The Providence news. (Providence [R.I.]) 1891-1906, 1899-11-23
MILLER PAYS
$40 PER CENT.
Franklin Syndicate Doing an
Enormous Business.
RECEIPTS ARE $4,000 DAILY.
Canklng Men Say No Institution Can Pay
Such Enormous interest
MILlEaS PARTIAL EXPLANATION. |
Declares Re SpscuIaies In Wall S., and Makes
thousands There Weekly Two Banks
Rsfuss 10 Cary His Account

New York, Nov 23-The FRANKLIN
Syndicate, whose manager, William T.
Miller. was arrested Tuesday on a
charge of libel brought by T.. l.. Blake
was doing a ilourishing business again
yesterday. Men and women of all
classes and conditions swarmed in the
street and building where the business
is conducted. eager to deposit their
earnings-some their alfs-with a con-
Germ which pays $40 per cent year in
weekly dividends. Miller was at his place
as usual, having given $4,000 cash bail
Tor his appearance in court. He is a
small man, with thin face and small
head, quick, black eyes, ami wears a
moustache, and is not at all command
Ing I'm appearance. over the counter i'm
the room where deposits are received is
a small sign, which says that nothing
less than $50 is received.
IL Is quite apparent 10 every intelli-
gent person that no legitimate business
can possibly pay such dividends as $40
per cent, as has been shown time 9nd
time again,as in the Ward Grant fasco,
the Dean exposure and numerous other
cases. Miller, when seen protested that
his was perfectly proper business
and he had never swindled one cs his
customers. In answer to a question he
said that he would not collapse, and
even II there were a run on the banK
tomorrow, he could pay every deposi-
tor.
When asked how 1t came about a at
he was enabled Ito pay such enormous
dividends, he replied that he speculated
In wall street and made thousands
there every -Meek-Iie refused, however
TO name his brokers. He further said
that he had been dealing in Tennessee
Coal and Iron. His advertising agent,
Cecil Leslie, when seen later however,
denied that Miller speculated in Ten
nessee Coal and Iron, but said he made |
$4,000 in Chicago. Burlington and |
Quincy last week, "as everybody knew" |
Mr. Blake, who has brought the suit |
for libel. says that Miller is entirely |
unknown in Wall street and in the |
Stock and Consolidated Exchanges liz |
also develops that the banks are re-
fusing to take his account the Hide |
and Leather Bank and the Broadway
Bank Of Brooklyn both having COM
PEELED him to withdraw. President
Henry Batterman of the latter de-
clared as the reason for the banks ac-
tlon that they could not afford to have |
the name of the bank connected. even
remotely with the Franklin syndi-
cate, further expressing as his opinion
that savings -baFh-iH- the country
could afford to pay such profits.
The police OF the 58th precinct have
Just closed an investigation of the
Franklin syndicate. made I'm response
to request from the district attor-
ney's office. Nothing, however, has re-
suited from ii so far. Postmaster Will
son has conducted an investigation
without apparent result. 1t would |
seem as If IL We're an opportunity for
he state Banking Department to look
nto the matter.
Mr.. Blake has in his possession n
etter from Miller received after he
lad sent 10000 cards broadcast
throughout the country, which were
headed. "A Warming" and advising
people TO leave Miller alone In the ct
er Miller wrote, thanking Mr.. Blake
or the advertising given him, and
tating that the result had been to in
rease his business by at least 81. 500 a
ay.
The receipts Of the syndicate aver
ge about $4,000 daily. Of which s17.-
90 comes through the mails. and the ,
over the counters | :