Love stories; New York (N.Y.) -- Fiction; Speculation -- Fiction; Wall Street (New York, N.Y.) -- Fiction
Wilmot was the instrument he employed to put the coal industry into
condition for “reorganization.” He bought control of one of the coal
railroads and made Wilmot president of it. Wilmot, taught by twenty years
of his service, knew what was expected of him, and proceeded to do it. He
put in a “loyal” general freight agent who also needed no instructions,
but busied himself at destroying his own and all the other coal roads by a
system of secret rebates and rate cuttings. As the other roads, one by one,
descended toward bankruptcy, Roebuck bought the comparatively small blocks
of stock necessary to give him control of them. When he had power over
enough of them to establish a partial monopoly of transportation in and out
of the coal districts, he was ready for his lieutenant to attack the mining
properties. Probably his orders to Wilmot were nothing more definite or
less innocent than: “Wilmot, my boy, don't you think you and I and some
others of our friends ought to buy some of those mines, if they come on the
market at a fair price? Let me know when you hear of any attractive
investments of that sort.”
That would have been quite enough to “tip it off” to Wilmot that the time
had come for reaching out from control of railway to control of mine. He
lost no time; he easily forced one mining property after another into a
position where its owners were glad--were eager--to sell all or part of the
wreck of it “at a fair price” to him and Roebuck and “our friends.” It was
as the result of one of these moves that the great Manasquale mines were
so hemmed in by ruinous freight rates, by strike troubles, by floods from
broken machinery and mysteriously leaky dams, that I was able to buy them
“at a fair price”--that is, at less than one-fifth their value. But at the
time--and for a long time afterward--I did not know, on my honor did not
suspect, what was the cause, the sole cause, of the change of the coal
region from a place of peaceful industry, content with fair profits, to an
industrial chaos with ruin impending.
Public-domain text, read in full here on John Shaqi.
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