The Wenatchee daily world. [volume] (Wenatchee, Wash.) 1905-1971, 1909-10-06
SWINDL|NG PRO-
M0TERS At WORK
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piece of property, managed by won
derful men who are spending their
lives trying to hand to the people
stocks that will certainly make them
rich. The advertisements say so.-over
and over again. The old. old story
OF the Bell Telephone company is
reiterated week by week. Somebody
is reaping golden fortunes, while you
cit idly by and let the grass grow un-
der your feet.
Presently, you write to the agent
to find out more about 1t. He comes
to Sc you, or one Of the young sales
men comes instead. Letters come to
you, wonderful. inticing letters, full
Of facts" that would be overwhelm-
ing-if, indeed, they were facts"
You get a bunch of copies of letters
from clergymen, lawyers, bankers,
politicians-all endorsing the Won
derful new proposition. Clippings
from newspapers pour in to you, tell
ing you that the government Is ex-
perimenting with the new invention,
and that it is only a matter of time
before every ship on the sea, every
port on the ocean, will be paying
large royalties to you-if you only
have sense enough to buy some of
that stock.
Suppose you do buy it-at $40 a
share. In a few months, you notice
that the price is up to $50. You
figure that you will sell. Your home
is in Corvallis, Ore. You bought from
a local agent, who once sold you life
insurance. You go to him.
''Mr. Blank" you say. Il notice
that my stock is worth $50 a share.
/ want to sell it. Shall I leave it
with you, or will you send for 1T in
a day or so.
Mr.. Blank looks like his name, and
begins to talk to you about the Won
derful futureO the company. He
tells you that you surely don't want
to throw away your chance for a for
tune. You have only made 500 or
so. Don't you want to make $1,000?
All you have to do is to hold on. It's
only a question of time. Here is the
very latest news from the head Of
fee. Our counsel are now sure that
the suit against the other fellow Is
practically won, and that means divi-
dends-yes, sir-dividends that will
make the stock worth $1,000 a share
and over.
81 would not consider it the act of
a friend to let you sell that stock. l
KNOW that it is going to make you
rich" etc.
But you may be stubborn and fool
ish enough to prefer bird in the
hand to a whole flock in the clouds.
Mr.. Blank, your agent-friend, then
has an uncomfortable job on his
hands. Finally he tells you that ne
has no power from the company %
buy stock. He can only sell. You
must apply to Mr.. Smith, in Port
land, Ore, who is the general agent
: for this territory.
You write to Mr. Smith. He
writes back, telling you that surely
you do not want to throw away your
chance for a fortune, ETC." wide
previous paragraph). In the course
of a month or so, you finally per-
suade Mr.. Smith that you really
would like to sell. He writes to you
to the effect that he can not make
any purchases of stock. He is author
lied to sell, but not to buy. He re-
fers you to Mr.. Brown, at Kansas
City, the general western agent.
Enter Mr.. Brown, by mail. Once
more you read with great and grow
ing interest an account of your fool
ish desire to throw away one Of the
biggest fortunes of the age. Once
hocni0od uyith hu 6OQ G
of information. Once more, in time,
you get 1t through Mr.. Browns head
that you really want some money.
Mr.. Brown, in great distress over
your carelessness in throwing away
that fortune, finally admits that he
has no power to buy, ETC., ETC., ami
refers you to Mr.. Jones of Chicago.
Ill.,, who handles the whole trans
mississippi territory.
Another circle of the same old
thing-and finally a reference to the
headquarters Of the company, in an
Office in New York Now you are
dealing with very big men. You know
that. 1t is impressed upon you by
every one of the intermediates with
whom you have had correspondence.
So you approach them with hesita-
ton.
Your letter Is answered in time. If
1t was sent direct to the secretary,
perhaps, the letter in reply may state
that Mr.. So-and-So has gone to Eur
ope. and that the matter will be TAX
en- up on his return. There is no
board market for the stock, as the
management has always believed it
to be better for the stock holders not
to expose them to the manipulations
of the New York markets, and, there
fore, the stock has never been allow
ed to be dealt in on the curb, or even
ON the stock exchange. Personally,
the writer regrets very much that
you want to throw away, ETC., etc.
Sometimes these letters are ex-
tremely interesting. l read one last