Indianapolis Times, Volume 41, Number 281, Indianapolis, Marion County, 4 April 1930 — Page 3

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OIL FIRM CRASH SWEPT SAVINGS OF THOUSANDS ' Julian ‘Pete’ Case Rocked, Pacific Coast Just Three Years Ago. Thl U the first of s sorJr* of articles os the history of the famous Julian Petroleum ease which rocked financial, political and social circle, of the Pacific coast three Tears ago. BY GEORGE n. BEALE Tnlted Press Staff Correspondent LOS ANGELES, April 4.—Three years ago at Just this time, events [ were shaping rapidly for the great- ; est and most complicated financial collapse the Pacific coast ever has known. The stock of the Julian Petroleum Corporation, known as a $100,000,000 organization, was making dizzy Jumps across the exchange boards and every rise and fall brought a ! aeries of new and varied rumors. The rumors became the wildest and the trading the most frenzied on May 6, 1927, when the issue, which once sold above $35, dropped to anew low for all time at three dollars. Trading Suspended That night the board of governors of the Los Angeles stock exchange met and announced that Julian was suspended from trading. The board said that the stock of the Julian company had been overissued. Newspapers carried the word to thousands that life-savings had been swept away and the failure of the Julian Petroleum Corporation became the most discussed financial j fiasco of the west. Sensational reports of big names | behind the scenes and unlawful manipulations swept Spring street, j the Los Angeles equivalent of Wall street, but even the most sensa- '■ tional of those reports failed to ' measure the revelations that were j to follow. Seriousness Unknown For instance none had any Idea on that May day when the bottom j fell out of Julian that scores of civil and criminal actions were to follow, that it was to send the then district attorney and other I public officials to prison and that j it would change the entire politi- 1 cal and financial complexion of Los Angeles. Yet all those things happened and the Julian case still brings forth daily developments of complicated criminal and civil suits. The stage for the crash of the Julian company under a 4.000,000 share over-issue was prepared in the summer of 1926, when C. C. Julian, its president and promoter, resigned and disposed of his in- j terests to S. C. Lewis. Lewis rep- i resented himself as a prominent eastern capitalist. Testimony introduced at various Julian trials has indicated that Julian, himself, ex ept for having sold the corporation to incapable I hands, was blameless in the failure of the company. Julian recently has been named in dispatches from Oklahoma in connection with another oil enterprise. Soon after Lewis became the guiding power in Julian oil, rumors that the organization was in trouble began to run around Spring street. POST REWARD FOR BOY New York Youth Vanishes on Trip to Florida, Uti United Press BUFFALO, N. Y., April 4.—A SSOO reward is offered for information as to the whereabouts of Robert Emmett SL : Beyle, son of Dr. Patrick Boyle §p*< Ifigr W * Glen Falls (N. Y.> eye specialist. M Young Boyle was JgK last seen at Co-gH^" lumbia River, Fla.. on Jon. 14. 1929. ' weighs 135 pounds, has dark blue eyes, brown hair, dark complexion and Is 5 Robert Boyle feet 8 inches tall.

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