The Birmingham age-herald., 1920-02-15
By WILLIAM F. TEBBETTs.

Land developments have always at tracted more or less, promoters, specula- tors and investors of all hues, kind and character, from the gold mining days of 49 in California, down through the eX- ploitation of orange, grape and fruit ranches, farming, irrigation, the reclam- nation of land, projects in practically all the states of the west and south down to the residence subdivision and town lot promoters and speeulators.
 The very strongest institutions of the present day, railroad systems, giant manufacturing and industrial enterprises, public utility, mining and development companies, corporations and associations, were all more or less speculative promo tions in the beginning
 Every industry has had it's Iioneers and our history is full of instances where the pioneer promoter has had to step aside to permit others to carry his en- terprise on to greater success and magni- tude and many of our great captains of industry of today are but the beneficiaries of the fertile brain and untiring efforts of promoters.
 It is said that. oil has made more mill lionaires in the past few years than gold, silver and copper combined. The oil fields of Texas alone have within the past two years created more multi-millionaires than there were in the United states at the end or the CIVIL war
 The story of the vast fortunes that have been founded upon the petroleum industry constitutes the most amazing chapter to which new pages are being added from month to month and from year to year. John D. Rockefeller, founder of the Standard oil Company, John Gates, promoter of the great Texas Oil Company; E. l.. Doheney, promoter of the Mexican Petroleum Com-
 ..l.z and Transport Company; Edgar l.. Mar ston, promoter of the Texas Pacific Oil and Gas Company; Harry Sinclair, or | ganiZer and promoter of the Sinclair Oil Corporation, all today most potential and dominating powers in the financial world, were in the beginning but speculative promotions
 OIL INVESTMENTS A GAMBLE?
 Many persons when approached with reference to purchasing an interest in an oil property. company or promotion reply, 'I have no money 10 gamble with but in most cases it is only persons who are not familiar with the oil industry of today that will make such statement
 There are many companies and promo tions, of course who own land that has not been proven, and where wells may be drilled and no oil secured, and it is only in cases like that where one is really IdhlftS q SdHlDle, anu It IS HOl HcEeSSdIS to take such chances to invest money in the oil industry as it is today. Such prop ostions should be left entirely to men of wealth who can afford to lose an afaount that would ruin the average investor.
 Where d company or individual has land that has been I<oven to contain rich deposits of oil and gas which can be secured at uch a cost for drilling and operating that a good profit is aS- sured, one is taking no more chance by investing in such d proposition than in the ordinary industrial enterprise pro vided the property is properly managed and ample capital assured to drill enough wells to put it on good earn ing basis, where dividends and profits can be paid and a certain amount re- invested from the earnings to continue developments.
 refinery that has supply of crude oil assured with a capital enough to start with and proper management is also a sure money maker, with very large profits certain for all who are in- terested in it. It is, of course, assumed that the oil company refinery referred to is not over capitalized or, ia other words, too much stock issued to the pro- motors, or for lands or leases; and also that the company is not too far from pipe lines or railroads capable of hand ling the product.
 Mining operations ordinarily require Sd much capital for necessary engineering, machinery and labor that few, if any, operations are conducted or carried on by individuals, but rather as corporations or companies who sold their shares td secure necessary capital for their opera tions. While oil developments constantly require additional capital in initial op- erations. until oil is found, the amount