New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-03-11
DIR. LYMAN ON ZINC SMASH
SAYS INVESTMENT IN THE INTER
NATIONAL COMPANYS SECURITIES
RUINED JOSHUA BROWN & co.

Threats Of arrest and criminal prosecution were
again heard yesterday from stockholders OF the IN
ternational Zinc Company, who say they are only
waiting for more complete evidence before begin
ming number of suits against the promoters Of
the company. a member Of the committee or
stockholders appointed 10 investigate the question
OF who shall be prosecuted. said yesterday;
THE stockholders have formed protective club
What we want is to get fun list Of the stock
holders We shall probably ask the court to help
us secure this information from the officers OF the
company.
&C. ". Johnson. who resigned the presidency OF
She international Zinc Company a month or two
ago succeeded Foster. aid WGS vresi7e~t TO- 500
months During this time an indebtedness of $1,000
was added TO the mortgaes on he .. operly.
know this 10 be a fact for George f. Quimby.
State Inspector Of Mines Of Missouri. wrote me 10
that effect last week This $4,000 is a mystery
which the stockholders viii attempt 10 solve. We
60 not think il represents genuine Indebtedness.
DR.. John Grant Lyman last night sent out the
following statement:
Among the statements regarding the failure Of the
international Zinc Company which have appeared
been made to the charges brought by Charles
Dougherty. who implies Gf he does not state) that
the mSfortunes Of this corporation are directly due
10 Joshua Brown & CO. He also is reported as
seifG Mere the CHEF beneiciaries in the deal that
the office of Joshua Brown & co. is closed; and in
Inmates that they have made away with the funds
which should have gone TO the International Zinc
Allow me state that the winding up Of the
affairs of Joshua Brown & Co and the closing of
their offices in December last directly due 10
their investments in the shares of the Inter
national and heavy losses in connection with same.
Joshua Brown e. Co orga lZed for the pur-
pose Of operating zinc and lead properties and at
the time the mines Of the International were
brought their attention every effort made
verify the statements regarding the properties.
by a prominent firm Of chartered accountants and
certified In addition this Joshua
Brown e. Co. secured the appointment of two well
known men as directors. who after repeated ex-
aninations Of the properties issued signed state
ment, which more than confirmed the previous
good report Of the auditors.
II upon these showings that Joshua Brown
e. Co. in good faith and acting fiscal agents,
made efforts to insure the success of the Interna
tional Zinc Company. Not only did they freely in
vest their own money. but personally made heavy
Investments In the stocks. We have these hold
ings to-day testimonials Of poor judgment.
Every dollar which should have gone the In
ternational Zinc Company has been paid to II. and
II any II its shareholders who clients of
Joshua Brown & Co. think differently they can
for the asking have the privilege Of looking at
their books.
So far s the reported mismana cement of the
company is concerned and she excessive valuation
placed upon its properties. IL should be for
gotten that when the company brought out
zinc sold at price yielding $40 ton profit; now
IL yields barely s.. decline serious that none
but the most favored companies have been able TO
survive, as the records of the districts show.