The Saga of the Seven States Oil Refinery in Memphis
By Dennis Wolf
In the years leading up to the 1929 stock market crash, speculative ventures were common. Companies would promote opportunities promising a high return on the investment made. Many of these schemes targeted people with moderate incomes, offering them the ability to spend some money in hopes of making a handsome profit. Most states had “blue sky” laws that regulated how such opportunities were marketed, but the laws were weak or vague, and rarely enforced. Consequently, companies could make unsubstantiated promises of large profits with little risk. As an example, a full-page ad taken out by the Seven States Oil Company in the June 21, 1919 edition of the Paducah, Kentucky, News-Democrat, promised “An investment opportunity affording safe returns with prospects for tremendous profits.”
In 1919, there was minimal oversight of the investment industry and no federal Securities and Exchange Commission. Thus, the stage was set, and one of the biggest and boldest oil swindles ever perpetrated in the United States started right here in Memphis, Tennessee.
The initial discussions and work to build a crude oil refinery in Memphis began in May of 1919. In July 1919, the company began recruiting salesmen (see Figure 1) in different cities to sell the company’s stock. On October 3, 1919, it was announced that the Seven States Oil Company of Texas was looking for a site to build a crude oil refinery. Memphis’ geographical location to the oil fields of Kentucky, Louisiana, and Texas, coupled with the transportation options of railroads and riverboats, and competitive transportation rates, made Memphis a good location for a refinery. The proposed refinery would have a capacity of 2,000 barrels per day. One barrel holds 42 gallons, so the refinery could process 84,000 gallons of oil per day. The estimated cost for construction was $175,000 ($3,176,999 in 2024 dollars).
Figure 1
The company, incorporated for $1,000,000 ($18,154,277 in 2024 dollars), had approximately 1,400 stockholders, and the majority were Memphians. A committee of seven prominent Memphis businessmen, who also held stock in the company, was named to investigate and locate a site for the refinery. The committee members were W. T. C. Berlin, chairman, R. F, LaCroix, Dr. A. R. Porter, R. J. Billings, P. H. Pierce, W. L. Crenshaw, and Frank. N. Fischer. The committee was looking for a site that contained approximately 20 acres. The Memphis Chamber of Commerce pledged support toward selecting a site.
The company owned three oil wells in Burkburnett, Texas, that produced about 500 barrels of oil a day, and this oil would be shipped to Memphis to be refined. Oil from Kentucky, Louisianna, and Texas would also be shipped to Memphis for refining. The refined products would be sold in Memphis and shipped to other parts of the country.
The refinery would produce gasoline, kerosene, naphtha, gas oil, auto oil, spindle oil, and cylinder oil. The company planned to market the majority of the refinery’s output in the Memphis market, and ship the surplus products to consumers outside of the Memphis area. The company was confident that the daily output of the refinery equaled the daily consumption of these products in the Memphis area.[i] The residue left over after all products had been refined would be used to oil Memphis streets at a lower cost[ii].
On October 8, 1919, the company placed an announcement in The Commercial Appeal (see Figure 2) providing information about the proposed refinery including information on how an interested person could become an investor. The announcement predicted that the minimum net profit would be $20,000 per day ($363,986 in 2024 dollars), or $240,000 annually ($4,357,207 in 2024 dollars), to be shared among the 1,400 stakeholders. The stock was selling at about $12.50 per share ($227 in 2024 dollars).[iii]
On October 16, 1919, the refinery site selection committee, along with W. C. Myers, president of Seven States Oil Company, and J. D. Wrather, secretary of the company, inspected seven possible sites that were suitable for a refinery, and narrowed the list down to two sites. Following the site inspections, a dinner was held at the Memphis Country Club where the committee members, company officers, and other stockholders heard speeches about the welfare of the company and the sales force.[iv]
The site selected contained 20 acres and was located on Hollywood at the Belt Line Railway, adjacent to Cudahy Packing Company’s refinery. A location on a rail line was desired because the crude oil would be transported to Memphis by rail. The freight rates into Memphis were very competitive, and the company had 150 tank cars to transport the oil. The site was owned by the Memphis Chamber of Commerce. The Chamber had purchased the site in 1914 on speculation that the Cudahy Packing Company might one day need it to expand, but Cudahy had no use for it. The Chamber Board ratified the sale of the property on October 31, 1919. The sale price was not made public, but it was estimated to be $15,000 ($272,315 in 2024 dollars). Construction would begin immediately and was expected to take six months.[v]
Figure 2
The company continued to look for more oil for the refinery. In October 1919, the Seven States Oil Company began drilling a test well on Ed Holbrook’s ranch, just five miles from Amarillo, and had reached a depth of 180 feet by October 19, and a depth of 300 feet by October 24. By March 12, 1920, the well was at a depth of 1,000 feet and had not struck oil. On July 26, the well was at 2,100 feet and had not struck oil. The company also held a lease on 44,000 acres in the Amarillo oil field. The company was planning to drill two additional test wells: one on the O. Y. O. ranch fifteen miles from Hereford, Texas, and a second near the Nazareth post office.[vi]
On November 6, 1919, a meeting of the members and officers on the Seven States Oil Company, along with businessmen from other cities, was held at the Hotel Chisca. At the meeting, Dr. A. R. Porter, Frank N. Fisher, and W. T. C. Berlin were appointed as a committee to begin construction of the refinery. The committee would receive and evaluate bids for the refinery. On November 8, the company was awarded a contract to dig a well on the D. C. Laird ranch in Hereford.[vii]
By December 1919, bids had been received and evaluated. The best bid for building the refinery was $200,000 ($3,630,856 in 2024 dollars), which was higher than the original projection of $175,000. Mr. J. D. Wrather, secretary and treasurer of the company, would be in Memphis to oversee the start of construction. The plant would have on-site storage tanks for raw crude and completed products. Future plans included storage tanks by the riverfront to allow crude oil to be delivered by barges. Memphis suppliers were to be given preference in supplying materials for the project. Mr. Wrather planned to start construction after the new year, and for the plant to be finished by May 1. The company now had over 2,000 stockholders, and the stock was trading at $15.00 ($272.31 in 2024 dollars) a share.[viii]
In keeping with the company’s business plan, the search to find more oil continued. In December, the company signed leases on additional land in Texas. One lease was for 30,000 acres near Nazareth, and the other was for 25,000 acres north of the town of Dimmitt.[ix]
On January 19, 1920, the company placed an order with a local company, Reed & Duecker, for two 150-horsepower boilers. The contract for the refinery, storage tanks, and subsidiary structures was awarded to the Van Rathbone Construction Company of Dallas, Texas. Construction was to start no later than February 5, 1920. The Commercial Appeal estimated that the investment in the refinery, lubricating plant, and tank cars was approximately $500,000 ($9,077,139 in 2024 dollars). Mr. J. D. Wrather made plans to move his family to Memphis. The company made one last push for subscribers, with the sale of stock to end on January 24, 2020.[x]
In February 1920, Mr. H. A. Hodge, vice-president of the Seven States Oil Company, said the company planned to build at least 50 filling stations across Tennessee and Kentucky. The company’s business plan was to take crude oil from their own wells, refine it, and sell it directly to the consumers. In April, it was announced that Seven States was to open a plant in Paducah to sell gas and oil. The estimated cost for the plant was $15,000 ($272,315 in 2024 dollars).[xi]
In June, the Seven States Products Company (a separate company, but under the same management) was operating two filling stations in Memphis. One was on Union Avenue at Pauline Street, and the second was in the Chisca garage. There was also a filling station in Jackson, Tennessee. The company sold its Dixie Gem gasoline and Big 7 motor oil through other dealers as well. The company had purchased 500 barrels of crude oil to start up manufacturing at the refinery, which was projected to be completed in July. In addition to the company’s three wells in Burkburnett, Texas, two wells were being drilled in Amarillo, Texas. The Holbrook ranch well was at 700 feet.[xii]
In early September the plant was not yet open. However, work was underway to begin operations in several weeks. The company owned 100 railroad tank cars, and seven railroad tank cars of crude oil from Louisianna had arrived (approximately 2,086 barrels, or 87,612 gallons) and were on site in the company yards. The company had signed contracts to purchase large quantities of oil from Louisianna, and the oil would be shipped to Memphis 25 railcars at a time. The company had storage tanks available in Jackson, Chattanooga, Nashville, Paducah, and Clarksdale. Though designed to process 2,000 barrels per day, the refinery would open with a 1,000 barrels per day capacity. Plans were being made to expand that capacity to 3,500 barrels per day by the spring of 1921.[xiii]
On September 19, 1920, test production began at the new refinery. At Noon on September 30, the formal opening was held. The plant opened with a 1,000 barrels per day capacity, and that would increase to 2,500 barrels per day by January 1921. The company now had 2,500 stockholders. About 200 people attended the formal opening of the plant Mayor Paine and a representative from the Chamber of Commerce spoke, and a barbeque lunch was provided. The process of refining crude oil was explained, and attendees were given tours of the plant. The company moved its offices from the Bank of Commerce Building to the Randolph Building at Main Street and Beale Street.[xiv]
On October 23, 1920, the Seven States Oil Company well in Amarillo was at a depth of 3,410 feet and struck another layer of gas, but still no oil. The drilling had encountered several layers of gas, and the company was hoping to strike oil soon. However, as of November 10, 1920, the well was at a depth of 3,500 feet and had not struck oil. The company planned to continue drilling to a depth of 5,000 feet if necessary.[xv]
It was at this point that the first sign of trouble with the company occurred. In December 1920, the Dan Shea Boiler Works sued the Seven States Oil Company for breach of contract in the amount of $14,976.01 and sought to attach ten acres of the company’s land to make good on the alleged amount due. The boiler company was contracted to build and furnish tanks, condensers, and other materials for the refinery. The Dan Shea Boiler Works had completed $10,327.91 worth of work when Seven States notified the company to stop work. Almost three years later, on September 1, 1923, Dan Shea Boiler Works would be granted settlement of their claim for $4,200.[xvi]
On January 13, 1921, the Seven States Oil Company was taken over by the Petroleum Trust Company of Chicago. All operations at all Seven States Oil Company locations were suspended, which include the refinery in Memphis and the oil well drilling operations near Amarillo.[xvii]
On January 17, 1921, it was announced that Petroleum Trust would soon resume drilling operations on the Holbrook ranch well near Amarillo. The well was at 3,542 feet, and Petroleum Trust was prepared to drill as far as 5,000 feet.[xviii]
In March 1921, the Seven States Products Company planned to build oil storage tanks at 672 Cox Street near the Nashville, Chattanooga, & St. Louis Railway tracks. Mr. Will Hall and other area residents opposed the construction and filed a lawsuit in chancery court to prevent construction. On March 21, 1921, Chancellor Heiskell ruled that there was no law that prevented the Seven States Products Company from building the tanks, and the gas and oil distribution plant was constructed.[xix]
In April 1921, the Petroleum Trust Company was actively recruiting investors in Nashville, Paducah, and other cities. Full page ads (see Figure 3) in local papers promised a safe investment with annual yields at 66[xx]
The fortunes of Seven States Oil Company and Seven States Products Company continued to decline. In May 1921, the Hemlock 6400 Tire Company terminated its contract with Seven States Product Company and began to sell its own gasoline and oil products. Sometime before May 1921, the Seven States Oil Company went bankrupt. On May 17, 1921, the Petroleum Trust Refinery took over the refinery and restarted production at a capacity of 800 barrels per day. Petroleum Trust officials said the capacity would be increased to 1,500 barrels per day within the next 30 days. Crude oil was being shipped to the refinery from El Dorado, Arkansas, and Shreveport, Louisianna. Petroleum Trust announced plans to open a gasoline and oil distribution plant in Bristol, Tennessee, in 60 days. Petroleum Trust took a first mortgage in the amount of $500,000 ($9,077,139 in 2024 dollars) on the company’s assets.[xxi]
On July 15, 1921, Mr. H. E. Mason filed a suit against the Seven States Oil Company and the Petroleum Trust Refinery alleging that the transfer of the property from the oil company to the trust company was fraudulent. He asked that the sale be set aside so he could collect $2,000 ($36,309) in 2024 dollars), which he alleged was his commission and salary for the sale of stock in the Seven States Oil Company.[xxii]
Figure 3
Between July 1921 and December 1921, the Seven States Oil Company reorganized as the Royal Refining Company and was once again making gasoline and other oil products in Memphis. The Petroleum Trust Refinery moved its headquarters from Chicago to Memphis to oversee company business. Petroleum Trust took over the Seven States Oil Company and operated the refinery up until August 1, 1921. Under the reorganization, the stockholder’s interests were protected. Approximately 700 of the 2.200 stockholders were Memphians. Twenty-three tank cars were received the week of November 27. The 23 cars were the first consignment for 50 cars of crude oil from the El Dorado, Arkansas, oil fields. The oil was shipped in tank cars owned by the reorganized company.
On February 2, 1922, the Royal Refinery signed a contract with the Tri-State Oil and Pipe Line Company for 100 railroad tank cars of crude oil, which would be sufficient to supply the plant for one month. The tank cars arrived at the rate of two to three cars per day, and the first delivery arrived on February 6. Additional equipment was being installed to increase the plant’s capacity.[xxiv]
On February 18, 1922, the Twin City Boiler Works of Bristol, Tennessee, filed suit against Petroleum Trust for $26,400 for breach of contract related to the proposed gas and oil distribution plant in Bristol.[xxv]
On Saturday, March 18, 1922, at approximately 3:30 pm, an explosion and subsequent fire occurred at the Royal refinery. The explosion blew the top off a 2,000-gallon tank of gasoline, and residents within several blocks of the refinery felt the explosion. After the explosion, the gasoline in the tank burned and boiled steadily, occasionally throwing flaming gasoline out of the tank and onto the ground. Memphis Fire Chief Fitzmorris and Assistant Chief O’Neill took charge of the firefighting efforts. Engine 15 worked diligently and kept the fire from spreading to a 35,000-gallon tank of gasoline that was just 200 feet away from the burning tank. The explosion occurred when a fuel delivery truck, which was switched off at the time, was being filled with gasoline. The driver had just filled his truck with 500 gallons of gasoline when he said there was a puff of smoke and a report. The fire quickly spread from the tank on the truck to the larger storage tank. The fire was knocked down at 5:30 p.m., there were no injuries, and the loss was estimated at $5,000 ($90,772 in 2024 dollars).[xxvi]
On April 11, 1922, an involuntary petition in bankruptcy was filed in federal court against the Royal Refining Company. The Sinclair Refining Company of Louisianna, the Independent Tire Company, and Morriss S. Miller charged that the Royal Refining Company was insolvent, and had been insolvent for some time. The petition claimed that in the last four months the company had conveyed, transferred, concealed, and removed many valuable items that belonged to the company. The suit further alleged that officers of the company disposed of and sold property to pay preferred creditors. Finally, the suit alleged that officers of the company sold company property and used the proceeds to cover personal debts. The inability to obtain working capital caused the refinery to close down.[xxvii]
On April 17, 1922, Judge J. W. Ross ordered an investigation into the “acts, conduct, and property” of the old Seven States Oil Company, the Petroleum Trust, and the Royal Refining Company. The purpose of the investigation was to show how the properties of the company were administered.[xxviii]
On April 19, 1922, the investigation of the three oil companies began. Attorney Frank C. Lee, representing the court-appointed receiver, examined witnesses in an effort to find hidden assets. Nothing sensational was found, as the questions delt mostly with the company’s books. Vernon T. Grizzard, president of Royal Refining, testified that the balance in the company’s bank account was five dollars. [xxix]
The investigation revealed that Seven States sold approximately $900,000 worth ($16,338,850 in 2024 dollars) of stock, mostly to moderate income individuals. However, the company realized only $600,000 ($10,892,567 in 2024 dollars) of that, as the salesmen were allowed a 25% commission. The refinery cost was about $350,000 ($6,353,998 in 2024 dollars). Seven States bought 74 railroad tank cars at a cost of $200,000 ($3,630,856 in 2024 dollars), but had only paid half the debt. At the startup, the company claimed to have three producing wells in Texas, total assets of $1,697,000 ($30,807,809 in 2024 dollars), and no significant liabilities. During the investigation, President Vernon T. Grizzard testified that practically all tangible assets of the company had liens against it. [xxx]
The investigation revealed that the three producing wells owned by Seven States Oil Company were at one point traded to another company for a half-interest in two wells being drilled near Amarillo that were not near producing oil fields. Several stockholders claimed that former Seven States President J. D. Wrather made the swap on his own initiative, and that he never informed stockholders of the identity of the party that received the three producing wells. The two wells the company acquired ended up being dry holes.[xxxi]
In April 1922, the Abeel Brothers Company of Chattanooga was left holding the bag in the amount of $45,000 ($816,943 in 2024 dollars) when the Petroleum Trust company went bankrupt. Approximately 150 people in Chattanooga had bought stock in the company, and all of the proceeds from the sale of the stock were supposed to be invested in Chattanooga for equipment and operation of the business. Petroleum Trust built three 10,000-gallon storage tanks for $6,000, and also purchased two tank trucks for gasoline delivery. The two tank trucks were never fully paid for and were sold by the sheriff at auction. Abeel Brothers had signed a contract to sell gasoline refined by the Petroleum Trust Company. The investigation revealed that Petroleum Trust was “purely a stock selling scheme” and the company was purchasing gasoline from other refineries at a cost that enabled the company to sell the gasoline at a small profit to keep the operation afloat. It is not known what happened to most of the $45,000 raised from the sale of stock, but the prevailing theory was that the money was used in similar promotions in other cities.[xxxii]
On April 27, 1922, Judge J. W. Ross citied S. W. Silver, an official of the Tri-State Oil and Pipe Line Company, and J. L. Baker, a watchman at the Royal Refinery, for contempt of court for the removal of 129 barrels of oil from the refinery. The oil was being held by Mr. Dan Elliotte, the court appointed receiver for the involuntary bankruptcy. Mr. Silver had asked the receiver to release the oil as it was purportedly the property of Tri-State Oil and Pipe Line. The receiver said he would not release the oil, as it had been placed in his charge by the court. Mr. Silver went to the plant and convinced Watchman Baker to let him have the oil. Mr. Silver then sold the oil to the Fair Manufacturing Company. The receiver demanded the oil or money received from the sale, and Mr. Silver refused. The two men cited were to appear before Judge Ross on May 15.[xxxiii]
The May 2 deadline for the Seven States Oil Company to file a response to the involuntary bankruptcy petition passed without their attorneys filing a response, and the company did not make any statement. Referee C. L. Marsilliot declared that the Royal Refining Company was a bankrupt. This act cleared the way for the visible assets of the company to be sold to pay creditors. The investigation looking for hidden assts continued. The first meeting of the creditors occurred on May 16.[xxxiv]
On June 15, 1922, the referee held a hearing for the sale of the property of the Royal Refining Company, and on June 29 ordered such sale. On August 1, 1922, at noon, at the southwest entrance to the Shelby County courthouse, Trustee Dan Elliotte offered for sale the “thoroughly equipped” Royal Refining Company equipment, buildings, and 10-acre site. The property was appraised for $50,000 ($907,714 in 2024 dollars).[xxxv] One bid was made for $16,000 ($290,469 in 2024 dollars) from A. B. Hill, of the Hill Interests of El Dorado, Arkansas. The creditors considered the bid at a meeting on Friday, August 4, and rejected it. A. B. Hill submitted a second bid for $20,100 ($364,901 in 2024 dollars) on Wednesday, August 9, which was accepted.[xxxvi]
By August 1, Attorney Frank Lee’s investigative efforts found many things about the Seven States Oil Company. His investigation took him to Amarillo, Wichita Falls, and Los Angeles. He recovered company records, a 4-carat diamond ring, $1,500 in cash ($27,232 in 2024 dollars), and a deed for 180 acres of land in Kentucky. [xxxvii]
In a situation of the bad guys going after the good guys that the bad guys had cheated, in August, the Seven States Oil Company, the Petroleum Trust, and the Royal refining Company filed approximately 500 plenary lawsuits against as many subscribers for the remainder of the money owed the companies for the stock that was purchased by the subscribers but not yet fully paid for. It was estimated that the amount of unpaid stock subscriptions was about $100,000 ($1,815,428 in 2024 dollars). The amounts owed ranged from $25 to $5,000 and were evidenced by promissory notes. Many of the defendants would challenge and appeal decisions rendered against them using the fact that the salesmen had sold stock in violation of the blue-sky laws of Tennessee.[xxxviii]
On August 12, 1922, Mr. A. H. Hill of El Dorado announced that the former royal refinery plant would be reopened and rechartered as the Memphis Oil & Refining Company. The announcement followed the approval by Referee C. L. Marsilliot and Chancellor F. H. Heiskell of the sale of the property to Mr. Hill for $20,100.[xxxix]
On September 29, 1922, the trustees of the Seven States Oil Company petitioned the U. S. District Court Bankruptcy Division for an order to file a suit against the promoters of the company. The trustees allege that approximately $220,000 of stock ($3,993,941 in 2024 dollars), or the proceeds from the sale of stock, were unaccounted for.[xl]
On October 22, 1922, the Seven States Products Company gas and oil distribution plant at 672 Cox at the N., C. & St. L. railway was offered for sale (see Figure 5). On March 11, 1923, the Standard Roof and Supply Company would take a long-term lease on the plant. The building contained 10,000 square feet, and the property was owned by I. D. Block.[xli]
By January 1923, the Memphis Oil & Refining Company had spent more than $90,000 ($1,633,385 in 2024 dollars) rebuilding and restarting the former Royal Refinery. The plant was processing 1,500 barrels a day, making gasoline, kerosene, fuel oils, motor oils, and other products. The gasoline was sold under the trade name “Speedway” (see Figure 4). The lubricating oils were sold under the name “Speedoline.” The company had three delivery trucks to deliver the products.[xlii]
Figure 4
On February 13, 1923, the bankruptcy court approved a settlement of $2,000 ($36,309 in 2024 dollars) from John Brookman regarding certain counterclaims of Seven States Oil Company against the H. B. and H. E. Drilling Company of Wichita Falls, Texas. The payment was made into the estate of the bankrupt company, and credit was given to W. C. Meyers on his personal liability. Mr. Meyers was not released on his total liability. Mr. Brookman still had a $30,000 claim ($544,629 in 2024 dollars) against Seven States Oil Company.[xliii]
Figure 5
In March 1923, the court ordered the sale of the land in Kentucky owned by the Seven States Oil Company for $750 ($13,616 in 2024 dollars) as part of the bankruptcy proceedings.[xliv]
Unfortunately, further research did not locate additional information about the Seven States Oil Company, the Petroleum Trust Company, the Royal Refining Company, the Globe Refining Company, those involved, or the end of the bankruptcy proceedings, so that trail ends here. Apparently, the Memphis Oil & Refining Company was also a short-lived venture, as no record was found of that company in city directories. The site itself may have continued to be used as a refinery by other companies. Sanborn Fire Insurance maps of the area show that the Home Refining Company, and later the Urainia Petroleum Company, Limited, occupied the site, but no information has been found on those companies. By December 1929, the physical plant was closed and had been dismantled, and the first attempt at refining crude oil in Memphis was over.
ENDNOTES
[i] Memphis Commercial Appeal, Oct. 3,1919, Jan. 22, 1920, and Sep. 30, 1920. Daily Arkansas Gazette, July 8, 1919
[ii] Memphis Commercial Appeal, Oct. 17, 1919
[iii] Memphis Commercial Appeal, Oct. 8, 1919
[vi] Fort Worth Star-Telegram, Oct. 19, 1919
Fort Worth Record-Telegram, Nov. 5, 1919, March 12 and July 27, 1920
Fort Worth Star-Telegram, Sep. 18 and Oct. 13, 1919
El Paso Herald, Oct. 24, 1919
[xiii] Memphis Commercial Appeal, Sep. 9, 1920
[xxii] Memphis Commercial Appeal, Sep.-16-1921
[xxiv] Memphis Commercial Appeal, Feb 3, 1922
[xxv] Bristol Hearld Courier, Feb. 18, 1922
[xxvi] Memphis Commercial Appeal, Mar. 19, 1922
[xxvii] Memphis Commercial Appeal, April 12, 1922
[xxviii] Memphis Commercial Appeal, April 18, 1922
[xxix] Memphis Commercial Appeal, April 20, 1922,
[xxxi] Memphis Commercial Appeal, April-22-1922
[xxxii] Chattanooga Daily Times, April-22-1922
[xxxiii] Memphis Commercial Appeal, April-28-1922
[xxxiv] Memphis Commercial Appeal, May-03-1922
[xxxv] Memphis Commercial Appeal, 06-15-1922
[xxxvii] Memphis Commercial Appeal, Aug. 1, 1922
[xxxix] Memphis Commercial Appeal, Aug. 13, 1922
[xl] Memphis Commercial Appeal, Sep. 30, 1922
[xli] Memphis Commercial Appeal, Oct. 22, 1922
[xlii] Memphis Commercial Appeal, Jan. 8, 1923
[xliii] Memphis Commercial Appeal, Feb. 14, 1923
[xliv] Memphis Commercial Appeal, Mar. 17, 1923