, 1880-12-24
i Reform in 187S-Tho Corporate Be-
ing Of Some 1000 Companies
Annullcd.
Statistics of Life nnl Flro Insurance
'Companles-0vor 1921, 100000
OF Assets.
Points in tho History Of tho Life Business
Inspection and Insurance Of
Steam Boilers.
tt,peruilsc lnsurantc-A "Safety.Pund" Depart.
ment ID Life Company, md ths Los.
1lity IL l'royokcs.


HARTFORD, Conn.,, lice. @0.-ConncctEcut hns
never manufactured wooden nutmcgs, nt lcnst
not In recent years: hut sl,c hAs manufactured
corpnTntIons nn MI Immense seatc and 0f fnuch
az ttls work ahc has sninll reason 10 he pro''l.
,EcyeriltIess. there ia n lnrgo number OF eor-
poratlons notably insurnnco companies. With
beadqunrtcrs In this clty. thnt Justly bonr I'LL
excellent reputation; atd probably tho country
At largo little appreciates tho magnitude OF tho
ness Of tho Uuitc.l States.
TIE LoosENEss or THE CONNECTICUT 1nCoN-
rONATtOH LAW
Sas long MI nccna!on uf grgat pnl,llo 8ca1idnl
md u,eNtls Uf great Ahusc III tho formation Of
companies for purposes. OF all surts. Amy littlo
ctluo OF ncu. without RssDts pccuninry
or tnrtll, could organize With n tOtnlnnl
cap!,nl OF millions Of iollnra, by simply tlIlnK
papers with tho Secretary Of etate. md with tho
Clerk OF tho tuwn whcru tho CONCERN WAS to bo
bcatcl, puyinR the furmer oilfclai $l,Appotnting
an attorney, mud guinK through some other tn-
e1pcnsivo fornRitlta. Shnrpors wuro not long
ID finding out that tho Nut meg Statu wns All OK
cclcnt lingo OF operations. Applications for In
corporation poured IN from NIL pnrts OF tho
country. Mining companies cnino hero ftotn tho
w!Its Ut tho Fnr West to bo Dort. Schetnes for
Tho manufacture Of impossible things patents
that wero to croat0 something out OF nothing,
wild financial projects, md bnstarti enterprises
ot every degree. found n homo hero This was
not ~ much III injury to Connecticut financially
asto tho rest Of tllo countrr,-for peoplo hero
understood TINT tho Stnto had litter Of these
mungrcls every yenr, aud pa!d little attention to
them, Thu great crowd who wcro unfamiliar
with tho Connecticut process Of incorporation,
aul whu wcru In II hurry to get rich,
COMPOSED TIE ARMY OF VICTIMS;
md not II few Of tho seductive mining ontcr-
prises of tho country owe thoir corporate cxiat-
cnce to this law.
On thu Slh of Fcbrunry, 1878. Gov. Hubbard
teut n mcsango to tho Legislature. III which ho
tad: Within tho Inst three y7curs tiserO havo
S SSe @ stoe X sta.s rss
!nal cupitat of mora tEnu $ot,og,0 ,0N, not doing
business here', r., and H., not intGmuea .sn ior ns, @
panies were composed almost G1lttrcly OF nom
rrshlcnts, aud were nonrIy NIL Without Assots Of
any value. iiu. Ecyelty.nlno ~ only u s.Iinll
dusluE that pcruh. y tuyorIt method Of swell
tng tho nnnllnnl Hsscts wns to put In pntent"
Without market vni,e. hut. ayon snpposins
That thoy were wort', something, thoy could NOT
properly be counted ~ nsseta, not being ,ls9blo
70 execution. GOV. llu1burd's 1nessago led to
tho appointment Of Commission. which In
yestiKatcd tho matter, nnd Exposed to tho public
!he condition Of tn'rs: II accordance @ WI, ,,
passed IL blu which cnn
LAY SOME CLAIMS 70 sTR1crSEss.
J. reqM!rca TINT nll tho stock shHll 10 takcn by
to Se pa! Tor sSsh and nj i tt tho articles Of
association shall tD published in full in nows-
paper of tho county where tho corporation IS
Assistant Treasurer, nlso II nlajorlty Of tho d.
rectors, must ulwnys bo rcalduntB Of, this Htatc.
The uooks must bo open to tho stockhol4lers,
and nnnuul rcpOrts mist be l0tlHcd With tho
Town CIurk and tho Secretary Of stnso. While
tn!s law was pending, thore wns tremendous 10y
g1cn sgn ujl hnH HfyHHnll lH