Evening journal., 1919-02-18
open WAR AGAINST
BOND SWINDLERS
Large Financial and Busi-
ness Interests to Organize
to Fight Evil
PLAN EDUCATIONAL
WOFK IN NATION

NEW YORK, Feb. is.-The openin'
gun was fred yesterday by a group o
bankers and business men In thei
canpaign against the stock swindlel
and bond shark, whose operations have
caused much trouble and not a littl'
real suffering among the smaller bond
holders OF the country. The csmpaigr
was opened formally at a meeting o.
representatives OF financial, bus.nes'
and civic organizations In the Chamber
of Commerce building.
A call sent out last week by President
II. G. S. Noble OF the New York Stoci
Exchange TO leading business and flnan.
cial men asked them 20 attend yester'
days meeting, the purpose OF which
was TO formulate plans for the cam
paign against stock swindlers. Nearly
a score OF those who received invita-
tions responded by attending the meet
ing. Those present were A. +. Mar
ling. president Of the Chamber Of Com
merce; Pierre Jay, chairman Of the
Federal Reserve Bank; John J. Pull
Icyn, representing the American Bank
ers' Association and savings banks; VI
O. S. Noble. president OF the New York
Stock Exchange; N. X. Pomroy and
Jason Wcsterfleld, also representing the
exchange; C. w. Hodges, w. II Max
well. Jr.. and N. r. Beebe, representing
the Investment Bankers Association
John Price Jones, representing the pub
licity department Of the Liberty Loan
Committee; Francis II. Siss0n, vice
president OF the Guaranty Trust Com
parry; E. o. Stanley, OF the Title Guar
sntco and Trust Company; G =. Rob
erts. OF the National City Bank, and
J. w. Bramhall, OF the Marchants' Asso-
citation.
III was brought out az the meeting
that there are two methods by which
the stock swindling game may be at
tacked-legislative and educational u
was declared to be the purpose Of the
group Of representatives TO follow a
program OF an educational nature and
leave the legislative plans to the Fed
eral authorities Who have taken steps
hooking toward the elimination OF the
stock and bond CRATER
an view OF the evidence Of the vast
extent to which Liberty Loan investors
had been victimized,' a statement given
oct at the conclusion OF the session, the
meeting was unanimous In favor of
some action which would unite all
sound business interests OF the coun-
try In a publicity and educational cam
paIgp Il was shown that the Treasury
ooebartment was doing all that II could
,.> the way Of preparing legislation
Itch would check the evil at the
.ly tie. that IS. supervise the Issue
: The Secretary OF the
ANana ,.ana.y v made clear in a letter to the
n ii p Exchange, that it was essential
- Hesitation be supplemented by
seducation and publicity
before adjournment II was decided
70 form a permanent committee Of men
experienced and qualified by studies OF
the problem 20 draft a program which
would. In a practical manner, permit
interests I'm the Second Federal
Reserve District 20 unite in suppress
sion of stock swindling in that district.
As soon as the campaign Is actively
aunchcd in this district IL Is proposed
q extend its scope that eventually the
ntire country will be included
The members Of the committee men
Toned in the statement have not been
appointed as yet. Every group ipter-
,sted In the campaign win name its rep
on the committee.
In a letter TO Jason Westerfeld, secre- !
tary OF the committee on library OF the
New York Stock Exchange, Secretary OF
the Treasurer Carter Glass commended
the attitude OF the exchange. Very
likely" he said, "the work OF the Stock
Exchange movement might be pro0tably
continued even after Congress shall
have acted on a bill sent up by me
some days ago. Il is certain that in the .
absence Of the proposed legislation the /
Stock Exchange movement will not only |
be desirable but almost essential"
c. S. Hamlin. chairman OF the Capital
Issues Committee, also wrote to Mr.
Westerfled In support Of the plan. AL
though the Capital Issues Committee
has suspended its activities for the time
being" he said. II am sure that every
member feels that effective legislation
should be speedily enacted to abate tho
menace from the placing Of worthless
and fraudulent securities with the pub
lie. | believe your proposed plan in
volving the union of representative
bodies. financial associations ard indus
trial establishments, will go far to-
wards checking this evil and feel GER
tain that 1t viii receive enthusiastic
support by our committee"
Among the propositions being consid-
red are two OF a concrete nature. The
rst IS for a cessation of all dealings Of