Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1920-08-01
Ponzi Satisfying all De-
mands-Has Millions
Left

BOSTON, July 31-Last Decem-
Der Charles Ponzi began in modest
offices On School street advertising
that he would pay so per cent on
money left with him for 80 days.
This is equivalent to 400 per cent a
year. Now Ponzi is said to be worth
$8,5OO,000 invested in real estate,
bank shares and stock in public util
ity corporations. His methods, how
ever, were so unusual that the inter-
est of the public officials was arous-
ed Ponzi offered to cooperate in the
investigation, and an auditor rep
resenting the district attorneys Of
flee is going over his books.
Ponzi appeared today almost to
have satisfied questions among his
investors as to his solvencv Only a
short line formed before the payment
window of the Ponzi office and when
disbursement was resumed clerks said
they were paying off nearly as much
on notes matured for the 80 per cent
profit in As days as they were return
ing to frightened investors In prlncl-
pal without interest on notes sur
rendered short of maturity. The viz
tual end of the weeks run was in
sight with few additions to the disap-
pearing line. a
Have Plenty of Money
The amount paid out by Ponzi
since the run began Monday was es-
timated by his manager, Miss Lucy
Nell, at 81, 100000. "And We have
twice as much money right here in
Boston as Mr.. Ponzi owes so there is
no need of anyone being nervous"
she added.
Ponzi a few days ago announced
that his liabilities were about S3,-
100000 indicating that public partic-
ipation in his schemes already has
been reduced by one half, with fur
ther receipts stopped by his agree
ment with the authorities to accept
no more funds until investigation of
his accounts is complet I'd.
The run of frightened investors
to cover, Miss Nell said, meant more
money in the already bulging pock-
cts of PonZi, as unmatured notes were
paid only on the basis of actual in
vestment.
"Their money has been working for
us all this time and Mr.. Ponzi now
can keep the so per cent profit which
would have gone to these people. You
will realize what this means when you
know that nearly 81 100000 which
we have paid out has been on unma-
tured notes. a saving to Mr.. Ponzi of
almost $50O,000," she said.
Books Open
Ponzi's manager said she had seen
nothing of any investigations as yet,
although, federal, state and county
inquiries are under way. Her books,
she continues, are open for inspection
by any one in authority and would
show that Mr. Ponzi had more than
enough money to satisfy all.
Examination of the books, hOwev-
er, according to Miss Nell, will not
solve the mystery of how Ponzi has
made his money. With his ready sat
isfaction of all demands fer payment
question has turned from mis- solvency
to chow does he do it?"
To the statements of Postmaster
Patten, of New York, that there are
not enough international postal cou-
pons in the world to build up the for
tune which Ponzi claims is his, Miss
Nell declared that her chiefs manner
of "'cashing in" on his operations was
a business secret which he intended
keeping and which examination of his
books would not show.
"We have the money; there has
been no violation of law; the public
has received and will receive dollar
for dollar on every promise; let the
/ investigations come; what can they
do?" the manager said.