Standard Oil Company; Trusts, Industrial -- United States
The meeting appointed a committee of three--David Robinson, Jr., Frank
J. Scott, and Albert E. Macomber--"to prepare and circulate throughout
the financial circles of the country a pamphlet which shall set forth
the case of the city of Toledo in its struggle against those who by
anonymous circulars and other dishonorable ways have attempted to
prevent the sale of the Toledo natural-gas bonds." This committee put
the facts before the public in a very able pamphlet, "The City of
Toledo and Its Natural Gas Bonds." In an official statement asked for
by this committee the city natural-gas trustees say: "Skilled writers
were employed to furnish articles for Eastern financial journals, to
cast discredit on the bonds on the very grounds that had been set
aside by Judge Jackson's decision. Not content with this open warfare,
anonymous circulars were sent to leading investment agencies in the
United States, warning them to beware of these bonds, as they were
under the cloud of doubtful constitutionality and an impending lawsuit.
When the day arrived for bidding for the bonds no bids were made.
Agents of investors were present, who came to bid, but by some unknown
and powerful influence they were induced not to put in their bids. The
writers are not aware that any similar mode of striking at the credit
of a whole community was ever before resorted to in this country.
It is an insult and a wrong not only to this city, against which it
is aimed, but to people of independence everywhere in the United
States who have a common interest in the maintenance of the rights of
all."[525]
Press despatches impugning the validity of the bonds and
misrepresenting the facts were sent all over the country. The anonymous
circulars referred to were mailed to all the leading banks, investment
agencies, capitalists, and newspapers. The New York _Mail and Express_
said: "It would be decidedly interesting to know who is responsible
for the ... methods by which it was thought to prevent the city from
undertaking the enterprise. A number of volunteer attorneys and
correspondents deluged bankers and newspapers with letters warning them
against the bonds which the city proposes to issue, on the ground that
it had no right to issue them. The _Mail and Express_ received several
communications of this kind."
Public-domain text, read in full here on John Shaqi.
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