In the years of
criticism and readjustment that followed this period of sporadic growth,
writers have told with great clearness how the thing was done, and some of
the participants, captains of industry turned penmen, Caesars become ink-
slingers, have bruited the story to an admiring world.
Given the time, the inclination, the power of the press, and the
unscrupulousness, the thing that Sam McPherson and his followers did in
Chicago in not difficult. Advised by Webster and the talented Prince and
Morrison to handle his publicity work, he rapidly unloaded his huge
holdings of common stock upon an eager public, keeping for himself the
bonds which he hypothecated at the banks to increase his working capital
while continuing to control the company. When the common stock was
unloaded, he, with a group of fellow spirits, began an attack upon it
through the stock market and in the press, and bought it again at a low
figure, holding it ready to unload when the public should have forgotten.
The annual advertising expenditure of the firearms trust ran into millions
and Sam's hold upon the press of the country was almost unbelievably
strong. Morrison rapidly developed unusual daring and audacity in using
this instrument and making it serve Sam's ends.
Pages:
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336
337
338
339
340
341
342
343
344