| Show kJ 4 i i r d h r. r Dizzy Financing I I. I I 4 JE HE most most recent disclosure o of the rich get-rich- f S F quick art V comes to light tight with the arrest of the two members of George F F. Redmond V r S Co Inc i and the closing of this firms firm num numerous us partial r payment brokerage houses George F Redmond was a waiter in a Brom Brom- I field street re restaurant tau t in Boston H He grew friendly o with c a discharged of a aV V V broker brokerage o firm in b New York one of the first ai to tp d do business busIne on the partial payment plan He Uc b became arne interested and saw great V in the plan R He told his plans to a i fri friend nd James S S. S Lament Lamont who WAS a biscuit salesman and then and anI there the firm of G George Georg orge F F. Redmond Co Inc became a tiling of reality S. S Briefly the plan pIan was to accept from a V customer 20 per cent of the purchase price i VV of securities listed or unlisted the cust customer mer then to pay 5 S per cent a month of the principal principal prin prin- cipal with inte interest est at 6 per cent on unpaid balance The The clerical clerIcal and nd t- t working classes f J were canvassed Business sprang up over overnight overnight night and continued to flow int into the firm The firm w was s a member of no exchange but it got instant quotations over private wires and the business flourished There were hard I and stern rules of the firm however that if the 5 per cent payment was vas not forthcoming within five days the account was closed Nine times out of ten the account was sold out at a ra total loss to th the customer A publicity man with wide experience w wis was s shired hired to write attractive literature The firms firm's weekly let letter er was mailed to persons Often a Q special letter during the week would go out to or additional addi add people Accounts came in by the thou thou- I sands Offices were opened all over the coun coun- try The Thc United States A was then zoned The New England zone had offices in Boston Worcester Springfield Hartford Providence Manchester N N. H. H Lowell Lawrence and Lynn The Western zone had offices in Chicago Chicago Chi CM- cago Cleveland and Cincinnati and the Southern South South- em ern zone had offices in New York Philadelphia Philadelphia Philadel Philadel- phia and Pittsburg Lament Lamont built a t palace at Natick Mass i Redmond's house at Vest West Newton Mass became one of the s show ow places of suburban Boston It is said he spent on this estate Mining stock promotions were taken up and in one flier in Boston MonI Montana Montana Mon Mon- tana js IS I s reported to have been the win winnings 1 In another nother cleanup anup in Goldfield- Goldfield Florence on the New York curb this firm is said to have bave netted another leaving leaving leaving leav leav- I ing thousands of customers cleaned out The I liabilities of the defunct firm are fixed at assets un unknown V |
