The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1912-03-28
GOLDEN DREAM
Of PROMOTERS
LIKE A MIRAGE.
Republic and Dominion Fire and
Marine Insurance Company
TO Dissolve
minneapolis Bankers Consider
Plans for Profits on Stock
Abnormal
Syndicate of CalifOrnians and
MinneSOtans Fails TO Raise
$3,OO0,O0
ISpecial Dispotch 10 The Call

/ Specsdt DtSpdtch 10 nc NdttI
~ INNEAPOI.IS Mimi, March 81
NH The Republic and Dominion
FIRE and marine insurance COM
pany, organized and directed
by syndicate of Californians and Min
nesotans. is to be dissolved. 1t is IN
derstood that the end will come to the
new 100000 corporation through a
petition from the stockholders for a
receiver. The company had been pic
tured to investors as a golden dream Of
riches, but apparently the dream Is not
TO be realized,
", c. Taffinder of san Francisco.
publisher of an insurance journal, vas
elevated 20 the position of president on
the formation Of the company Later
he gave way TO former Congressman
James Tawney and became vice presi-
dent
The Republic and Dominion Fire and
Marine Insurance company was hoated
by J. r. Platt and n. Z. Grigsby. who
had promoted. with great progt 10
themselves. similar enterprises in varfz
Gus parts OF the United States. They
had operated in Arkansas and had or
ganized the Western States Life Insur-
ance company OF San Francisco
Promoters Expected Profit
II is said that Platt and Grigsby had
planned to make profit ranging up
ward from 100000 from their venture
in Minneapolis. They were not to risk
money Of their own but were TO sell
stock in the ne wcompany. taking their
profit in commissions.
It was through the local banks that
the ambitious project failed to go
through. Platt and Grigsby came to
Minneapolis bearing a letter OF intro
duction from the assistant cashier of a
san Francisco bank. They incorporated
the Republic and Dominion company
last October and at once began their
financial campaign. They called first
upon President Prince, Vice President
c. T. Jaffray and George F. Orde of the
First National bank. Later they pre-
sented themselves to President Cham
berlain, Vice President Perry Harrison
and Cashier J. s. Pomeroy of the seeur-
ity National In turn they introduced
themselves to President Decker. Vice
President Joseph Chapman Jr. and J. 4.
I4atta of the Northwestern National.
Bank Refuses to Act
At the Northwestern National they
went into the details of their PROPOSE
tssn. They sought TO make the North
western National the depositary for. the
company during the process of organ
ization and stock selling. The North
western officials Investigated and, be
coming convinced that the commits
sfons and prospective profits of Platt
and Grigsby were abnormal, refused
10 act.
Platt and Grigsby had sought the
Endorsement of the Commercial club.
when President J. " Brandon called
the club members together to consider
the matter the bankers Of Minneapolis
presented data showing the promoters
intended profits and expressed their
disfavor.
The insurance company was incor-
porated by Oren Z. Stafford. BIB. Bene-
dsct and W. G. Taninder. At the be-
ginning Taffinder was president with
a salary said to be $4,000 year; B.
Benedict was vice president. G A.
Greenwood. secretary and A NJ 500
song treasurer