The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-02-13
FOR GOLD
They Have Given Up
Their Cash.
MINING COMPANIES
That Have Caught Many
Local Investors.


cal Napoleons of finance have flour
ished like green bay trees for several
years, and their gullible victims are
Just awakening to the fact that many
thousands of their good American
dollars have gone where they will never
see them more.
The glittering reports of gold strikes
in the Carolinas and along the line of
the Blackstone valley, and the stories
of strikes in the Kentucky oil fields,
have been too much for some of the
solid and sensible business men of
| Worcester. The prospectus manager
has got in his deadly work here, and
found his way into the strong boxes
OF some of those who rank among the
intelligent investors here.
among the most active promoters has
been the oil field man. He turned up
IN worcester little more than a year
ago as the representative of a petro-
leum company. Although it was at
tnat particular period when New Eng
land people were but just recovering
from the effects of a panic that will
always be memorable in the history of
nnance, his hearers and letter readers
couldn't reach for him too quick.
dooleys phenomenal success was just
being echoed from across seas and the
golden glitter of Barney Barnato's KAT
FIR shares were shedding smiles and
sunbeams round the world. 1t was
that epidemic for speculation, together
with the natural reaction after SO
stringent condition of monetary af-
Ia1rs. that turned even .staid and sober
New England upside down But it
was all done quietly in order that the
| winners Tl1iO
| themselves, which accounts for the
fact that the story has not leaked out
until now
one Of the very first to take hold of
Kentucky oil and drop a few thousand
oolfars In, just for a starter,' was a
prominent Worcester business man who
is considered among the most accurate
accountants in the state. He let his
money lay there for a while to grow;
out arter a reasonable period had
elapsed it occurred to him that it might
not be a bad idea to make an investi-
gauon in the matter and find out how
the wells were squirting.
| he began to make inquiries in q gen
sral way and called in the assistance
OF Joseph H. Perry, teacher of geology
at the English high school. Mr.. Perry.
VINO mad made very careful and ex-
haustive study OF the subject, brought
out all the results of his Investigations.
that had been made the country over,
and all of the latest data to be obtained
from the most competent authorities.
Ihey revealed the fact that the Ken
lucky ON fields had passed the height
Of their prosperity in 1892 and that as
early as 1896 they We're practicable
worthless and out of the oil field belt.
Ihls has been the general Judgment of
those who had any competent know
ledge OF operations in driving for oil
for the last five years, and yet this
latest fiotation dates back hardly over
a twelve month
Mr.. Perry's client said nothing to him
Of having made an investment until
after the revelations We're made, and
then he told him of the operators
Enough was learned to deduct a rea-
sonable inference that thousands of
worcester dollars had gone into the
same enterprise. No dividends have
been declared to this day and the COM
pany still exists and operates here
abouts.
Only recently" said Mr. Perry, ga
certain promoter of mining enterprises
has been going up and down the Black
stone Valley swindling the farmers
right and left. His field of operation has
extended from Milford to East Green
Wlch, r. l., and he has been carrying
his game on boldly for the last three
years. His method has been to locate
gold mine on farming properties
along the line, acquaint the owners
with the fact and then get them to CO.
operate with him in putting the proper
W on the market most generally
among their neighbors and friends.
And, strangely enough, he has succeed
Cd IN pulling a good many thousand
dollars out of their pockets
l followed him right along, making
Investigations for the federal govern
ment, and in no single instance did 1
ma the gold that he declared to be
tnere; There is little or no gold to be
FOUND anywhere in that section. and
yet l had the hardest work imaginable
to convince the farmers and investors
Oh that fact 1t was amusing at times
10 notice the eagerness with which
some of those men followed me over
| their property and begged me to de-
clare that there was gold there. They
mad, In many instances gone to consid-
cradle expense, and couldn't think of
abandoning the idea that had been in
Jected into them by the promoter. 1t
is all the more lamentable because of
the large amount that finds its way into
ms pockets from those in this vicinity
who have no opportunity for observa-
ton and who are able to Judge only by
the prospectus that is issued. A mea-
sure of safety can be applied in this
matter If intending investors will sim
ply bear in mind the fact that there is
no gold worth mining,so far as has been
learned by the most able geological au-
thor1ty, anywhere along the Blackstone
| Valley"
One of the more recent greeds for in
vestment that has set in is in the di-
rection of the North Carolina gold
nelds. In the public prints recently
| there has appeared a glowing account
OF the success of a Worcester woman in
securing Investments in gold mines in
that section OF country. The mines were
referred to as the Uwharri, Honeycut
and the Little Fritz Immediately fol-
lowing Its publication Mr.. Perry came
out with public statement, calling the
Il attention OF those who might be think
ing OF investing in such properties to
the fact that the director of the United
State geological survey detailed one of
MS assistants in 1894 to make aN study
OF the gold fields of the Southern APP
palachian region
The report of that study said he.
may be found in part III of the 18th
annual report of the United States geo
logical survey, beginning on page 251
1t is quite probable, also, that there is
information of later date in records of
the survey not yet published l am
quite sure that any information in the
hands OF the director or his assistants
will be willingly given to any inquirer
who may apply. 1t is quite possible
that many dollars may be saved by
investors II they viii only send a let
ter to the director of the United States
geological survey Washington, d. c.,
asking Tor information in regard to
particular mines"
The report referred to by Mr. Perry
was compiled by George f. Becker one
of the most competent authorities on
gold deposits in the country. In his