Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1909-09-23
FAKE INVESTMENT SCHEMES
THAT ROB KANSAS PEOPLE
This Community Has Lost $500, 900
In Seven Years

Editor Reflector: submit the
adoption Of another plank for discus
sion in the next political campaign in
Kansas, and that is department to
have charge Of examinations into
every corporation both foreign and
domestic that sells a dollars worth
Of stock within its borders. At the
present time there is no such depart
ment, and no law on the statute
books Of Kansas whereby any cor
poration with exceptions noted be-
Iow) ia subjected to inquiry or scru-
tiny Of any kind, and they can turn
their agents loose witheAt let or
hindrance to prey upon the Kansas
public. Before any insurance COM
pany can do business in the state Of
Kansas, the Superintendent Of Insur-
arce makes examination Of said COM
pany, its capital and assets and its
methods Of doing business. II not
found equal to the requirements IN
every particular, the company is not
permitted to do business within the
state. Before any bank can open
It's doors, it is necessary to make an
application to the Bank Commission
or submitting a List Of names Of di-
rectors, the amount Of capital pro-
posed, and the place Of doing busi-
ness. If the examination Of the Bank
Commissioner discIOses that the pro-
posed organization meets the re-
quirements Of the law, they will be
given license to do business in the
state.
Before any corporation in Kansas
organised for any legitimate purpose
Whatsoever can secure its charter,
the Charter Board passes on its ap-
pIication, and II found meFltcrious
Sd legitimate, "a charter will be Sc
cured
II seems that a state that sur
rounds It own business institution
with such safe guards for the pro-
lection Of the public might well go
a step farther, and create a depart
nent that will protect the public at
large from the sale Of stock in any
corporation Of whatsoever nature.
why should this great common
wealth exercise such scrupulous care
that its own corporations may be
lawful and honest, and then open
wide its gates to outside or domestic
corporations organized solely to gull
the public, and cause It to part with
its money?
It does not take very wise man
10 understand that the Kansas farm
er has plenty Of money to invest a
the present time, and to invent ways
10 help him invest It. The state Of
Kansas has been over-run with spec
ulators, sales agents, smooth tongued
and oily, and unscrupulous vendors
Of ali sorts for the last five years
who have dumped millions Of dollars
worth Of stock into the state Of Kan
sas from which It is safe to predict
not / per cent will ever return u
the way Of dividends or original in
vestnfent. There is nothing to stoS
or hinder the sales Of stock as tht
corporations floating the stock ar'
not subject to any law Of the STATE
Of Kansas, are not required to sub
NIT to any examination as to CAPT
tai, plans. merit, place of business
names Of directors OF any information
whatever pertaining to the same.
I know whereof / speak in making
the statement that within the pas
seven years Abilene alone has invest
ed over $500 100000 in the stock o
mining corporations, wireless tele
graphy, patent wheel hubs, oil wells