Omaha daily bee., 1893-08-20
Mhere no tho Missing Ones Go2

What becomes of numbers 3l5 BY 3lS,
3l9, and a score of others omitted from this
order, or all that may follow 4l2, the COM
pany leaves the world in the dark. Doubt
less the company realizes there Is no neces-
Bity for elaUoratlng the scheme. and the
manner in which the press and the authori-
ties are going after like swindles justities
their foresight.
In this as in all bond schemes the great
reliance for gain is on lapses. The statis-
tics OF insurance companies are quoted to
chow that vast sums are possible under this
method This is one of the allurements
held out to the gulible. Stick to your pay
ments," the agent says to an investor
"and you will come out ahead Per
Bistency is q winner" Let us suppose
the advice is strictly followed by all holders
of bonds. How long will it take the holder
of say No. 3l5. omitted from the lottery
plan to mature his bond, If he comes from
family OF centenarians and possesses
adequate grit and mind, the bond will reach
the matured stage in eighty-three years and
four months, provided his installments are
shadowy chance of 81 900 at the end of that
period he will have paid 81, $50. This is one
Of the lapses that may be safely counted
on. Manifestly the promoters utter truth
when they pronounce the scheme a snap
for themselves. To quote an Irishism. IF
there ain't any lapscs, Well all lapse" But
this system of lapse is not only reprehen-
sibe; it is robbery under a more genteel
name.
In support of the promised fortunes the
Perpetual furnishes guarantees as shallow
as its pretenses. IL reports capital stock
paid up $4,000, an amazing sum surely, and
supplements IL with n guarded certificate
signed by reputable business men, setting
forth that hitherto the president of the con-
cern has borne good reputation. But the
signors carefully avoid an endorsement of
MS present business scheme.
What Missouri is Dong.
Tho action of the federal authorities in
Denver in arresting the promoters of bond
schemes has practically squelched the bust
ness there The offices of several ha We been
closed and others are seeking more congenlal
quarters III out of the way places. The
authorities OF Missouri ana Kansas have
been aroused TO the magnitude of the swindle
and other states will soon Join in the work
Of annhilation.
Missouri Is accorded the questionable
honor OF being the parent of bond schemes
Nine of Them have been Incorporated in the
state but us soon MS their character became
known a law was passed requiring them TO
deposit with the state treasury 100000 in
cash as a protection for investors. But this
provision Is not considered sufficient protect
lion, nor does IL reach the root OF the
Evil. In recent published letter Aon. A. A.
i.esueur, secretary OF state, vigorously con-
uemns bond companies and says they should
not be sanctioned by the state. Corporation
privileges are now denied TO all bond com
panies, ana the secretary announces that
quo warranto proceedings will be instituted
by the attorney general before the state SUI
prenie court in October for the purpose of
Annuling the charters of those now in exist
enCe.
Purely Lottery.
Speaking OF their character generally.
Secretary Lesueur says:
No person can hold that the lottery prin-
piple does not underlie the manner OF doing
business In vogue with these bond invest
ment companies, That they are unsound
considered from q scientific basis, is unques-
tionable. II has grown into an axiom in
business circles that wherever something is
promised for nothing the promise covers a
fraud, and yet these companies brazenly ad-
vertise that for an expenditure Of s25 or S3l
M Investor may receive 81 900, concealinp
tho TACT by irrelevant comparisons with
mortuary and other insurance tables that
tue excess received by this person Is paid by
pther Investors in the so-called bonds.
AS y matter Of fact, there u nothing