,577. His liabilities are place 1 at $1,022,000. The Hedges Trust company, in the original estimate, had assets of $475,000. The assignee cuts this sum down to $183,018. The comDany's liabilities are $250,000. W. M. Thompson has been appointed receiver of the Sioux City Engine works, on application of N. Desparois, a stockholder. Failure of the company is charged to the Sioux City National bank, which failed to give credit for $35,000. The assets of the company are placed at $231,000, and its liabilities at $200,000. The stockholders of the Sioux City Packing company, which was involved in the trust company's failure, now propose to pay in $95,000 on stock, and the district judge has ordered Receiver Chesley of the stockyards company to cancel the rental on the house for five years and pay the packing company $6,000 now owing for improvements.

19. October 15, 1893 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, October 15, 1893

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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.

20. November 4, 1893 Pawtucket Tribune Pawtucket, RI
Article from Pawtucket Tribune, November 4, 1893

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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.

21. November 9, 1893 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, November 9, 1893

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tents were destroyed by an incendiary fire at East Eddington, Me-An unsuccessfu attempt was made to burn the shating rinl on Bradford street, Lawrence, Mass--------------------The house of S. Blaisdell, Jr., & Co. of Chi copee, Mass., has failed-The jury in th Hawley murder case at Bridgeport, Conn. failed to agree-Edward Atkinson shows that, with the revival of confidence, the revenues will cover expenditures and stil permit of a reduction in the custom tariffs-Judge Hornblower's nomination was defented by Senator Hill-A boar to investigate defects of new war ships was appointed-Assassin Prender gast was arraigned in court and pleaded not guilty-The house will have it main work ready for it when the long ses sion begins--A message on the Ha wailan islands is expected from the presi dent-Trotter Directum beat pace Mascot in straight heats-Six persons were killed and a score injured in : boiler explosion in New York--Bud" Lindsey, a noted desperado of Tennessee was shot and mortally wounded--Amer icans are to establish a big clock aud watch factory in Japan-The steame: City of Alexandria was burned of Havana Thirty-five lives were probabi lost-The English parliament opened -The socialist agrarian agitation in Sicily is increasing. Saturday, Nov. 4. The French bourse tax yielded $418,00 in four months-A business block a Ashland, Mass., was burned-Official were fined and imprisoned for corruption in Passaic county, N. J--George Dona hue fell down stairs at 65 Lenox street Boston, and broke his neck-A plan ha been set afoot to reorganize the Unio Loan and Trust company at Sioux City Ia-Marblehead (Mass.) selectmen hav offered a reward of $100 for the conviction of incendiaries-The depression in th United States has caused Irish linen mill to be run half time-The cause of th explosion which resulted in the loss of th City of Alexandria is not known-Tw men were killed and one fatall wounded by the explosion of a locomotiv boiler at St. Louis-The British Colum bia Jute and Cooperage company's mill a Vancouver, B. C., was destroyed by fir --Nicaragua's action against foreigner is not aimed against Americans, whose in terests are to be protected—The Britis steamer Winchester was awarded $6250 fo standing by the disabled Maasdam for sit hours--It is reported that Clarence Kins formerly director of the United States geo logical survey, is insane-The warlik activity in Spain is in sharp contrast to he assurances to foreign ministers that th status quo is to be respected in Morocco--Lewis G. Knowlton, an alleged promisin swindler, was arrested by the police o Boston-An attempt was made to bur the Harvard football grand stand a Hampden park, Springfield, Mass.-Bol works at Milldale, Conn., were burned loss, $75,000-The coinage of standar silver dollars is to be resumed--The ex traordinary session of congress adjourns The closing scenes were tame-Th Thanksgiving day proclamation wasissue by President Cleveland--The de ficiency in the postoffice depart ment finances for the past fiscal year wa $5,177,171 The nomination of James TO Roosevelt to be secretary of the embass at London was confirmed-Lucani broke the record from Queenstown t Sandy Hook-The cruiser Philadelphi made an unusually quick run from Ne York to Honolulu-Chinamen sentence to deportation for failure to comply wit the Geary law are to be discharged from custody-Defaulter Weeks was arraigne at New York and given a week to plead-Mr. Gladstone is to promote a measure t prevent strikes-Socialists broke up meeting of German Liberals at Vienn and were charged by the police. Man were injured-The play "Le Rois," i which Sarah Bernhardt was to appear i Paris. was interdicted-Spain is likely t to have a long campaign in MoroccoThe Macedonian rebel, Arnaut, capture Prisrand in Albania. Sunday, Nov. 5. Over 300 men responded to a "joke" a Bestanend

22. May 30, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, May 30, 1897

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# MANKATO'S BIG CRASH. Shrinkage in Values Caused the Hubbard Failure. Special to the Globe. ΜΑΝΚΑΤΟ, Minn., May 29.-The largest failure ever occuring in this part of the state took place here today. The Hubbard Milling company made a voluntary assignment to Geo. T. Barr and a few minutes later R. D. Hubbard followed with a personal assignment naming Geo. M. Palmer as-signee Papers were filed with clerk of the court today and assignees will be required to furnish heavy bonds. Mr. Hubbard has not yet given a definite estimate of assets and liabilities, but places the latter at half a million dollars. The assets will not exceed over two-thirds this amount. The schedule will be filed in a few days, and not until then will the details be known. The creditors are nearly all Eastern banking institutions. None of the local banks will be affected, and it is not thought this failure will embarass any other concern. Rumors have been aficat for some time, that the company was in a bad financial condition, and the failure does not come as a shock to Mankato. The insolvency of Mr. Hubbard is sa'd to be due to depreciation of stock of the National Linseed Oil company, of which he is a large shareholder. In 1888 Hubbard & Gere owned and operated the large oil mill at Sioux City, and turned that property over to the oil company for 11,000 shares of stock, then worth $33 per share. The decline in value of this stock began in 1892, and the panic of '93 reduced its value, so that today it is quoted at $10 a share. When Mr. Hubbard retired from the management of the company a few years ago the shares were worth $55. This shows a depreciation from $550,000 to $110,000. Mr. Hubbard drew heavily from 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. During the past four years Mr. Hubbard's properties have shrunk in value over $800,000. He has endeavored to settle with his creditors, but nothing succeeded, and was forced to the assignment of today. The property of Hubbard & Thompson, who own a large cattle ranch at Miles City, Mont., went into the hands of a receiver some ten days ago. Mr. Hubbard invested $157,000 in this ranch fourteen years ago. It has not paid, and Mr. Hubbard has for several years carried an indebtedness of $200,000 on this property. When the ranch was started 4,400 head of cattle were placed upon it, and it was supposed up to a few days ago that 3,000 cattle were feeding, but the receiver returns only 947 head. Mr. Hubbard places his loss on this investment at $150,000. However, the linseed oil company is credited with his financial downfall. Hubbard & Gere also had $70,000 tied up with the Union Loan and Trust company at Sioux City when it failed. Hubbard & Pamer, who operate a line of elevators, extending from here to Mitchell, S. D., will not be affected by today's assignment. Mr. Hubbard has recently withdrawn from the firm of Davis, Hubbard & Co., of Minneapolis, which controls a line of elevators. Mr. Palmer, one of the assignees, being his successor. The "Big Mill" in this city, having, a capacity of 1,000 barrels of flour daily, will close down tonight. The assignment of the milling company was made by R. D. Hubbard, president, and his son, Jay Hubbard, secretary. The former this afternoon made an affidavit that the value of the estate assigned is $142,000. In his personal assignment affidavits show the estate assigned to be $105,000. McMillan, the Minneapolis attorney, and secretary of the American Surety of New York, is here, and made out the assignee's bond for Mr. Barr at $300,000 and Mr. Palmer $200,000. The bonds will be made out at Minneapolis and returned here Monday. Mr. Hubbard has always been considered one of the best business men in the Northwest, and is quoted among Minnesota's milionaires. Some months ago he was written up at length in the Chicago papers as the "Flour King" of the world, having been the instigator and organizer of the National Flour Combine of America. He has one of the finest homes In this city, but as only one lot is exempt, is barn and beautiful grounds are included in the assets.

23. June 4, 1897 The Mankato Free Press Mankato, MN
Article from The Mankato Free Press, June 4, 1897

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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.

24. October 23, 1898 The Age-Herald Birmingham, AL
Article from The Age-Herald, October 23, 1898

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BANK DECISION OF IMPORTANCE Rendered by the United States Supreme Court. THE CASE OF E. S. HUBBARD The Court Affirmed the Decision of the Lower Tribunal, That Bonds Could be Recovered by Union Loan & Trust Co. St. Louis, October 22.-Over three hundred banks in twenty-one states are affected by a decision just rendered by the United States supreme cour in the case of E. S. Hubbard, assignee of the Union Loan and Trust company, of St. Louis, against J. S. Kenny Tod & Co., bankers, of New York. The supreme court affirms the ruling of the lower court, which was that a very large amount of stocks and bonds could be recovered by the Union Loan and Trust compayn from Tod & Co. on payment to Tod & Co. of $1,500,000 with interest from December 30, 1892. The case has been before var'ous federal courts for a number of years. The Manhattan Trust company, of New York, filed a bill September 28, 1893 in the United States circuit court of Iowa against the Sioux City and Northern Railroad company, asking for a receiver to take charge of the road. The suit was based on a mortgage made to the trust company in 1892 to secure $1,920,000 worth of bonds. A few days later receivers were appointed and on the same day E. P. Hubbard, assignee of the Union Loan and Trust company, of Iowa, filed an intervening petition asking for an injunction against the dispositon of 10,800 shares of the stock of the road and $2,340,000 bonds of the Soux City, Neil and Western railroad. These securities were held by J. S. Kennedy and Todd & Co., New York bankers. The court below held that the Union Trust company "parted with the securities to Todd & Ca., knowing it was intended to re-hypothecate them," and further that "the sale of the securities by Todd & Co. under the provisions of the agreement did the trust not divest company redeem of its remained junior liens, and that its right to because the $1,500,000 was legitimate business." The circuit court of appeals affirmed the decision of the lower court. The case then came to the supreme court on a writ of certiorari secured by the trust company. The securities involved were deposited with the Union Loan and Trust company, of Sioux City, to secure a loan and were rehypothecated by that company. The trust company failed with liabilities amounting to about $7,500,000 and available assets of only $1,500,000. The failure was as disastrous as unexpected, as the rating of the company was such that their paper was held for various amounts from 846 banks in twenty-one different states, in addition to a large number of local creditors. After the failure a number of créditors affected a settlement with the receiver by accepting a certain amount in full payment of claims.