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The First Securities Law: Kansas Goes After the “Fakirs”

In: The Kansas Blue Sky Act of 1911

Author

Listed:
  • David Ress

    (University of New England)

Abstract

Reservations about the paternalism inherent in Joseph N. Dolley’s Blue Sky Act emerged during the Kansas legislature’s debates, while Dolley’s supposed Progressive Republican allies split over the issue; while some joined him, others did not, and some rural conservatives came supported a measure that reflected their small communities’ patterns of commerce. Dolley claimed the law blocked hundreds of dubious ventures; the fees his office collected suggest a more modest scale of operation, and while the Banking Commissioner’s office did shut down a Ponzi scheme and two dubious irrigation offerings, it could not prevent Kansans falling for a fake railroad promotion.

Suggested Citation

  • David Ress, 2023. "The First Securities Law: Kansas Goes After the “Fakirs”," Springer Books, in: The Kansas Blue Sky Act of 1911, chapter 0, pages 43-62, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-43831-8_4
    DOI: 10.1007/978-3-031-43831-8_4
    as

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