The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-11-22

I tnt atlspfEtOrA To no the trN14nreF OF we
Columbia Finance Corporation.
/ Mr.. Vaughan. charged with using the
mails in sch"rn. Tn defraud. was taken
before nIteA States Commissioned
shields and held IN siO.Do bail He
couldn't raIss. a. liIst then and joined the
Burr brother in the Iomhs. rhepartlcular
victim named IN the complaint ~ walter
y Altman of HOi clay street. Topeka.
To him and many others Vaughan IL said
: Ia have sent circulars and letters stating
TINT the Continental had been organized
Ia control and develop the wireless iels-
phone. and telegraph -ystems now doing
business IN the country. Mr. Altman and
hr Others were given 10 understand that
arrangements had been made for con-
trolling Interests IN the Collins Wireless
I"tephon. Company. the Clark Wireless
telegraph telephone Company. the Paci-
Tic Wireless Telegraph Company and the
Massie Wireless Telegraph Company. and
that 'hr stock nf the Continental was "a
conservative saf" and profitable invest
( m-nT
Inspector k.+ue. who has had charge
o' running down the niinent ,pkpromis.ss.
/ says thar many complaints came in follow
ing III" raid on the Tinted Wireless Com
pinr- Investigation showed that there
w"r" iw'.lv'' '.is.-S calling for the inv sssfi-
CATION Of the Continental and the COM
pdnl'-~ merged with ~. and the inspect OTIS
III charge of various departments wore
NAMES ON CoMPANYs STATIONERY
According To the inspector the Cont
mental - AN Arizona corporation capt.
taliH"d AT So .OOo.Udo. which got liz papers
IN October. ig09. but didn't get TO work
until last MAY. when IN. highly ornate
circulars telling what the company was
doing were senT through tn. mails OF
the various companies which the CONT
mental has swallowed or saws II has. 'h"
inspector SAYS:
Nearly all nf the men originally con-
neC'"d with these companies have with
drawn since Continental start ed its
campaign and Mr. Mas-," and others hav.
rcpudiared the Continental a. IA concern
promising Representatives,
Dne ~ the things the Continental held
Out to investors WAS "A scheme 10 establish
Il tran-Confinsnial wireless system al "a
small cost for new stations Their -itera-
rur" j. illustrated with pictures oi well
known m-n listening Ia wireless telephone
messages There H. "A very fin" pictur" II
William j Bryan posing Al the listening
end If "a inachn..
The pIctlIr. circular WAS followed 10y
another one Offering stock AZ 81 "a SHARE"
The Post DffiCr people say thar 10000
circulars were sent through th.. mails an
nnt LOT Continental assured prospect ~.
patrons that there would u" mo- bond issIi.'S
and no preferred stock. A. that tim"
tn" following names appeared on the list
Of officers r I DAVIS president: Charles
J.. Vaughan, vcr-presld"nt and trea S'Irer.
Walter W. Massi'. vice president and dl-
rector of operating department, G u.
Nnlt"r. secretary Thomas r. Clark. gen
srll manager. A. Frederick Collins. tech
nical director, Samuel u Bradford. man
agrr of Pacific Coast department iBrad-
ford was the promoter ~ tho Pacific
Wireless Company. Tn" directors listed
were Frank Ford u broker of Detroit
y 4 Hawkins IT the Ford Motor Car
4 '.,taNr l..fr 4 Nan NnF
4. j. llGrr. secretary uf the Independent
Brewing Company Auburn. y Y; + y.
Shoemaker. Sea'ti. Wash Gen. Joseph
J.. St"pp@ih"ln. Atlanta. Ga Max Loewen-
'ha cl"c'-lc engineer, New York: Henry
W i-c. publisher. Chicago. sylvester
sullivan. New York George VI Davis,
Wilmington. D-i ! Cans Washington.
y. e.. and ,j,Idg- r.. X cochran. Jr..
" lmlngton. Del
EFCFST TRANSFERRING
II wasn't long b.for. the Continental
offered To eNchanR" IL stock for Col
lin- giving a -har" ut Continental for
every dollar rhat had been spent IN buy
ing Collins This puI.t"d 'h" minds
II the. Collins investors. Who had never
seen "A dividend although the stock had
gou. from 81 10 $40 IN selling price: btIt
thOs.. who mad" tn. exchange were bound
not Ia sell 70" two wears. SAID an IN
-prrtOr II was the old game 81 tying
RI. stock holders hands and then add
vanclng tn. price of the stock from time
10 time To- MAX. him happy The Gov
eminent officers say that IN the last few
months Continental has sold liO.BS
shares at from 81 10 81 % IN addition
To making exchanges
few months ago the Columbia FL
nance Corporate became TN. financial
agent for Continental When the raid
WIS mad. the Continental. so far ar the
in-r.r.tor- could learn. dIdn't have a
LIN and h.. ia
lay. IN" Continental owes II SioSD for
advertising
\ few weeks ago DAVIS res signed AS
pr.-,d-n' 0t III" Cont mental and = -
Bradford took the. Job Al the same. Ine
Vaughan turned over IN. tT-asur-rshIp -
MaN Lpw-nt hal and the following dir,C-
or- and officers resigned \ j Iausr.
+ r. Shoemaker. .Judg. ochran. MassIe
and clark The two latter hav.. r.pudi-
ated h" statements made IN Cont ln-nt al
circulars
Th.. INSPECT rs say that ia. Collins com
pany had an arrangement with he fiscal
agents whereby the latter got stock al
- cents "a share. much 81 which II sold
high A. $40 a share Cont mental l-'
he fiscal agents have stock a. ~ cents
a share over si'p.UyD worth was sold 70
h.. public al much higher prices Re-
Gently 100 he promise. not TO IsstI- bonds
was broken and Continents got OIIt -
$3.50 ISSUE and sold slp.WH worth
Th.--" w-r" called convertible collateral
per cent trust bonds They w.'r.. 20
run two years and purchasers got "A -
peer cent bonus IN stock. III" hOnd~
w"r" secured by the stock Of tn. com
psuy self
The men who ra,J..d III. Cont nent al
Offices brought away forty mail sacks ~
letters mailing lists and clrCular-
3 ion Dftsj ann. SAYS HsTCHE1S n.