The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1869-01-28

till that has entirely played out; proposed
to send sewing machines for $40 that are
better than either Wheeler e Wilson's or
Singers, till the receipts scarcely pay the
advertising bills, (Which, to be sure, is the
only expense we incur in that matter)
and what We haven't done that honest mer
are justified IN turning a hand to, it is I'M
possible for me to discover"
$50 you think you have tried every
| thing?" ga 10 =
Everything that gentleman can con-
But you have never formed joint
stock company" EG
Correct, Bill" -su
"And it's good spec, when properly
managed"
| Unquestionably. You're an angel for
| the suggestion. A joint stock company is
happy idea, and there's money in it
but, my dear boy, what shall be the dodge
What shall it be formed to operator In
what shape shall the little arrangement be
introduced to the dear peoples" 5 O
That will require thought. In mat
| ter of such magnitude we must move with
becoming elaboration" 5z
"But we can't wait, you know. We
have pressing need of ready cash, and
must move at once"
Well what say you to Lead Company
IN Kentucky, or Coal Company in West
Virginia." $500. -.
"The Lead Company, by all means.
That is more speculative, and we can show
it up in magnificent style in a prospectus.
1t Will work to a charm, sir. We will
have the Kentucky g. Ohio Lead Com
pany chartered by special act of Legis-
lature; capital stock, 81 25O,000r know
tract of land on the Cumberland river,
OF about four thousand acres, that can be
bought for song; and then, as these mat
tiers are ordinarily arranged, turned over
to the company at a heavy figure. Bill,
we've struck a fortune; we're all rightr'
81 go halves, of course"
"Most assuredly. The idea is yours
we'll work it up in partnership, and then
divide the spoils. I'll draw up the charter
and write a prospectus, and we'll have
matters comfortably under way in ten
days Cad the simple idea makes me
| feel like nabob"
In less than ten days the charter was
! passed by the Legislature, approved by the
Governor, and, printed on the same sheet
with flaming prospectus, mailed to thou
sands of capitalists and business men in
Kentucky, Ohio and Indiana. Theshares,
| that were nominallv valued at $50 EACH
were offered, "to limited amount" at
months they would command premium
in the market. Applications came pour
ing in faster than they could be answered.
| The office of the company twas crowded
! from morning till night by people who, in
| their eagerness tC invest were not particu-
lar how rudely they jostled each other
and it was reported that small man, from
| jacksonville, paid a considerable bonus
for the chance of a broad-shouldered indi-
yidual who had elbowed his way to the
desk in spite of all obstacles, and who
Only surrendered to the small man after
! the most earnest entreaty, and the pay
ment of greenbacks ain hand" Ford
was right when he selected the Lead
! Company for heavy business, and his
management of its organization proved
him very Napoleon of Operators
| As this is essentially true record, the
main interest of which centers in its exact
ness, the writer has been particular to as
certain the gross amount of cash received
| for this stock. and finds it to be 8103, 760,
of which $4,000 was paid for real estate,
and $4,000 devoted to the working
/ capital. The absolute control of the COM
pany was still left in the hands of its pro-
! jectors, for they held in their own names
more than half of its stock and after
paying incidental expenses, they divided a
cash profit of $S0,000 as the product of
very light labor during four months. Had
their programme been made on basis a
| little less liberal, the profit would have
been double this sum.
In this company more than one man in
vested the carefully boarded savings Of
years, and only to fad, after few months
that he had paid his cash for something
without value. and intangible as dream.
1t was the South Sea Bubble, with the
scale reduced.
In the past five years not less than TWEEN
| ty-fve joint stock companies have been or
| ganized in Cincinnati on no better basis
| than that above indicated. 1t is safe to
state that many of them were projected
with no other intention than selling out
the stock at the most it would bring, and
! then abandoning the enterprise. The
| stock efno incorporated company is worth
having, unless the company courts a rigid
! investigation of its PLANS and resources !;
and it is certainly true that every project
| of this sort that places its stock on the
market at less than par is open to lively
suspicion. 1t is safe to believe it a swindle
| till it is proved otherwise
| In this age of the world, with an active
! competition in every branch Oh industry,
| and the surprising advances of science in
| simplifying labor, no man should expect
to grow rich by a miracle: but every one
should remember that the reward of
honest and properly directed industry, is
ample and well assured, and content him
self with seeking fortune in the legiti-
| mate channels of trade. GDIPUs
S
Tho Rocult IF Triffa