The Dawson news. (Dawson, Ga.) 1889-current, 1921-05-31
THOUSAND
|[JRED BY FAKE STOCKS
.,rp1cAN PUBLIC FLEEcED
nnr OF HALF A BILLION
DOLLARS A YEAR.
I,pvEST FOR THE SWINDLERS

Al =
Lu,..s If Dollars in Liberty Bonds
uIo Sold by Credulous Investors
" wv" the Thrilling Adventure for Easy
W NJ NE, All Glasses Victims
.hs idea that misery loves COM
W. .',p # will be OF more than usual
f...s+ 10 many readers OF The Daw-
4 News in this section who have
\ tnrdreds of thousands of dollars
u,ortbIess stocks and wild cat"
,..srns to know that every $5OO,OOO
4 t.ten from the gullible public by
4. sale Of fake securities"
|Tb;s is the figure obtained by the
s5eral trade commission after care
inquiry. The commission is now
|[ivipg for the enactment OF laws tor
protection of credulous investors,
h apparently are unable to protect
smseves.
y Tbs victims of the amazing swindles
4. mt all found among the poor and
bor,nt classes, but numbers OF them
n TACT the most fruitful victims
LAWYERS, doctors, merchants, bust
,uorner widows of means, and
er bankers. The biggest suckers"
II men or women who have made a
srcess in their own particular line OF
deayOr,
Voice Over the Wire"
9TeIepbone houses" are the latest
relopment in the stock-jobbing
me- A few years ago the mails
4 Eought home the bacon" Despite the
orts OF the postofice inspectors the
I'M are still empoyed, but the results
not very satisfactory. The voice
Ter the wire" is safer and surer, and
ong distance call has certain psy-
illogical effect that holds the ear OF
victim to the receiver. The stock
esman can promise anything over
y wire, because there is no written
lord OF the promise to confront him
fer.
In the Wall street district of New
brk city are various telephone hous-
One OF the biggest is close to the
4 b-treasury, J, P. Morgan & Co., and
her leading financial institutions.
bis concern, it appears, never sold
gthing that brought a penny to an
4 rtstor. Its entire organization is en-
ICED in selling a certain security
Fer the telephone" at $40 share, its
n value, at time when the same
purity can be bought in the open
rket at $l25 a share. 1t employs a
= IRE OF telephone men" who, from
clock in the morning to all hours
the night, sit at the telephone and
to prospects in every part of the
Nhntry. The range of one salesman in
DAY may run from the wilds of
lme to southern Florida or Califor-
M 9y hOLlCy TIC odAl'
o the average man it may seem in
cl0le that intelligent, conservative
EneSS and professional men should
Tor the lure OF telephone sharks.
FSy money" is the bait dangled be-
the victims, The desire of most
IN to pick up a little extra" leads
pm INTO the adventure in fatal f.
ce' Many investors, big or little,
natural gamblers. They bite at the
NY speculative unlisted stocks
y assured that it is the 'opportuni-
ot life time"
ne extent to which the swindlers
cutting INTO bank deposits is
et OF increasing alarm to bank
El& l, he exact figures are not
ldOle' but a conservative estimate
Is inc sum taken from bank de-
Is during 1920 and wasted in the
IDdSe OF worthless securities at
e,5 an 90 SSSo90,UOO,0O0. The balance of
Sovo,9OO,0OO, or $150,00O,0O0, is &C
,ed Tor IN the liberty bonds given
ny wv yc'imS IN exchange for scraps
Big Army of Investors.
ul the investors standpoint it is
n!"tTrial whether he loses his
y IN through fraud or in promo
%lllCh eventually proves to be
wal. value The result is the same.
a. win ITS liberty and victory
r,s, increased the army of investors.
er rs"u uS upon thousands became
~ VI bonds. Having tested the
he r COUPON clipping, having learn
,n awards of economy and thrift
;n,i. women OF small means be-
hen rr''iSloTS' and large percentage
na e iooKed Tor new and more
m ms financial adventures, and thus
Easy prey for the swindlers.
stivel r,ie 8 can people were COM
mo-, MY Ilch when the war closed.
bs en VINO carried the dinner pail
had , IeCeivlng high wages, and
~ nd bank deposit. Legitimate
g5 h." roo ponds reached unprecedent-
a. IL marks, and the owners, who
ss Tho llgnt time, reaped a har-
D' wealthy became more veal
5s qs onen that the army of swind-
Br5n e htrenched in the larger
bnmum IS!eS were operated in 9TH
no J+;i ai and the stock shark
The utfinculty in getting in touch
be cros sIIiher, the man or woman
AND 1GGSs:-roads hamlet and in the
H. cities throughout the corn-