Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-04
DEMAND ON PONz|
funds DW|NDLES.
Long Line of NotehoIders Miss.
ing When Office Opens.
Few at Windows
SCHEMES WORRY BANKERS

Boston, Aug. 4.--The run on the TX.
change Securities Co.. headed by Charles
Ponzi, who claims to have. made mil.
lions by dealing in international reply
coupons, dwindled noticeably today,
Perhaps a hundred noteholdcrs were on
hand to present their claims, but th.
long line that has heretofore extended
along the street for block or more
was missing. Spectators were again
in evidence seeking to buy notes,
Men who stood all day yesterday
without reaching the windows Of the
paying tellers complained that the
mechanism of payment worked so slow.
ly that not more than 100 claims were
disposed Of. But assistants in Ponzs
Office insisted This estimate was far I'm.
der the mark. 1t was announced that
arrangements had been made today to
care for women noteholders ut q spe.
cial window reached by a private cor.
ridor.
$500, 900 in One Day
Edwin L. Pride. who Is auditing
Ponzi's accounts for the federal au.
thorities, had n private conference to.
day with Assistant United States At.
torney Daniel A. Shea. The account.
ant had with him two bundles of Pon.
zi's certificates which had been redeemed
yesterday. lie estimated that they rep
resented payments of about 100000.
The examination of the accounts was
progressing, he said. but considerable
time would be required to complete II.
From the cross currents of opinion
growing out Of the frenzy of Ponzi's
sensational financial adventure comes
the suggestion. falling on credu lous ears
in increasing numbers. that he is max.
ing war upon established financial insti.
tutions aud customs
The belief feeds upon the optimism
that grows greater day by day as the
Wizard" smilingly meets all demands
upon his cash, while official investiga'
tors continue at work apparently I'm.
able to find anything wrong in his pur'
suits.
Down in the italian quarters a re-
porter yesterday discovered an intimate
friend of the modern wonder worker,
who, according to his own statement.
has made 100000 with Pouzi's aid
during recent months. The man Is a
Socialist of the extreme type and de.
clared himself competent to interpret
Ponzi's purposes and motives in his un'
dertnkings.
"Ponzi has solved the capitalists,
world game" this interpreter declared
with emphasis. They are trembling a.
ready at what he il going to do for tho
common men. for all will share in the
great day at hand. His heart is with ths
people; all he is doing is for them.
Sees Wall Street Worried
Then he talked of Ponzi's newest an
nounced plan, 500, 200, 900 banking
project which he declares he will launCh
''just as soon as the investigators have
satisfied themselves his business u
legal" ms Ponzi puts it.. i,
"Wall street is worried continue
the Socialist friend. 1T will worry
some more. Another ten days and tGe
public will be assured of the honcSV
and Legality Of the great plan. Ihtn,
oh, then ~ the speaker exclaimed WIFE
wonderful gesture.
Ponzi yesterday outlined his ventul'
calling for a $100.000,000 organiaa.
ton, perhaps 5000. 900, 900. Boston
will be the center of the gigantic W.
dertaking. which will include the con-
duct of world wide chain of banT
consolidated industrial activities deal,
ing in all essentials, huge importing
and exporting business having conttC'
over steamship lines plying every STA