The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-01-18
SUCCESSOR TO RUSSELL SAGE.
PAUL NEUMANN, LATELY A MIL
LINER, OFFERS PUTS AND CALLS.


n. H.. received this circular. The bod,
of it was printed, but the mans name ant
address had been added with a typeVrite
afterward:
Paul Neumaun Walter P, MaccaOe.
President Sec Treas.
NEW YoEK AND LoNDoS SECURITIES CoNPANl
~ Broadway Building.
Telephone 95,5 Broad.
NEw YORK. Dec 20. 1904.
DEAN SIR. We take the liberty to call YOU
attention 70 the enclosed prospectus, which
fully and in detail explains our Investment
Ofrer as well az our business and methods
we trust same will have your careful con-
sideraton.
W. are at the present time operating with
our personal capital through the New YORK
stock Exch1nge house OF Halle 4 Stieglitz
who. on the strength OF our interest bearn &
deposit with them. indorse our one dag
privileges.
Having been extremely successful. In the
pasr we desire TO extend our business TO longer
tine contracts. and for this reason have or
ganized the above company for tho purpose
OF enlisting the cooperation OF Investors.
The Issuance OF puts and calls 10 the
safest and most profitable method to make
money in Wall Street, There 10 practically
no risk attached to II. and since tbs retire
ment OF Russell Sage from active busincas
competition is small and the demand greater
than the supply We are certain that our
dividends never will be less than per cent,
n month and q handsome distribution OF sur
plus earnings every six months.
Our depository is the Empire Trust Com
pany With increasing business. however.
additional accounts will be opened. although
the greater part Of funds will be carried by
Stock Exchange houses. as interest bearing
loans or guarantee deposits.
Our president Mr.. Paul Neurnann. has been
connected with Wall Street for a number of
years and has the reputation OF being one Of
the keenest Judges Of values and fluctuations
two very important qualifications In the
put and call business.
Our secretary and treasurer, Mr. Walter
r Maocabe. has always held positions OF trust
with rome Of the largest houses in New York
city lie is also the president OF the Board Of
Education OF Passaic, n j.. and as such his
standing matter OF public record and
easily nscertained. Any additional lnfor-
nation viii be gladly furnished by. yours
truly.
NEW YORK AND LONDON SsorRITIEs COMPANY.
Halle & Stieglitz said yesterday that
while Mr.. Paul Neumann had, as an lndi-
vidual, an account with them for n brief
period not long ago, @the account had been
closed They declined 10 say why It had
been closed. because il was not their habit
to disclose their reasons for differing with
their customers.
Mr. Paul Neumann was found In an inside
room at - Broadway As soon as the
reporter said that the object OF his call
was to ask the purpose and intent OF Mr..
Neumann's circular and OF other advertising
matter Issued by the New York and London
Securities Company, Mr.. Neumann looked
ut the stenographers in his Office and said
be guessed he'd better do his talking In
another room. He led the way 20 O. vacant
room across the hall. which was bare OF
furniture, but was fitted with small stock
blackboard and two cubby holes with little
doors in the walls between them and the
main apartment. Here Mr.. Neunlann
se' m d 20 be entirely az home.
1t is too early for any one 10 have the
right to investigate US he said. we have
done no public business yet
Mr.. Neumann was asked why his account
with Halle & Stitglitz had been closed.
He made long statement which amounted
10 this: He had offered to Halle d Stieghtz
the account of the New York and London
Securities Company; they had declined to
accept the account Of a corporation without
a record. Then, he said he went on their
books as Paul Neumann, president, and
40 traded with Them then at their request.
he dropped the president and traded
with them on his own personal account,
lie mad perfect right 20 do inasmuch
a. all the money in the New York and Lon
don Securities Company was his own and
Mr.. Maccabe's; on Dec. 20 he was sum-
moned TO the Office of Halle d Stieglitz and
was told that his circular was misleading
and harmful to the firm; the circumstances
Of the interview between himself and Mr..
Halle we're such that he withdrew his
sccount.
In view OF this frank statement OF Mr.
Neumann, Halle h Stieglitz withdrew
the veil Of professional reticence so far
~ 10 say that 1t was through no fault OF
.ha hsads OF the f:fn that the word -presi-
dent got on their books and that as soon
as they found it there they made Neu-
mann drop it. They had investg gated
his references as an individual and had
found them correct-but they didn't think
he would do business with them any more.
When the Empire Trust Company was
asked about the New York and London
securities Company, II ". Cough. the
secretary. said
we ceased accepting deposits from
them some time since. The refusal was
have not seen before and which Ia of in
forest to Us. | viii attend 10 that at oncs.
II is true that at thic momert they have
small account her.
Mr. Neumann said that his differences
with the Empire Trust ComT any were due
TO an unfortunate mi suudef standing. He
had not kept his account up to the amount
the trust company r quired.
Mr. NJ umann al 20 stated that he had
sent out about ? 500 copies OF the "we are
certain that our dividends will never be
less than pr cent. a month circulars,
He said that he had not got single reply
from those >, 500 circular, and was still
handling his own money and Mr. .Maccabe's =.
He did not mention the name OF any Stock
Exchange house with which he had dealt
since his name disa prearcd from the books
If Halle 4 Stieg itz. He accounted for
the fact that fifty dollar che cks had not
come his way as a result OF the circulars
by two exp anations: first. that he was a
poor letter VT ter; second. that the gene raj
public never did understand puts and cai =.
Mr.. Nrumann was especially anxious that
u should be generally understood that he
sent out no circulars OF the sort printed
above after his account with Halle 4
Stieglitz saw its finish; in fact many circu-
lars had been sent out post dated. Mr..
Neumann said that ne had tried 20 get
ticker but that his application was refused.
You know, he said how difficult it is
to get q ticker.
Asked as to his past career ia business in