Follows a tabulated statement of the expense item. The figures are approximated. The books of the corporation, which are now in the possession of the Department of Justice of the United States Government, will probably show that the annual expense was larger. The books not being readily available, an attempt is made here to be ultra-conservative in setting down figures: ANNUAL EXPENSE OF B. H. SCHEFTELS & COMPANY Establishment of main office and six branch offices (furniture, fixtures, etc.) $ 40,000 Office rentals 35,000 Private wire system connecting branch offices in six cities with New York 25,000 Telephones 5,000 Telegraph tolls 100,000 Salaries (all offices) 200,000 Daily and Weekly Market Letter (printing and postage) 100,000 General office expense, etc. 100,000 Miscellaneous postage 25,000 Miscellaneous printing and stationery 25,000 Advertising, publicity, etc. 200,000 Expert accountants 15,000 Commissions and salaries to Curb brokers 50,000 Mining examinations, engineers' fees, legal fees, etc. 50,000 Interest charges 30,000 ----------- Total $1,000,000 Before the Scheftels corporation was in business a month it became plain that it was "filling a long-felt want." In almost every branch it was performing some function in a manner more satisfactory to mining-stock speculators and investors than were its competitors. Its Market Letter news service, usually 16 pages, was the prime article. It soon gained a circulation of 34,000 among the highest class and best informed stockholders of mining companies in the country. It was also regularly sent to more than 2,500 stock brokers, including members of the New York Stock Exchange, New York Cotton Exchange, Boston Stock Exchange, New York Produce Exchange, etc.