I told Mr. Goodwin that our enemies had evidently sicked the Inspector
on to us, but that I didn't think any action would be taken. We were
victims and not culprits, and unless, indeed, the United States was
Russia, nothing untoward could happen.
I promised Mr. Goodwin, however, that I would attend to the matter
without delay. I laid all of the facts regarding the newspaper attack
before a prominent citizen who promised forthwith to convey the
information in person to the Inspector or one of his superiors. He did
so. That was the last we heard of the matter.
The _Engineering & Mining Journal's_ lawyers addressed themselves
to customers of the Scheftels company, who had lost money in the market
break in Ely Central from $4 to $1.50. By letter they urged them to
send on a full statement of facts and suggested that they might be of
service, and without charge.
Letters of this character were sent to large numbers of our customers,
many of whom simply sent them to us. In some cases, however, customers
who had read the attack in the _Engineering & Mining Journal_ or
quotations from it in widely circulated daily newspapers, needed but
the letter from the lawyers to induce them to come forward with a
complaint.
On the whole, this fishing expedition must have been something of a
water-haul and a disappointment, for the attorneys of the
_Engineering & Mining Journal_.
The Post-office Department at New York, in January and February, sent
letters broadcast to readers of the Scheftels Weekly Market Letter,
asking whether the business carried on was satisfactory--the usual form
that is used where a firm is under investigation. Scores of these
letters were forwarded to us by customers with remarks to the effect
that evidently "somebody was after us." An inquiry of this sort is
calculated to do terrible damage to the reputation and standing of any
house that does a quasi-banking business. Our attorneys complained to
Inspector Mayer of the New York division of the Post-office that an
injustice was being done. No more letters of the character described
were sent out, because the early replies that were received by the
Inspector to his circular letter brought forth no serious complaints.
However, it was afterward disclosed that the investigation did not
cease here and that the Post-Office Department continued to conduct a
searching inquiry only finally to abandon its enterprise.
Public-domain text, read in full here on John Shaqi.
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