Wistful aspirants for unearned increment often point out to one another that a fortune might have been amassed by any person lucky enough to have bought a few shares of telephone stock, or of Ford motor stock, when the telephone and the Ford car were new and unknown.
What these dreamers do not realize is that the public never is given the chance to invest in such genuine bonanzas.
When the promoters of an enterprise are really convinced that it will make them rich they do not want to sell stock in it to anybody and everybody. They want to keep that stock snugly in their own hands.
The commonest assurance offered by the salesman of bogus stocks that "you will double your money" is a plain indication that something is wrong.
What man or organization with anything as good as this is passing it around?
The above was written by Keyes Winter, Assistant Attorney General of New York State, and published in Harper's magazine in August of 1928, more than a year before the great Wall Street crash of 1929.
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