The Mercur miner. [volume] (Mercur, Utah) 1895-1913, 1907-10-02
CHAPTER xxIx.-contlnued.

Inc nrst news ] got was that Blll
Van Nest had disappeared. As soon
20 the Stick Exchange opened. Ma
ional Coal became the feature But.
instead of wash sales" Roebuck.
-angdon and Melville we're them
'eives, through various brokers. buy
ng the stocks in large quantities to
deep the prices up. My next letter
vas as brief as my first philippe;
"Bill Van Nest is at the Hotel
Frankfort, Newark, under the name of
Thomas Lowry. lie was in telephone
communication with President Mel.
lille, of the National Industrial bank.
.wice yesterday
The underwriters of the National
Coal company's new issues, fright
sned by yesterdays exposure, have
compelled Mr.. Roebuck, Mr. Now
bray Langdon and Mr.. Melville them
selves to buy SO, yesterday, those
three gentlemen bought with real
money. with their own money, large
quantities Of STOCKS which are worth
less than half what they paid for
them
They will continue 10 buy these
stocks 80 long as the public holds
aloof They dare not let the prices
slump They hope that this storm
will blow over, and that then the in
vesting public will forget and will
relieve them OF their load"
| had added: but this storm won't
blow over. II will become a cyclone"
struck that out. NO prophecy"
said | to myself Your rule, iron.
clad, must be--facts, always facts.
only facts"
The gambling section of the public
took my hint and rushed into the
market; the burden OF protecting the
underwriters was doubled, and more
anG more OF the boarded loot was
disgorged. That must have been a
costly day-for. 10 minutes after the
Stock Exchange closed, Roebuck sent
for me
My compliments to him." said TO
his messenger but | am too busy.
Ill be glad TO see him here. however.
You know he dares not come to
you" said the messenger. Schilllng,
president OF the National Manufac-
tured Food company. sometimes called
the Poison Trust III he did, and It
were to get out, there'd be a panic"
Probably" replied | with a shrug
That's no affair OF mine. I'm not re-
sponslble for the rotten conditions
which these so-called financlers have
produced. and shall not be disturbed
by the crash which must come"
Schillng gave me a genuine look of
mingled pity and admiration. IL cup
pose you know what you're about"
said he. but | think you're making
u mistake"
Thanks. Ned" said The had been
my head clerk a few years before.
and | had got him the chance with
Roebuck which he had improved so
well. I'm going 10 have some fun.
Can't live hut once"
My daily letters" had now ceased
TO be advertisements, had become
news. sought by all the newspapers
of this country and of the big cities in
Great Britain. could have made
large saving by no longer paying my
sixty-odd regular papers for inserting
them. But was looking too far
ahead to blunder into that fatal mis-
take. Instead ! signed years con-
tract with each OF my papers, they
guaranteeing TO print my advertise
ments. guaranteeing to protect them
against loss on libel suits organ
lied a dummy news bureau. and
through II got contracts with the tele-
graphic companies. Thus insured
against the cutting Of my communica.
tons with the public. was ready for
the real campaign.
1t began with my History OF the
National Coal company" | need not
repeat that famous history here
need recall only the main points--how
| proved that the common stock was
actually worth less than two dollars a
share, that the bonds were worth less
than twenty-five dollars in the hun
bred, that both stock and bonds were
Illegal; my detailed recital OF the
crimes OF Roebuck Melville and Lang
don in wrecking mining properties, in
wrechng coal railways. in eiecting
American labor and substituting
helots from eastern Europe; how they
had swindled and lied and bribed;
how they had twisted the books OF
the companies, how they were plan
ming to unload the mass OF almost
worthless securities at high prices,
then to get from under the market
and let the bonds and stocks drop
down TO where they could buy them in
on terms that would yield them more
than 900 per cent on the actual capt
tai invested, Less and dearer coal
lower wages and more ignorant labor.
ers; enormous profits absorbed with
out mercy into a few pockets.
On the day the seventh chapter OF
this history appeared, the telegraph
companies notified me that they would
transmit no more OF my matter. They
feared the consequences in libel suits,
explained Moseby, general manager OF
one of the companies.
But | guarantee to protect you.
said |. Il viii give bond In any
amount you ask"