Daily press. [volume] (Newport News, Va.) 1896-current, 1905-05-20
Lawson Tells How STANDARD Or"
Consplrators Secured $26.4l3,.
500 Cash In the Deal.
HOW THE SCHEME WAS WORKED
Public Subscribed For Copper Shares
Until Desired Proportion Was Reach.
ed When Rogers Put in Bogus Sub.
scristlon of Five or Six Times tho
Amount Left-rhe AlIotmen.s.
tspecIal to the Daily Press. !

Especial to the Daily Press.)
boSTON' MASS. May l9-Rum-.
ors OF Thomas w. Lawson's latest
NAPIER on "Frenzied Finance" which
appears in Everybody's Magazine IN.
morrow. had their influence IN tia
STOCK market both in New York and
mere today. Mr. Lawson tonight uuid
mat the latest instalment of his sen-
sat'ohai story was n double chapter
or 2".0o0 words. He found # limos.
s'ble to tell the story of the Crime or
Ahialgamate.i" IN fewer words.
tonight the famous broker. Yachts.
man. anu race horse owner, gave out
interesting extracts of the story as IL
VIII appear in the magazine tomorrow
Cne of them is plain statement ne
The means by which the innocent
lambs We're sheered Of their golden
neece by the accomplished operators
back Of the scheme. iS
After explaining the elaborate mans
laid for the purpose of misleadinr tia
Public In regard to the real value OF
me copper companies interested In
me combination. AMI the misleading
advertisements sent broadcast over
the country, In order to get the invest.
CT in condition to take the allur,np
bnitp whole, the story proceeds:
70 eIrcTr- -,..-,.l 49, 4
each subscriber just the number or
shares of Amalgamated necessary TO
render the amount of money accom-
panying his subscription equal to
about twenty-five or thirty per cent.
payment on his whole subscriptions.
This would constitute such n large
margin as TO assure the payment Of
tho other seventy or seventy-iive per
cent. due. For instance, man who
applied FOR hundred shares accom-.
panied his subscription with O. check
Fer $500. He was allotted twenty
shares. value $4,000 on which his SbOD
| check represented n payment Of !
TWENTY-FIVE per cent. If the conditions
nf the National City's Banks adver.
| tisrinent had been complied with, he
was absolutely entitled to three shares
of every FIVE subscribed for. or sixty In
ail To bring about the proportion
which Mr.. Rogers wanted, a hog,l,,
subscription of five or six times tho
mnllotted balance was put In Ivy Rim.
and this is where the fraud was COM
united. Tho National City Bank was
III llnty Eornd to protect the public
from any sllcn bogus subscription, AMI
to SEQ that fair treatment was az
corded to all subscribers. Yet. M
faithful to the trust. It permitted this
bogus subscription to be put in. eley-
en- hours after the bids had been
opened. 1t utterly failed to comply
with the condition of ITS advertise
nnnt. and was lhus n direct party to
The fraud pcrl,ctratc'l by lis president
and Mr.. Rogers The exact amount
OF the bogus subscription could NOT
he decided until the exact figures o.
the subscriptions had been compiled,
so the figures gave out that night
were only estimates. Within the next
few days It was asccrtained that the
genuine subscriptions totaled $132-
OG7500. upon which an allotment Of
one share In five, or s2G4l3,50O Of
stock altogether, was made to this
d public
Heads Win; Tails You Lose.
Sin this way the conspirators SO,
cured from the public s2G.4la5o0 OF
the original cost, S39,O00,OnO and yet
retained over s495OO.O0O of the au-
thorized stock of $750OO.O0o. In other
words the public paid two thirds of
the purchase price and the ccnspira.
tors retained nearly two-thirds o.
the property. Considerations of space
forbid my treating here the immediate
disastrous results of tic crime.
the dcath-pall that fell upon the mar.
ket. the pitlnhle plight Of the sub
scrlbcrs, the brutal insenslbillty Of