The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1920-02-21
Radiator Oil Kings Divert Mon
ey From Improvements.
TOpekanS Spend Thousands in
Hopes for Big Riches.
MONEY SHOULD STAY AT HOME
No Difficulty Then in Realizing
the City's Crying Needs.
"Friendship" Propositions Also
Take Toll of Wealth.

That the Hotel Kansan, or any
other OF the numerous building
projects being considered in Topeka
now could he built on tho n oney that
is spent by Topekans each month for
worthless oil stock IS ne statement Of
one OF this city's most eminent and
conservative bankers.
Perhaps to emphasize his point he
exaggerated a bit. However. in his
opinion, and in the belief u others
almost equally as experienced as in
vestors. tho money spent in Kansas
each month for oil stock would finance
all the building projects Topekans
have in mind. 1t would pay for as
phalt pavement for the entire city
Tia creation OF a boulevard system
would no longer be a myth The
roadway around Central park could
be entirely opened Cp. Gage park
could be made to equal Central park
OF New York city in attractiyeness.
Countless necessary and desirable i'm
provements could be made in the city's
CLAIM of parks. Tie mud wallow at
Gage park. known as swimming
pool. could be made into a pool equal
To the dignity of this city. attractive
and sanitary. drawing the patronag e
OF hundreds barred from its Use by an
innate fastidiousness impossible to
overcome.
Hit Percentage Low.
The banker went on to say that
90 per cent Of oil investments is
simply money thrown away. It is
said that one out of ten is a hit
The percentage in returns to Topeka
investors has been SO low" the
banker said. Persons come in my
office daily. All the way from men
with S25 to $4,000 to invest. Each
has a similar story. A friend has put
them next to private company. The
operators are bona-fide business men.
1t is not promotion scheme at all
and they were let in on the PROPOSE
ton just for the sake of friendship.
Generally I try to talk them out OF
the idea. T. The percentage of losses in
these friendship propositions is just
as great as in the purely wildcat
schemes. But they die hard when the
vision Of a gusher spouting thousands
of gallons OF priceless oil takes a firm
hold on their Imagination. The less
money a man has to invest. the more
firm is his belief that he is to soon
join the ranks OF the oil kings"
Rush of OIL Stocks.
Despite failure after failure thruout
the United States. the rush to buy oil
E-'iA [Ot1 tlis dlltlLAtl AlLdLE-tA man
points oIt. Turnout the entire coun-
try financial experts assert that the
vast amount OF money being used to
drill holes into the earth. is diverting
capital from the field of mere legiti-
maze improvement. A national in
Nestment for increase of production in
nil lines as the most essential factor
in eventually cutting the high cost Of
living. the local man points out, is
being retarded by the reckless lavish
ness of investors who dream the al
Turing picture of riches quickly
gained.
Local hank deposits for last year.
ana the ysar before, however. indi-
cate that despite the H. c. L. and
heavy contributions that were made
10 war activities, it was an era Of
saving. Savings accounts increased
materially. A wave OF Strengthening
bank accounts to buy Oil stock has
been growing materially.
The gradual isspation OF capital
VIII result in there being a dearth OF
1oney to invest in stable, conserva-
tive necessary Investments and i'm
rovoments, bankers point out