Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-03-11

/ Resulting Shuffe-Interesting De.
tails.
NEW YORK, March 10.-The World
says:
The International Zinc Company,
Limited, capitalized at 81, 900, 900, went
into the hands of a receiver to-day.
This news, telegraphed from Joplin.
Mo-, where the company's properties
are located, spread CONSERVATION
among thousands of stockholders
throughout the East, small wage earn
| ers for the most part. who had banked
their savings in the shares.
Their total investment is estimated
at $500. 600.
About eighteen months ago the In
t%ernational Zinc Company dawned on
the public in full-page advertisements
throughout the Eastern n New Eng
land States.
1t was heralded as offering absolute
security to shareholders, giving inves-
tors the advantage of valuable proper
ties paying II per cent. dividends and
carrying forward a surplus of 10 per
cent
The officers were: President, A. c.
Foster, of Joplin, Mo-; Vice-President,
d. X. Wenrich. past master of Joplin;
secretary and treasurer, ]. B. Carmi-
chael, also of Joplin. It's directors
were Ira B. Cushing, of Boston; Charles
P. Bennett, Rhode Islands secretary of
State, and Mr.. Wenrick, the Joplin
postmaster.
Capital ~, 100000.
It's capital of 81, 900. 900 was divided
into 1000, 900 shares, of 81 par value,
worcestershire.
These shares were offered for public
subscription at various prices ranging
from 80 cents up to SIPS, meeting with
a brisk demand, particularly in New
England.
Joshua Brown & Co., bankers. with
handsome offices at Nos. As and AZ
Wall street, and branch establishments
in Boston, Philadelphia, and Chicago,
were the fiscal agents of the Interna-
tional Zinc Company.
Joshua Brown & Co. did the adver-
Using. The headline of their advertise
ment was: "An absolutely safeguard
ed investment, earning % per cent. an
nually, and paying / per cent.
monthly"
With convincing eloquence, Joshua
Brown & Co. told how the earnings of
the zinc company were certified by the
chartered accountants. Barrow, Wade
& Guthrie. a firm of international
prominence whose decision was accoet-
ed without question.
The banking firm described the In
ternational Zinc Company as n of
the most careful and conservative ever
organized, with a Board of Directors
whose honesty, integrity and business
ability stand above criticism"
Zinc Boom Wa On.
All this happened just at the time
when the cry, Zinc is king" was
ringing through the Joplin district OF
Missouri and mining enterprises were
coming money for their hackers.
The persuasive eloquenee of Joshua
Brown & Co. caught the public eye and
opened the public pocket. Hundreds in
New York, hundreds in New Jersey,
and thousands throughout New Eng
land eagerly snapped up the shares Of
the international Zinc Company.
Months passed and the confidence OF
the stockholders knew no weakening.
Regularly every month they received
a dividend of / per cent. according to
the prospectus promise and an addf-
tional " per cent. in the sixth month
This proved to be the last payment
Other months came and went, but no
more dividends materialized. AT last
the stockholders proceeded to inyesti-
gate.
They first sought Joshua Brown &
Co, bankers, of No. As and AZ Wall
street. Behold they were not there.
Their costly Offices were quietly re-
moved about two months ago, and sim
~uftaneously the branch establishments
in Boston, Philadelphia. and Chicago
put up their shutters.
Joshua Brown e Co. had gone out OF
business. Investigation revealed the
fact that the vanished company was a
corporation formed under the laws OF
West Virginia
Joshua Brown its titular head, a
southern gentleman of fine presence
and many friends, was found to be in
reality a small figure in the concern.
He owned one-ffth of the stock, as
also did Charles S. Hartsell, a Chicago
s~peculator.
The owner of the remaining three
nfths Of the stock and the real ruler g