On this date in 1927, A. C. Wagy & Co. ran the following ad in the Oakland Tribune extolling the virtues of the Seal Beach-Alamitos Heights oil field.
One should not take A. C. Wagy & Co.’s gushing words at face value. In less than a month, the brokerage firm would close its doors forever, and many of its officers would be indicted for their complicity in the over-issue of stocks in the Julian Petroleum Ponzi scheme that bilked so many small investors out of their life savings in the late twenties.
– Michael Dobkins
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