Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1869-01-29

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| till that has entirely played out; proposed
to send sewing machines for $40 that are
better than either Wheeler II Wilson's OF
| 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 men
are justified in turning hand to, IL is i'm.
possible for me to discover"
So you think You have tried every
thingY"
Everything that gentleman can con-
sistently engage in ...
"But you have never formed a Joint
stock company"
Correct, Bill"
And it's a good spec, when properly
managed"
Unquestionably You're an angel for
the suggestion. A Joint stock company is
q happy idea, and there's money in 1t
but, my dear boy, what shall be the dodge
What shall 1t be formed to operates In
what shape shall the little arrangement be
introduced to the de people ?"
THAT will require thought. In mat.
ter of such magnitude we must move with
becoming deliberation."
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
Nirginia9
"The Lead Company, by all means.
That is more speculative, and we can show
i up in magnificent style in prospectus.
1t will work to charm, sir. We will
have the Kentucky & Ohio Lead Com
pany chartered by special act of Legis.
lature; capital stock, $1,250,000r l know
tract of land on the Cumberland river
of about four thousand acres, that can be
bought for song and then, as these mat
ters are ordinarily arranged, turned over
to the company at heavy figure. Bill,
we've struck a fortune; we're all rightw
" go halves, Of. f.course."
"MOst assuredfy. The idea is yours
Wen work 1t up in partnership, and then
divide the spoils. I'll draw up the charter
and write 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. The shares,
that were nominally valued at $50 each,
were offered, "to limited amount" at
$40, with the assurance that within six
months they would command a premium
in The market. Applications came pour
ing in faster than they could be answered
The office of the company was crowded
from morning till night by people who, in
their eagerness TO invest, were not particu-
lar how rudely they iOstled each other;
and it was reported that a small man, from
MGdisonville, paid a considerable bonus
Tor the chance of n broad-shouldered indi-
Vidual 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 entrCaty, 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 $i03, ,7G0,
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-
iectOrs, for they held in their own names
more than half of its stock and after
paying incidental expenses, they divided
cash profit of $S0,0OQ as the product of
very light labor during four months. Had
their programme been made on basis
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 find, after few months,
that he had paid his cash for something
without value, and intangible as a dream.
1t was the South Sea Bubble, with the
scale reduced.
In the pasttive years not less than twen-
ty-tive joint stock companies have been or
ganlzed in Cincinnati on no better basis
than that above indicated. It 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 oino incorporated company is worth
having unless the company courts rigid
investigation of its rlans 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 of industry,
and the surprising advances of science in
simplifying labor, no man should expect
to grow rich by 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. GDRUs.