The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1919-05-27
How Shelby County Curbs Stock Promotion
Schemes

Financial and commercial bodies all over the
United States, as well as individual bankers, are
waging bitter campaign against the dishonest
stock promoter who enters community to reap
the golden sheckes of investors who are unac-
quainted with the science of buying sound stocks,
bonds and other securities.
The last general assembly refused to pass a
blue sky law, thereby permitting crooks from
surrounding states to enter our commonwealth
with their schemes of separating savings from
persons who do not know how to invest them. It
is estimated that millions of dollars annually are
taken out of this state in exchange for stock
certificates that are worthless. The only safe
guard we have is an enlightened public opinion
that recognizes the menace and is wary enough
to turn deaf ear to their Establishments and
we know that this foil does not exist.
Shelby county has had some bitter exper-
fence with slick promoters who were able to fleece
residents out of thousands of dollars. As mat
ter of sef-protection, the farmers and business
men of Shelby have appointed committee to in
vestigate thoroughly all claims made by promo
lion agents. When salesman of securities
strikes this county, he is referred to this COM
mittee which is made up of members of the Shell
byville Chamber of Commerce and the Farmers
Association. The promoter is called to the office
of the Chamber of Commerce to explain his pro-
position. If it is an honest investment promo
ton proposition, the committee gives him the
privilege of trying to place his stock in the
county If not, sufficient pressure is brought to
bear upon him to make it advisable to leave the
county seat without delay.
The Shelby county plan deserves to be adopt
ed all over Indiana until the day when our legis-
lature feels itself duty-bound to pass laws that
will bar these crafty statesmen out of the state.
If all the counties of Indiana had protective COM
mittees similar to the established in Shelby,
the promoters of Ohio, Illinois and Michigan
would not look upon Hoosers fine fruit to be
plucked for their dishonest and disreputable bust
ness.
In the meantime investors Of Wayne county
are urged to pay no attention to dishonest pro-
motors of visionary schemes but to refer all their
claims to their bankers and financial advisers for
scrutiny. There isn't banker in Wayne county
who is not willing to give all promotion stocks a
thorough examination to ascertain their worth
and to warn investors to keep their money at
home, instead of sinking it into so-called mines
oil wells tire companies, real estate propositions
and scores of other swindling schemes.
The amount of money that has been lost by
Wayne county investors through the purchase
of "gilt-edged" stocks mounts into the millions
If it were possible to make a collection of tbs
worthless stock certificates which investors OF
Wayne county are holding the sum total paic
for them would be astounding, and the varieties
of the enterprises which enlisted the savings OF
these unlucky persons would surprise the whole
community.
Let us keep in mind that sound Investment
at home with an assured return, or money put
into government bonds, war saving stamps OF
other high class securities, is after all the very
best place to put your money.