The Ocala banner. (Ocala, Marion County, Fla.) 1883-194?, 1919-07-11
MIR. HOOKER ON
THE OIL FIELDS
OF THE WEST
Los Angelea, can, July I, 1s1s.


To the Editor Ocala Banner:
The world knows of the wonderful
development in the oil fields Of Tex
as, but many, far too many, are be-
ing lured into that treacherous game.
The craze for speculation in oil
stocks has become and for a time
bids fair to remain an epidemic
throughout an the country. from say
Birmingham to Los Angeles
Texas oil stocks are the engross-
ing theme of conversation in every
city, town and hamlet west Of the
Mississippi Oil is the one matter in
which all seem to be interested. Yes,
the disease is clearly epidemic in that
area, and the virus of oil speculation
is to find its further victims in every
part of this Union. The enormous
extent of the state of Texas, the find
ing of rich deposits of oil at widely
separated points in that state. ana
good oil indications almost all over
its entire area, are factors that make
it difficult to determine what is
legitimate hazard as an oil venture.
and what is clearly 'wildcattirg."
'Wildcatting' may be bad enough
for the man or woman Of limited
means. but validating is not the
worst of it, for under the screen of
the widespread excitement, the
known successes Of many previous
wildcat" enterprises the knave and
the crook find opportunity TO reap a
golden harvest through the sale Of
any old oil stock Most of this har-
vest of money is sheared from the
lambs" and the weaklings of the
business world
If one would take time even to ap-
proximate the mere cost Of drilling
to properly connect up the proven
fields in Texas. he would see that
when that work alone was done one
of two things would then have hap
pened. viz: MILLIONS would have been
wasted, or gasoline would have been
very, very cheap. and the situation
viii only be intensified by drilling all
over that immense state upon all he
contracts and leases that are the
pretexts for the sales of millions IN
oil stocks to the too credulous in
yestor.
| Let us glory in. the wealth Of Tex
as, and may gasoline be as cheap as
sea water, but this oil stock craze is
great injury to the country. The
money sunk in the famous rubber
craze in London, or in another age
in the South Sea bubble, was but a
trifle in volume and effect compared
with what is involved in these ven-
lures.
The methods pursued in sapping
the life blood from small investors
through glowing and seductive ad-
vertisements are always TO be re-
, gretted and condemned, and should
never be permitted in connection
with any highly speculative enter
prise.
Excepting the stock of few COM
panies, and the ground floor" hold
ings Of the inside operator, it is a
safe bet that the average stockholder
in that tangle Of Texas oil compan-
les win get back less in proportion
to his investment than would be dis
tributed to ticket winners under the
old Louisiana state lottery.
! But in quality volume and area OF
production of oil Texas bids fair soon
to be without any rival Millions are
being made, and a thousand wells
there lavish upon our age, the treas
ures Of the countless centuries Of the
past. Thousands of other wells are
being drilled, and let us hope that
j every wildcat. operator strikes
| gusher; that none may prove a
"duster;;" that gasoline may be as
the water Of the sea, and that you
! and I may live to ride Herewith.