The Cordova daily times., 1922-12-05
TUESDAY, DECEMBER 5, 1922
ASYLUM OF THE OIL STOCK CROOKS

the last ten or fifteen years. MOSC ceItdlHIy this perusal of past mistakes will awaken sad memories. There is scarcely one thrifty lndl- vidual, man or woman, over thirty who has not been stung at least once by fake pro moter if the money stolen from honest peo- ple by crooked stock swindlers during the last twenty years had been invested at savings bank interest compounded semiannually, 1t would now amount to over fifteen bllhon dol lars, enough to pay almost two-thlrds of our war debts. The mere interest on this sum would pay the annual upkeep of the Army and Navy combined.
 And the skin game goes merrily on. An endless chain conveyor is continuously dredg- ing hard earned gold out of the pockets of honest but gullible folks and dumping it into the limousines of clever crooks Though fortv-one states have adopted so-called blue sky laws regulating the issue and sale of corporate securities in order to prevent the worst and most common forms of stock frauds, seven states still offer asylum to the swind- lers and profit thereby. The two worst of lenders are Texas and Oklahoma. There the mailorder oil-stock scoundred flourishes and waxes fat as the doughty on the Rhine. Un- hanpered by any legal restrictions he sells his stock throughout the United States by mail, arouses the appetite of his victim by paying them high dividends with part of their money for few months, pockets the balance and starts a new company V
 He is safe The ue-sky commissioners of the forty-ones states with a conscience can't reach him: their jurisdiction does not go be- yond tho state line. The defrauded victims dc nothing; thev are scattered from Halifax to San Diego their individual losses are com paratively small and the expense of prosecu- ton, especially where the crooks stand in with the authorities. is heavy. It's safe and prof itable game Because it is safe and profitable the mails are burdened every day with hun dreds of thousands of letters sent out by the crooks
 Looking vou straight in the eye, we assert that at some time or other you have fallen for some new and unexpected trick of the crooks. You have lost money through them. At the time of the loss you ground your teeth in help less age and longed for the opnortunitv when you would he able to kick them over the house tops. We'll that opportunity is yours now.
 Tho chief asylum of the worst stock swind- lers in America is located in Texas and Okla homa From Fort Worth Houston. Tulsa and other cities the crooks are sending out aon- tinnous stream of smoothly worded letters and pamphlets cleverlv designed to cause the sucker to exchange his money for a piece of naper The authorities of Texas and Okla homa have done nothing to put the swinders behind the bars; some Texas and Oklahoma banks even cooperate with them by giving the pirates letters of recommendation. Since the local authorities are supine, the job of cleaning the rats nest can only be done by Uncle Sam. He is willing.
 There is now before the Senate Post Office Committee the Dennison bill designated as H. R. 1O598 This bill makes it a felony to use the mail or any other agency of interstate commerce to offer for sale in state securities contrary to the state laws. Under this law the Texas crooks could not offer their worth less shares or unith unless they had first ob- tained a permit from the Corporation Con- missioner. Lacking such permit they could not only be sent to jail, but the victim could bring suit in the nearest Federal court to recover his money plus damages The bill would put an end to the mail frauds and save the hopeful but ignorant investors hundred millions year.
 If you want to kick the crooks where it fill hurt most, sit down at once, write both