Senator Newlands, under date of July 2, wrote Mr. Dodge that he had
addressed a letter to the Postmaster-General with the request that
notice be given to Mr. Dodge in case any complaint or information was
lodged against the Scheftels corporation. A few days later Senator
Newlands sent Mr. Dodge a letter from Theodore Ingalls, Acting Chief
Inspector of the Post-Office Department, in which Mr. Ingalls said it
was the practice of the Department in case of alleged use of the mails
for fraudulent purposes to give individuals against whom complaint has
been made full opportunity to be heard either through person or
counsel, should adverse action be contemplated as a result of the
investigation of such allegation.
Feeling that our house had been securely safeguarded against surprise
parties, I at this junction took a trip to Nevada, where urgent
business matters required my attention. While I was in the West
telegrams were sent me that the premier mail-order mining-stock
bucket-shop firm on Broad Street was flooding the mail and burdening
the telegraph wires with urgent appeals to stockholders of Rawhide
Coalition, one of our specialties, to sell out their holdings, as a
severe break in the price of the shares was impending. Forewarned of
this attack, I telegraphed instructions from Reno to meet the onslaught
with a notice in the _Mining Financial News_ addressed to investors,
telling them to be on their guard.
My trip to the West made a pocketful of money for investors by my
purchase of the control in the Jumbo Extension company on a monthly
payment plan. The price of the stock tripled in the market. My
re-entrance into the Goldfield camp was especially distasteful to the
Nixon-Wingfield interests. Before I left Goldfield I was actually
warned that the vengeance wreaked on the Sullivan Trust Company would
be visited on the Scheftels company for daring to reinvade the
Goldfield district.
Late in August the Scheftels company endured what was probably the most
severe strain it had been put to since its incorporation. We had been
making heroic efforts to rally the price of our specialties on the New
York Curb market. We were meeting with unusual resistance from
professional sources. At the period of which I narrate, Ely Central had
registered a low quotation of 62-1/2 cents and we had successfully
strengthened it to around $1. All the way up we met with heavy sales.
One day deliveries crowded in so fast that three cashiers working in
the "cage" were unable to keep up with the transactions. The business
of the corporation had been heavy in the general list as well as in the
house specialties. There was more than sufficient money on hand to
finance all the transactions that day, but not, however, unless
deposits were made in bank as rapidly as our own deliveries were made
and collected for by our messengers.
Public-domain text, read in full here on John Shaqi.
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