New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-11-23
ALL EAGER FOR BIG GAINS
THE FRANKLIN SYNDICATE CONTINUES
TO TAKE IN $4,000 A DAY.
MILLER SAYS SPECULATION IN WALL
STREET ENABLES HIM TO DO 1T. BUT
HE is UNKNOWN THERE

dE is UNKNOWN THERE.
The Franklin Syndicate. whose manager William
+. Miller. told in yesterdays Tribune. was
rested Tuesday charge OF libel brought by
f. L. Blake doing flourishng business again
yesterday. Men and OF all classes and con-
oitlons swarmed in the street and building where
the business is conducted. eager to deposit their
earnings-some their all-with concern which
pays 59 per cent year in weekly dividends. Miller
was at his place usual having given 5000 cash
pail for his appearance In court. He is small
man with thin face and small head. quick black
eyes and wears mustache and is not at all COM
mancing In appearance. over the counter In the
room where deposits received is small sign
which says that nothing less than so is received.
ii is quite apparent 10 every intelligent person
that no legitimate business can possibly pay such
dividends $40 per cent. as has been shown time
and again. as in the Ward-Grant fasco the Dean
exposure and numerous other cases. Miller. when
seen yesterday. protested that his was perfectly
proper business and he had never swinded one Of
his customers. In answer to a question he said
that he wouldn't collapse. and even II there were
a run on the bank tomorrow he could pay every
depositor.
When asked how # came about that he was en-
abled 10 pay such enormous dividends. ne replied
that he specialized in Wall Street and made thou
SANDS there every week. He refused, however. to
name his brokers. He further said that he had
oeen dealing in Tennessee Coal and Iron. His ad-
veriising agent Cecil Leslie. when seen later. how
Coal and Iron, but said he made $4,000 in Chicago
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. 1t
also develops that the banks refusing 10 take
MS account; the Hide and Leather Bank and the
BroadWay Bank. OF Brooklyn both having COM
PEELED him to withdraw. President Henry Batter
man OF me latter declared the reason for the
banks action that they could not afford to have
the name OF the bank connected even remotely
with the Franklin Syndicate. further expressing as
his opinion that no savings bank in the country
could AFFORD TO pay such profits.
The police Of the Fifty-eghth Precinct have tust
Closed an investigation OF the Franklin Syndicate
maze IN response to request from the District At
torneys once. Nothing, however, has resulted
from II so FAR. Postmaster Wilson has also con-
Quoted an investigation without apparent result II
would seem as II it an opportunity for the
state Banking Department 10 look into the matter
MI Blake had In his possession yesterday a letter
rom Miller received after he had sent thirty thou
sand cards broadcast throughout the country
which were headed "A Warning" and advising peo-
pie 10 leave Miller alone. In the letter Miller wrote
thanking Mr.. Blake for the advertising given him
and stating that the result had been increase his
business by at least $500 a day.
The receipts Of the syndicate average about so F.
90 daily, OF which $1,000 comes through the mails
and the remainder over the counters.