Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1920-01-14
STOCK SWINDLERS
FLOURISH|NG AS
NEVER IN HISTORY
Schools Established to Edu.
cate Vendors How to Sell
Blue Sky to People Who
Can Part With Cash.
10y noen,se youanA. ssselA1 ls.sso ~lssI


New York. Jan. 13.-Stock promot-
ers and swindlers who have been
driven from thirty-eight states where
blue sky laws exist, are tlourishing
in New York as never before, accord
ing to Edwin p. Kilroe, assistant dis
trict attorney in charge of the investi-
cation of commercial frauds.
Mr.. Kilroe charges that most of the
operators are composed of confidence
men, eX-convicts. 70 ceuack touts
gamblers and men of the baser sor'
who, as soon as their crooked work is
made public, move TO another part of
the metropolis and resume bdslne. S
under another name.
1T is remarkable" says he, that
in this state, which is the financial
center of the world, the investing pub
lie should be left without protection
and that the dark age law of caveat
emptor should reign here"
Attacking the majority report Of
Governor Smiths blue sky commits
sion as "a prayer to allow the preda-
tory Wall street interest to continue
their pillage without let or hindrance,"
Mr., Kilroe, in q report to District At
torney Swami, opposes the recon-
mendation to turn the prosecution of
crooked Wall street concerns over to
four deputies and the attorney gen
era of the state.
Would Redraft Law.
1.-THE recommendations he says,
that nothing be done by the present
legislature except the appointment of
a commission to redraft the penal law
is inexpedient and would accomplish
no good result All of the facts COM
mission so appointed could possibly
obtain are now in the possession of
the district attorney of New York as
the result of some 1000 or 5000 COM
plains Investigated in his office"
The methods employed by stock
swinders to fleece the unwary are eX-
planned by Mr., kilroe. I'm the old
DAYS" he said sucker lists were
prepared and used by these unscrupu-
lous promoters. On these lists were
the names of those known to be sus-
ceptible to the Missionary offers made
by statesmen of worthless securities.
This lis, has now been case aside and
today every good citizen who happens
to be inexperienced in the World OF
finance is a possible victim, provided
he has a small bank account or gov
eIhllltHN bOluSs
Schools are established to make
the smooth tong1ed salesman more
smooth and books of instruction are
prepared so that no one even with
small savings shall escape their lure.
This office is flooded with complains
of the shorn and plucked who daily
stream from Wall street to the crimi-
nal courts building. The victims, in
many cases have lost their life say
ings, the Widows mite, the Liberty
bond bought in spirit of patriotism
by a weekly deduction from the toll
er's wage. The savings bank book and
the card of War savings stamps alike
have found lodgment in the swindlers'
net
THE lure of speculation has, or
course, produced a corresponding vol
ume of attendant crime, corruption
and dishonesty. The increase in the
number and amount of Liberty bond
thefts during the past seven or eight
months is matter of great concern
in the financial district and in the
administration of the criminal law"
Mr.. KilrOe advocates as a remedy
for existing conditions "a the govern
ment licensing and control of stock
exchanges; (2) similar licensing for
stock, bond and other Investment Sc
curity dealers; go driving of the New
York curb market from the street 'as
public nuisance" (4) compulsory
and complete public record of all Sc
curity sales and purchases within