The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-04-19
SACK is EMPTY.
Thousands of Investors in u berO
Company Holding It.
Several of the Promoters Have
Gone to Europe.
PUBLIC is FLEECED
To the Extent of From 81 ,OOO,-
900 to So, 100000.
PUBLIC is FLEECED
Head of Concern Formerly an
Indiana Congressman.

Washington, April 19.=William P.
Owen. former member of congress
from Indiana, former secretary of
state for Indiana once a minister of
the gospel, organizer and promoter Of
the Ubero Plantation company of In
diana, the Mexican Coffee and Rubber
company of Indiana, the Ubero Plan
tation company of Boston, and the
Consolidated Ubero plantation CON-
pany, also of Boston, has gone to
Europe, and thousands Of investors in
the stocks and bonds of the companies
are holding the sack. The sack is
empty, and the trusting public is out
anywhere from 100000 to $1,000
600. These facts are set forth in a
memorandum of the attorney general
for the postoffice department, accom-
panying a fraud order which was is
concerns.
It is also stated that Arthur ".
Stedman and Frederick c. Hood. two
men prominent in Boston business
and social circles, the former president
and the latter vice president of the
Consolidated Ubero company, are like
wise absent in Europe Judge U. H.
Wiley of Indiana, at present Judge Of
the Indiana appellate court, is named
as treasurer of this company.
Partner With Criminal Record.
The investigation conducted by the
department disclosed one of the most
gigantic and baldest frauds that has
been perpetrated in recent years.
owen is said to have been the prime
mover in the entire swindle and pre-
sumably the chief beneficiary Fred
erlck T.. Borges, another Indianian,
was Ovens partner in the deals
Borges, it was reported to the depart
meII, has a record for serving a term
in the penitentiaries at Joliet and
! Putsburg. There is little prospect of
any satisfaction for the investors. as
/ it is stated at the office of the attorney
general for the pOstoffice department
that Owen and Borges undoubtedly
acted on excellent legal advice in
framing their schemes, and it is a
question whether they can be reached
through civil or criminal action.
. Owen embarked in his Mexican
plantation scheme shortly after retir-
! ing from the Office of secretary of state
/ of Indiana in 1898.
Promoters. Grow Bold.
Emboldened by success. Owen and
/ Borges next reorganized the Consoli-
dated Ubero Plantation company, is
sued bonds to the amount of s.. 500. coo
and sold both the bonds and stock on
monthly payments. This company was
to develop 5000 acres of Mexican lands.
which it was to purchase through the
tropical Securities company Owen and
! Borges again) and from the Mexican
Coffee and Rubber company, an IN
diana concern The latter company was
capitalized at but $89, Co., and the fraud
ulent character of the tranSa ctiOn IS
evidenced by the fact that the CONSOLE
dated company was to pay it $500, 600
for property said to be worth not over
$4,000 or $4,000. OF the 5000 acres of
land 1913 are still virgin forest, ,087
are yalueless, and only 1925 have been
planted.
To sell the bonds and stocks repre-
sensations were made and fulfilled that
dividends would accrue Immediately
The names of prominent men were
widely heralded as officers and directors
and Owen and BOrges even went so far
as to put a special brand of. coffee on
the market in packages labeled as the
/ product of the Consolidated company.
Investors were urged to use their own
coffee" Investigation proved not a
grain of coffee had bees produced on
] the property.