The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-11-23
Country StOrekeeper Puts Deal
Over Making Fortune.
City's Seasoned Financiers Al
legged Victims of Stevenson.
HIS PROFITS ARE $3.50, 600
In Four Years $1,000 Earns
Quarter of Million.
Suit Brought for Receivership
Exposes Plot

Kansas City, Nov. 23.-FOur years
of high finance Melted country
storekeeper in Kansas more than
$250.000, according to allegations
which brought about the appointment
of the Commerce Trust company as
receiver for the. Great Western Life
Insurance company of Kansas City.
George w. Stevenson, jr-, keeper Of
a store in watervIlle, Kan, invested
$1,000 in insurance stock. became
president of the insurance company
and retired in less than four years
with 100000 in cash and guaranteed
notes making his total assets $267, 500,
according to John H. Atwood, attor-
ney for the stockholders who procured
a Teceivership from Judge Thomas.
Stevenson Missing: Family Says.
Stevenson could not be found.
Relatives said he was in Kansas, while
other reports We're that he had begun
an European trip, which had been
planned for some time.
Walter S. Dickey and Thomas K
Marks are figures in the story OF hlgh
finance which is alleged by the stock
holders in the suit to have resulted in
milking the Great Western company
for the benefit of Stevenson ana the
International Life Insurance company
of St. Louis. Marks was made presl-
dent of the Great Western on the re-
tirement of Stevenson three weeks
ago. Walter S. Dickey, for whom
Marks is general attorney, is d.
rector of the International company
of St. Louis, which contracted TO ap-
sorb the Great Western.
BOY Put Through Deal, Is Charge.
The deal was made, according to
Atwood, through a 17-year-old boy in
the offices of the st. Louis company.
Frederick E. Fischer, said to be only
II years old, signed the notes and OBJ
legations aggregating $26T,SOO.
nf Western
told bv Atwood, reads like page
from George Randolph Chester's life
experiences of ]. Rufus Wallingford.
s'7Ihe company was formed In 1877
nv o. L. Van Laningham, who con-
ceived the plan of organization" he
said The company devised special
policy which would make every pol
fcy-boIder an agent for the company
and give him an interest in its pro-
rress The po1icyholder was to be
allowed an interest in the volume of
business done.
insurance records in the world, writing
sal 600. COO in the first seven months of
i+s existence The stockholders largely
were located in Missouri and Kansas.
'sDown at WaterviIle. Kan, town of
/ 900 population, lived George W. Stew
enson, Jr. a storekeeper-4 He invested
81 500 and in one of the periodic re-
organizations of the company he went
in as president of the company.
stevenson Becomes President of Co.
''Stevenson's salary, according to the
books of the company, was fixed at $3,-
900 when he became president, later was
raised to $1,000, then to $4,000 and finally
to $4,000.
an addition to StevensoE's salary, a
brother-in-law living at Waterville was
placed on the pay roll, according to the
petition, and received $4,000 a year as
secretary, although he seldom visited
the company offices here and was I'M
known to employees of the concern.
THE salary feature was of little con-
Germ when 1t came to selling the COM
pany to the St. Louis concern.
Contracts for the sale of stock made
between Stevenson and Fischer, the ST.
Louis youth, are set out in the petition.
Stevenson received, according to
these documents, $3.50 a share for the
stock he held and he was commissioned
to buy up other stock at $3.50 per share
Local bankers and men of finance
parted with their holding to Stevenson
for 5000 share on the representation
that it was not worth more.
Local F1nancie-s Are Outvvitted.
Thus, we find that seasoned men of
Kansas City's financial district were
outwitted by the coalition between the
country storekeeper and the young Of
hce boy in St. Louis"