_The honest promoter aims at both the thinker who thinks he knows but
doesn't, and the thinker who really does know. He is compelled to
appeal to both classes because the membership of the first outnumbers
that of the second in the proportion of about 1,000 to 1._
_In fine, for every dollar of "wise" money which is thrown into the
vortex of speculation_, $1,000 is "unwise," or considered so.
The initial Stray Dog and Indian Camp promotion campaign was only half
successful at the outset. About 650,000 shares of Stray Dog and 350,000
shares of Indian Camp had been disposed of when the Manhattan boom
began to lose its intensity. Promotions had been made a little too
rapidly for public digestion. There were more miners at work than ever
in the Manhattan camp, but the demand for securities was not keeping
pace with the supply. Manhattan's initial boom appeared to be
flattening out just as Goldfield's first boom had.
We met with a setback from another direction. Henry McCornick's banking
connections in Salt Lake objected to the use of his name as president
of the Stray Dog. At the very height of our advertising campaign Mr.
McCornick resigned. We elected our engineer, "Jack" Campbell,
president, but damage was done.
YES, "BUSINESS IS BUSINESS"
The offices of the trust company were furnished on an elaborate scale,
resembling the interior of a banking institution of a large city. The
offices became the headquarters of Eastern mining-stock brokers
whenever they arrived in camp.
One morning J. C. Weir, a New York mining-stock broker, whose firm held
an option from the trust company on 100,000 shares of Stray Dog stock,
was ensconced in one of the two luxuriously furnished rooms used as
executive offices. Mr. Weir's firm was one of our selling agents in New
York. He was the dean of mining-stock brokers in New York City. In
those early days the telephone service of Goldfield was not yet
perfected, and it was only necessary for a person, in order to overhear
any talk over the telephone in our offices, to lift the receiver from
the nearest hook and listen. It was reported to me that Mr. Weir had
been availing himself of this method of learning things at first hand.
"Say, Rice," said Mr. Sullivan one morning, "Weir hears your messages
every time you are called on the 'phone. He takes advantage of you. I
wish you would let me fix him."
"All right; what do you want to do?" I answered.
"Say," said Mr. Sullivan, "Campbell, our engineer, is in Manhattan.
I'll call him up from the public station and tell him to 'phone you
some red-hot news about mine developments on Stray Dog, and I'll see to
it that Weir is in his office at the time you get the message. If Weir
don't steal the news and grab a big block of Stray Dog on the strength
of it, I'm a poor guesser."
All of our options to brokers were to expire on the 15th of March and
this was the 13th.
Public-domain text, read in full here on John Shaqi.
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