The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1927-04-21
y. VANDAGR|FFT
DENIES MESSAGE
ABOUT OIL BOOM
Securities Commission Rec
ordS Show Name of New
Board Member.

Virgil Vandagrifft, new president
of the board of public works, could
not remember today whether year
ago he had sent to the Ken Saw
Petroleum Products Company tele-
gram reporting the results of an 'oil
instrument" owned by a Mrs.
Slusher in locating wells for the 2,40O
stockholders of that concern.
A telegram signed with his name
is one of the exhibits in the office of
the State Securities Commission
which after investigation stopped the
sale of units" in syndicates fostered
by that company.
The telegram was reproduced and
sent to the stockholders as reporting
progress and the prospect of pro
ducing a gusher.
When the new appointments were
announced by the mayor when he
rather abruptly fired Roy Shane
berger, Lemuel Trotter and Oren
Hack from his official family, the
name of Vandagrifft had an unfa-
miliar sound.
Probe coffee"
But it was announced that he was
associated with the mayor on var
ious enterprises, chiefly the Cotton
Belt Land and Development Com
pany.
The first official body to bring
documentary evidence of the fitness
mission, which investigated the Ken
Saw Petroleum Products Company,
whose offices at 534 Merchants Bank
Bldg, is the same address as that
given to the Cotton Belt Land and
Development Company Of which
Vandagrifft is listed as president.
Some time ago the Ken-Saw Com
pany started selling units" at S125
for the purpose of raising funds to
sink a WELL The securities commits
sion suggested rather emphatically
that such sales be stopped and from
that time on, under the advice of at
torneys, the funds were raised by
'short term notes" over which the
securities commission has no juris-
diction.
Send Out Letter
It was in this investigation that
che securities commission found the
name of Vandagrifft. The commits
sion was interested in the Oil well
and among the documents submitted
was u circular letter sent out by the
Ken-Saw company to it's stockhold-
ers, which said:
"Mr. Vandagrifft could not leave
for the field until the last of last
week because we needed him to help
with the finances.
You will remember Nandagrifft
used an oil instrument Of consider
able merit owned by Mrs. Slusher to
help prove out the geology of the
we'll
THIS IS ONLY A LOAN, AS WE
CANNOT SELL STOCK"
This letter was sent in March,
1926,
Await the Gusher"
On March IS, 1926, telegram,
now in The possession of the commits
sion, was received by the Ken Saw
company. signed with the name Of
Virgil Vandagrifft, which said:
owing to weather conditions and
Mrs. Slusher with us did not get to
we'll until yesterday afternoon. In
strument showed the same condi-
ton as before. Mrs. Slusher says If
the hole can be cleaned we should
deliver a gusher. VIII hit the ball
Monday morning.
AS far as the reports OF the securi-
ties commission show, the advent OF
the gusher has been postponed.
The new president Of the board of
public works today said that he had
had no active connection with the
company other than to lease or sell
1t some oil lands.
The files of the securities COM
mission contain a purported report
of stockholders meeting of the
Ken Saw company, at which "V.
Nandagrifft" was listed as presiding
and at which an enthusiastic report
OF sure discovery of oil was given
nv q drillpr