Richmond Palladium (Daily), Volume 46, Number 31, 15 December 1920 — Page 12
PACE TWELVE
THE RICHMOND PALLADIUM AND SUN-TELEGRAM. RICHMOND, IND., WEDNESDAY, DEC. 15, 1920.
Get-Rich-Quick Bubbles That Have Burst By HARLEY MATTHEWS MR. BUCKWALTER'S EASY ROAD TO RUIN
Indifferent to the sufferings they cause there have ever been men ready to enrich themselves to the ruin of others, believing that a fool and hiu money deserve to be parted. To them it has been more than a proverb, a Jawy as true as nature's own "survival of the fittest," which they, have only followed. ' 7 ; In the year 1S73, Mr. Benjamin R. Buckwalter came to New York. No one knew that he had failed as a dis penser of patent medicines, and he was accepted for what he appeared a gentleman of extraordinary polish. Mr. Buckwalter soon began to apply his mind to the vagaries of the stock market. In time he had an office on Exchange Place, whence he announced to the public that ho had made a discovery that would profit both.
"Anyone can make money rapidly," his advertisements all over the country said. "Write to Lawrence & Co., for their new circular."
It was not modesty altogether that prevented Mr. Buckwalter from letting people know that he was Lawrence & Co. He had other reasons. From all over the United States requests came to Lawrence & Co., for circulars. And all over the United States the hearts of men and women leapt as they read what the return mail brought them. No dream could have been more alluring, yet this was no dream. Nothing could be more business-like than this circular. Lawrence & Co.'s circular began with the statement that it was the laudable ambition of every man to make money as rapidly as possible. .' That "there was a prejudice against the stock business, was admitted, but
, that was because of ignorance. Busi-
ness in Wall Street was absurdly
simple.
C The firm, the circular proceeded,
?: Jiad devised a scheme which they
; called the combination method. Peo.
' j)le sent money to them which was ,1 pooled with other people's money, the , whole being used to deal in stock.
.i Every customer had thus the advant
ages of the largest capitalist. The circular pointed to the fortunes made by Jay Gould and Vanderbilt on the
: New York Stock Exchange. "Our
. -; idea," it said, "is to make every customer a potential Jay Gould or Van
j dcrbilt." Then instances were given I of its own customers. There was a f Mr. B. of New Orleans, who sent them
, $100 and in four weeks Lawrence &
Co., had made him $440.
How was 'it done? Very simply.
" It was explained by the large opera
tions of Lawrence & Co. Of course
some time' there -were -financial de-
pressions which even Lawrence & Co.
could not control. The circular was nothing if not fair. But the profits
on good deals were generally so large,
that even then the transactions would show a profit. Letters were quoted from all parts of America, the writers of -: which thanked Lawrence & Co. again for the profit' they had made for them. " The mails brought Mr. Buckwalter letters from all over the country and asked him for the combination cer
tificate the circular described, .to be forwarded. If it were a small amount like $10 the firm would send a letter saying that the certificate was not being forwarded that day as the combination was not yet filled. If the customer would send another $20 a certificate for $50 would be issued, the
firm deducting the other $20 out of
the profits to be made.
Should the customer be loath to let
this opportunity slip he would next
get a letter congratulating him on a
profitable deal and saying that Lawrence and company were using the money as further capital. The firm
offered to issue a certificate for $200
on receipt of another $50, the amount
unpaid being deducted from the profit as before. And so great was the rush for combination certificates now, customers were advised to order by telegram.
Should it be apparent from any re
ply that the customer had no more money left he would in a few weeks get the following letter: "We regret to inform you that ow
ing to the terible fluctuations in the market we have had to use our own
capital and at a great loss to us. Feel
ing that we have done all we could, we can only hope to retrieve our loss
es and yours by new ventures, when with the brighter outlook the losses may be forgotten in the larger gain."
Naturally Mr. Buckwalter could not
do all the circularizing and office business himself. He had to take in
clerks. One of these was Mr. Dibble
As soon as he had learnt the secret
of the combination method he set up in business for himself as Dibble and company, using Mr. Buckwalter's circulars, letter forms, names of patrons and all. Every head clerk that Mr. Buckwalter tried played him a similar trick. In a few months there were no less than eight of these f irms established. Mr. Buckwalter bought some of them out, engaging their founders as clerks again at $100 a week, the
understrappers, who had not had the enterprise to set up for themselves, stilt being paid from $9 to $15 a week. The firm's clients were all classes. The widow of a soldier in the Civil war having saved $200 enclosed it in a letter telling him how anxious she was to increase it as she had to pay a doctor's bill. Delighted by the reply that she had had a profit of $200 made for her she bought a lot of goods on credit. Shortly afterwards she got the announcement that an unfortunate turn in the market had lost all. The same thing happened with the money of a railroad man's widow. A straggling pioneer, after reading the circular mortgaged hia farm in the West for $200. In a few days he learn
ed that he had made an enormous profit; only Ho find himself with his family being turned out of doors three months later. A woman wrote to say that she had sold her two houses and sent $2,500 to invest. Another sent a dollar and next day demanded her certificate, Mr. Buckwalter v extracting ' another two dollars before she realized the certifirat wai -worthless. Even a crip
ple who had delivered some circulars was caught for his only $50. "I rolled
myself round the street to ao you
some good and this is the return," he
wrote in reproacli.
A clereyman declared: I do not
fully understand the tearms of your circular, yet I Believe You. If I send $100 will you send me in 30 days $200? If so. I could get the local farmers who are very rich to invest in your scheme." Teachers, doctors, merchants, even members of congress were amongst the customers of the firm. Some men, even after receiving the final announcement wrote back to say that their confidence in the combination scheme was still unshaken. However involved the circular was.
the accounts of Lawrence and com
pany were very simple. For the year 1879, $206,189 was received from 16.-
551 customers. Most of this went to
Mr. Buckwalter, the rest in office expenses. As for the shares the firm was to deal in, a.headsclerk from a private offcie opposite wrote the firm a memo, each day enowing the stock bought on behalf of it. But the transaction was too imaginary to be snown on the books. The operations of Lawrence and
American Polo Ponies Leave for Overseas Match (By Associated Press) . NEW YORK, Dec. 15. Fifty highly
prized polo ponies, mounts for the
American team which will compete for the international, polo cup at Hurling-
ham. England, next June, were sent
company began to recejve mention in i across the Atlantic to London Monday
on the steamship Old North Stare. On their arrival there the ponies will be taken to Salisbury Plains where the British team's mounts are now quartered. In April they wjll be transferred to
Sudbury, near Hampton Court, where
they will be put through a hard course
other than financial columns of the papers. But no one of Mr. Buckwalter's friends in New York society knew of his connection with it. He was just now making arrangements for a palatial residence to -be built on Fifth Avenue, and with hjs dog-cart,
horses and hounds, he seemed farre-
moved from anything so sordid a3 the, of training before they get their final
btock fcxenange Dusiness. ( practice on the adjacent polo fields. Then, one morning, the papers men-j
tioned Mr. Buckwalter's name in con-1 nection with the investigations into the affairs of Lawrence and company,1 but he could not be round to explain.; Leaving the clerks to do that he dis-( appeared. What cash there was he took, presenting the clerks with a list of 500,000 names of possible custom-: ers as compensation for past serviles.
The American team has not been e-
t lected, but the polo association has announced that the following players have been chosen as the American representatives: Louis B. Stoddard, Thomas Hitchcock, Jr, J. Watson Webb, Devereux Mllburn. Charles C Rumsey and Earl W. Hopping. Hitchcock is now a student at Oxford university,
England, and the other five will sail'
early in April.
klanev bMI without qumUim A' -
If HUNT 8lva fails to tfca
trntnenl of TC. SCZEIIA.
RINGWORM, TBTTKK ari tbcrltehina sfciadUema. Try'
7 cat bos at our ruk.
Get it at Quigley's Drug Store
To' Cure a Cold in One Day Take Grove's LAXATIVE BROMO QUININE ta'uiets. The genuine bears the signature of E. W. Grove. 30c. Advertisement
AFTERNOON CHRISTMAS REDUCTIONS PREVAIL NOW THE UNION STORE 830 Main St. Open Evenings
Palladium Want Ads Pay
PROTECT THE CHILDREN Healthy Blood and a Healthy System is a Child's best protection against Colds, Grip and Influenza. Give them GROVE'S IRON TONIC SYRUP, 75c. Advertisement.
A WOMAN'S BURDENS
are lightened when she turns to
the right medicine. If her existence is made gloomy by weaknesses and painful disorders, she will find relief from her troubles in Dr. Pierce's Favorite Prescription. If she's overworked, nervous, or "run-down," she finds new life and strength. It's an invigorating tonic and nervine for "woman's complaints" and Weaknesses, and for young girls just entering womanhood.
Scotch interests are planning to obtain 42,000 electrical horsepower by harnessing three lakes, and to utilize
the waterpower running to waste in the watershed of the Tay.
Baby's Croup
Occasions no alarm if y ou ha v a bottle of GLESSCO closest hand. Nearly a million bottle old annaallr. Contain no opiates. Guaranteed to please. Recommended by phyeiclana. Sold by all druggists, 50 cents. THE GLESSNER COMPAHT FiwUay, Ohio DR.. DRAKE'S
GLESSCO
VAPOR AND SULPHUR BATHS are recommended for curing rheumatism and kindred ailments. We guarantee Hot Springs results with our baths. Competent attendants for both Ladies and Gentlemen. STEELE'S HAIR DRESSING PARLORS 408 Second National Bank Bldg. Take elevator 4th tloor. Phone 2499
The Store of Practical Gifts The day of going to market and blindly buying whatever is offered and paying whatever price is asked has passed. People no longer hand out their money promiscuously. They are spending it judiciously, they are investigating quality and relative price and demanding value for value as never before and this is no doubt responsible for the splendid Christmas trade we are having. To further encourage this spirit of practical giftgiving, read the following items carefully. . y j
(P Open Evenings ,
Open Evenings
"Gifts of Jewelry" v Gifts that last
Let this be a Christmas of sensible giving! The world needs old-fashioned common sense as well as sentiment. Our store is filled with innumerable suggestions for gifts, always acceptable, and above all, entirely sensible.
Come, please, and let the tranquility, the beauty and the joy of the real Christmas flow into your heart, be the inspiration for choosing giftshowever large or small of the sort and only of the sort that will be a gladdening, enriching possession in the homes and lives of those to whom you give your Christmas thought and love. Give Jenkins Jewelry.
Our range of selection in Sheffield was never so varied. Always "good" for gifts, Sheffield is playing a most prominent part in Ihu selection of Christmas articles, and early choosing in advisable. Our stock includes all wanted pieces in beautiful and unique designs.
WATCHES When you buy a Watch, whether for personal use or for a gift, you buy an article which, if properly selected, will last a lifetime, hence it is evident that it should have careful consideration and proper regard for the prestige and guarantee of the seller be given. Jenkins & Co. have been known as Watch specialists for more than a decade. Our experience with many watches will help you to make the best selection for the amount you wish to invest.
CUT GLASS
MANTEL CLOCKS
UK aVSIA
t
speciXl Rogers Hollow Handle Knives and Forks, $20.00 values S14.85 One lot Triple Forks only, Rogers and other makes 81.08 Set
We have a very attractive display of these clocks at $6 to $100
Signel
Women revel in the possession of cut. glass. It adds decided distinction to any table and its beauty, added to its practicability makes it doubly desirable. We are showing many new designs, exquisitely patterned in sets and individual pieces that will make splendid gifts.
anrl krnhlem Rincs
Why not give him a Signet or Emblem Ring . . ! 1 . . - T. 2 1 . . . 1 nil
l m ist mas : uur &iuv iudiuucs an
this
styles and designs at $5.00 to $20.00
SPECIAL Rogers Solid Handle Knives and Forks, $9.00 value $4.98 Only a few sets left. Cut Decorated Tumblers, 48c each; Vases. 59c; Candy Jars, $1.74; Glass Flower Baskets, $1.24
A Bracelet Watch for 'Her' All of America's best makes a t reasonabl e prices.
We believe our Hallmark Bracelet Watches the best watch for the money. In many shapes and kinds. Prices 26.50 to S75.00
LAVALLIERES are more popular this season than ever, and we are showing a large collection in hundreds of dainty designs. Our stock embraces a wide variety of styles at prices ranging from
$1.00 to $100
JENKINS &
' : ' k'CY
JL Qi!S3l' Gifts of Ivory Wk in single pieces or complete vV ) sets. She would appreciate n Ivory this Christmas. Make ilx. I your selections here, as you if I m get better assortment. ill. I
yr M pa
726 MAIN ST.
Gifts for Men
Men's Cambric Handkerchiefs, 10c, 15c and 25c each. Men's Linen Handkerchiefs, . 50c 75c, 85c and $1.00 each. Men's Initial Handkerchiefs, 25c, 35c and 50c each. Men's Linen Initial Handkerchiefs, each 75c. Men's and Boys 4-in-, Hand Ties, the newdesigns, 50c to $2.00 each.
Men's Belts, black and tan shades, 75c and $1.00. Men's Mufflers, each $1.50 to $6.00. Men's Cashmere Socks in black, natural color, heather mixtures, 50c to $2.00 pair. Men's Cotton Socks, 25c, 35c and 50c pair. Men's Lisle Socks, black and colors, 60c, 65c, 75c and 85c pair. Men's Silk Socks in black, white, navy blue, green, champagne and cordovan shades, $1.00 to $2.50 pair. We have them in Interwoven, Everwear. Onyx and other makes. Men's Cashmere and Wool Gloves, 50c to $1.50 pair. Men's Auto Gauntlet Gloves, Jfned and unlined; price, $2.50 to $8.50 pr. Men's Fur Gauntlets; pair, $5.00 to
$10.00.
Men's Cape Unlined Gloves in Adler makes i n t a n shade s (while they last) pair, $2.50.
Men's Dent's and Perrin's Gloves in light weights; pair, $3.00 and $3.50. Men's Buck Clasp Gloves in Fowne's and other makes, $( and $6.50 pair. Men's Madras and Fibre Stripe Shirts, each, $4.00 and $5.00. Men's Silk and Fibre Shirts; each, $6.00 to $8.50. Men's Shirts with laundered cuffs, neat patterns ; each, $2.25. Men's Shirts, French cuffs ; each, $2, $2.50 and $3.00. Men's Flannelette Night Shirts, $2.00 to $3.C0 each. Men's Flannelette Pajamas, suit $3. Men's Pajamas (one-piece suits) ; suit, $4.50. Men's Night Shirts (cotton), $2.00 and $2.50 each. Men's Pajamas, light weights, $2.50 to $6.50 suit. Men's Bath Robes, made of Beacon blankets, with shawl collars ; each, $8.50 to $15.00. Men's and Boys' Sweater Coats, $2.00 to $15.00 each.
Gifts for Women
Ladies' Cape 1-Clasp Gloves, brown and mode shades ; pair, $2.50. Ladies' 1 -Clasp Cape Embroideredback Gloves; pair, $1.25. Adler and other makes. Ladies' French Kid Gloves, 2-clasp, in seasonable shades, Trefousse, Reynier and Perrine's makes ; pair, $4.50, $5.00 and $5.50. Children's Chamoisette Gloves, mode, brown, grey shades; pair, $1.00. Children's Danforth make Suede and Cape, lined and unlined, grey and nigger brown shades; pair, $1.75 to $3.
Ladies' Chamoisette Gloves, 2-clasp, brown beaver, mode, black and white ; pair, $L25. Ladies' Chamoisette Strap Wrist Gloves, brown, beaver, mode; price, pair, $1.75, $2.00, $2.50 and $3.00. Ladies' Silk Glove, 2-clasp, in black, white, brown, beaver and mode ; price, $1.00 to $2.00 pair. Ladies' 2-Clasp (Kayser make) Silk Gloves, 5-row contrast embroidered back, navy blue, Mastic and pearl grey; pair, $2.50. Ladies' Cape Strap Wrist Gloves, brown and beaver shades, $5.00 to $7.50 pair. Ladies' Lisle Hose, black, white, grey and brown ; pair, 50c to $1.25. Regular and extra sizes. Ladies' Silk Hose, black, white, grey, smoke, cordovan, seal brown, navy blue, buck and other shades; Radmose, Onyx and other makes; pair, $1.50 to $3.00.
Ladies' Out-Size Silk Hose, black, white and cordovan, $3, $3.50 and $4.
Ladies Black Self-Embroidered Hose, pair $2.50. Ladies Kayser Silk Underwear in vests, bodice top vests, plain and embroidered; price, $4.00 to $5.50. Flesh color. Ladies' Kayser Silk Bloomers, marvel fit, each $6.00. Ladies' Kayser Silk Union Suits, flesh color; each, $8.75.
-