Robert H. Jackson

“ Novel, uncommon, or irregular devices, whatever they appear to be, are also reached if it be proved as matter of fact that they were widely offered or dealt in under terms or courses of dealing which established their character in commerce as 'investment contracts,' or as 'any interest or instrument commonly known as a 'security. ”

“ This offer goes to you who now have a lease around one or both of these locations, and also to you who have at some time invested in a lease or leases around some well that the C. M. Joiner Interests have drilled. * * * we are submitting this proposition to you in language that will appeal only to business people who are interested in making an investment where they have a good chance for splendid returns on the investment.' 'There has nothing happened to either of these wells that would lessen the prospects for the opening of a new oil field. ”

“ They would have anticipated waiting an indefinite time paying delayed drilling rental meanwhile until some chance exploration proved or disproved the productivity of their acres. Their alternative would have been to test their own leases at a cost of $5,000 or more per well. [5]
But defendants offered no such dismal prospect. Their proposition was to sell documents which offered the purchaser a chance, without undue delay or additional cost, of sharing in discovery values which might follow a current exploration enterprise. ”

“ The weight of authority is committed to a liberal construction, [14] although some courts tend toward strict construction, [15] and some have seemed to differentiate according to the use being made of the statute, inclining to a strict construction when a criminal penalty is being imposed and a more liberal one when civil remedies are being applied. ”

“ I know you would like the thrill that comes to those owning a lease around a producing well. * * * if you send in an order for twenty acres * * * you will get ten acres Free in the next block of acreage we drill which is most likely to be in Concho County, Texas. You will really be in the oil business.' 'Remember, if you do not make money on your investment it will be impossible for us to make money. * * * Fortunes made in oil go to those who invest. ”

“ It was in return for assumption of this agreement that Joiner got 3,002 of the acres, leaving Anthony about 1,700 acres for his trouble. And it was his undertaking to drill the well which enabled Joiner to finance it by the sale of acreage. ”