The New York herald., 1922-02-10
COMPLAINTS GROW
Crowds OfVictims Hur-
ny to District Attorney
Telling of Losses in
Wall Street
THOUSANDS FLEECED
Nine tenths Of Those Stung
Prefer Silence to Being
Known as Gullibles.
INQUIRY IN COTTON DEALS
Brokers' Organization, Deny
ing Charges, Opens Books
for Investigation.

bucket shop conditions in New York
city, the District Attorneys Office an
nounced yesterday that it had before
the Supreme Court Grand Jury and
in the process of going there mass
OF complaints against not less than
twenty-five bucket shops. Jerome
Simmons and Benjamin J. Schrieber,
Assistant District Attorneys. spent a
good part of yesterday before the
Grand Jury, and said afterward that
they would press the investigations
ac -epidly as possible.
M1. Simmons said the greatest diff
fjcu]ty the District Attorneys Office
was experiencing in pressing the
complaints is the inroads made on
the time of the staff in receiving the
flood of new complainants who come
in every day. Not in years, he said,
has that office beer so besieged with
persons who have lost their money
through the operations Of stock swim
dlers.
How much the money involved In
the cases before the Grand Jury
would amount to Mr.. Simmons was
unable to state, but 1t probably will
run into millions. set
only Tenth Make Complaints.
His assistant, James J. Wilson,
who handles the cases In the First
District Magistrates court, covering
the Wall Street district, said the COM
plants actually receiving action rep
resent not more than 10 per cent. Of
the persons who sustain losses
through the activities of bucket
shops. That, he explained, is due to
the hesitancy of persons Of RESPONSE
bility in risking damage to reputa-
tion or loss of position through pub
Iicity of the fact that they have been
victimized.
The vigor with which Mr.. Sim
mons and Mr.. Schrie5er are pushing
the bucket shop cases now is part Of
cooperative campaign on the part
of the District Attorneys office, the
State Acknowledgement, the United
States Attorney in New York and the
heads of the big stock exchanges in
New York city.
No action has been taken on the
cases just placed before the Grand
Jury, but true bills are expected soon
in a number of cases, it was learned.
Still other complaints are under in
vestigation besides those before and
being prepared for the Grand Jury.
The fate of those cases depends. of
course, on the conditions exposed in
each instance by the District Attor-
ncy's office.
New Cotton Exchange Watched.
Mr.. Simmons began an investiga-
tion into the affairs Of the American
Cotton Exchange, whose secretary
George w. Pratt, was called last week
before Mr.. Wilson on John Doe sum-
mons and questioned. The summons
was issued as a result of complaints
and affidavits alleging that the prac-
tice of bucketing is countenanced by
the exchange. A. w. Graham, presi-
dent OF the exchange, Immediately Of
fered TO allow the District Attorneys
office access to all the books and rec
ords of the exchange and to give any
other assistance which might be asked
in clearing up whether the exchange
is guilty of any violation. Mr.. Sim
mons said he would take advantage of
that offer.
Among those active in urging action
! against the American Cotton Exchange
Is Louis Brooks. of a. A. Houseman &c
CO., one of the governors OF the New
York Cotton Exchange.
The District Attorneys office refused
TO disclose the details of the complaints
Unless ground for definite action against
the exchange is obtained.
states cotton futures attorney in charge
or the enforcement of the Smith-Lever
Jaw. issued statement In which he ad-
mitted that all members of his exchange
arc not saints" just as all the members
or other exchanges are not sinners
but denied that there was any basis for
the complaint OF bucketing. He added
our exchange is conducted along the
same lines as the larger exchanges.