Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1899-11-30
A bubble BURSTED.
Warrants Out For the Arrest Of
Napoleon Of Finance" Miller.
THE oRBDUL1TY OF AMERICANS

AS shown by the Manner in which
fers of the Franklin Syndicate.
other Alleged "Bankers" Arrested.
Brooklyn, Nov. 2S.-William F.
Miller, head of the Franklin syndicate,
which has accepted the deposits of
thousands of persons under promise OF
paying dividends of 10 per cent a
week, or $40 per cent per annum, and
Cecil Leslie, his secretary, were in
dicted by the Kings county grand jury
last Friday Bench warrants were is
sued for the arrest of these two men,
but they have decamped. Police think
they are in hiding somewhere about
New York, and say they cannot elude
capture.
Last Friday night the police raided
the premises occupied by the syndi'
cate, on Floyd street There was a
great crowd of people around the build
ing, and the police surrounded it. In
spector Brennan arrested Louis Miller,
brother of the head OF the syndicate,
and the cashier of the concern. and
took possession of $4,000 in cash.
There were 40 employees engaged at
work in the offices, and these were al
lowed to go. 1t was stated by Louis
Miller to the police that the offices
were then in the hands of ex-Sheriff
Daley, of Richmond, to whom, he
said, the concern had assigned.
Miller has been advertising literally
and his victims are in all parts of the
country. The money poured in so
rapidly that barrels were brought up
from the cellar to hold the cash.
1t is said that within the. last week
Miller had received deposits of hun
dreds of people, aggregating a daily
amount from $50, 900 to $40 900 1t is
easy to see under these circumstances
how the Franklin syndicate could
readily pay out 10 per cent of this
amount a week and still make money.
The extensive operations of the
Franklin syndicate and exhaustless
credulity of the American people are
shown by the number of dividend
drafts which are held by the different
city banks These drafts were sent
through the mails by Miller to sub.
scribers living at distant points, and
they deposited them in their local
banks for collection. The local banks
in turn sent them to the New York
banks, which act as their agents here.
These drafts arrived on Saturday.
Many more are expected this week.
AS the syndicate has assigned. the
drafts will be returned to their dupes.
These drafts come from Pennsylva-
MIA, New York, Maine, Illinois. Mich
igan, Massachusetts, West Virginia,
Ohio, New Jersey and other states.
A vast crowd of furious men and wo-
men surged about the closed headquar-
tiers of the syndicate. The men in the
crowd ragged and swore in excess of
fury. The women were worse than the
men. They raved and shrieked in inn
potent rage Most of them cursed the
authorities rather than Miller and de-
clared that the man was prosecuted and
bounded by those who were jealous
of his success. 1t was altogether a
vivid exemplification of the credulity
and fickleness of humanity.
The following will show Miiler's win
nings: Total receipts or deposits S10,v
900 per day for $50 days, 1,500. 900.
Paid out in dividends estimated, $780,
900. Recovered by police, $500. Ex-
penses of office, advertising, ETC.. $780,
900. Money now in Miller's hands.
1871, 800.
Hubert G. Taylor, the lawyer who
was appointed receiver of the syndi-
cate, has asked to be relieved of the
appointment on the ground that he
does not like to have his name asso-
ciated in the public mind with that of
Miller and his unsavory supporters.
Bankruptcy proceedings were begun
today against the Franklin syndicate.
The attorneys represent holders whose
claims aggregate 100000.
Yesterday John R. Agnew was ar
rested In this city on syndicate
swindling charge, and today two other
alleged bankers were arrested in New
York They are Louis A. Gourdain,
said to be an ex-lottery shark from
New Orleans. and Charles D. Hughes.