And I shut myself in, giving strict orders to Joe that there was to be no talking about me or my campaign. “I don't purpose to let the newspapers make us cheap and notorious,” said I. “We must profit by the warning in the fate of all the other fellows who have sprung into notice by attacking these bandits.”
The first news I got was that Bill Van Nest had disappeared. As soon as the Stock Exchange opened, National Coal became the feature. But, instead of “wash sales,” Roebuck, Langdon and Melville were themselves, through various brokers, buying the stocks in large quantities to keep the prices up. My next letter was as brief as my first philippic:
“Bill Van Nest is at the Hotel Frankfort, Newark, under the name of Thomas Lowry. He was in telephonic communication with President Melville, of the National Industrial Bank, twice yesterday.
“The underwriters of the National Coal Company's new issues, frightened by yesterday's exposure, have compelled Mr. Roebuck, Mr. Mowbray Langdon and Mr. Melville themselves to buy. So, yesterday, those three gentlemen bought with real money, with their own money, large quantities of stocks which are worth less than half what they paid for them.
“They will continue to buy these stocks so long as the public holds aloof. They dare not let the prices slump. They hope that this storm will blow over, and that then the investing public will forget and will relieve them of their load.”
I had added: “But this storm won't blow over. It will become a cyclone.” I struck that out. “No prophecy,” said I to myself. “Your rule, iron-clad, must be—facts, always facts; only facts.”
The gambling section of the public took my hint and rushed into the market; the burden of protecting the underwriters was doubled, and more and more of the hoarded loot was disgorged. That must have been a costly day—for, ten minutes after the Stock Exchange closed, Roebuck sent for me.
“My compliments to him,” said I to his messenger, “but I am too busy. I'll be glad to see him here, however.”
“You know he dares not come to you,” said the messenger, Schilling, president of the National Manufactured Food Company, sometimes called the Poison Trust. “If he did, and it were to get out, there'd be a panic.”
“Probably,” replied I with a shrug. “That's no affair of mine. I'm not responsible for the rotten conditions which these so-called financiers have produced, and I shall not be disturbed by the crash which must come.”