THOUSANDS RUINED.
COLLAPSE OF A " GET-RICU-QUICK," COMPANY. Thousands of people throughout the United States have lost their savings through the failure of the Storey Cotton Company. Four years the company was started in New York to engage in cotton speculations. ■ It advertised extensively and issued a booklet explaining a wonderful system of speculation in which failure was said to be, -impossible. Immediate profits were offered to investors, who were even guaranteed 68 per cent on tb% '*' get-rich- . quick" principle. | Circulars were distributed broadcast, and clergymen and school teachers were employed as canvassers. Money flowed into the company's coffers in a steady stream. From one county in Pennsylvania alone last year over £10,000 was obtained, while similar amounts were contributed from other pountry places. None of tho members of the company had any standing in the cotton trade or belonged to the Cotton Exchange. The company's secretary recently applied for a receiver to be appointed, and then disappeared, leaving very small assets. An examination of the books failed to show that the company ever dealt in cotton "futures' 1 ' or bought^ " spot" cotton. The outstanding liabilities are over £50,000.
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https://paperspast.natlib.govt.nz/newspapers/TS19050506.2.31
Bibliographic details
Star (Christchurch), Issue 8309, 6 May 1905, Page 4
Word Count
188THOUSANDS RUINED. Star (Christchurch), Issue 8309, 6 May 1905, Page 4
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