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
After we had set out all the advantages, disadvantages, and
possibilities of the situation, I bluntly plumped Braman with that
inevitable question of all such "sit-downs": "What's the price?" And
Braman as plumply and bluntly answered: "Buchanan, Foster's client, must
have the face of his bonds and interest, $150,000, and we must have at
least $150,000 for our trouble and expense."
My long experience in corporation affairs, and my intimate knowledge of
the practices which the "System" with its votaries has made habitual was
such that I was proof against shock from anything that could possibly
turn up in even extraordinary financial deals, but I was just a bit
staggered by the business-like way Braman demanded for himself and
Foster $150,000 and the coolness with which he further explained that
they must divide their share with certain influential persons without
whose hearty cooperation the tangling-up which had been so cleverly
accomplished would have been impossible. He made no bones of showing me
that once "we gave up" it would only be a matter of the number of
minutes required to get details fixed before everything would be as it
was before he had interfered. I dwelt upon the possibilities of the
judge not following orders to the letter and the minute, but he only
smiled and answered: "Leave all that to us; if we don't make good as
agreed, we get no pay." He was fully alive to the dangers of the game,
and he impressed upon me he would take nobody's word for anything. With
him and Foster nothing but money talked, and it must not be of the
marked-bill kind either, meaning he would not take anything which could
be tied up by injunctions and lawsuits after the receiver had been
dismissed. However, he would play fair. He would not ask us to pay on
anything but the actual delivery of the goods. He also frankly told me
that he had named the very low figure, $150,000, because he expected to
invest what he received in Bay State Gas stock at $3 and, upon its
jumping to $10 or $20, to make half a million.
Public-domain text, read in full here on John Shaqi.
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