New-York tribune., 1894-03-10
A WALL ST SWINDLE NIPPED
MAKING AN EXAMPLE OF a CONSOLI-
DATED EXCHANGE BROKER.

SUSPENSION OF THOMAS II. rIsHER-REcoRD or
HIS ADVERTISING AGENT CHARLES l.
woRK-rHE posToFF1cE ASKED TO
SUPPRESS NAIL DESIGNED TO
LURE DUPEs.
While the Governors Of the Stock Exchange
are wrangling among themselves over the best
means OF destroying the "arbirage business
which helps TO keep up the movement of specuia-
tion the directors Of the Consolidated Stock and
Petroleum Exchange have begun war ON the
bucketshop methods which tend to hurt legiti-
mate Wall Street speculation. The Postohice
authorities have been asked to suppress the mail
circulated by Fisher & Co.. concern having
Offices at No. IS Broadway. and Thomas H.
Fisher the nominal head Of the firm, has been
suspended for six months from his membership
in the Consolidated Exchange. 1t is the first case
Of suspension on the ground Of conduct detn-
mental 10 the best interests Of the EXchanse
which has occurred in the history Of the institu-
ton 1t is the beginning Of steps that Will ne
taken. perhaps with the assistance OF the Ma
tional authorities. to prevent the swindling OF
people who are wholly ignorant Of the system
of doing business in Wall Street.
Fisher the suspended member OF the ConSoh-
dated Exchange came from Indiana He was
His references We're good, and ne declared that
he had capital in cash and real estate amount
ing from SIG 900 to $4,000 l.. j. Werner, chairman
Of the Clearing I,ouse Committee Of the FIX
change heard of Fishers lamboyant advertise
ments in out-of-town newspapers. and laid the
case before President Wilson. When summoned
TO explain the matter Fisher threw the response
bility upon Charles l.. Work, who. ne salu' WAS
the advertising agent of Fisher & Co From
testimony taken by the officers Of the En-
change they say they are satisfied that flsher
is only dummy" in the firm. ana that CharleS
l.. Work is the real manager OF the business;
Work is the son OF George Work. VINO orSai,'~eu
the Bank Of America in Philadeiphia' "hIcii
failed in May. 1890, George WORK was con-
vcted and sent to the penitSnnaE yo,ati,g 70
wears on account of irregularities leiaIinE lE -
the banks management Previous 10 MAY !,
1890 Charles L. Work. the son. was tiSdsu, , t.
of the Asphalt Block Company or Phliaoelphiac
which was closely connected with the Bank Ol
America and whose works in camden ~, ,,oo9o; 90;
were sold out by the Sheriff in pecehlpei, @ io'V
YOunc Work was also president of the GlouceS-
fer CITY National Bank. al Gloucester Cailueii
County y. j., the home Of p!anked shd1 al!u ~!
racerack immortality This BANK WSmo ui1' of tbn
Fidelitv Trust and Safe Deposit Company o9 0i
philadelphia which suspended on May l., !o'y
From this record Of successful iSo'' S bmeiness Of
Fisher & Co. which was based on STOCK , conI-
binations." into which any number ot uuPrs i',s
money
profits with the usual result OF surrei'Dei'"s
20 nital in exchange for experience
The contract which was signed by me, .he s1or ~
scribers to the scheme Of Fisher ana Worn % ~ ~
ooining Wall street vacuums eiOquently tells the
story Of the business which they conducoeu ono To,l
Under display caption OF spec,a' Spec ''oN"
bnation' this agreement followed ,,.
Herewith 1 beg to inclose you - uU'1aL9 Ii,
to be applied in Combination No. -. the work,
ing Of which is left to your discreuon Doim az ~
buying and selling agreements My hapiMg
~ H"! !.rsctIv united to the above amount. While
profits accrung me are aosoutey ui.l,'it.eu @ ~,
I agree to allow you 10 deduct lV per Oe''' A
my profts as your remuneration 80, -.s.
The circulars of Fisher & Co., were OF the ii'oS S
alluring kind, one of them starting win roa .n,o
proposition: Have you ever stu1ie1 Tha u'e Wander
hi, xooO o0o 900 the Astor sl500O0000. the tIoui4
500 600 OOO the Rockefeller the re%e,
$4,000 000 and in fact each oi 'iv @ tbair hoId
ings at one source-Wall Street Wltnout sun sun
centre none Of these fortunes coaiu We can
ossist Won 10 make fortune, IN union theIe
is strength" profits certain: losses ailose iili.
possible" etc. 1t is pointed our Il eNac ac,,oI - 150
Of u per cent four times day Is equal 10 i?o
nor cent a MONTH" and the seductive questloh II
pvt. p "Have YOU never speculated? Then try your
hand with small sum-. one ol the coiioei"
circular letters reads as follows: ,..
"Eear Sir: In answer to a number OF letters
asking questions which are OF interest," 70 an ou'
correspondents. we take thlS opportunity vi "a
planning our plans: - ,,,.;ao
''The first question is: How can we olvlae M
profts so much greater than Ordinary interest,"
rates? This question IS not asked by any one
who IS familiar with speculation Should you
Nin a pennv and bet SO that heads would Wli'
and win you would have made lVO per cent.
Should you bet SO on horse at even money
and win you would have made 100 per cent
should YOU buy 10 shares Of railroad stock on
per cent margin. and 1t went up one POM, }";
YOU would make 100 per cent. Now raise 'sic)
or fall Of / per cent in stock Is dally Cc-
currence II is rare, indeed. that broker VINO
is trading actively let's any one day pass Wl'hout
making l per cent on one stock. II he was con-
stanty successful he would be Nanderplit IN
a year We frequently make 100 TO 800
per cent in one operation.
why do not keep all the pronts our
selves? We are not clans we are willing 10
divide with those who help us You
furnish your share of the capital; we do the
work. We take 20 per cent Of your profits; you
get 80 per cent. Can you complain!
This circular asserts that the combination
profits divided on February Is were Is per cent.
making As per cent that paid since January
l. In one Of the circulars is this significant par
agraph that unfortunately probably possessed
little significance to the victims who invested in
the combination: I'VE do not desire the busi-
ness Of those not fully able to stand slight
loss If such unfortunately occur"
Advertisements have been printed by Fisher
& Co in leading newspapers in Philadelphia,
indianapolis, Washington Chicago Cleveland
and 81. Louis An idea Of the extent OF the
operations conducted by the combination"
schemers may be found from the fact that in
quiries as to the standing Of Fisher K Co.
have been coming to the officers Of the Consoli-
dated Exchange from places as far apart as
Corsicana, Texas. and Norfolk Va.