Evening star., 1927-11-06
By 1. A. FLEMING.


the American Bankers Association in
convention assembled was told the
other day that the crooks Of the coun'
try no longer dignified the victims
of their plots by the good old-time
name, but that they were now known
as "llies," or In the singular as
lilly"
This information was conveyed to
the bankers by Harry w. Richl, gen.
eral manager of the Better Business
Bureau of st. Louis.
1t should be a matter Of keen sat.
isfaction to the lambs" shorn of
their wool to know that they would
henceforth be referred to in the circle
of the f1eecers as lilies" and not by
the attribute of those who are born
in Illinois-suckers.
In every city of any size there are
workers busily preparing lists of
lilies" and this Is just as important
a part Of the business as the actual
landing operations. A first-class list
is supposed to contain annotations
which, analysed, may give an exact
line on the manner In which the pros
pect may be worked. how he or she
should be approached, the kind Of
gold bricks preferred and whether
in homeopathic or allopathic doses.
Code words are sometimes used,
but more frequently the advice is Of
fered in the plainest language, as
''hit him for 1000 shares" "he has
been stuEg before and he likes it," or
approach him as if you were doing
him a favor in giving him a chance
to get a share of your valued hold
ingS. refuse even to accept Liberty
bonds in exchange. but insist on cash,
and other excellent guide lines to the
thousand and one front door sellers
of stocks and bonds in companies
that may have been organized, but
that do no business even though
some of them have mot missed diyi-
dend in the last 10 years."
One Billion a Year.
The same authority informed the
surprised bankers that the ''gold-brick
financing bill'' in the United States
cost the people who pay the bills a
billion dollars a year-causing much
vain regretting and no little suffering
among people who cannot afford to
take their losses gracefully.
Gold brick as the first implement
in the hands of the swindlers, always
recalls an attempted swindle just as
the equally aged and infirm spell
mark" which frequently passed for a
$40 gold piece when presented to immi-
grants passing through one of our
large cities. These are no longer used
as means of extracting up-to-date coin
from trained lilies" and are so an.
tique that we are all able to protect
ourselves even should there be re-
vival of these old-timers.
One Way to Stop Them.
We are also informed by Mr.. Richl
that the fake salesman cannot make
any progress if you but ridicule his
efforts.
If the men and especially the women
who are accustomed to buying securi-
ties, so-called, from front door opera
tors would take the time to ridicule
the entire army Of these ''reloaders,"
"switchers," "repeaters,' ETC., it would
be a practically certain method of
esca ping. Buy your securities from
a member of the local stock exchange,
the New York Stock Exchange, or
your banker, always getting the lat
ter's opinion first, and you will never
be designated as a lily"
Study Their Business.
Crooks make a study of their busi
ness. They are prepared to answer
practically all questions one can ask,
showing excellent schooling and indi- |
eating hours of study, practice and
ready for work.
One of the first things the crook will |
try on the investor will be the switch |
game, trying to exchange stocks or |
bonds he is selling for some OF your |
dividend payers. |
A. B. A. bankers were shown actual |
lists of lilies" and cards of lilly" in |
dividuals, all bearing the annotations |
referred to. Lists and cards are re.
placed by duplicates when they are !
worn out by frequent use, something |
after the fashion the legitimate invest
ment house keeps after it's customers |
from lists prepared from the Intangible |
and other tax returns. Every intan-
gible and income tax payer in Wash
ington, as elsewhere. has been circu-
larizeu by the basketful, and the fraud
ulent alleged brokers" have acquired
the knack of circulariZing.
Associated Stock Exchanges.
A very important meeting Of the
Associated Stock Exchanges will be
held early during the current week at
Cincinnati. Representatives from the |
exchanges at Washington, Detroit. |
Hartford. Philadelphia.
Baltimore, Cincinnati, Pittsburgh
New Orleans, st. Louis and Columbus,
all members of the association. will
be present. There will also be present
as observers representatives OF the
New York, Chicago and San Francisco
stock Exchanges, and it is possible
that before another year these three
may also join the association.
Only subjects of vital interest will
be considered. Two topics for debate
have been singled Safeguarding
the Transfer Of Securities" and why
Should List Securities.
The principal speakers at the an
nual dinner of the organization will be
Col. w. j. Donovan, Assistant Attor-
ney General. who may be expected to
be up to date in comments, and Will
liam Cooper Proctor, senior member
of one of the largest industrial firms
in Cincinnati.
Oficers Of the association are Ralph
w. Simonds of Detroit, president;
William Louderman of st. Louis. vice
president, and G. c. Wickey of Detroit,
secretary.
Eugene E. Thompson will go from
Washington as u delegate TO the
meeting.
Washington Utilities Co.
It is not such q far cry from the
plan for the merger Of the street rail-
way systems to is years ago, when
the Washington Utilities Co. was or.
ganized by group of local people in. ]
Financial Hioh T,iGht