Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1920-01-14
JURY QUIZZES
ALLEGED STOCK
FRAUD VICTIMS
Persons Who Bought w. E
Young & Co. Securities
Tell of Transactions.

Investigation of the affairs and activi-
ties Of the w E. Young and Company,
brokers, with offices in the knights of
Pythias building was begun today by
the grand jury acting under information
brought before it by Prosecuting Attor-
ney Claris Adams. The action followed
the arrest yesterday Of Willard Young,
q years old, head of the firm, on charges
o. false pretense and grand larceny and
the issuance of a warrant on the same
charge for Charles r. Ellis, a salesman
for the company.
The activities of the prosecutor fol-
lowed Information that statesmen of the
company were making broad promises
reGa riding the earnings and the monev-
making possibilities of the National AT
lantic Petroleum Company stock which
they we're selling. Every person "to
purchased stock in the company from
the firm las been subpOenaed.
Young, debonair and slender, dressed
flashy, appeared not a bit worried as
he was slated at police headquarters. 4
man said to be an employc Of his office.
named Stinson, put up 500 in cash and
sSGIl Ia Liberty bonds as security for
the appearance of Yourg when wanted.
The youthful broker then walked out
OIL inc kldllOu WITH MS 2tIOEuSys h4tEAti
a Ryan. of the firm Of Ryan, Ruc:cls-
haus and Ryan
WOMAN sWEARS
OUT WARRANT.
The affidavit was sworn out on in
formation furnished by Mrs. Clara Nor
ris, $40 Bellefontaine street, who bought
100 shares of the National Atlantic Pc
troleum Company stock from Charles K.
Ellis, salesman for Young Mrs. Morris
paid the brokerage firm, she says, $225
in cash and $3.50 in liberty bonds for the
stock.
The affidavit against Young and Ellis
charges that on Jan. they knowingly
and falsely represented and pretended to
Clara NJ. Morris that certain stocks, to-
wit, fifty shares of capital stock of the
National Atlantic Petroleum Company
was of the value of $12 and that Slough
ton A. Fletcher of indianapolis had
bought more than $1,000 worth of the
stock
The affidavit was filed and the arrests
followed after an order was issued that
all the records of the w. Z. Young Com
pany be brought before the county grand
Jury for Investigation The records were
obtained by Sergt. Worley. The grand
jury began an investigation today Of the
methods used by the company in trans
acung business in Indianapolis.
Mrs. Norris told the prosecutor she
has made other investments through the
company besides t. one referred to in
the affidavit Mr.. Adams said he was
not convinced that an investigation of
the company's affairs would disclose
anything wrong, but he was ordering
an nvestigatiOn in accordance with the
wishes Of RS Norris and other persons.
The witnesses who will testify before
the grand jury today are Bernard E.
Griffey, $40 North Delaware street; Fred
N Chastain, 20 South Neal street; J.. A.
Corcoran, Lincoln hotel; J. n. Fatout. 140
East Court street. Edward c. Matthews.
1873 East Morris street; Fred Noffke, 2444
Martindale avenue F. E. Blackman, 34S3
East Tenth street; II. H. Jackson, 5S1
Capitol avenue, and Mrs. Morris.
Young and his company has done big
business in indianapolis, it is said The
inner offices in the knights of Phythias
building are furnished in magnificent
style, according to those who have been
in them. Their statesmen have operated
with great confidence.
reporter Of The Times had an ex-
perience with man stating that he was
a salesman for w. r. Young & Co. His
method of working was as follows:
The salesman called his prospect" by
telephone He told of the stock his firm
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