Richmond daily register. (Richmond, Madison County, Ky.) 1917-1978, 1920-07-14
HOW ESTILL OIL MAN
PUT over BIG deal
Geo. w. Owens Borrowed $780,
900 From Three Young Texas
Bankers and Scared 'Em

Eastern Kentucky farmer, financiel
and oil promoter is said to have Dor.
rowed 100000 on his personal mag
netism, without security, from three
young Texas bankers, who were will,
ing to take chance, will be told in
dispositions to be filed with George
IGu Relic, referee in bankruptcy, in
til bankruptcy proceedings of the
Great Lakes Petroleum Company
The faImer-inancier-oi man is
George w. Owens, of West Irvine
Ky, formerly president of the Great
Lakes company, and the bankers are
r. S. Nixon, president, and Henry
Grady Burlew and F. l.. Mccoy, vice
presidents of the American National
bank, Wichita Falls, Texas.
Mr.. Nixon is 35 years old, Mr.. Bur
lew, %, and Mr.. Mccoy, %.
The story of how their endorsement
of-a draft for 100000 drawn by Mr..
Owens, almost wrecked their bank, is;
told in the depositions, which were
taken under instructions from the
United States court here, in behalf of
The Fidelity & Columbia Trust COM
pany, trustee for the bankrupt oil
company, by Emile Steinfield and T.
Kennedy Helm, attorneys.
Mr.. Nixon according to the deposi-
tiOns, declared that the loan of $780,
900 to Mr.. Owens was made by the
officers of the bank as individuals
and not by the bank, and that it was
made because one of the reputable
banks in Kentucky vouched for Ow-
ems. 'D6 you mind saying which
bank ?" Attorney Steinfeld and Helm
asked. "No, l do not mind; it is the
Williams 6 Company"
''Do you mean w. T. B. Williams &;
company, bankers, Irvine, KY. 2" he
was asked by the examiners.
"That's the bank" Mr. Nixon re
piled.
M Mccoy said:
'Mr. Owens was recommended very
highly TO us in letters and telegrams
by w. T. p. Williams &, Sons, Irvine,
and i remember one telegram espe-
cialIy, in which the Williams bank
said that Owens Endorsement of q
note for 100000 was absolutely un-
questionable and that, he had always
met his obligations promptly. ltr"N
''Mr. Owens was buying the Burke
Lawton Pipe Line Company at that
time for the Great Lakes Petroleum
Company, and we understood he had
made payment of 100000 on it, and
was about to make another payment
of a similar amount.
"We were asked to protect the pur-
chase for Mr.. Owens, who was in Ken
lucky, until he could get to Texas with
a proper note.
"Then it developed THAT Mr.. Owens
had drawn q draft on our bank for
100000, and in due course of time
it got to a bank in Lawton, Okla,
for paymnt.
"The Lawton bank called us, and
asked if the check was good. Be
cause Of the strong endorsement that
we had from Williams & Sons, and
the request to protect Mr.. Owens on
the purchase until he could get to
Texas, we told the Lawton bank t.
pay the check.
"The Lawton bank paid the check,
and then Mr. Owens came to us, with
out cash to take up the check, but
gave us ten notes for $4,000 each,
so we had to pay the check, which we
had guaranteed and then go out and
borrow the amount of check, $780,
900, to protect our bank"
Mr.. Owens, accompanied by his
wife, arrived in Louisville last night
from his home in Irvine. When seen
there and asked to detail how he bor-
rowed 100000 from the three Wichi-
ia Falls bankers he said:
'I'm not handing out anything now.
They're all fighting me, and Pm keep
ing quiet But l sould worry. I've got
only about 176 wells, and | guess
should worry
When asked whether he meant that
he was interested in company that
was operating, 176 wells, Mr.. Owens
said he meant nothing of the sort.
"I'm in no company" he added,
hut I've got 176 wells"