New-York tribune., 1920-08-04
Control of Chain of Indus
tries, Banks and Steam
ship Lines Figures in
Wizards Newest Idea
Smiles as He PAYS
Out $780, 900 More
Deals in Postage Stamps
and Bankers Goats, His
Reply TO Club Query

SpcClUt DtSpdtCn 10 inc ITtOuue
BOSTON, Aug 3.-With his smiling
face only four feet from cashiers
window that depleted his treasury at
least 100000 more to- day, Charles
Ponzi outlined to newspaper men vast
plans for the future. They make his
current project, now under investiga-
ton by a score of Federal and state
officials, look like a medium for earn
ing pin money. A chain of banks, a
group of steamship lines and a world
wide import and export firm. all di-
rected by Ponzi, were forecast in a
mild, conversational tone. Initial capi-
talization, Ponzi said, will be for $780,
100000 and that will be increased
rapidly to $4,000 900. He limited at
tremendous cooperative profits.
The day for the crowd around
Ponzi's office was enlivened by the dis
tribution of thousands of printed cir
culars, purporting to be signed by q
former member of the Massachusetts
Legislature, now a selectman and mem
Der Of the Board of Assessors of a
nearby town.
"a thief doesn't give you your money
back" the circular read in part. 81
have no money invested with Ponzi
and have never met him. But he is
manifestly a friend of the people,
fought bitterly by great interests.
warn investors not to be stampeded
into withdrawing their money!
Crowd Scrambles for Circulars
The scramble for the circulars was
so great that mounted policemen
charged the throng. Several persons
were knocked down. States Attorney
General Allen announced this after
noon that he has appointed Samuel
Spring, an attorney said to be an au-
thority on Investment laws, to investi-
gate Ponzis affairs as soon as the Fed
eral audit is complete. None of it
seems to affect Ponzi's peace of mind.
every ten sticks of newspaper copy
written in Boston. One is "dapper"
and the other is "debonair."
"I've just come from breakfast >
Ponzi told reporters this morning. at
was a doughnut and a cup of coffee
that's all can afford now.
"Aftcr this investigation has shown
that | am 'on the level if l should
open again, such a tremendous amount
of money would blow in that | doubt
if | should be able to accept it and
continue to pay SO per cent in forty
five days, as | am doing now.
81 am planning an organization for
an investment syndicate capitalized at
$100,000,oO0 and eventually to be cap
italzed at $2G0000,0 600, in which sub
scrbers would receive conservative
monthly interest plus quarterly, semi
annual or yearly dividends. This cap
ital is to be invested in industrial en-
terprises by acquiring control also of
a chain Of banks throughout the United
States and the world. to be operated on
a proiit-sharing basis; also in an i'm
porting and exporting company, aifil-
lated with my banks and having under
control steamship lines plying between
Boston and all foreign countries. In
every enterprise I have mentioned in
tcrest will be paid on prof sharing
basis not only to patrons but to che
working staff. These will be started
in Boston, as Boston is my city.
Support on Larger Scale
"My plans will be developed very
shortly. 1t is obvious that the magni-
tude of these plans necess tates the
support of the public on larger scale
than so far has been demanded by any
promoter"
While the authorities are engaged
in defining their several powers, ponzt
like the lady in the melodrama, pays
CONTINUED on next paqc)