The Brass Check: A Study of American JournalismSinclair, Upton
General
The Brass Check: A Study of American Journalism
Sinclair, Upton
Associated Press; Journalism -- United States; Press -- United States
When I saw trouble coming I got together a committee of my
stockholders in New York City, and a group of about a dozen men
endorsed three notes of ten thousand dollars each. The net worth of
these dozen men was over two million dollars. We took the notes to one
bank in New York City. The bank accepted them. We checked against
them, and got money on them, and the next day were notified we would
have to take the notes out of the bank.
Of course you say this is an illegal proceeding, and can’t be done. I
assure you it was done. We were thrown out of that bank, after the
bank had accepted our paper, and after we had checked against it. The
manager of the bank told me that he was powerless—that the “down-town”
folks had thrown us out. Several other banks that had loaned me money
for ten years told me that they could not do anything for me now—that
I was in bad “down-town.”
One banker who flatly said he would loan us money whether Morgan’s
crowd wanted him to or not, was put out of business himself within a
few months. This man’s name is Earle. He was then running the Nassau
Bank. I do not know whether Earle would tell his story or not, but the
way the Morgan crowd drove him out of the banking business was one of
the coldest-blooded things I ever heard of. They punished him for
trying to accept perfectly good banking-paper to help me out of my
crisis.
The foregoing facts are dictated hurriedly but there are some points
in them that I believe you will want. Of course you know the finish of
the properties. Within ten days after the thing began to close in on
me, I had to turn my affairs over to the lawyers, and then a group of
people appeared who were said to be the “International Correspondence”
group of Scranton, Pa. They brought in letters from bankers, etc.,
showing they were very reputable and high-classed, and I had the
choice of going into the hands of the receiver, or letting them take
the property. They paid me just money enough so I could get my stock
out of hock. The rest of the money they were to pay me was evidenced
by a contract. I turned the contract over to my attorneys for
protection of my preferred stockholders. Within a few weeks’ time we
became convinced that the fellows who had taken over the property
intended to loot it. The bookkeeper told me they took one hundred and
seventy-five thousand dollars out of the property in a few months, and
took the books down to the East River and threw them off the bridge.
Public-domain text, read in full here on John Shaqi.
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