The broad ax. [volume] (Salt Lake City, Utah) 1895-19??, 1921-10-29
SANE AND SOBER REFLEc-
FToNS ON THE COOPER
ALIVE SOCIETY OF AMERICA
ORION h. Man on the comer.)

I
It has ever been the policy and
faim Of The Broad AK to direct and
guide the Colored people in matters
affecting their financial and material
welfare.
Some time ago, attention was called
in these columns to a certain white
real estate agent from Gary. Indiana.
who sought to exploit his financial
schemes principally among Colored
people. This apostle of high finance,
realizing that the Colored people re-
sponded readily to religious senti-
menk, conceived the idea of associat-
ing religion with the sale OF lots in
Gary. With this idea matured, he
visited Colored churches and gather
inss, and after expounding the Gospel
of Jesus Christ. proceeded TO outline
to them. his plan of enriching the
Colored people by selling them lots
in the city of Gary, Indiana, and as
an evidence of his deep and sincere
interest IN the Colored people; here
minded them that he was only going
to sell lots to Colored people and
would not sell any to white people
Colored people said Amen" and
bought lots. The result was that
this supposed deciple of the lowly
Nazarene proved TO be a hypocrite,
and the colored people who invested
their money in Gary property were
foolish investors. Ak-
Again, when the Cooperative So
ciety of America turned loose its
army of canvassers, soliciting pur-
chasers of stock in the society, Col
ored people. hoping to become rich
over night, fell over each other in
their eagerness to subscribe to this
stock.
Strange it is, that not being fami-
liar with stock transactions or invest
ments, these people sought no advice
or direction from persons whose
business familiarizes them with this
peculiar species of financial transac-
tons, but accepted the high colored
representations made by the agents,
and bought.
1t now develops that a petition in
bankruptcy has been fled against the
Cooperative Society Of America, a
receiver has been appointed, and tes-
timony is being heard with the view
of determining what and where the
assets and the liabilities of this as
ISOLATION are. If the conclusion
reached by Judge Evans of the
United States Circuit Court as to- the
character of the investments made by
persons who purchased beneficial GER
ti6cates in this society is correct, then
the society is hopelessly insolvent
Judge Evans took the position that
every holder of beneficial certificates
was a creditor of the association. If
the Cooperative Society of America
goes to the wall, as indications point
now, large number of Colored peo-
pie who invested unwisely and blind
ly as we'll, will be the losers.
1t seems strange, every strange in
deed, that it never occurred to these
investors that there was something
wrong when the stock of the Coop
erative Society of America was sell
ing in the Office under the hats of
agents for seveHty-two dollars and
fifty cents (S72.SO) a share, when it
could not be sold for FIVE cents (5c)
on the street or in the stock markets
Of the country.
1t seems strange that some of these
investors would not seek to ascertain
OF not the stock of the Co
operative Society of America was
listed or quoted. Had they taken
time to do so. they would discover
that it was neither listed nor quoted.
An enthusiastic purchaser, who
paid four hundred and twenty-five
dollars (42S) for ten (lO) shares of
the stock, found himself in need of /
money and attempted to have the So
ciety take his stock back and pay
him the money he had paid on it