I was offered the trusteeship—but I declined to accept it. I think the reason the committee offered it to me was because I had been the trustee—with no part in the promotion—of a block of eight hundred acres of oil leases in Elk and Chautauqua Counties, purchased from Charley Cortner, salesman, of Iola, and Dr. C. E. Shaffer, vendor, of Moline, by our Wetmore group, at $10 an acre, with further obligation of $1.00 per acre yearly rentals, for five years, which had been carried through to a successful termination, with no gain to the “investors” and a loss to me of only $85—aside from my $250 first come-in and my part of the rentals, $25 a year, through payments of rentals in general, as trustee, in excess of collections. I had to collect four hundred dollars twice a year from fifty-three people—and I didn’t quite make it. I therefore regarded the trusteeship now offered me as not a desirable recognition.
To keep the record straight, I shall now give with a little more enlightenment. I actually had a little velvet in the Shaffer oil deal—leastwise it looked like velvet at the time. Not for promotional influence—but for services rendered, and to be rendered.
I went with Charley Cortner, the salesman, and three other Wetmore men to the Moline oil field—paid my own expenses, even to transportation equal to railroad fare, and therefore was beholden to no one. The Moline acreage adjoined a block of leases on which the discovery well, a small producer, had recently been brought in. There was, however, big production—and growing bigger every day—at Eldorado, where we stopped on the way down to get our appetites (for oil speculation) whetted. I wanted to go in with them, of course.
You know, should you pass up an opportunity to go in with the home folks on something that was to pan out big, you would always feel that God had given you less sense than He had given your more fortunate neighbors. And, should you strive to live down the mistake, there would always be lucky ones to remind you of your dumbness. The hope of oil-money was in my system. Had been hankering to get in with the home folks on something good for a long time.
When reminiscing for entertainment, as well as for record of historic fact, with no particular theme to exploit, you will, doubtless, agree that it is permissible—nay, oft-times necessary, to break all the rules laid down by learned teachers; such as to never let one incident call up another. And, if you don’t agree—you are going to get it now, anyway.
Aside from the matter in hand, I may say that only a short time before this, I had been denied the chance to go with a Wetmore group on an inspection trip to another oil field in southern Kansas—because I had not as yet signed up, as they had, for an interest in the lease. Well, the energetic young salesman, after securing pledges enough here to put him in the clear, went ahead of the boys to the headquarters and bought the lease, at a discount, on partial payment, using his own money, which, had all gone well, should have netted him more than the promised commission. He intended, of course, to deliver the lease to the group up here at the contract price, or rather the pledged commitments, with only a few amounts yet to be peddled, or held in his own name, at his discretion. But the Wetmore group—the boys who had said that to let me go with them on the inspection trip without first making a commitment, would be unfair to those who had signed up—turned down the deal, cold. Then, after returning home, the group heard rumors of lawsuits—and counter suits. The lease vendor was demanding payment in full, and the poor boy-salesman could not raise the money.
Charley Cortner, the salesman earlier mentioned in this writing, had been here for five or six months selling life insurance. He was a whole-souled, persuasive, sort of man who had made many friends here. Cortner and Dr. J. R. Purdum, in whose car the trip to Moline had been made, went out among the people and in almost no time secured pledges for nearly enough money to take over the Shaffer leases. They were selling interests in $125 “units.” But, at the finish, to accommodate all the eager applicants, some subscriptions were taken for as little as $50 and $25—sub-divisions of a unit.
When they came to me—at the corn-house, where I had been sorting out seed corn—I surprised them (and maybe shocked them, too) by declining to subscribe. Not that I didn’t want to get in on the big prospect—but because, as I believe, it was an improper if not a dangerous way to form a syndicate. Somewhere I had acquired the notion that if fifty people chipped in and bought a thing that it would take fifty people to sell it. But I didn’t tell them this until after they had “flared up” and had their say. They started to quit me, in disgust—but the Doctor, who was regarded among my best friends, thinking to erase some of the unkind comment, said, “Well, John, when you get through sorting your sour corn, come and see us—we’ll save some units for you.” My corn was not “sour” corn. It was well matured, and making an average of eighty bushels, with some acres on grubbed ground making 125 bushels.
Now, for a little laughable reaction within a none too laughable story. The Farmers Union elevator manager, a farmer not so long out of the corn rows, refused to buy my culled corn, said it would be unfair to his company to permit me to take out the best ears. After I had sent several loads to the Netawaka elevator, as it accumulated in the house, after taking out only about ten per cent, the Farmers Union manager came over to the corn house, looked at the culled corn we were loading out at the moment, saying he guessed maybe he had made a mistake in refusing to buy the culled corn. The culled corn was far better than the general run of corn brought to market that year. It was an improved strain of Boone County White, which would shell out equal to Reid’s Yellow Dent.
While still at the corn-house that day of the Purdum-Cortner call, Charley had an inspiration. He said, “Why couldn’t you write something for us like you think we ought to have?” I said, “I can try—but it will have to be approved by an attorney before you can use it. I don’t want to cook up something that might get our people in trouble.”