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Show STOCK SWINDLE CASES PILE UP Feeler? 1 Courts Swamped and Thousands Defrauded By Wild Schemes WASHlNQtfOK rsb, lir Dttckstfl o( the fcdnrnl CCtirtS IhrouRliout tue country are swamped with rak i, swindle casts In wlilchj more than 5140.000.000 has bepn tilki n Crbm Incautious In-cautious i:iestors. Attorney Qoheral I '.i ig'.ie(s .i!il. There arc. he added a total Of 4" of these c.ikos In the fedorul COrtS in which 174 per-, ,. have been arrOStad or indicted. It would Ink" cno Judge, working 1 ! iiidiiIIk i ven i I ufl'i OOo va u u tia cieaii up tho docket.'' Mr baufherly said VLI BORTS (' S( III M i s Most of the cases, he explained, trere falte oil stock companion although al-though the swintlllhg schemes ranged from but ketshops and mining stot ka to patent "oleuhant catcher" promotions. promo-tions. Rich harvests are reaped by swindlers, he astsurled. hecaune poople do not ta!;e pnirui to Investigate what they put their money ln:'. T'h- dopurtnient of Justice, Mr- Pauftherty continued, omss into tho prosecution of kmc.1i can's through violation vio-lation of the poftal laws In the uro ot the mails to dStlUUd, Vuit, he (loclarsd that Ii) hlrj opinion tho matter wn one for state action, a conference' of stats hlue skv law eommlsaionsra, ho s-ug-sestcd Should be hold frttme uniform uni-form law carfyltiR a uniform punishment punish-ment for stock swindlers. cjuotinir from his report. Mr Dauglmnv -ld thnt th northern district dis-trict of Missouri led In the amount Involved In-volved in pending fake stock cases with a total n( $11,791,000 while the northorn dlatrlci n' Illinois li.m ihc g.-eatset number pi CSJBSJ srjth the noi l horn district of Texa-s atood second with 42 rases, nnd :!u .-"lithcrn dlstrlcl of Nov.- Vi'i k had Si cases. r n 'ST IV1THI RS m 'J'! n As tin instance of schemes ariponlltiK to credulous Investors. Mr Dauffherty cited "the famous Kvcrgladcs case" In which 6750,000 had been obtained in the stock of a company forr:-,ri to drain and form rich Floridn lands till Bold on the argument that there aas no frost In Florida, After ll',e stock had been disposed of. ho added, tho frost came This chec. he Mid. had bssii pending in ( hi'-.-iRu several yeeirs and l ad already al-ready ooat tho ffpvernment nhout 6200.009 hul he was studying the ad-vlaabillty ad-vlaabillty of proaelnK it. |