BIG FISH CONCERN
USED LAND HOOKS
More Financing Than Fish
ing in Affairs of $50,000,- i
000 Enterprise.
PUZZLE TO RECEIVERS
Promoter Vow in Europe
and Actual Assets Are Not
Yet Computed.
SMALL FRY TOOK STOCK
Wall Street Interests Not Im
pressed With Huge East
Coast Fisheries.
When the East Coast Fisheries Com
pany was incorporated in Maine in
May, 19l7, with capital stock of $10,
000,000, the outlook of the cod, had
dock and halibut of the Newfoundland
banks was not bright. When the East |
Coast Fisheries Products Company was
incorporated in the game State, a little
more than two years later, with capital j
stock of $50,000,000, the outlook grew
worse.
Ivan M. Taylor, president of both j
companies, of the firm of I M. Taylor \
& Co., Inc., of 7 Wall street, who is |
now In Europe, permitted It to be
come generally known that the East
Coast Fisheries Company was going
to catch the flsh and the East Coast
Fisheries Products Company was go
ing to make food, glyceriue, oil, gela
tine, glue, fertilizers, leather and phos
phorous out of them.
At the present time, however, the
worrying much about the plans of the
two companies, for the trawlers of the
fisheries company are tied up and the
plant of the products company is not
making mcny useful things out of the
flsh of the fisheries company.
The plan was a good one. It is gen- >
?rally admitted, but unfortunately?for
a good many people?the fisheries com
pany did not confine itself to selling flsh 1
and the products company did not eon
fine itself to selling products. Instead, i
they both, mostly through L M. Taylor i
& Co., sold stock, about $]5,000,00o par
value of stock.
Small Inventor* Souuht.
