The Garland globe. [volume] (Garland, Utah) 1906-191?, 1907-10-05
CHAPTER xxlx.-continued.

HuDal coal became the feature. But,
instead of wash sales" Roebuck,
aangdon and Melville were them
selves, through various brokers, buy
ng the stocks in large quantities to
Keep 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. He was in telephone
communication with President Mel
lille, of the National Industrial bank,
twice 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 to buy these
stocks so 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
"elieve them of their load"
had added: But this storm won't
blow over. II will become a cyclone"
I struck that out. mo 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. IF he did, and 1t
were to get out, thered be a panic"
Probably" replied with a shrug
That's no affair of mine. I'm not re-
sponsible for the rotten conditions
which these so-called financiers have
produced, and shall not be disturbed
by the crash which must come"
Schilling gave me genuine look OF
mingled pity and admiration. II cup
pose you know what you're about"
said he, but | think you're making
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 to have some fun.
Can't live but 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 a
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-
guaranteeing to print my advertise
ments, ! guaranteeing to protect them
against loss on libel suits. | organ
tied a dummy news bureau, and
through 1t 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
share, that the bonds were worth less
than twenty-five dollars in the hun
dred, that both stock and bonds were
illegal; my detailed recital of the
crimes of Roebuck, Melville and Lang
don in wrecking mining properties, in
wrecking coal railways, in ejecting
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 $50 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 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 I guarantee to protect YOU"
said !. ~ will give bond In any,
amount you ask"