Judge — December 23, 1922 — page 30: what you’re looking at

Machine-transcribed from the original scan — historical spelling and the odd misread are preserved.

| | PAUL LEEM Vice-president of the First Na- tional Bank of Minneapolis, Minn., one of the strongest finan- cial institutions in the Northwest, who was recently chosen as presi- dent of the Min- nesota Bankers’ Association. Lee Brothers. Investment Bureau Conducted by Theodore Williams Suheeribers to Ienoe are entitled to answers to inquirice on nancial questions, and in emergencies to answer by tele- sraph. No charge is made for ti should abaya be inclooed. “Address al ce. All communications a wiries to the Financial Sull name and ezact street address, Anonymous communications wi dentially. A two-cent postage ttamp 27 West $34 St, New York, giving answered. A Grand Crusade Against the Fakers I ATELY there has occurred a sharp awakening throughout the coun- try to the need of a strong crusade against the promoters of fraudulent ¢ n- cerns, Yearly the general publi wheedled into paying half a billion lars for the worthless shares of such or- izations, and this great loot will be in- 1 in coming years unless vigorous measures are taken to suppress, or at least check, the rascality. Belatedly the United States Department of Justice has begun to probe the oil promotions in ‘Texas and a dozen other States. Com- plaints have been received from thousands of swindled persons, including widows and others of limited means. The scan- dal of oil faking has become terrific, and it should have been sternly proceeded against long ago. Up to date, action has been decided on against nearly four thousand alleged offenders. A broader movement has been initiated by the Chamber of Commerce of the State of New York. That influential body deems it to be a duty to help protect small and uninformed investors from the predatory host always secking to fleece them. The Chamber's program includes the widespreading of an appea investors to ask the advice of | good standing before buying any kind of stock. onal movie films may be atures of this propag y anything could be tive in reaching the class it is designed to benefit. The plan does credit to the Chamber and it is excellent so far as it goes, It will doubtless do a vast amount of good and it is worth while trying it all over the Union, such UT the banks may well supplement it by a more positive step than merely giving counsel when it is requested. ‘They should be on the lookout for new fraudulent or highly speculative issues and should promptly caution their de- positors to avoid them, and also caution the public, even going far as to print warnings in the press. Of course, they should speedily call the attention of Gov- ernment officials to every suspicious case. This is one of the surest s in which the banking fraternity can do signal service tothecommunity. The expense to which the banks would be put would indirectly be repaid by an increase in their deposits due to keeping the money at home in- stead of sending it to swindlers at a dis- tance. We are glad to know that in certain localities banks have already adopted this policy, and that the Ch ber of Commerce of Harrisburg, Pa. disclosed in a letter asking the Bure opinion on a speculative oil stock, is also engaged in similar good work. URTHERMORE, all captains of in- dustry also have an obligation in the matter. A New England manufacturer wrote to the Bureau the for da oncerning a che sirable mining stock which his employecs had s! The manufacturer expre: sed concern for the welfare of his workmen and a desire to Drawn by E. W. Kemate. “Let us touch lightly on the brightening outlook: BANKER | REHEARSING SPEECH “Every banker should roll up his sleeves 23 “And bend his efforts to discourage injudicious invest-