Worcester Democrat and the ledger-enterprise. (Pocomoke City, Md.) 1921-1953, 1923-07-21
Most Important Charges Of Fake Million Dollar
Surplus" And Promotion Fees Met And Nailed

xona, Inc, showed hair a thousand
stockholders in meeting IN Trenton,
N. j., a statement signed by the
President OF the Guaranty Trust Com
pany of New York, that at the end OF
the days business. OF June ~, the
company balance in that bank was
over 81. 155 100000, which nailed the
Barford charge that the surplus was
s'fake." With the statement OF the
President OF the Company, Mr.. Nc
Cauley, and the signed auditors re-
port last week, it was shown that no,
officer or other person had any claim
on the money received by the com.
pany and that all the money received
from the sale of the stock was put
in bank to the credit OF the company,
mailing the other charge that all over
SO cents on each share OF stock went
to Mr.. McCauley and Mr.. Stevenson.
The INDEPENDENT has watched
with growing interest the financing
of this company, from the time II
began selling stock in Harrisburg,
and greater attention since Einal
Barfod in. Philadelphia PAPER began
a long series Of articles calculated,
evidently to cloud the minds of tn elm
vestors and prejudice the mind OF TIT
public regarding the speculative In
vestment offered them. The motive.
as yet, of the articles is undisclosed,
but an analysis OF the facts, as they
have been brought out, will prove
valuable to the man who is willing
to use his mind and think. &
AS the Independent is laboring
mans paper his interests are its in
terests and the declared principle OF
MIR. McCauley that back Of his fiaan-
cling plan lay the theory that he was
doing a pioneer work by making a
limit on the investment and arrang-
ing for partial payments SO as to Inn
it the interest and acceptability to
the working man (and then protect
ing the working man from the pit
falls of the financing period, by the
escrowing Of the stock). and that ne
believed he would make an independ-
ent income for these men who joined
HIM in the Central Copper Company;
and also that in teaching the wage
Garner to put his money in product
i've field, in basic industry, where 1T
had chance to make him large re-
turns, he was assisting In bringing a
bout a wide distribution. Of wealth,
and starting a movement which would
end in labor owning all industries, all
drew our. attention to his undertake
ing. !,
The cloud attempted to be raised
by Einar Barfod in a Philadelphia
Newspaper, began with the startling
charge that man named Harold
Waterfall, stakeholder, got up in a
~ -, IL. II nz~, nj t1n
-Stratford Hotel, in Philadelphia,
on June 18th, and with the Progress
sive Labor World, published by Frank
Feeney, demanded to read the paper
and ask some questions and that the
President with the lights "doushed"
slipped out the back way. If that had
been true, that alone would have look
ed very nominating. On that asser-
ton, Mr.. Einar Barfod in the news
paper, asserted as conclusion that
the company was "swindle," a
"fake" and other vile names and used
the names freely. Mr.. Waterfall did
not speak. Mr.. Barfod did the speak
nag, until July 4th, when Mr.. Water
fall gave Mr.. John r. X. Scott, coun-
sci for Central Copper Company, an
affidavit in which he stated that "as
the statements contained in those ar
ticles were not in accordance with the
facts, I have finally decided to give
you statement Of the facts" which
he did and which are found elsewhere
in this issue of the Independent.
Later articles seem to 60 on the
theory that the charge Of swindle,
etc., could be best substantiated BY
breaking the company and Therefore,
were worded to cause rush Of a mob
on the offices Of the company. las
the local office is situated so we could
watch we kept an eye out and no
such rush or violence as calculated
developed. Then the tenor Of tho ar
ticles turned to goadng the stock
holders to go and demand their mon
ey back, with assurance that they
would get it If they raised disturb
allce, but we can find nobody here
who got his money refunded or actu-
ally demanded it when he had the ar
rlcles analysed for ilini. To have re-
funded would have Shown weakness.
The last article we saw seemed to go
On the theory that the other object
ives having failed the stakeholder is
urged not to pay up his stock, and in
that way the company can be en-
barrassed.
But we saw signed statement of
the president of the Company which
shows these detectives have failed.
as the month of June, with the at
tacks in full blast, was the largest in
sales of stocks in the history of the
company, narly 5000 persons taking
stock that month, and the local Of
fee collections indicate a large in
crease in daily collections showing
that those who came into the office
were satisfied and paid up. The local
office records show that over $50 new
stockholders during June. It seems
that the Central Copper Company has
something real, and the men working
for it certainly are fighters. Let US
analyze the facts.
If a man wrote libelous article
about you or me, we would have a
first impulse of rushing to a LAWYER.
but when we rushed to him the first
thing he would look out for is wheth-