Peculiarly enough--or shall I say, naturally--after tossing off the
trust company's millions, of which half were mine, in a vain endeavor
to support the market for its stocks, I was as full of spirit as the
month of May. I had been broke before, and the sensation was not new to
me. Withal, I had profited. A new fund of experience was mine. Even
though I had not gathered shekels as a result of my hard work in
Goldfield, I had learned something--I had acquired the rudiments of a
great business.
Goldfield had been the mining emporium--the security factory. New York
was the recognized market center. Market handling had been my weak
spot. I now had a chance to witness the performance of some
past-masters in the art of market manipulation, and I tried to make the
best of the opportunity.
I watched intently the daily sessions of the New York Curb. I was in
and out of brokerage offices hourly. Nothing that transpired escaped
me.
Within a month I heard enough and saw enough to convince me that,
daring as were the operations of the mergerers and waterers of
Goldfield Consolidated, in that they ballooned the price of their
security at its inception some $29,000,000 (400 per cent.) above the
accepted intrinsic worth and were able to get the public in at top
prices, their activities were but amateurish when compared with the
stock-market campaign in Nipissing, which was now transpiring on the
New York Curb.
In the Nipissing campaign tens of millions of the public's money went
glimmering, several great promoters' fortunes were reared as by magic,
some big names and big reputations were tarnished, and dollars in
$1,000,000 blocks were juggled like glass balls under the touch of
sleight-of-hand performers.
AN ORGY IN MARKET MANIPULATION
This market melodrama was well staged. It had a sensational start-off,
and action was at high tension every minute. The performance had
covered a period of seven months when I arrived in New York, and was
reaching its climax. It was a wild orgy in market-manipulation and
money-fleecing that had no parallel in history from the early Comstock
days up to and including Greenwater. As a mining-stock boom it was a
dizzy, bewildering success--full of red fire and explosions to the last
curtain climax.
W. B. Thompson, Montana mine promoter and money-getter; Captain Joseph
R. Delamar, famed as a daring adventurer on land and sea, and recently
a highly successful financier, mine-owner, stock-market operator and
art collector; John Hays Hammond, mining engineer, promoter, politician
and ambitious society leader; A. Chester Beatty, millionaire mining
engineer, and the seven Guggenheim brothers, were in the all-star cast.
Mr. Thompson, by reason of the fact that he was market manager, was
most under the spotlight, although at times he was obscured by the
others.
Public-domain text, read in full here on John Shaqi.
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