A market scheme to balloon the price of Ray Central Copper Company
shares to several times their value was a precious enterprise against
which we trained our publicity guns and fired several effective
broadsides. The effort of the promoters to connect with the public
purse here would not have been half so sensational if men of lesser
prominence were identified with the operation. In our "bear" publicity
on this one we minced no words. In doing so we again hit another
powerful interest--the Lewisohns.
Later the exposure by the _Mining Financial News_ and the Scheftels
Market Letter of market manipulations of the Lewisohn-controlled Kerr
Lake still further "endeared" the members of these two organizations
to that powerful faction, and more closely cemented the ties of
fellowship between the ruling powers.
Keystone Copper, another Lewisohn "baby," was put through its courses
on the Curb while Kerr Lake was being played in a stellar rôle. The
deal in Keystone was an unobtrusive little thing, but awful good as far
as it went from the one-sided point of view. I turned the searchlight
of publicity on Keystone.
The Scheftels Market Letter and _Mining Financial News_ disclosures
in the interests of speculators and investors regarding Nevada-Utah,
La Rose, Cumberland-Ely, Nevada Consolidated, Utah Copper, Ray
Central, and Kerr Lake were sensational enough, but they by no means
included all of the work in this line. During 1909 this publicity
literature took in practically every important mining company whose
shares were traded in on the New York Curb. The unpleasant truths
these forces were obliged to tell from time to time touched the
delicate sensibilities of many leading lights on the Street. These
had grown accustomed to an unvarying diet of sweets.
It would seem that their appetite for saccharine provender would have
become cloyed and that a change would be a grateful relief. It was not.
The truth was distasteful. It interfered with the noble industry of
mining the public and it cut down the profits of that end of the game.
In keeping up the record of day-by-day market and mine developments
these publicity agents punctured many a rainbow-tinted balloon. Very
frequently they gave to the public its first definite and intelligent
idea of real value behind promotions and in properties. Where market
prices represented an overplus of hopes and expectations the truth was
told. The aim was to take mining speculation out of the clouds and
plant its feet firmly on earth.
Public-domain text, read in full here on John Shaqi.
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