In the matter of a fresh try to reopen the Wetmore oil test, I protested the contract offered by the two Kansas City promoters, maintaining that we had no valid authority to sign anything in the name of “the people” and that liability would fall on the individual signers. One of the committeemen who had been in various lines of business in Wetmore, and had finally settled himself in a real estate office, said, “Why, John—there haint a day but what I make contracts like that.” Questioning the man’s competency in such matters, I said, “I wouldn’t doubt it in the least—but it will take still more plausible argument to induce me to sign this one.”
The other members of the committee had caught the spirit of the meeting in the opera house, and were anxious to see further development of our oil prospect. They conferred the “favor” of the trusteeship on committeeman Sam Thornburrow, cashier of the State Bank—and they all signed the contract. Then the promoters went back to Kansas City to await the hatching of the egg they had laid here. And in due time, Sam got notice from a lawyer in Kansas City that he was about to be sued for breach of contract. Then one morning as I was passing the bank Sam hailed me. He said, “You know, those Kansas City fellows have sued me for $1,000—what would you do about it?” Remembering how they had “ribbed” me for refusing to sign with them, I said, “I’d pay it.” After he had turned this over in his troubled mind a few times, I told him to pay no attention to it—that the promoters were most likely trying to frighten him into a settlement; that they would have to start their action in Kansas—and that I doubted very much if they would risk doing this, as the contract would show them up for the grafters they were.” The Kansas City promoters did not follow through with their claim for damages.
It took only one more throw at the get-rich-quick oil game to convince me that it just could not be accomplished by throwing in with the other fellow on his home grounds, after he had carried the project to a point where any day’s drilling might bring riches. But I’m still strong on the home-test—for that would be furthering something for the good of all the home folks.
Our Wetmore group, with “investors” at Goff and Bancroft, contributed a sum said to be $14,350 toward the completion of a well in a producing field east of Enid, Oklahoma, on land owned by a Bancroft man. The headquarters of the Company was in a fair sized city in southern Kansas, with a department store owner as president, a physician and surgeon as secretary—and a banker deeply interested in a covered-up sort of way. The president and the land owner had departed with our money, supposedly to complete the well—and then we would all most likely be “sitting pretty.” But in about a week we got notice of a called meeting to vote $30,000 increase in capital stock. Also, we were advised of the bringing in of a gas well of ten million feet potential on the lease adjoining the company ground on the south, still farther away from the known production area on the north, proving that we were still “sitting pretty.” Had this been reported before we joined-up with our Southern Kansas financiers, I, for one, would have kept my money. Sane people do not let the public in on a speculative enterprise after its success is practically assured.
Our Wetmore “investors”, gave me proxies, and sent me down to investigate. I first went with the land-owner to the Oklahoma field. We found no activity at the well on his land, but the rig was still up. And the drillers were working on the reported gas strike just across the road. They told me that they had struck a small flow of gas—that it was not strong enough to blow your hat off the casing.
I got back to the Kansas headquarters on Saturday about noon, and went at once to the department store owned by the president. He introduced his wife, who worked in the store, and his father-in-law, whom I shall call Mr. Shapp—though this is not his real name. The president insisted that I take dinner with him at his home. I sensed something was wrong—but I couldn’t place it just yet. I learned later that Dr. Lapham had got wise to something pertaining to the call for an increase of capital stock, and had written him a critical letter. Dr. Lapham told me later that it was a “scorcher”—and I can well believe it was. They were all rather upset. Of course the president, and the secretary, and the banker, knew some things which I didn’t know—yet. My dinner host was a bit “jumpy” because of that “scorcher” letter of Dr. Lap-ham’s, and my appearance two days in advance of the called meeting. But had he known what I had just learned at the dinner table, he could have trusted me implicitly.
Some years prior to this I had sold, through advertisement in the Topeka Capital, 500 shares of our mining stock to the fictitious Monroe P. Shapp, of that address, and through him 200 shares in the name of his daughter, Ella J. Shapp. Now, when the merchant called his wife “Ella” I put two and two together—then I knew that I was among old friends. And I couldn’t find it in my heart to get rough with them.
Not that I had any apologies to make for our mine promotion. We had used their money, as promised, in the development of the mine, and at this time were still putting our own money into it—and we had no intention of going out and selling a block of stock to rub out the deficit. That would have been illegal in Nevada. But the fact remained that we had not as yet been able to make any returns to stockholders.
When I called on the secretary of the oil company, he said he could not give me any time that afternoon, that he had to perform an operation at the hospital at 4 o’clock. I said to him, in the presence of the president, “You fellows seem to be scared about something—but you need not be. I give you my word that I am not here to make trouble. All I want to know is what chance you have to make good, and if it will be to our interests for me to vote my proxies for the increase of capital stock at the meeting Monday.” The secretary looked at the president, and the president looked at the secretary—then they both looked at me. The president nodded—and the secretary said, “Come along with me.”
It seems the directors had carried on with the drilling after company funds were exhausted, incurring personal obligations, and stopped the drill when approximating the required depth for a strike, with a large deficit—which, with our contribution, was now reduced to something like $9,000. While in the office of the physician-surgeon-secretary going over the books, the banker—of German extraction, if not the whole thing—came in, and nodding toward a back room, said as if in great distress, “Dokther—I’ve got a stick in the eye.”