The Mount Holly news. [volume] (Mount Holly, Burlington Co., N.J.) 1891-1942, 1915-07-06
Stunendous Stock Selling.

T. j. Foster, chief stakeholder in the
international Correspondence School, al
Scranton, Pa, and promoter of Other
stupendous stock selling companies, has
been given considerable newspaper
notoriety during the past week.
At a meeting of stockholders of one of
his many companies - the Textbook
Company-last week, reorganization
took place, and there was brought to the
attention of the public the existence of
an almost endless chain OF corporations
ipyramided and capitalized until the
total of bonds and stocks which have
been issued almost reaches one hundred
million dollars.
An investigation by the Public
Ledger" of the many companies in
which Foster is interested brought out
some wonderful schemes of financing.
Among the companies are some that
are known to the people Of Burlington
county. One of these is the Inter-
national Poultry Sales Company of New
Jersey, which was organized in 1910 by
T. ]. Foster, ostensibly to be devoted to
giving correspondence school students
practical study of raising poultry. This
company bought tract of 240 acres at
Browns Mills at a moderate price and
Joel M. Foster, son of T. j. Foster, was
placed in charge.
The poultry company was capitalized
at $500, 900 common stock and there was
authority to issue $500, 900 six per cent.
bonds. By September, 1918, all the
bonds had been sold and all the COM
mon stock given away as bonus.
Then Foster evolved another company,
in 1913, which was named the Hover In
cubator Manufacturing Company; capt.
talized at 81, 500, 0C0 in the shape of 5000,
600 first preferred stock; $500, 900 second
preferred stock, and 100000 common
stock. This company was organized to |
take over the business of the poultry
acquire all its patents and
good will and proceed to manufacture
the sanitary hover" and other poultry I
appliances.
Then, just as Foster did in his Inter-
Educational Publishing Com
pany and his other promotions, the
Poultry Sales Company sold out its bust
ness for stock in the Hover Company
Its treasury was filled with $500, 900 of
5he Hover Incubator stock, half COM
non and half second preferred, which it
vas arranged also the International
Poultry Sales Company should under
write" or sell wherever possible to raise
working capital. The Hover Company's
irst preferred was to be sold to raise ]
capital for that company.
In this way there was created, for sale
% correspondent school students and
my other investors who could be
cached, a total of 100000 in bonds |
md stocks, 100000 in Poultry Sales I
Company bonds, and 81 500, 900 in Hover
Sales stock, all built upon the Browns
Mills farm, run by Joel NJ Foster.
There was store in Barclay street, New
York, also, for the sale of incubators and
,ther poultry raising appliances, but the
asset was the farm and its ,
q, 900 Leghorn hens.
A statement of the International
Poultry Sales Company's assets and
liabilities prepared on September 80,
913, shows supposed assets of 1895, 4S7,
md leash on hand' of but $58. OF the /
lssets $4,000 represented the Hover
incubator stock, and the farm and
bought three years before at :
Iround $4,000, according to current
eport, were valued at $139,959, the
and equipment at Sl8,574,
md the "live stock and supplies at
'62, 8S1, grand total of 1921, Ala for the
Browns Mills poultry farm.
The liabilities, outside of the $500, 900
n bonds and $500, 900 in stock, consisted
If ''bills and accounts payable, amount
ng to $117, 407. And there was but $5S
n cash on hand to meet this obligation.
The accounts receivable, not itemized,
we're placed at S204,0
Thus the International Poultry Sales
Company showed surplus of $1S,0S0
,ver all liabilities, but that surplus was
merged and completely lost in the item
If $4,000 for Hover incubator stock.
Eastman's genuine n. C. Kodak and
Brownie films, all sizes. l.. S. Boyce,
tationer. adv.