The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-04-26
A BIG CRASH IN IOWA.
d. I. Hedges, 4 Leading Sioux
City Capitalist. Assigns.
NE IS a FRIEND OF jim HILL.
0ev. 4eCennell's Assets Net Mech
Larger Than Liabilitses-rhs L..
high RseeivsSship.

cIOUX CITX, Apru 25.-The Union Loan
4 Trust Company, one of the foremost
financial institutions Of Sioux City. with .
capital Of 81 900 600. today made an assign
ment and closed its doors. The general
liabilities are $745.574, and the
asssts. 100000 The failure was
precipitated BY tho assignment of
u. I. Hedges and the Hedges Trust Com
pany. The Union Loan and Trust Com.
pany had Endorsed the paper Of . heavy
Sioux City concern and an immense
amount of this paper was held in the East.
on which payment and renewal
were Refused. The Leeds Stove
Company this afternoon assigned
to the Union Loan and Trust
company. giving . mortgage on its
foundry and real estate to secure $4,000
and chattel mortgage on its stock. ma
chinery, etc. None Of the Sioux City
banks are in any way involved, as the
failure had been foreseen for weeks. It is
believed that other failures will follow.
All the assignments are the result of .
meeting of creditors held last night. 1t
has been known some time that Hedges
was embarrassed by his attempts to
maintain two railroads built by the Sioux
City Pacific Short line and Sioux City 4
Northern. Much Of his vast property has
been swallowed up in this endeavor. A. 8.
GARRISON has been negotiating for money
in the East with which to tide over this
crisis. 1t IL understood that he was sue
cessful, but the money did not come in
time to save Hedges. The relations of the
latter to the trust company il such that
the two had to 60 down together. and the
loan and trust company was sufficiently
involved to make its assignment neces-
sary. In the scheduled assets of all the
concerns speculative stocks figure largely.
1t is rumored that Cudahy Bros. will
take up Hedges stock in the stockyards,
of which Hedges was large shareholder.
The company will probably have to be re-
organized, but business will continue a.
usual, - the company 10 on . sound
financial basis.
Tonight it was limited in railroad circles
that s.. 900 900 of the money of President
Hill, Of the Great Northern. who is .
friend Of Hedges', will be in Garretson's
hands tomorrow, and deal will be made
which will change tho ownership of the
terminal property and Hedges other lines.
During the day one of the local banks
which was heavy creditor was threatened
with . run. but tho announcement Of
other banks that they would stand by it
eliminated apprehensions and the run
ceased.
CHICAGO, April ga bill asking for q
receiver for the Lehigh Coal and Iron
Company has been filed in the United
States court by James D. Hurd. Similar
bills, it il stated by the attorneys, have
been filed in st. Paul, Milwaukee. Duluth,
West Superior and Madison, Wis, in all
of which cities the company have extern
sive interests. Their assets are 81, 75O, O00l
and their liabilities $1.25O.0OO. The
complainant sets out that the defendant il
largely involved by promissory notes. di-
rect and contingent; that its present liza
bilities for bills payable are $50. 1856, and
contingent liabilities $2Oe, 537. and that the
holders of most of these notes are coal
companies and firms now insolvent At
Milwaukee last night L. r. Dolly. of Chi
cago, was appointed receiver for the com.
pany.
Moscow, Idaho. April 25.-TSpecial.l-
There haV been no new features today of
the Mcconnell Mcguire Company failure.
The representatives Of creditors have been
comforting with the members of the firm
and it is probable that the big store will be
opened and receiver appointed to settle
up the business. The figures a. given out
by the firm place the total assets at $277. 900
and the liabilities at $4,000. The COM
pany claims that If allowed to continue
business that everything will work out to
advantage. and that in the end the cred
itors will be paid in full and the house be
placed on q firm basis again. A settle
ment will probably be made tomorrow.