The Nevada County picayune., 1919-11-27
ioeA, 4 hscEse,TY, o<reAs FIELD .e0A uNocRuPuLoua sRNeoNs To UNLOAD WoRYAIe8a
 oToCko.
PUBLIC IS EASILY ''IOLe0"
Company Wkh Fsv BNttsa capless . aa1 SU.ss Working Cspt>si Prs~SA Attractive Ysass Aeo.


 'Unitsd States has participated. ths people of the country hsve liesd up waiting fer opportunity to yiunss Into Ixhe current of inosastAsrsA spscula- tion. All that vss Asssssswy vss m assurance that 'tAs wsex's hns'' to send them iR.
 The majority ns~sr aOaaA est their financial heads ahsvs the surf&cA Hundreds of millions ef Aoi4ars have bsen lost in those Bnvsss ventures fin the past and miiffons gre boing lost Ito investors in the present crsse for stock gambling
 It apparently makes ifetie difference that these specniaticns may be based on industries which have been proved profitable and legitimate. The pro function of oil is ono of the basic in- Yaustrial oper stisns, yet more fortunes haye been lost in oil stocks and oil lands than in any other speculation. Crude petroleum Is a necessity, 1t com is 8 legitimate business, yet investors ffn oil stock risk more dangers than beset Livingston ir Afrtca
 The first oil boom occurred in the searly eos, just after Edwin L. Drake and his drilie- Uncle Billy" Smith 5rought in the first drilled we'll in Pennsylvania. With the news of Drake's success, people from all over abe nation nocked to Cenango county Yn the hope of striking oil' and mak- ing a fortune over night.
 tu fa~ ~~IA readily for from se,000 to $7000 an acre and farms brought from s500.0o0 to 1.o00, 900 each. Speculation of every possible sort among all classes went ~on to such an unbridled extent that fl amounted to sheer madness. A plot of two acres sold for half mil 2ion. and s4.00O, 900 was refused for 50 acres. which had been traded for a yoke of exen less than year before.
 Hundreds of wells were put down. but their owners. without adequate capital or equipment, saw their means vanish and poverty approach as a res ssult of the interruptions and merciless dealings of the land spectators.
 Then came the first of the gushers. In . year, oil was almost as cheap as 'water and prices almos. ceased to esxist. sales being made as low as 10 fccnts a barrel. More fortunes were kost, but demand was gradually stimu- Mated and prices increased until the saiose of the Civil War. the country was ripe for another stampede. :. The rush to the Pithole region fol- Aowed and with that rush came the axtsnsive operation of so-calieA stock Ascmpanies In these companies, pso- pae from all ovU9 the country wsrs neecsd of their earningy and speouas- fa&on in such shares was tremsndo0s. Rt fs estimated that the companies fn Pennsylvania alone at this period had . combined capital issue of over $eo0,- sans 900
 Then the bubble burst again Floods and fires swept the felGs Produc- cion was not maintained and the wild Scat companies toppled over right and Eeft like row of bricks, carrying down to ruin thousands who had in- vested their entire capital.
 Drake. the inventor of modern drill Ang methods. who knew oil as few men Knew it. was among them. He lost all Eis property in speculation and his rAInily was reduced to actual want E5ts former associates made up purse to relieve his nece ssities Sub ssequentiy the state granted him pension of s1,500 year for the serv- ices he had rendered the country
 This nation is facing a similar era of speculation at present. The meth Dds of rradulent promoters in selling stock have been somewhat refined, but Sbs dangers of get-rich-qutck invest ments are not less than after the Civil War
 Repeated proof of the dangers of stock speculation has been given. The most secure protection against the Ilure of such Investments Is careful and conscientious saving and regular safe and secure investment in government securities War Savings Stamps, Treasury Savings Certificates and Lib ssrty Bonds. They do not guarantee dividends semi-daily except Sunday but they do guarantee security against loss. coupled with sure profit
 Treasury Savings Certificates and Savings Stamps have the advantage snf always being caslable for more than was paid for hem.
 Liberty Bonds, at present prices, of- fer an investment opportunity that -wiA not be eQualied vain. probably. 1n this generation Financial autheri- Gies unite in predicting that all issues will sell above par as two are now