The Monroe journal., 1921-04-19
INTERNATIONAL REPLIES
TO STACY WADE'S ATTACK
President of Williams and Beasley's
tomr1ny Resents Statements a.
Utterly False and slanderous.
STATE LICENSE Is UNNECESSARILY

Utterly False and Slanderous.
STATE LICENSE Is UNNECESSARILY
San Antonio, Texas, April 1s.-or-
rem Estess. president OF the Inter
national Petroleum Company, has is
sued the following reply to Stacy
Wade's recent attack on his concern (:
Newspapers received in Texas from
North Carolina give much space TO an
attack made by Commissioner Wade
on the International Petroleum Com
pany OF Texas. on account of mail
campaign which was conducted in
that state by the company. Mr..
Wade's attack, and much of the COM
ment thereon, contains so many err
roneous assumptions and implica-
tons. and was so unjust to this COM
pany and TO two former North Caro-
linians. that we cannot let 1t go I'M
answered, even though Mr. Wade
seems, in measure. to have modified
his position in a second statement.
The company wishes TO say EN-
phatically that il feels that it did not
violate either law or ethics in this
matter, and it certainly aequits itself
OF any intention or desire to have VIC
lated either. The sum of the charges
and differences seem to be as follows:
Il That the company is fraudu-
lent OF had fraudulent intentions.
"2. That the company sought TO
do business in violation of law.
"3. That il violated the proprie-
ties in using the names of North
Carolinians.
liesents Charges with Indignation
"The first and second charges we
resent with indignation as utterly
! false and slanderous. No one denies
that people have been defrauded by
fake promotion schemes. but the idea
which seems to pevail in some quar-
tiers that all enterprises Offering their
securities to the public by mail are
humbugs is too absurd for comment
This company is as legitimate bust
ness enterprise as any in North Caro-
lima or elsewhere. We have the prop
critics that we have stated and We
have not unreasonably stressed their
prospects and possibilities. OF course.
we have to undergo the ordinary bus
mess yicissitudes. II we succeed, the
returns will be large; If we do no.
succeed, we cannot and would not
make penny at the expense of any
share holder.
'The second charge, that the com
pany sought to do business in viola
ton of the law, is also untrue. 1t
was useless to apply for license to
do'G personal sales business in the
state when we had no intention Of
doing business that way. We under
stand that the North Carolina law
refuses license to company which
proposes to pay more than one per
cent commission on sales. and no COM
pany can secure statesmen on such
commission Why ask Mr.. Wade for
license that we did not wish and
which he could not have granted un-
der the conditions, regardless of our
assets or possibilities?' There was
but one legal way open for us to pre-
sent our proposition to the public and
we took that way as matter of
course, without suspicion that we
were to be called criminals by do
ing so.
The third charge, that the propri-
cites were violated, of course. has
no foundation. except upon the as
sumption that the company was either
fraudulent or was seeking to violate
a state law, neither of which assump-
ton Is true.
Refers Them To District Attorney
The president of this company has
lived in San Antonio thirteen years
aud his record is open to inspection.
The largest ock-holders of the com
pany are men who have either known
him for years or all his life. He has
no doubt but that his reputation is
as good where he is known as that
of any good citizen in Raleigh or else
where. On the matter of his charac-
ter and record. he refers by permits
sion to the office of the L. S. District
Attorney in this city: TO Mr.. w. X.
yice-president of the Com
Bank and Trust Company
of this city; and TO Mr.. J. Il. Brown.
and active head of the
Caldwell Bank and Trust Company OF
Columbia. La, where he lived before |
coming TO San Antonio and who has
known him all his life Other refer
pnces could easily be made.
Our letter campaign was of course |
i,t 1A .NTc In
and needed funds for the develop !
nent of our business. and was under
taken as a reasonable. and efficient |
way OF reaching the public without |
undue expense We felt when the |
was put on. and still feel.
hat we had right to mention and |
'efer to the good standing of our Of
icials. Subscribers were asked to
invest with us on a plain statement
If facts and anyone in North Caro-
ina who responded knows and under
tands that he can, II he wishes, get
lis money back. We understand that
/ Is possible TO construe this into an
omission OF the charges which have
'een denied, but We have neither time
Tor inclination for long distance con-
roversy. Fair-minded people will. we
relieve. accept the statement that we
leither sought to wrong anyone or
o put Mr.. Beasley in position for
II II is any satisfaction to
fir. Wade to know that he has in
ured us, he is welcome to II. We
annot feel. however. that in his zeol
- 4 a. "A