The Washington herald., 1911-03-05

Shall the Chamber of Commerce stand
guardian over the private investments of
Washingtonians and by a series of quiet
Investigations, assisting or assisted by
the Department OF Justice and the Post
Office Department, keep ,fimflam games
and wildcat corporations out of this field
Shall the Chamber of Commerce do.what
it can TO protect the investors of Wash
ington, from which no small part of its
personnel is made up?''
These are questions which have arisen
as result of a recent motion asking the
committee on laws and legislation of
the Chamber to investigate a certain
company which is seeking investors in
this city. The company was accused in
a magazine article of being wildcat"
scheme. a member n the board of di-
vestigation. Regardless of the merits of
that particular case, members of the
Chamber are seriously considering the
advisability of establishing a policy of
protection for Washington investors in SO
far as such policy lies within the power
of the Chamber.
VIII Consider Matter.
Members of the Chamber are by no
means ready without further considera-
ton. to jump at any definite opinion on
the question. Some who have given the
matter thought are ready to come out
have not thought of the matter request
ed more time to think it over when quiz
zed on their views yesterday. None who
were asked were willing to come out un-
qualifedly against the proposed policy.
The consensus OF opinion seemed to be
that If the line of work should be taken
UP it should be performed largely by
standing committee, and should be car
ried on with the greatest possible amount
of secrecy in order not TO work injury
to innocent corporations against which
unjustifiable charges had been made.
Roughly outlined. it would be the duty
Ct the committee to receive in executive
session any charges, and, with the aid
and counsel Of the agents of the Depart
ment of Justice and inspectors of the
Post-office Department, to work out
case or disprovc the charges as the con-
ditiOns required
BY some it was suggested the commit
tee first report the matter to one of the
governmental agencies and then do only
such work as these agencies advised.
1t is believed the matter will be brought
up at the monthly meeting of the Cham
Der, March II, and it is expected to give
rise to widespread discussion.
IndOrscd by Bankers.
Two bank presidents yesterday gave
unqualified Endorsement to any plan Of
the kind which would not work injustice
TO honest corporations entering the local
field.
R. n. Harper, president of the District
National Bank, a former president of the
Chamber of Commerce and one from
whom an Endorsement means much for
any cause. said: Il feel that as the
Chamber is composed of business men of
Washington it ought to do whatever it
can to protect their interests. I don't
know any of the details OF the proposed
policy, but the idea of guarding against
unsafe and dishonest investments GER
tainly cannot be deprecated. ] can see
no harm in a standing committee TO look
after the interests of Washington in
vestors."
George ". White, president of the Ma
tional Metropolitan Bank, one of the
leaders in banking circles of the Capital
City, was equally strong in Endorsement
of the policy
TT would be to the best interests of
the city to have any organization that
would work to safeguard il from dis
honest investment schemes he said.
.'Of course, the matter would be a deli
cate one. as much of the work would
necessarily have to be carried on at long
range.
"A great many of these companies
seeking investments come in from the
West, where their headquarters are. and
any investigation from this end would
work under disadvantages. Still. any
thing to safeguard the interests of the
people would be to advantage. In my
mind it would be a good thing to have
standing committee to do such and to
report, not to the people. but to the gov
crnment department with which it would
work"
Gold valued at approximately sS, 055, ,214
u,nc mined in the Limited States and