THE OMAHA SUNDAY BEE: NOVEMBER IS, 1906.
" Ge Rich Quick" Schemers
i
J
TIE Art of Wall Ptroet Investing," In
t
a f.'imjHrt coinp:P d by John
Moody, a New York publisher,
turns an arc light on "waji that
are dark ar.d trirks that are'
not vain, but profitable. Illuminating lha
methods of promoters who swindle.. The
greut number of Investment now before
tho public In alluring colors gives pertinent
Interest to Mr. Moody's paper, lie says.
In part:
There art! get-rich-qulck schemes of many
'kinds and they are exploited In many ways;
Home times through tho columns of news-
papers, some times in financial or mining
Journal?, but more often through circulars
t other advertising matter. The moat
Hiirrrspfui are usually mining propositions,
slthough many other kinds have flourished
equally as well. One of the most notorious
promotion frauds of this kind was a ' guar-
nnteed egg company." the stock of which
was offered for sale in New York City a
few years ago The promoters of this
vwuiiiiy r-ne i,nmui;it3L a. roneaie pros
pectus, offering the salo of 7(per cent guar
anteed preferred stock at par. with a large
bonus In common stock. Careful Inspec
tion of the prospectus revealed the fact
that the prospective earnings, which were
te amount to a fabulous sum, were to re
sult from the sale of cKgs at high prices.
the said eggs to lx laid without fall at a
certain unoeaalng ruto by several thousand
hens, which were the entire stock In trade
of the company. These hens were sup.
posed to do the double work of hatching
rww broods of chickens and at the samo
tlma laying their regular guaranteed pro-
portion of eggs. It was also assumed that
only hens and not roosters would be
hatched, and that every egg would be good,
The ensencs of the "guarantee" on the
preferred stock appeared to be wholly
based cn tho theory that the hens had
somehow been forced Into a promise to
1 iv egg night and day. If need be, in order
not to ullow the preferred stock dividends
to lapse in any pos.slbl way. The company
was capitalized In the neighborhood ot
Jl.OO.Ooo and its only trangible property,
iiylile from the chickens, was a farm of
twenty acres, located about thirty miles
from New Tork.
Eas: Stork flood Seller.
Absurd as this whole proposition was,
there were enough Investing idiots walk
ing around loose In New York City to
"nibble" at this bait to the extent of
ov r $9o,0(O in cash. And It was suited
n good authority that most of these sub-
mm Iptions come from New York City peo
ple who had never seen a chicken farm
In their lives, and probably didn't know
any more about the chicken and hen lay
ing business than the chickens themselves
knew about the preferred stock they were
assumed to be guaranteeing the dividends
on. Shortly after this exploitation the
promoters quietly folded their tents and
Htole away, as certain kinds of promoters
have a way of doing, with the result that
the Innocent but superficial investors are
Ktlll waiting for their dividends, and are
holding their stocks as "permanent invest
ments." Another Instance of the get-rlch-qulck
scheme which fooled a large number of
supposedly sane Investors was the promo
tion of the "sea water gold" enterprise
a few years ago. A certain man named
Jergensen, who was more avaricious than
honest, happened to discover an article
In an encyclopedia which brought to his
knowledge the fact that sea water con
tains a small percentage of gold, but that
no method has ever been discovered
whereby the separation of the two could
be brought about. He then devised a
scheme for pretending that bo had him
self Invented a secret process for doing
this very thing, and thereby induced in
vestors to pass their ready cash his way,
He built a small plant on the water's edge '
at South Lubec, Me., a portion of the
plant being constructed out of sight and
under water. He then secured a small
quantity of gold bullion (a small genuine
g.old brick) and exhibited to certain people
In the city of Boston, at the same tlmo
malting the statement that It was the
result of a test of his secret process for
washing gold from sea water. His in-
credulous listeners wore invited to go to
the government assay office with him to
test the genuineness of the little brick,
This they did, and, to their surprise,
found that it was all pure gold. Then,
as a further proof of his discovery, Jer
gensen Invited them to go to South Lubec
with him and see his plant. They did so,
and saw the mysterious looking machinery.
pnrt of which was under water. They
were duly Impressed. He -then explained
that he could not let them see how he
did It, as he must naturally guard his se-
cret. But the next morning he appeared
with a small can full of new gold dust,
which he said he had secretly washed out
during the night. After that, for a whole
week, while his visitors remained, he ap
peared every morning ' with a moderate
quantity of gold dust, which he exhibited
as a result of the previous night's work.
As this production steadily continued, his
audience grew. Others cams on from Bos
ton, and the wonderful discovery was on
the Hps of a steadily increasing number of
'people. When he next went to Boston,
taking, the gold dust with him, and con-
verted It Into cash at the assay office,
many apparently shrewd people were thor-
oughly convinced and regarded his claims
as absolutely proven. He then organized
a compuny to sell stock, and us the snow-
ball had begun to roll, it very quickly In
creased to glgantlo proportions.
Gold from Sea Water.
Within a short period investors In Bos-
ton and vicinity were sacrificing good bonds
and stocks, withdrawing savings bank de
posits and generally falling over each other
in a mad rush to get In on the ground floor
When Grant Me!
WAS conducted at ones to where
Sheridan, was located with his
troops drawn up In line of battle
facing the confederate army near
by. They were very much ex-
1 1 iui, and expressed their view mat this
was all a ruse employed to enable tho con
federates to gut away. They xaul tl.ey be
lieved that Johnston was marching up from
-North Carolina now and Lie n.ovmg
to Join him, and they would whip the
rebel" where they now wire in nve nanuics
tf I would only let tlieiu In. llul I had
lid doubt about tne good fouu of Ltu, ui.J
prsttjr oon was cuuducicd to where hs
was. I found him at tho houa of a Mr.
McLeau, at Appomattox Counhoiut, null
fol-UKl Marshall, una of his staff officer j,
. waiting my arrival.
C had known Crenertl Leu in the old
i my and had served wuii him In the M -x-,i
jii war, bul did not sup,Hse, oning tj
iu difference In our aw aud lank, that t.u
would remember ni(, w liile 1 would more
naturally remember him distinctly becauso
ho was the iiiletof stjff of ieneril S'Olt
ir. the Mexlcun war.
Wiitn 1 h-iJ '- .'; m!.. I' tl j: tii.in ns 1
n.r. , xp.ite.1 -i .u v. - r, . r.: lh .;
w us then taking pla.v. ai.a 1 0:1st iuui'.:y
was In rough garb. I was wltlmut a
ord, as I usually was when on i.-ie-hai
k 'oh the field, and wore u soldier"
uIoum for a coat, with the shoulder straps
of my rauk to Indicate to the array who
I w. When I went Into the houw I
found General J.ee. We greeted each
oikar4 and alter LUung Lands tou.lt uor
this sea-water gold bonanza. It wni
afttrwurd estimated that before th fraud
was publicly exposed Jcrgenfen and Ills ac-
complices had secured nearly a million dol-
lars. Ths final outcome was that Jergenacn
secretly escaped to Europe with most of
the money, and his victims are whistling
lor their "great profits"' to this day.
llar.y other nchcmes equally as fraudulent
have been wotked during recent years In
Wall street and elsewhere, and though con
stantly exposed In the newspape.rs, yet new
ones crop up nearly every day and the pu-
He continues to bite. The advertising col-
umns of the newspapers and magazines are
juh tQ overflowing with roseate propositions
for the Investment of money; gold and cop-
per mines; industrial undertakings; new
rallroad projects; traction companies, and
varoug other promotion schemes. Millions
of dolIars are Invested every week by small
,nvestors In thl8 country, and a large pro-
portlon of lt U conBtantly "stce.ed" Into un-
channels." with a resultant loss to
thousands Of Investors. A an Illustration
of how persistently and easily unsuspect
ing people are milled and swindled, ' in
stance the following: A very consp.cuous
concern, has been "operating for the past
five years or eo one of the largest and
cleverest mining swindles ever known In
the United Slate. Sumptuous offices are
maintained In Broadway, New TorV, and
"-bout forty branch offices have been es-
tabllshed In various cities of the United
States and Canada. A number of honest
men have been drawn into the scheme by
baits of alluring commissions, and have
peddled the rotten shares of this Ann of
stock Jobbers among their friends and
neighbors, to the loss of their own peace
of mind and reputations. The plan of this
swindle Is neat and comprehensive. The
firm announced that it would operate on the
law of averages, and by handling many
mines the good ones would make up for the
failures. Considerable bluffing lias been
done in the way of crude mining opera
tions, but none of the "mines" have proved
successful, and none are likely ever to be
successful.
Dividend, but No Profits,
"This firm of sharpers began paying
dividends on shares, when no profits were
earned, for which they should be Jailed
for the common swindlers they are. Stock
In tho worthless companies was exchanged
for stock in equally worthless companies
Whenever shareholders grew tired, and
the victims of conspiracy were tolled along
by the 'dividends' paid out of the money
they had themselves furnished. Recently
cash dividends have been suspended, and
'scrip' dividends substituted therefor. It
Is reported that this firm has bilked
something like 16,000 small investors in
the United States and Canada, to the tune
of several million dollars."
The methods for promoting all kinds Of
swindles have in recent years been re-
flned down to an exact science. Experl-
enc9 naa proven that the most vulnerablo
cls. of r.eor,le to he attracted bv in-
vesting swindles, aside from women, are
ministers, doctors, teachers and other pro
fessional people. There are In New York
a number of concerns who mako a busi
ness of supplying classified lists of pos
sible Investors for the use of those who
wish to exploit mining swindles and other
schemes. These lists are classified into
$10 Investors, $ to $100 investors, $100 to
$M0 investors, and' investors having $10,000
or more available. The $10 Investors are
mostly made up of a class of, people who
are In the habit of taking a small "flyer"
occasionally of not over $10, investing this
amount on the theory thut,;ft may turn
out with a big profit, but that in any event
the loss cannot exceed $10. This class ap
peals to the swindler also, In spite of the
fact u,at 018 amount Invested are so
small for the reason that even If the
scheme Is exposed as a swindle the
individual amounts are so small that
it would not pay any single per
son to resort to law for the recovery
of nla money. True it Is that a large num-
Der or such investors, if acting in concert,
would become a menace, but as a rule
uch Investors are too widely scattered, or
to unintelligent or indifferent to make any
move of this kind. In number these $10
investor lists run into the hundred thou-
sands and are the main avenue for floating
all schemes of the cheaper and more
openly fraudulent variety.
Easy Marks Classified.
The "twenty-five to fifty-dollar" list Is
mada UD of country investors. Methodist
and Baptist ministers, country doctors and
rlajia,. of teachers: also barbers, wait-
era nospltal nurses and the g0neral class
of people who are able In one way or other
to set aside for a rainy day from $25 to $100
per year. These lists are used in slightly
more pretentious schemes, of course, with
sometimes a little more merit to them. The
$100 to $500 Investors consist of doctors of
slightly higher grade than those referred to
above; also college teachers and professors,
small Wall street lambs. Episcopal and
Presbyterian ministers, mercantile clerks.
some country merchants and other thrifty
people, who annually accumulate a few
hundred dollars over and above their cost
of living. Such lists are used for more pre-
tentlous schemes, and In addition- to the
promotion of frauds they are sometimes
uBe-d in perfectly sound and legitimate en-
terprlees. The higher grado lists, covering
$1,000 to $100,000 investors, largely explain
themselves, and while they are as often
used by schemers for offering their wares,
yet, as they are largely made up of more
sensible and cautious people, they are not
so popular In the "get-rich-quick' promot-
lng fraternity of the larger lists of more
modest investors.
While swindles are promoted to a gigan
seats. I had my staff with me. a good
portion of horn wers In the room during
the whole of the interview.
What General Lee's feelings were I do
not knew. As ha was a man of much
dignity, with an Impassible face, it was im
possible to nay whether he felt lawardly
glad that the end had finally come, or felt
sad ovtr tho result und was too manly to
show it. Whatever his feelings, they wers
entirely concealed from my observation;
but my owu feelings, which had been quite
Jubilant on the receipt of his letter, were
sad und depressed. I felt like anything
rather than rejoicing at the downfall of a
foe who had fought so long and valiantly
and had sufleied so much for a cause,
though that cause was, I believe, one of
the worst for which a people ever fought,
and one for which there was the least ex
cube. I do not question, however, the sin
cerity of the great mass of tho.se who
were opposed to us. General Lee was
dressed in full uniform which was en
tirely new, and was wearing a sword of
considerable value very likely the cwonl
which had been presented by Ihs state of
Virginia; at all ev, nts. It was an entirely
:ll.Tfr"nt swiu, from the one that
would ordinarily b worn In the Held. In
sry rough traveling suit the uniform of a
piivate with the straps of a lieutenant gen
eral I must have cjntr&ted very strangely
with a man so handsomely dressed, six
foct high and of faultless form. . But this
was not a u atter that I thought of until
aft?i ward.
Wo town fell into a conversation about
Brewed and Bottled
in Omaha by the
Fred Krug
Brewing Co.
"Exponents o! the
Fine Art ol Brewing"
tic extent through circulars and by mail,
yet much business is also done through the
medium of newspapers, magazines, etc.
Many (but not all) of the large metropolitan
dailies will sell advertising space in which
notorious swindles are promoted; magazines
also of high grade in other ways, constantly
sell space for the exploitation of mining,
real estate and other schemes; the columns
of country dallies and weeklies are not only
open as a rule to such schemes, but for a
consideration they will often publish "write
ups" recommending or booming a particular
enterprise. The "write-ups" generally con
sist of editorial or other special articles
which are prepared or indorsed by the
promoters themselves, and they, of course,
pass in the reader's mind as genuine and
truthful.
These ore, of course, frauds of the most
palpable kind, s,nd the publication of such
matter is entirely unfair to the readers of
the paper. It is a species of cheap and
Insldlqus deception which should, wherever
found, be condemned In unmeasured terms.
Another Illegitimate method of the promo
tion of swindles is through the trade
Journals, particularly in the mining indus
try. Tills country is nowadays flooded
with mining newspapers and journals,
which, whll3 ostensibly independent and
legitimate In their character and methods,
are, as a matter of fact, actually owned
and controlled by the same people who are
engaged In the promotion of mining and
other swindles on a gigantic scale. These
Journals are filled with special articles and
editorials which recommend and describe
In glittering terms the stocks and possibil
ities of this and that enterprise In mining,
or oil, or real estate, or manufacturing,
In which they themselves are Interested.
This 1b a more modern method of exploit
ing swindles than some of the others, and
apparency has been most effective.
Roles to Follow.
In considering roseate prospectuses nnd
the various other plans which are con
stantly found in the public prints offering
shares for sale, one set of rules of nearly
universal application, which will usually
go a long way toward the protection of
the Investor, is this: Always question any
proposition offering stocks or bonds for
sale whore such offers are made directly
by the company itself, and not through a
banking house or other reputable concern.
If no bankers are handling the sale of se
curities, it is usunlly the case that thero
is something "shndy" about the scheme.
There are. exceptions, of course, but not
many. If the securities are offered by
Lee al Appomattox
old army times. He remarked that he re
membered me very well in the old army,
nnd I told him that as a matter of course
I remembered him perfectly, but, from the
difference In our rank and years (thery
being about sixteen years' difference in our
ages), I had thought It very likely that 1
had n"t attracted his attention sufficiently
to be remembered by him after such a long
Interval. Our conversation grew so pleas
ant that I almost forgot the object of ottr
meeting After the conversation had run
on In this style for some time, General Lee
called my attention to the object of our
meeting, and said that he had asked for
this Interview for the purpose of getting
from me the terms I proposed to give Ids
army. I said that I meant merely that Us
army should lay down their arms, not to
take thorn up again during the continuance
of the war unlees duly and properly ex
changed. Ho said that he had so und'-r-stood
my letter. Then ws gradually fell off
again Into conversation about matters for
eign to the subject which had brought us
together. This continued for some littlo
time, when General Lee again Interrupted
the course of the conversation by suggest
ing that the terms I proposed -to gh e his
army ought to be written out. I culled to
General Parker, secretary on my staff, for
writing materials, and commenced writing
out the following terms:
APPOMATTOX C. II., Va . April 9, lbi.
Gem-rat R. E. Lt-e, Commanding C. S. A.
General: la accordauco wiih the substance
of my lelter to you t,t the Mil lnt., I
propose to n-ct-ive the sutrt-mlt-r of iho
Aiiuy of NurtUvrn Ylrsuua va the fuiU.
s" -p -j u in ssswwiiMs.iiMI mmwm m sn..wmsii umt i n mum mm rmiMnmmmnmn
C. Well be a
bankers and brokers, the next step should
be to ascertain the standing, reputation
and financial strength of the bankers or
brokers themselves. Wall street and other
financial centers of the country have their
full share of irresponsible concerns of this
class.
The apparently plausible statement Is
frequently made that money Is saved to the
company and Its stockholders by avoiding
the employment of a banker or agent to
market securities.' But this is not bo in
ninety-nine cases out of a hundred. If a
proposition has merit the promoters
always find it much more economical to go
to a concern which has specialized and de
veloped the proper machinery for the
floating of securities, rather than under
take to do It themselves. The banker not
only has the clltntelo, but he lias the or
ganization for handling the business ef
fectively and economically, and, of course,
in many cases his prestige and general
reputation have much to do with making
the flotation a success. For all this he
frequently charges a good round commis
sion; sometimes too much, perhnps, but
not so often as is generally supposed. In
deed, it would in most cases upon investi
gation prove to be a fact that without the
banking medium the flotation would cost
far more than the usual amount repre
sented y an apparently heavy discount
or commission. It Is a part of the busi
ness of the banker to float securities, Just
as It is a part of the business of the trust
company to pay coupons. People some
times think It strange that a large cor
poration, with an oftlce in New York City,
should pay a commission to a trust com
pany to cash the coupons on its own
bonds each fix months, when It apparently
might do tills work Itself. But the an
swer to this is that the trust company
maintains the machinery and organization
for paying the coupons of not merely one,
but of perhaps 100 companies, and, there
fore, can afford to do such work at amlnl
mum cost and for far less than the cor
poration itself could possibly do It.
It will be seen, after reading the fore
going chapter, that the simplest and quick
est way of avoiding the "get-rich-qulck"
scheme, no matter where or how pre
sented or however roseate and plausible
Its promises and claims may be, is to never
entertain any proposition which In not
offered through u banger or other agent,
'and then, having adopted this rule, to go
one step further; never have dealings with
a banker, broker or financial agent until
you have Investigated und are satisfied as
to his character, standing and general rep
utation. lng terms, towlt: Rolls of all the officers
and men to be made In duplicate. Una
copy to be given to an ofllcer uestgnuleu
by me, tho oilier to bo retained by audi
ulhcer or o dicers as you may designate.
The ollicers to give iheir Individual paroles
not to take up aims against the govtin
uient of the I nltcd Slates until properly
exchanged, and each company or ivgi
rncuuil command"! sign a line, parole ten
the uien of their commands. The arms,
artillery mid public prop,;itly to be puikeu
bud stacked and turned over to the ottlcer
appointed by me to receive them. Tins
will not embrace the side arms of lh
ottHLTS nor their private horses or bag
gage. This done, each officer ot man will
be ulowed to return to their homes, not to
bo dlsluibed by I'nited Slules authority
so long as they observe their paroles and
the laws In force where they may reside.
Very respectfully,
V. 6. GHANT. Lieutenant General.
When I put my pen to the paper I did
not know the Hist word that I should
make use of in writing the terms. I only
knew what was in my mind, and I wished
to express It clearly, so that there could be
no mistaking It. As I wrote on the tliougnt
occurred to me that the officers had their
own private horses and effects, wldch
were Important to them, but of no value to
us; also tr.at It would be an unnecessary
humiliation to call upon them to deliver
their sido arms.
No conversation, not one word, passed
between General Lee and myself, either
about private property, side-arms or kin
dred subjects. He sppeared to have uo
objections to the terms first proposed;
or If he bad a point to make against them
he wished to wait until they wers In writ
ing tu make iu When La read ovvr that
C Remember it? Remember the luscious Fall pippins, the "roasted potatoes" and
the cool, gamey, frostrseasoned turnips you used to tuck away just to "fill in" and
whet up an appetite for dinner ?
C And then on Thanksgiving morning when you peeped into the kitchen and saw
those yellow, mellow pumpkin pies and the alluring mince-meat and the big turkey
Oh ! the big eyes, and the hungry mouth ! Remember that appetite ? Ask the boy!
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. w r "
fee-'
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C For an old-fashioned Thanksgiving zest order a case or two of Luxus sent home
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Last Big Land
in Oklahoma
Over a halt million acres of agricultural lands will be opened to settlement this fall in Southwwt
Oklahoma. '
The quarter Sections will be sold to the histiest bidders. .
Minimum price, $5 per acre, which is a very low figure considering the richness of the soil In the por
tion of the New State.
Purchasers must be qualified homesteaders and comply with homestead law as to residence, cultivation
and improvement. .
Term Are 14sabl Purhai,e.r has the privilege of paying for his farm in five enqal annual pay
ments. The lands are moBtly rolling prairies, veil watered iy living streams.
Corn, wheat, oats;, rye, alfalfa, cottoa aad all kinds of garden products and fruits of almost every
variety can be grown, in abundance.
This opening will be the best opportunity to get a farm at your own price ever offered the homeseeker.
You cannot afford to miss it.
You should loo no time in getting on the ground either to select a business location or to familiarize
yourself with the lands on which you l:ited to tod.
The rules and Regulations of the Interior IV.partment at Washington, D. C, for opening of these land
are as follows:
Sealed bids shall be received not before 9 a. m. December 3, or after 4 p. m. December 8, 1906, at Law
ton, Oklahoma, Land Office, where iuds will be opened beginning December 10, 1900. Prospective bidders
should make application for proper form on which to submit bids and for full information as to conditions
regarding this land opening to "Itegiater and Receiver," United States Land Office, Lawton, Oklahoma, to
whom all bids should be addressed when proper form has been received and all conditions have been com
plied with.
Cheap rates first and third Tuesdays of each month via Rock Island-Frisco Lines, only direct route to
the Big Land Opening.
Write for further information to
JOHN' SNBASTIAX,
Passenger Traffic Manager,
La Salle Station. Chicago;
or Frlttco ISuilding, St. Louis.
Rock Island-Frisco Lines
part of the terms about side-arms, horses
and private property of the oftleers, he
remarked with some feeling, I thought
that this would have a happy effect
upon his army. Then, after a little fur
ther conversation, General I.ee remarked
to me again that their army was organ
ized a little different from the army of
the Vnlted States Istlll maintaining by
implication that we were two countries)
that In their army the cavalrymen awl
artillerists owned their own hordes; and
he ask'-d if he was to understand that
the men who so owned their horses were
to bo permitted te retain them. I told
him that a the terms were written they
would not that only the omt-crs were
permitted to take their private property.
He then, after reading over the terms a
second time, remarked that that was
clear.
I then said to him that I thought this
would be about the last battle of the war
I sincerely hoped so; and I said further
I took It that most of the men In the
ranks wei small farmers. TUo whole
"The Beer
You Like"
Op
RICH LANDS FOR FARMERS
country had been so raided by the two
armies that it was doubtful whether they
would be able to put In a crop to carry
themselves and their families through the
next winter without tho aid of the horjes
they were then riding. The United States
did not want them, and I would, there
fore, instruct the officers I left behind to
receive the paroles of his . tops to let
every man of the confederate army who
claimed to own a horse or mule take the
animal to his home. Lee remarked ayala
that this would have a happy effect, llu
then sat down and wrote out the follow
lng letter:
Headquarters Army of Northern Vir
ginlo, April 'J, 1MJ5 iierni; I ierelve.1
your letter of this dale eontalnins; 1 1 1 -terms
of surrender ot the army of north
ern Virginia as proposed by you. As they
are substantially the same as those ex
pressed In your letter of the fcth Inst.,
the sre a. epted. I will proceed to
deslirnate the proper officers to carry the
stipulation into effect. K. K. LICK,
General,
Lieutenant General V. K. Grant.
While duplicates of the two letters wers
being made, tho Union generals present
enlng
II
were severally , presented to General Lea.
The much talked of surrendering of
l.ee's sword and my handing It back
tills and much more that has been said
about It lh the purest romance. Ths
word "sword" or "side-arms" was not
mentioned by either of us until I wrote It
in the termsN There was no premedita
tion, and it did not occur to me until ths
moment I wrote it down. If I hd hap
pened to omit It, and General I' a had
called my attention to It, I should havs
put It In the terms, precisely as I acceded
to the provision about the soldiers retain
ing their horses.
General Ie, after all was completed and
befur.. t.iklng his leave, remarked that his
army was in a very bad condition for want
of food and that they were without forage;
that his men had been living for several
days on parched corn exclusively, and that
he would have to ask me for rations and
forage, I told him, "Certainly," and asked
for how many men he wanted rations. Ills
Continued on Pug Ten.)
