The Sun and the New York herald., 1920-08-05

NOT AFRAID, HE INSISTS

Special 10 THE Bun AND NEW lORh lihhALn'
BosToN, Aug. 4,--Ponsi hit straight
from the shoulder at his critics to-day
when he called a halt on the plans for
investigating his affairs, hatly refused
TO dlvulge his assets, openly dened j.
Weston Allen. Attorney General OF Mas
sachusetts. and declared there was no
law that could compel him 10 reveal
his assets.
Those who know Ponzl best declare
that the wizard" Is weary OF the In
vestlgatlons which, outside OF United
States District Attorney Gallagher's Of
fclal audit, are getting nowhere and
accomplishing nothing save delaying
Ponzi from carrying out his gigantic
financial plans
Ponzl, It Is said, takes the view that
inasmuch as they can flnd nothing
against him he should be permitted 70
60 on With his business, which he main
tains Is thoroughly legal and regarding
which they have not, with all their in
vestlgation. been able to find the allght-
est flaw. And II In no secret that the
average man on the street takes the
same view. The average man figures
that II there were anything wrong with
POnzl's scheme ample time has elapsed
In which TO uncover II, and II there Is
nothing wrong he should be permitted
to 20 ahead.
The coupon manipulation sprany hls
first real bombshell to-day when he
Gehod the State In It's proposal for an
examination 10 determine the total OF his
the result Of such an inquiry. II was
merely PonzIs assertion Of what he
maintained TO be his rights.
There is no law which can force me
TO show all my assets" he said, as he
discussed tho suggestion OF Attorney
General Allen that he would like to make
an audit supplementary to that In which
the Federal auditor Edwin l.. Pride, is
seeking to disclose Ponzis liabilities.
And I'm strong exponent Of law and
order, too" the wizard added.
Ready to Pay All, He Says.
Ponzl, in denying the right of the
State to investigate what he has in as
sets emphasized that he does not want
TO appear antagonistlc.
But my accounts are in the hands OF
Mr.. Pride to reveal my liabilities" he
said, land they are going TO stay in his
hands until he gets through with them,
Nobody Is going to reaudit my ae-
counts in any event until Mr.. Pride has
completed his inquiry into them, and
moreover. l believe that n second IN
yestigation Of them would be untimely
and unnecessary.
when my liabilities are established
then I will produce enough cash to cover
them, and no more"
Ponzi declared that the present In
vestigations were no surprise to him
that he had been expecting them right
along.
THAT is why had so much cash on
call when the run came" he went on
THE cash was money that had been
accommodating in preparation for just
such an emergency. ! realized right
along that a business such as mine
with It's huge profits am Its offer OF 81
per cent. yield to the public, might ex'
cite suspicion, however unfounded. and
was ready.
"I did not worry about the run a
any time. knew had enough ready
! money to meet all mRtured notes ant
pay back the principal on notes not due.
Are you q Socialism" he was asked.
Absolutely not" he replied. II be-
lieve in the Golden Rule-give every
man a chance"
Enjoys Himself I'm Films.
Affairs at Ponzi's office in Schoo
iak IN hnf
did not botheE to come into town from
his Lexington home until afternoon. HI
| had n brief conference with George w
StOrch, chief accountant OF the Bureal
Of Investigation Of the Department o.
Justice, who is here to cooperate will
United States District Attorney Gal
lagher, and then announced that h
would take matters easy
Tonight he went 70 the Boston The
atre with his family TO see himself
| filmed, having so thoroughly enjoyed
the film last night at Keith's Theatre
The theatre was crowded, thanks in par
to the wideawake press agent. WHIT
caused q big placard to be posted at th'
entrance announcing that "PonHi, th'
Wizard. viii attend this evenings per
Torrance at o'clock sharp"
The joke was on several who sough
to cash notes to-day when they showeC
up at the Office armed with boxes to 81
upon while waiting for their turnNto ge
to the window. They had been readinI
in the newspapers how the line OF not
holders ran around two city blocks, ant
intended to be fully prepared for a lont
wait. But there was no wait, for sool
after the office opened the short line o
note holders was accommodated g,
quickly that nobody had a chance to 81
down. Then 1t came n question of wha
to do with the boxes. Pie Alley provided
the solution.