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Fallen-saucer stories weren't, in fact, new even at that time. Back on July 9, 1947, only two weeks after private-flier Kenneth Arnold had alerted the nation with his nine disks seen skipping "saucer-like" near Mt. Rainier, Southwest newspapers headlined that captured disk that had fallen on a New Mexico ranch was a dud. That one, when delivered to the Eighth Army Air Force, was identified as a tinfoil-covered reflector from a weather balloon.
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Source:
J. P. Cahn had investigated the case of a "crashed saucer" and "extraterrestrial technology to find oil" devised by two crooks, Silas Newton and Leo Gebaueur, who managed to fool author Frank Scully. Cahn would write a detailed article on this subject in TRUE Magazine in 1953.