Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-08-08

opinion have fostered X would be
| strange II the promoters of get-rich-
| quick schemes did not experience de-
cline In the demand for their dubious
| securities. Within the past year many
| millions of hard-earned and ill-spnred
| dollars have been handed into the DOS
session OF strangers, solely on the
strength of advertisements promising
| fabulous returns Almost Invariably
the stocks thus alluringly offered have
been unbacked by tangible security.
representing only the capitalization OF
an Idea. In q very few Instances these
| blind speculations may have brought a
profit which is pretty sure to be lost In
the next venture; in many cases tho
dividends which allure 10 further In
vestment were obtained from tho
money of fresh victims; but In the
great majority of cases principal and
Interest have gone altogether. The pro-
moters kept the cash and tho investors
acquired the experience.
Generally, the victims of stock SELL
ing advertisements, widely scattered,
without organization pocket their loss
es and kept still. Sometimes, however,
they attempt to organize and get legal
redress. This was the case
handful of the 10000 conflding people in
this and other countries who are said
TO hold stock in an AIRLINE electric rail-
has been proposing to bring Lake
Michigan within 10 hours of the Allan
tic. The original advertisement prom
ised that the first section of 100 miles
would be in operation within year
and figured that the earnings would
then pay at least 13sper cent ON the
Investment, while later on 30 per cent
would probably be the minimum re-
turn to the fortunate investor. Other
inducements were offered, as that the
stock bought at s25 share would sell
at $500, that the stock would be re-
ceived at par for transportation over
the entire length of the line, and thar
the shareholders would be the favored
selections for the 5000 or more posi-
lions which the service of the great
road would require.
None of these expectations has
been realized. The road the divl-
dends, the delightful journeys at 20
miles per hour, and the lucrative posi-
tons all are only things once aopea
for. So some 80 of the stockhoiders
have started suit for receiversnlp,
which. while not likely to, proht tne
existing investors. will probably nave
the effect of making some other peo-
ple cautious about buying stock IN
any enterprise based wholly on news
PAPER promises and the promoters en-
thuslastic expectations.
1T Is sign of returning nnanclal
sanity that the half-page and wnole-
page advertisements OF stock com
NAMES for the promotion of rubber
plantations, coffee groves, mining
schemes, unappreciated patented de-
vices. and stupendous electric railways
that are to reVolution.ze the science OF
transportation, which 80 long enriched
the Sunday newspapers. are now Few
and growing fewer. The rich field
where the nervy promoter and skill
full advertisement writer. powerfully
aided by the tacit endorsement OF tho
great newspapers. labored SO success
fully for n year or two, seems to DO
getting worked out People-the
plain people to whom these promo
tiers appeal--are learning that enter
prises promising enormous profits
which shrewd capitalists decline to
undertake do not offer safe invest
ments for the savings of the poor
With the source of supplles-the
money of the uniformed and credu-
lous-stopped by this discovery the
collapse of such enterprises is inevit-
able.
Credit for the suppression of some
more open get-rich-quick schemes is
due to the postoffice department but
some that ought to have been sup
pressed continue to victimize the ig-
norant and needy. May 1t not be pos
sible that In It's eager prosecutions or
admittedly legitimate and useful.
though perhaps erring, corporations.
cur government has somewhat neg
lected the duty to protect Its citizens
from promotion schemes whose de-
ceptiye character was evident and
whose operati ons have brought loss
to multitudes for the enrichment of
the few?"