The Birmingham age-herald., 1902-08-08
MORE DEBENTURE
 BOND SUITS FILED
Holders of Columbia Debenture
 Bonds Want $25,000
CONTRACTS SAID TO BE VOID
Claimed That Plan for Reckoning De- benture Bonds Was Lottery and Contrary to the Laws
 of Alabama.

The debenture business of Birmingham was again brought into the courts yes terday. This time the process was in the shape of civil suits for the recovery of money alleged to have been paid into the treasury of the various companies, and for alledged damages resulting from the sale of bonds said to have been worth less The suits were filed in the city court
 The first two suits were matters of chancery one being against William L. Dodd and another against the Peoples Savings Bank and Trust company. The suit for damages is against William L. Dodd, R. F Kolb and Henry B. Gray.
 E. W. Whaley, Carl F. Lundbum and c. w. Elliott filed suit against William L. Dodd, in which they seek to have the sum of $25 900 placed in the hands of the court and distributed among themselves and other purchasers of debenture bonds issued by Columbia Investment company. In this suit it is alleged first that the Columbia Investment company was in 1909 engaged in selling debentures on monthly installments. The plaintiffs de- scribe the manner in which the bonds were sold and the manner in which they were matured. They allege:
 An Alleged Lottery.
 'grhe debentures were numbered and payble according to table printed on the back of each debenture which table was so arranged that debenture number l was first payable, then 3. then 9, then 2, then G. then and so on, alternating between numerals so-called and multiples of 8; and the holder of each bond depended for its navment on his chance of obtaining a multiple number on his application. Com plaintants charge that said contract so evidenced by said debenture constituted A lottery or a device in the nature of lottery, or of like kind with lottery or said contract was void on that account and was illegal and contrary to public policy and the criminal laws of Alabama.
 It is further alleged that the company got more than s25 0OO, the defendants all having certain sums. The complaintants assert that on October l, 1900, the com pany had in it's treasury s6oO0, and that on that day w. l.. Dodd purchased the as- sets of the company and converted the seooo to his own use. The prayer of the petition states:
 .'That said w. l.. Dodd be made party to this suit and that on final hearing 1t be decreed that said s6Ooo. so paid by the treasury of the company to the defend- ant. Is the money of complaintants and other investors and that he be required to pay same to the register of court and that a reference be had to take an ac- count showing amounts due each com plaintant and said investors
 Suit Against Bank.
 The suit against the Peoples Savings and Trust Company was filed by J. l.. Campbell, c. A. Ihwley, J. G. King and Mary Deely It alleges that in April 1898 ]. w. Swanson was manager of the Southern Debenture Redemption Company and on December 13. 1900. Swanson had $40 GOO. That he then agreed to sell to c. ". Morgan and c. A. Blinn. Jr., all the property of his company. The pur- chase was made and the transfer given. but that at the time a check was given for $25, 900 on the defendant bank when the said purchaser had only seOOO in bank, but they put in note endorsed by G. A. Blinn, Sr for $25 900.
 The complainant ayers that when John D. Elliott, cashier of the company, cer- tified the check and delivered it to Swan- son the latter delivered the collateral and assets of the company including s22,O0O in cash which was deposited with the bank. It is claimed that this money belongs to the compliments and other investors. They ask that all property delivered by said Swanson be put into the hands of the court and distributed among all investors.
 The third suit filed was against w. L. Dodd, R Rs.F. Kolb and H. B. Gray T. J. Smith is plaintiff, and he asks for 5000 damages for alleged deceit In the sale of certain bonds or certificates known as debenture bonds which 1t is claimed defendants knew at the time were worthless The suit has four counts and has reference to bonds issued by the Birmingham Debenture Redemption company.