The gazette-times. [volume] (Heppner, Or.) 1912-1925, 1922-09-07

Wherefore, that zone is born every
minute" has not a grain of humor in
it. 1t is a senseless attempt to laugh
at tragedy, at systematized robbery
that is more disastrous than was the
piracy of the 10th century.
In n day in February more than
200 complaints were made to the ad-
ditional grand jury in New York City
which was making a special investi-
cation of the enormous business Of
swindling that has grown up in New
York and other cities. A majority of
those complaints, it was said, were
from poor losers, whining, amateur
gamblers who had taken chances on
the other fellows game and had lost.
But scores of the complaints that
day and on previous and on subse-
quent days were from honest men
and women, whose only farlt hSd
beer they were so honest they had
no suspicion of the ~swindlers who
ribbed them.
Cheats Are Many.
In four months in New York City
mort than so brokerage firms failed.
Some of them probably were legiti-
lnate business houses. But the whole
financial system of the country's
greatest money market had become
so honeycombed with ~swindlers that
when the New York district attorney
began an investigation and dozens o.
fake brokerage houses and bucket
shops were driven out or indicted, the
effect extended to legitimate firms.
There is no end to the harm tina.
swindlers do; they rob the poor AID
unprotected, divert capital from ho:l-
est uses and then, when belated and
timid punishment arrives the limo
cent bystander usually gets Il large
share of the punishment, if rot all OF
it.
Ponzi, of Boston swindling noto-
riety, had hardly become acclimated
to prison atmosphere, having swim
died 10000 persons by promises Of so
per cent dividends in 60 days, than
another, Raymond j. Bischoff, rs
years old, began operations in Chi
cago. Before the lead-footed law in
terfered Bischoff had taken four and
one-half million dollars, chiefly from
w-age-earners. So great was Bischoff's
harvest that his employees left him
to organize financial raids of their
own.
Bischoff, when an awakening Gin
vestigator" became insistent, made
part payments of dividends on prin-
cipal. But Leslie Harrington, a COM
p%etitor, had a superior" method.
When his notes or dividends became
due he induced his victims to take
more notes instead of cash. Har-
rington and q others, who were COM
petitors of Bischoff, took several mil
lion dollars before they were arrest
ed or forced to fee.
High Grade Swindler.
While these Chicago Ponzis were
taking in millions of dollars from
wage-earners and small savers, AL
fred E. Lindsay was attending funer-
ais where he made the acquaintance
of widows and unprotected women
whom he induced to advance money
on get-rich schemes on the New York
Stock Exchange, of which he was not
a member. Lindsay got about $780,
900 from fewer than 20 women and
a half-dozen men before he was ar
rested. One woman had determined
to have him arrested after he had
taken her money, jewelry and stocks,
but instead, he persuaded her to sell
her valuable Chihuahua dogs to OBJ
tain more money for him. Another
Of his victims was Mrs. Lillian N.
Duke, divorced wife of a millionaire
tobacco manufacturer. She charged
that Lindsay got s375,000 from her.
1t is not these rich women and
some rich men, whom the swindlers
victimize, that concerns me. 1t is
the great army of honest, hard-work-
ing men and women who take the lit
tie family nest egg, the money saved
for a rainy day or for a home, and
who, because they are honest and I'M
suspicious, put it in the hands of
s~windlers. They aren't to blame.
We're to blame, the rest of us, farm
ers, bankers, ministers, merchants,
editors, congressman, who sit idly by
and see these gigantic frauds perpe-
trated year after year.
Education Needed.