New York Times, August 18, 1907, page C5:

WHITE  IS  OUT  OF  UNITED  WIRELESS
__________

Col.  C.  C.  Wilson  of  Denver  Now  Reigns  in  Place  of  the  Former  President.
__________

WOULD  EXCHANGE  STOCK
__________

New  Executive  Aims  to  Get  Stockholders  of  the  De  Forest  Company  to  Transfer  Holding.
__________

    Changes have taken place in the offices of the United Wireless Telegraph Company, at 42 Broadway, for Abraham White, some time its President, is gone. In fact Abraham White has been out both as an officer and stockholder of the United Wireless and its subsidiaries, the De Forest Companies, since last May, according to the official explanation to him who makes inquiry. Should the inquirer ask, why Mr. White's name is still on the Directory Board of the building in front of the room number which stands also for the executive offices of the United Wireless, he will be told that the arrangement is only temporary and soon to be terminated.
    White's successor is Col. C. C. Wilson of Denver and New York. He is President of the International Loan and Banking Company, the Gilpin Independence Mining Company, and the Texan Fire Brick Company, all of Denver and other points West. He is also the largest individual stockholder of the United Wireless, as he was of the De Forest Wireless, which preceded it, for he says so himself. Col. Wilson is large and affable.
    He is anxious just now to do two things. One of them is to get the stockholders of the old De Forest Companies to exchange their shares for the shares of United Wireless. In this second operation there is involved the proposal to sell treasury stock of the new company to investors, but that, of course, is only an incident, for Col. Wilson declares that none of the treasury stock will be disposed of through brokers, but only by the recognized "fiscal agents" of the company throughout the country. And there will be no "cut rate" stock as there was of old. In proof of which it is announced that the company will advance the price of its shares from the $10 par to $11 each in September. This, is on account of the rapid development of the United Wireless business and the general prospects for wireless telegraphy, which is available for all the ships of the world. And at the present time as many as ninety-six of them use the De Forest system.
    The company, moreover, according to Col. Wilson, has an income of $10,000 a month gross. With an authorized capitalization of only $20,000,000, it is said that the stock should sell at least ten points above par, considering the fact that the present income is at least .006 per cent. of the aggregate stock which may be sold. The company is, moreover, taking the public into its confidence. Under date of July 22 it published, in connection with an advertisement, its "second annual financial report," and remarked, incidentally, that "when we consider the enormous capitalization of the Western Union, Postal, and Bell Telephone Companies, aggregating over $250,000,000, the small capitalization of $20,000,000 for the United Wireless Company would seem conservative enough."
    This is the financial statement:
ASSETS.
Good-will and patent rights$500,000
Treasury stock13,302,230
Cash, accounts receivable, in hands
  of fiscal agents and in course of
  collection		71,807
Stocks and bonds of other wireless
companies, par value $7,946,130,
  our value		    6,166,223
Total$20,040,260
LIABILITIES.
Capital stock$20,000,000
Bills payable5,500
Accounts payable        34,760
Total$20,040,260

    Attracted by certain features at this balance sheet, a reporter who visited Col. Wilson last week asked that financier what item of assets represented the properties from which the company was earning its gross income of $10,000 a month. The Colonel said these properties were all included in the item of $500,000 for franchises and good-will, which, he added, was scaled down from $5,000,000 when the United transformed itself from the grosser days of the De Forest. Col. Wilson was asked further about the stocks and bonds of other companies which the United Wireless carries at $6,166,223. He admitted that those do not include a majority of the stock of the Marconi Company, but only certain minority holdings, which one day may be increased.
    Col. Wilson is regretful for the inaccurate impression created by Abraham White's announcement last Fall that he had control of the Marconi Companies. But the Colonel is hopeful, for in his letters to the De Forest stockholders, he says:
    "Doubtless you have been informed of the organization of the United Wireless Telegraph Company for the purpose of unifying the different wireless interests of the world. The Marconi Company has a vast number of transatlantic ships equipped and quite a large number of shore stations in Europe. The American De Forest Company also has a large number of American vessels equipped and with orders constantly accumulating for new vessels to be equipped. The United Wireless has been organized on safe and conservative lines. The combined stock of the American De Forest and Marconi Companies is in the neighborhood of $29,000,000, so you will readily see there has been a scaling down instead of an increase in capitalization."
    Because of Col. Wilson's uncertainty as to the amount of Marconi Wireless stock held by the United Wireless Telegraph Company, it is impossible to figure just how much of the $6,166,223 representing the company's valuation of stocks and bonds of other companies, stands for the stock of American De Forest that has been taken in exchange. Col. Wilson said yesterday that the statement that the American De Forest realized in cash less that $750,000 on all the stock that was sold in the days of Abraham White was not true, and that White had stated that the company realized over $2,000,000 on those sales all over the country.