THE REVERSE ENGLISH
Now, about the "reverse English" in this line of press-work. Similar
ways and means, dear reader, that are just as scientific in their
insidiousness have been used upon you to poison your mind _against_ the
value of mining investments of competing promoters, when it has been
found to the interest of powerful men to bring this about.
When the offices of B. H. Scheftels & Company, with which I was
identified, were raided in seven cities by Special Agent Scarborough
(since permitted to resign) of the Department of Justice of the United
States Government, in September, 1910, two of the men who had been
active in bringing about the raid assembled in the parlor of the Astor
House the newspaper men assigned to cover the story by New York and
Brooklyn newspapers. There they gave out the information that Ely
Central, which I had advised the purchase of at from 50 cents per
share up to $4 and down again, was actually under option to me and my
associates in large blocks at 5 cents. As a matter of fact, the
average price paid over for this option stock in real hard money by my
people was in excess of 90 cents per share, without adding a penny to
the cost for expenses of mining engineers, publicity or anything else.
My people had also partly paid for a block bought at private sale at
the rate of $3 a share, besides buying tens of thousands of shares in
the open market at $4 and higher. The New York _Times_ and the New
York _Sun_, two newspapers which make capital of the rectitude of both
their news and advertising columns, published this statement, along
with forty others that were just as false, if not more so. So did the
New York _American_ and the other Hearst newspapers of the United
States.
The New York _Times_ story related how I had personally cleaned up
in fifteen months not less than $3,000,000 as the result of my market
operations. As a matter of fact, I and my associates had impoverished
ourselves trying to support the stock in the open market against the
concerted attacks of rival promoters and other powerful interests on
whose financial corns we had tread. Every well-informed person in Wall
Street knows this.
The New York _Times_ stated that every man connected with B. H.
Scheftels & Company had tried to obtain membership on the New York
Curb and that all of the requests were turned down. No application was
ever made for membership because, first, the rules of the Curb forbade
corporation memberships, and, second, the Scheftels company already
employed several members on regular salary and more than a dozen
members on a commission basis.
It was also stated that B. H. Scheftels & Company applied to the Boston
Curb for membership and that their application was rejected. This was
also a lie made out of whole cloth.
Public-domain text, read in full here on John Shaqi.
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