Montpelier examiner. [volume] (Montpelier, Idaho) 1895-1937, 1907-10-18
CHAPTER xxlx.--contlnued.

!ional Coal became the feature But.
instead OF wash sales" Roebuck.
-angdon and Melville were them
selves through various brokers' buy
ng the stocks in large quantities 10
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,
:wice yesterday
THE underwriters of the National
Coal company's new issues. fright
aned 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
velieve them of their load"
had added: but this storm won't
blow over. It 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, Schilling
president Of the National Manufac-
tured Food company, sometimes called
the Poison Trust IF he did, and 1t
were to get out, thered be panic"
IIOUdBiAs lCpiAEA Win q 0hA hs1s
"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. Il sup
pose YOU know what you're about.
said be, but | think you're making
3 mistake"
Thanks, Ned" said The had been
my head clerk a few years before
and l had got him the chance with
Roebuck which he had improved sc
we'll 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 newspaper
of this country and of the big cities II
Great Britain. | could have made
large saving by no longer paying m.
sixty-odd regular papers for inserting
them. But | was looking too ia
ahead to blunder into that fatal mis-
take. Instead, signed years con
tract with each of my papers, the
guaranteeing to print my advertise
ments. / guaranteeing to protect then
against loss on libel suits. | organ
lied a dummy news bureau. an
through it got contracts with the tele
graphic companies. Thus insure
grainst the cutting of my communities
tions with the public, was ready TO
the real campaign.
1t began with my History OF tn
National Coal company ! need nc
repeat that famous history here.
need recall only the main points-ho
I proyed that the common stock wa
actually worth less than two dollars
share. that the bonds were worth LEI
than twenty-five dollars in the hu
dred that both stock and bonds wei
illegal: my detailed recital of Il
crimes Of Roebuck. Melville and Ian
don in wrecking mining properties.
wrecking coal railways. in ejectil
American labor and SUBSTITUTE
helots from eastern Europe: how tn,
had swindled and lied and bribe
how they had twisted the books
the companies, how they were pla
ming to unload the mass of almo
worthless securities at high prics
then to get from under the mark
and let the bonds and stocks dr.
down to where they could buy them
on terms that would yield them mo
than $50 per cent on the actual ca
tai invested. Less and dearer col
lower wages and more ignorant lab
ers; enormous profits absorbed vi
out mercy into few pockets.
On the day the seventh chapter
this history appeared. the telegra
COMPANIES notified me that they wol
transmit no more Of ny matter. II
feared the consequences IN libel SUI
explained Moseby. general manager
one Of the companies.
But guarantee TO protect 20
said I. Il win give bond in :