a sphere with which he was entirely familiar, and in which he was competent.

I am led to the above remarks by the sad condition of those who have invested millions of dollars during the past few years in the enterprises of T. J. Foster, of the Scranton (Pa.) Correspondence Schools fame. This man moved to Scranton 26 years ago. He publisht a miner's paper, in which he conducted an "Answers to Queries" department. This grew so popular among his readers that he conceived the idea that mechanical education could be conducted by correspondence.

From this small beginning an exceedingly profitable and useful institution was built up. Special text-books were needed to conduct the teaching, so a Text-book Co. was establisht, and these two concerns workt hand in hand, each to the advantage of the other. The ownership was concentrated in the Text-book Company, which was capitalized at $4,000,000, most of it owned by Foster and his associates.

If he had stopt there he would have been rich enuf to satisfy any reasonable man, and he could have continued in a useful life, commanding the admiration and gratitude of his city and many students scattered over the entire country.

But it seems that money madness entered his brain, or a foolish ambition to do big things, involving the risk of money obtained from others. Then he began to water the capital of the Text-book Co., and also to organize other companies and issue stock by the million. He sent agents out specially trained in the art of stock selling, and particularly were the students, both past and present, solicited to buy the stock. And the general public bought (bit) freely on the good reputation of the Scranton institution.

There were land companies (Florida and California lands), coal companies, a typewriter company, and even a poultry company. The agents called the latter "Foster's hen stock." He bought a farm in New Jersey for less than $25,000, and on it he based $1,800,000 in stocks and bonds! I call this "sky rocket finance." It is estimated that he has issued a total of $100,000,000 in securities of all his companies, and that the students and general public have paid upwards of $20,000,000 in actual cash for these "scraps of paper."

I will not take space here to tell more of this sad story. I sincerely hope that no WORLD readers are victims. Those who

want more of this story are referred to the Phila. Public Ledger, which began July 1st to give a detailed but fair and considerate exposure, publishing an article on this subject in almost every daily issue from July 1st to the present writing, July 12th, and perhaps will continue as further facts develop. It is a long, sad story. The price of the Ledger is 2 cents on weekdays and 5 cents on Sundays. This information is important to those who may wish to send for it. The Financial World (18 Broadway, N. Y., 10 cents per copy) began in 1912 to throw light on Foster's schemes, and in its issue for July 10th, page 17, it gives a chronologic list of these articles up to the present date. This is all I need to say here, except to say that the existence of the worthy original enterprise, the correspondence school, is jeopardized by the insanity above referred to. Scranton is trying hard to save its celebrated correspondence schools. It was reported that the Scranton banks would advance $500,000 immediately needed, but it seems that more careful investigation discouraged them. Foster has appealed to the people of Scranton, but the result is not yet known.

Query: Where did all the money go? Query No. 2: Will Foster and his guilty associates receive just punishment?

Conclusion No. 1: The issuance of stocks and bonds should be rigidly scrutinized and controlled by state or nation, or both. If such losses as above noted had been incurred by burglary, we would think we were not civilized. The losses occurred just the same, and prevention of losses by such means is necessary, as well as losses by burglary.

Conclusion No. 2: And this is for you, doctor. Beware of stock peddlers. And some bonds are just as bad or worse; so don't be misled by the word "bond."

The International Lumber Co.

The Ledger for July 8 gives the total valuation of the assets of this defunct concern at only $738,735. Over $6,000,000 worth of stock was issued and sold, and this is the net result. A half million rubber trees were valued in the company's pamphlets at $2,500,000. The entire 600acre rubber plantation is now valued at $1. Those who want the details should send for the Ledger of the above date.

The leaders of this fraud are now in the penitentiary. Will Foster and his associates follow? I can do no better here than

to present to you the following editorial from the Ledger for Sunday, July 11:

GETTING MONEY FROM INNOCENTS. Nearly all our Government activities relating to business aim to protect the public against old existing concerns. There is yet no adequate protection of the people against swindlers who have new schemes to promote. Let an existing public service company attempt to collect a dollar by illegal methods and the State and Federal fists smite it. But a lumber swindle, or a farm swindle, or an insurance swindle, or a coal mine swindle, or a gold mine swindle can be floated without hindrance under the very noses of a thousand State and national officials and systematically rob their victims of millions. Let a gas company overcharge a town a few cents and the law is invoked to punish it, while at the same time the most palpable frauds are carried on openly by which the public suffer twenty times as much loss.

Recently

Such a game as the International Lumber fraud goes on for years, taking a fearfully big toll from unsuspecting investors, but not a protest until the harm has been done. Other equally patent swindles exist to-day, but not an official hand is raised against them. All officialdom's energies are absorbed in looking over the accounts of long existing and staple corporations in the hope of finding a leak. A Postmaster General has said that frauds against that office alone take $50,000,000 from the people of this country every year. enacted laws make it very nearly impossible for railroads, public utility companies or big industrial combinations to carry on a system of espionage. Isn't it long past the time for equally comprehensive statutes to prevent the promotion frauds that are conceived for the sole purpose of plundering? If ever it was true that an ounce of prevention is worth a pound of cure, it is true of a plan to save the gullible public from financial sharks, instead of merely sending the sharks to jail after they have gotten their booty.

Irrigation Securities

Many irrigation bonds have been sold in recent years, particularly in the West. I notice the following in the Financial World for June 5:

THE MORGUE OF ABANDONED HOPES. PRESENT QUOTATIONS FOR SOME IRRIGATION BONDS SOLD A FEW YEARS AGO AS SPLENDID INVESTMENTS.

For nearly two years the holders of some of the irrigation bonds whose interest is in default have been waiting patiently to hear something hopeful about their securities. However, theirs is a long road and the turn in it is yet far off.

What market there is for their bonds is in a thin one with prices so far below what they paid that were they to sell their securities it would mean a very heavy sacrifice.

We publish the quotations on a few of these bonds which were obtained from a circular issued by a Chicago concern which seems to specialize in these issues:

The above quotations indicate that it may take years for these propositions to satisfactorily work themselves out of their bad predicament, if indeed they succeed at all in so doing. The lowest price is that on the irrigation bond sold by the Farson Son & Co. for connection with the promotion of which they were indicted by a Federal Grand Jury on charges of misrepresentation. Seven dollars per hundred is the measure of value conservative investors place upon this irrigation project.

When the agent comes around to sell securities, everything is bright and rosy. He can answer every question and he can convince you that your money is absolutely safe and that the returns will be handsome. If you invest, in one or a few years you get a jolt like that received by the many holders of the above irrigation bonds, of the International Lumber securities, and the Foster (Scranton) securities. And some of these securities were sold way above par! and practically worthless now. What availeth it if a security pays a high income for a few years and then falls flat? The International Lumber stock paid 8%, was sold at I think 50% above par, and then went down as noted. Dividends are frequently paid out of capital, and not earned. There's where the deception is, and that is against the law. Make it also against your law for any stock peddler to come into your office. If he should gain entrance, show him THE MEDICAL WORLD, and then the door. Don't attempt to talk with him. He will beat you talking, every time.

Shall We Ask Our Banker?

For obvious reasons I do not give the name nor the location of the writer of the following:

Doctor C. F. Taylor; DEAR DOCTOR:-Under the head of "Business Talk to Doctors" I read month after month your hammering upon investment frauds, and your showing of the results by the letters of those who "bit"; and I'm sure that I'm one of the very many who is thanking you for pitfalls and traps pointed out to us in due time to prevent being caught.

But you usually round up with the words: "Ask your banker." Now that may be all right in a large city (altho I fail to see any difference at all); but I happen to live in a small town, and I know personally the character of our only banker, and must state that I have absolutely no confidence in that man, for reasons I do not care to mention. Such condition is perhaps not rare in rural towns. Why, I would rather ask the agent who offers his blue sky proposition, for one might as well be bitten by the dog as by the

cat.

I am trying to accumulate a little money, and it grows only in low figures. I take those greenbacks to the bank, where it is absolutely rentless; and if the bank was not protected by the State, my money would not be there at all. As the amount is not much, I would like to have access

to it any time; otherwise I would try to get a first mortgage on some good ground. But financially I'm not able to do that, as I may need the money or part of it any time.

Now, is there any way to let this money be a safe investment, so that I might get at least some dividends, and with a chance to sell at short notice, when necessary? It seems to me there must be, but I have no experience, and wish you would point out some way, but please do not say, "Ask your banker," for I don't want to lose my money. Respectfully yours, A NEWCOMER.

Doctor, I think your community must be particularly unfortunate in its banker. cannot think that this condition is general.

It is possible that the banker in some community might say, and with truth, about the village doctor what our correspondent has said about his banker. No class is free from black sheep. I still have confidence in the average banker and his judgment of securities, just as I have confidence in the average doctor and his reasonable competence in his profession.

Here is an interesting letter that you will enjoy reading:

BUCYRUS, OHIO, July 2, 1915.

Dr. C. F. Taylor; DEAR DOCTOR:-I am a physician running a small hospital here in Ohio. For years I have taken THE WORLD, read and enjoyed your Business Talks. Once you were so good as to publish one of my letters. Twenty-five years ago, when I first started in practise, I fell for many investment fakes. Then I quit. I have been in a mining country nearly all my life and have both made and lost money in mines. When I say mines, I mean mines and not the so-called mining stock which is peddled around the country. Seventeen years ago I bought some stock in Colorado to accommodate a friend. Later, I found they had a good property, but it was workt as a "sucker-catcher" instead of for gold. dropt out. Later the management changed, and after years of effort we are just getting it where it pays. There is little question now but what it will make a big fortune for me, but it was no investment for a man who could not follow it up with knowledge, time and money.

I

Some years ago I was urged to buy stock in a building railroad, but I refused. I knew the country, and the proposition was a good one, but I lacked confidence in the management. They were too smooth and promised too much. It cost half a million to build. It was stocked for one million and the stock sold. It was bonded for $200,000 and the bondholders got possession with a lawsuit that closed down the road for several years. The fellows who bought the stock lost all they put in, and the bondholders lost much. The Supreme Court sold the entire outfit, perfect title, for $100,000, and we are running it on an honest, conservative basis. I inclose you a folder and ask that you look at the table of altitudes.

I am now getting ready to start and operate a new stock company. There will be no faking of any kind nor will there be any promotion stock. My plan is this: I shall build permanent tourist camps at different stations along the road at dif

ferent altitudes, from about 5,000 feet to 14,000. There will be one boarding house or tent, one amusement place and a lot of sleeping quarters at each station. There will be a physician and nurse on the job to advise as to altitude, etc. Then in all large towns within a given radius I shall organize tourist or vacation clubs, by which individuals will pay in a weekly fee for so many weeks to entitle them to a vacation at these camps along our line. Tickets will be issued good for so many beds or meals at any or all of our camps at the holder's option.

I have not the money to carry out this plan alone, and so must needs make it a stock company and sell stock; but it will be a square deal all the way thru. I take a vacation every year and it pays well. I spend it in Colorado and enjoy it immensely. I have always taken a bunch of friends with me and I know what the average person going west would appreciate-just such a string of camps as I propose building. If honestly handled, I believe it will grow and pay big dividends. Of course, it can be operated successfully for only about four months each year, but there is practically no expense when it is not in operation. There is also no limit to the number of people it can handle, and if properly managed every person who makes this trip will send every friend he possibly can to make it another year.

If you go West this year I would like to have you look the project over. I would like to advertise it in THE WORLD when the proper time comes, but doubt if you will accept advertising of this class. I greatly appreciate your fight for honest advertising and what you are doing for the physicians. My proposition would be a straight speculative investment, and I would not advise any one to plunge or put in money that it would cripple them should they lose. Someone must have a vision and invest in projects of this kind or there would be little or no progress in constructive work. I see a chance for large profits here and little chance for loss unless I should die and the project drift into dishonest hands, for success depends almost wholly on efficient management.

I should like to hear from you.

Dr. W. Irving Burns, a graduate of University of Vermont (1896) and University of Buffalo (1897), of Roanoke, Va., formerly of Witt, III, died suddenly from heart disease on a passenger train near Lithia, Va., March 1st, aged 60.

A "christian science" licensure act was defeated in New York by the opposition of the medical profession.

Dr. G. H. Chappell died at his home in Grand Rapids, Mich., of pneumonia, aged 74.

After twelve years' delay caused by litigation, the $7,000,000 endowed Winifred Masterson Burke Home for Convalescents, at New York, was opened in March.

Some years ago the United States Government made it an offense for physicians practising within the Hot Springs Reservation, in Arkansas, either to pay or receive commissions for professional services. There the evil had grown to such proportions that drummers were sent out on all the trains approaching the famous resort, and these drummers, the most skilful of their kind, were very sure to land, on each and every trip, a victim in the hands of their employers. This action has entirely eradicated this vicious practise, with the result that Hot Springs has taken its position as a highly respectable and thoroly ethical health resort, to which people may go for treatment with the assurance that they will come in contact with an honorable profession, the status and quality of which has been assurred by the wise attitude of the National Government.-Lancet Clinic, Feb 6, 1915.

A very remarkable and useful movement was launcht in St. Joseph, Mo., a few weeks ago. The Southern Methodist Church, having in mind those who are sick in their homes and who for any reason do not wish or do not need a hospital for their treatment, has establisht a medical laboratory to serve the population within a radius of one hundred miles.

The Rockefeller Foundation announced at New York, March 7th, that it had decided to undertake a comprehensiv plan for the improvement of medical and hospital conditions in China. The Foundation has establisht a special organization to be known as "The China Medical Board of the Rockefeller Foundation," and plans as the first step the development in China of medical education. This will include aid for the two or more medical schools; the strengthening of the staffs of the mission and other hospitals; assistance in the establishment of two tuberculosis hospitals, and the establishment of six $1,000 scholarships to enable Chinese graduates in medicin to prosecute studies abroad, and of five scholarships to enable Chinese nurses to obtain training in this country. The action taken was based upon a report of its special commission, which last year made a study of the public health and medical practise in China.

The protocol of the anti-opium convention of 1912, which aims at the suppression of the opium traffic and international traffic in cocain and other noxious and habit-forming drugs, was signed at The Hague February 12th by Henry Van Dyke, the American Minister to the Netherlands; Tang Tsing Fou, the Chinese Minister, and M. Loudon, the Netherlands Minister of Foreign Affairs. The affixing of their signatures to the protocol by these three diplomats puts the convention into immediate force for the signatory countries, which comprise approximately 475,000,000 inhabitants: China with an estimated population of 330,000,000, the United States, 100,000,000, and the Netherlands and her dependencies, 45,000,000. The International Opium Conference held a series of meetings at The Hague in June of last year, some forty-four nations being represented. Before adjourning the conference requested Foreign Minister Loudon to obtain ratifications from the adhering powers.

For the purpose of securing more co-operation from physicians and nurses in the anti-tuberculosis campaign, The National Association for the Study and Prevention of Tuberculosis has inaugurated a movement to bring the importance of this

subject to the attention of these two groups, according to an announcement made from headquarters in New York City. This will come thru the medical schools and nurse-training schools.

Virginia's State Board of Health is distributing free to the public bulletins for the bedside treatment of diphtheria and scarlet fever.

Medical examiners will replace coroners in New York State after 1916 under the new law there. Every other state must do likewise.

An official report states that the Oregon legislature has made an appropriation of $50,000 for the first building on the new campus of the University of Oregon, Department of Medicin.

The Langenbeck-Virchow Building, a home for the medical and surgical societies of Berlin, is just on the point of completion. The library is already being moved into the new quarters. By combining several scattered medical libraries, it starts with 113,000 volumes.

In an address before the Paris Surgical Society recently, Professor Tuffier said that of the 14,000 surgeons in the army, 6,500 were at the front. Of these 93 had been killed, 260 wounded and 441 missing; 135 had been mentioned in orders for gallant conduct on the battlefield.

A memorial tablet has been placed on the house at Cosenza, Italy, where the eminent alienist, B. Miraglia, was born, and a similar tablet is to be placed in the insane asylum at Aversa, the scene of his work, and a street in Aversa is to be named after him.

Asiatic plague has been wiped out at New Orleans. The U. S. A. M. C. scored again.

The Iowa State Board of Health intends to abandon the method of requiring periodic chemical and bacteriologic examination of water supplies in favor of the more scientific method of surveys under the direction of a civil and sanitary engineer of the State Board of Health, who has been working along this line since the reorganization of the board.

Dr. Dercle, a military surgeon who has just received the cross of a chevalier of the Legion of Honor, holds the record for the number of wounds. He bears the marks of ninety-seven. He abandoned his post only when he fell, having received three serious wounds. At present he is undergoing his convalescence at the military hospital of Val-de-Grâce, where he received the medal awarded to him by the government for his courage and devotion.

Mercy Hospital, Chicago, Ill., receives twothirds of the $500,000 estate of the late Mrs. Harriett Haynes of St. Charles.

A statement was recently made in the House of Commons by the British Under-Secretary of State for War that only 421 cases of typhoid fever had developt in the British forces during the present war and that of these, 305 had not been inoculated within two years. Among those who had been inoculated within two years, there was only 1 death and this individual had received only one inoculation instead of the two provided for by the regulations.

The legislature of Virginia has refused to restore the obnoxious license tax on physicians and surgeons repealed last year.

The Louisville, Ky., profession has a hot fight on its hands, as has that of Cincinnati, Ohio, in an

attempted monopolistic control in each instance of their respectiv city hospital by the local university medical school. It is the same reactionary game of a "special interest" in our profession everywhere that doctors must down or by it be downed.

Alfalfa, opiates, arsenic and habit-forming drugs are not found in American cigarettes, according to recent studies in the Bureau of Drugs of the Ohio Agricultural Commission.

Dr. S. H. Chuan, a specialist on sanitary and preventiv medicin, has been appointed surgeongeneral of the Chinese army, and president of the Army Medical School, Tien-tsin.

It costs approximately $265 to install the Pennsylvania Railroad ventilating system in a passenger car. Thus, to equip the 3,000-odd steel passenger cars owned by this system has alone cost $795,000.

The Presbyterian Hospital in Philadelphia will replace its present buildings at a cost of $1,000,000.

Dr. G. Alvarez, a well-known pediatrist of Madrid, has recently been appointed a member of the Cuerpo medico of the Real Camara of Spain. This call on the specialist skill of one versed in the diseases and hygiene of children is hailed by the medical and lay press as of promising augury.

The Red Cross badge of honor, second class, has been conferred on Dr. McDonald, chief surgeon of the American Red Cross Hospital unit, Budapest, and on Surgeons Jewett and Miller of the staff of the hospital.

The interesting theory has been advanced by veterinarians and others having to do with the cattle and dairy industries that skimmed milk from creameries sent back to the farm for feeding to stock has been the means of transmitting and perpetuating disease. Sterilization of all byproducts of creameries is therefore urged by the Cornell Veterinarian for February.

In the campaign against malaria in the South Surgeon Rudolph H. von Ezdorf, U. S. P. H. S., from his headquarters at Mobile has sent out cards to physicians all over the malarial territory asking for information as to the prevalence of the disease. The idea is to get accurate inforniation as to the incidence of the disease and its geographic distribution. Negativ as well as positiv replies are desired. It is the intention to collect information on the malarial situation by sending out cards each month.

At one of the last sessions of the Société de Biologie, M. Victor Henri, maitre de conférences at the Sorbonne, called attention to the fact that the wounds produced by shrapnel ball and fragments of German shells may contain phosforus. The presence of this element, even in very small quantities, may have an important effect, producing a mortification of tissues in which anaerobic microbes easily develop. It is possible that the great majority of cases of suppurating wounds, tetanus and gaseous gangrene are due to the introduction of phosforus by shrapnel and fragments of shell.

It is reported that the Minnesota Public Health Association has indorst a plan for the physical examination of all food handlers, to eliminate those suffering from infectious diseases. This would include food factory hands, cooks, waiters, bakers and even cooks in the home. A bill

is now before the legislature to license professional cooks.

Dr. Calvin S. White, Portland, state health officer, has given it as his opinion that the best and most sure remedy for the rabies, which is exceedingly prevalent in eastern Oregon, is the destruction of coyotes, among which the disease has been found. As a result, extensiv "drives" on these small animals have killed off many hundreds; and rabies among cattle is markedly decreasing.

Two new insane asylums will be built by the state according to bills before the legislature of Pennsylvania drafted by the Board of Public Charities. One of the institutions will be in the eastern end of the state and the other in the western, and each will accommodate about 1,500 patients. The bills provide for the appointment of a commission to select and buy sites.

The Virchow prize plaque has been awarded by the Berlin Anthropologic Society to Prof. K. von Toldt, of Vienna, president of the Vienna Anthropologic Society."

The Atlanta, Ga., Medical College is to become the medical department of Emory University in that city, being developt by the Methodist Episcopal denomination. The latter is to provide an endowment of $250,000 and a $350,000 teaching hospital.

The Swedish Medical Association has ten memorial endowment funds for charity, three funds for purchasing books and for social purposes, and ten for prizes or appropriations for research work.

Now that the scandalous lay exploitation of "twilight sleep," for revenue only, has reacht the moving-picture stage, it is a satisfaction to learn that exhibition of these films has been everywhere prohibited.

Prof. A. Lanfranchi, director of the Veterinary Institute of Pathology at Bologna, contracted trypanosomiasis two years ago in the course of his six years' study of trypanosomes. He then took a course of treatment at the Paris Pasteur Institute and was apparently cured, but the trypanosomiasis has recently broken out again. He has gone to Paris for treatment.

Dr. Rufus A. Van Voast, Cincinnati, who is on duty as an auxiliary surgeon with the Second Regiment of the Fench Foreign Legion, has written urging the Americans to aid the French in the campaign being waged against typhoid fever.

Oysters now being shipped from northern oyster beds in interstate commerce are safer than ever before, according to the bacteriologic specialists of the United States Department of Agriculture. Oysters, as these specialists express it, are fully as safe a food as is milk. This condition has been brought about thru the sanitary surveys of oyster beds conducted co-operatively by the Public Health Service and the Department of Agriculture, by the hearty co-operation of the State shellfish authorities with the federal authorities, and finally by a realization on the part of the oyster men that they themselves in the interests of their industry must prevent the taking of oysters from suspected or polluted beds.

The U. S. A. coastguard cutter Androscoggin is now a hospital cruiser for fishermen on the "Banks."