Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1912-08-21
FACT AND GOSSIP
IN MONEY MLRTS
Americans Are the Most GULL
BILE Investors in the Whole
World. i,
s#ME a..
BY 3. c. FORBES,

NE" 1Ohh, aug A.-We are IN fair
way to get pure food, on all sides we are
promised pure politics and only recently
praiseworthy movement was instituted tn
give us pure Investments. The American
is the most gullible investor in the whole
world. This chiefly because-at least in
his initial stages-he wants either some
thing for nothing or an absurd lot for his
money. He still foolishly fancies that
fortunes are being dispensed by obscure
promoters.
At least half million dollars a day
probably full million-is f1lched from de-
luded investors by swindlers.
The postoffice has done yeornan serv.
Ice in imprisoning many of these fakirs.
But 1t can not cover the whole field. It
makes no effort at prevention; it neces-
sarily, confines its efforts to curing or
rather, killing, the guilty. The postal
people can do nothing until the unscrupu-
lous promoter has got in his nefarious
work.
The investment bankers can go to the
root Of the evil They do not have to
wait until the false tree bears fruit. They
can, so to speak, nip it in the bud. And
1t is this they propose to do. A very in
the Waldorf recently Over two hundred
bankers whose chief business is to handle
investments formed the Investment Bank
ers Association of America. They propose
to establish a bureau of investigation to
which all proposed undertakings will be
submitted.
The new bureau will give it's 0. K. to
meritorious projects, but will stamp it's
disaproval upon any scheme not worthy
of public confidence and support
If properly carried out, this plan is
capable of saving the people of this coun-
try scores of millions of dollars every
year. Not only would fraudulent enter
prises be rejected, but members of the as
sociation-honest bankers-would be thus
provided with means of thoroughly prob
ing proposals put before them for con-
sideraton. Sometimes an honorable firm
is misled into lending its name and infu-
ence to a project which it believes COM
mendable, but which full investigation
would have shown to be questionable
was much impressed by the earnest
ness of the bankers who assembled the
other day More than half of them were
obviously under 35 years of age l have
seldom or never seen a more inspiring
getic, intellectual looking, of superior
manners and, if the phrase may be used
of mere males, possessing an unusual
amount of charm, the which J. NJ. Barrie
taught US in What Every Woman
Knows" is the one thing needful. all else
being of minor account The formation of
the Investment Bankers association, if I
am not greatly mistaken, will mark the
opening of new and better era in Amer-
can finance.
Lest there be some doubt on the sub
ject, let it he here explained very en-
phatically that yesterdays gathering was
no Bull Moose convention, no party of
protest True, the American Bankers as
ISOLATION did not accept the suggestion
that it form an investment bankers sec
ton. but the parent body, I am assured on
excellent authority, will warmly support
the new body.
The movement is an excellent sign Of
the times.