A scrutiny of the files of the newspapers during the progress of the
malodorous Nipissing campaign reveals many strange happenings. It
shows, among other things, most remarkable willingness on the part of
financial writers for the press of that day to say every possible good
word for the manipulators and to feed the public appetite for
sensational gossip concerning the gamble.
How this was done is easily understood by those familiar with Wall
Street publicity. It was an open secret on the Street at that time that
many writers for the press were subjected to strongest temptations to
lend their hand to the game of publicity. The columns of the daily
newspapers carry in themselves evidence to show that the attempts were
not always in vain.
One little story will illustrate the methods employed. The business
manager of a widely known and reputable daily financial publication was
stopped one day by a man active in Nipissing and told he had been put
into 500 shares of the Nipissing stock at the market price when the
stock was still selling under $10 and at the time when it was being
groomed for the terrific rise which followed and which did not
culminate until $33 had been passed. The newspaper man was not above
making a turn in the Street, but he objected to taking it that way. He
politely turned down the proposition, saying that he did not wish any
part of it.
The tempter then went to him on another tack, agreeing to carry the
stock for him, so that he would have no risk whatever, at the same time
remarking that, in turn for the favor, generous recognition in the news
columns of the publication, in support of the Curb campaign, would be
expected. Again the newspaper man declined, this time with unmistakable
emphasis. He intimated cannily that while he might be taken on he might
not be told when to get off, adding that he might be discharged if he
fell for anything of that sort.
When the market price toppled from $33 back to around $6 this man's
newspaper did not carry any front-page story denouncing the outrage
upon the public.
I do not know that the manipulators of Nipissing "got to" his
employers, but I do know of some newspapers in New York which pose
before the public as embodying the very highest type of newspaper
morality and which have at their head, either as part owners or as
editors, men who were taken in hand by Wall Street magnates at a period
when they were dependent for their daily livelihood on their weekly
wage, and were lifted into the millionaire division by being put into
"good things." Do you suppose newspapers presided over by those men are
going to say a word against the enterprises of their benefactors?
Conversely, if their benefactors happen to be bothered by any man whose
business purposes run contrary to theirs, how far, do you think, these
gentlemen of the press would go in their own news columns to poison the
public mind against the enterprise of their patron's enemy?
Public-domain text, read in full here on John Shaqi.
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