Evening Republican, Volume 21, Number 67, Rensselaer, Jasper County, 28 March 1918 — MCCULLOUGH IS BIG LOSER [ARTICLE]

MCCULLOUGH IS BIG LOSER

CLAIMS STOCK BOUGHT OF METHODIST PREACHER IS BLUE SKY. I Elbert H. Alford, mentioned as having had a hearing yesterday at the Congress Hotel, Chicago, on an extradition warrant,* is under indictment in thjs county on a charge of obtaining money under false pretenses. He is charged with having obtained $5,000 from Ira O. McCullough, who formerly owned a good farm west of this city, by means of a confidence game, or false and fraudulent representations in connection with the sale of stock in an institution known as the National Home Building Association. It is said that Alford, who is a cousin of McCullough, was formerly a Methodist preacher; that he and his wife came here while McCullough was living on his farm and by means of representations that the Home Building Association was a growing concern with over $400,000 worth of business on the books, and in a flourishing condition, McCullough was induced to sell his farm and invest the proceeds in the stock of the asssociation. That upon his removal to Chiago and making an investigation, McCullough discovered that the association was without any tangible assets and was not transacting any business; that James P. Fritze, president of the Association and orgiinator of the scheme under which they pretended to be working, had been in trouble with the postal’ authorities on charges of misuse of the mails, and the stock of the association was of no value whatever. As soon as McCullough discovered the true character of the association and its promoters, he severed his connection with it and has been making an effort to secure restitution of his money. Alford was indicted by the"*grand jury at the November term and it is reported that Fritze and his system are under investigation by the authorities of Cook county, and that this will be one of a senes of prosecutions which will be instituted in an effort to prevent further sales of “blue sky” or worthless stocks.