The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-12-04

$4,000 Ia. cash had been received from
the public for this stock. and that from
81, 900 to $40, 900 is still To be paid on
stock subscribed for.
mot a cent of this money" accord
Ing to the official memoranda, has been
spent for the mining of zinc, and even
the property has not been paid for, less
than $4,000 only having been paid on
account thereof. The greater part OF
the money has been dissipated in the
claimed expenses of creating a marke.
for further stock. such as bills for adj
vertising, printing, postage, commits
sions, etc"
AS to the property Of the New Jersey
Mineral Company the official memorandum
says:
1.-THE evidence shows that no zinc ore OF
merchantable quantity has yet been found
on this property"
This statement is based upon the evil
dence of a number of experts, among
them officials connected with tie Geo
logical Survey of the State of New Jersey.
In issues of a Jersey mineral publica-
ton, entitled How Fortunes Are Made, ="
the name of Thomas a. Edison was con-
nected with the company In such a way as
10 make the prospective investor believe
that Mr.. Edison had agreed with the com
pany to endeavor TO locate on its property
the trend OF the supposed deposits Of zinc
ore and would accept shares of its stock
in compensation Tor his services. Much
prominence was given to this in the com
pany's literature and a whole page de-
voted to a picture of Mr.. Edison.
The evidence shows that Mr.. Edison in
1909 or 1901 did experiment on the tract
OF The New Jersey Mineral Company with
certain Instruments he had devised to see
whether he could discover by magnetic
attraction the position OF the ore body.
Continuing. the memorandum says:
His (Edison's1 experiments were. how
ever, fruitless. This fact was undoubtedly
well known to Mr.. Richards. for he was
connected with the Franklin zinc Company
and interested in the prospecting of the
ground OF that concern" which was with
out SUCCESS. His use says the memo
randum. ''of tho representation. five or
six years after M. Edlson's failure, that
Nr. Edison would locate the trend of the
ore could W only been made fraudu-
lcntly and with intention to deceive"
Letters written by the company from
time to time to prospective stockholders
have held forth the promise that a divi-
dend could be expected shortly. Accord
ing To the evidence the first of these
promises was made in September and Oc-
tober, 1906, Tor n dividend 2bout january
/, 1907. No dividend was then paid, but.
Notwithstanding. renewed promises were
made for dividends i'll the spring Of 1907
mo dividend was then paid" says the
memorandum. yet letters continued to
hold forth the hope of an early dividend.
The official memorandum concludes as fol-
lows:
That the funds of investors have been
to other urposes than those to
which they believed their money would be
applied and have to a considerable extent
been converted to the profit of the officers
Of this company in the way of excessive
is painfully manifest. This show
ing indicates, If 1t indicates anything, that
this Is an intentional scheme to defraud,
and that no honest intentions to conduct a
legitimate business rave been held by
these promoters. The company has served
as nothing but Il receptacle for the money
Of other people
According TO the city directory, the New
Jersey Mineral Company was Incorporated
In November. 1906, with a capital Of 5000
30. The names of the officers IRE given
as Arthur l.. Richards, president, a resi-
dent Of West Orange; William S. Covell.
secretary. and James S. Edwards, treas
1ref.