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business, but to sell stock to the public. The face value of their stock not, like that of the Western Union, to do a legitimate telephone company, only to find out later that its earnings were less than its expenses. hope. These bogus companies, they found, did not fight in the open, as troubles of wealth are as numerous as those of poverty. It was beset by How to HOLD the business that had been established--that was now the one hundred and twenty-five competing companies were started, in open audacity at $15,000,000. gamble. At first, having held their own against the Western Union, they the Western Union had done. one-twenty-fifth of its capital, and that every four cents of investment had thus become a dollar. Even Jay Gould, carried beyond his usual problem. None of the Bell partners had been mere stock-jobbers. At one defiance of the Bell patents. The main object of these companies was the public like a swarm of seventeen-year locusts. In three years, way; and they were desperately opposed to the financial banditti whose purpose was to transform the telephone business into a cheat and a Telephone." It was said that the actual cost of the Bell plant was only time they had even taken a pledge not to sell any of their stock to of unusual impertinence, without money or patents, had capitalized its caution by these stories, ran up to New Haven and bought its telephone Much to the bewilderment of the Bell Company, it soon learned that the outsiders. They had financed their company in a most honest and simple a throng of promoters and stock-jobbers, who fell upon it and upon expected to make short work of the stock-jobbers. But it was a vain was $225,000,000, although few of them ever sent a message. One company