The independent. [volume] (Elizabeth City, N.C.) 1908-1936, 1926-07-30
COT AFARMER'S CASH
AND HIS FARM TO BOOT
The Case of E. M. Walker of Currituck A
Warning To Others of His Kind Who
Have Worked Hard and Saved

When a man on a farm has
hard all his life and
laid aside little nest egg to
provide for himself and family
in old age, he should hesitate a
long time to put his money in
to a business in town.
f. NJ. Walker, Of Currituck c.
H., N. c. did that and now aging
and invalid he stands to lose every
inch Of ground and every dollar he
had accumulated in a life time Of
industry and thrift. Maybe
newspaper shouldn't dig into the
private affairs Of an individual and
publish mistakes, but there is so
much I'm the case of Mr.. Walker
that should prove a helpful warn
Ing to others that this newspaper
makes no apology for printing the
facts. There are lots of country
people who might make the same
mistake that Mr.. Walker made and
there are plenty Of near bankrupt
business men i'm town who are al
ways alert to find an Easy Mark
like E. NJ. Walker to unload upon.
E. NJ. Walker was a hard-work-
ing and upright citizen. He had
small farm Of about 20 acres on the
shores Of Currituck Sound, near
Currituck, c. II. He had made n
good living on this farm and raised
two families OH it. He had few
thousand dollars in the bank. his
credit was good and his neighbours .
gave him credit for having more
money than he really possessed.
A. few years ago f. T. Spencer,
formerly a shoe salesman and nomi-
nally n partner in the business of
McCabe & Grice, started n gents .
furnishing business in Elizabeth
City. The business was failure
from the start. Spencer sold a lot
of stock in his concern, but few of
the stockholders ever paid In their
stock subscriptions. Their names :
only served to give prestige to the
concern and enable Spencer to OBJ
,,,,,ob nro6ff =.
When the business was on It's last
legs Mr.. Spencer got OH to Mr.
Walker. Mr.. Walker had son who
didn't want to he farmer and he
wanted TO establish this son in some
business. E. F. Spencer convinced
Mr.. Walker that the greatest OPP
portnnity on ehrth for his son was
I'm the firm of Spencer, Co. gents
furnishings and haberdashery,.
One of the leading banks in town
was carrying some Of Spenter's
paper and getting uneasy and VIII"
Mr.. Walker sought informant
about the Spencer Co. the ba
made no unfavorable reports. j.
cause tie bank was anxious to s
real money behind the concern.
F.. NJ. Walker bought fourth H.
tereSt in the Spencer Co.. putin
in something like $500 in cash.
That wasn't enough. The business
continued going down hill ana
Spencer pleaded with Mr.. Walker
to put in more money. Finally the
business went bankrupt and Mr..
Walker undertook to buy it in, Civ
ing a mortgage for $4,000 Oh his
to hold and nothing in the bag.
Then he began to learn things
about the. Spencer Co. The firm
was heels over head in debt every
where and owed for much stock that
had been bought at peak prices in
war time. Few of the alleged stock
holders I'm the concern had ever paid
in a nickel on their stock. T.. VI.
Walker found himself with the bag
TO held and nothing in the bag.
To-day. broken in health, an in
valid in fact, he faces the prospect
of losing everything that he had
made by a life time of industry
thrift. sobriety and upright living.
First and last he put more than
$1,000 in cash into losing busi-
ness and then mortgaged his farm.
His only hope to recover even part
of all that he is lost is in suits
pending i'm the Federal ConrS
against stockholders who failed TO
nav their stock subscriptions.
Incidentally. the suits against
these delinquent stockholders may
have wholesome effect. There are
n lot of reputable people who
thoughtlessly take stock In question
able enterprises, lending their good
names to wildcat ventures to help
some "good fellow" along when
they have no idea of ever paying
for such stock. In many eases in
fact they are given to understand
that they will not 10 called to pay
If they will only lehd their names
to the business.
L L Snencer founder Of The ill-