3789. Union Loan & Trust Company (Sioux City, IA)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
cfb2a7e1

Response Measures

None

Description

The Union Loan & Trust Company (Sioux City, IA) made an assignment and closed its doors on April 25, 1893. This was a failure/suspension (assignment) tied to heavy endorsements of customers' paper and the collapse of D. T. Hedges; assignee E. H. Hubbard later increased estimated liabilities to several million dollars. No reopening is reported; the firm remained in assignee/receivership proceedings.

Events (2)
1. April 25, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Assignment precipitated by D. T. Hedges' failure and large endorsements of customers' paper that could not be renewed or collected amid the gold panic; the trust had endorsed heavy paper of Sioux City concerns and eastern holders demanded payment/renewal refused.
Newspaper Excerpt
The Union Loan and Trust company, with a capital of $1,000,000... today made an assignment and closed its doors.
Source
newspapers
2. May 11, 1893 Other
Newspaper Excerpt
E. H. Hubbard, assignee of the Union Loan and Trust company... filed estimates... the company's liabilities are placed at $7,000,000 (or about $6,000,000 in earlier reports). The assignee cuts assets and increases liabilities significantly. (May 11 613 articles).  (assignee filing/estate accounting).  Note: date uses assignee filings reported May 11-13, 1893.)
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 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, April 26, 1893

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Failures at stoux City. SIOUX CITY, la., April 25.-The Union Loan and Trust Company. capital 81,000,000. one of the foremost financial institutions of Sioux City, to-day made an aesignment and closed its doors. The general statement of habilities is: Due to banks, $14,339; debenture and interest, 8233,352; due to depositors, $497,883; total, $745.574. The assets aggregate $2,000,000. E. R. Smith. treasurer and secretary of the company. gave out this signed statement: Our assignment was necessary to protect the interests 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 customers have been reducing their liabilities and since December we could not collect in all cases fast enough. The long gold panic of four months past has made it impossible for our customers to get renewals. We do not oweany banks in Sioux City and no Sioux City banks need be alarmed at the assignment." The failure was precipitated by the assignment of D. L. Hedges and the Hedges Trust Company. The Union Loan and Trust Company had indorsed the paper of heavy Sioux City concerns, and an immense amount of this paper was held in the East and payment demanded and renewal refused. The Leeds Stove Company this afternoon assigned to the Union Loan and Trust Company. giving mortgage on foundry and real estate to secure $175,000. and chattel mortgage on stock, machinery, etc.

3. 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.

4. April 26, 1893 The Record-Union Sacramento, CA
Article from The Record-Union, April 26, 1893

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Royal Baking Powder. Highest of all in Leavening Power.-Latest U. OCOO Royal Pa ABSOLUTELY PL BUSINESS FAILURES. 1 A PIPE One of the Largest Financial Operators Was the State in Sioux City Assigns. Who SIOUX CITY (Ia.), April 25.-D. T. There is conside Hodges, the largest financial operator the rounds of som here, filed an assignment for the benefit the State Capitol c of his creditors this afternoon. There are water-pipe that A no preferences. E. Hubbard is assignee. the eastern portion The failure is attributed to the bad he was State Treas state of the money market and inability the Capitol Comm to sustain the Pacific Short Line and According to re Sioux City and Northern railroads on inman knew nothing dividual credit. None of the local banks or refused to recogni though Secretary I merchants are involved, but the Union consented to He Trust Company, through which much pipe. paper has been issued, will suffer. It was ordered t Soon after Hodge's assignment, the berger, and one lo inches and the res Union Loan and Trust Company closed eter. The pipe la its doors as a measure to protect the inin the Park east terest of both creditors and depositors, came badly damag owing to indorsements on customers' itol Commissioner paper. Hodge's schedule of assets, stocks phaltum to preser As Gutenberger and bonds, not including his California $400 the Legislatu estate, is $1,823,660. lowed his claim f AN OLD FIRM EMBARRASSED. State Gardener, I CHICAGO, April 25.-Giles Bros., one of to Executive Secr pipe was of the d the oldest and largest wholesale and reGutenberger was 1 tail jewelry houses in the city, are finanThe present ( cially embarrassed. Confession of judgwere about to us ment was entered against them, this there was not eno afternoon, for over $85,000. for bids for some HEAVY BANK FAILURE. day F. F. Lyman, the new lot, exam LONDON, April 25.-The suspension is it was 5-inch and : announced of the London (chartered) This set the C Bank of Australia; capital, £1,000,000; reing, and Gutenb amined and were serve, £320,000. It has branches in Lonlarger sizes menti don, Victoria, New South Wales and The fact that the Queensland. out advertising for RECEIVER APPLIED FOR. an ugly look, an CHICAGO, April 25.-A bill asking for a UNION reporter a he knew about the receiver for the Lehigh Coal and Iron "I know nothin Company was filed in the United States "I never saw the I Court to-day by James D. Hurd. Similar the East and shi bills, it is stated by the attorneys, have simply put in the been filed at St. Paul, Milwaukee, Duluth, "But you may $ iron pipe, and was West Superior and Madison, Wis., in all not by the foot. T of which cities the company has extensive to the weight." interests. The assets are $1,750,000 and It is said, howey the liabilities $1,250,000. The complaint that so many fee sets out that defendant is largely involved for at SO much D cents and three-in by promissory notes, direct and continis correct, then M gent. Its present liabilities for bills paymistaken; but if able are $826,835; contingent liabilities, State cannot have : $208,537. The holders of these notes are : AMU coal companies and firms that are now insolvent. At Milwaukee, last night, L. "Belshazzar," d ) R. Doty of Chicago was appointed rethe Grand Parlor ceiver for the company. counter attraction 1

5. 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.

6. April 27, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, April 27, 1893

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DRAGGED OTHERS DOWN. Three More Sioux City Concerns Make Assignments. SIOUX CITY, Io., April 26.-Three more extensive failures occurred today, directly resulting from the Union Loan and Trust company assignment. The Sioux City Dry Goods company, by C. A. Garrettson, president, made a general assignment this afternoon. Schedules show assets of $371,169.04, consisting of the stock of wholesale dry goods. credits, etc., and $30,000 on deposit with the Union Loan and Trust company. The liabilities are $232,000, nearly all due to Eastern and Chicago jobbers. The company did all its banking business through the trust company. It assigned to W. F. Thomas, and the business will continue until the company can be reorganized. The Sioux City Dressed Beet and Canning company, by its treasurer, Ed Hankinson, made a general assignment to H. J. Taylor. The assets, consisting of the packing plant, a line of refrigerator cars, etc., are $264,736; liabilities are $215,000, of which $169,000 is due to the Union Loan and Trust company. The Interstate Investment company deeded away about $200,000 of property, mainly to its own stockholders. Its officers were implicated with those of the Union Loan and Trust company, which compelled the transfers. Mechanics' liens amounting to $55,575 were filed against the new union depot, almost completed. It is owned by the Sioux City Terminal Railway and Warehouse company. All work on the depot was stopped today. President Hedges, of the Union Stock Yards company, which failed yesterday, stated that the company would have to be reorganized. Some time ago there were negotiations between the now disrupted syndicate that owns the Sloux City Northern and Pacific Short Line railroads and the terminal propertles and union depot here and President James J. Hill, of the Great Northern system, looking to a sale of the property to Mr. HIll's road. There was an agreement by which the Great Northern was to take the properties and make a large payment to the Sioux City syndicate owning them. The agreement was that the deal should be closed about May 15. When it was found a few days ago that a crash was imminent, Mr. Hill was asked to take the properties at once and make the payment, with which it was hoped to tide over the calamity. Mr. Hill agreed to do this if he could make the necessary arrangements in the East with his financial agents. He left at once for the East on this mission. He said that he could not give an answer before today. and it has been expected that something would be heard from him before tomorrow. It was impossible to wait, however, and the failure came. It is expected that the railroad deal will be made in some form, though it may not be closed at once. The Sicux City Engine works today sued the Sioux National bank for $110,000. The engine company had $35,000 deposited with the Union Loan and Trust company. It demanded the money, and was given a draft on the Cambria National bank, of Chicago, for the amount. This was placed in the Sioux National for collection, and the Cambria refused to pay, claiming it had no funds of the trust company's. The engine company sues the Sioux National for the money and for $75,000 damages to its business and credit. CHATTANOOGA, Tenn., April 26.Bucbanan & Crabb, doing a small business as the Rhae County bank, at Dayton, Tenn., have been closed by attaching creditors. Their liabilities are between $30,000 and $40,000; assets said to be nominal.

7. 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.

8. 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.

9. 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.

10. 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.

11. 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.

12. 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.

13. 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..

14. 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.

15. May 3, 1893 New-York Tribune New York, NY
Article from New-York Tribune, May 3, 1893

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THE SIOUX CITY FAILURES. ALLEGED WRONG-DOING IN CONNECTION WITH THE NOTES OF THE TWO BANKRUPT FIRMS. Sioux City, Iowa, May 2.-Affairs in connection with the recent failures in this city begin to partake very much of the color of "crookedness." Rumors to this effect have been current for several days, but until yesterday nothing had been given to the public by persons authorized to speak. When the Union Loan and Trust Company assigned, its schedule showed llabilities of $745,374 and assets of $1,468,000. In a statement given to the press yesterday by Assignee Hubbard, he said : "I have not gone far enough to be able to make a statement of the exact amount of the 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 an account of notes Indorsed by the company. This indorsed paper was mainly that of the syndicate of the Individual, or of the companies connected with it." Another sensation was created yesterday when Recelver Chesley, of the Union Stock Yards Company, repudiated a large quantity of paper held against that company. It was in the shape of promissory notes made payable to the Stock Yards Company and signed by Edward T. Hedges, president. Receiver Chesley said "Mr. Hedges signed notes without authority from the directors or officers of the company, and the company's books show that the money raised by It was never turned over to the treasurer. Not a cent will be paid on it unless the courts make us liable. There is to my knowledge several hundred thousand dollars worth of this paper outstanding."

16. 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.

17. May 5, 1893 Bismarck Weekly Tribune Bismarck, ND
Article from Bismarck Weekly Tribune, May 5, 1893

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LOOKS VERY CROOKED. Some Interesting Disclosures In the Recent Failures at Sioux City. The Assignee's Statement of the Union Loan and Trust Co., Very Interesting. The Cuban Revolutionary Movement Assuming Very Formidable Proportions. Crooked Financial Work. 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. I 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 members 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 over country. paper has It is been held mainly sold all by banks." the 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.

18. May 12, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, May 12, 1893

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SIOUX CITY FAILURES. The Assignee Cuts the Assets Down and Increases the Liabilities. SIOUX CITY, Iowa, May 11.-E. H. Hubbard, assignee of the Union Loan and Trust company; Hedges Trust company and D. T. Hedges, today filed estimates of the value of the assets scheduled in the three assignments. The Union Loan and Trust company's assets are placed at $1,531,574 as against an original estimate of $1,468,038, and 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 as originally estimated assets at $475,000. The assignee cuts this sum down to $183,018, and the company's liabilities are placed at $250,000. Today W. M. 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 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 are involved in the trust company's failure now propose to pay in $95,000 on stock and the district judge had ordered Receiver Chesley of the stock yard company to cancel the rental on the house for five years and pay the packing company $6,000 now owing for improvements.

19. May 13, 1893 New-York Tribune New York, NY
Article from New-York Tribune, May 13, 1893

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BROKEN FIRMS IN SIOUX CITY. Sioux City, Iowa. May 12.-E. H. Hubbard, assignee of the Union Loan and Trust Company, the Hedges Trust Company and D. T. Hedges, yesterday filed his estimates of the value of the assets scheduled in the three assignments. The Union Loah and Trust Company's assets are placed at $1,361,574, as against an original estimate of $1,468,030. 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, as assignee, estimated its assets at $475,000. The assignee cuts the sum down to $183,018. The company's liabilities are $250,000. The discrepancies in both cases lie between the face value of the securities and the assignee's estimate of their values. Yesterday W. M. 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 the Sioux 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.

20. 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.

21. 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.

22. 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.

23. 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

24. January 1, 1894 The Helena Independent Helena, MT
Article from The Helena Independent, January 1, 1894

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BUSINESS TROUBLES. Some of the Wrecks Caused by the Great Financial Depression. JANUARY. 6. Wickham & Co., wholesale fish dealers of Huron, O., failed for $250,000. FEBRUARY. 2. The First National bank of Little Rock suspended. 8. The banking house of F. V. Rockarellow at Wilkesbarre, Pa., closed its doors. 93. Beaupre, Keogh & Davis, wholesale grocers, assigned in St. Paul: liabilities over $400,000. MARCH. 13. The Atkinson House Furnishing company of Maine assigned in Boston: liabilities, $1,500,000. 14. The Kansas Trust and Banking company, at Kansas City, suspended, with liabilities of $800,000. 23. Dobbins & Dazy, cotton brokers. assigned in Nashville; liabilities, $1,000,000. APRIL. 7. The Northwestern State bank of Sibley, la., closed its doors; liabilities, $150,000. 12. The Seglish, Scottish and Australian Chartered bank failed, with liabilities of £8,000,000. 20. The Australian Joint Stock bank failed for £13,000,000. 22. The Bank of Milbank, S. D., assigned, with liabilities of $100,000. 25. The Union Loan and Trust company of Sioux City closed its doors: liabilities, $750.000. 30. The National Bank of Australasia failed for £7,500,000. MAY. 1. F. H. Weeks, president of the Land and River Improvement company, West Superior, Wis., assigned. 8. H. H. Warner, the patent medicine manufacturer of Rochester, assigned: liabilities estimated at $500,000. 9. The Bank of Victoria, at Melbourne, suspended, with £2,400,000 liabilities. 11. The Capital National bank, at Indianapolis, suspended. R. R. Robinson & Co., bankers of Wilmington. Del,, failed, with liabilities of over $326,000. 12. The Sioux City (Ia.) Engine works suspended; liabilities, $200,000. Thomas & Sons, whisky dealers in Louisville. failed owing from $150,000 to $400,000. 18. Bank failures at Orleans and Rossville, Ind., at Freeport, O., and Rockford, Mich. Steel company at Bellville, Ills., placed in hands of a receiver. Kendall & Smith, grain dealers of Lincoln. Neb., failed for over $250,000. 15. Erastus Wiman, a New York capitalist, made an assignment. 26. Ex-Secretary of the Treasury Charles Foster of Fostoria, O., assigned, with liabilities of nearly $1,000,000. 28. National banks at Fargo and Lakota. N. D., closed by the comptroller. JUNE. 5. The Kansas Grain company, owning 106 elevators, failed. JULY. 18. Exciting bank panic in Denver. 25. The Erie railway went into the hands of receivers: the floating debt is $6,000,000. AUGUST. 2. The North American Packing and Provision company assigned in Chicago, with $750,000 liabilities. 4. Receivers were appointed for the business of J. H. Walker & Co., dry goods dealers, who succeeded to the Chicago trade of A. T. Stewart & Co.; debts, $2,000,000. N. L. Carte & Co., the old tin plate importers, assigned in New York city: liabilities, $850,000. 9. R. H. Coleman, the "Iron King" of Lebanon, Pa., assigned. DECEMBER. 1. Abe Stein & Co., heavy importers of goat skins, hides, etc., failed in New York for over $1,000,000. 4. Green B. Raum, Jr., general merchant and Indian trader at Perry, O. T., failed. The Citizens' National bank of Grand Island, Neb., closed its doors. 5. N. J. Schloss & Co., wholesale clothiers in New York, assigned.