Frenzied Finance, Vol. 1: The Crime of AmalgamatedLawson, Thomas William
History
Frenzied Finance, Vol. 1: The Crime of Amalgamated
Lawson, Thomas William
Amalgamated Copper Co.; Gas companies -- Massachusetts -- Boston; Insurance -- United States; Speculation; Standard Oil Company
"Lawson, that part of the transaction is no affair of yours. Mr. Whitney
will absolutely guarantee to deliver all those goods, and should it
prove necessary to override the governor in getting them, he will
guarantee to do that too. You can call all that done the minute we sign
papers."
There was no doubt the new combination was a winner for both of us. If
Whitney got the charter, he would be in a position to make a lot of
money out of his Dominion Coal stock, which would surely go up with a
bound in company with Bay State Gas stock when it became known that our
companies were in the new deal. Besides, all the talk he would make over
the value of the charter would help create a market for new stock which
we would issue for the purpose of obtaining funds to buy Rogers out.
Later, if Whitney's invention was what he imagined, his own profit would
run into millions and our properties, having the sole right to
distribution, would be stronger than ever. That meant resuscitation of
Bay State Gas, and that all the stocks and bonds held by my friends and
the public would return splendid profits.
I tested the scheme in all its aspects and found only one weak spot in
it. We, the Boston companies, were to "go snags" with Whitney in the
results of a legislative game in which he was to bear the expense of
getting a charter, and as Whitney and Towle said it was to cost them
$250,000 to $300,000 to get it, it looked as if there would be some
nasty business done at the State House.
I do not set up for a saint, nor to possessing exclusive virtues which
distinguish me from the ordinary American citizen who does business for
gain. In reiterating that the bribery end of our "hitch-up" with Whitney
did not appeal to me, I am neither pluming nor crowning myself; I am
merely stating a fact. This was an emergency, however, I could not
regard as a mere personal concern. It was my duty to care for the
interests of a great property which must not be endangered by my
scruples, and I was willing to be advised by my business friends in the
matter. I went round among my most conservative banking, business, and
newspaper connections and put hypothetical questions to them bearing on
my difficulty. In nearly all instances the replies were the same, and
the subject seemed to be regarded as a joke--what were legislatures for,
anyway, but to be "fixed"? All who did business with legislatures
"fixed" them, and Whitney was certainly the star "fixer." I frankly
stated that I considered bribing a legislator as a low-down crime and
that I did not believe it was done in our strait-laced old Commonwealth
as freely as they all seemed to imagine. Thereupon I was sarcastically
referred to my Bell Telephone, New Haven, and Boston & Maine Railroad
friends, to the organizers of trust companies, and to many other
representative pillars of social and business society who had had
occasion to deal with the State. I started at once a round of
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account