The Yale expositor. (Yale, St. Clair County, Mich.) 1894-current, 1907-03-29
CHAPTER xxlx.-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. 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
relieve them of their load"
| had added: But this storm won't
blow over. 1t will become a cyclone"
struck that out. NO prophecy, E"
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
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. Schilling,
president of the National Manufac-
tured Food company. sometimes called
the Poison Trust IF he did. and it
were to get out, there'd be panic"
Probably" replied l with a shrug.
That's no affair of mine I'm not re-
sponsible for the rotten conditions
which these socalled financiers have
produced, and l shall not be disturbed
by the crash which must come"
Schilling gave me genuine look OF
mingled pity and admiration. II sup
pose you know what you're about"
said he. but | think you're making
a mistake.
Thanks Ned" said The had been
my head clerk 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 a 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 it got contracts with the tele-
graphic companies. Thus insured
against the cutting of my communities
lions with the public, ] was ready for
the real campaign
II began with my History or the
National Coal company." ! need not
repeat that famous history here.
need recall only the main points-how
I 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
dred. that both stock and bonds were
illegal. my detailed recital of the
crimes of Roebuck. Melville and Lang
don i'm wrecking mining properties, IN
wrecking coal railways, in ejectinl
American labor and substituting
helots from eastern Europe; how they
had swindled and lied and bribed
how they had twisted the books o.
the companies. how they were plan
ming to unload the mass OF almos
worthless securities at high prices
then TO get from under the marke
and let the bonds and stocks drol
down to where they could buy them II
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 o
this history appeared, the telegraph
companies notified me that they woul'
transmit no more of my matter. The,
feared the consequences in libel suits
explained Moseby. general manager o
one of the companies.
but guarantee to protect you,
said I. 81 will give bond In an
amount yfu ash"