The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1921-07-14
E. T. O'Brfen, Writing for the ''Banker-M Manu-
facturer' .Inaugurates State
Wide Campaign.
GIVES TIMELY ADVICE TO INVESTORS
Article Continues Work Begun at State Convention and
Approved by Badger Financiers in
Conference There

Continuing the work which he began
in his report for the committee on edu-
cation at the state bankers convention,
recently held in Milwaukee, E. T.
0'Brien, cashier of the Citizens Bank,
has published an article in the current
issue of the Banker Manufacturer"
captioned "Desire to Get Rich Quick
Makes Easy Victims" In it he in
augurates the campaign for education
in investment which was the keynote
of his address before the Badger
fnanciers.
"The educational committee of the
Wisconsin Bankers association" he
writes in introducing his advice to in
vestors, "has undertaken to study a
number of problems, including that of
the immense waste of money by the
public in investing in fraudulent and
Improbable securities. This commit
tee believes it will be valuable for the
benefit of the public to continue to
study this important problem, hoping
to find some way to assist investors to
protect themselves. The facts in this
article concerning the sale of unde-
sirable stocks in Kenosha are exempli-
fed many times in every other city of
the state and demonstrate clearly the
pressing need for action of some kind"
Refined Confidence Men.
The first faction" that Mr.. O'Brien
suggests is a study of modern crooks
masquerading as promoters; and as a
first lesson he offers a series of ex-
hibits from Kenosha.
He presents as an entree "Mr. Cald-
well, we'll educated, clever, cultured and
well dressed, who came to Kenosha in
1917 to sell stock in the Marchant Cal
culation Machine company of Oakland,
Cal. He represented the company as
having a modern plant, reputable and
capable management, a large demand
from the government and manufactures
for its machine, a wide margin of
profit and capabilities for duplicating
the Burroughs record for earnings. He
IS said to have established himself
through selling large amounts of stock
to two or three prominent business
AAtSAl' liS COkdl odISS Ill hEubSHd dup
Racine were over $4,000. A few
months after he left suspicion anc
anxiety led local stockholders to raise
$3.50 for an investigation. 1t developed
that the stock probably cost the broll-
ers 20 cents a share in. California
though sold here at 81 share. Nc
dividends have been paid and the stock
is probably now of little value"
With the same courage and acumen
Mr.. O'Brien next presents the suave
representatives of the Merchants Ma.
tional Fire Insurance company and the
Riley-Schubert-Gr ossfnan Mail Order
House, both wild cat" concerns in Chi.
cago which purred and pussy-footed
their ways into the purses of Keno
shans and left them empty.
Bubbles That Bursted.
In the same class, he says, are the
perennial mining stocks, the Common
wealth Trust company of Houston, Tex
as, and more recently "a, very danger
Gus form of stock selling through or
CARNATIONS which purport to teach the
fundamentals of business in a feW
lessons. They say any ordinary mar
can invest successfully by following