Salt Lake Herald-Republican | 1910-02-16 | Page 10 | Sucker Snaring Scheme

SUCKER SNARING SCHEME I j According to Evidence in il Suit Snit the Koala Manufacturing Company Had No Visible Assets That the thE machinery of the Koala Fuel Manufacturing company com pan upon which stock was sold in Salt Sat Lake to the amount of several thousands of dollars consisted of nothing at all al was the thc testimony of Dr John T White in inC Judge C W Yo Morses Ions division of the th ills dis district court curt yesterday in the suit to re recover recover recover cover 50 in cash paid pid for stock in the company compy and anti to cancel a note for 2000 20 held by the McCornick bank bankA A prospectus of the Koala company telling of the wonderful process of making coal cl blocks for fuel and of ot the tIe wonderful returns 1 to be reaped was In Introduced tru during the morning and Dr White was asked regarding the claims He s sid said id he had been ben approached upon the matter matr by br J T W Wilson Yi l s secretary of the company com and finally purchased 2600 2500 25 shares share of stock stok at par pr 1 a share I paying aying tring In cash and giving his note for 30 for the balance WIlson departed with wih something more than and left a number of well wel known Salt Sal Lake men holding holdin plenty of stock stok and a L company without assets further than a little Itt office furniture and anti I some glowing prospectuses Dr White hie saul said Sll the company had no machinery at atall atal atall all al and that alt all al of o the claims made to tobun him bun were false He claims to have been induced to purchase stock stok through the theale allegation ale ton that W S McCornick and other othor prominent business mon were backers Mr 11 who was named as one of the defendants in the suit sui was wason wason as ason on th stand yesterday and anti testified te that he lie knew little about abut the company He said sid Wilson isn came to him at the t bank one ona lay day a and told him he lie Ie had been beon elected a director of the company Wit Wil Wilson Witson 1 son sn wanted wante to sell sl him some stock stolk for fr 50 5 cents a share share he hE said sid but he did not care cre for It i Finally Finaly Mr Ir McCornick l I offered to purchase some stock for fur 2 cents a share hare thinking Wilson nouM woul not accept the th proposition But J I agreed to s sell ll me ate nl some seine stock at that figure and that Is how I happen to bo be hI 1 stockholder stok days das The rue suit stilt win will wi be bt continued for s I