Show THAT JUAT KI G mm EDWARD DEAL A How a Cash Outlay of Brought Profits Exceed Exceeding Exceeding Exceeding ing S SHow How an original cash outlay by a nurn num number ber her of New York promoters of 15 grew into profits of s1 has bas been brought to light by b an action com corn commenced commenced in the United States circuit court courtin in tM city seeking an accounting from froin the banking firm of McCornick McCo McCornick nick William H Brevoort Thomas T TM 1 1 M and Robert Leslie Moffett of paid to Brevoort for the prop properties properties which went into the King dwai Jo Mines M es Co of Cobalt says sas the New York Commercial From Mr individually Individually the bill seeks se Js to recover shares of the thc stock of the thc or 01 orIU orits IU its equivalent It is alleged that the dy de def f nta with the exception o 0 Mr 11 Mar MJ Maffett fett made a profit of out Ut of f the deal by which the King Edwall company was as formed as counsel tor br the corporation c and some of Its sto ste st era has ha during the past few weeks succeed eti ed e In recovering from a of Wall WallStreet Street men shares of King KIn Edward E a part Dart of ofa i block of shares sharp distributed di as a promotion banus The 1000 shares for which Sir Mr Ir is issued ISsue sued sue is if the balance of this amount He lie Heis HeIs lieIs is said to be the only one of the promo promotion tion jon Ion syndicate s who refused to give up tip his ills stock when the facts as l by the stockholders committee were pre pro presented presented Most of the stock In the hands of tnt public was bought at prices rang ing lug from 50 to U 4 a share It is now Jow Quoted l at about fifty cents a share Th bill for an accounting recites that in October 1906 Mr Brevoort got o oJ liens on the two mining properties the King Cobalt Co mine and the Watts mine ano all represented to some of the members of the he syndicate that he had paid for tor the Watts mine and for Ile tle IleK K lI Cobalt With a requirement of for working capital it was fig figured figured urt that the proposition could be II tI through a holding company for forSI SI anil anI accordingly the King Edward Ed EIl Edward ward Vard company was formed with a ap tal of shares of Jo 5 i par value o which shares were to be sold at n 2 50 5 a share to provide the P ro roO O shares distributed to the syndicat t tand and th other shares held in the rr The Watts atts mine was offered on this market during several months of the tho th fall fail of 1 POO for a cash payment and a astock astock stock interest A like option on the King Cobalt property at that time could bly have been procured rj a modification of the syndicate agreement it is set s t forth of ot the promotion shares were placed in the thi hands handa of 01 01 o which to make a market for th tha stock that the syndicate s proposed to sell en cu n the curb The market was made with the tho result that the shares were wen sold at 2 50 and turned over to Br rort to pay pat for the properties |