, 1888-01-18
UNION CATTLE COMPANY
The Great Concern Passes Into the
Hands of Receivers.
Request for the Transfer Made by
Shareholders.
Inability TO Meet Obligations the
Cause Assigned.

ton of the rumor hat the Union Cattle
company had failed.
A LEADER representative who heard
the report at once proceeded to the court
house to learn the truth of the matter.
That the company has neither failed nor
assigned is a statement borne out and re-
vealed by a pcrusal of the records in the
case.
The concern is quite seriously involved
however, and in a lengthy petition asking
for the appointment of a receiver set forth
that the hand of misfortune has struck
the company a Gripping, but not fatal,
blow.
Following is the somewhat lengthy title
OF the case: j. Whitman. Alex. Agassiz,
Q. A. Shaw, Edward Page, H.. L. Hig-
ginson, Thomas Sturgis, VIM. G. Lane,
VIM. Sturgis, Jr.. T. X. Sturgis, Isaac
Hinklcy, Eph. Whitman VS.. the Union
Cattle company.
The document filed with the clerk of
court yesterday afternoon, after a long
preamble setting forth that the Union
Cattle company is a regularly organized
corporation, existing and transacting bus
mess under the laws of Wyoming, and
owning property in Dakota, Nebraska and
this territory, fails to enter into details,
but submits a general inve utory of the
aggregate possessions of the company.
According to this statement the o~rganiza-
ton owns more than 3 $1,000 head of neat
cattle, over 1000 head of horses. and real
estate and improvements. The total
value of their entire belongings is esti-
mated at more than 81, 500,O 900.
The prayer follows this, statement. In
it the petitioners aver that the corpora
ton is indebted in an amount exceeding
81, 200, 900, of which sum $500, 600 is now
due. The plaintiffs declare that during
the winter of lS86-S7 very heavy losses
occurred to the company by reason OF the
death Of large numbers of its cattle
caused by the severity of the winter; that
heavy depreciations have befallen the
value of defendants property and that the
confidence of capitalists is shaken in the
cattle business.
Plaintiff then recitcs briefly that owing
to the inability of the company to negoti-
ate a loan it is unable to meet Just mon
entary demands, and hence prays for the
appointment of a receiver to take entire
charge of all Its affairs, dissolve the cor
poration, manage and protect the business
and eventually distribute the property
among the share holders.
G. B. Goodell and Fred. p. Voorhees,
were duly appointed receivers. They
must furnish Joint surety in the sun Of
800, 900.
The entire affair takes on a brighter hue
when 1t is known that each of the plain
tiffs is a member OF the Union Cattle
company, those mentioned owning about
two-thirds Of the capital stock. They arc
also creditors of the concern to the ex-
tent Of over one-half of the total indebt-
ednesS.
j. B. Warner of Boston is attorney for
the plaintiffs.
Immediately after the issuance of a
summons in the case, the s~ubioined an
swer, prepared by Corlett, Lacey & Kiner,
defendants counsel, was fled in the office
of the clerk of court:
Now comes said defendant, Union Cat
tie company, and answering the petition
in this cause, admits that by reason of
heavy losses suffered without any fault on
the part of this defendant, this defendant
is insolvent and unable to pay its indebt-
edness rs the same natures, and unable
to carry on the business for which it was
incorporated, and unable to care for the
property of this defendant, which it ad-
mits is of great amount and great value as
averred in the petition, and the care of
which it admits requires the continual
expenditure of large sums of money as
alleged in said petition, and the
defendant admits that the best interests
of this defendant and of its share holders
and creditors requires that this defendant
be decreed to be dissolved and that for
the care and protection of the property
OF the defendant a receiver shall be ap-
pointed as prayed for in the petition.
In the petition of the plaintiffs it is
mentioned that the International Trust
company of Boston, is one of the largest
creditors holding bonds, representing
large sums issued by that corporation.
One of the payments is due next May,
but the petitioners declared that the COM
pany would be unable to meet an abliga-
ton at that distant date.
The Union Cattle company, of which
Thos. Sturgis has long been recognized as
the head and front. owns a large tract of
land on which many cattle Craze, in the
northern portion of the county. 1t has
always been regarded as one of the most
prosperous cattle concerns in the terrific.
ry, an assumption borne out by the state
ment showing that the assets still exceed
the liabilities by $500, 900 could the prop
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