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
I left him and went down to 26 Broadway. I had not wasted time, but they
had been there ahead of me.
"Lawson," said Mr. Rogers, "this time Addicks is up against a real
condition, and phenomenal work will have to be done or his race is run.
Braman and Foster have been here and made a strong bid for a partnership
with me, but I did as agreed and sent them away with a cold 'I'm in no
way interested.'"
Foster and Braman secured an order from the New York courts to take
possession of all property, money, papers, and books claimed by the
company, and formally laid siege to Addicks' quarters in the Hoffman.
There was considerable excitement for the guests and the newspapers.
Doors were battered down, but the astute and slippery Addicks led them a
merry chase until they finally caught him hiding in a freight elevator
which he was using for a private staircase, only to find he had no
books, papers, or money.
The week that ensued was full of trouble and incident for all concerned.
Addicks led an expedition to Wilmington in an effort to get the court to
call off the receivership, but had his labor and the expense of his
lawyers for his pains. Braman and Foster dragged us through a weary
round of special hearings and demands of various kinds in the different
courts, but by Tuesday night of the second week their ardor had cooled
considerably and they were as puzzled how to let go of the bull they had
captured as we were to find a way to make them do so.
Bright and early Wednesday morning Braman called on me, and when he
threw his coat and hat into a chair he must have dropped his
receivership cloak too, for after he had carefully closed the door and
made sure we were without witness he said:
"If there's any business to be done in this matter it must be done
quick."
I admitted no one could possibly appreciate this more than I--but what
could be done? After bluffing for an hour and exchanging honest views
for fifteen minutes we agreed that the situation stood thus:
If nothing were done before the coming Sunday, the 1st, the receivership
would be permanent; the stock, which had fallen to $3 per share, would
remain at that figure or go lower; my friends, the public, and myself
would be tremendous losers; all the past of Bay State, the doings of
Addicks and Rogers, and the appointment of the receiver would come in
for thorough investigation; an awful scandal would be aired in public;
every one would be covered more or less with mud; and no one could
possibly be the gainer but "Standard Oil," for Braman agreed with me
that the deal we had made with Rogers would probably stand in the
courts.
On the other hand, if an arrangement could be arrived at by which we
could have the receivership discharged, the company returned to its
officers, or our equities preserved, all would be gainers by the move,
for it would be proof positive that whatever the obstacles, we could
overcome them, and the stock would go flying upward again.
Public-domain text, read in full here on John Shaqi.
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