The L'Anse sentinel., 1922-03-17
Worthless Certificates Are
Eagerly Grabbed Up by
Innocent Dupes.
OIL STOCKS STILL SELLING
Modern Inventions Help Crooked Sales.
men Unload Stock on unsuspecting
Buyers-"Wildcar Brokers
Make Fortunes.

New York.-In years gone by, the
gold brick artists and oil stock sales
men were so successful that Z. L.
Barnum once remarked that sucker
Is born every minute" Today, with
modern inventions and public just as
eager to be "stung," the "sharpers'
find the birth rate even higher, and
their profits are so much the greater.
1t has been estimated that in the
last year more than $S0O,000,OOO has
been thrown away by the people OF
the United States on wildcat" schemes
that range from oil stock to making
metal from horses hoofs and extract
ing gold from sea water. According to
statistics, there are more suckers In
the country today than MIR. Barnum
imagined.
During the last year, hundreds Of
stock brokers have been arrested In va
rious cities for selling wildcat" stocks.
In many cases, however, the brokers
were tipped Off that they were being
watched and, like the Arabs, they
folded their tents and silently stole
away. With them went the money
of ministers, department store clerks,
stenographers, telephone operators,
housewives, and staid business men.
There are at the present time, 1t
is estimated. approximately 1000
"bucket shops" In the United States.
If these 1000 shops are to remain
open, they must have 500 a day each,
which, In year of 300 days, means
an income of $30,0OO,00O annually for
office expense alone. This is to meet
the expense of wire and ticket services
and blackboard boys, with the gullible
paying the cost.
A Favorite Trick.
A favorite trick of the bogus stock
statesmen Is to secure from the tele-
phone list or directory the names of
! physicians, ministers, and school
teachers. The salesman makes call
and, by his persuasive voice, Is usually
| able to sell at least ten shares of a
certain stock for 81 share. A few
days later another agent calls and
offers So share for the stock, but
the buyer, instead Of reselling, buys
more stock from the second salesman.
The slick statesmen then disappear
and the buyer realizes that waippaper
is much cheaper than the paper he has
| purchased.
A mushroom bucketshop In Philadel.
phia year ago played wonderful
game while 1t lasted. Out Of the tele'
phone directory the operators took
1000 names, and to these addresses
they sent trade letters. To 1000 OF
the addresses these so-called brokers
stated that a certain stock was due
for a sudden rise. To the other LOON
persons went similar letters stating
that this self-same stock was due fol
q fall. In this manner, the bucketshoI
keepers made 1000 friends who
thought the brokers knew what they
were talking about when the stocks
did 20 up. This was followed by
telephone calls for orders and many
shares were purchased. The 1000 per
sons who were told the stock would
go down were not bothered again
The following day out went 1.00t
letters to the ones to whom the guess
right" letters had been sent. In thi:
instance, 500 letters predicted an ad
vance I'm the stock and TO the re
naInder went word Of decline. This
left 500 customers who would by this
ime swear by the prophets" Wher
he list was completed, and the brokers
had made nice haul. new names were
| aiken from the telephone directory and
he process repeated. &
Prominent Names a Factor.
A favorite trick of the stock swind
ers---that is the mushroom variety
hat bloom overnight, fleece the "in
ucents." and then depart either to q
rson cell or parts unknown---is &c
iopt the trade name Of prominent de