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
The immediate results of my reappearance were not startling. Rogers
raved at Addicks and especially at Whitney, but he was too old a student
of men, and the monkeys Dame Fortune makes of them, to sulk over the
facts he could not remedy. He soon resumed his former attitude of
waiting for something to turn up, which indeed he had maintained ever
since my unsuccessful effort to make terms with him.
Fate had not yet tired, however, of playing shuttlecock with our hopes.
The world learned one morning of a new gas called acetylene, clear,
brilliant, cheap, and simply made from calcium carbide. It would surely
revolutionize gas-making the world over, and the company which could
secure the right to it would have those who could not at its mercy.
Addicks moved like a flash to gather in the advantage, and the
announcement that the new gas had been proved a success was coupled in
the press with the news that the Bay State Gas had captured the
invention for New England, and was to pay millions for it. This did give
a boost to our securities, and for a time it looked as though we had
clinched our success with another rivet. What Addicks had done was this:
He had bought the right, subject to the test of a big public
demonstration. For this demonstration a fine flare-up was arranged.
Eminent mayors, counsellors, and gas magnates were to attend in
multitude, and if the invention met its engagements, there would be such
a blaze of publicity and congratulations that we felt sure our new stock
would go off like hot cakes. The demonstration proved in a most
sensational way that acetylene was a failure--a tremendous explosion
occurred; three men were killed, many others injured, and next day back
went our stock to its old figures.
Public-domain text, read in full here on John Shaqi.
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