The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1913-07-11
DOLLEYS APPEAL.
Ex-Bank Commissioner Wants Funds
to Fight for Blue Sky Law.

There will be a state and national
fund to enforce the provisions of the
"blue sky law if a plan by J. n.
Dolley, former state bank commission
er, bears fruit. The blue sky law is
in the hands of the regular law en-
forcement officials OF the state, but Mr..
Dolley believes there is a need for
public contributions to defend the 1911
enactment and has appointed William
Macferren, president of the Topeka
State Sayings bank to take care of all
subscriptions.
Mr.. Dolley's appeal is as follows:
AN attack has been made in the
courts to destroy and set aside the
statute known as the blue sky law in
this state. This statute has become a
law in many of the states of the Union
and 1t is doing splendid work where
properly administered for the protec-
ton of the investing public, which has
been paying toll during the past
years of somewhere between three and
Eve hundred millions of dollars yearly
to the dishonest. unreliable promoters
and dealing in worthless stocks, bonds
and other investments
1.-THE Kansas blue sky law was en-
acted by our legislature because its
members were convinced that thou
sands of our people were being sold
worthless mining stocks, irrigating
and on mountain tops, etc, and that
they should be protected by law. The
law Is designed to give the promoter
with a genuine and meritorious propo-
sition a fair chance to offer his stocks
and to absolutely bar the fraudulent
blue sky proposition. The leg1slature
thought the law properly safeguarded
so that no sound business proposition
could be Disseminated against, and L
agree with them as it has been fully
exemplified in the administration OF
the law. If the parties representing
a business proposition can not con-
vince the bank commissioner, secre-
tary of state and attorney general, VINO
are the commission named in the bill,
that it is sound and good enough to
offer the citizens of our state, 1t IS
quite certain that it is not worth any
thing and its promoters should not De
allowed to defraud our people.
Il have been threatened many times
with lawsuits, injunctons and mandamuS
suits within the past two years and nave
been within the past few days, sued Tor
fifty thousand dollars, for the reason,
suppose. that I have been too active IN
the administration and DEFENSE OF the plue
sky law. |
Up to the People.
'T am no longer an officer Of the state !
of Kansas. and have no more power or
authority to assist in defending this law |
than any other citizen of Kansas and the |
the United States. 1t is now up to the |
people to defend this law. L am ready ard |
prepared and anxious to render any ser |
vice possible, free of charge, in your be- |
half. 1 believe should organize a ma |
tional organization for the defense of the |
law so that we may be at all times in a /
strong position to defend the law in any |
state in which it may be attacked
1.-The suggestion has come to me from
several well known kansans who are
deeply interested in the success of this |
law that there are many people in this state
who would be willing to subscribe to a !
fund for It's defense. I believe this Is |
good suggestion. I have discussed this |
with NIr. William Macferran. president of |
the Kansas State Bankers association, |
and also president of the state Savings |
bank of Topeka, who cordially 1ndorses |
the plan and has kindly offered to act as |
treasurer of such a fund. Proper state |
ments will be made at different times of
all receipts and disbursements in connec-
ton with this work
Appeals have been made to the enc
mics of this law for assistance in destroy
ing and defeating it, and 1 believe that
the suggestion that we now appeal to the
serving it in the interest of the public is
worthy of your earnest consideration.
ANY information or suggestions that
may be furnished by the friends of the
law in its defense may be sent direct to
me at Topeka, or to my attorneys, F. S.
Jackson and Z. D. McKeever, of Topeka.
The attack on me is for the general
purpose of discrediting the law and my
self as the author of 1t. As the fight is
conferred largely upon me as the author
and defender of this statute, the CO
me ct this time in resisting the assault of
tine enemies of the blue sky law will be
greatly appreciated, and will render the
public a valua BILE service.
Trusting that you will consider this i'm
portant and give it your early support
and cooperation, I remain, sincerely
yours. ]. N. DOLLEY.
FROM SITRSCRTRERS