Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1899-12-09
Millions Were
Made in Minutes

New York, Nov. 24.-The Monte
Christo-like financial operations of
William Miller, the young Brooklyn
banker, have come to an end. The po-
lice are in possession of his bank, his
younger brother, Louis Miller Is under
arrest charged with grand larceny, and
he is fugitive from justice. With
sum variously estimated from 5000, 900
to 100000 in his possession he man
aged to elude the detectives this after
noon and at midnight tonight was still
at large. The police are sure that he
will be caught, but SO far they do not
even know the direction he took. 1t
is said that he is off for Canada, but 1t
seems more probable that he will try
and get to Europe.
William +. Miller began the Franklin
Syndicate in a very small way, locating
his office among the poorer classes in
the borough of Brooklyn, and making
one feature of his business the accept
ance OF very small sums of money and
the alleged investment of that for the
poor people. He claimed that by inside
tips on the stock market he was able to
reap large and quick profits, of which
he was willing to pay large percen-
thSt w CiltltSs ne Ddlu tnb
est on the principal each week and his
business increased. Within the past
few months he advertised extensively.
The newspapers and financial circles
recently began to make investigations
of the concern. IL is said that within
the last week Miller has received depo-
sits of hundreds of people, aggregating
a daily amount of from $4,000 to s4O,-
900. II is easy to see under these cir
cumstances, how the Franklin Syndi-
cate could raidly pay out 10 per cent OF
this amount week and still make
money.
Rev. DR.. Meredith of Brooklyn, for
mer pastor of Miller's, complained to
the Brooklyn police that the man was
running half the young men OF his con-
gregation. Miller was formerly men,
Der OF DR.. Meredith's church, and in
this way became acquainted with men
belonging to the Sunday school and
congregation.
Nine-tenths of Millers patrons af-
fected by the money making fever,
were In the habit of turning around
and reinvesting the 10 per cent inter-
| est, or, In other words, pyramiding
their gains. One of Miller's patrons
who invested 500 Immediately turned
around and reinvested the 10 per cent
allowed him at the end OF the first
| week, making balance OF $40 to his
| credit. The next he received interest
on both principal and interest, thus
giving him balance OF 1921. At the
end OF twenty-five weeks, or a little less
than six months. he found himself with
credit in the Franklin Syndicate of
S1029. All this from the original in
vestment of 500. Inasmuch as Miller
absolutely refused to carry accounts OF
| more than $1,000 this customer was
compelled to reinvest in the names OF
other members of his family. At the
time of Miller's arrest he said that he
had over $4,000 in the syndicate, all
from the original investment Of 800.
This policy of reinvesting in the
name OF other members of the family
was carried on to large extent among
the poorer class in Brooklyn. One OF
| the police captains in Brooklyn said
! that he knew of family consisting of
sixteen members which had 800 in
vested for each member Of the family
| and the interest was paid on all OF the
sixteen. claims regularly every week.
The charge upon which Miller was
indicted was that of conspiring
to defraud. The District At
torney's Office in Brooklyn has
been at work on the case for some
weeks, so prominent have become Mil
ler's operations in that time. Miller
has been engaged for the past two
years or so in offering his glittering in
| ducements to the people 10 invest their
money, for him to make use OF, but II is
only within the last month, by extern
sive advertising In one way or another,
he has managed to attract to his Office
hundreds of people daily, who gathered
in long line or fought with each 9TH
er for the opportunity to hand out their
savings.
Even when the place was raided to-
| night by the police number Of those
| around the Offices were waiting to de-
post money with the Franklin Syndi-
cate.