The sun., 1919-06-07

convenience to a large number Of citi-
Gems, but II the Curb Market Association
and those associated with II do not clean
up the situation and take effective
means TO protect the investing public
from the hundreds OF swindlers with
their various nefarlous swindling oil and
mining schemes, the District Attorney
will proceed to take such legal action as
he deems necessary for the purpose OF
protecting the public.
There Is no difference in principle be-
tween the oil swindler and any other
thief.
Those interested In business upon the
curb must investigate the character and
quality Of the stock dealt in and they
must see TO 1t that fake stocks are not
quoted In their lists.
II am very much pleased at the recent
action of some of the chief metropolitan
papers In refusing to take further ad-
vertisements of the numerous fake oil
companies. 1t is the duty OF q news
paper to make an investigation of the
companies whose stocks It advertises.
The advertisement of these fake COM
panies may be detected by any intelli-
gent persons, but there Is no excuse for
reputable newspaper to publish any of
them. The papers are very fond of
suggesting to their readers that what
ever they see in their prints is correct.
and many unthinking readers cannot eff
ferentlate between the various columns
OF newspaper"
Swami Hands Bouquet 90 "sun.r
Parenthetically Judge Swami said at
this point: II want to say that while
think THE SUN has been unfair to me
at times 1t does not publish fake adver-
Using and has been of great assistance
in bringing to public attention the dan
ger of indiscriminate investment In oil
companies" Ne continued:
1T have appointed Monday afternoon
at 8 80 o'clock for a conference with the
members of the Curb Market Association
and others who have real interest in
protecting the public against the hun
dreds of bubble companies that are now
infesting the Street"
Comparatively few curb brokers are
members of the Curb Market Associa-
ton, which announced a few days ago
that It would hereafter exact complete
reports from companies with stock to
float. In compliance with the District
Attorneys suggestion. Of1cers of the
association profess inability to check the
actions of non-members. Assistant Dis
tricts Attorney Dooling got information
yesterday causing him to believe that
the association could control curb quota
tons IL 1t tried to do 50.
There are no official quotations. Two
outside agencies, publishing what is
known downtown as the Blue Sheet"
and the white Sheet" furnish the quo
| tations on which most of the published
| figures are based. Broker Newman says
that all any one has to do to have a
price listed on these sheets rs to pay
the agencies issuing the sheets $50 for
each stock unless the stock Is SO well
established that 1t demands publicity
without fee. The District Attorney
office has a theory that the Curb Market
Association could do much toward cor
recting the vagaries OF these sheets by
refusing to deal In insecurities and by
discouraging trading in bogus stocks by
| others. Comparatively few issues dealt
In on the curb are listed by the Curb
Market Association.
Among those who visited the District
Attorneys office yesterday besides Paul
Newman. were Frederick w. Rice of an
| advertising agency Clarence Halbohn of
| the Evening Mdips advertising depart
ment; Arthur B. Chivers, business man
ager of the Globe; Frank B. Barnard
president, and Harry ]. Black. secretary
and treasurer Of the Rangeburnett Oil
Company; DR.. Jose B. Delmass, said to
have had an option on tine Eastern OIL
Company's property. which Rangebur-
nett thought of buying. and Maxwell A.
I Freeman OF Norfolk, Va, who received a
boosting telegram on the strength OF
which he bought $4,000 worth Of Range
burnett stock. the telegram being signed
Harry J. Black" although Black says
he did rot authorize the use of his name.
Most OF these men, with the exception
of Newman, were seen to enter the
Grand Jury room.
Broker Comes Back at Newman.
| Thomas Hughes of Thomas Hughes &
Co., brokers, of 25 Broad street, went
to the reporters room to denounco New
man. Hughes admitted that he had
! traded in Rangeburnett stock, but said
he never advertised that fact and that
several weeks ago ale advertisement with
his name which he never saw until yes
terday was published in newspaper.
Then you're a hell of a broker" re-
marked Newman, who had just APP
peared. You mean to tell me that
every broker doesn't read the financial
advertising every day."
! Hughes insisted he hadn't seen the