Advertisement for shares in the American Telegraphone Co.

The American Telegraphone Co. and its investors were less concerned with actually setting up a production facility. They wanted to achieve the highest possible returns through the sale of shares. The shares of American Telegraphone Co. were marketed while spending a lot on publicity—in 1905 alone, the company raised several million US dollars through the sale of shares. Thousands of private investors wanted to benefit from the success of the "next phonograph."