The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1903-09-01
WANT CRIMINAL
ACTION BROUGHT
Stockholders of Home
:: Oil Company After
:. R. E. Ellis.
Appeal to District Attorney
to- Institute d. Prose-
cution. ;.


II the District Attorneys office can find
any. valid excuse for. the proceeding, r..
E. Ellis. formerly president of the Home
OIL Company and one of the foremost oil
operators in the State, will be: prosecuted
for fraudulently manipulating the stock
Of the organization. This move was de-
cided on yesterday at a meeting of the
stockholders and John V. Hinkle and. j.
B. Toplitz, two of the heavy stockholders,
We're appointed a committee to wait on
the District Attorney and lay the matter
before him.
Mr.. Byington was too busy to take UP
the matter personally and he referred the
callers to Assistant Whiting who listened
to their statement Of affairs. Another
conference will be held to-day. when Mr..
Whiting will determine if the case war
rants criminal prosecution. Should he
conclude that it does a. warrant will be
sworn out against Ellis.
COMPANY IN TROUBLE.
This is the elimination of the troubles
among the stockholders of the Home Oil
Company, an account of which was pub
lished in The Cali on August. Is. Ever
since its organization until with1n the
last few weeks the property Of the Home
Oil Company was regarded as among: the
most valuable oil holdings in the State,
The company was organized in 1897 with
wells at Coalinga.' FROM few cents a
share the stock steadily advanced. until
it Reached: close to the 81 mark. 1t paid
in dividends 1892, 600: and until lately it's
wells had. a. capacity of 700 barrels a. day:
So. staple was its output considered that
the STANDARD OIL Company entered: into: a
contra ct: with. it agreeing to take $4,000
barrels of oil a. month at Sixty-five cents
a. barrel. AS the oil could be Produced
with profit az thirty-tiye cents a. barrel
the stock olders' considered that the. con-
/ tract Guaranteed a: long period: of :linfn-
>terruptsd dividends. -; =.
f. EARLY, last: month a. communication. was
received by H; c.. Miller, one of the stock
holders, purportingt to come from a driTler
at the Wells: This asserted. that the.voI=
lne ;ofs oil: being purnped was. much
smaller than formerly a.: and that. the
greater: portion :of :tle.. company's output
was~=water... This information. was com.
mJnfcated to other !. stockholders and
something: of a panic ensued; The. stock
: dropped IL" 81 IS. a share and; has since
continued on. It's: downward. course. yes
terday being. quoted .at.sI with no buyers.
Il ELLIS SELLS STOCK. III j:
=. 1t also developed that President Ellis.
who. at one time held 10000 Shares of
the. stock; had unloaded>quietlT,:b but with
speed: employing THE. Services of -WHfred
Page a broker on the exchange to dis
pose OF his: SIOCfS-.-.l II Is llldI
Ellis: was :cognizant of the failing. condi-
!tion of the. wells when he disposed >of
his stock and that his sales were made.
with the full: knowledge that the price
he: was receiving. was far in excess of its
real value, =: 1t is also asserted that with
the aid: of his brother who: has been
acting as manager of the. company at.
Coalinga; at a: salary. of 5000 a" month;
Ellis kept the. true condition: of the oil
output from becoming public: until ne
had disposed. of: his stock. :: =: -
Ellis; although. scarcely 80 years of
age. is credited. with having made sew.
erai million dollars out of oil: speeula-
tion in, this. State. He has: been. one of
the foremost. promoters of the. industry
since the boom first began: The bulk. of
his. FORMER holdings. In Home Oil: were
secured at rs cents a share. and between
dividends and the price he. received for
his. stock he is said: to: have cleaned up
close to $3.50, 900 out of the" company.
J.. j.. b. !Toplftz,. who is taking. a. promi-
nent part. in, the: proposed prosecution,
said; We have taken. .IegaT counsel: and
have been advised that Ellis action in:
this matter is a proper. subject for GRIM
inat: proceedings, We: are trying to: I'M
terest the. District Attorney. in the case.
We are assured Of; ample financial as
sistance and have been promised: 81 {, 900
to carry on the prosecution. We pur-
pose to make it: pretty. warm for, Ellis
before. we. get through with him ;: :.