The Delta independent. [volume] (Delta, Colo.) 1886-19??, 1911-12-15
UNION TRADING co.
FILES FINAL PETITION
DELTA MANAGER NOT NOTIFIED
w. G. Weaver of Denver, Appointed
Receiver of COmpany's En-
tire Holdings. {.

Tuesday we take the following re-
garding the Union Trading COM
pany:
''Hemmed in on every side by un-
surmounta'ble financial obstacles.
the Union Trading company of Colo
RADIO, which has headquarters In
Pueblo, has thrown up the sponge.
Through its attorneys the cor
poration has confessed that it is
unable to meet its obligations and
the United States district court has
been notified that it consents TO
going into bankruptcy. 1t is stated
tha: failure to get financial assist
ance at this time caused the direct
ors of the company to accept the
petition for bankruptcy, filed by
the crdeitors of the company.
The action was decided at a meet
ing of the directors of the Union
Trading company held here Friday
evening. At that time a resolution
was adopted setting forth the in
ability of the company to secure fl
nancial assistance. II was pointed
out that the company's Longmont
property is now in the hands OF the
sheriff and many suits are now
pending against the corporation.
The officers OF the company had
made desperate efforts to raise mon
ey, insisting that they are not in
solvent by any means, although un-
able to raise money to meet pressing
obligations. 1t was decided to file
an answer to the petition asking
that the corporation be declared
bankrupt, acknowle dying failure to
raise money to satisfy the creditors.
This answer. drawn up at the
meeting of the directors. by virtue
OF the resolution that was unani-
mously adopted. was Immediately
filed in the United States district
court. The matter will come up be-
/ fore Judge Robert +. Lewis and an
adjudication will be had in few
days.
An application for the appoint
ment OF a receiver by the United
States court will be considered dur
I ing the present week, and within a
few days it is expected that the
fourteen stores of the corporation
will be in the hands of the officer
to be selected by the court.
The troubles of the Union Trad
ing company have been given con-
siderable publicity since the meet
ing of the stockholders in Pueblo
about two months ago, at which
time the question of raising money
to satisfy the creditors was consid-
cred and the future policy of the
L f,,t
length. The company has fourteen
stores operated in different sections
of the state and many Coloradoans,
made up largely from small towns
and rural districts are interested as
stockholders. The officers of the
company, of which S. z. Schneck is
president, insist that the company
is solvent, but efofrts to raise mon
ey to pay creditors has been block
ed at every turn, they declare. They
point out that they have been con-
fronted by opposition that has
worked day and night for their
ruin, and their business rivals
proved successful in their fight. as
the latest turn in the company's af-
fairs proved beyond a doubt.
The liabilities of the company
are placed at about $4,000 and the
nominal assets are said to be about
100000. w. b. Yates is attorney
for the creditors and NJ. G. Saun-
ders and d. NJ. Campbell represent
the Union Trading company"
Referring to the above article.
Manager Hepson, of Store No. IA,
Delta, stated yesterday that he had
not yet been notified of any court
action; that he had paid but little
attention to rumors afloat or to
publications made.
Mr.. Hepson expressed the belief
that the stores would come out of
the turmoil eventually, free from the
ailroad-president salaries the head
officers had been drawing, and that
each store might perhaps be placed
upon its feet as a separate insti-
tuition by its local stockholders.
1t has looked for some time like
the mess" the company appeared
to be in. might be as much due to
the determination of stockholders to
bring order out of chaos, as It was
due to commercial opposition, as the
heads of the company proclaim.
A majority of the stockholders,
It is believed. did not understand
the real situation when they were
induced to invest their money.
On Wednesday the news was sent
out by Associated Press dispatch
from Pueblo, that w. c. Weaver of
Denver, had been appointed receiv-
er for the Union Trading company
and had taken charge OF all its
property.