Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-11-01

Series B.. $50 400 100 so
These bonds being secured by our redemp-
tion and reserve funds, are as good as the
United States Government. which have ever
been a favorite form of investment. etc.
REDEMPTION OF THE BONDS.
The circular proceeds to state that the
bonds are redeemed in numerical order. the
lower numbers being called first, and citing
this as a reason for immediate investment.
The bonds, according to the circular, are
called in as they become due, in numerical
order, and are paid at the following rate: If
called within the first year, they are paid
at 80 per cent of their face value; the second
year, 60 per cent, and so on up to the sixth
year. when they are redeemed at par value.
The first bonds are to be called on the 18th
of January, and regularly at every month
thereafter. Lapses are calculated to aver
age "a per cent per annum, and the last
bond is expected to be called in in about
four years. Every bond that lapses brings
the next number above it one
point nearer to redemption; for
when a bond becomes due, and has
lapsed, it is skipped and the next number
called. Ar invitation is extended to every
one to call at the Office and look at the bonds,
and reference is made to the banks of Balti-
more. The circular is signed by Thy ele NJ.
Lamb. .....
"Supposing. Mr.. Lamb" inquired the
reporter, "that purchase bond for $500,
what will it cost me?"
COST OF A $500 BOND.
"It will cost you s. admission fee. and
you will have to pay 81 every month for
dues"
"When will 1 get the s5OO?"
whenever it is called. If there are no
bonds before you you will get $3.50 on the
18th of January, when the first call is
made"
"Well, supposing that several bondhold-
ers desire to call in their bonds at that time,
what then?"
"Oh, then, only bonds will be paid which
there is enough money to meet. The bonds
are paid out of the receipts for their sale.
II we sell, for instance, 100 bonds before the
18th of January, we shall have $500 to meet
any bonds called in."
''Is this the only fund to meet the demand
of the bondholders?"
"Oh, we have reserve fund of $50, 00O
but that is not for the purpose of meeting
such claims"
Reference to the circular here showed that
this reserve fund" was to satisfy the claims
of the last bondholders.
''The bonds" continued Mr.. Lamb, ''are
only called in in numerical order. They
begin with No. l, and so continue up to
10, 900, the number we expect to place here.
They will only be redeemed in rotation and
called in in numerical order; those holding
the earlier numbers, of course, being paid
first
AN UNEXPECTED CASE.
"Suppose several early bonds fell due for
redemption in January. where are the funds
to meet them ?'
"We don't expect they will. In that
case we would pay just as many bonds as
we had money to meet them"
"Have you done much business here ?"
1--WE have not got well started yet. In
fact, we are only beginning, but we have
sold 20 Of series A, 10 of series B, and 10 of
series c.
Mr.. Lamb expressed entire confidence in
the success Of the plan, and said he had no
doubt he would sell the whole 10, 900. here
He had been appointed agent for all of
PENNSYLVANIA west OF Altoona. He had
been with the house in Baltimore, and was
acquainted in the mode of doing business.
Other branches would be established in
Harrisburg and Wheeling.
In reply to a question, Mr.. Lamb said
that while other schemes had had a
very short life, they were of a
0luerent CHARACTER 10 MS lDSCltutlO0. he
said he had leased the Offices till April,
1892. with power to sub-lease, as he wanted
to move into larger quarters suitable to his
business. On THE DISPATCH representa-
tive leaving, Mr.. Lamb asked him where he
had seen his advertisement
I'm THE DISPATCH"
'T shall have much larger one in another
paper tomorrow"
APPLICATION TO REFERENCES.
"Can apply to the references you men
tion?"
Certainly"
The reporter withdrew, without deeming
it necessary to disclose his identity.
In pursuance to Mr.. Lambs permission
to apply to the reference, dispatches were
sent to two banks in Baltimore. The First
National Bank replied: 1--WE know moth
ing about then,," and the Old Town Bank,
especially referred to by Mr.. Lamb as know
ing the members of the directory, replied:
parties of good character, not large
means"
The association was incorporated on the
Sd Of August, by Louis Strasburger. Frank
I. Murphy, Thomas a. Musgrove, Thomas
R. Wheeler. q. s. REGISTER, Charles E.
Ehmann and Charles II. Evans, all OF whom
are responsible business men Of Baltimore.
The quarterly dues offs cents are supposed
to pay current expenses.
n r Al L,