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"Ride to Riches With Radio"
399
" I.R.C.," it had acquired the assets of the P.W. P. Manufacturing Company of Newark, N. J., "which already had a nation-wide reputation for the wireless and radio apparatus it has manufactured for four years." Bureau pointed out in its bulletin that the P. W. P. Manufacturing Company had been in existence in Newark only about a year, not four years, had very limited distribution and that it was not nationally known. In its sales circular, the "I. R. C." stated that it had taken over the output of four factories in addition to its own. The Bureau's bulletin stated that it had actually contracted with two small factories for their products, at prices which the consulting engineer of the "I. R. C." admitted to be high. In order to impress prospective stockholders, salesmen of the "I. R. C." claimed that the De Forest Company and Butler Brothers, the mail-order house, had placed with it big orders for radio parts, and that from forty to fifty persons were busy at work in the company's Newark factory. The bulletin, dated August 1 8th, showed that all these claims were false, that the company was making no profit whatever, that the De Forest Company and Butler
Brothers had never placed any orders for radio sets and not more than twelve people, mechanical and clerical, were employed in the socalled Newark plant.
Another falsehood in the "I. R. C." sales circulars gave an account of valuable patents owned and controlled by the corporation, especially the" Rich-Tone Loud Speaker Horn" invented by Mr. Francis Judd, who for a short time was employed by the International Radio Corporation. Salesmen claimed this instrument would revolutionize the loud speaker industry, both in price and quality. The Better Business Bureau bulletin said that these patents had not been granted, and the inventor himself, Mr. Judd, testified that only an application had been made for patents and that none had been granted. It was hardly necessary to refute a claim made by salesmen of International Radio Corporation stock that Mr. Judd's horn eliminated static!
One of the chief stock-selling devices of the "I. R. C. " was a motor car equipped with a radio set which toured the streets of New York. The sales literature of the "I. R. C." referred to the operator of this car and its radio set as
"SECTION OF MACHINERY AND TURNING ROOM. NEWARK PLANT, N. j."
"An elaborate sales circular, which had been sent through the mails, contained several full-page pictures of the exteriors and interiors of factories located in various New Jersey towns. The sales circulars did not actually state that these pictures were taken of buildings owned or operated by the new radio company, but that was the inference that anyone would draw from hastily looking over the booklet. A brief investigation disclosed that the company owned nothing and that the pictures were of factories with which the company had entered into tentative agreement to supply it with
various radio parts"