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The oil boom smudged its copybook when the Julian Petroleum swindle, with its Ponzi schemes and watered stocks, took down famous Angelenos and small-time investors.

Judge me by the selfish purposes of these utility leaders who have talked of radicalism while they were selling watered stock to the people and using our schools to deceive the coming generation.

These stockholders get their dividends upon their capital stock and their share of "watered stock" and bonds, but do not participate in the profits of the dispatch business.

But I’d be no better off if I only got the same actual return on a larger amount of what would be watered stock.”

They might have reason to be mad if they owned the farms, instead of their watered stock.