The New York herald., 1922-07-17

bility Of creditors getting close to 100
cents on the dollar. Between the two
extremes there are scores of cases pre-
senting every possible phase of bank
ruptcy and of bucketing.
Usual Delays of the Law.
On the criminal side the process OF
the law, as usual. has been somewhat
slow. 1t is about five months since the
crusade against the bucketeerlng brok-
ers began THE NEW York HERALD
printed its series of articles. The worl,
attending criminal prosecutions has
fallen wholly on one Office, that OF Dis
trict Attorney Banton. for most OF the
alleged crimes were, committed in New
! York county. Mr. Banton and his as.
sistants believe they have done excep.
tionally good and fast work. Judgins
from letters received from readers oi
THE NEW York HERALD a number oi
persons more or less interested do not
hold the same view.
Here are a few facts:
Fifty-two men have been indicted in
connection with bucketing operations
Investigations of the affairs of
twenty-scven firms led to these in
dctments.
There are now in various stages of
progress forty-fve other investiga-
tions.
Forty-onc men and some not yet
apprehended face trial.
Five men have pleaded guilty.
-Four men have been convicted.
One man turned States evidence.
One man committed suicide on the
/ eve of trial.
one corporation has been convicted
of bucl<eting.
Scventy-two Investigations ON.
II will be seen that the total number
| Of Investigations is about seventy-two
| They are not all Of the same character
/ and naturally not all will lead to indict-
ments Whether there will be convc
| tions In cases in which indictments arr
/ found can be judged only by the fac
that so far there has been a conviction
! in every case tried.
Some OF the firms about which com
plants have reached THE NEW YoRE
! HERALD arc not under investigation b,
tho District Attorney. This brings III
one OF the most generally misunder
stood phases of all such matters. Th,
own initiatvc--he does not conduct al
investigating bureau.
Before the District Attorney become.
! active a complaint must be laid befor,
him. Before the case goes to the Gran,
Jury the complaint must he thorough,
investigated and supporting evidenc,
found sufficient to make prima faci
case. Before an indictment is found tn.
Grand Jury must he conv inced that TIN
complaint is bona fidc and the evidenc'
sufficient to make conviction probable
This all involves not only time and worl
for the District Attorneys assistants
but time and sacrifice OH the part OF tn,
suckers" who have lost their none,
and who must make the complaints.
People who Delay Justice.
While not saying so for publication, 1
Is the belief OF Mr. canton that his worl
is hampercd by two classes of people
those who won't make formal complaints
hut stand on the side lines and criticize
and those who make Improper com
plants for the purpose of turning tn,
District Attorneys office into a collcc
tion agency. Not few or the invcsti
cations that have been made have com
TO nothing because It appeared that tn
complainant lost his money lcgitimatel.
but was n poor loser
II lt appears that few or those who hav
been "stung" want to complain Will
they think they may get some Of thci
money back. On the other hand few
want TO complain when they realize tha
criminal action will bring them m
monetary return. Those who want re
ycnge Ito get even" want some one els
10 spend tho time and make the sacri
nce 70 bring the guilty to justice
That's what developments at the Dis
trict Attorneys office In the last fiv
months have shown.
There arc other factors which hav
prevented criminal action in some cases
For example,: IT, H. Vaudeville g. CO
failed several months ago with iabili
ties. II was then said. OF $4,000. N
complaint was made TO the District AZ
torneys office. The receiver foun
neither the members OF the firm nor IN
books for some time. Then he found tn
books IN the custody of firm OF lawyer
who refused to give them up.
A court order put him In posscssio
Of part OF the books. Slowly the re
ceivcrship proceedings went on until
developed that the liabilities were abou
St25,000 and tho assets S3.500--a yer
sizable failure. Nearly all the customer