Show THURSDAY Y EVENING MARCH 23 19 1922 1942 Bucket Sh Shop p Evil Discussed I By Ira C. C Tichenor r THOUGH U jj the flurry that resulted in the disruption of the thet bucket t shop g gang ng and the failures of or a number of New York crage houses which had made a practice of bucketing orders come to an end so 80 far as it affects legitimate commission the disclosures made as to the extent that Investors throughout country countr have been robbed amply show the necessity tor for a constant lance on fl the part ot of stock exchange officials and law officers In every f the count country countr to com pat the bucket shop and Illegitimate brokerage U II The The sS situation was aptly apty described In an an address address- addresS delivered a a few rew days day I o o by bY by Seymour Semour L. L Cromwell Cromwel pre president t of t the New ew york ork Stock Stock exchange he declared he The Tho recent failures of ot so 80 many brokers outside the v New York York Stock exchange ange have as Is ls well wel known known- been largely due to the ot of oto o aers Against this practice the whole force of ot the NeW New York Stock exchange ex- ex change ange effort efort has been exerted for many many years ears But It Is essential we recognize the fact tact that mere pride In n our position Is not sufficient W must musE recognize not merely the existing evil evl but al also o the possibility that indirection or Inadvertence or through through- Inattention member houses o oi ot facilitate the work of ot stock swindlers the New ew York Stock exchange may swindler I bucket shops an rIt I is the th business of ot a brokerage firm to accept legitimate accounts and t to do business for Us its Is clients It I Is Is' Is the rule ule of ot our members members' to know the t Character cit of ot men or the firms for which which they deal but from time to timet time It t has as been revealed that despite despie the fact fact that customers have been accepted U upon fl what t appeared to be substantial there have been disclosed L In a ft a little while facts which tended to show that they ther were In J tome ome way Connected with or related to concerns doing an Illegal business and maybe I t to bucket shops The he exchange urges Its Is members to be sure first of ot all an that tat every cuser cuson customer cus- cus tomer er on their books e ery ery ry man for tor whom they do business every ever firm I th which they have relationship is free from any connection or association I an Illegal business s or business so loosely run rn as a to be a menace to t those who deal odeal al with wih it I. I Mr rr Cromwell Cromwel stated a a. fact tact which was ws voiced In this column at the theof th J Ight of ot the bucket shop brokerage failures that the bucket shop evil and stock swindler are are not the result of ot the lack of or laws directed against tem hem ci but of ot the failure of ot law enforcement enforcement It I wa was wal declared at the time that hat had hd the laws been enforced in a a consistent manner bucket bucket shops and andI I tock swindlers would have been forced out of business as fast as a they tey Appeared eared and that it would not have been necessary to start star a drive that I tended to create a suspicion against brokerage houses In general generl and which resulted in the te failures of ot several reputable commission houses I I It has been a severe and costly costy lesson all aU and it I is one that bOud be well wel remembered and like Uke consequences avoided in the future |