New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1911-05-27
EX.CONVICTS IN WALL
STREET.

There was time in New York
when no man with the brand OF a
convict was permitted to go below
Fulton Street-what was Tor
wears known as "the dead line. "
The police had instructions to ar
rest any known criminal the ~
slant he crossed" the bine. In
the last few years, however.
least one hundred ex-convicts
have been occupying offices 10 the
financial district. many of them
in Wall Street and many others
in Broad Street and lower Broad
way. having bank accounts and
magnioicently -furlt ished office
suites, and surrounded by hosts Of
clever clerks nd outside assist
ants, every one Of them being en-
gagged in crooked work, dealing
in investments" and "securi-
ties" unmolested. But, happily,
the United States Department OF
Justice and the Post Office De
partment have begun a crusade
against these preys of the
Street and some at least have
Been. or are about to be, sent to
Sing Sing for postgraduate
course that will entail many years
of close confinement to penal
"studies.
These jail-birJS have given
themselves all this airs and graces
of great and good sound business
men. With scores OF otfice-boys
and secretaries they guard them
selves-especially do those not
yet in the drag-net of the law at
this writing-against intrusion as
carefully as any busy financier oil
"the Street. "
"There is an ex-convict back
of practically every big swindIc
in the financial district, supply
ing the brains or the money, or
both" says Warren w. Dickson,
CAicf Host Office Inspector in
charge of the New York division.
"By big swindles ! mean those
whose operations extend not only
to all parts of the United States,
but frequently to every part OF
the civilized globe. Most OF
these are fake mining schem s.
These are flourishing today in the
Wall Street region TO greater
extent than they ever have in the
past. New York City has become
the worlds headquarters for
these fraudulent mining promoters.
The evil has grown to unimagin
able proportions These swind-
lers have been reaping a stup-
endous harvest continuously in the
last ten years with the exception
of a short time following the
panic of 1907. In the three years
that preceded the panic | should
say they swindled people out of
at least one hundred million dol
lars. Lately this business has
been carried on more energetical-
ly than ever. To-day I believe
these 'get-rich-quick' people are
taking in more than a quarter of
a million dollars daily. Unless
the investors who are 81 hiking
their money with these firms
wake up the business is going to
increase instead Of diminish.
These swindlers of "the Street"
dupe an enormous number Of peo-
pie with their alluring advertise
ments. by means of which they
dispose of worthless mining stocks
through the mails. But it is not
by worthless mining shares alone
that the swindlers and ex-convicts
IF Wall Street "work" the pub
lie. They manage somehow to
get in close relationship with big
md powerful men, and sometimes
hey "rig" the market for legiti-
nate securities.
The ex-convicts in Wall Street
ire engaged in all sorts Of enter
,rises. Those who have not the
and ingenuity to do
else resort to the simpler
md most dangerous form of
windling-passing bad cheques.
From "Wall Street: It's History
md Romance" in the June
strand.