The Carbon County news. [volume] (Red Lodge, Mont.) 1924-1931, 1926-07-15
WESTLAND TRAILS
Continued from page two)


to say we are not interested. Let us
see, you spoke of an electric smelter
Eplain that, will your" "Yes," re.
piled Spencer.
"Mr. Sonora, Mr.. Spencer. Spencer
went on to explain his system with
Sonora a close listener. At the con-
clusion the elder man said, II am much
interested in that, but it is too new
for us to put in an. money. Sorry
but time is precious. Good day
Spencer walked out of the office in
a dazed condition. This had been his
experience wherever he went. He
would try Boston. Surely some one
would give him a chance or listen to
his proposition to invest.
The elder man in the office spoke to
Sonora after Spencer went out. THAT
electric smelter looks good to me and
no doubt sometime in the future we
will be compelled to come to 1t, but
Just now we have too much invested
in our old system of smelling. Re-
garding that railroad, we will hold
that off a while longer, and we will
watch that young fellow. He might
be able to break into some capital.
Well, if he does. we will find way to
check him. That will do Sonora, you
may retire"
Spencer went down to the curb
market and stood there and watched
the Grub brokers play their game of
chance. To him it seemed as if they
had just ecaped from lunitic asy-
lum the way they carried on making
signs, calling out to some in the win
dows of the buildings on each side of
the street. There was being transacted
sales of stock not listed on the regular
stock exchange He stood in deep
thought. Could he get money for his
proposition if he organized company
with stock to sell Would it help him?
Would the public buy his stock? He
made up his mind to see stock broker
who bought and sold stocks. So get
ting an introduction to a prominent
broker, he went to see him. He was
received very graciously. Did he have
a good stock he wanted sold? OF
course they could do it. Spencer told
the broker that he wanted to raise
some capital and wanted to see if the
broker would invest some money so
as to help establish an industry. Look
ing at Spencer and smiling he said
Young man, we brokers as a rule dc
not spend our money that way. We
are in business to buy and sell stocks
that are on the market which repre-
sent some industry that has been es-
tablished. We charge the seller and
the buyer so much commission on the
same stock, SO we get i going or com
ing"
"Then you doA't Up create any,
thing? That is, you would not invest
to develop an industry to such poin.
that it might have an earning power
on the market?" said Spencer. "Oh,
if wanted to take an individual flyer
| might invest. We create market
for the sale of stocks but the stocks
must be created first. I'm sorry but I
am very busy. Good day"
Returning to his home, Spencer got.
an interview with a prominent bank
err, who listened to his proposition, but
after a time he said II am sorry. out
you know we handle the peoples
money and as there is no collateral by
which we could secure ourselves
against possible loss"
"Mr. Banker, do banks invest in
mining enterprises ?"
eyes, indirectly. If those who are
in the mining business require money
and can give us good security to cover
the money loaned, coal or other min
eral mines"
"Then how is it possible to get cap
ital for such an enterprise if you have
no tangible coIlateral?"
go to the public. If you cannot get
your friends and private capital who
wish to take chance"
Again he failed to make any head
way. Things looked dark for him and
he could not understand why some
companies were being financed. His
mother could see that he was having
some trouble. After being in Boston.
here he met the same manner Of recep-
ton from mine investors or promoters,
and he large interests claimed they
had all they could handle. He was
almost in despair and tried to be
cheerful but he could not cover it ND.
He talked with her about his difficulty
in getting capital interested in his
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