The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-12-01
THE GULLIBLE PUBLIC.
Comments IN the Brooklyn "Get-
Rich-Quicko Scheme.

New York ~Finapcier.
A remarkable instance Of the gullibility
of the average public is afforded in the case
Of a so-called financial syndicate which is
operating IN Brooklyn, N. W on the lines
originated by the Z. S. Dean Company, now
'lost TO sight, but to memory dear'-to
eight or ten thousand victims at least, scat
tered from Maine to California. The latest
"get-rich-quick" syndicate is even more au-
dacious in its operations than the Dean
crowd of swindlers. 1t promises, and has
paid up to this time. 10 per cent. dividends
weekly, and by holding out a hope of per-
manent returns at that rate has induced
thousands of people 10 place their money
with it. The receipts, according TO news
paper report. have been m ranging
as high as ISL, 900 daily. The nominal head
of the concern, one William F. Miller. is a
young man about twenty-three years of
age, who until the notoriety thrust upon
him by the publicity attending the opera
lions OF the syndicate, was utterly unknown,
even in his immediate neighborhood. Yet
his assertion-that he is able to make a.
profit OF $50 per cent. by stock speculation
is swallowed as readily as though it came
from the shrewdest and best known stock
operator in Wall street. If course, no man
Of ordinary sense believes that 1t is posi-
bic to make that percentage, even under the
guidance OF the most experienced mind on
the Stock Exchange. That il can be done
over a period of three years, as Miller
claims, Is a proposition too absurd for Seri-
Gus consideration. A simple calculation will
serve to show that had Miller started sew
eral years since with a solitary 800, COM
pounding Ii week after week at 10 per cent,
he now would have been in possession of all
the visible property of the United States.
That he found IL necessary by means of eX-
pensive advertising to seek aid from servant
girls and poor wage-earners shows rather
corclusivei- that Mr.. Miller is both a liar
and q raud.
this point we wished to dis
cuss, however. Miller's rainbow promises
do not interest the readers of the Finan-
cier, except in their capacity of guardians
of other peoples money. To this extent
they have a direct concern in the scoun-
drels who prey on the credulity of the I'M
informed, and as the losses will fall in
evitably on many persons who can III af-
ford to part with a portion of their hard
earned savings, it is to be hoped that Of
ficers in banks which carry funds of this
character will interest themselves enough
In the matter TO explain to intending in
vestors in Miller's scheme the utter fall
lacy of the whole thing, and the certain
disaster that will Overtake late corners.
We are aware that in large institutions
this would prove ar Impossible task, but
an explanatory cara hung before the paying
teller's window, or published in the home
papers, might go far toward protecting the
ignorant. The remarks printed In these
columns two or three weeks ago, regarding
the acceptance of advertising offered the
newspapers ny financial frauds, hold espe-
cially true in this, connection. No self
respecting bank should allow for a moment
the printing of it's name in a newspaper
which publishes advertising of the Miller
syndicate order. The signal apathy Of the
two stock exchanges in New York city
over the free use of their names by Miller,
is another matter that appears queer to
the average observer. Miller is not making
his profits out of exchange speculation, and
probably has not purchased a share Of
stock for his customers since he began
business. This could be demonstrated by
half an hours investigation, but up to the
present time neither of the New York eX-
changes has made an effort to set itself
clear before the public. The consequence
will be that when the crash comes the ex-
changes will be classed by the dupes as
part and parcel of the swindle. and another
now will go up over the rapacity of the
money power" In view of what is hap
pening every day, the fact that six million
of votes were cast in 1896 against an honest
after all. There is an old adage 'once bit
by Miller and other scoundrels of like ilk,
seems to disprove 1t.
Note-Since the above article was writ
ten the Miller syndicate has gone to pieces,
the chief conspirator is a fugitive from
justice, and one accomplice is in jail. AS
similar syndicates are beginning opera
lions, we have concluded to publish the
editorial as originally written. Readers
can substitute new names for that of Mil
Ter, as they appear. The truth applies to
all alika.