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
From their comfortable viewpoint of out-of-temptation virtue, my readers
may regard these lawyers, lieutenants, and water-carriers of Whitney as
bad men, deserving of no sympathy, meeting here a righteous punishment;
but, my word for it--and I know the world and the human ants and spiders
who inhabit it--while they bore no marks of immorality, they were the
average men one meets in one's journey over the bridge between the two
unknowns.
My talk with Whitney and Towle was brief and pointed. It was no time for
pow-wow. It was the moment for action. Men who do things in
stock-markets never waste time over milk that is in the gutter. How to
get new milk to replace that spilt is their care.
"What are you going to do, Mr. Whitney?" I asked.
George Towle started to explain. I stopped him.
"The market is bad," I said, talking quickly. "If time is dribbled, it
will be worse, and--and Boston will be a warm place for you, Towle. It
would not surprise me if it got warm even for Mr. Whitney, when the
desperate men who are filling the brokerage shops and the corridors
outside demand a reason why they were egged on to buy stocks on Mr.
Whitney's word that the governor would sign. No excuses now; I want to
know from Mr. Whitney just what he proposes to do. You both told me the
legislative end was none of my business, and, thank Heaven, it was not.
You said it was your business. Now, how about it?"
Henry M. Whitney is a great general. He also can light his cigar, when
the battle's on, with the friction of a passing cannon-ball.
"I'm going to pass it over the governor's veto," he instantly answered.
"Can you do it?" I asked.
"I can, for I must." He meant it. It needed but one look into his and
Towle's eyes to see they both had read the message on the back of
To-morrow's visiting-card.
"All right," I said. "Let your people have the word, and it must have no
doubtful ring; tell your brokers to buy Dominion Coal, and don't let
them stand on the order of their buying. Dominion Coal must be put back,
regardless of how much it costs or how little you want what you must
buy. I will turn Bay State before three if it is necessary to trade in
the whole capital stock to do it."
As I came out of Parlor 11 to rush back to my office I said to the
despairing men who crowded the corridor outside the head-quarters, and
who had in their desperation thrown all caution or thought of
concealment to the winds: "Coal and Gas look to me like good buys." The
sudden revulsion of feeling was pathetic. In a minute the news had
spread by way of them to their brokers and their suffering friends:
"It's all right; Whitney and Lawson are buying stock." It got to the
Exchange almost as soon as I did.
We turned the market.
Public-domain text, read in full here on John Shaqi.
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