Munsey's Magazine, June, 1912, page 424:

FINANCIAL  DEPARTMENT

BY  JOHN  GRANT  DATER,  SPECIAL  REPRESENTATIVE  OF  MUNSEY  PUBLICATIONS
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WIRELESS  AND  WORTHLESS
    When in South Africa, some years ago, I purchased some shares in the Collins Wireless Telegraph Company, which I was afterward induced to exchange for shares in the Continental Wireless Telephone and Telegraph Company. Having been unable to learn anything about these companies on reaching America, I am writing to ask if you can supply me with any information concerning them.
J. R., Chicago, Ill.    

    A year or two ago this section of the country was flooded with salesmen selling stock of the Clark Wireless Telegraph and Telephone Company. I bought some of the stock, and I have written many letters about it to the company, but I can get no reply. Is this company still in existence?
C. N., La Grande, Oregon.    

    I wish to inquire about the North American Wireless Corporation, which includes nearly a dozen wireless telephone and telegraph companies. I was an original stockholder in the Radio Telephone Company, the Great Lakes Radio Company, and the Atlantic Radio Company. I am very anxious to learn something about the enterprise and about my investment, of which I have heard nothing for nearly two years.
Miss K. W., Cleveland, Ohio.    

    More men are now in prison or under indictment for selling stock in wireless telephone and telegraph companies than is the case with any other line of industrial promotions of which I have knowledge. Lodged in various jails and penitentiaries are C. C. Wilson and four associates, who exploited the United Wireless Company swindle, and one of the Munros, of the famous firm of Munro & Munro, who pretended to sell Marconi Wireless stocks, but did not deliver the shares. All the enterprises mentioned by the above correspondents have their quota of men under indictment on charges of using the mails for the purposes of fraud.
    These inquiries concern two distinct groups of wireless and radio companies, to the number of nearly a score, none of which, either singly or in combination, has developed a commercial success.
    The Continental Wireless Telephone and Telegraph Company was formed for the ostensible purpose of amalgamating and operating the Collins Wireless Telephone Company, the Pacific Wireless Telegraph Company, the Clark Wireless Telephone and Telegraph Company, and the Massie Wireless Telegraph Company. The individual concerns of the group had an aggregate authorised capitalization of $13,800,000. The Continental Company had an authorised capital of $10,000,000. It proposed an exchange of shares with the others, and also offered stock and collateral convertible trust bonds for sale; but in September, 1910, the selling agents were arrested, and they are now under indictment, awaiting trial.
    The North American Wireless Corporation was a still more pretentious scheme, also organized to combine a group of similar companies. The concern had an authorized capital stock of $10,000,000 and proposed to exchange shares and amalgamate the Radio Telephone Company, the Commercial Radio Company, the Central Wireless Company, the Atlantic Radio Company, the Pacific Radio Company, the North American Radio Company, the De Forest Radio Telephone Company, the Universal Wireless Corporation, the Great Lakes Radio Telephone Company, and the Continental Wireless Construction Company.
    How far the combination progressed no one seems to know; but the constituent companies marketed a great deal of stock before the postal authorities closed in upon them and arrested James Dunlop Smith, the former president of the Radio Telephone Company and of the Fiscal Agency Company, which handled the shares. Later on Lee De Forest, the inventor, who was associated with the enterprise, was arrested. Others indicted in connection with the group are Samuel E. Darby and Elmer E. Burlingame.
    The general belief is that these various arrests and indictments have terminated the career of all these companies. The stocks are regarded as of no value whatever.

NOTE--All  matter  in  this  department  was  written  before  the  end  of  April.