Charlevoix county herald. (East Jordan, Mich.) 189?-1953, 1907-03-30
CHAPTER xxIX.-continued.

instead of wash sales" Roebuck,
Langdon and Melville were them
selves. through various brokers, buy
ing the stocks in large quantities to
keep the prices up. My next letter
was 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
vile, of the National Industrial bank,
twice yesterday.
THE underwriters of the National
Coal company's new issues, fright
ened by Yesterdays exposure, have
compelled Mr. Roebuck. Mr.. Now
bray Langdon and Mr.. Melville them
selves to buy. &c. 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
yestiug public will forget and will
relieve them of their load"
had added: "But this storm won't
blow over. 1t will become a cyclone"
4 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
and more Of the boarded loot was
'disgor2ed. 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.
III be glad to see him here. however.
You know he dares not come to
you said the messenger. Schilling,
president OF the National Manufac-
.tured Food company. sometimes called
Fthe Poison Trust. IF he did, and it
vwere 10 get out, there'd 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 a genuine look OF
mingled pity and admiration. Il sup
pose YOU know what you're about,
siid he, "but | think you're making
mistake"
~ Thanks, Ned said he had been
my head clerk few years before,
and l had got him the chance with
Roebuck which he had improved so
we'll I'm going 10 have some fun.
Can't live but once.
MY daily letters had now ceased
80 he 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
Hixty-odd regular papers for inserting
them. But | was looking too far
ahead to blunder into that fatal mis-
sake. Instead, signed years con
tract with each Of my papers, they
guaranteeing to print my advertise
tments. I guaranteeing to protect them
against loss on libel suits. | organ
lzed dummy news bureau, and
through it got contracts with the tele.
graphic companies. Thus insured
against the cutting OF my communica-
tons with the public. | was ready for
,he real campaign.
II began with my History or the
rational Coal company. | need not
Tepeat 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
nelots from eastern Europe; how they
had sNindled and lied and bribed;
nov 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 10 get from under the market
and let the bonds and stocks drop
down 10 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 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