Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1911-06-30
Ex-convicts in Wall Street.

There was time in New York when
no man with the brand of convict
was permitted to go below Fulton
street-what was for years known as
the dead line" The police had in
structions to arrest any known GRIM
inal the instant he crossed the line.
In the last few years, however. at least
one hundred eX-convicts have been oc-
cupying offices in. the financial dis
trict. many Of them in Wall street and
many others in Broad street and
lower Broadway, having bank &C
counts and agnificently- furnished
office suites. and surrounded by hosts
Of celevr clerks and outside assist
ant, every one of them being en-
gagged in crooked work. dealing In I'm
vestments'' and securities unmo-
Tested, But, happily, the United States
department of Justice and the postofiice
depart ment have begun a crusade
against these preys of the Street and
some at least have been, or are about
10 be. sent to Sing Sing for post
graduate course that will entail many
years Of close confinement to penal
Studies"
These jail birds have given them
selves all the airs and graces Of great
and good sound business men. With
scores of office hoys and secretaries
they guard emselves-especially do
those not yet in the drag-net of the
law at this Writing-against intrusion
as carefully as any busy financier Of
the Street"
There is an ex-convict back of
pra ctically every big sWindle in the
financial district, supplying the brains
y !, n
w. Dickson, chief postoffice inspector
in charge Of the New York division.
By big swindles I mean those whose
operations extend not only TO all parts
OF the United States, but frequently 70
every part of the civilized globe. Most
IF these are fake mining schemes, These
are fourishing today in the Wall street
region to a 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 unimaginable
proportions. These swindlers have been
rea ping stupendous harvest continu-
ously in the last ten years with the
exception of q short time following the
panic OF 1907. In the three years that
preceded the panic I should say they
swindled people out OF at least one
hundred million dollars. Lately this
business has been carried on more en-
ergetIca-Iy than ever. Today l believe
these 'get-rich-quiek' people are taking
in more than quarter Of million
dollars daily. Unless the investors VIII
are sinking 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 people with
their aIluring advertisement, by means
Of which they dispose Of worthless min
ing stocks thru the mails. But IT Is
not by worthless mining shares alone
that the swindlers and ex-convicts OF
Wall street work the public. They
manage somehow to get in close rela-
tionship with big and powerful men
and sometimes they rig" the market
for legitimate securities.
The ex-convicts In Wall street ave
engaged in all sorts Of enterprises.
Those who have not the originality and
ingenuity to do anything else resort
to the simpler and most dangerous form
Of swindling-passing bad checks
From Strand.