The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1883-08-23
Something About A. L. Wood, of
the Midland.

companies out OF the State, and
summary cutting off the wildcat
companies which were springing up
in this State. Under the provisions
of the law, which required an actual
paid-in capital of $2OO, 600, the ma
jority of the latter class, after pro-
testing to the last moment that
they would comply with the law,
shut up their offices and silently
vanished from the public gaze.
They left behind them vacuums of
imposing dimensions whose bound
aries were marked with gorgeous
circulars and glittering prospect
uses. Although they have them
selves gone, the scent of the roses
still fingers about the shattered
vases, and some incident occasion
ally comes TO light which gives an
intimation of how dreadful it
might have been if the law had not
passed.
EASTERN CLAIMS GO BEGGING.
Some days ago a prominent legal
firm Of the city received for collec-
ton some insurance claims from the
Evans Artificial Leather company
of Boston. This company has its
Offices at 90 Pearl street, in Boston,
but carried on its business of the
manufacture of imitation leather at
Salem, New Hampshire. The COM
pany placed insurance on its build
ings, stock, ETC., at Salem, in four
insurance companies, through an
agent named Isaac Washburn, who
held forth at 231 Washington street,
in Boston. The companies in which
they insured were the Colorado
Home Insurance company, the Pue-
bio Insurance company, the Argen-
tine Insurance company, and the
Queen City Insurance company. If
he had included the Etna. of Den
yer, the last and best gift of that
able fnancier, Van Woert, he would
have come very near covering the
entire ground. This insurance was
effected during last winter. On
March 5th the Works of the company
at Salem were destroyed by fire.
With a promptitude that was worthy
Of a hope more likely to be realized /,
they at once drew on the four COM
panies, through the National Bank
of the Republic, OF Boston, but
their drafts were returned without
acceptance bearing such ominous
Endorsements as mo such company
in existence" "Gone to Salt Lake
CITY," ''No funds and no assets"
AMI the like; all of which were cal
culated to make the Evans Artifi-
cial Leather company go out aud
kick itself with genuine leather
boots, copper>toed. AS there was
nothing else to do they put the mat
ter in the hands of attorneys to see
what could be done about it.
THE BOGUS COMPANIES.
The total amount of insurance in
the four companies was $4,000. Of
this amount, $1,000 was in the Col
orado Home, of Denver. This COM
pany was incorporated July 81, 1882,
and on the papers filed in the Office
of the Secretary of State it had a
capital stock Of $250,0O0. The in
corporators were S. Elbridge Smith,
Cass Carpenter. P T. Smith, E. T
/ Lamb and J. H. RoWentree. The
only one of the incorporators that
could be found, was Mr.. Carpenter,
who was asked, by the reporter,
what had become of the company.
at suspended business last
spring."
"What fol? ?"
Because, like all other home
companies, it was crushed out of
existence by the late insurance law.
one of the most unjust measures
ever passed i'll any country"
I'm what respect ?"
{" Because it opposes home enter
prise, and gives foreign business of
the same kind unlimited freedom,
A foreign company can come into
Colorado, pay $50 and do business,
Before a home company can do bust
ness, it must put and keep on de-
post 100000 III cash, or an actual
equivalent. All that is required of
a foreign company is an affidavit of
the president, setting forth the as
sets and liabilities Of the company.
1t may be true or it may be false.
The Insurance Commissioner has no
means of knowing. They may
swear to so much in bonds, aud have
the amount in Confederate bonds
as old Van Woert did"
Gle is slick old sconndrel, isn't
hep"
HE will come out Oh top yet
He is just waiting to get a chance
at some Of you newspaper fellows.
I'll bet he makes it cost some of you
before he gets through with you.
"Re is medltating some horrible
revenge, is he? 1t is growing q
trihe subsequent for anything OF
that Sort"
sit is never too late. [ suppose
you are asking on account Of the
Evans Artificial Leather company'S
claim ?"
Yes, sir. Why wasn't it paid p
Because the company was moi
in existence when the claim came
in. They sent me a draft, but
had no power to accept it,"
"Who will pay it ,"
81 presume [ shall. 1t is the only
claim against the company tina