Evening star., 1923-11-01
Ne,v Yorker Heads Bankers; /
Washington Man Is Honored
Bonus Disappeared
for AbIe-BOdied
E1-SOIdiers.
Mail Fraud Plans
Gro,O APace,
Ne,U Says.

With the election of John W. Prem
tiss' of New York as president and
the naming of a full complement of
officers for the ensuing year. the IN
yestment Bankers Association of
America late yesterday brought to
close at the willard Hotel its three
day convention, during which the
field of investments had been thten-
siyely considered, many recommenda-
tions made and a campaign aimed
against the issue and sale OF fraudu-
lent securities. Eugene E. Thomp-
son of this city was elected vice
president.
A bonus for able bodied ex-service
men was disapproyed, the govern
met budget system was commended
and the local committee in charge of
arrangements for the convention was
accorded signal appreciation.
Take Action A<aIn-t Frauds.
Action taken by the association and
its committees against frauds OF va
rious sorts which mulct the public
and damage the standing of the dn-
yestment business generally occupied
a major position yesterday. with ad-
dresses by Postmaster General New
and his assistant solicitor, Horace
]. Donnelly. sr.. dealing with the
governments drive against fraoa.
Postmaster General New fllkened
fraudulent promoters to predatory
animals at a zoo. Il want to say 10
Won" he said, that l have discovered
since I have been Postmaster General
that there are men who are much
more rapacious. equally without con,
science, than anything you VIII hf'd
ont here, In this or any other zoo. Z
."They do not hesitate at all to go
after the foreigner to whom l nave
referred as the class from whom we
draw most of our poStal savings ue-
posits, and they will go after any
body else-slick, IL not Intelligent;
resourcefuI, yes. eminently SO, In an
eytreneIy bad cause. The public
must be protected against them pc
cause, singularly enough, the pubic
does not seem to know just now 70
protect itself. Nearly every day IN
the Post Office Department brings me
a new revelation of guillbflity OF
people who are really looked upon
as Intelligent people.
Predicts Budget Balance. "
In a discussion of post office
finances the Postmaster General pre-
dicted that the budget for his depart
ment might be balanced during the
fiscal year 1925. He forecast that re-
ceipts and expenditures each would be
more than s6oo,oOo,ooe. 49, ..-.
Assistant Solicitor Donneliy. dis
cussing fraud detected by the depart
ment. said: 1T Is not extravagant TO
saw that a million. gullible Americans
yearly lose their money and property
in mail fraud schemes and tnat a
billion dollars annually are so iosG
During the few months OF Postmas-
ter General News admlnistratioh. ~
was explained, fraud orders had been
issued against the names of 16o per-
sons and concerns, of which number
107 were brought against oil stock
promoters. In addition to TINS, IL was
reported that the department mas
more than 400 criminal cases against
oil promoters in Fort Worth, Tex,
alone. More than 200 have been ar
rested and indicted, Mr.. Donnelly said.
and some brought to trial and con-
yicted by postal authorities, In CO.
operation with the Department OF
Justice.
The soldier bonus resolution, pre-
scented by Thomas n. Dysart OF ST.
Louis, declared the payment OF bo-
nus TO able-bodied ex-serVice men 70
be wrong in principle, that the thrift
movement would by it be retarded
that a bonus would increase taxation.
slow up the disposal of -"our export
able surplus" and further tend to
'prevent the prompt return OF this
country to full prosperity" The res
olution, however, further provided
that provision should continue to be
made by Congress for the benefit and
help Of all veterans who suffered injury
or disability by their service.
The resolution indorsing the budget
system in government was presented
by John G. Brogden Of Baltimore. de-
cjaring "an attempt is being made to
overthrow it."
A special. committee headed by
George w. Hodges of New York.