The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1910-11-23
KANSAS PAID TOLL
To the Stock SWindIers Dis
covered in N. Y. City.
Mr.. DOlley Estimates at Hun
dreds of Thousands.
HE GAVE WARNING.
Started Department Months Ago
to Pass on Stock Schemes.
Many Worthless on Face Found
Victims in Kansas for Years.

| That the wholesale stock swindles of
Burr Brothers. formerly of Leaven-
worth, Kan, but late of New York,
where a steal of nearly 800, 900, 600 was
unearthed this week, reaped the usual
| per cent of toll in Kansas, was the
statement made today by Bank Com
missioner j. N. Dolley who declared
| that several hundred thousand dollars
| had been paid into the Continental
| Wireless company by Kansans.
| Mr. Dollev said that similar fake
companies have been represented by
| agents in Topeka and that these agents
! did a quite successful business He
declared that 60 per cent of the oper-
ators have been driven out of the state
| in the last year, following the in
| auguration of an investigation depart
ment in the office of the bank commits
Sioners.
Concerted efforts will be made by Mr..
DolIey to have the banking depart
ments of the several states join in q,
| combined effort to drive out wildcat
speculation and fake promotion
schemes. He has written a letter to
Postmaster General Hitchcock refer
ring to the work done in Kansas and
will write to the state banking depart
mentS at once.
NO Need of These Swindles.
There is no need of the American
people being swindled by this class of
| thieves said Mr.. Dolley, eff the United
States government, with its army of
| secret service men and employees and
| the departments of the several states
will do their duty to the people. These
thieves can be driven from the market
| completely in twelve months"
Regarding the money market in the
| interior, Mr.. Doley said that the in
surance companies are coming back
| into the farm loan field from which
| they in a measure withdrew last
| spring. He declared that this is taken
| by the bankers and business men as in
dicating that the strain is over
Further discussing the situation, he
said
Six Per Cent on Farm Loans.
THE general agent of one of the
companies making a speciality of this
| class of investments has received or
| ders to take orders at 6 per cent on
| first class farms. The land values
have remained steady in the summe
and while they are yet held at figures
! that would have seemed high two
years ago, they show no signs of de-
| clining, however, the companies mere
| ly are taking the application for COM
! pIetion of the loan several months or
! weeks ahead, but the fact that they
are sending money west will help re-
| lieve the local banks which have to fl
nance the customers loans and their
| land deals.
| when the com panieS retired from
! the field, as in effect they did for sew
eral months, it placed much weight
! on the banks and was to a large de-
gree responsible for the severe strain
| that has been manifest for several
months. If this is relieved, there
| should be a better chance for the
| short-time loan and the banks will
come back to their normal business.
| Money Market Easier.
THE money market has become
much easier in the last two weeks.
! Now the Bank of England, which
| controls the money market of the
world is holding its money at per
cent and will not increase the rate. A
month ago it was holding at per
cent. Money at Kansas City and
| throughout the west is easier and
! the marketing of the 1910 crop is
beginning to be felt. It is bringing
money into the local banks and is CIV
| ing relief to the country banker.
I'm the next year the market will
| be more or less stringent and the
present higher rate of interest will be
| maintained. but I believe all the
money needed for legitimate business
enterprises will be available. AS time
| goes on there will be less money for
| questionable investments as the bank
er now wants to know what his Gus
| toner intends to do with his money.
If it is intended for legitimate invest
ment the customer usually is accom-
modated, otherwise he probably will
| be refused"