Do Booming Business.
"Very plausible, but where are these guarantee companies?"
"Why, there are The National, The States, and The Industrial. We hear The States is doing a booming business. Go and see them. They are at such a number."
The victim went to the richly furnished suite of offices occupied by the guarantee company and met its dignified "president," to whom he explained the purpose of his visit.
"Very good," said that official. "We will accept your risk. We will issue you an option agreeing within one year to issue you bonds against your stock as sold, you to pay us an advance fee of $1,000."
The "sucker" demurred. He had only $500 spare cash. The president suggested that as the broker would make a liberal commission out of the deal he might put up the other $500. The manufacturer 'phoned the broker, who promptly agreed to pay one-half of the fee. The broker gave the victim a worthless check for $500, which he gave, together with $500 of his own good money, into the hands of the "guarantee" company. The company thereupon issued a certificate, or option, for bonds that were never called for because the broker never sold any of the stock.
The victim went home loaded down with promises. The broker "strung" him along for a month or two, but sold no stock. Finally the manufacturer realized he was buncoed. The broker and the "guarantee" company divided the $500, and proceeded to find other suckers.
March 17, 1906, E. C. Talmage, who conducted the National Underwriting & Bond Co., of San Francisco, Cal.; the Pacific Underwriting & Trust Co., of San Francisco, Cal.; the Imperial Bond & Trust Co., of New Jersey City, New Jersey; the International Trust Co., of Philadelphia; the Chicago National Bonding Co., of Chicago, at 52 Dearborn street; E. C. Talmage; E. S. Barnum, 103 Randolph street; and M. J. Carpenter, of the First National bank, were arrested.
George D. Talmage, another member of the firm located at Kansas City, Mo., was afterwards arrested and brought to Chicago, charged with obtaining money under the confidence game. The warrants on which they were arrested were taken out by E. J. Denison and Rev. Peter A. Baart, a Methodist minister of Marshall, Mich., who were officers of the La Vaca mines and mills, of Joplin, Mo.
Rev. Mr. Baart first went to E. C. Talmage.
Talmage sent him to E. S. Barnum to have the stock guaranteed. Barnum charged him a fee of $500 and agreed to sell the bonds, which he failed to do. They just simply divided this fee between them and made no effort to float the bonds.
Among the persons alleged to have suffered losses are the following:
E. C. Talmage, S. D. Talmage and E. S. Barnum were indicted by the Cook county grand jury.
George D. Talmage fled to Kansas City, Mo., where he conducted a branch office in the same business. He was arrested at Kansas City, Mo., on request of the chief of police of Chicago, for operating the confidence game. Extradition papers were secured and Detective Wooldridge brought him back. When his father's office was raided, at 52 Dearborn street, a number of letters was seized, among them were several written from George D. Talmage, at Kansas City, Mo.
The following extracts are taken from George D. Talmage's letter to his father:
"Saw old Blank today. He was easy. Inclosed find his check for $1,000"; and, "When I mentioned bonds to old Tightwad he fell over backwards and swallowed a set of false teeth."
One from a town in Kansas is said to have read: "Nothing doing in this joint. The people here wouldn't buy gold dollars for 90 cents."
One letter which reflected particularly upon the cupidity of our K. C., U. S. A. citizens, runs: "I am giving it to these little Kansas City suckers strong. I expect to be able to send you $1,000 the last of the week."
E. C. Talmage, George D. Talmage and E. S. Barnum were placed on trial before Judge Brentano for swindling the Rev. Peter A. Baart, Marshall, Mo., out of $500.
E. S. Barnum was discharged and the Talmages found guilty.
A new trial was secured for George D. Talmage. His father, E. C. Talmage, on May 10, 1907, was sentenced to an indefinite term in the Joliet penitentiary.
[THE SOCIAL EVIL.]
The treatment of the social evil is one of the most difficult problems with which society has ever been confronted. Until society is thoroughly regenerated and the consequent purity, both of manhood and womanhood, has become a permanent fact, illicit relationship between man and woman will exist.
The attraction of the sexes is as mighty as it is mysterious. No legislation will weaken its inherent force.
The man who can come forward with a cure for this great curse is, I fear, yet to be born.
In common with other vices the so-called "social evil" is as old as mankind, and it will probably remain as long as vice and sin are found in the human heart. Its complete eradication will, perhaps, never be accomplished solely through the process of law, yet it seems to me that the law and its administrators should not lessen their efforts to destroy this evil.
In Norway, and in Switzerland, are the conditions most favorable to virtue and independence, the absence of extreme wealth and poverty. Both countries are comparatively isolated from the rest of the world. In Switzerland, as well as Norway, there is an absence of large masses pent up together in cities, the population being distributed in small numbers about the country. Sir John Bowring, sent from England to investigate Swiss society, found that "a drunkard is seldom seen, and illegitimate children are rare." As a people these Swiss are a testimonial to the doctrine of equal distribution of wealth and temperate habits as preventive of immorality.