The Prescott daily news., 1919-11-14
n
 YIELD FABULOUS
 RETURNS SCARCE
OIL, A NECESSITY, OFFERS FIELD FOR UNSCRUPULOUs PERSONS TO UNLOAD WORTHLESS
 STOCKS.
PUBLIC IS EASILY "GULLED"

After every war in which tha United States has participated, the people of the country have lined m waiting for opportunity to plunge into the current of inconsidered specula tion. All that was necessary was an assurance that the waters fine" to send them in.
 The majority never again got their financial heads above the surface. Hundreds of millions of dollars have been lost in these unwise ventures in the past and millions are being lost to investors in the present craze for stock gambling.
 It apparently makes little difference that these specuIations may be based on industries which have been proved profitable and legitimate. The pro- duction of oil is one of the basic in. dustrial operations, yet more fortunes have been lost in oil stocks and oil lands than in any other speculation. Crude petroleum is q necessity, it coni- mands staple price, fits production is a legitimate business, yet investors
 
 beset Livingston ir Africa.
 The first oil boom occurred in the early eos, just after Edwin L. Drake and his driller Uncle Billy" Smith brought in the first drilled well in Pennsylvania. With the news of Drake's success, people from all over the nation fiocked to Cenango county in the hope of striking oil" and mak- ing fortune over night.
 Land in favorable localities sold readily for from $6,O0O to $7,OOO an acre and farms brought from $50O,000 | to $1, 900, 900 each. Speculation of every possible. sort among all classes went on to such an unbridled extent that 1t amounted to sheer madness. A plot of two acres sold for half mil lion, and S4,O00,O00 was refused for 50 acres, which had been traded for a yoke of oxen less thaG year before.
 Hundreds of wslIs were put down. but their owners, without adequate capital or equipment, saw their means vanish and poverty approach aS re- suit of the interruptions and merciless dealings of the land spectators.
 Then came the first of the gushers. In a year, oil was almost as cheap as water and prices almos' ceased to exist, sales being made as low as 10 cents a barrel. More fortunes were lost, but demand was gradually stimu- lated and prices increased un2l the close of the Civil War, the country was ripe for another stampede.
 The rush to the Pithole region fol- lowed and with that rush came the extensive operation of so-called stock companies In these companies, peo- pie from all over the country were feeced of their earnings and specula- ton in such shares was tremendous. It is estimated that the companies in Pennsylvania alone at this period had a combined capital issue of over $S00,- 000,000.
 Then the bubble bursx again. Floods and fires swept the fields. Produc- tlon was not maintained and the wild cat companies toppled over right and left like row of bricks, carrying down to ruin thousands who had in vested their entire capital
 Drake, the inventor of modern drill Ing methods, who knew oil as few men Knew It, was among them. He lost all his property in speculation and his family was reduce1 to actual want His former associates made up q purse to relieve his ecessities. Sab sequently the state granted him a pension of $1,500 year for the ssTv- Ices he had rendered the country,
 Ihis nation is facing similar era or speculation at present. The meth ods of fradulent promoters in selling stocK have been somewhat refined but the dangers of get.rich-quick invest War.
 hepeated proof Of the dangers of ssocA speculation has been given. The most secure protection against the iuie CT such investments is careful and conscientious saving and regular, safe ana secure investment in government securities: War Savings Stamps, treasury Savings Certificates and Lib. erty Bonds They do not guarantee ulFlaends semidaily except Sunday put they do guarantee security against ioss' coupled with sure profit.
 treasury Savings Certificates and oaFings Stamps havo the advantage oi alWays being cashable for more than was paid for hem.
 Liberty Bonds, at present prices of- ler an investment opportunity that VIII not be equalled rain, probably