The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-04-07

here that Mr.. Theo w. Meyers is not
/ now connected with the firm which
bears his name. He is at present identi-
fed with the Colonial Trust company,
and the National Electric Car Lighting
company, and is now sojourning in the
south.
1T is needless to say that we do not
fear any legal action on the part of the
z. S. Dean company. Whatever We
have said about the concern we are
willing TO stand by. Whether Vein
man or Kellogg are or are not now
connected with the E. S. Dean COM
pany does not weaken the INVES-
TORS previous assertions, since it
would require the services of a light
ming change artist to follow the va
riouS titles under which these bucket
shop" concerns masquerade from week
to week. The whole scheme seems to
be founded on the old game of the Iron
Hall and other short term 'endow-
ment' and benefit orders, viz: rob
bling Peter to pay Paul" In other
words, receiving money for ''discre-
tionary' operations and distributing a
portion of the same in dividends as a
bait for the gullible, those going in
early getting something. while those
entering the pool later get wiped out
entirely"
HOW THEY WORKED IT.
The Dean company believed in ad-
vertising. 1t flooded the state with cir
culars and letters, promising wonder
full returns on investments of from $50
to 500 and large sums. 1t guaranteed
to make these profits and printed a
table showing what was done with 500
invested on July l, 1895, and allowed
TO compound for one year. The result
on paper-was surprising. 1t showed
a h1 fIA terfr1 o1 in
vestment of 800, with the profits COM
pounded twice month, amounted at
the end of u months to the snug sum
of $2,21S.24
1t seems strange that men possessed
of average intelligence and with an or
binary knowledge of business affairs
should be caught by such bait, but
Office of Dean & Co. all the same
There the agent. Mr.. Clark Young, |
would explain that the method of the /
firm was to form a com bination, say |
on wheat. The amount to be invested |
was, say $4,000. The firm would in |
vest on margins, which required but |
a few hundreds out of the $4,000. If a |
loss were scored it was very small, |
While if there was a gain the invest /
ment would control a large amount of !
wheat and the profits would be large.
This was kept up time and again dur
ing the life of that special combina
ton, and the result. according to
Deans announcements. were always
big profits for the investors.
A TALK WITH MIR. YOUNG.
As stated before, Clark Young has
now left the city. but The Herald is
able TO give an interview with him.
few days ago, when investigating the
matter, representative called upon
him and he went over this method of
investing and declared his absolute
iaith in the soundness of the scheme
and the honesty of his employers. 1t
would seem that Mr.. Young was per-
'ectly sincere in that and there is rea-
son to believe that he is really one of
he duped Mr.. Young has been for
ong time in poor health and before
coming to Salt Lake was out in Cripple
creek His brother. who is connected
With the Indianapolis bank, with which
he Dean company did business, Sc
-ured for him the position of local :
gent Mr. Young was not very ia
niliar with the Dean methods, but he
lad placed a little money of his own
With the firm through his brother and
eceived regular notifications of the
with the invitation TO draw
ut whenever haswished. So after con-
idering awhile he accepted the offer
nd came to Salt Lake. Since then he
las. according to the regular notifca-
IONS mailed him from New York and
hown TO The Herald. been a regular
INVESTOR along with the others
My family" said Mr.. Young. has
like $4,000 invested with this
ouse and that would hardly be the
ase if l doubted their honesty, would
." {
THE TRUMP CARD. :