advanced by the company, who were simply half a dozen unprincipled
sharpers. The stockholders were ruined, but the company made a profit
of a clear half million of dollars out of the infamous transaction.
Legal proceedings are expensive and tedious when instituted against
such parties, and the stockholders, rather than increase their losses
by the outlay necessary for a lawsuit, suffered the swindlers to go
unmolested.

A certain stockbroker, anxious to increase his wealth, purchased twenty
acres of land a few years ago in one of the Western States, and
commenced boring for oil. After a few weeks spent in this work, he
discovered to his dismay that there was not the slightest trace of oil
on his land. He kept his own counsel, however, and paid the workmen to
hold their tongues. About the same time it became rumored throughout
New York that he had struck oil. He at once organized a company, and
had a committee appointed to go West and examine the well. In a few
weeks the committee returned in high glee, and reported that the well
contained oil of the very best quality, and only needed capital and
improved machinery to develop its capacity. In support of this
assertion they brought home numerous bottles containing specimens of
the oil. This report settled the matter in Wall street, and the stock
issued by the company was all sold at a handsome premium. When the
sales ceased, it was rumored that the well had ceased flowing. This was
true. There was no oil anywhere on the land. That in the well had been
bought in Pennsylvania and poured into the well by the agents of the
owner, and the examining committee had been paid large sums for their
favorable report. The owner of the well was enriched, as were his
confederates of the bogus company, and the holders of the stock were
swindled, many of them being ruined.