The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-11
Swami Gives Out Letter From
Woman Who Furnished
Names Of Wealthy.
SHE GOT Is PER CENT.
Dooling Says Most Of Oil Pro
ducing Companies Are Not
Selling Stock.

S'N',SaS 10 n ielteE suBBebtuk one OF tne
ways in which promoters obtain new
names for what is irreverently known
as the sucker list
The letter was written in Buenos Ayres
on December 81 last by a woman sign
Ing herself Helena FitzGibbon 10 Walter
j. Pierce & Co.. 81 Wall street. who
helped Paul A. Newman & Co. advertise
and market Rangeburnett oil shares. II
follows:
'GENrLEMEN-1Ierewit I enclose q
list of the richest married ladies' In this
country. They all have private incomes
and spend monthly such a sum that q
couple Of hundred dollars sent each
month to you would not be missed.
send them direct to you on the Is p.r
cent offer you made me. Later on
| when you establish an agent here, the
above will not interfere with his work
as the enclosed list do not read stock
brokers' advice unless sent in a hand
written envelope (plain) with full pos
tage. 1 hope to be in New York later
and think can help you to our mutual
advantage. Attached is memo headed
as follows, Time Is Money Advice
Write the circular letter in Spanish.
Urged Circular Letter.
81. You can also send a circular letter
relative to the Importance Of oil invest
ments such as you sent me in English.
q. Explain everything In the simplest
language.
"3. State that they may send even the
smallest quantity each month through
any Of the big banks or a check to the
tdeleted by District Attorney Trust
Company. New York. for Messrs. w. ].
Pierce & Co.
-. wish you to address all to the
ladies'; they will be interested.
90. Kindly remember that the ladies
(n1ost) never will learn what is a stock
or share, so therefore use simple Ian
guage.
IS. Your interest is mine. WITH that
view I give the above advice. i have
experience with these women folk here.
~. Don't mention my name"
District Attorney Swami debated with
himself some time before revealing the
name of Helena F1tzGibbon, which he
finally did with the remark that the Gus
tomary reucence regarding the sex need
hardly be observed in this case and that
he assumed full responsibility. He said
that the letter ought to be published as a
warning to women everywhere who
might be drawn into speculation by the
enticements of promoters after some
friend had supplied the broker with their
names on Is per cent commission
basis.
Summarizing generally the result of
his inquiry, Assistant District Attorney
Dooling said:
I'VE are discovering that most Of the
real oil producing companies are not at
tempting to sell stock at all. A man
who returned from Texas on Saturday
and whose opinion I value told me that
IL oil is actually found the company can
easily raise the money necessary for de-
velopment right in the neighbo-hood."
In the past few days men and women
living in New York. New Jersey and
Connecticut have visited the District At
torney's office to tell OF their dealings
In Rangeburnett Dooling said that a
typical case was that OF three men,
bers OF a Paterson, ". J.. family who
disposed of their other investments and
put all their savings, $4,000. into the oil
stock, which they bought from Paul A.
Newman & Co.
Have Newman's kilograms.
They had a batch OF kilograms New
>.
So Id. President Edwards of the Range
burnett Company reported that gas hal
been struck in well drilled for water.
(which practically assures the presence
OF oil at further depths"
1T Is an outstanding opportunity for
big profits" Newman added. Wire your
order for opening tomorrow. as the stock
will probably cross the 50 mark"
On April "a he reported that the stock
had closed at $3.50. and that on short
covering the next day he believed II
would pass 50. The telegram continued
Completion first we'll expected early
in May and drilling of five additional
wells will be spudded In about one week.
Convinced Rangeburnett within a short
time will sell az $40. Buying at close
to- day from strongest financial sources. -
The shares advanced steadily on the
curb. and on May 4 Newman was nd
Vlsing his Paterson customers not IN
sell, as they should keep the stock in
order to obtain valuable leasehold rights
that were to be distributed.
Splendid news from properties fully
tustif1es much higher market prices FOR
shares" he said. The large short in.
terest in Rangeburnett is comnelled "a
purchase In the open market to cover its
short sales by p. NJ. May 70. to Sc
cure these individual leasehold rights for
their customers, This combined buvin9
should make stock reach price of six
or better end OF this week
strongly advise you to buy all Won
possibly can and by all means 10 hold
what you have. II is an extraordinary
opportunity for quick market profit. and
by holding your shares you may realize
fortune beyond your hopes and expec-
tations"
So while the Stockholders xyho .,
Newman's advice were holding on tight
he withdrew mis- support OF the market
on May 10 and the price slumped from
IS until 1t is now around nifty cents. In
an open letter to stockholders Newman
said that one OF his objects in with
drawing temporarily was to test out the
market. He told his flock not TO worry
that Rangeburnett would come back bet
ter than ever.
Kept the Faith. He Wrote.
Like the Apostle Paul OF old" b.
wrote. Il have kept the raItb
have fought the good N1b,
to which I may add that sban
again keep the faith and fight the poo1
fight harder than ever before, and in Iris
ask your cooperation" He again i'm
plored the shareholders to hold on ana
not TO sell ''at the present fictitious cue
tations II must be said there Is no evil
dence That Newman ever told ANYBODY
that Rangeburnett actually had strut,
oil. He still insists II is a good pron,
erty and that the results will be his vim
dication.
II don't know whether TO believa 1,
or not" said Dooling. "but a man who
came here assured me that indiyidnais
who speCulatcd in Rangehurpett -