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nearly all of the big cities of theUnited States.Under the name of Francis, Baker had opened the Burkburnett Oil and Trade Exchange, secretary and treasurer, appears on the stationery ofthe concern. Francis has been in Fort Worth since Jan. 17. Karl Barrett and Franklin Bnrrett and their wives are in custody in Cincinnati. It is charged that they shared in the proceeds of the fraudulent operations. They were arrested by agents of the postoffice department.Evidence in the hands of the post-office inspectors shows that Barrett and Armstrong would open offices and advertise as stock brokers. They would solicit either the buying or selling of all kinds of stocks, and their customers never got a cent back, it is said.Money poured into their various establishments and many people sent in Liberty bonds to be invested in higher-rate securities. WUen the concern had taken in $7,000 to $10,-OfiO the plan was to close the office and move to another field, say the authorities.Not only did the men deal in mining and oil stocks, hut handled high-grade railroad stocks on commission anil pocketed the proceeds. One per-1 son is said to have lost in five deals that were made with different firms l set up by the same men. The case against the Barretts has been referred to the federal grand jury at Kansas City.
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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