The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1899-11-27
TOOK IN MILLIONS.

Up ~ Police Authorities.
NEW YORK, Nov. 27.-William F.
Miller, head Of the Franklyn Syndicate
which has accepted the denosi,s ~
thousands Of persons in BROOKLYN unde,
promises OF paying dividends of 10 pe,
cent week or $50 per cent per annum.
ana Cecil Leslie, his secretary, were
indicted by the Kings county grand
jury during the day. Bench warrants
were Issued for the arrest of these two
men. but up to late hour neither had
been found. the police saying they had
disappeared in the afternoon. The
chlef specification on which Miller was
indicted was conspiracy to defraud.
During the afternoon the police
falded the premises occupied by the
rranklyn Syndicate on Floyd street.
There was great crowd gathered
around the building and the police sur
rounded II. Inspector Brennan ar
rested Louis Miller. brother Of the head
of the syndicate and the cashier of the
concern, and took possession Of some
$4,000 in cash. There were 40 EN-
ployes engaged at work in the Offices
and these Were allowed to 60.
His Plan Of Operations.
William +. Miller began the Frank.
lyn Syndicate in a very small way, lo-
eating his Office among the poorer
classes In the borough Of Brooklyn and
making one feature Of his business the
acceptance OF very small sums Of
money and the alleged investment Of
them for the poor people. He claimed
that by inside tips on the stock market
he was able 10 reap large and quick
profits, Of which he was willing to pay
large percentage 10 his clients. He
paid the interest on the principal each
week and his business increased until
he was taking in fully $4,000 per
day. Not only were the people living
within the limits of Greater New York
large depositors with the Franklyn
Syndicate, but cities all over the coun.
try contributed the earnings of scores
Of their residents to swell the wealth of
the syndicate. The mail delivery daily
at Miller's Office amounted to about
three wagon loads and most of the let
keIS SOutdIueu IuOuey.
Reinvestcd the Interest.
Ten per cent week or $50 per cent
per annum guaranteed by Miller did
not begin to express the liabilities in.
Cured BY the head of the Franklyn
Syndicate. The rate of $50 per cent
wear is estimated on a basis of simple
interest only. But nine-tenths of his
patrons, affected by the moneymakins
fever. were in the habit of turning
around and reinvesting the 10 per cent
interest, or, in other words. pyramidlnS
their gains. This removed their opera
ton from the field of simple interest to
the realm of compound interest. One
of the police captains i'll Brooklyn SAID
he knew of one family consisting OF 10
members who had 500 invested for
each membe Of the family, with inter-
est paid on each of the original invest
ments each week.
Miller claimed to have made his
money in speculating on Wall street.
though no evidence is forthcoming up
to the present time to show that he
ever speculated in stocks to any extent.
Had harrels Of Money.
The confidential agent OF one OF the
hanks. who visited Millers Office the
early part of the week. said ne never
saw SO much money scattered around
loose in his life. He said that 1t re-
minded one of the tales Of Monte Cristo
and Monte Carlo combined. but Us an
absolute fact he did not have facllities
for taking care of all the gold ana green,
backs which poured in upon nm ana
emnty barrels were brought up from
the basement of the building III when
he operated and thousands and tens OF
thousands of dollars were dumped INTO
these barrels by the employees and clerks
employed by Miller in his establish
ment.
authority for the statement that inc
Franklyn syndicate had taken IN over
a. 0o0 600. 1t is known that he With
draw $3.50, 900 from the Wells Fargo
hank. His counsel, Colonel kooert
Ammon. claims that Miller IN all OF MS
methods has proceeded along ineS
strictly legitimate.
w.cuuNoroN. Nov. 27.-Reports 70
.,,o ;,nmiuration bureau show that the
total immigration to the Uniteu o,n,e'
snr;nv the last four months was 49,
a70 an increase over that OF the eo.i
,ponding period Of last year OF oo.o--.