Evening star., 1925-06-07
Bond Club of Washington
At Last Becomes Reality
Charles Carroll Morgan Made Head
at Organization Meeting-American
Bankers Indorse Coolidge Economy.

public mood--not expect the public
to adjust itself to their exigencies.
The general business structure of
the country today is good, Mr.. Knox
declared. There is no boom, he said
but business is normally good and
profitable where II is conducted eff
ciently and in keeping with public re-
quirements for goods. This was largely
attributed to the leadership of Presi-
dent Coolidge. The preservation of the
present day economical attitude. with
the inculcation of sound principles of
income management jim the rising gen
GRAFTON through our schools and
through other channels of public edu-
cation, is the greatest opportunity the
American people have today for pro-
longing prosperity. the speaker as
sured his audience.
Financial Losses Aid Crooks.
The greatest aid in promoting the
activities of the 5000, 900 swindlers
who infest the United States lies in
the fact that the average victim, par
ticularly those of prominence in their
communities, hesitate to complain to
the proper authorities after foolish in
vestments that promise inordinate
profits have cost them dearly. accord
ing to Mai. Morgan X. Harris, head
of the Bureau of Investigation of Fl
ma ncial Frauds. New York
In a public statement, Maj. Harris
declared statistics prove only one out
of every forty-four fake" promoters
are caught and convicted. giving them
better than sporting chanc 10 get
away with their loot.
These purveyors Of fake securities
and stocks exact the tremendous toll
of $500,000, 900 yearly in the United
Of every five who have rea ached the
age of so years bought worthless
securities some time during their
lives. Only one person out of ten has
the courage to admit that he has
been defrauded and to make de-
mand upon the swindler for the hard
earned dollars he has given up.
Bankers. lawyers. dentists and
physicians are among the many vic
tins whom we are aiding in secur-
ing adjustments. 1t is a fact that
out of 10 men swindled. will he
so falsely ashamed that they will
say nothing: will start row then
quit; / viii go to the district attor-I
ney with insufficienct evidence, and
the other will go after the broker
and make him disgorge.
There are more worthless stocks
than ever peddled right at this time
ana unless some definite action is
taken, the crooked stock brokers will
reach a new record in money and
victims this year. They are so bold
and the public so gullible that they
are even selling oil stocks again"
Federal Reserve Personnel.
Business interests are well rep
resented on the directorates of the
federal reserve banks. OF the nine
directors which each federal re-
serve bank has. the member banks
elect six. of which three may be bank
ers and three must be actively en-
gagged in commerce. agriculture or in
dustry in the district. The rema in
ing three are appointed by the Fed
eral Reserve Board.
OF the l0S present directors. the
II chairmen of the board are men
of banking experience devoting their
entire attention 10 the reserve
banks; 36 are active bankers. but
many Of them are also engaged in
business or agriculture. The remain
ing 80. or the ma jority follow the fol-
lbwing Vocations: Il manufacturers
Is mercha nts. farmers. 3 lumbermen n .
3 insurance. 3 investment ba mixers, 8
retired business men. publishers. 2
lawyers, : railroad men. / contractor
| public utilities, mining. l quarry.
ing. / banker and | vacancy