The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1916-08-18
HON|F MINING COMPANY AFFAIRS
WERE CONSIDERABLY NUDDLED
ACCORDING TO STAT EN- EN- 10
SUED BY STOCKHOLDERS
COMMITTEE
Concern is Bankrupt and Smith h
Braccy Under Bond, 1t Says.
Efforts to RcorGantze.

! Many local persons who, few
! wears ago. invested In stock IN the
! How're Mining company. arc interested
in thr, efforts of certain Stockholdcrs,
! headed hy Rev. w. R. Covert or TINS
, city, who have former a "StockhoId'
; crs Committee Of the HOWE Mining
0 Company" for the purpose or attempt,
ing a reorganization OF the aHalrs Oh
: the company.
! !, will he recalled that about three
! wears ago, Smith II. Bracey and others
Established offices in the German hanH
building and sold several THOUSAND
: shares of stock Of the HOWE MINING
I company, in this vicinity. They rep
resentod the company az owning a
valuable mine in North Carolina, free
from encumbranccs, and which Wouin
; produce untold wealth. Under thclr
! aiowinr accounts, investors sa" Wis
| ions Of immense dividends, one al'eE
another.
Following an expose OF the mines
! condition.. published in The intelli-
crnecr. Bracey sued this paper for al
! legged libel, fling notice Of suit LOT
! sI00, 900 damages in the federal court
and n $4,000 suit in the circuit cour I,
However, the suits never Drogresseo
| further. no hill of complaint ever nav
ing been filed.
'''7 Bracey Under Arrest.
Soon after that, Bracey left wheel
| ing and soon investors in his company
we're anxiously inQuirinS as 10 MS
! whereabouis. Their visions or 1aoul-
ous wealth through dividends IN ms
company we're quickly diSpelleo: -
! few months ago. Bracey ana al acco 5i
Mice we're arrested in baltimore, Mu.,
, hv federal authorities, on me cha. ]; 90
of using the United States mans 10 ue'
| fraud. nra-
forrad - common stockholders Of
| The HOWE Mining company was heln
| in the Hotel Rennert, baltimore LOT
the nurposc Of. considering steps 10
caye their investment, if possible. W.
p Stamford, Moundsville; David Nc
Gary, Cleveland, O., and Rev. w. II.
| Covert Of this city, were named rs Il
"stockholders' committee to plan 1u.
tire action. The committee IS no"
| endeavoring TO bring about a Te3l,
| sanitation Of the company, ousl tne
"Rracey reg me' and opeFa'e lne
-i4'I Covert Goes After Bracey.
7, SBulletin No. l." issued by Rev.
rovert MANY interesting assertions
reearding Smith H. Rracey and us
Methods of doing business are pun,
iished Bracey is frequently alluded
~ In shown phrase. Growing tredoI
Rrarey's promises, Rev. Covert says
IT began 10 get busy and to dig deep
down into the Bracey company, anu
the deeper I went the more oe'lnsh
and dirtter it became:
note TO the stockholders, accom-
nanying the bulletin, asserts mat thr
HOWE Mining company Is hopeless.iy
hankrupt, with no money ana no SUI
! in the treasury. Over Sl9,oog que On
frst mortgage deed" it. READS anu
several thousand Of labor ana supply
claims against the company, BESIDES
eSI ono mast due on cumulative seven
per cent dividends since March u.
| 19i2 besides the ten per cent OF bonus.
making Sill. 900 besides the par value
! ~ the stock, 100000 making tota!
If s41i 600 past due and not one cent
~ redeem It. This stock. the note
Odds" was issued to S. Fl. Rrace!,
fnIIv Maid. March IL, 1912, and mas
heen drawing seven per cent Cumuia-
tive dividends ever since, DeSlnes me
$50 900 first mortgage TO secure oo9us
] TO cut out the preferred STOCK anu d
q9.year lease to S. II. bracey on tue
Bonnie Bell. Besides. the BraceE coIi-
Dany Is inS0lYenL anu -; ~ ''
under arrest and bonds.
Proposes to Reoreanize;
ACCOMMODATING the bulletin, Is no.
tice TO preferred and common stock
holders t,5t explaining in detail. a pro-
noeition TO reorganize the HOWE com
p pa under the direction Of the
!Stockholders' Association" with KEY;
W R Covert as business manager ana
attorney in fact.