Evening star., 1923-10-31
BANKERSP[ANb BIG
ADVERTISING DRIVE
Anxious to Get More Invest
ors by Giving Expert
Advice.
BY j. C.. ROYLE.

Long strings of idle dollars are
States That fact has as great
bearing on the general Industrial
prosperity of the country as long
strings OF freight cars sidetracked
and idle, according to investment
bankers. Members of the Investment
Bankers Association have under
taken to move those idle dollars on
to the main lines of safe and profit
able investment.
Their determination to this end,
according to officials of the associa-
tion, now in session here, will find it's
first expression in a campaign Of
publicity and education largely con-
Quoted through newspaper advertis-
ing.
Bankers Plan Campaign.
There are three professions at
present which are most intimately
connected with the affairs of the
American family" said John w. Nc
Gregor of Pittsburgh, chairman of the
publicity committee of the associa-
ton. today. First, there is the priest,
the minister or the rabbi. Second.
comes the family doctor, and then the
lawyer. To them are referred the
moral, physical and legal pro ems
OF the average citizen. We are de-
te-n1ned to prove that the investment
barker, as financial adviser, is
worthy to stand with the others and
that his services are of equal value.
"sndoubtedly the message of the
legitimate investment bankers will be
carried to the pubic through the me-
dium of newspaper advertising. Even
tually 1t will result in a great volume
or this kind of publicity. But on their
part the newspapers must prove
themselves worthy to carry this mes
sage by Keeping their financial pages
and their advertising columns clean.
How TO Avoid Swindlers.
This is not demanding a sacrifice
Is simple problem in mathematics to
prove. Over two-thirds of the money
spent in each community is spent
with firms on which the newspapers
depend chiefly for their revenue. If
a fraudulent investment scheme takes
100000 out of community $4,000
less Will be spent with legitimate ad :
Vertfsers. In the long run this will
reflect a loss to the papers which will
more than counterbalance any gain
from fy-by-night advertising"
The bond houses throughout the
country look to the newspapers for
assistance not only by exposing
fraudulent security offerings, but by
piiHlilS accurate Information. The
trend toward increased public inter-
est in financial and investment news
already is remarkable. according to
ThomaS \. DySart of st. Louis, chair
man of the Legislative committee and
ne OF the men chiefly responsible
trr the passage of the Missouri Sc
curitleS act. Few people, he added.
who kept in touch with investment
markets and conditions through the
newspapers were stung by swindlers
Financial Pages Studied.
The wide distribution of liberty
bonds during the war and the newly
developed tendency toward invest
ment have stimulated the interest of
hundreds of thousands of newspaper
readers who never looked at a finan-
cial page before" he said. Il know
OF one recent instance when a group
OF business men had an important
announcement to make affecting the
community at large They were as
sured by their local papers that its
Importance would give it a position
on the front pages, if they wished
instead, they asked that 1t be printed
on the financial page, on the ground
that that page was the most care
fully read of any in the paper
Naturally, the business which in
vestnent bankers and bond houses
prins to the newspapers is going to
be spread on clean pages. No repu-
table and legitimate house is going
10 have its announcements of bond
issues and investments placed side
by side with the advertisement of q
concern which it knows or suspects
to be fraudulent"
VIII War ON Fraud,
The movement instituted by the as
ISOLATION and its members is going to
Le n~..re ratII,T L.ian destructive"
d" re. lines c. Fenhagen Of Balti-
more, chairman of the fraudulent ad-
regional committees covering prac-
tlc..... all Oh the United States will con-
tinue their work of forcing spurious IN
vestment schemes from their respective
fields.
But that in itself is not enough. The
safest way to keep an investor from
losing his money is to show him how
to save it and increase 1t through safe
and legitimate investment. 1t does lit
tie permanent good to warn him against
unsafe investments unless he is shown
what constitutes good investment. In
carrying on this work of education our
members surely will select those
mediums of approach which lay great
est stress on accurate and reliable
financial news and which are closed to
swindlerS.
Equal stress was placed on the neces-
sity OF constructive development Of new
investors by Samuel o. Rice of Chicago,
educational director Of the association
You cannot grow a garden by always
harping on thistles and choke weed" he
said. Tremendous possibilities for the
expansion of industry and commerce
exist in the development of new in
VeStOrS. but the greatest apneal ia tho