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
In 1900, after the price of Amalgamated had slumped to 75 instead of
advancing to 150, to 200, as had been promised, the "Standard
Oil"-Amalgamated-City Bank fraternity called Wall Street's king of
manipulators, James R. Keene, to the rescue, and under his adroit
handling of the stock in the market Amalgamated was sent soaring over
its flotation price of 100.
In 1901 Boston & Montana and Butte & Boston, after long delay, drew out
of the "Standard Oil" station as the second section of Amalgamated,
carrying an immense load of investors and speculators to what was at
that time confidently believed would be Dollar Utopia; and the price of
the enlarged Amalgamated fairly flew to 130. These were the stocks which
I had originally advertised would be part of the first section of the
consolidated "Coppers," and which, after Amalgamated had been run in
ahead of them, I advertised would follow in due course.
In the latter part of 1901 President McKinley was assassinated, and the
great panic which might have ensued was averted by the marvellous power
of J. Pierpont Morgan.
Then the Amalgamated dividend, without warning and in open defiance of
the absolute pledges of its creators, was cut, and the public, including
even James R. Keene, found itself on that wild toboggan whirl which
landed it battered and sore, at the foot of a financial precipice.
This, briefly, is the tortuous course of Amalgamated, and it is along
this twisting, winding, up-alley-and-down-lane way I must ask my readers
to travel if they would know the story as it is.
CHAPTER II
THE "SYSTEM'S" METHOD OF FINANCE AND MANAGEMENT
At the lower end of the greatest thoroughfare in the greatest city of
the New World is a huge structure of plain gray-stone. Solid as a
prison, towering as a steeple, its cold and forbidding facade seems to
rebuke the heedless levity of the passing crowd, and frown on the
frivolity of the stray sunbeams which in the late afternoon play around
its impassive cornices. Men point to its stern portals, glance quickly
up at the rows of unwinking windows, nudge each other, and hurry onward,
as the Spaniards used to do when going by the offices of the
Inquisition. The building is No. 26 Broadway.
26 Broadway, New York City, is the home of the Standard Oil. Its
countless miles of railroads may zigzag in and out of every State and
city in America, and its never-ending twistings of snaky pipe-lines
burrow into all parts of the North American continent which are
lubricated by nature; its mines may be in the West, its manufactories in
the East, its colleges in the South, and its churches in the North; its
head-quarters may be in the centre of the universe and its branches on
every shore washed by the ocean; its untold millions may levy tribute
wherever the voice of man is heard, but its home is the tall stone
building in old New York, which under the name "26 Broadway" has become
almost as well known wherever dollars are juggled as is "Standard Oil."
Public-domain text, read in full here on John Shaqi.
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