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
really were the victors in the strife. Mr. Rogers saw my point, quickly
ran over the details in his comprehensive way, and closed the trade
without further bargaining. That time, thank Heaven, it was not within
Addicks' power to thwart me.
On May 1st we made our settlement in compliance with the terms I had
arranged. The six millions of dollars were to be paid November 1st. As
the necessary options and sales could not legally run to our company,
they were made to Henry M. Whitney, and he simultaneously transferred
them to us, and we elected him a director of our different corporations.
Rogers publicly resigned and turned over to us the control of the
Brookline Company, and we elected our own management. To all intents and
purposes we had won.
The settlement was the sensation of the day in financial circles, and I
was the recipient of many generous congratulations. I had neither time
nor inclination to take care of bouquets at that moment, however. I was
too keenly aware of the difficulty of raising six millions of dollars in
the limited period at our disposal. Times have changed since 1896. Then
six millions was quite a large sum, larger than sixty millions now. That
was before the halcyon period of "Frenzied Finance."
CHAPTER XXI
BRIBING A LEGISLATURE
That six months between May 1st and November 1st was the most crowded
period in all my experience up to that time. Events of consequence
tumbled over one another in startling succession. We actually lived on
sensations. In exercising the historian's right to choose the order of
setting down incidents I am puzzled as to which to give precedence.
Shall I begin with the sensational bribery of the Massachusetts
Legislature which occurred within this period, or with the episode that
was the exciting climax of that interval of trial? About this time, too,
occurred the laying of the foundation of "Coppers" and Amalgamated, but
that certainly requires a chapter to itself. However, as all are starry
examples of what made "Frenzied Finance" possible, and as any one fits
into my story as well ahead as behind the other two, I'll take them in
the succession above set down.
The Whitney machine for the manufacture and moulding of legislation was
complex but efficient. It achieved its wonders in broad daylight.
Considering all it did and how that all was accomplished, the
astonishing fact is that no outcry to speak of was ever raised at its
performances. It was vastly bolder than Tammany and made fewer excuses
for its grabbings. It must be remembered, however, that its chief
engineer was a leading citizen, and his assistants all gentlemen of
great respectability and admirable antecedents, and, in Boston, social
and civic distinctions are shields behind which much may be concealed.
Public-domain text, read in full here on John Shaqi.
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