Los Angeles herald., 1892-03-22
FAKE PROMOTERS.
A CERTAIN GLASS OF MEN TO BE
FOUND ONLY IN NEW YORK.

A CERTAIN GLASS OF MEN TO BE
FOUND ONLY IN NEW YORK.
Occasionally They Manage to Get Across
the water to London for Few Weeks,
but Lower Broadway Is Their Stamping
Ground-How They '4Operate."
when I was in London I stopped at
the Langham. intended to combine
business with pleasure.
~ expected to sell few Thousand of
our Irrigation Canal bonds. The day !
arrived strolled down stairs and into
the hotel Office.
~ was staggered to recognize several
faces from New York in the throng.
sThey were faces, too, of fellows whom
had seen hanging around the cafes and
bars of lower Broadway.
"They were generally seedy and seemed
to be waiting for somebody to blow them
off,
"How they ever got to London or what
they were doing I don't know. One thing
/ do know, they spoiled my game, for I
never mentioned bonds to any one during
my eight months stay.
mo wonder London is q suspicious
market for American investments"
Thus gentleman, just returned from
the other side, held forth on some of the
New York promoters he met in London.
This class Of promoters" is peculiar
ly New York one. They make q pre-
carfous living by bringing labor and
capital together.
The capital they join to labor is not
their own-far from it. With the true
spirit of the broker, they give the benefit
Of their experience and business &C
quaintance to others and pocket only
their commissions.
That is about the only thing pocketed
IN the whole transaction, except the
bitter, bitter memory of the laborer or
producer.
A short time since Mr.. Jason Idle
wild, highly respected citizen of Paint
ed Post, came to New York.
He brought with him his latest inven-
ton, q compound centrifugal churn.
He had feeling in his simple, sub
urban mind that each and every resi-
dent Of Fifth avenue was losing sleep
because the hired girl could not get the
SKINNED milk which is sold to unso-
phisticated city folks to produce the
proper amount of butter. So he hied
himself to this city with his churn model
packed IN dry goods case. Visions of
untold wealth were in his mind.
Now, if there is any one in this wide
world who can put an inventor on the
right track it is this class of promoters"
One of these individuals scented the
festive granger and his packing case
full of churn. So he took him gently
in tow and piloted him right up against
capital.
What Mr.. Idlewild did not learn of
controlling interests, charters, treasury
stock" and other mysteries of corporate
companies wasn't worth knowing.
After he had paid his "broker the COM
missions and expenses" he went home.
Of course he was made vice president
of the Compound Centrifugal Churn
company" When he struck his native
heath again the Painted Posters con-
graduated him on his success.
His old occupation of rising with the
lark at dewy morn and gathering the
early varieties of hen fruit seemed irk-
some.
His duties as vice president of the
churn company did not interfere with
his regular farm work-not to any great
IN aro1xy roCr7ira1 %o ho
vice president-that was all.
But it all ended as it usually does
and the suffering citizens of Fifth ave-
nue. continue their struggle with an in
ferior grade of butter.
The poor, hard worked trustee of
somebody's estate may have tried to
knock Jay Gould out of the street. But
Jay has an ''anchor tied cinch" on that
particular portion of this somewhat
wicked metropolis.
Now, the trustee would not for the
world be dishonest or work any wrong
to the fatherless or the widow. He
therefore fills up his safe with stocks
and bonds. These he buys from the
"fake promoter" for about fifteen dollars
per thousand.
True, the value is hardly up to the
amount of his trust, but that is the tr1s-
tees business.
So he turns over to his wards as beau
tiful a lot Of bonds and stock certificates
as ever escaped junk shop.
And then the titles Alaska, Yuca-
tan and Cape Horn Railroad First Mort
gage Bonds" and the 'FBungtown Water
Works Company's Bonds" and others.
Who shall say it is not goodly lot?
In the matter of providing purple and
fine linen wherewith they may be clothed
and food whereby they are nourished
these handlers Of prodigious financial
schemes-these links between capital and
labor-are not in it to any great extent.
They know that the great fnanciers
are not given to pointed toe shoes and
strap seam covert coats.
Therefore, if their own coats are a
triae shiny, if their trousers do have
whiskers on the bottoms, if their shoes
are rather gone at the heels and their
derbys are of the crop of three years
ago they have their example in the mas
ter minds OF finance.
Most of these promoters" are too
strong to work. While their wives can
keep their houses filled with boarders at
six dollars a board, why should ''pro-
moter" bother his head about where the