STOCK SWINDLERS.

Poverty Bay Herald, Volume LI, Issue 16672, 27 February 1925, Page 5

STOCK SWINDLERS.

nANO E ROUS TA R A SITES 1N .AMERICA. (Sydney Sun Cables.) NEW YORK, Feb. 25. Mr Simmonds, president of llie New York Stork Exchange, I old a meeting of Chicago Stock, Exchange officials, hankers, and others that “bucket shop” operators and vendors of fake securities were robbing the public of 1,000,000,000 dollars annually. He said all classes suffer from their operations, lint the swindler finds most victims among llie helpless and the poor. There is no field of business which lias not, sooner or later, found itself invaded by this most dangerous parasite of the business world. Mr Gilchrist, a prominent Chicago financier, declared that between 75 and ICO questionable investment houses were operating in Chicago alone. Other speakers pointed out that. President Coolidge has emphasised the desirableness of a national organisation to co-ordinate its activities against stock swindling. As indicating the serious aspect- of the situation, many Chicago organisations have pledged themselves to aid the New York Stock Exchange in its fight ngainsj, swindlers throughout the country.