STOCK SWINDLERS

New Zealand Times, Volume LII, Issue 12074, 27 February 1925, Page 8

STOCK SWINDLERS

DEPREDATIONS IN AMERICA. VICTIMS AMONG THE POOR. (Sydney “San” Cable.) (Received February 26, 8.50 p.m.) NEW YORK, February 25. Mr Simmons (president of the New York Stock Exchange) told a meeting of Chicago Stock Exchange .officials, bankers, and others that (“bucketshop'-’ operators and vendors of fake securities were robbing tES public ot 1000 million dollars annually. “All classes suffer from- their operations, but tße swindler finds most of his victiins’ among the helpless and the poor,” he; siid. “There is no field of business vChich has not sooner or later found ittelf. invaded by this most dangerous parasite of the business world.’ -Mr Gilchrist (a prominent Chicago financier) declared that between 75 and 100 questionable investment houses were operating in Chicago alone. ' Other speakers pointed out that President Coolidge has emphasised the desirableness of a national organisation t« co-ordinate activities against stock swindling. . -As indicating the serious aspect ot the situation, many Chicago organisations have pledged themselves to aid the New York Stock Exchange in its fight against swindlers throughout the country.