The Birmingham age-herald., 1924-03-09
SOMETHING FOR NOTHING DREAM
 OF CREDULOUS
By T. H. MITCHELL

Somebody has said that the great characteristic of the American people Is trying to break records, but it seems to me than another equally distinguish ing characteristic is that of every man, woman and child believing that they can get something for nothing and setting out in life with that main pur- pose in view. Sooner or later, if he lives long enough, he is forced to the sad conclusion that something is not gotten for nothing in this life; in fact. that this could be accepted as automatic and applicable in every individual case that could possibly be imagined.
 It is through preying on this cupidity of the American people that the stock swindlers make their fortunes regularly year. after year. Now and then. of course some sucker" makes a killing that is used as splendid bait for thou sands of others to be drawn into the net. Even the one who makes the killing can be depended upon to lose every bit of it and more before he is | through.
 The different schemes for these stock fraud perpetrations are endless, and it would be useless to try to describe them. Some outstanding frauds, how ever, were those in connection with the oil boom just after the war, when many I companies, without a drop of oil visible or even beneath the ground, sold hun dreds of thousands of dollars worth of stock to people who were trying to get something for nothing. Some of | the most astute business men, as we'll as thousands of others with little or no business experience, were caught by these oil promoters.
 The investment bankers of this coun- try have popularized the phrase, "In- fyestigate before you invest" which is intended to call the attention of small investors to the need of previously looking we'll into the proposition in which they put their money By i'm vestigating, the investment bankers mean primarily Investigating the man who is selling the stock and the com pany which he is representing. If the l investor does not know how to do this for his own protection, the best thing i for him to do is to consult some bank CT in whom he has confidence. Ask | the stock salesman to leave the propo- sition with you for a few days in or der that you may allow your banker to pass upon it. If he does leave it, then you can get your bankers expert | opinion. If the salesman is a fraud and knows that he is a fraud, the chances are that he will offer some excuse to keep you from making the necessary investigation. Frequently it is the urge to act quickly before the stock is all sold or goes up in price.
 A few days ago I heard a novel argu- ment to the same end. A prospective investor in a scheme which was being offered on a 70 per cent per annum basis asked for time in which to con- suit his banker. The salesman replied, 'I can tell you right now what your banker will say. He will advise you not to buy this stock, because if you do buy it your money will be going out of this community, and the bankers do not want this to happen That is why they always advise against purchasing | stock in outside concerns
 In this case the victim actually fell for" this argument and made the "in- yestment" in the stock. If he ever gets 70 per cent per annum out of that stock it will be nothing short of a miracle.
 In every city there are investment bankers of long experience who assume 1t as one of their duties to give advice to new investors. This advice is free and unbiased. If you cannot go to them in person, they will be glad to give you the fullest advice possible by