No. - The company failed because of lack of funding. This is a sad story for
the steam car company that could have been. The lack of funding was brought about
by one Mr. Edwin M. Daugherty, the Commissioner of Corporations in Los Angeles
California. Mr. Edwin M. Daugherty refused to issue the permit necessary for the
sail of additional stock until 50 cars had been produced and had given satisfactory
service in the hands of owners for six months. This was all very peculiar as Mr.
Edwin M. Daugherty had received the independent report concerning the excellence
of the car under test. Also the Cooperate Securities Act designed to prevent
fraud in the sail of stock provided that if the Commissioner (Mr. Edwin M.
Daugherty) upon examination of the application finds, that the proposed plan
of business of the applicant is not unfair, unjust or inequitable, that it
intends to fairly and honestly transact business, that the Commissioner (Mr.
Edwin M. Daugherty) shall issue to the applicant a permit . It was reported
that Mr. Edwin M. Daugherty repeatedly stated that he did not question the
integrity of the officers of the company, and at one time gave them a letter
as follows: Pursuant to your inquiry regarding the Doble Steam Motors
Corporation, beg to advise that there is nothing in our files or that has come
to my attention, personally, which reflects upon the integrity of the promoters of
the Doble Steam Car or the Company.
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