Daily press. [volume] (Newport News, Va.) 1896-current, 1910-06-16
FRAUD IS CHARGED BY
STOCK MANIPULATION
Government officers Accuse Heads OF
Telegraph System and New YORK
selling Agency of Using Malls for
WORKING OF Fictitious Values on
the Public at Great Profit.

NEW YORK. June i5.-Un-ted
states postofIice inspectors raioea
the handsome broadway offices OF ehe
United wireless Telegraph Company
today snd caused tho arrest OF cnfis-
torher {. Wilson, president OF tne
,,mnanv. samuel S. Bogart, iirst
vice. presldent. and William w. Temp
kins president OF the New YORK sell
IN. Agency VIII CHI officers of the
United wireless Company say was
their financial agent
CHIEF Inspector Mayer subsequently
..,vc ont a formal statement In which
he charges that although the compahy
has been running at loss, the price
of It's shares has been advanced ot
manpulst on to fictitious values anu
that individual officers of the company
have sold out their stock To the gen
oral public al profit estimated ut
between five and ten millions, Win
other instances in proportion
Wilson was released In s2s'oeo
hail snd I,ogart in $4,000 bad Aor
apuearance on Jriy IL. Ter ahur,her
hearing before federal commission
er.
Tempkins was arrested at his farm
near Mahopacallas. y. Y, and nrousnt
hero for arraignment He could not
find the $4,000 bail required ana
s,,ent .he night In the Tomhs.
The Complaint.
The compliant, en- which the wa'-
rents were Issued. is drawn under tue
federal criminal code, on infornatioh
of Carter u. Keene. postoihce IN
spector. who deposes that the erouhds
~ his belief ase Official invest ga
tions made by him and obtained py
him from the books GA the sad UNI
cd Wireless Telegraph Company anu
the iuspection Of letters and envelopes
sent by the postcffice establishments
of the Tn ted States through 'ne
United States nsSils.
The specific instance OF alleged
fraudulent use CT the mails Is given as
the mailing OF letter on March o.
1910. to Michael O'Brien. OF water
bury, Conn
There are 2s,00o shareholders OF
the comp.ay Throughout the country,
said Inspector Msyer in his statement.
many cf whom have plzced there
savings in the, stock of the company
through fa'se representations made oy
its oficerss
compsny's Assets.
..The real assets of the company
consisting Of stations. patents, maho-
fac,ursrr plants and real estate Of
ali kinds. appear to be worth, ut
1 conservative estimate. Sico.e9o OF an
actusl worth OF two cents share AZ
par value"
The Inspector says the company
was originally Incorporated rnder me
laws Of Maine in 1901. as the Auiai-
| gan,ascd Wireless Securities Company
md that II had merely legal exist
cuce until Il changed its name IN 1910
10 its resent { tie and took over the
assets and business of the deinnct DF
Fcrest wireless Telegraph Coinvany.
which vs. then running at a loss ana
in default OF interest IFS BOMBS ex-
changing therefore is own secur'ues
On a ten fer one basis
Get Rich Harvest
The ofhcc-s Of the COMPANY haFs
soid TO the publ thousands o.
shares. claiming all the while taat
| they were holding Their Own
sharcs and putting the money reces<-
I'd frcm the public into the plants @
the company. one Of the ofhcers y
believed 10 have cleared up $S.p''-
Geo AZ $40 share and possibly $l0,-
eeo 900 a. the ranging prices 81 sio
and $50. The officers q lesser %
rrec have profited in proportion.