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Frank Fayant wrote a series of exposés about stock market fraud. But this recounting of stock frauds connected with the radio industry, while extensive, made up only a small percentage of his work -- there were much longer articles about other topics, especially mining and oil frauds. The review of the radio industry began as a section within one of Fayant's "Fools and Their Money" articles, and was expanded in a separate, two-part series, "The Wireless Telegraph Bubble".
Success Magazine, January, 1907, pages 9-11, 49-52:

A Rendezvous for Dreamers

With this little spending money Mrs. White was enabled to buy the "silverware, china, and linens" needed for the country mansion. Another little incident in Mr. White's stock market career is told by his authority in this fashion:

"He lunched with a member of the brokers' firms with which he had been dealing, and, as he could keep in close touch with the ticker at the same time, he laughingly exclaimed to his host, 'Billy, I 'll give you an order to buy something every minute we are at the table.' He really was joking, but he actually did it. At the end of the meal, which had lasted fifty-eight minutes, he had bought an aggregate of 58, 000 shares of various stocks--Union Pacific, Southern Pacific, Amalgamated Copper and Pennsylvania among others. His speculations carried on during his luncheon had netted him a profit of about $25, 000. Is it any wonder he subsequently remarked he had had a pleasant luncheon?"

White installed himself amid the luxurious surroundings of the famous McCall mansion, and it at once became the rendezvous for "millions-in-it" dreamers. Men with lean pocketbooks and fat imaginations, picked up by White in the highways and byways of the metropolis, spent week-ends at "White Park" and dreamed of $100, 000, 000 companies that were to spring up in the great marts of the world. Ambitious but unknown inventors, scientists, attorneys, speculators, miners, and near-capitalists gathered nightly in the great foyer hall of the McCall mansion, sipped their host's good wines and dreamed great dreams. It was at one of these Arabian Nights' entertainments that White conceived the idea of merging all the wireless telegraph companies in the world in one grand, glorious, glittering aggregation. The De Forest and Marconi companies had been engaged for years in costly patent litigation, and each promoting crowd had been calling the other names, and claiming that it had the only simon pure wireless telegraph monopoly. The idea looked so big to White, that, without making any overtures to the "enemy" (the Marconi people), he announced in the newspapers one Sunday morning in November the formation of the United Wireless Telegraph Company, capital $20, 000, 000, "organized for the purpose of uniting the American and foreign systems of wireless telegraphy, including the Marconi and American De Forest systems, as well as acquiring the latest and most approved methods and inventions employed in the art of wireless telegraphy, and continuing its development and expansion throughout the world on the broad and comprehensive scale which the enterprise merits."

A Merger That Was One-Sided

The directors included Mr. White and his satellites, together with a member of a well known New York Stock Exchange firm and a prominent Pittsburg banker. These two men were in the board just twenty-four hours. The moment White displayed their names in his half-page advertising, a stream of incredulous inquiries poured in on them from their friends. They withdrew with as good grace as possible.
An angry protest immediately arose from the leading Marconi promoters on both sides of the Atlantic, and even Marconi himself cabled from Italy that it was all Greek to him. Former Governor John W. Griggs of New Jersey, president of the Marconi Wireless Telegraph Company of America, emphatically denied that any merger of the Marconi and De Forest companies had been even thought of, and he characterized White's "merger" as "antagonistic and repugnant to the Marconi companies." But these denials from the "enemy" did n't bother White. He went right on "merging." He did capture one of the Marconi directors, who has since been forced out of the Marconi board, and he took possession of a notorious firm of brokers in Broadway, who for several years had been hawking Marconi shares around the country at fictitious prices. This was the firm of Reall and Company, formerly F. P. Ward and Company. The full-page advertising put out by this stock selling crowd to entice investors to pay fictitious prices for Marconi shares was even more fanciful than the De Forest advertising. It resembled rather closely the circus poster advertising that flooded the Sunday newspapers in the heyday of Lafayette E. Pike's career as a wireless promoter. The Marconi promoters said they did n't like it and did n't approve of it, and offered a reward to any one who would show them how to put a stop to it, but, so far as I have been able to learn, the Marconi people never made very strenuous efforts to put the brakes on F. P. Ward and Company, or their successors, Reall and Company.

Investors Paid Their Own Dividends

Reall and Company, last winter, offered me American Marconi stock, that could be bought in the open market around $35 a share, for $115 a share. They also offered to sell me the same stock at $140, with five years' guaranteed interest at five per cent. My correspondence shows that they sold a great deal of this "guaranteed" stock. Any schoolboy, with a knowledge of addition and subtraction, can readily see how Reall and Company could sell Marconi stock at $140 a share, deposit $25 of this amount with a surety company to be repaid to the investor in five yearly installments of five dollars, and then take $35 of the remaining $115 and buy a share of Marconi in the open market to be delivered to the investor. The remaining $80, less advertising and office expenses, would represent a very handsome profit on the deal--to Reall and Company. No broker could be sent to jail for turning an honest penny in this way. A man has the right to get as high a price for an article as he can, providing he can find the victim to pay him the price.
Reall and Company, while they were letting investors into this "good thing, " published a promotion newspaper under the title of the "Marconi Wireless News." When White, in conjunction with Reall and Company, formed the United Wireless Telegraph Company, he made Reall and Company his selling agents, and they continued to publish the "Marconi Wireless News" as a publicity organ for White. The first issue under White's direction carried a large portrait of White, the story of his career by a friendly biographer, and a glowing history of wireless telegraphy over White's signature. Then there followed a detailed record of the De Forest companies, with some little incidental mention of the Marconi companies. Reall and Company, who had so generously sold American Marconi stock at three or four times its market price, offered to exchange United Wireless for Marconi. For one share of Marconi and $35 in cash--the cash is never forgotten in these offerings--Reall and Company offered to give twenty shares of United Wireless. For twenty shares of Canadian Marconi and $35 in cash, they also offered to give twenty shares of United Wireless. Reall and Company ceased to advertise the Marconi shares and devoted their publicity to United Wireless, picturing the new wireless stock as one that would increase two thousandfold in value. To make this wonderful picture clear to the most unintelligent, they got an artist to draw a picture of a heap of two thousand gold dollars, which, by some magic, was supposed to grow of a single gold dollar.

To Bring Order Out of Chaos

But, since the publication of this story of the wireless telegraph bubble was announced in SUCCESS MAGAZINE, the De Forest promoters and these generous bankers have parted company. The wonderful advertisement, picturing the heap of two thousand gold dollars, no longer appears in the Sunday papers. A Westerner, with western ideas of common honesty, some months ago acquired a very large interest in American De Forest, and he has been trying to bring order out of chaos. He refused to allow the bankers to go ahead with their circus poster advertising, and White himself concluded that the advertising was too farfetched for even a wireless telegraph promotion. And so Reall and Company were cut off.
In the meantime, some plan had to be formulated for the exchange of United Wireless for American De Forest stock. This was a problem. Many of the stockholders had paid anywhere from $4 to $10 for their De Forest common; many more had bought stock for a few cents a share. The promoters could n't see their way clear to taking all this stock on the same basis. The stock sold at high prices included heavy advertising expenses and agents' commissions; the stock sold at low prices did not include these large items.
Some months ago, while investigating the peculiar methods employed by the De Forest promoters in selling wireless stock to the public, I wrote to the general office of the company in St. Louis, to the New York office, and to several New York brokers, asking for quotations on American De Forest common. From the St. Louis office I received an alluring prospectus, in which the stock was quoted at $7.50 a share, and nine reasons were given me why I should put my money into the stock at once. One reason was this:
"Because a few hundred dollars invested in this stock now and given to your children should make them independent for life, or should provide most handsomely for your own future."
Just what Mr. White would consider a "handsome provision" for my future I am unable to say, but even a very modest provision arising from an investment of "a few hundred dollars" would mean a dividend return of several hundred per cent. a year. As the great railways and industrial companies of the country have difficulty in returning even six per cent. on their capital, an investment returning several hundred per cent. is worth looking into. Near the close of this prospectus I learned that there was "very little stock left-not enough to go around." The closing advice to me was:

Prices to Suit All Purses

"Consider the matter carefully. You have the opportunity. Will you grasp it at the flood tide (now) and ride on to the shore of plenty, high and dry above the adversities which often beset old age, to the land of our dreams, where wealth is unbounded and every wish gratified, where comfort admits of enjoyment, and wealth admits of opportunities for yourself and those you love? Or will you hesitate and doubt, and let the chance go by, to remain in senile dependency upon the bounty of others? Think! It is for you to decide. Think well! Buy! Do it now!"

While I was thinking over this golden opportunity, I received a letter from the New York office of the company offering the same stock for $6 a share. Meanwhile, I was, in receipt of offers from various brokers to sell me the stock for 90 cents, 85 cents, and 80 cents a share. I again wrote to the New York office asking why there was a difference of $1.50 between the company quotations in New York and St. Louis. A telegram came back stating that $6 was the only official price for the stock. A day or two later I received a letter from the Greater New York Security Company, stating that the New York office had no authority to offer the stock at less than $7.50. I then timidly asked for an answer to the riddle of the 80 cent stock offered by brokers. "We have never paid any attention to what the enemy or the cut-rate brokers may do with the few shares they may obtain from weak stockholders, " the company answered. "We have received a great many complaining letters from persons who have invested their money with brokers and afterwards have been unable to obtain delivery of the certificates, and it is a source of deep regret to us that some people have suffered a loss in this way, and we wish to warn you in time."
Not long after, brokers offered me the stock at 75 cents. Knowing as much as I did at the time about the hippodrome methods of selling wireless stock, I still doubted that the stock offered me by brokers at 75 cents was the same that Mr. White was trying to sell me at $7.50. If I could get several hundred per cent. on my money at $7.50 a share, I could get several thousand per cent. by buying stock at 75 cents. Some weeks later, I gave an order to a broker of standing to buy me ten shares of American De Forest common. He got the stock for 30 cents a share, sent the certificate to the Greater New York Security Company and had it regularly transferred to my name.

Profitable While It Lasted

A little while later, the same broker sent word to me that I could buy all I wanted for 15 cents a share. That is, in the open market I could buy fifty times as much stock as Mr. White would sell me for the same amount of money.
While the De Forest promoters were openly selling stock for a few cents a share in New York last winter, Mr. White and his agents all over the country were throwing dust in the eyes of investors and selling them the same stock anywhere from $4 to $7.50 a share. Stock agents in the West took orders for the stock at $4, and then filled their orders by buying the stock in the New York market for a few cents. This was a very profitable business while it lasted, and it probably would be going on to-day but for the warning given in the January article of the "Fools and Their Money" series, in SUCCESS MAGAZINE. One firm of selling agents alone made $250, 000 in selling De Forest stock.
The sales at fictitious prices were very large in the West. An investor from one of the Western States came to New York last winter to pick up some cheap De Forest stock. He appeared one day in the office of a broker in lower Broadway and asked for a quotation on the stock. "What can I get a thousand shares for?" asked the Westerner. "Oh, about 30 cents a share, " replied the broker. The Westerner gasped. "You must mean another stock, " said he; "I'm speaking of American De Forest Wireless." The broker took some stock certificates out of a pigeonhole and exhibited them to the investor. The Westerner drew out of his inside pocket a certificate for one thousand shares of De Forest and compared it with the certificates the broker had. They were all off the same printing press. "I paid $4 a share for this--$4, 000 for the lot!" exclaimed the Westerner. "Do you mean to tell me that I can buy the same amount of stock in the market here for $300?"

"Greater Than the Telephone"

The broker said he could, and he might get it cheaper. The Westerner's $4, 000 worth of stock a few days later had a market value of $150, and he very wisely concluded that he would n't send any more good money after bad. His experience is like that of thousands of other investors all over the country who have bought wireless stock at fictitious prices, only to enrich the wireless promoters and their unscrupulous stock selling agents. In advertising for agents the other day, the De Forest people said:

"The stock is selling readily, and men of ability can easily earn from one hundred dollars to five hundred dollars a week. This is a rare opportunity to become identified with an enterprise that will reflect both credit and profit upon all who are connected with it. The company is now earning money every day and every hour, and is a greater monopoly than the Bell Telephone."

In order to cover up the sins of the past, the United Wireless promoters have evolved a fearful and wonderful plan of exchange of stock. In the whole history of finance I have been unable to discover anything like it. Our American code of financial morals has recently been under rigorous investigation, and some doubtful practices have been uncovered, but never before, to my knowledge, have the promoters of a $15, 000, 000 company attempted arbitrarily to fix various values for the same stock. The financial management of the Union Pacific Railroad has recently been severely censured, but the searching investigation of the Government has failed to show in the minutest particular that one share of Union Pacific was not as valuable as any other share, no matter when nor where bought, nor at what price.

The Merger Did Not Help

Those who believed in the future of the Union Pacific property ten years ago, when the financial outlook was dark, and who put their money into the stock at $20 a share, are on an equal footing with present day investors, who have tardily recognized the value of the property and have paid anywhere from $100 to $190 a share for the stock. The courageous New Englanders who bought the shares of the Calumet and Hecla mine a few years ago for $10 or less are on an equal footing with those who now pay $800 a share for the same stock.
But this is not the case with the American De Forest. Investors in wireless stock who picked it up for a few cents a share are no better off in the United Wireless merger than those who paid several dollars for the same stock. The circular giving the details of the plan for exchanging United Wireless for American De Forest makes this offer:

"For every dollar paid by you for De Forest preferred or common stock, there will be issued $1.10 worth of United Wireless Telegraph Company's preferred stock, plus 5 per cent. thereon for every year the stock has been held by you for over one year. To the holders of bonds who desire to exchange for preferred stock, we will exchange by allowing 20 per cent. on the par value of the bonds, and the holder will be allowed to retain his bonus stock. To the holders of bonus, cut rate, or brokers' stock, we will exchange at the rate of one share of United for six of American De Forest. This applies to either preferred or common stock purchased prior to January 1, 1907. All stock exchanged must be held in escrow in bank or trust company for two years."

As the De Forest stock is intrinsically almost worthless to-day, it probably matters little to its holders on what basis they exchange it for more wireless stock. The stock that the promoters were selling last year, with the alluring promise that it would return hundreds and thousands of per cent. a year dividends, can now be exchanged for a new stock that the promoters themselves are not very certain will return any dividends at all. The bondholders are in a sorry plight. They had a first lean on the assets of the American De Forest Company. Now they have an opportunity to exchange their bonds at a discount of eighty per cent., for part of a $10, 000, 000 stock issue. These bonds, the total issue of which was $500, 000, were brought out late in 1904, when the company was sadly in need of funds, and could not raise any more money by the sale of stock. The bonds were brought out in a peculiar manner. White, as president of the American De Forest, executed a trust deed to White as president of the Greater New York Security Company. About $270, 000 of these bonds were sold, many of them going to investors in the West, and the remainder to American De Forest stockholders in New York, Atlanta, and other Eastern cities. They bear interest at the rate of six per cent. The quarterly coupons were honored until last December. Since then the interest on the bonds had not been paid. The bondholders, if they have any faith in the future of their company, can exercise their rights as creditors of the company and put it in the hands of a receiver. They certainly ought to have as good a chance of getting a run for their money this way as they will have by selling their bonds for United Wireless stock at a discount of eighty per cent.
These American De Forest bonds were the direct result of White's extravagant management of the company in 1904. At the beginning of the year White made a contract with the London "Times" to install the De Forest apparatus on a newspaper despatch boat to report the naval engagements in the war that was about to open between Russia and Japan. White profited by his early advices from the Far East to make a turn in the grain and stock markets. His profitable speculation enabled him to go ahead booming wireless stock. He put a good share of his market profits into the De Forest company, spending money lavishly in publicity and in the erection of useless stations. White himself says that he spent $465, 000 that year in exploiting the company. One of the most extravagant things he did was to spend $150, 000 in publicity at the St. Louis Exposition. A big tower was erected on the grounds, and messages were flashed to stations in various parts of St. Louis. White thought that this expensive object lesson would result in large sales of the company's stock, but it did n't. The $150, 000 St. Louis station was almost a complete loss.
A big share of the receipts from the sale of American De Forest stock had been spent in the erection of useless wireless stations. These stations had been erected almost solely for the purpose of promoting the sale of stock. A station was installed in Atlanta, Georgia, that connected with nowhere. The station was erected because Atlanta investors were nibbling at wireless stock, and White saw that there was a chance to sell a good big block by the right kind of advertising. I am told that $3, 000 expended in the erection of this useless station at Atlanta resulted in the sale of about $50, 000 worth of stock. After the stock had been sold there was no more use for the station, and one day a firm that had supplied some of the materials for the station came along and seized it for the debt. The Atlanta investors now want to know what has become of their money.
Another favorite publicity scheme employed by White and De Forest has been to promise the early transmission of wireless messages across the oceans and across the continent. As far back as January, 1903, De Forest sent a message to President Roosevelt promising that he would be sending wireless despatches to Manila, via. Hawaii "within eighteen months." That was only a dream. In 1904, when American De Forest stock was offered to investors as "an alluring proposition, " White's brokers made this announcement:

"The following wireless circuits have been opened for business--Chicago and Springfield, Springfield and St. Louis, St. Louis and Kansas City, and Buffalo and Cleveland; apparatus is now being made ready for a complete line of stations connecting New York and San Francisco, and we are informed that wireless communications between these two points will be established within the next eight months."

This was also a dream. Only last November, when White was still counting the big profits of his lucky speculation in the stock market, he was "planning to effect instantaneous communication from the Pacific Coast to China in the near future." This was another dream.
But the biggest dream that White and De Forest had in connection with the long distance transmission of wireless messages was a little more than a year ago. White devoted $500 worth of advertising space in one of the New York Sunday newspapers of April 8, 1906, to a big type announcement that the American De Forest Company was busily engaged in sending messages all the way across the Atlantic, The Marconi promoters, some time previously, had induced President Roosevelt to write a transatlantic wireless message to King Edward. It read in this wise: "To his Majesty, King Edward VII., London. In taking advantage of the wonderful triumph of scientific research and ingenuity which has been achieved in perfecting the system of wireless telegraphy, I express on behalf of the American people the most cordial greetings and good wishes to you and all the people of the British Empire." The Marconi people say that they sent this message, and we must take their word for it. Still, it seems rather strange to the layman that the Marconi people stopped with this one message. White did not intend to be beaten by the Marconi people. So he sent De Forest to Glengariff Harbor, County Cork, Ireland, to receive a transatlantic message from the De Forest Manhattan Beach station. White wrote an 800-word dispatch telling the whole history of wireless telegraphy, and printed it in the newspapers, along with a message from De Forest stating that the "aërogram" had been received in County Cork. "The application of man's genius and the utilization of God's natural forces represent a truly wonderful combination, " aërographed White to De Forest; "this marvelous achievement recalls to mind that historic telegraph message sent over the Morse cable many years ago, 'What hath God wrought!'" It would be unkind to suggest that the 800-word history of wireless telegraphy, which White says he sent through the ether to Glengariff Harbor, was in De Forest's pocket before he set sail for Ireland. This great achievement in aërography was recorded more than a year ago. Since then nothing has been heard of the art in connection with the De Forest companies, and it may be that transatlantic aërography is one of the lost arts. It certainly does seem strange to a layman that after sending an 800-word message across the Atlantic nothing more was heard of transatlantic messages. The cable companies still continue to do business, and the owners of cable securities do not seem to be lying awake nights worrying over aërograms.
While the De Forest people are not sending messages across the Atlantic, or across the continent, or across the Pacific, they are doing some commercial business. But this business is of infinitesimal proportion to the capitalization of the De Forest companies. Instead of sending messages 3, 000 miles across the Atlantic at ten cents a word, the De Forest people are doing a little coastwise business within a limit of 300 miles at a charge of fifteen cents a word or more. But this business is all handled by the Atlantic De Forest Wireless, a sub-company that is White's personal property. This company is capitalized only at $1, 000, 000, and the public has never had the opportunity of subscribing to its stock. It delivers messages to steamers plying up and down the Atlantic coast. I had occasion myself the other day to send a wireless message by the Atlantic De Forest to the Ward liner "Merida" a day after she left New York for Mexico. But no attempt was made to send the message directly from New York to the ship. The message was first telegraphed to Cape Hatteras, and from there was flashed over to the "Merida." Some effort has been made to do a land wireless business, especially in Texas, but the land stations have been unable to compete with the regular telegraph lines, and White himself tells his friends that land wireless can never be profitable until hundreds of stations have been established all over the country. Another dream that White had mid the splendors of the McCall mansion was the Bonanza Gold Syndicate. A week after his announcement of the United Wireless Telegraph Company, he devoted much valuable space in the leading newspapers of the country to an appeal to investors for $3, 000, 000 of capital to exploit "colossal gold deposits in gold-bearing sands and gravel in the rivers and in many square miles adjacent in an accessible country, showing such enormously rich wealth that the development of this apparently mother lode of golden riches would startle the world as no other great find in mining has done." Mr. White would n't tell where these colossal deposits were located, but he promised to let the secret out after he had sold the $3, 000, 000 of stock. He did, however, devote a great deal of space to telling what a wonderful financier he was. Mr. White described himself as "a man who has won conspicuous success in notable financial operations covering a period of many years past, and who is one of the best known financiers in the country." He also made bold to say that his operations were "the sort to follow, " and that he was "the kind of man to go with in making investments." He was going to issue $2, 000, 000 "to provide for the purchase price, plants required, expenses and development of what were already indicated to be the most colossal gold deposits ever discovered anywhere on earth." But finally, when White brought out his Bonanza Gold Syndicate, the public appetite for mining investments had been satiated, and there was no instant response to his appeal. Not long after, White discovered that the "colossal gold deposits" were a myth, and it is a pleasure to record that he sent the money back to subscribers.
· ·
A Correction

MARCONI WIRELESS TELEGRAPH COMPANY OF AMERICA,
Lords Court Building, 27 William Street,
NEW YORK, May 27, 1907,
FRANK FAYANT, ESQ., The Success Company, N. Y. City:
Dear Sir:--I have read your admirable article published in SUCCESS MAGAZINE for June, and to only one matter would I take exception, viz.: that you state "the De Forest instruments did their work and did it well, as was shown in the competitive tests with the Marconi instruments." This company entered into no competitive work whatsoever and it does not approve of such tests. In lieu thereof we offered to show the Government our actual working on a commercial basis.
As the above statement is rather misleading, if you can correct it I shall feel much obliged. Yours very truly,
MARCONI WIRELESS TELEGRAPH COMPANY OF AMERICA,
By I. Bottomley, Vice-President.

More than nine decades later, Frank Fayant's carefully researched article still resonates in U.S. communications policy. His landmark exposé even provided one of the themes for a February 9, 1999 speech, Crossing Into The Wireless Century, given by Federal Communications Commission Chairman, William E. Kennard, to the Cellular Telecomunications Industry Association convention in New Orleans. But, in a surreal twist, Commissioner Kennard did not refer to Fayant's article as a cautionary tale about how unscrupulous companies can tarnish and hinder an emerging industry. Instead, using a mixture of out-of-context quotes, plus selective misrepresentations of what Fayant wrote, the commissioner painted Fayant as the bad guy(!), and a supposed example of why uninformed journalists should be ignored.


Courtesy:
http://earlyradiohistory.us/1907fool.htm

 

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