The comet. (Johnson City, Tenn.) 1884-1916, 1892-06-09

set out as a part OF the illustrated
prospectus with Mr.. r. p. Porter's
name as president at the head, so he
must assume the responsibility. The
company dosen't own, and never did
own any mineral lands. On the very
day that this prospectus was being dis
tributed to stockholders, Mr. D. Pres
ton Parr, the general agent, told me
that the company only held options
on mineral lands, and within The last
two weeks have a letter from one OF
thelarge Tennessee stockholders, who
had negotiated these options, stating
that "today (the company don't own
a foot OF mineral and granite lands"
The whole intent of pages of the
prospectus is to secure peoples money
on the strength of the great present
and future value OF mineral lands
which are neither owned nor controlled
by the company. Further comments
unnecessary.
The most astonishing part Of Pres.
Porter's article is his labored and i'm
potent attempt to prove that the elev-
en- directors only received $52, 800 and
not $528,000 for their two years SER
vices on the board. Extracts would
not do justice, so | give his own words.
"The directors stock is in no sense
part Of the purchase price OF the land
bought, nor is it in any sense promo.
tors profit, but it is all the compen-
sation which the directors will receive
for valuable services performed for a
period of two years. The subscribers
to stock in series A pay $40 per share,
, not $100. Generally it may be said
they pay this in money. In the case
, of directors they pay it in services, and
the total sum instead of being 1928, 900
is $52,S0O There has been no attempt
to conceal from subscribers or others
. the compensation to be paid the di-
t rectors. On the contrary the bylaws,
y which are shown to all subscribers,
J. provide expressly and clearly what
, this compensation is TO be. The
board OF directors has held numerous
I meetings during the last year, several
\ members of the board travelling lon 9
/. distances to attend these meetings and
i. paying their own expenses. The di.
! rectors and officers have also pur
v chased largely of the companys stock
v and they are paying considerable sums
:. of money into the treasury every
:. month.
v Even on the basis of $4,000 as
d compensation the stockholders will be
! gratified to learn that several of the
J. directors paid their own travelling ex
v penses. Did the cost of the specia
a Pullman car that took them all to the
o annual meeting como out of this, Oh
n is it included in General Expenses 2
!. No matter what President Portel
may say, the fact. remains that $529,
e 600 of fully paid stock has been giver
IL to the eleven directors and whether
e. Series A has paid in the whole or par
3 OF $40 share, or Series B, $25 share
A. that unless this directors stock is de
is clared invalid, as full paid it carrie
: with it an ownership in the propert.
+ Of $528000, or good deal more thai
the whole original cost of the entir
n property, and more than can be co
r. lected from all the allowable calls OF
N Series A and B.
t. The work OF getting more none.
a. from the credulous and conf ding pull
I'd lie is being vigorously and ind ustl
n ously pushed within the last fe1
10 weeks. The stockholders have bee
70 flooded with warnings from head
Of quarters that there are only fe
n shares of Series B left, and that if the
is don't get in they will have nothin
bv left but Series G, on which $40 pt
,le share is to be called, and the new serit
ed will not participate in any dividend
its that may be declared in the nea
ed future, and that the shareholders syr
h. dicate that bought lots at Elizabetl
r. ton will be closed at an early day, ar
he that quick application must be mad
ra- The foot OF Bulletin No. 5, OF Ma
OF 10th, reads:
ja- Don't forget Series B closes Ma
)er 31st.
"The stockholders syndicate on E
Of avenue closes same date.
Us, "The same old slogan" that fro
IDS time immemorial has been used to G
ad trap the unwary and credulous wi
OF want to make their pile in hurl
Ins And as getting adjunct to the
On beautifully printed and vividlSword
bulletins, President Porter in his art
ent le naiyely remarks, that it is "lack