Evening star., 1922-10-18
BANKS TO PROTECT
SMALL INVESTORS
Public Is Warned Against
Crooks by Better Business
Commission.

Safeguarding of the money which
will come into the hands of the smal!
investors of this country when the
war saving stamp issue OF 1918 is
retired on Jan. I. was discussed at
today's session OF the Better Business
Commission at the Washington Hotel.
A comprehensive paper dealing with
this subject was presented by Bruce
T. Work, of the Better Business Com
mission. of Columbus. o.
'On Jan. l. 1928" said Mr.. Work
The government will retire the first
issue of war savings stamps. series
of 1918. These obligations Will not
be refunded by the government. but
will be returned by payment in cash.
Banks Aid Investors.
The retirement of this issue will
loose flood Of cash which will go
largely into the pockets of small
investors.
There will be great need at this
time for advice to these wage-earn-
ers by reputable bankers. in order
that the money can be kept out of
the clutches of fraudulent promoters.
NO branch of American business
gave finer service during the war
than the banks. This service and the
way in which it was rendered has
caused a closer relationship between
small investor
possessing the confidence and good
will of the people through this as
sociation. banks. building and loan
managers and legitimate investment
men should do their utmost to be
nf hal
this large amount of money away
from the crooks.
When the investor receives his
money from his war savings stamps
he should turn to his local bank for
advice in regard to reinvestment.
Warning Against Crooks.
Many banks in various cities are
preparing advertising campaigns TO
point out the danger of investing
without investigating. There is every
justification for widespread attempt
to accomplish this end. This money
should be used to establish a closer
relationship between the man on the
street and the banking industry. and
to keep the money out of the hands of
crooks and smooth-tongued fraudu-
lent stock promoters"
A resolution was offered by Mr..
Work urging that Secretary Mellon
turn over portion of the recent bond
issue to holders of the war savings
stamps of 1918.
Officials of the Treasury Depart
ment, including Lew Wallace, jr., di-
rector of savings, were present to Of
Ter encouragement and assistance to
the plan to safeguard the money
which will be put out in the retire
ment of the war savings stamp issue.
1of
Better business Bureau of New York,
in cooperation with city, state and
federal officials. against promotion
schemes. represents the combined
power of legitimate business institu-
tions of New York and the spirit of
service that permeates your entire
organization said Jason Westerfleld,
secretary to the committee on library
Of the New York Stock Exchange. in
an address on the work of the New
York bureau.
Bureau in Campaign.
institutions which are supporting
the Better Business Bureau of New
York represent financial and indus
trial America" Mr.. Westerf1eld as
serted. ''They are interested in your
work because they want the public
to have faith in all legitimate busi-
ness: they are determined that the
operation of a small number Of un-
scrupulous promoters shall not cast
a blight on legitimate business"
Mr.. Westerf1eld said financial and
industrial institutions of New York
city Joined in the movement to or
ganize a bureau because of accounts
of swindling operations that were re-
ported in various sections of the
United States.
Our preoccupation became changed
to a lively interest in some of the con-
sequences Of wartime activities that
required urgent attention." he contin-
ued. Tho great economic changes
created two new groups: The new
rich and the new poor. The new rich
did not know how to take care of their
unaccustomed surplus over current
needs, while the new poor were tempt
ed into reckless speculation to- make
up for declining purchase power.
Some of those who had accumula,-