Memory's Storehouse Unlocked, True Stories: Pioneer Days In Wetmore and Northeast Kansas
John Locke · en
The Fiscal Agent’s secretary, or outside girl, stationed near his
private office—he had a better looking secretary in his office—said
she believed the “boss” was not in. I gave her my name and stated my
business. She went into the private office, and returned saying, Mr.
so-and-so would see me. However, had I been a questionable caller, the
outside girl would have told me upon returning that he was not in, and
that she had learned from his inside secretary that he had gone out of
town and would not be back that day. This was the system. The “boss” did
not want to see any of his subscribers—nor an officer of the law.
One of those Kansas City promotion companies was selling stock in what
was called a Ten Million Dollar Development—that is, ten million shares,
par-value one dollar, sold at two cents a share, the idea being to offer
the purchaser a lot for little money, out in our mining district
in Nevada. It was highly advertised as the “Extension of the Great
(Searchlight) Quartette Vein.” The outfit was actually sinking a shaft
about a half-mile out in the valley west of the mountain-situated
Quartette mine—a rich gold producer—without reasonable chance of picking
up anything in the way of values. Too many promotions like this were
victimizing the people. The Blue Sky Board’s function was to keep them
out of Kansas.
In our own mine promotion, I did some newspaper advertising in
Topeka—but, first, I had to get a clearance from the Blue Sky Board (in
Bank Commissioner Dolley’s office) showing that our company was on the
square; that the stock was a fair risk; that purchasers were fully and
truthfully informed; and most important of all, that the purchasers
would get a run for their money—meaning that the money so collected must
not be used in paying for a “dead horse.”
On full-page advertising in a number of papers, I received on the
average one inquiry for each 3,000 circulation—but I sold practically
all of them. This was only about one-hundredth part of the returns
the Kansas City fellows were getting. And I had strong copy, too. The
newspaper boys said it was unusually strong. But I made the mistake—from
the promoter’s view point—of telling the readers the truth, that we
had not carried the proposition to a point where we were about ready to
begin handing out dividends, which was the Kansas City boy’s big drawing
card. This was costing too much—and I discontinued selling the stock,
hoping that we might yet find an Agent who would have better luck. We
used up the funds on hand; then went at it individually again. And the
six miners continued on the job, taking their full wages in our treasury
stock.