The Glenwood post., 1911-12-16
UNION TRADING
GETS RECEIVER
Company Claims Assets to
Cover All Liabilities But
Cannot Realize
RIVALS ARE BLAMED

Pueblo, Dec. l1.-Hemmed in on
every side by unsurmountable financial
obstacles, the Union Trading company
of Colorado, which has headquarters IN
Pueblo, and stores in Grand Junction,
Palisade, Fruita and other towns, has
thrown up the sponge.
Through its attorneys the corpora
tion 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 bank
ruptcy. 1t is stated that failure to se-
cure financial assistance at this tine
caused the directors of the corporation
to accept the petition for bankruptcy
filed by the creditors of the company.
The action was decided at meeting
of the directors of the Union Trading
company, held here Friday evening At
that time resolution was adopted, set
ting forth the inability of the company
to secure financial assistance. 1t was
pointed out that the company's Long
mont property now is in the hands of
the sheriff, and many suits now ara
pending against the corporation.
The officers of the company have
made desperate efforts 10 raise money,
insisting that they are not insolvent by
any means, although unable to raise
money to meet pressing obligations. 1t
was decided to file an answer to the pc
tition asking that the corporation be
declared bankrupt, acknowledging fail
ure to raise money to satisfy the cred
itors.
This answer, drawn up at the meeting
of the directors, by virtue of the reso-
luton that was unanimously adopted,
was Immediately filed in the United
States district court. The matter will
come up for the consideration of Judge
Robert L. Lewis, and an early adjudi-
cation will be had within u few days.
An application for the appointment
of receiver by the United States
court will be considered during the
present week and within few days it
is expected that the IA stores of the
corporation will be in the hands of the
officer to be selected by the court.
The troubles of the Union Trading
company have been given considerable
publicity since the meetings of the
stockholders held in Pueblo about two
months ago. at which tine the question
OF raising money to safety the credit
ors was considered and the future poll
cy of the company was gone into at
great length. The company has IA
stores, operated in different sections OF
the state, and many Goloradoans, made
up largely of those from small towns
and rural districts, are interested as
stockholders. The officers of the com
pany, of which S. z. Schneck is presi-
dent, insist that the company is solvent,
but efforts to raise money to pay cred
itors have been blocked at every turn,
they declare. They point out that they
have been confronted by opposition that
has worked day and night for their
ruin, and their business rivals proved
very successful in the fight, as the latest
turn in the affairs of the company
proved beyond doubt.
The liabilities of the company arc
placed at about 100000, and the nom
inal assets are said to be about $14O,-
600. w. B. Yates is attorney for the
creditors and M. G. Saunders and d.
M. Campbell represent the Union Trad
ing company.
Pueblo, Dec l2-W G. Waavor oP