Keely and His Discoveries: Aerial NavigationMoore, Bloomfield H., Mrs.
Religion
Keely and His Discoveries: Aerial Navigation
Moore, Bloomfield H., Mrs.
Keely motor; Keely, John Ernest Worrell, 1827-1898
"To the Editor of the Evening Bulletin: In your issue of last Tuesday
appears an article which deserves attention, and also calls for some
explanation upon that very much misunderstood question of the Keely
motor. From some cause not easy to learn, there seems to be a tendency
to keep only one side of that subject before the public.
"Being one of the unfortunates of the Keely motor speculation, interest
has led me to investigate not only the invention and the man who has
everything to do with it, but also the management of the company,
which is equally important to those who put their money into the
enterprise as an investment. Permit me, therefore, to state a few of
the facts which, if known, would very much change some of the popular
views now held.
"There are perhaps a thousand stockholders in the Keely Motor
Company. The mass of these, like myself, are not the prosecutors in
this case against Mr. Keely. We do not believe that Mr. Keely can
be forced to divulge any valuable secrets if he possesses them. We
do not believe that a case in court is calculated to prolong the
inventor's life, or render it more safe from the accidents to which
he is exposed. We do not believe that these proceedings are likely
to increase his good will towards the company. Some of us know that
by purchasing Keely motor stock, we have not thereby put our money
into the invention, nor has Mr. Keely had the benefit of it. We also
know that some, if not all, of the parties to this prosecution,
especially those who are most vehement in its favour under the
pretence of protecting the common stockholders, are selfish to
the last degree, while for themselves they have the least cause
to complain. Their official records show an utter disregard of the
interests of stockholders or the rights of the inventor: while the
success of the invention is to them a secondary consideration. It
is they, and not the inventor, who have drummed up the customers,
and recommended and sold the stock. They, and not he, are answerable
to the purchasers. If Mr. Keely is guilty of deception, they are to
say the least equally so. Look at a few statements:
"When the Keely Motor Company was started, in 1874, its organizers
received their stock without paying for it. About three-fourths of
the whole amount were thus given away by Mr. Keely. He retained about
one-seventh, and was cheated out of a good portion of that before
he had gone far. Only 400 shares out of 20,000 were retained in the
treasury, and that but a short time; for these recipients of the
"dead-head stock" made hasty havoc of the market by a rapid unloading
of their shares and pocketing the proceeds. So the poor little 400
shares of treasury stock brought only the minimum price to afford
temporary relief to a distressed company.
Public-domain text, read in full here on John Shaqi.
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