I defy any man to cite a single instance where I was guilty of
crookedness in a mining transaction or a business transaction of any
kind in my entire career as a promoter. I have been fearless--too much
so. I have been a rabid enthusiast. I have tried to build. I have given
quarter, but have never taken any. I have been honest. Were I really
dishonest, I could have prevented every publication of an attack of
consequence on me by lending myself in advance to the base purposes of
my traducers, and I would have millions now for having compromised with
them. It is heaven's own truth that in nine cases out of ten, when I
have been attacked in print, the motive of the attacking party has been
base and the facts have been so distorted or misrepresented that the
fabric was a lie. Nor has the cruelty of the operation stayed any one's
hand.
At the very moment in Goldfield when I knew that the _Denver Mining
Record_ would not assault the Sullivan Trust Company again because of
the settlement of the libel suit by my lawyers out of court, fresh
rumors were spread that the _Denver Mining Record_ was getting ready
for another attack and that tens of thousands of copies of that
newspaper were to be circulated. But you can't stop a rumor by the
declaration of the truth, and the Sullivan Trust Company decided that
it would be unwise to make a denial in print, for by so doing it would
communicate to all stockholders the news that the Sullivan stocks were
actually under attack and thus cause more "frightened selling."
Sight drafts from brokers in New York, Chicago, Salt Lake and San
Francisco, drawn on the Sullivan Trust Company, with large bundles of
Sullivan stocks attached, were pouring into our office through the
local banks for presentation. John S. Cook & Company made a specialty
of this department of banking, and most of the drafts on us were
cleared through the Wingfield-Nixon bank. It was reported to me that
Senator Nixon was openly discussing the enormous volume of stocks
coming in on us and was questioning our ability to stem the tide. As a
strategic measure, the Sullivan Trust Company decided to "cross" sales
on the San Francisco Stock Exchange so that it might ship out of the
camp, through the banks, large blocks of stock with draft attached
against San Francisco brokers and thus convey to the minds of local
bankers that we were selling large blocks of stock as well as buying
them. The volume of the "cross" trades caused some talk in San
Francisco, and was magnified by brokers operating for the decline.
THE TIME WHEN MONEY TALKS
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account