3759. Fidelity Loan & Trust Company (Sioux City, IA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
trust company
Start Date
January 10, 1895
Location
Sioux City, Iowa (42.500, -96.400)

Metadata

Model
gpt-5-mini
Short Digest
b009e86d

Response Measures

None

Description

The Fidelity Loan & Trust Co. of Sioux City defaulted interest on debenture bonds and was placed in receivership (Judge Wakefield appointed receivers) on Jan 10-11, 1895. Subsequent reporting (Apr 1895) indicates a planned reorganization within about 30 days, so the episode is classified as a suspension with eventual reorganization/reopening rather than a permanent closure. Cause of the suspension is firm-specific insolvency/defaults on mortgage debenture bonds and inability to collect from borrowers.

Events (3)
1. January 10, 1895 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Defaulted $30,000 interest on 6% debenture bonds; unable to collect about $80,000 due from farmers; tied-up funds from Lincoln Street Railway; insolvency alleged.
Newspaper Excerpt
The Fidelity Loan and Trust company passed into the hands of a receiver today. ... the January interest was defaulted.
Source
newspapers
2. January 11, 1895 Receivership
Newspaper Excerpt
On application of P. A. Sawyer ... Judge Wakefield appointed Joseph Sampson, of Sioux City, and Gideon H. Candee, of New York, receivers of the Fidelity Loan and Trust Co.
Source
newspapers
3. April 24, 1895 Other
Newspaper Excerpt
Plans have been completed by which the Fidelity Loan and Trust company, which went into the hands of a receiver some months ago, will be reorganized within the next thirty days.
Source
newspapers

Newspaper Articles (13)
1. January 10, 1895 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, January 10, 1895

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

2. January 10, 1895 Evening Journal Wilmington, DE
Article from Evening Journal, January 10, 1895

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Western Trust Company In Difficulty. Sioux CITY, Ia., Jan. 10. - The Fidelity Loan and Trust company of Sloux City defaulted payment of $30,000 interest on debenture bonds due the first of the year. Although the firm has not yet failed, President Sampson of this city has been asked to accept the receivership should one be appointed. The debenture bonds were issued to secure loans on farm mortgages. The company could not collect Interest from farmers, $80,000 being now due them, and was thus forced to default the interest on the bonds, bringing on the financial difficulty. The firm did no banking business, and none of the local banking houses or industries will be involved. The failure of the Lincoln Street Railway company of Lincoln, Neb., tied up $150,000 of the company's funds. The liabilities of the company are about $4,000,000, with assets nearly as large. The largest liabilities consist of $3,250,000 debenture bonds, about $2,250,000 of which are held in New England states and other sections of the east. One million dollars were also floated in Scotland. The other $750,000 of liabilities consist of street railway stocks, etc. The company tried to negotiate a loan in New York, but failed.

3. January 11, 1895 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, January 11, 1895

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

4. January 11, 1895 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, January 11, 1895

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NEWS NUGGETS. Brought by the Wires from the North, East. South and West. The civil marriage of Premier Crispi's daughter and Prince Lingualossa, took place at Naples, Thursday. St. Johns was quiet, Thursday. The government is planning work to relieve the distress of the working people. A fierce northeast gale raged on the New England coast, Thursday, and a terrific sea is reported. No disasters yet reported. At the New York horse sale, Thursday, Miss Lavalard. by Lavard-Grace W., was bought by C. H. Wilson, Waterville, Me., for $450. Wesley Bawling, a thrifty farmer living near Lewisburg, Pa., shot and killed wife, child and himself, Thursday. No reason is assigned. Three American soldiers were drowned, Thursday, while crossing from Fort Niagara to Niagara on the Lake, Ont., by the boat upsetting. The Boston common council, Thursday night, indefinitely postponed the order providing for an investigation of all the departments of Boston. In the French Chamber of Deputies, Thursday, Deputy Herbert moved general amnesty of political prisoners. The motion was lost, 345 to 167. In the billiard contest, at Boston, Thursday night, McLaughlin made 318 points and Eames, 200. Grand total, McLaughlin, 960; Eames, 1200. Mrs. Wm. H. Price of Cleveland, Ohio, widow of the manufacturer murdered by burglars, Dec. 12, positively identifies Thomas Grant. now under arrest, as one of her husband's murderers. A dispatch from Shanghai says severe fighting has taken place near Jehol, Mongolia, 120 miles northeast of Pekin, and hundreds of wounded Chinamen are reported daily arriving at Tien Tsin. Governor Altgeld delivered his message at Springfield, III., Thursday, to a large audience. Nearly half of the message (which is 25,000 words in length) is devoted to the labor troubles of the year. Wyeth's collar factory at St. Joseph, Mo., was totally destroyed by fire, Thurs day. It was the largest of the kind in the West and employed nearly 300 men. The loss will reach $150,000; partially insured. American schooner Elbridge, Souther, which sailed from Philadelphia, Dec 15, for Cai-Barien, went ashore on San Felipe key, West Indies, Dec. 31, and was abandoned, Jan. 4. The crew was saved. A dispatch from Yokohama to the London Globe says some Japanese newspapers print a report that the King of Corea has been assassinated, while other papers assert that he has been prostrated with epilepsy. On application of the Eastern creditors, Judge Wakefield has appointed Joseph Sampson of Sioux City, Iowa, and G. H. Crandee, Lowell, Mass., receivers of the Fidelity Loan and Trust Co. of Sioux City. Receiver Sampson is president of the company. Miners at Spring Hill, N. S., coal mines struck, Thursday. Trouble has been brewing between the miners and management for some time over whether the work should be in one long shift or two short ones. Neither side would give way and the strike resulted. Cyrus C. Armstrong, secretary of the Roger Williams Savings Fund and Loan Association of Providence, for some 12 years, was found dead in his bed. Thursday, having taken laudanum and opium. The deceased had been sick for some

5. January 11, 1895 Iowa State Bystander Des Moines, IA
Article from Iowa State Bystander, January 11, 1895

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

6. January 11, 1895 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, January 11, 1895

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

7. January 11, 1895 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, January 11, 1895

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

8. January 11, 1895 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, January 11, 1895

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IN A RECEIVER'S HANDS. The Sloux City Loan and Fidelity Company Passes Into One. Sioux City, Ia., Jan. 10.-The Fidelity Loan and Trust company passed into the hands of a receiver today. P. A. Sawyer, as a creditor of the company, filed an application for the ap+ pointment of a receiver, in the district court. The petition stated that the plaintiff held a judgment against the company for $5,000; that the company owed $3,200,000 on 6 per cent debenture bonds, on which January interest was defaulted. It stated further that the floating debts of the company were $1,000,000, no part of which had been paid. The only other statement in the petition was to the effect that the company was insolvent. Judge Wakefield appointed President Joseph Sampson, of Sioux City, and Gideon H. Candee, of New York, receivers. The bond of receivers was fixed at $25,000. This was furnished at once and they entered into possession of the assets of the company. It is expected that the business of the company will be continued under the receivership. Joseph Sampson, president of the Fidelity Loan and Trust company, was interviewed regarding the financial troubles of the company. He said it could hardly be looked at as a failure in any way, as failures were usually regarded. "The embarrassment is only a temporary one brought about by inability of Nebraska farmers on account of crop failures, to pay interest on their lonas. This amounted -for January to $80,000, and from this amount we were to pay interest on our coupons for $30,000. Mr. Sampson said they failed to respond, and so did we, but there can be no genuine failure, for every loan made is secured by giltedged mortgages and our books are open to the world. There is no occasion for a scare, as business will begin to move right along without any change. It is probable that I will be made receiver, as stockholders have been urging me to accept the appointment."

9. January 17, 1895 The Pioneer Press Miller, SD
Article from The Pioneer Press, January 17, 1895

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English language shall be permitted to vote in the state. WILLIAM BENZ was killed and his wife and child fatally injured at a railway crossing in Bloomdale, O. HENRY M. BURR & Co., one of the largest wholesale and retail millinery stores in Boston, failed for $100,000. WILLIAM W. TAYLOR, treasurer of South Dakota, was said to have absconded with $350,000. The bank at Redfield, of which he was president, had closed its doors. AN epidemic of grip is raging in New York city. P. G. MCLOUGHLIN, an old and highlyrespected member of the Chicago board of trade, dropped dead on the street. THE governor's message, submitted to the legislature of Oklahoma, declares for immediate statehood. AT Lewiston, Pa., Wesley Paulding shot and killed his wife and 4-week-old child and then went to the barn and hanged himself. ORSON W. ROLLINS and his wife were found dead at their home in Minneapolis under suspicious circumstances. Gov. MCKINLEY sent a car load of provisio hs to the starving miners of the Hocking valley in Ohio. THE whole number of immigrants that arrived in New York during December was 11.106. Of this number 166 were debarred entrance as paupers and fifty-three as contract laborers. THE Wyeth horse collar factory was burned at St. Joseph, Mo., the loss being $150,000. THREE men were instantly killed by a nitro-glycerine explosion at St. Mary's, O. W. W. KENT was elected president of the Western Baseball association at Des Moines to succeed David Rowe. REV. W. E. HINSHAW was seriously and his wife fatally wounded by thieves at their home in Belleville, Ind. THE Fidelity Loan and Trust company at Sioux City, Ia., passed into the hands of receivers with liabilities of $4,200,000. As A result of eating poisoned cheese twenty-seven people of East Bradford, Pa., were sick. THE Godley flourmill and an elevator containing 20,000 bushels of wheat were destroyed by fire at Scottsville, N. Y., causing a loss of $125,000. Gov. UPHAM sent his first message to the Wisconsin legislature, discussing various state questions. SIXTEEN THOUSAND election clerks were found inefficient at New York and will receive no pay. EXCHANGES at the leading clearing houses in the United States during the week ended on the 11th aggregated $1,039,136,951, against $944,978,348 the previous week. The increase, compared with the corresponding week in 1894, was 4.2. ACTUATED by insane jealousy, Louis Gross shot and killed his wife and himself during a quarrel in their home in New York city. A TREASURY statement shows the expenditures SO far this month exceed receipts by $6,213,743, which makes the deficiency for the fiscal year up to date $33,778,204. Gov. RUDD was inaugurated at Sacramento, Cal., a parade of civic and military organizations preceding the ceremony. JOHN E. MOORE, landing agent at Ellis Island, N. Y., in his report for 1894 says that during the year 92,561 cabin passengers and 188,164 steerage passengers landed at Ellis Island. "Boddy" WOODEN and George Mappe, both colored and murderers of Marion Ross, were hanged in the jail at Chattanooga, Tenn. TWENTY buildings were destroyed by fire in the mining town of Foster, Ia. RESOLUTIONS calling for the revision of football rules to prevent brutality were adopted at a meeting in Chicago of presidents of northwestern universities. Gov. MATTHEWS read his biennial message at a joint session of both houses of the Indiana legislature. SAMUEL D. PETERSON, of New Ulm, Minn., was given a verdict for $10,000 against the Western Union Telegraph company, which transmitted an anonymous libelous telegram. H. C. FRICK retired from the presidency of the Carnegie Steel company at Pittsburgh, Pa. John G. A. Leishman is his successor.

10. January 17, 1895 Warren Sheaf Warren, MN
Article from Warren Sheaf, January 17, 1895

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WEST AND SOUTH. THE republicans organized the West Virginia legislature at Charleston for the first time in twenty-five years. AT a railway crossing in Bloomdale, of, William Benz was killed and his wife and child fatally injured. IN the Michigan senate a bill was introduced providing that no person who is not able to read and write the English language shall be permitted to vote in the state. AT the age of 75 years J. H. French died at Beloit, Wis. He was United States treasurer under Lincoln. IT was said that William W. Taylor, treasurer of South Dakota, had absconded with $350,000. The bank at Redfield, of which he was president, had closed its doors. THE Thirty-ninth general assembly of Illinois convened at Springfield and effected a permanent organization. THE death of Gen. Alfred W. Ellet, a prominent figure in the war of the rebellion. occurred at El Dorado, Kan. IN Ohio Gov. McKinley sent a car load of provisions to the starving miners of the Hocking valley. THE legislature of Illinois in joint session canvassed the vote for state officers and declared the republican candidates elected. A RECEIVER was named for the Fidelity Loan and Trust company at Sioux City, Ia., the liabilities being 200,000.

11. January 17, 1895 Audubon Republican Audubon, IA
Article from Audubon Republican, January 17, 1895

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hours was able to talk, but was badly confused. All efforts to revive Mrs. Naso were unavailing. Mr. Naso stated that he had arisen during the night and opened the stove door to cool off the room, he being ignorant of the peculiarities of hard coal, with the above sad result. The Fidelity Loan and Trust Company of Sioux City recently passed into the hands of a receiver on the application of P. A. Sawyer, one of the creditors. The bill said plaintiff held a judgment for $500; that the company owed $3,200,000 on 6 per cent debenture bonds and the floating debts were $1,000,000 more. President Joseph Sampson, of the company, and Gideon H. Candes, of New York, were appointed receivers. An eastbound Burlington passenger was held up between Chillicothe and Ottumwa about 6:30 a few evenings since. Just as the train was leaving Chillicothe, two men with heavy black masks on, climbed in the end door of the express car. One held up the three occupants of the car with a revolver while the other tied their hands and then robbed the safe with the kevs taken from the expressman. It is not certain how much they secured, but it may be any place between $1,500 and $8,000. The men waited until the train slowed up for the Milwaukee crossing, then jumped and crossed the river on the ice. J. W. Luke, George W. Perkins and Peter A. Dey, composing the state board of railway commissioners, have filed two reports on the application of the railroads for an increase in freight rates. The majority report is signed by Commissioners Perkins and Luke, who give as their reasons for denying the increase that the present rates were not shown to be unremunerative, and that railway losses have been heavier in interstate freight than Iowa business. Commissioner Dey, in the minority report, holds that rates should be raised almost as much as the railroads asked, and says he has always thought Iowa rates were too low. The saloons of Manson have been pulled again. Information papers were signed by Rev. O. K. Maynard and W. F. Wilson, of Rockwell City, and the sheriff has made a grab on the saloons of Manson, Pomeroy and Lake City. These cases will be made test cases at the February term of court. The committee appointed by the county temperence organization to canvas the names on the petition claim to have found enough fraudulent names and forgeries to reduce the number below the 65 per cent. These saloons are all under injunction and bonds not to sell any more liquor contrary to law. To do so is contempt of court and a violation of their bonds J. J. Aman, an aged citizen of Waucoma, was instantly killed by the fast met train on the C., M. & St. P. railway. The old gentleman, in company with several boys, was going to his home in the southern part of town, using the railroad track as a roadway. They saw the train coming and the boys warned Mr. Aman that he could not cross a bridge they were approaching before the train would be upon them, but he seemed to think differently. The train caught him just two steps from the end of the bridge and safety, picked him up, carried him across the bridge and dropped him down a twenty-five foot embankment. Deceased was between 75 and 80 years of age and leaves a wife and five grown children. The meat train runs through Waucoma without stopping. When the trainmen saw Mr. Aman's danger they made every effort to stop the heavy train, but without success. A Sioux City dispatch says: Rev. J. W. Mahood, pastor of the Whitfield M. E. church, has commenced a crusade against the houses of ill fame after the manner of Dr. Parkhurst. He went to a well known brothel on one of the principal streets of the city at night, and found five women and four men there. He then appeared in police court as prosecuting witness against these five women, charged with keeping a house of prostitution. He gave testimony as to what he saw there, which, while not as sensational as that given by Dr. Parkhurst in New York on a similar occasion, was sufficient to prove the character of the house. While he was present one woman proposed to do the feat of standing on her head, but was prevented from doing so by another woman. There were a large number of friends of the preacher present at police court when the case was called, but the attorneys for the woman insisted on the room being cleared. The police have refused to interfere in these houses and a general crusade is likely against them. Address The News, Des Moines, Iowa, enclosing this notice and fifty cents, and you will receive the Twice-a-Week News one year.

12. January 17, 1895 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, January 17, 1895

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

13. April 24, 1895 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, April 24, 1895

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# Heavy Damage Suit at Sioux City. SIOUX CITY, April 23.-(Special Telegram.)-The Northern Investment company has filed a suit here against the Boston Investment company for $1,000,000, for the alleged wrongful and fraudulent transfer of property from the Boston to the Northern. Five years ago the Boston sold the Northern considerable property in the city, accepting in payment money and securities to the value of $900,000. It is claimed that much of this property was worthless and that the Northern has consequently suffered damage to the amount of $1,000,000, for which judgment is accordingly asked. The Corn Exchange National bank of Sioux City has filed a suit for $35,000 against the Sioux City Street Railway company and Frank Peavey, one of its officers. It is claimed that some time ago Peavey and other officers of the road issued 3,000 shares of bogus stock in the company, and gave it to the bank as security for a loan of $35,000. Finding that the stock is not bona fide, the bank now asks personal judgment against the road and Peavey as an officer of it for the amount loaned. Plans have been completed by which the Fidelity Loan and Trust company, which went into the hands of a receiver some months ago, will be reorganized within the next thirty days.