Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1907-07-12
The Wireless Telegraph Bubble.


appearance in Success of July, in de-
scribing the methods by which a
great enterprise, based upon price
less boon to humanity. may be made
the means for exploitation of watered
stock that makes it an absolute
Swindle, in which the money of the
thoughtless masses pass in one con-
tinuOus stream of golden dividends
to the inner circle of the holders of
the original stock of the Wireless
Telegraph.
Abraham White. the chief promot-
er of the Wireless bubble, Mr.. Fayant
says, is one of the most remarkable
stock plungers on Wall street. He
has many times made shoe string
lead to q tanncry. in finance. He
pyramided' Union Pacific from
SlGl per share to $l?5 and made a
couple of millions by persistent bull
ing His castle in the air" became
Il real palace of wealth. when he
bought the Mccall residence. in New
York. costing millions to build and
furnish; and here too his controlling
angel stepped in to augment his
wealth by a purchase at $3.50, 900,
about half its cost, which made him
the envy Of the millionaires, and on
which he Immediately received offers
of an advance amounting to hundreds
of thousands of dollars.
The delusive nature of the Wireless
exploitation causes all the trouble.
Ii is in itself an accomplished success,
doubtless capable of still more dcvel-
opment. 1t is a sound basis for an
adequately provided capitalization.
but the promised capabilities are
out of all proportion to its possible
achievements. 1t would be difficult,
of course, to hold morally RESPONSE
bic, to say nothing of legal liability,
of those who may honestly believe.
like Col. Sellers, that his cye-water
scheme was capable of indefinite ex-
panSion.
Without attempting to cover the
ample grounds assumed by Mr.. Fay
ant, we can only realize the logic of
his deductions, in the series of arti~
cles Fools and Their Money" espe-
cially as they apply to the subject
under consideration. He declares
that the stock is sold at all sorts of
prices. His inquiry ut St. Louis,
as prospective buyer of DE Forrest
common, elected the reply that stock
was held at $3.50 per share, and in
the elaborate prospectus sent to him,
the admonition was given that nearly
all the stock was sold, and the follow
ing eXhOrtation was made:
Consider the matter carefully. You
have the opportunity. Will yon grasp it
at the flood tide tnow) and ride on to
the shore of plenty, high and dry above
the universities which often beset old age
to the land of our dreams, where wealth is
unbOunded and every wish gratified,
where comfort admits of enjoyment. and
wealth admits Of opportunities for your
self and those you love? Or will you
hesitate and doubt. and let the chance
go by. to remain in senile dependency
upon the bounty Of others? Think! it's
for you to decide. Think we'll! Buy !!
DO is now ~
While he was thinking over this
disinterested appeal, he received q
letter from New York Office Offering
to sell for 81 per share. Meanwhile
propositions came from various brok-
erS, in which the intimation was Civ
en- that stock was available at 80
cents, IS cents and so cents 4 share.
In reply to the riddle of why 81 so
stock was offered at 80 cents the
Greater New York Security Co. re-
piled, I'VE have never paid any at
tention to what the enemy, or the
cut-rate brokers, may do with the
few shares of stock they may obtain
from weak stockholders.
A little while later, declares Mr..
Fayant, the same broker sent word
that could buy all the stock | might
want at Is cents q share.
In the interest of public protection
we advise our readers to invest what
spare dollars they may have in any
thing but project that has so many
reckless exploiters, engaged appar-
emily in watering the stock, to give
the act the most charitable construc-
ton, or in reality selling shares that
will never find their redeemer.
THE TELEPHONE AS A CHURCH AID.
Brooklyn IN. W pulpits now have
press agents, if the use of the tcle-
phone may be substituted for types
and paper. The plan is to ring up
prominent citizens, and inquire, Are
you going to hear DIR. Blank to-day?
He lectures on Immortality of the
soul, an object of universal interest.
In the evening he will again speak,
and q splendid musical service will