Before the Scheftels corporation was five months old the work of its
Market Letter was supplemented by the _Mining Financial News_, a
weekly newspaper which had been published for a long period at Reno as
the _Nevada Mining News_, latterly as the _Mining Financial News_, and
which removed to New York when the Scheftels company found the
mining-stock public was hungry for real live news and the truth
regarding the mining propositions of other States as well as those of
Nevada. The _Mining Financial News_ and the Scheftels Market Letter,
which were published three days apart, were supplied with news from
practically the same sources. The newspaper was mailed to all readers
of the Market Letter.
The ablest and most reliable mining correspondents obtainable for money
in Tonopah, Goldfield, Ely, Rawhide, Cobalt, Butte, Globe and other
mining camps, and the most experienced market news-gatherers in the
mining-stock-market centers of Salt Lake, San Francisco, Boston,
Philadelphia, Toronto and New York, were placed on the pay-roll.
Brokers in these and other cities, including Duluth, Seattle and Butte,
supplied more news.
Wherever there was mining or market activity, representation of the
very highest character was sought. News was always wired, no matter
what the cost, whenever it was important to traders in mining shares.
Expense was never spared when the information was considered of value
to the speculator or investor. In the New York offices of the Scheftels
corporation and the _Mining Financial News_, which adjoined each other,
a staff of newspaper men with a mining financial experience of years
was gathered. Little that transpired in the mines or the markets ever
got away from them. Days before the mining newspapers of the West
reached the East the Scheftels Market Letter or the _Mining Financial
News_ communicated the news regarding mine developments. They also
contained a daily and weekly stock-market diagnosis and prognosis.
These were based on the news, as gathered by trained forces and aided
from time to time by secret information which filtered into the
offices. This service soon obtained an accuracy theretofore unknown on
the Street.
There is probably not one stock broker in five hundred that would know
a mine underground if he saw one. On the pay-rolls of B. H. Scheftels &
Company and the _Mining Financial News_ there were thirty men who had
been literally brought up in the mines and who, when they put their pen
to paper, knew what they were writing about. The Scheftels company and
the newspaper furnished mine and market information of quality to
investors who had before been inundated with misinformation, guesses
and twaddle. It sought to guide mining-stock speculators right.
Public-domain text, read in full here on John Shaqi.
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