Smyrna times., 1933-07-26
WISE GUYS ARE
PRIZE DUPES
Donate Millions Annually For
Worthless Stocks With
Hope of Profits
THEY ARE STOCK MINDED

New York.-It is possible, from
all accounts, here in this advanced
year of 1888, to sell stock mind
ed" New Yorker a nice choice batch
of blue sky over his head-or even
a few shares of stock in the whole
empyrean expanse of it.
The thing is being done, for fact,
every day in the week.
Data compiled by the state attor-
ney generals office show that the
gullible wise men of Gotham" and
their fellow citizens upstate, are in
vesting upwards of $4S,OOO,0OO Of
good United States money annually
in just such worthless securities,
and this in apparent oblivion of the
fact that the worst depression in
all history is hitting on eight cylin-
ders. The antediluvian vintage of
some Of the schemes they fall for
and the wide publicity given the
racket apparently makes no differ
ence whatever in their equations.
Since the big boom that rose to
such dizzy heights and made so
many paper fortunes for those who
rode with it back in 1929, the pub
lie has gone thoroughly "stock mind
ed" 1t is possible nowadays to sell
the average New Yorker a few
shares in almost any old thing that
comes to mind, providing he has
enough left from the slump to meet
the first payment.
$4s, ,o0o, COO Invested"
The public's known investments"
in fake stock during the last calen-
dar year amounted to $4S,352, ,465,
according to statistics gathered by
the state bureau of statistics, which
was set up by the attorney generals
Office to ferret out and block blue
sky" ventures. The total may have
been considerably more. More than
1900 of the victims complained to
the bureau and sought its help in
avenging their wrongs or recover
ing part of their lost funds.
The bureau was instrumental In
compelling the restoration of S1.735,-
963 and in having some ia of the
concerns specializing in such "stock"
placed in the hands of receivers and
146 of the individual promoters
hailed to bar for criminal prosecu-
tion. But, as the comparison shows,
this was only drop in the bucket.
The report, while rejoicing that
substantial progress was being made
in curbing the gentry, was driven to
the mournful conclusion that sit is
probably true that the gullible in
vestor will remain ever with US, but
it is hoped that the enforcement of
the Martin act, with consequent pub
licity, coupled with the recent disas-
trous experience of the public in
wildcat speculation, has done much
to educate the prospective pur-
chaser in the selection of proper in
vestments."
They Come and Go.
Under the Martin act, as amend
ed last year, the attorney general
is empowered to bring permanent
injunctions against persons selling
fraudulent securities in this state
to prevent their dealing in any Sc
curities. Such suits have been in
strumental in closing out scores of
bucket shops and kindred con-
Germs in the last year. However,
new ones seem to spring up in their
places, and an army OF fake sales
men blossom out to replace every
one put away by process of law. AS
one observer was moved to comment
recently, the stock racket statesmen
seem to have overlooked the fact
that a severe business depression is
on.
More than 80 per cent of the
known victims are women, big pro-
portion of them housewives.
Widows with new inheritances are
fayorite bats with the FOUNDERS, and
the sucker lists are filled with
the names of well-to-do, bereaved
ladies who have no husbands to say
them may"