Tuesday, May 28, 1996
Bad Investments Suitable For Framing
by MF Runkle

In an earlier Fribble ["Great-Grandpop Wasn't a Foolish Man," 5/9/96], I wrote about some really bad investments my Great-grandfather made. Great-grandpop, George P. Runkle, was born in Gordonsville, VA, in 1868, and died penniless in 1954. Although he couldn't walk, he managed to work as a telegrapher his entire life. He also was married and had four children. However, he was the World's Worst Investor. Now, just to be sure, my wife went to the library to see if any of the stocks Great-grandpop bought, and left to us, are worth anything.

Barbara just got home and told me what she found out about my Great grandpop's stocks. Let's see what she has to say. Maybe I'm rich. . .

Trapshooter Reilly Gold Mines---this one was listed in the Scudder Manual of Extinct or Obsolete Companies (that sounds encouraging). It was a "promotion" by one Trapshooter Reilly, who called it a "Fountain of Liquid Gold," but which turned out to be nothing but "HOT AIR" (Scudder's words). My great grandfather owned 184 shares, bought in 1933. Guess what---the securities are "absolutely worthless!" (The exclamation point is Scudder's, too.)

Gulf Coast Western Oil Company---this sounds legit, maybe he made a good investment (mistakes happen). Common $1.00 par changed to $.05 par, 7/7/65. Recapitalized as General Energy Corp, 1/8/68, each share common $.10 par exchanged for 0.1 share common $.50 par. I'm getting excited. Do I have something? Barbara is shaking her head. She's reading, "Charter was revoked for failure to file reports and pay fees, 8/28/76." This was from the Directory of Obsolete Securities. Oh well. I wish she'd stop laughing. She says, "It's your family."

Let's see if she's found anything else. She's looking. . .

Petroleum Grubstakes (nope, I don't think so)---it was incorporated in Colorado and filed an annual report March 15, 1940, naming a secretary and so on. That's all anyone knows about it.

Red Arrow Mines---Great-grandpop bought this issue in March, 1935. It was reported in October, 1936, that the company was "dormant." ARRGH! But, wait a minute. . . it still holds its properties intact. They should be intact, they probably never built a mine. Senator V.C. Herrin was president of the company, and was located in Idaho Springs, CO, in 1936 (probably in hiding). From the Fisher Manual of Valuable and Worthless Stock.

Texas Petroleum---there were several variants on the name, probably to fool people that they were buying the Texas Co. (now Texaco). Great grandpop bought 15 shares in May, 1929, but the company's last official report was in June of 1925. It seems to have disappeared even *before* Great-grandpop mananged to buy it. Hmmm. At least this one had a picture of an oil well on its stock certificate. The gold mine stocks were on plain generic certificates.

Consolidated Enterprises, Quick Pay Goldmines---not even listed in the worthless stock book. How worthless can you get?

Barbara didn't find anything on Lucille Black Sands Co. and Parker Methods, a company doing "magnetic gold mining." Are you surprised?

Well, I'm not rich, but maybe I'm a little bit more Foolish than my great grandfather. Hmm, let's see what Coke did today. . . I least I don't have to look in the manual of worthless stocks to find out!

Transmitted: 5/28/96