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
No defender of property right is so vociferous as the financier who,
having appropriated his neighbor's goods, argues that possession
constitutes legal ownership. On a country road I once almost rode over
two hoboes, who were so busy wrangling with one another that they had
not heard my approach. I gathered that one of them, having filched a
collection of laundry from a farmer's backyard, had placed it in charge
of his mate while he went off for a second helping, and had returned
just in time to stop the latter from decamping with the swag. The talk
the original purloiner was giving his ungrateful assistant was one of
the best expositions of virtue and honesty I've ever listened to.
We met the following Monday and in reply to my request that we talk
things over, Foster delivered himself of an exalted exposition of the
rights of deluded stockholders, the majesty of the law, and the stern
duties of Mr. Braman, who, for the time being, had departed his private
self and, until further notice, existed only as a rigid arm of the
court. Just as I had arrived at the conclusion that I had got into the
wrong shop, Braman took up the lecture by informing me of things I
already had made myself familiar with, to wit, how he had at different
times occupied similar roles in other corporations' affairs and how
relentlessly he had exposed mismanagement and peculation. I suggested to
him that in most such cases the receiverships seemed to have been
dismissed in favor of the former managers. He waved his hands and
replied that in this particular case there was absolutely no chance of
control being returned to Addicks, who had outrageously abused his
trust; "although, of course (this as a sort of second thought) you know,
Mr. Lawson, if Mr. Foster on behalf of his client should receive the
amount of his claim and the proper fee, from whatever source, I should
be powerless to prevent the dismissal of the receiver."
Braman and Foster were a delightful combination. As the talented Chimmie
Fadden would say: "Dey knew dere biz from de bar to de till an' from de
till by de way of de cash register to de wine-cellar, so's dey could do
de circuit wid dere lamps blinked and dere hands tied." With their
corporation mix-up records I was familiar, and after a few minutes' talk
realized that it would be impossible to do anything with them until they
had kicked up against one or two of the bricks Addicks was now with
renewed energy preparing to cast into their pathway. I left with an
agreement to see them the following day, and a parting reminder that all
natural history showed that unpicked ripe plums were in great danger of
being blown from the tree with every passing breeze.
I hurried back to Addicks. "It's the old game," said I; "they are on the
box and have the lines, and know just how badly we need our coach, and
it's only a case of how much 'inducement' we can stand."
Public-domain text, read in full here on John Shaqi.
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