The citizen. [volume] (Berea, Ky.) 1899-1958, 1920-06-17
SYNOPSIS.

CHAPTER LIN o base hospital At
Neuriy. France. his face disnsnIred be-
yond recognition. an American soldier
serving In the French army attracts at
tenuon by his deep dependency. Asked
oy the surgeons for a photograph to guide
them In making over his face, he offers
IN dersion a picture OF the Savior, bid
dins them take that as q model They DO
90. making a remarkable likeness
CHAPTER If.-Invslided home, on the
boat he meets Martin Harmon, New York
broker. who IL attracted by his remark
able features The ex-soldier gives his
name as Henry Hilliard." and his home
as Syracuse. New York. lie left there
under a cloud. and II embittered against
his forfper fellow townsmen. Harmon
makes him q proposition TO sell mining
stocks In Syracuse. concealing his idsn-
uv lie accepts II. seeing In II . chance
TO make good and prove he has been I'M
derestimated.
CHAPTER HIN Syracuse billiard"
Tin reality Richard Morgan 10 accepted
as stranger. lie visits James Cullen. .
former employer. relating a story Of the
death OF Richard Morgan. and 10 sur
prised AT the regret shown by Cullen and
his youthful daughter Angela while at
the Cullen home Carol Durant horgan's
former fiancee. makes . call.
CHAPTER Iv.-Hrliard repeats TO Carol
his story OF Morgan's death and 10 deeply
moved by the evidence OF her deep feel
ing for the supposed dead man. lie re-
solves. however, TO continue the decep-
ton.
CHAPTER v-Next day billiard gath
ers from Angela that Carol had always
loved Dick Morgan. and while delivering
20 her letter supposedly from her for
mer nancee realizes that his affection IL
unchanged. His welcome by Doctor Du-
rant Carols father. also shakes his res
olution TO continue the deception. but he
eonquers H.
-row then. we own 10000 shares
for which we've paid. and agreed to
pay Sl2O.OOO. That Ii. we've under
written these shares for dollar
Apiece. and paid down half the amount.
Now let's begin 20 look az II from the
publlc's standpoint. Here's mine
with plenty OF ore; and a company
with cash enough on hand TO begin
producing al profit very soon--al-
though nobody pretends that It's &C.
tually producing now. Il has 10000
IN the bank. and another $4,000 due
In ninety days II can go ahead and
contract for machinery and workmen.
and Il does. and you and Angela and
! are still letting the former owners
manage IL. but since we'rv In control
Of the stock. we either elect ourselves
NJ directors. or elect other people
whose names carry weight with the
public So that we can always q rect
the general policy. and see that us
careful and conservative. From every
angle. then financial and moral. the
venture looks like a big success. SO
you and Angela and ! go TO a good
broker. or to group OF brokers. and
make them proposition. We con-
vince them Of the value we have we
let them send their own engineers out
20 make report. and as evidence OF
good faith, we pay all their expenses;
we let them go over our books. Every
things fair and square and above
board. And we agree that these bro
kers viii take some Of this stock of
our hands 20 sell TO the public Che
cause they've got a selling organiza-
tion already established. and plenty Of
customers who look to them for ad-
vice) and It's agreed that they'll ray
us-say four dollars n share for what
they think they can sell. The brokers
then do some advertising. send out
their circulars and bulletins and
pamphlets 90 their customers. and sell
that stock % the public for anywhere
from six TO eight dollars share. That
u.s. the public is glad enough, when the
prospects good one To pay seven or
eight dollars because every shares
going 10 betWorth tend for what cost
the broker four dollars, and cost ms
one dollar--which we've already got
back from the brokers. and we've sim
got the half of those 10000 shares of
ours left besides So here's the final
balance Sheet" He hastily totaled
the list and handed Il over to Cullen.
Capitalization p.0oOoo-2oO,OOO shares at
$40
Stock paid 10 individual
owners ...s....ssss.s.......... N,VOO shares
Stock sold 20 syndicate for
A-O,WV .........................l2 shares
Total ..........................200 0O0 shares
OF our $1,000 shares
We sell 20 brokers'. see. 5000 shares
Leaving .ssss...s..ss.......s.. h,Voo shares
We give brokers a two year
option at s. apiece on...... 5000 shares
Leaving ss.s...ss.s.s.ss....... IO,Vo shares
We pay lawyers. experts etc. 1000 shares
Leaving ....................... bO,Wo shares
"And that balance OF 10000 shares"
he said, belongs TO us three. The
brokers are making a market and es-
tablishlng a price; and I'm order TO pro-
tect themselves, they can't afford TO
let the stock sell under the price
they're charging the publlc-because
II they did. the public wouldn't buy up
the rest of what the brokers have TO
sell. but they'd buy II I'm the open mar
ket. SO the brokers protect the mar
ket. by what's considered perfectly
legitimate means. although some folks