Jasper County Democrat, Volume 2, Number 36, Rensselaer, Jasper County, 9 December 1899 — THE "FRANKLIN SYNDICATE." [ARTICLE+ILLUSTRATION]

THE "FRANKLIN SYNDICATE."

Complete Collapse of the Moat Glaring Swindle of Recent Years. The "Franklin syndicate,” the empty shell of which the New York police are now carefully guarding, presents one of

those typical cases which will probably continue to confound the lawmak- , er and sadden the; economist until the millennium. Of course, the “syndicate” was 1 a barefaced swindle. There was nothing k new in its plan. Scores of like swindles have run their course, milked their victims and been

copiously exposed in the newspapers. The only novelty about the New York concern lay in the circumstance that it outdid all predecessors in the openly fraudu- ■ lent character of its scheme. In short, * it promised depositors a return of 10 per cent a week to be won in stock exchange speculation. It actually paid this rate on deposits for more than a year and at the time of its collapse is said to have had on .hand something over $1,000,000. The wonder is where people of so little sense got so much money. One day just before the collapse Miller claimed to have taken in SBO,OOO and paid ont $30,000 in interest.

Attention was directed to the place, but, in the absence of complaints, the police and district attorney were unable to act. The banks shut down on the syndicate, however, when depositors began to grow alarmed, and demanded their money back. Miller announced that he would not pay a dollar without a week’s notice. Later the house was sejzed and closed by the police. There were forty employes in the office when it was seiz-

ed. They were allowed to go. The police also took charge of $15,000 in cash. Migs Annie Gary, an employe, who lived in apartments adjoining the building, had SO,OOO hid away in an old lounge. The daily mail received at Miller’s office amounted to about three wagon loads. Nearly every letter contained money. One

of Miller's trusted employes is responsible for the statement that the Franklin syndicate man had taken in over $4,000,000. Promoter Miller is indicted and iD hiding. He may be captured and sent to the penitentiary, but that will neither reimburse his dupes nor prevent a ngw erop of innocents from rushing into the snare the next time a swindler asks the privilege of making a fortune for them out of hand.

W. F. MILLER.

FRANKLIN SYNDICATE HEADQUARTERS