Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-12-31
WASHINGTON NOTES.
Postmaster General Ky After Swindl
Option MISUNDERSTANDING

Postmaster General KY After Swind1ine
Option Observation-Disclosures
WASHINGTON, Dec. 30.-The postmaster gen.
eral has issued an order directing the post
master at New York to refuse payment of post.
| FL money orders or the delivery of registered
letters addressed to the 80 called 'bankers and
brokers' firms of Lawrence & Co., which pur-
port to do business on the stock combination
| system at 10 Broad street; Adams, Brown l.
Co., % Broad street; Allen, Jordan & Co., 81
Wall street, and Barnes, Garrison Il Co., Nos.
elsewhere in New York. Operators and the
persons conducting these concerns have been
prohibited
ltappears from the levidence, as set forth in
the report of tho department special agent,
that one BENZ. r. Buckwalter is the originator
and principal proprietor Of the business con-
Quoted under the above mentioned firm names,
! over which he obtained control by recording,
under the laws Of the State of New York, tiotiti-
GUS articles of copsrtnership, etc., but that
some time ago he effected an arrangement with
W. D. Duff and II. E. Lassing according to
| which they have for number Of months been
ment Upon terms Which, in connection
with the transcript of their books, show an
enormous amount of profits. Their agreement
was to pay Buckwalter $l2,50o per month
$l50,0OO per year-for the net receipts of the
business during term of five years, under the
single firm of Lawrence d Co., and an equal
amount for the prestige of doing business
under two of the other firm names. Buckwalter's
| interests were guarded by his having confden
tlal agents to be present at the opening of
letters containing remittances, which
have poured in at such rate a. to make the
profits of Lawrence & Co. alone from $18, 600
| to 1923 600 per month from March 1st to Dec
LIST, 1879, after paying all expenses, including
very extensive advertising and salaries of 300
per week each to Duff and Laasing. The re-
sponses to their advertisements soliciting remit
| tances Tor Investment upon the system of
combining capital, or pooling orders for stocks
Into one vast aggregate controlled by capital
lists OF experience, etc., have come from all
parts of the country, encouraged at the outset,
here and there by small but actual returns
made to some of the parties investing. But,
in nearly every instance, the sender of a re-
mittance has been informed that, owing to un-
expected fluctuations in the prices of stocks
and unusual stringency in tho money market,
| the firm has been obliged to close out at a loss
| the venture in which he was interested. These
notifications were always accompanied, how
ever, with an intimation that the loss might
easily be retrieved by investing in a new CON-
| blnatiOn about to be formed, and in an aston
ishing number of cases the same persons have
! sent forward additional remittances.
| SREFUNDING THE DEBT.
Secretary Sherman has written letter to
Senator Morrill, Of the finance committee re-
lating to the refunding of the national debt
Ia 1t Mr.. Sherman expresses the opinion that
Fernando Woods bill proposing the future
rate of interest on government bonds to be at
80 per cent. per annum would be fatal to the
refundlng of the national debt, however desir.
GUS 1t might be to secure lower rates than those
now paid by the government. G.kzs