Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1920-08-12
LOCAL MANAGER STILL
HAS FAITH IN P0Nz|
Will Not Tell How Much Money
Burlingtonians Have Entrust-
ed to Boston's Spectacular
Financier, but Associates Set
Amount at About $1,000

Y. u Mcintosh. manager Of the local Of
flee Of the Securities Exchange company.
was told for tho first time last evening Of
Charles PonzPs past as revealed by the
Geographic stories. He maintained that
his belief in Ponzi was mistaken, but he
would not say what the revelations would
contribute to the future policy of the
branch here.
MIR, Mcintosh admitted that he did not
know Of Ponzi's criminal past. He became
attracted to Ponzi's proposition later than
many and has himself invested heavily
in it. When asked why the local office
was kept open when no investments would
he received and no money paid out. Mr..
Mcintosh replied that he desired to learn
the feeling of the public. because. when
this trouble had blown over, it was the
intention of himself and his associates
to float a more ambitious scheme.
Mr.. Mcintosh refused to discuss many
of the phases of his business. He would
not tell whether or not his company had
any money in local banks. He also would
not tell how much was invested by Bur-
lingtonians. but according to statements
made by the men under him the amount
totals about 5000. He said last evening
that he believed Ponzi would fulfill his
obligations. According to Mr.. Mcintosh s
statement. only one investor applied for
his money before maturity. That was an
investor to the extent of 500. The men
working for Mr. Mcintosh bought this
, note and therefore gave the investor hi
money from their own funds.
Mr.. Mcintosh said last evening that he
had every confidence in the world that
the investors would later be happy and
explained the fact that he himself. could
not redeem any more notes by the state
ment that he had used up his own avail
able funds.
Regarding the future of the office. Mr..
Mcintosh said that he was staying here
subject to orders from Ponzi. When asked
when the local office stopped refunding
money, his reply was that the refunding
hadn't stopped because it had never
started. He claimed that the offer to re-
fund money originated with his subordi-
mates. He dsclaimed any responsibility
for anything that the men working with
him did.
When asked last evening what method
an investor was to take to get his money
refunded, if he desired, Mr.. Mcintosh said
that he would accept any applications and
forward them to Boston for payment.
Mr.. Mcintosh explained some of the
methods by which large sums could be
realized through the difference in foreign
exchange.
From what Mr.. Mcintosh knew of Pom
zi's operations, Ponzi bought Italian lire
with the money procured from the in
vestors in this country. A lire has in nor
nal times value Of 10 cents and a frac-
ton. At the present time it Is worth about
five cents and fraction. Ponzi's methods
as explained to the men under him. was
to buy lire and convert them into In
ternational reply coupons. He got them
! cashed in whatever country offered the
best rates Of exchange. The reply cou-
pons command stamps and in some coun-
tries, such as France. the stamps have a
cash value. The method Of converting the
reply coupons into cash In many countries
Ponzi has absolutely refused to reveal