The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1888-10-13
INGHAM'S RICH HAUL.
How New York Sharper Swindled
Gnllible Countrymen Out Of
100000
ny Paying Big Dividends Out OF the
capital "A Multitude Are Ind need
10 Take stock.

Orc OF The big est swinding schemes that
lave been worked in NeA York for many
year. has hecn brought 20 light by the dis
appearance OF William III. Ingham and the
f.o.ing o. the brokerage office of "W. a..
Ingham 4 Coz" az = Broadway. From
present Indications the losses Of victims OF the
speculative mania viii aggregate more than
til0C0l. He made his appearance In New
York In April, 1887, and opened the Office OF
w. III. Irghan 4 Go. ut 20 Broadway. Adj
vert senlents were put IN provincial papers
calling at 'ntiom 20 the immense profits 10 be
gained by investing IN ". IL. Ingham a. Co.'S
speculative syndicate" The '.syndlcate"
was described asa mutual pool, which was 10
operate in stocks bonds, and grain under the
direction OF w. II. lngham a Co. The share,
were TO cost Si0 each, the capital stock was
% be S25, 900, and the managers were 10 with
hold 30 per cent OF the gross profits a re
turn for their trouble.
The unwary fibbled at the bait, sent IN
their l0-Ilollar bills, and Ingham 4 Go. were
sooa making money fast. Pretty soon the
new ncefn secured thousands OF names 10
whica their circulars were mailed. Before
long agents began TO work. They were
promised 81 on every share Of stock they
should sell, and were allowed q deduct their
commission leiore forwarding the par, hase
money. As each subscriber was favored
with W. III. Ingham 4 Co.'S check for - per
cent o. bis inye,tmc,t', less 20 per cent COM
mi,si0n, the deluded members battered them
selves that ley had struck good thing.
Most q them promptly subscribed for addi-
tional stock, and advise their friends % n-
vest. When tn June statement came along
II showed that the months profit was 36
per cent and rs far ~ can be asecrtaine d
checks for that amount, less the commission,
were also forthcoming.
The business grew with a rush, and by and
by the successful operators had 10 hire sever
al ladies TO direct aud seal their Thousands Of
circulars. OF course the profits" wer, all
purely imaginary. Dividends were paid out
OF the money invested by the dupes. Last
April the BUSINESS had so increased that they
removed TO two large rooms in the second
story OF - Broadway. Their statements an
nounced that the managers had increased the
capital stock 20 sJ0,0OO. The mailed received
was OF enormous proportions.
While Inghnm's business was booming and
letters, kilograms, and cash daily pouring i'm
he was making preparations 10 close up shop.
Last Saturday lac mailed card 10 his victims
reviewing the career OF the syndicate and an-
nouhclnS tiht III consequence OF melhDefS
solicitations he had met with heavy losses,
which had forced him to suspend, with the
loss OF everything" All his checks were
drawn on either the scaboard National bank
or on the United States National bank.
The officers OF these banks were reticcnt,
but admitted that Ingham had had large ac-
counts with them. They said. however, that
they knew nothing about him. There are
some reasons for thinking that Ingham came
10 New York from Chicago.