New Britain Herald Newspaper, January 15, 1926, Page 21

half mile, The two tracts farthest P[]NZI,S LATEST iwnm. 18 approximately a square | | apart are separated by four miles of GET RICH SCHEME Plans to Sell $15 Land for. $230 an Acre Jacksonville, Florida, Jan, 15 (A — Charles Ponzl Intends to continue to demonstrate his ability as a finan- | clal wizard by selling $15 an acre desplte the arrest of Caledonlo itf, his branch office manager in Toston, on blue sky law violation charges, Ponzi Is using as a base for his oprrations in Ilorida six tracts of land In Columbia county, comprising a totai of 1,000 acres 65 Miles From Cin The land in question, described in Ponzl's advertising as being “near Jacksonville,” {s, roughly speaking, yome 65 miles west of this city, quite astreteh for & Jacksonville &ub- division, even as Florida subdivisions [ Tt 1s nine miles south of Take City, in the central north section of the state, and Is what is commoa! known as “Serub Oak and Palmetto land, covered with a thick growth of palmetto and other weeds and nourishing to some extent a' sparse but hardy scrul oak growth, The Jand possibly 1 good for farming, provided sufficlent clearing, fertili fng, draining and other improve- m work {s done, well advised resi- dents of Columbia county sa At least one firm of Jacksonville realtors have land of the same cali- bre in Columbia on sale in ten acre tracts at $15 an acre, and conserva- | tive realtors estimate that Ponzl, by purchasing the land in the quantity | he did, pald a price around $10 an rore or possibly less. Ponzi's Process The processes by which Ponzl | nced his real estate operations and by which he made his land into | a subdivision vle with each other in | simplicity. The subdividing work| consiated of making plans of the | property and driving stakes in the ground so that purchasers might | vigit the tract may find thelr lots. | He guarantees that each lot will face a street 40 feet wide, so broad | nges « ! sandy goll upon which a k growth of palmetto and scrub oaks lead a hardy existence, Ponzi does not guarantee any im- provements and frankly § there are' no improvemepts on . the property, His 1,000 acres consist of < tracts of land, the largest of | place designated as shown on the latesy Ilorida map as equally good land, which is not sub- divided, The Atlantic Coast Line rullroml runs near Ponzi's property, a mile and a quarter from it, nuhmmh there 1s no station there, A clay road touched the property, Two miles to the north there 1s & Columbla, | a post office, Trains occasionally drop mail there for those who live in the sparsely settled county. Ponzi's financial schemes, so far, has withstood the acid test given by such agencies as the state (‘Chamber of Commerc the J sonville | Chamber of Commerce, the Jack- sonville Ieal Estate board, county and Jacksonville clty authorities and state and government fnvestigators. All of these agencles have scrutin- |1zed Ponzi, his office, his land and his methods earefully Almost any realtor in Jacksonville will grit his tecth when Ponzl's name is mentioned. The city attor- ney and Mayor John T, Alsop, Jr., spent 10 days studying his plan, Has No Capital Ponzi's scheme apparently as tem- porarily solved the problem of em- barking en real estate operations without eapital. His first step was to issue unit certificates ofindebted- ness at $10 each, promising a two hundred per cent dividend in two months’ time, He then acted as trustee for the syndic: this formed, and, as he said, purchased the best land obtainable for the least amount of money. He confided in a state- ment to the public that his su and other incidental ovorliead costs, p : ASK for Hor?lck:q ? . THe ORIGINAL Y- Maltev Milk Invalids, / Q‘“‘ : 5 The Aged Jo: Qmumg Chilelien Contains the valuable muscle and bone forming elements found in the grain and whole milk Raises happy, robust children Nutritious and easily assimilated Prepared at home by stirring the pow der in hot or cold water. No cooking | and Diet Forlnfants, F._;.._..__.._. Roll ’em, Girls 380 {Clap Hands! Here Earnest Among the Big- gest selling Bell Records are ““The Death of Floyd Collins.” “Show me the way to go home. Ask to hear them! ”» .Fox-trot Mendowbrook Orohestra—Stillman's Orchestra {Paddlin’ Madelin’ Home Comes Charlie. Arthur Tlelds—Franklyn Baner . .Fox-trot . Jacal Duet 5 Yocal Duet Hare and Billy Jones 381 {The Lonesomest Girl in Town..... Tenor Sclo 1 Want a Little Lovin’, .Tenor Solo 382 \Then T'll Be Happy. . .Fox-trot 1T Wish't I Was in Peori cees .Fox-trot Stiliman's Orchestra 383 {Sitting On Tép of the World. . .Fox-trot {Hot Stuff Blues..... « .Fox-trot 384 yPardon Me While I Laugh +++.Vocal Duet {That Certain Party. .. .. Tenor Solo Earnest Hare and Billy Jones—Arthur Fields §The Pilgrim's Chorus. .. . +.Organ Solo L1501t mosey e +:Organ Solo Theodore Bace E Bell Records are sold only at Moonlight Serenaders NEW DRITAIN DAI'Y HERALD FRIDAY, JANUARY 1 cost him $40 an acre “as she lays.” Then ‘the acreage was stuked out in lots 26 by 60 feet each or 23 lots to the acre, These lots were offered to%he general public at $10 each, or a total retail price for the acre of Then follows the matter of the 200 per cont dividend to the unit certificate holders, 1€ the cash is available, and Ponzi claims It was when the first dividend was pald re- cently, the holders of the $10 unit certificata holders receivo §30 for *ach $10 certificate, They may, if they wisli, accept three $10 lots in lleu of cash If there is no cash, Fonzi provides that the certificate holders receive three $10 lots for each §$10 certificate, thus disposing of the dividend problem Ponzi then further announced just where the profit is made. Totul cost of land §$40 per acre, Including all expenses, net retail value of the $10 lots on ecach uere, $230 Thus, if there is no cash for divi- dends, cach certificate holder get three lots, four certificates at $10 cach therefore are taken care of by 12 of the 23 lots In each acre, equalling the cost of the land and leaving 11 lots, or the cash equiva- lent thereof for Ponzi's profit, Ponzi hus hud printed a handbill, describing his tract, He opens by stating there are no Improvements on the property, or developments thereon. He siates that “the land is not swampy or submerged,” but is he average type of land prevailing in the interior of Florida and “qual- | ified as high and dry In fact Ponzi offers to refund the purchase | price on any lot which may be shown to be under water, There re numerous distriets in the imme- diate vicinity where cypress trees hrive and which are swampy dur- ng the rainy season, Ponzl claims to have sold 7,000 lots during his brief period of ac- tivity, He is a fluent distributor of lengthy statements. He figures, he says, that “cvery knock is a hoost,” but says he cannot unde nd the attitude of Massachusetts regarding his Boston activities of old, He hopes to pay hack what was lost in his first schemie and thinks this should make everything all right He contends the Massachusetts au- thoritics are “persecnting” him. . HART Jan. (Associated Press.)—Elections to the Sheffield ntifie school societirs at Yale reity, atnounced last night, ir ed three Conr icut en. They are Stnart €. 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