Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1904-02-19

WHITAKER WRIGHT. what seemed at
time to be millions by stroke of the
pen, and yet, in the end, ran against
the fact that paper is paper ana hon
esty is honesty. Wright was English
by birth, but turned up when young
man in the Colorado mines. Starting
with little money, he became an act
i've Spectator at Leadville and I'M
doubtedly had a gift in influencing
others to expect immense profits from
small investments Getting enough
means together, through the breezy tai
ent for deception that was always his
chief capital, he went East and en-
gagged in speculation in the New York
and Philadelphia exchanges. About
seventeen years ago he returned to
London and soon began to exploit
mines in West Australia. Wright's
holdings there had tendency to be
phenomenally rich on the surface, and
his methods were sensational. The mil
lions in which this snowy promoter
reveled were ALMOST invariably paper
when the final analysis was reached.
One of Wrghts London corpora
lions, forced into liquidation in 1871,
was found to have liabilities Of $46,-
100000 and assets Of $7,000,OOO. The
conliding public lost the $39,0OO0OO,
and the public, it must be remember
ed, pays cash for its paper. AS for
Wright wlo was practically supreme
in the management, he could take $780,
600 in deferred shares, and, with
drop of ink, convert it into certificates
representing sixty times the original
value. 1t was less laborious than rub
bling the lamp of Aladdin, and the
trustful public always came forward
with the treasure. The directors were
satisfied with large fees in return for
services merely nominal and never in
tcrfered with or questioned their Mon
te Cristo. When Wrights accountant
in 1900 told him there was a deficit Of
5000 in a certain property, Wright
assured the public that there was
surplus of $5,000,00O He fixed it in
ten seconds with his facilc pen. No
director thought it worth while to look
further But some of the stockholders
were nl9Tc inquisitiyc and gradually
forced the matter through the courts
to an issue, in spite of years Of oppo
sition in various forms.
Wright was personally a dazzler, a
species Of parsonage for which many
persons with money to invest seem to
have n strong prediction. If the
stage is magnifcently set, they bite
freely. Wright lived in a miniature
palace, and the fact that it was copy
of the residence of French king open
cd the pockets Of many susceptible per-
sons with superfluous cash. When this
class heard that Wright had an army
of GOO laborers improving his country
seat they fairly chased him around to
take their money The fact that his
stables were finished in mahogany and
polished gun metal, with costly paint
ings hung in the stalls, was spread
abroad and the millions Of cash rained
upon him. AS long as there are people
of this kind there will be Wrights to
fire their imaglnations 1t is the old
story of a glittering lure and human
gudgeonS, VINO lumDie over each Otner
to hand their money to John Law, a
IIooley, q Nine. Therese Humbert, or
the latest flashy get-rich-quick fakir
The most impressive part of the end Of
the Wright story is that he knew pun
ishment to be certain and therefore
killed himself In some parts Of the
United States he would have given
bond. got up champagne feasts for 9th
err confidence men Of the same distin-
guished characteristics, and, in due
time, been discharged on some trifling
tecnnicality connected with a defective
document or microscopic legal formal
ity.-St. Louis GlobeD Democrat.