Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-05-02

Asserting that 'the epoch of Jazz
brought about great many
changes. physical and psychological,
which resulted in a more or less gen.
eral disrespect for all laws" Judge
Fred F. Lawrence of the Skowhegan
Rotary Club and retiring State Bank
Commissioner, addressed the Angus
ia. Rotary Club, Friday evening on
Financial Debt" and investment
banking and speculative investing.
Judge Lawrence's talk was most
interesting, instructive and informa-
tive, and contained much solid adj
vice which the speaker had cleaned
from his several years experience
administering the Maine BLUE Sky
Law" The talk was ably delivered,
and his Rotarian audience was most
appreciative OF Judge Lawrence and
his subject. The address was the
feature of the regular meeting of the
Rotary Club held in the banquet hall
at the Augusta House, with Vice
President John A. Hanson presiding
in the absence of President Everett
". Perkins.
Continuing to develop his talk on
the original statement concerning
the many changes of the present age
and the 'scoffiaw" attitude of the
generation, the speaker said that
people have learned that they can
operate the nearly fool-proof auto
mobile without any knowledge of the
workings of the internal combustion
engine, so they disregard motor
mechanics: they have found that
heavier than-air machines will fly
successfully, SO they have little re-
gard for the law of gravity: and
with the scenes and events of all
the world flashed before them on a
screen by the motion picture pro-
lection apparatus, they have come
to disregard the laws of distance and
invisibility.
The same In the matter of invest
ment of funds. People have come to
disregard the laws of banking and
investment and have scerned the le-
gal rates of interest. The new slogan
is every man his own investor"
Judge Lewrence went on to show
the fallacy of the belief that one
man or any man is as capable OF
determining his investments as is
the trained and experienced banker.
He declared that the experience OF
the past would prove this conten-
tion If investors would but refer to
the events which have been of that
past, but investors conceive Them
selves as qualified to look beyond
the veil which lies between the pres
ent investment and its future culmi-
nation. The speaker recalled tho
alluring prospectuses which are
broadcast to impress the gullible in
weston and declared that a very con-
siderable number of unfortunate in
vestments were the result Of inter-
national Misrepresentation
IF someone comes to you with q
proposition and gives You to. UNDER
stand that they are letting you in on
the ground floor. said Judge Law
reEce, then you may be pretty sure
that there is basement under that
ground floor and most probably a
SUBJ basement below that. He refer
red to ''watered stock" and told the
story of a farmer, who after having
been sold on several punches of
stock of that nature finally declared
that "the next stock he bought should
have four legs and he would water
| it himself"
For his peroration Judge Law
renee quoted some verses which re-
yealed the fallacies of entering into
| investments, which were presented
through the capitalization of friend
ship.
Report Recent Activities
The luncheon session of last even
| ing was very well attended and be-
sides the address by the Skowhegan
Rotarian, Past President Arthur N.
Soule reported on the sessions of the
Sth District Conference, held in
Portland last week, and which was
attended by a delegation of some
So members of the Augusta Club.
w. r. Perry. chairman of the
Boys Week observance reviewed the
enjoyable trip to Brunswick and
Bowdoin college, on Thursday of this
week. which was participated in by
some founr hundred Augusta boys
and Rotarians, and the club Instruct
ed the secretary to send q letter of
appreciation to President Kenneth c..
M. Mills and the faculty of Bowdoin
college for the many courtesies
which were extended the Augusta
party.