Frenzied Finance, Vol. 1: The Crime of Amalgamated — John Shaqi
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
But for the existence of the National City Bank of New York, the
tremendous losses and necessarily corresponding profits could not have
been made.
I laid out the plans upon which Amalgamated was constructed, and, had
they been followed, there would have been reared a great financial
edifice, immensely profitable, permanently prosperous, one of the
world's big institutions.
The conditions of which Amalgamated was the consequence had their birth
in Bay State Gas. To explain them I must go back a few years.
In 1894 J. Edward Addicks, of Delaware, Everywhere, and Nowhere, the
Boston Gas King, invaded the gas preserves of the "Standard Oil" in
Brooklyn, N. Y., and the "Standard Oil," to compel him to withdraw,
moved on his pre-empted gas domains in Boston, Mass.
Late in 1894 a fierce battle was raging in Boston between Gas King
Addicks and Gas King Rogers; the very air was filled with denunciation
and defiance--bribery and municipal corruption; and King Addicks was
defeated all along the line and in full retreat, with his ammunition
down to the last few rounds.
Early in 1895 I took command of the Addicks forces against "Standard
Oil."
By the middle of 1895 the Addicks troopers had the "Standard Oil"
invaders "on the run."
In August, 1895, Henry H. Rogers and myself came together for the first
time, at his house in New York, and we practically settled the Boston
gas war.
Early in 1896 we actually settled the gas war, and "Standard Oil"
transferred all its Boston gas properties ($6,000,000) to the Addicks
crowd.
In October, 1896, the whole Bay State Gas outfit passed from the control
of Addicks and his cohorts into the hands of a receiver, and as a result
of this receivership, with its accumulated complications, "Standard
Oil," in November, 1896, regained all its old Boston companies, and in
addition all the Addicks companies, with the exception of the Bay State
Gas Company of Delaware.
In 1896 I perfected and formulated the plans for "Coppers," a broad and
comprehensive project, having for its basis the buying and consolidating
of all the best-producing copper properties in Europe and America, and
the educating of the world up to their great merits as safe and
profitable investments.
In 1897 I laid these plans before "Standard Oil."
In 1898 "Standard Oil" was so far educated up to my plans on "Coppers"
as to accept them.
In 1899 Amalgamated, intended to be the second or third section of
"Coppers," was suddenly shifted by "Standard Oil" into the first
section, and with a full head of steam ran out of the "City Bank"
station, carrying the largest and best train-load of passengers ever
sent to destruction on any financial trunk-line.
In 1899, after the allotment of the Amalgamated public subscription, the
public for the first time, in a dazed and benumbed way, realized it had
been "taken in" on this subscription, and a shiver went down America's
financial spinal column.
Public-domain text, read in full here on John Shaqi.
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