The Washington times., 1924-04-23
TO WAGE WAR on
FAKE STOCK
DEALERS
Washington Better Business
Bureau to Enlarge Present
Program.
By HARRY, GUsACK.

Further plans to protect Wash
ington investors from promoters of
fake stocks and fraudulent securi-
ties. were outlined at a meeting
held last night OF leading Washing.
ton bankers, investment bankers,
realtors and officials Of the Treas.
ury Department at Wardman Park
Hotel.
Announcement was made that an
investment department OF the
Washington Better Business Bu-
reau was to be organized immedi-
ately to facilitate the present work
of the bureau in educating the pub
lie to Before You Invest, Investl-
cate"
Distinguished guests attending the
meeting last night were Governor
Crissinger Of the Federal Reserve
Board, Under Secretary of the
Treasury Winston, George w.
Hodges, New York investment
banker and former president of the
Investment Bankers Association;
David G. Wills. chairman Of the
Federal Reserve Fourth District at
Cleveland. and William p. Green,
of the National Vigilance Commit
tee.
To enlarge PrOgram
Joshua Evans, jr., Of the Riggs
National Bank, chairman of the
board Of trustees Of the bureau, pre-
sided at the meeting and announced
the purpose as being to consider en-.
largement of the before ''you invest,
investigate" program. AS a result
Of the enthusiasm displayed last
evening, MIR. Evans will name a COM
mittee of three investment bankers,
three bankers and three realtors and
building association executives to
act as an advisory board in planning
the enlarged department.
Washington Is the happy hunt.
ing grounds for the distributor
of fraudulent securities" declared
Howard M. Cool, director of the
Better Business Bureau "The large
number of Government clerks, army
officers, school teachers, ministers
and doctors in Washington cause
INSCRIPTIONS security statesmen to
look upon the Nations Capital as
haven. Names of people in these
classifications have a preferred POI
sition on sucker lists"
The investment department Of the
lines as at present instituted and
will work toward three accomplish
ments, Mr.. Cool said. First, it will
educate the public to 6ifferentiate
between the good and the bad In
securities; second, It will create a
sales resistance against fraudulent
securities, and third, it will aid in
bringing to justice violators of the
laws.
To Protect Public. &
For the protection not only of
Washington's good name, but of the
entire country, 1t is imperative that
there be organized in the Nations
Capital a strong Better Business
Bureau, declared David G. Wills,
who is chairman Of the Better Bust.
Commission of Cleveland. The
slogan of the work Before You
1nvest-Investigate," Mr.. Wills said
is constructive and will not only
thwart the efforts Of the fraudulent
promoter. but win aid the public to
pick sound investments which are
Of constructive good to the city"
Bureaus Do Good Work.
The statement that crooks avoid
a Better Business Bureau city was
Mr.. Evans recouhted several ina
stances that have come to his at.
tention since the organization of the
Before You Invest-Investigate'
program several months ago, show.
ing instances where crooks have
avoided Washington because Of the
bureaus operations.
There are forty-odd Better Bust.
ness Bureaus IN the leading cities
Of the country working hand in
hand against the fraudulent pro.
moter of securities" declared Mr..
Green, Of the national vigilance
committee, which is affiliated with
all Better Business Bureaus. "This
cooperation makes it possible for
Washington to quickly get the rec.
ord of financial Inherent who has
operated in another section of the
country" Mr.. Green told of the
campaigns waged against oil opera
tors in Texas and in California.