The stockholders in the Mexican Development are still waiting for returns on their investment. But the American people were getting wise to the mining game, even when the magic name of Jasper County was used. So to supplement Mexico and Jasper County the Mercantile Finance Company, the old reliable thousand-dollar concern, organized in rapid succession the Boise King Placers Company, which was going to wash fortunes out of the inoffensive mud of Idaho rivers, the Moose Creek Placer Company, which had the same end in view, the American Fibre Company, which had about as much fibre about it as a paper candy box, The Illinois Finance Company (frenzied finance, all right), The Indiana Securities Company, which "secured" the money of the investor, but secured nothing else, The Minnesota Securities Company, and then with a great play to the galleries, The Finance Company of America.
From one to another of these absolutely bankrupt and worthless concerns the investor was thrown back and forth like a shuttlecock. If he was sore on Independent Zinc he got American Finance. If he became convinced that American Finance was worthless paper he got Idaho mud in the shape of "Moose Creek Placers."
Interest-bearing bonds with coupons attached were floated on a number of these companies and sold largely through the mails.
Just here Uncle Sam, urged on by reports made to the Chicago Postoffice Inspectors by Wooldridge, took a hand. When Wooldridge began boring in the bankers and other influential friends of the Rhodus people, who had been wise enough to get good political affiliations as an adjunct to their business, became extremely busy and influences were brought to bear to call Wooldridge off the case, because he was the most feared man in America on a fraud game.
Wooldridge accepted the recall gracefully, but immediately stepped over the way to the Federal Building, and called upon Postoffice Inspector William Ketcham, who is acknowledged by everyone in the secret service of the United States and the general public to be the shrewdest, most astute, and most indefatigable man in the service of the United States Government. Wooldridge convinced the great inspector that there was something doing in the "Rhodus" line. Ketcham complimented Wooldridge highly on the manner in which he had gathered the data together. Then Ketcham got busy himself. When two such men as Wooldridge and Ketcham get busy it is not long until the explosion comes.
Nor was it long coming in the Rhodus case. First came the receivership of the Central Life Securities Company. And here another big man and an incorruptible one got into the game—none other than John C. Fetzer, founder of the "Fetzer System" of receiverships that receive for the victims of defunct concerns, in place of and for the receiver. This man was fresh from the great Stensland Bank fraud, where as receiver he had paid 72 cents on the dollar and wound up a record receivership in less than one year, whereas the usual time taken in such cases was ten years.
With some of the water out of her food,
All profits milked out, too,
With little to eat and going dry,
What is the poor beast to do?
When Fetzer's name appeared as receiver there was dismay in the Rhodus camp. The triple combination was enough to frighten anyone, especially where the guilty conscience was a factor. Fetzer immediately went to work. He called in his fighting aids. He told Ketcham and Wooldridge to "keep it up." When the Rhodus people began to give evasive answers before the Referee in Bankruptcy, it was a short step, with the information which had been gathered, to bring the matter before the Federal Grand Jury. And the indictments of the Rhoduses followed.