The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1926-09-03
WAR OPENED ON
BOND CROOKS
b. RICHARD HATTON


General approval was expressed
N washington financial and bust.
ness circles today over the action
Of the Investment Bankers Assoc
ciation Of America IN creating a
new department of the organiza.
ton which viii cooperate with
state blue sky law Officers ii com.
batting the fElching Of the public
By means Of fraudulent securities.
Hundreds OF washington invest
ors who have been swindIed out Of
thousands upon thousands of dol
lars by clever crooks win also
Join Ia xoicing their appreciation
Of this action BY the investment
That the Better Business Bureau
Of the District Of Columbia Is
heartily in accord with the effort
to eliminate 50 far as Is possible
the operations Of the stock swim
der was indicated BY Director
Louis Rothschild Of the bureau
who said:
he new department az the In
Vestment Bankers Association win
undoubtedly be welcomed BY the
National Better Business move
ment az another step forward to
curtail the activities Of blue sky
promoters. Il VIII particularly aid
the District OF Columbia il bring.
Ing out that there Is no blue sky
law protecting the residents Of
Washington.
he Investment Bankers Asso-
claIion has always been d leader
with the Better Business Bureaus
in the before you invest investi-
gate campaign. Concerted ana CO.
operative action IS increasing pro-
tectIcn Of the public and minimizing
losses through blue sky promotion. 2
While many members Ct the Dis.
fricE Of Columbia Bankers Associa-
ton expressed their sympathy with
the action Of the investment Bank
ers Associal hon, Eugene q. Thomp-
son, oE Crane, Paris & CO.. chair
man OF the District OF Columbia
Bankers Associations COMMITTEES on
fraudulent securities, gave this APP
prevail the official stamp OF the
organization when he said:
The District Of Columbia Bank.
ers Association Is heartily In ac-
cord with the movement to e1ifa-
tnats the traffic IN fraudulent 50
curities.
Many pltiful cases come to our
attention, added Mr.. Thompson,
but unfortunately. the banker
usually IS not consulted BY the I'M
weston until Il is too late.
Arthur j. Morris, founder Or the
Morris Plan system OF industrial
banking, has been spending several
days in Washington In conferences
with Executive Vice President Ber-
tram Chesterman OF the local Nor
RS Plan Bank.
e. Morris left for Atlantic city
today after making q conprehen-
ave survey OF banking conditions
in the District Of Columbia.
Mr. Morris. who Is keen student
CT human nature, as well as i law
yer OF recognized ability and 3
banker Of national reputation. SAYS
that the BEST kind of credit risk IS
constituted BY those persons who
have discovered what they can do
and are reasonably satisfied IN doing
st, and who have 3 steady income.
Ihe two vital things TO be con-
Eidered IN passing on q Morris plan
loan. AR. Morris declares, are. first.
character. and, second, capabIlity.
Establishment Of branch of the
AEacia Mutual Life Association. 81
Washington. in Panama NAV Be the
result Of an extended trip upon
which William MONTGOMERY. preeI.
dent Of the organization. left Thurs.
President Montgomery, who plans
% remain away from Washington
Hntil the middle OF October. viii +.
Bddision to going to Panama for the
PURPOSE Of looking over the ground
with 2 view TO organizing 3 branch
there. continue up to the Pacific
Coast Of the United States on an n.
kpection tour of already established
agencies. -s-.'''-
among the points the Acaeia
chief executive win stop are. los
angeles, San Diego, San Francisco.
Oakland and Vancouver. At each
OF these places the Acacia Mutual
Lite Association has vigorous ard
growing branch offices.
Executive Vice President Joshua
Evans, 5r., Of the District National