The Medina sentinel. [volume] (Medina, Ohio) 1888-1961, 1921-09-29
one QUARTER
BILLION LOST
IN BAD STOCKS
Wildcat investment Schemes
Separate 0hioans From
$3.50, 100000 In
Three Years.
PROMISED HIGH RETURNS

Many investors Who Lost--chief
Justice Marshall Declares Public
Must Begin Era Of safe and Sane
Saving: That Too Many Women
Wear Short Skirts instead Of Cling.
ham Aprons.
Columbus, O.--tSpecial, - Wildcat
Investment schemes during the last
three years took a'quarter Of . bill
lion dollars from the people OF Ohio.
according to t,gures Just announced
BY q government office here. In 9TH
er words. s250.O00 900 was filched
from the gullible pubic through
promises Of large returns by the way
of high interest rates.
The amount lost by obioans in, bad
Investments during the last three
years was four times as large as the
price paid by the United States for
Alaska, the Panama canal strip and
the Virgin Islands,
All Are Failures.
In Toledo alone, total of $685.
900 was dropped into worthless pro
motions. stocks and securities. ac-
cording to Kenneth Barnard, secre-
tary of the Better Business Commits
sion of Toledo. Mr.. Barnard said
that he had observed nine big pro-
motions in that period of time and
Of that number seven were either
bankrupt and in the hands Of the
court or insolyent, and the other two
were total failures. According to
Bernard: This money has gone down
the sewer of economic waste right
under our noses. In this time OF ab-
normalti9s and low ebb Of business
It would make a difference II that
money we're safe in our own city" I"
Barnard contended that II this money
now was in the hands of the people
instead Of the worthless stock certift-
Gates which they now hold. there
would be less demand Ipos the char
tiles, less discomfort and better busi-
ness conditions. He urged the pub
lie to place its savings only in in
vestmeats Of recognized safety.
A recent inventory and appraise-
ment fled for record in the Mont
gomery probate court of one of Day
toms late wealthy citizens shows the
following:
! Stocks Of various corporations. .$141, ,735. 90
| Appraised above par .......... q, $50. 90
| Appraised below par. ........... GA, ,450. 90
Appraised worthless ........... 55,735.00
Urges Home Building.
Chief Justice Cary T. Marshall of
the Ohio Supreme Court, in an ad-
dress before the Bellefontaine Cham.
ber Of Commerce recently, said
"The character Of the American PED
pie has been entirely changed by the
war. We have been buying too many
diamonds and not enough alarm
| clocks. People have gone amusement
mad and wish nothing but the lux.
urious life. We have been buying
too many automobiles and not build
| ing enough homes This country is
lacking about 100000 homes, and
| yet people would rather rent their
abodes and ride IN an auto. There
has been too much speculation.
There are too many women wearing
short skirts and not enough wearing
gingham aprons. Too much waste
and not enough economy" The chief
justice urged the placing Of savings
in local institutions OF recognized
safety.
Try to Get Money Hid Away.
There were many who did not in.
vest In any Of the many stock selling
schemes with which the state has
been flooded, but instead boarded
their savings at home. An endeavor
is being made to point out to these
| persons that they are running great
chance Of losing their savings from
FIRE or theft. The c0untry's economic
condition, too, demands that all
boarded money be put into circula.
| tion, thereby re-establishing 4he
country's stores Of working capital.
Business conditions. 1t has been
pointed out, will show a decided
trend for the better on the iitroduc.
tion OF this capital which has been
hidden away. Foreigners In many
localities, not having an intelligent
understanding Of the safety Of rec
ognixed financial institutions in their
own localities. have been hiding their
savings away. These persons must
be taught how to make their money
work in putting II IN safe and sane
places, They must be taught 10 dis
tinguish between the glittering stock
certificate with its high interest rates
and the savings institution with It's
fair rate OF interest ana 100 per cent
safety factor. \.
That the public has again turned
10 safety FIRST 10 its investing slo,
san - evidenced BY the slump ID oil
and other stocks Of speculating pur,
poses. But the wage Garner. with
his capacity for earning reduced
through lack of employment, has WI
/ 70 learn that Az must % back II The
eld scaIe of saving a s1,all amounts,