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State After Trust Company. SIOUX CITY, Nov. 16.-In the name of the state of Iowa, Milton Remley, the attorney general, has made an application in the district court, asking that the existence of the Fidelity Loan and Trust company of Sioux City be terminated and that the court appoint a receiver to wind up its affairs. The state alleges the company's rights as a corporation have been forfeited and asks the court to put an end to its existence for the benefit of creditors.
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WILL BE WOUND UP. The Fidelity Loan and Trust Company of Sioux City Said to Be in Bad Shape. In the name of the state of Iowa, Milton Remley, the attorney-general, has made an application in the district court asking that the existence of the Fidelity Loan & Trust company of Sioux City be terminated, and that the court appoint a receiver to wind up its affairs. This company failed first in January, 1895, and Joseph Sampson, the president, was named receiver. He was discharged in November, 1897, and it was found he only had paid dividends amounting to three-twentieths of one per cent. on a part of the indebtedness and none of the rest. The company had outstanding debenture bonds amounting to $3,200,000 and other floating debts amounting to $400,000. The state claims the company's rights as a corporation have been forfeited and asks the court to put an end to its existence for the benefit of the creditors.
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Sensational Pleadings, Sioux City dispatch: Some rather sensational pleadings have been filed in the district court of Woodbury county in the case of the state of Iowa on he relation of Milon Remley, attorney general, against the Fidelity Loan and Trust company of Sioux City, an organization which failed several years ago. The petition in the case asks that the court declare the appointment of a receiver necessary; second, that it be declared a banking corporation, and third, that the stockholders be held doubly lia. ble under the banking act. Colonel Charles A. Clark of Cedar Rapids appears as attorney of record in the case for the plaintiff, and the defendant, by its attorney, charges that it is simply a scheme on the part of Col onel Clark and Joseph Sampson, formerly president and later receiver of the company, to secure fees and ex*ort money from stockholders in settlement of their liability on stock. The receiver of this company while in office only paid a dividend of one-twen. tieth of 1 per cent to the creditors of the company.
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NEW RECEIVER. Creditors of the Fidelity Loan and Trust Company in Sioux City Hope to Receive Cash. District Judge George W. Wakefield has appointed U. G. Whitney receiver of the Fidelity Loan and Trust company, of Sioux City. The Fidelity has few visible assets, but the theory of the creditors is that the receiver may be able to collect $500,000 for their benefit by an assessment against the stockholders in the corporation. The concern did nominally only a debenture business, but is alleged to have branched out in banking a short time before its failure several years ago. It is on this ground that the creditors maintained that the stockholders were subject to assessment under the double liability law.