Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1923-05-10
OIL STOCK
SWiNDLERS.


| Is months or longer OIL WELLS
h have been the excuse for robbing
men and women out of their
/ bard-earned savings.
/ Just why it is so easy to dupe
/ otherwise sensible people, is
+ mystery to us. Just why one hest
/ tates to first consula his banker, or
I write to the department in tho
/ state capitol at Atlanta, known as
/ the Georgia Securities Commits
4 sion, is a deeper mystery.
/ But they don't. There are
number Of people in Americas
manw scattered over Sumter coun-
( ty, who have swallowed the
dope" sent out by mail or who
have listened to laxative
stranger, and then handed him
over their all.
4 Sumter county is blessed with
/ strong, conservative, wise and
] conscientious bankers. These men
viii stop long enough to consult
! you regarding an investment. The
oil company that has rich hold
ings, that has already struck oil,
doesn't have to peddIe his stock.
/ Following is a letter from
| Stephen Pace, who drew the Geor-
| gia Securities law, when he rep
resented Sumter county in the
| Georgia Legislature: 1t tells the
same old story Of the fellow who
/ wanted to get rich quick"
sMr. Lovelance Eve, Editor, Ameri-
Eicus, Georgia.
tDear Eve:A few days ago one Of
I our good citizens, and one whom
| / thought had better judgment,
| called to see me and stated that
/ he had recently put some Of his
1 money in oil stock and asked me
to investigate the probability of
{ his getting rich quick. l took the
matter up with the Georgia Sc
curities Commission, asking them
for information concerning this
company. I am just in receipt Of
/ the Commissions reply, and it is
| of such nature that its publ
cation might serve as a warning
/ to other citizens who are tempted
to give their money for such
/ worthless stock, especially in
/ view of the fact that I have per-
4 sonal knowledge that this same
| company, and many others is
flooding this community with some
of the best written letters I have
/ ever read and promising a hun
bred to one return on the invest
ment. The letter from the Com
mission, with the name of the
company stricken, is as follows;
Mr.. Stephen Pace, Americas
/: Georgia.
/ Dear Sir: am in receipt of in
i formation from the Railroad
/ Commission Of Texas and from
! r. G. Dunn & Company rela-
\ tive to the - Oil Company
[ of Houston Texas R. b. Walt
hall, Chief Supervisor of the
! Oil & Gas Division of the Rail
/ Road Commission Of Texas,
writes ME me
This will acknowledge he
ceipt Of your letter of April 27,
and in reply thereto you are
advised that we have no record
of the - Oil Company Of
Houston. If they are operating
in this State they have filed
4 none of the reports required by
! the conservation laws Of Tex
as"
The Dun Report says:
The company has no pro-
+ duction, and none Of its leas-
es are in proven territory. 1t
drilled one hole on a lease in
+ Pierce Junction, Texas they
declared a 100 per cent stock
dividend before the well was
completed, but the hole turned
out to be a dry one. Another
well was drilled on a lease in
which they have an interest in
Ell Dorado, but this well was al
so a buster" As stated, the
concern is attempting to obtain
additional capital to have only
a small amount of cash and
LIQUID assets. The majority of
holdings are in wildcat terri
tory The concern is unknown
in a credit way here. May 3,
1928: Recent calls have found
the. principals of this corncern
absent.
company about Is months
ago. We replied that the Sc
cuities Commission Of Georgia
was not licensing any Texas
speculative oil enterprises and
that if he offered his stock in
Georgia it would be in violation
Of the Georgia Securities Law.
Had your friend written to