Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1880-01-07
Wholesale SwindICrs.
THE MAILS PROHIBITED To FRAUDU-
LENT WALL STREET BROKERS -
MINT OF MONEY.

WASHINGTON, December 81
The Postmaster General yerierday
issued an order directing the post
master at New York Lity to refuse
dayment of postal money orders or
pelivery of regirtered letters address
ed the bogus "bankers and brokers"
firm names of Lawrence & Co.,
purporting to do business on the
''stock combination system" at
No. 10 Broad street; Adams,
Brown & Co,at No. rs Broad street
Allen. Jordan & Co., at No. "a
Wall street +; and Barnes, Garrison
& Co., at No. 50 Elk. Place and IL
Broad street and elsewhere in New
York city The swindling opera
tons of the persons conducting
concerns have been enormously
proftably at the expense OF a prod
igious number of dupes in all parts
of the country. In obtaining the
evidence upon which this order is
based, the special agents Of the
Postofice Department have been as
sisted by the authorities Of the New
York Stock exchange; and the case
against the managers of the SWIM
| die is so conclusive that several of
them have now made full confess
ion.
1t appears from the evidence, as
set forth in the report Of the depart
ment's special agent, that one Benz
amin R, Buckwater is the ongina-
tor and principal proprietor of the
business conducted under the above
mentioned firm names, over which
he obtained control by recording
under the laws Of the State Of New
York, fictitious articles of co-part-
ner.hip, etc.; but that some time
AGO he effected an arrangement with
". d. Puff and II. Lassing, accord
ing to which they have for a num-
beT of months been attending to the
practical management, upon terms
which. in connection with trans
scripts oftheir books, show the
enormous amount Of the ncfarious
..proRts." Their agreement was to
pay Buckwalter 81, 800 per month
lsi5O,OOO per Year, for the net re-
ceipts Of the business during term
of five years, under the single
firm name of Lawrence & Co.,
and an equal amount for the priyi-
lege Of doing business under two
af the outher bogus firm names.
Buckwalter's interests were guard
ed by MS having confidential agents
TO be present at the opening Of the
letters containing remittences, which
hove poured II at such rate as to
make the 'prohts' of Lawrence q
| Co.. alone from $4,000 to $29, GOO
per month, form March lst to De
cember /. 1869, after paying all eX-
pcnses, exclusive of very extensive
advertising and salaries OF 500
per week each TO Duff and Lasslng'
The responses to their advertise
ments soliciting remitteuces for III
vestmeut upon the system of COM
biaing capital or pooling orders for
stocks into one vast aggregate con-
trolled by capitalists Of experience,
etc., have come from all parts Of
the country, encouraged at the out
set, here and there, by small but
actual returns made 10 SEINE Of the
parties investing; but Of course, IN
nearly every instance the sender OF
a remittence has been informed that,
owing TO an unexpected terrible
huctuation in the prices OF stocks
and usual stringency in the money
market, the firm has been obliged to
close out at loss, the venture IN
which he was interested. These
notifications were always accom-
panied, however, with an intimation
that the loss might be retrieved by
investing in new combination
about to be formed; and, in an as
tonishing number Of cases, the
same credulous persons have sent
forward additional remiitances.
Notwithstanding these firms were
extensively advertised in both religious
aud secular papers, their advertise
ments were refused by She Shenandoah