The sun., 1919-05-24
Appeal for Help Ignored.

Appeal for Help Ignored.
1t was that presentation OF conditions
more than a year ago, accompanied by
an appeal for help from Assistant Dis
trict Attorney Brogan, which Judge
Swami ignored It Ia those conditions
to-day, varying merely In that the drive
OF the promoters Is mostly based on the
oil fever now sweeping the country. that
call for correction from Mr.. Dooling and
Mr.. Kilroe.
II Is only by going into Wall Street
and carrying on a vigorous offensive
against these shady stock concerns, nip
ping their campaigns before they get
started, that protection can be assured
to the investors who believe more in
glittering words and promises Of great
returns than Is careful investment and
a reasonable proht, Mr.. Brogan insists.
To walt until complaints actually arrive
is to wait. in his opinion, until the game
Of that particular promoter Is practically
over, and he has closed up his offices and
departed for pastures new. Brogan
found time and again when he went to
investigate some pitiful complaint. from
n woman. say, who had lost all her saw
ings. that the broker who had defrauded
her was no longer TO be found in Wall
Street He might come back but II
would be after safe time. under an
other name and with brand new
scheme backed by hashy stationery and
epecious promises. .st's'
Mr.. Brogan has outlined what he be-
lieves would be the most effectual way Of
grapplied with the situation, which is
giving a black eye to even legitimate
stock transactions and promotions
There should be a special squad, pref
erably a part of the District Attorney 8
Office" he said. which would do nothing
else but keep a watch on Wall Street
They should be men trained In the In
vestigation of financial matters, who
know the big and the petty thieves and
their methods of working. They should
know all about bucket shops and. the
transactions which 1t is at times almost
impossible to trace. because only half a
transaction takes place.
Way to End swindIes.
"If these men went to a new Arm
which they had reason to suspect. bought
stock, then demanded delivery OF 1t and
knew how TO proceed when the stock
was not forthcoming they would very
soon scare these crooked promoters Sc
badly that they would clear out and
never come back. If they asked for q
memorandum of a stock transaction In
a bucket house, traced It to the broker
OF whom the bucket shop claimed to
have bought the stock and subpenaed
the broker and his books to the District
Attorneys Office evidence could very cas-
lily be obtained which would result ir
many convictions. There are many
more ways In which such a squad could
work. but that Is an instance of what
they could do which cannot be done with
tho present equipment Of the frauds blu.
reau."
One of the best cases Brogan had ir
| which an indictment was procured wa;
tied up because he could not get the aic
he needed to make an investigation OF g
| man who had been known as a crooked
promoter for years.
After that 1 sort of lost heart an6
decided I could only get results BY
warning the public through the papers
| / suppose l might have dropped all ths
trial, but 1t seemed to me with the Lib
erty Loans on. with people giving W
Government bonds for stock that ha6
less value than wall paper. that l could
do more good by trying to educate the
public in that emergency than by trying
to get one or two convictions which
would have been only a drop in tho
| bucket. I wanted also to get q Blue SIX,
law passed that would have checked
| some of these men. and tho larger pro
gramme seemed more important in &
time of public trial than the prosecution
of a case that would have taken up al
my time, while the numberless othel
duties of the bureau were being neg
lected. 1 did not go there with the ides
OF being a trial lawyer. II / had hat
assistance these cases could have beer
| pushed as they came and / have M
doubt convictions would have been Sc
| cured"
| That Mr.. Brogan's work in helping
protect buyers OF Government bonds wa
| appreciated is shown by the following
letter from the Liberty Loan Commit
tee, written by Joseph Hartigan of tn
department of speakers and meetings:
| THE splendid war service that yol
are rendering as Assistant District At
| torney in bringing to light certain in
| dividuals who have been imposing on tn
public, at the same time indirectly in
| Turing the welfare OF the Government
| through the matter OF depreciating tn
value of Liberty bonds. is highly ap
preciared both by the writer and tn
Liberty Loan Committee.
81 do not know of any other wa,
OF publicly showing appreciation of you
efforts than to invite you as a speake
on behalf OF the committee to address
the public from the steps of the Sub
Treasury at Wall and Broad streets a
noon some day of this week"
Ashbell Green of the committee o
quotations of the New York Stock Eek
| change also wrote to Mr.. Brogan {
express my appreciation and that O
my associates Of the work done b
you in the bureau OF commercis
frauds in the Office Of the District AZ