The Portland daily press., 1892-03-19
FAKE PROMOTERS.
A Certain Glass Of Men to be Found
Only in New York.

nccasson ally they Manage to Get Across
tn. Water to London for Few Weeks,
hut Lower Broadway Is Their Stamping
eround-How They Operate"
"when I was in London stopped at
Na Ianuhan. I intended to combine
business with pleasure.
II expected to sell few thousand Of
our irrigation Canal bonds. The day l
arrived I strolled down stairs and into
| the hotel Office.
II was staggered to recognize several
faces from New York in the throng.
"They were faces, too, Of fellows whom
| T had seen hanging around the cafes and
bars Of lower Broadway.
.Theywere generally seedy and seemed
to be waiting for somebody to blow them
off,
"How they ever got to London or what
thew were doing don't know. One thing
I do know, they spoiled my game, for I
never mentioned bonds to any one during
my eight months stay.
ssNo wonder London is a suspicious
marketfor American Investments"
Thus a. 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
" New York one. They make pre-
carious 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 ac-
quaintanee to others and pocket only
their commissions.
That is about the only thing pocksted
in the whole transaction, except the
bitter, bitter memory Of the laborer or
producer.
4 short time since Mr.. Jason Idle
wild, a highly respected citizen of Paint
ed Post, came to New York.
He brought with him his latest inven-
ton, a compound centrifugal clurn.
He had a feeling In his simple, CUB
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. 80 he HE'D
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 1t 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 s'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
extent. He was only required to be
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 trus-
tees business.
So he turns over to his wards as beau
tiful lot cE,oonds and stock certificates
as ever escaped junk shop.
And then the titles-"Alaska, Yucca
tan and Cape Horn Railroad First Mort
gage Bonds" and the "Bungtown Water
Works Company's Bonds" and others.
Who shall say it is not goodly LOTT
In the mater 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