The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1923-06-04
Continued FROM saturday

Continued From Saturday,
Mowado spoke up. dofenslvely'
"Sure. They were an wildcats of the
widest kind. hut We don't deal in
oil, We sell stock. Every issue we've
put out has gone above par at some
time or other. and that's playing
the game square with our custom.
ers. amt ~ We see that they have
chance TO set out with a profit,
n they hang on rs their own fault,
That's how we've built up a ellen
teel'
1t wouldn't hurt your reputation
to bring in wet well Tor change,
would IL" Both partners agreed
that Il would not 'i'n buy this
soaore lease. and you can promote
company to arm 10 OF IT, Stoner
says it's one.to.three shot"
McWadc hlaEed with enthusiasm
al the suggestion. Take a piece OF
the stock yourself Mr.. Gray, and
wen put IL over in a day. With
your name at the top OF the list
Il will bally.hoo ITSELF
Not a share. Your amlable prop
osition brings me directly 70 anoth'
or point which has a bearing upon
our main campaign. Law Is a dry
subject, but | must bore YOU with
brief dissertation upon a proyis'
ion OF one statute which has doubt
less escaped your notice. II has
escaped the notice OF most people.
even OF Henry Nelson. / believe,
You realize that all but few Texas
oil companies are not organized as
corporations. but as joint stock as
sociations-in effect declarations OF
trust"
I'VE oughSa know Il. Stoner said.
1T saves paying big corporation
tax and let's you sell all the full.paid.
worcestershire stock YOU want TO
issue. regardless OF what the prop
erty Is worth. Oh. we got wise
to that. muy prontoi Why. these
here Texas laws are the bunki Them
fellows AT Austin, IL they had their
way, would make Il impossible to
promote a legitimate enterprise--on
q paying basis. The'd make you
turn in casb-or property the equivo.
cal thereto every time you organ.
tied Wouldn't that be swcetg This
joint.stock arrangement is the only
way TO beat the game. It's a
shrewd device. and my hats Off TO
the guy that invented Il"
Very true. Very well expressed.
But IN the statute governing the
procedure there IS wrapped up a
bundle Of had news. for IL ~ pro-
vidod that any officer or stock
holder may become personally H.
able for the entire debt OF the as.
sociation There IS going to be a
lot OF sleep lost over that fact when
the truth becomes known
You mean II got stock in a
company that's blowed up. and I'm
living In Oshkosh. all pretty. that
j can be hooked for the debts some
crook runs up here in Texas?7
Precisely"
This intelligence brought no con.
strrnation TO the partners: on the
contrary. Mcwade. the optimist.
grinned widely. Goes TO show you
we have been playing the game
along safe and legitimate lines.
said he. we don't own n share In
any OF our own enterprises, and II
we have TO pick up a few now and
then TO boost the market. we drop
them again as II they were hot
It's a pretty thought, tho. Why
! can see years OF activity ahead
Of Brick and me. buying UP the
debts OF defunct oil companies and
collecting In fun from prosperous
strangers .hIther and yon. For
Heavens sake. don't let it get out.-
Il won't. al least until after
have accumulated at number OF pc
tential judgments against Henry
Nelson. He has had his share OF
cats and dogs. OF course. and some
day | hope to lead them back &c
his doorstep. IL they return at the
right moment. they may prove an
embarrassment. Who knows2''
Got anything else up your
sleeve7- Behind Mallow's dark
glasses his eyes could be dimly seen
and they were active with curiosity
Plenty. But we have enough
here to start on. First. 7 want these
various leases. then want com
pany promoted and a well started
on that 20 we talked about"
For some time longer the con
spirators busted themselves over the
details OF their plans. and Gray wss