Mixed Materials

Union Mortgage Loan Company records, 1898-1949

Author / Creator
Union Mortgage Loan Company
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Summary

Records of a financial institution located in Eau Claire, Wisconsin, that did nearly all of its business in northern Wisconsin, North Dakota, and eastern Montana. The company made loans to farmers ...

Records of a financial institution located in Eau Claire, Wisconsin, that did nearly all of its business in northern Wisconsin, North Dakota, and eastern Montana. The company made loans to farmers in return for first mortgages on the farm property and subsequently sold these mortgages to individual investors. It also bought and sold farm lands, acted as trustee for bond issues of local government units and private companies, and occasionally made loans on city property in Eau Claire. Hence the records document agricultural credit, farming conditions, and capital formation in the regions where the company did business. The collection also includes substantial personal data on the individuals to whom it lent money and on the physical characteristics of the property it accepted as security.

The records as a whole provide a detailed picture of the affairs of a financial institution of moderate size. They trace the company from its formation in 1905 through a period of expansion in the prosperous 1910's and 1920's, and are particularly strong in documenting the business's failure in the Depression, its reorganization, and the first years of the tedious liquidation process. The files from the 1930's not only show the impact of the Depression on the company's business but also illustrate the resultant implications for company officials, clients, and creditors. Company officials include founders Kim and Julius Rosholt; presidents Herman F. Schlegelmilch and T. Gordon Barland; and Eau Claire residents John S. Owen, S. G. Moon, Orrin H. Ingram, and Byron A. Buffington.

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