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TEXAS OIL BOOM FINE FIELD | FOR EXPERT SWINDLERS.Some Imposing Sounding Companies ‘Organized Only on Letterheads of Office to Sell Stocks.It has come to the knowledge of | detectives and other peace officers in different oil fields of Central West Texas that some of the most notorious professional crooks and confidence men have flocked to these places and are promoting various schemes that have for their purpose the fleecing of the unsuspecting investor.Oil stocks are bought and sold in the excitement that is centered in these different towns without investigation, on the part oi the purchaser, as to whether the shares have value or not. It leaves an opportunity for crooks to carry on their operations openly and with the greatest degree of success. Some companies that are capitalized from $50,000 to $200,000 each have no existence except on paper.An illustration of this kind of fraud occurred a few days ago when, after a chase across the continent, Postoffice Inspector Maderia of San Francisco and Postoffice Inspector Helmer of Fort Worth arrested at the latter place John F. Barrett, alias John Francis, alt's William L. Baker. On being taken into custody Baker as he was know'll here, was arrainged before the United States Commissioner on the charge of using the mails to defraud. He was placed in the county jail in default of $10,000 bail. Barrett’s son, William L. Barrett, also is under bond. It is stated that victims of Baker and associates are found from one end of the country to the other. They advertised oil stocks not only in the newspapers throughout Texas, but in many more remote parts of the country. Nearly all bf the country newspapers of this state recently carried a paid advertisement of what was called the Golden Goose Oil and Refining Co., which had no existence in fact.This company was one of the schemes that Baker and his associates used in the sale of stock and for which they gave the buyer nothing except a beautifully engraved certificate.It is alleged that Barrett is the brains in a gigantic stock-dealing scheme and that he and a confederate. J. Armstrong, now under arrest in Kansas City, have operated in
Newspaper Details
Quanah Tribune Chief
Quanah, Texas, US
Thu, Mar 20, 1919
Page 1
Full Page
Clipped by
Roger B.
CA, USA 28 Nov 2016
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