Salt Lake Herald-Republican | 1918-07-25 | Page 9 | Seek to Curb Activities of Wild Catters

SEEK SEEK TO CURB t ACTIVITIES OF OFt t WILD f tit Aniline Propaganda to Combat Corn Com bat hat Pirates Who Prey on I Bond Buyers I p. p I Washington July 24 Propaganda 24 Educating the public to the value of ot Liberty bonds aa investments also aleo has served to aid tho flotation of or many than In times more wildcat securities peace times thrice This was asserted today b by Louis B. B Franklin director of or Lib Lib- organization for tor tho treasury tot tint a a. conference of or government agencies I Jand and other organizations called by tho the capital issues committee to consider means of or suppressing highly speculative specula specula- tive tivo promotion and development enterprises enter enter- i 1 Drives during the war I II t I Other speakers said the sale of or wildcat wild wild- cat stocks and ana bonds has Increased many fold told within tho the last year ear owing ko to high WaS wages s and tho the willingness of or orI I promoters to to take Liberty bonds In payment A wide nation e system of or minimizing this form torm of or fraud was ar arranged arranged ar- ar ranged with the operation co-operation of ot tho the American Bankers Bankers' association Investment Invest Invest- ment ent Bankers Bankers' association United States chamber of or commerce Associated Asso- Asso Advertising clubs and government govern- govern mont ment departments r t Mr Franklin said th the tho success of or Lib Lib- ert erty loan campaigns had taught promoters promoters pro pro- new lessons In tho the marketing of or their securities These men had Virtually thrown away their old suck suck- sucker sucker er lists ho he said and solicited thousands thousands thou- thou sands ands of ot wage waCe earners with tho the plea that government requirements tor for oil coal and other products demanded thAt patriotic citizens lend money for dovel- dovel of or new wells mines or fac- fac i ii 1 Between 0 O and 90 30 per cent of ot fraud fraud- lent securities now being marketed are given In exchange for Liberty bonds which are sold by the promoters said Mr Franklin Between and ana of ot fraudulent securities not passed on onby onby by r tho the capital Issues committee and not recognized by organized Investment bankers have havo been marketed In tho the United States within the last year ear said Richard Morz representing tho the Investment Invest Invest- m ment nt Bankers Bankers' association This BumIe sum Bum JB le lost both to the Individual purchasers and to the government ho explained p These wildcat securities have o not been submitted to the tho capital Issues committee c for approval vat although the committee committee Is authorized to pass on all issues of or stocks bonds or notes of more more than determining whether they contribute directly to war nr purposes It If approval Is given It does oes not Imply imph specific approval of or tho value of tho the securities and the committee has bas no power of or compulsion I To meet this tills situation the tho agencies represented at Ul the conference agreed to operate co-operate with a national vigilance committee of or bankers and business businessmen s men men to be organized b by the capital Issues committee Wildcat cat Issues Issue will will m be Investigated In and systematic efforts will be mado made to direct public opinion against then them and to educate small email Investors In concerning the risks Involved t f