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
Massachusetts' able and fearless Governor Wolcott, who seemed to have
been expecting some such outcome of the battle, gave his answer clear as
an anvil-blow:
"You have told the people your company would give them cheap gas. Bind
yourself to do it by amending the charter so that the highest price your
gas can be sold at will be sixty cents. Then I will sign."
There was nothing else to do.[10] At the last minute the amendment was
inserted. The governor's representative gave the word that it was
satisfactory, and it passed.
I was in my office taking care of the market. Of the stampede I knew
nothing. Suddenly came the word: "The Whitney bill has passed on the
governor's recommendation." Both stocks started to jump; then a halt,
then--I didn't try to stop the decline, for I saw something terrible had
happened. In a few minutes the news was on the Street: "The charter was
not worth the parchment upon which it was engrossed."
The biter had been fatally bitten.
The market closed with the tape and ticker fiercely, exultingly shouting
"Ruin!" with each tick and slip: and that night Whitney's head-quarters
was little better than a mob. Frantic men demanded money, money due to
them for votes, money they had promised for margins to the brokers
before the Stock Exchange opened the next day, and swearing desperate
consequences to Whitney and Towle regardless of the effect upon
themselves.
Early next morning there came to my office two wild-eyed, desperate
creatures, Towle and Mr. Patch.
I had spent the night going over my accounts and those of which I had
charge, and in addition to a quick, real loss of over a million dollars,
I realized that the immediate future was so hung with dark clouds that I
dared not anticipate what the coming day might mean to me and mine; but
when I looked upon the big, powerful man, who had always seemed in any
light in which I had heretofore beheld him to fear neither man nor
God--when I looked and saw his plight I pitied him deeply, sincerely. He
carried a large travelling-bag, and Mr. Patch two others.
"Lawson, for God's sake, don't do what they are all doing--don't upbraid
me! I've got to get out into the world and be dead to all I
know--family, friends, every one. If I stay, it's State's prison or
worse, and Whitney says I must go. I've got all the papers together and
Whitney has given me what cash he had on hand, and this check of
$10,000. Do me one last favor, get me gold for it. I know I have no
right to ask any favors of you, but think if you were in my place. I
have a wife and children, and--" and the great, strong man wept like a
child.[11]
I called my secretary, and in a short time George Towle with the $10,000
in gold and the bags of "evidence" faded out of my life and into the
gray mist of eternity.
Public-domain text, read in full here on John Shaqi.
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