The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-11-03
cOALTER & SNELGROvE co.
sxELGRovE,s REPLY TO CoALTER's
APPLICATION FOR A RECEIVER.
Every Material Allegation of the
Complaint is Denied and it is
Averred That the Plaintiff is the
One Who Tried to Wreck the
Company.

In the important suit brought by
Fergus Coalter against the Coalter &
Snelgrove company, in which the plain
tiff prays for a receiver and the wind
ing UP of the business, an affidavit in
the form of an answer was yesterday
filed by the defendant, Snelgrove. in
which it is set up that the defendant
and his friends own 1O7 shares of stock
of the company while the plaintiff
owns but rs shares. In answer to the
allegation of the complaint that the
defendants wish to despoH the business
for their own gain and to the prejudice
of the plaintiff it is stated that at
meeting of the board of directors on
March 20, 1894, the affiant was APP
pointed general manager of the COM
pany and soon thereafter the plaintiff
voluntarily resigned his position OF
president and entered into partnership
with J. J. Daynes and opened busl-
ness next door to that of the Coalter
& SnelgroVe company, under the nrm
name of Daynes & -Coalter, and en-
tered into direct competition with the
Coalter Ss Snelgrove company ard
used every effort to cut down the bust
ness of the latter and was the means
Of duplicating the business credit OF
the Coalter &, Snelgrove company with
the business houses in Chicago with
which it had its principal dealings.
and thereby involved the corporation
in financial difficulties.
1t is then alleged that in self-protec-
ton the plaintiff and his wife were
removed from their offices as direc-
tors of the corporation 1t is also
q q q
loss while the plaintiff was president
| Of the company; that since his
resignation it has picked up
and is now making slight
profit and the outlook is such as to
warrant the belief that a fair measure
of profit will be realized for the cur
rent year; that under the present man
agement the business has greatly in
creased and the value of the stock has
increased. and that the defendants
have no desire to depreciate the stock
or ruin the business, as by such a
course they would be the heaviest
losers
1t is then alleged that the salary of
tho affiant is not exorbitant and is only
SIPS month, having been voluntarily
reduced by affiant from $50 a month
to 1925 until September 1 1895 also that
the running expenses of s47S q month
are not excessive. and that the bust
ness car not be carried on at an ex-
pense Of $500 a month.
The allegation of the plaintiff that
there is an intention to advance the
atlantis salary by $40 per month and
to increase the general E,penses of the
company and pay out all the profits
in salaries is absolutely without foun-
dalton. and also that the allegation
that false and incorrect books are kept
is without foundation and untrue.
| In conclusion it is alleged that the
sole object of the plaintiff in bringing
the suit is to force the defendants to
buy his stock and pay him cash for it
in order that he may use the money
so procured in building up the business
! of Daynes & Coalter. the rival and
immediate neighbor of the Coalter &.
| Snelgrove company
Wherefore affiant prays that the re-
quest of plaintiff for a receiver and
for suspension of the business be de-
MED