Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1891-06-01
SS
LIABILITIES.

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Current bills and accounts payable. S6S9 ~
Assets over liabilities. es.......-...... ofS,'oo Va
CO.'S first appearance in the business
world was about twenty years ago,
when he was in Montreal as agent for
the Agricultural Insurance Company OF
WatertOwn. \. y. He was a smart,
energetic man, and built up nice buSl-
ness. In the course of two or three
wears he established the Canada Agri-
cultural Insurance Company, with q
capital of 81. .OOO coo, ten per cent. Of
which was pain in. He transferred to
the new company the business which he
had built up, and everything worked
smoothly. He lived 1T the rate of So, 900
to 81 900 year, which, in those days
and in that city, was something tre-
mendous. The directors voted him a
certain amount of stock as payment
for his services. Success followed
him until 1877, and he
seemed Oto be on the very crest
of the wave of popularity, He gave his
agents 10 per cent. of the premiums
they secured and S1.50 of each policy
fee. But III 1877 there was change.
That was the season OF financial trouble
that swept away so many fortunes. The
Canada Agricultural Insurance Com
pany was among the first TO feet the
trouble. The risks had been assumed
with a reckleSSness that was phenOm-
enal. When the hard times began to be
felt the character of the risks was
Quickly developed. The easiest way to
get money seemed to be by turning the
property insured in that company, and
losses at the rate of three, four and five
q day flooded the company. The losses
quickly exceeded the gross premiums,
and finally it became necessary TO cease
having tho losses When that fact was
announced the fires suddenly ceased,
showing on the face Of it that the COM
pany was being Swindled. Then the COM
pany found itself in hot water. The
stockholders were assessed, and good
many responded, but when the govern
ment investigated the compah IS AFFAIRS
il was found that the eutire capital had
been eaten up. OF course things were
not allowed to go on in this way, ana
an assignee was appointed to wind up
the company's affairs.
During that time GOtf had had fifteen
or sixteen wildcat schemes liz operation
and all proved failures. The Wingate
Chemical Campany was the first venture
and that went under after the stock
dolders had sunk about $4,000. He
next started the international Express
Company, but that also failed after
thousands of dollars had been invested.
The National Insurance Company Of
Montreal was another of Gotf's schemes
and that shared the fate Of its predeces-
sors at an expense OF $500, 600 to the
stockholders.
All these schemes were managed, di-
rectly or Indirectly, by Coli. Then
came the climax when the Canadian
Agricultural Company when under.
Golf levied upon the stockholders an ad-
ditional assessment OF - per cent. and
promised to secure reduction in the
capital stock from Sl,000,000 to $3.50, =
600 os soon Parliament was convened.
A great many of the stockholders re-
sponded TO the call, but the ruin was
complete. Ultimately such stockhoid-
ers as were able were forced TO pay their
share of the 90 per aent. OF the orig nal
capital which had remained unpaid
when the company was organized.
His latest scheme was the manipuia-
ton Of the American Electric lliumi-
hating Company.
For several months Goff did some Of
the boldest and most clever Juggling 70
get possession Of all that was valuable