The evening world. [volume] (New York, N.Y.) 1887-1931, 1920-08-06
new YORK FIRM !
INITIATES PONZI
WITH 50 ?. C. PROFIT
Looks Like Public Won't Be
Let in on Golden Oppor-
tunity," Asserts Member.
SAYS CASH is ASSURED.
Syndicate Reported to Be Will
ing to Back Foreign Ex-
change Scheme.

Opportunity TO make 80 per cent.
profit in sixty days on foreign ex-
change to-day failed TO longest
broadway and 42d Street with any
crowds such as stormed Charles
Ponzis Boston office, although invi-
tations had been sent out by Mont
gomery, Macdonald & Co., Inc, with
offices in the Fitzgerald Building, No.
1882 Broadway, for the public to en-
JOY the brief harvest. A reporter for
The Evening World day was in
formed by Mr.. Montgomery that "it
looked as though the public would
not be let in" on the golden opportu-
nifty, as a financial syndicate had con-
cluded arrangements to take all the
notes necessary to swing the scheme,
The elevator starter at the Fftz-
gerald Building had to consult the
building directory before he could di-
rect the reporter to the Montgomery
Macdonald offices. They are in Suite
5O3-506. on the door of which. is the
sign OF the Federal Sulphur Develop
ment dor, Inc. Asked what the de-
velOpments we're to-day, Mr.. Mont
gomery Said
."At 1880 A. M. at a conference, a
group Of moneyed people who had
our proposition under consideration
came through with the first initial
payment on a 100000 offer to swing
the deal" he said. He declared the
payTEsht was Substantial" Pressed
for more specific figures, he said 1t
was satisfactory to US, enough to
show good faith" He said the finan-
cal group had had the proposition
; under consideration a reasonable
time but had acted slowly.
ut was their hesitancy that
prompted us to let the public in on
our good thing" explained Mr.. Mont
gomery. This they got information
of and they came forward with a
bang. 1t is unfair to ask who they
are, because they wouldn't like their
business dealings made known to
the public and it isn't business
honor to make known the dealings of
our clientele"
DETAILS EXPLAINED IN 400
CIRCULARS SENT OUT.
Mr.. Montgomery added that his
firm had sent out 400 circulars stat
ing that Foreign exchange offers you
through us $3.50 within sixty days for
every 500 you invest. The details
Of this plan have been worked ont for
'Hs by the foreign trade counsellor of
! one of the best known concerns in
1 This country" The circular continues
that as ideas cannot be patented or
copyrighted the concern could not
submit 1t to bankers without danger of
the bankers stealing the idea and leav-
fng the concern without funds. Hence
I hhe public is invited TO finance it.
THE replies are coming in with
Surprising rapidity and not one asks
FOR information, all are with orders"
SconttndIed Mr.. Montgomery. His tele-
I phone rang. He answered it and said
sadly:
NO, am sorry 1 can't let you in
l bon it. The syndicate has taken it up"
III uuI lllB the TeuldlnutT VI
khhe interview Mr.. Montgomery had to
nform telephoning inquirers that
4 heyrwere too late to invest. He said
that the orders amounted to more
sthaH $4,000 and showed one postal
sHCaFd reply with an order for S25, 900
worth of notes. Asked how much
a cash he had actually collected, he re-
3 piled, mot one ceAt." Asked what
4 the. prospects of the scheme were, ne
,6afs, a.. a
e Mr.. Montgomery displayed a cable
4 gram which he carefully creased to
4 coTiceal certain parts, including the
n senders name. The words he dis
closed were as follows:
20 -'Cashed English order to- day at
The old rate (crease) Have
passports ready. Am leaving on next
Il sleamer. &c.. Waited to collect check
FOR $4,000.
B 'Iie refused to give the senders
Z WHO is the father of this scheme"
i he WAS asked.
,rPercy McCord. our foreign ex-
change wizard. Who is he? An in
tetha tional authority on foreign eX-
& ahRhse. l cannot tell you where he
y He returned from abroad about
s-one- year ago and since that time has
been the business adviser of the big
gest corporations and captains of in
d6stry. Name them? Oh, that is not
a9fair question. Mr.. McCoTd would
6bject to my disclosing the names of
his clients"
WON'T BE NECESSARY TO LET
jan PUBLIC IN.
Mr. Montgomery pulled open the
drawers Of file cabinet, disclosing
indeXed cards, and exclaimed:
II There! we don't need to let the
public in. Here are our clients. 1t
would be unfair to tell who they are.
Yes, it looks like we can't let the
public in"
who are these clients! New York
men?"
mo"
"Where do they come lom?"
"Our Chicago connections produced
hem" replied Mr.. Montgomery. II is
got fair to ask if they are Chicago
business men,"
HAS any Government or other Off
cial been here to ask you anything
about this scheme?" was asked.
mo. This is a legitimate concern, 4"
exclaimed Mr.. Montgomery. "Ponzi 3?
IN suFa huN