In this laudable effort we ran counter to the plans of the mighty. We
also violated the vulgar unwritten rule of some of the Wall Street
fraternity--"never educate a sucker." Our publicity work caused a
readjustment of judgment and market values, besides those already
mentioned, on such stocks as First National, Butte & New York, Trinity
Copper, Micmac, Ohio Copper, United Copper, Davis-Daly,
Montgomery-Shoshone, Goldfield Consolidated, Combination Fraction,
British Columbia, Granby, Cobalt Central, Chicago Subway, and sixty to
eighty others.
The live wires of our publicity service blistered the flesh of the
Guggenheims, the Thompsons and the Lewisohns, and perturbed their
widely diffused affiliations, connections and allies, including John
Hays Hammond, J. Parke Channing, and E. P. Earle; also Charles M.
Schwab, E. C. Converse, B. M. Baruch, United States Senator George S.
Nixon, George Wingfield, Hooley, Learned & Company, many other New York
Stock Exchange houses, a group of powerful corporation law firms, a
noted crowd of influential politicians, Curb stockbrokers who had grown
fat executing manipulative orders for the "inside," bankers who carried
on deposit the cash balances of the mining companies, and even J. P.
Morgan & Company, who were partners of the Guggenheims in their Alaska
ventures and were for a time said to be meditating a merger of the
copper companies of the country with those controlled by the
Guggenheims as a nucleus.
THE STORY OF ELY CENTRAL
By keeping speculators out of stocks that were selling at inflated
prices, the Scheftels corporation and the _Mining Financial News_
became endeared to a great popular moneyed element. The public was
saved huge sums of money.
This, however, only carried out the negative end of a grand idea. The
affirmative demanded that the Scheftels corporation must put its
followers into a stock or stocks where they could actually make money.
The Scheftels corporation was on the eager lookout for a genuinely
high-classed copper-mining proposition. It found what it was looking
for in Ely Central, a property that is sandwiched in between the very
best ground of the Nevada Consolidated, is bordered by the Giroux and
occupies a strategic position in the great Nevada copper camp of Ely,
birthplace of what is probably the greatest lowest-cost porphyry copper
mine of America.
By invading the Ely territory as promoter and annexing Ely Central, the
Scheftels corporation committed what was probably, to the interests
among whom our publicity work had wrought greatest havoc, an
unpardonable crime. We butted into the very heart of the game, and
became a disturbing factor in their mining operations.
Public-domain text, read in full here on John Shaqi.
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