Smyrna times., 1924-09-10

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their meagre and hard earned savings
a small car for which they have lOng4
ed and many happy hours of pleasure
and outdoor recreation are contem-
plated. Then what happens, along
comes a salesman offering to double
the savings, a chance of a bigger car,
a chance Of a more pretentious home
and more of the luxuries. He talks
them into buying, and you Mr.. Bank
er are not consulted as the arguments
have been used against you with good
results, the stock bought, the family
await for the promised dividend, it
dOesnt come, they inquire, only to find
their savings of life time have been
swept away-they are the losers.
Yes-but not they alone. 1t is here
it strikes home-the paint dealer
doesn't sell the paint for the house,
the electrical supply man doesn't sell
the cleaner, the furniture man doesn't |
sell the furniture and the automobile |
dealer doesn't sell the car, these bus
mess men don't make the sales Then |
you, Mr.. Banker, don't get the depOs-
its--and without them your Organiza-
ton doesn't do its full share of bus
mess and your bank is the loser.
Multiply the hundreds of cases like
this and you can see how the "Blue
Sky Promoter is stealing the sales
of your depositors.
Send Out Tip Sheets"
There are today many so-called
'tip sheets" being circulated through
the mails in the guise of financial
publications. They have all appear
ances of a sincere sheet and offer to
answer inquiries of readers as to the
value of certain securities. This is
usually done by means of a sO-called
"COme-On Letter." inquiring as to the
amount of the stock held by the in
quirer. 1t may be followed by a tele-
phone call advising the party to sell
and buy some other security, usually
the stock in which the so-called pub
Usher has arranged his rakeoff for
the sale 20 be made. Many an innO-
cent person has fallen an easy prey
for their so-called benefactOrs of the
small investor. l am glad to say
that we have recently obtained an in
dictment of one OF these publishers
for grand larceny in the first degree.
A short time ago, the United States
battleship Shenandoah, the navy's sill
very queen Of the skies, made rather
an extended trip ap the Hudson river
and through northern New York
State. A few days before the ar
rival of the dirigible, many commun-
tiles over which it was to pass were
circularized for the sale of stock in
company whose intentions it was to
build a line of commercial dirigibles
for the carrying of freight and pas
sengers between New York and South
America. On the day of the arrival,
stock statesmen also arrived in many
communities, for the purpose of sell
ing their offerings. 1t seemed very
strange to US that the arrival of the
literature and the statesmen should be
so timed as to be in keeping with the
journey of the ship. We investigat-
ed, and in the course of a few days
our men developed the fact that one
of the consulting engineers of the
navy, assigned to the Shenandoah
was the vice president and genera
manager of the concern offering the
stock, and the Governments own YES
sci, you see, was really used as the
demonstration ship of the stock-sell
ing outfit. The territory over which
she flew was prepared in advance b!
: literature and the statesmen were OF
| the ground to point out the possibil
e tiles of future travel by air and tn,
l wonderful investment offering.
= The new entries into the field o
: investment seem to be moving pictur
and radio concerns. In the last yea
4 the total capitalization of new NOV
= ing picture concerns is in excess o
e seventy million dollars while during
;; the month of July, in the State o
e California, twenty-five concerns sell
5, ing their stock in the motion p.ctur
d industry had their license cancelled
g revoked or suspended, but still the
r sell in the East.
# The offerings of the radio compaa
e les are numerous and run the gaunt
d let of plans from the sO-called certif
e cate of subscription rights to the reC
l. ord schemes so often worked by tn
oil promoters.
- Suggests Remedy
A. n rae,,1+ of tbasa activities f.
IN the American Bankers Association
W we have established in our organic
70 tion a department that is known ;
is the Investors Protective Department
le organized and operated for the e,
n press purpose of protecting the cit
a zens of a community from the o
II slaughts of these vultures who a
ke parading like peacocks, a servi
al which is known as the COmmuni