Frenzied Finance, Vol. 1: The Crime of Amalgamated — John Shaqi
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
If a new melon has been cut--an Amalgamated Copper, for instance--it is
at one of these meetings that the different "Standard Oil" men are
informed for the first time that the scheme, about which they may have
read or heard much outside, is far enough along for them to participate
in it. Each is told what sized slice he may have if he cares for any. It
is a very exceptional thing for any one to ask for more than he has been
apportioned, and an unheard-of thing for any one to refuse to take his
slice, although there is absolutely no compulsion in the connection.
And here, perhaps, may not come amiss an incident which illustrates what
may happen in a few minutes "upstairs."
Before Amalgamated was launched, in bringing together the different
properties of which it was composed I negotiated for the acquisition of
the Parrott mine, the majority of whose stock was held by certain old and
wealthy brass manufacturers in Connecticut. They had never seen any of
the Rockefellers nor Henry H. Rogers, but we were several months getting
the deal into shape before it was finally arranged, and they became
familiar with the great "Standard Oil" institution. So much so that the
chief of the owners--to whom was delegated the duty of turning over the
securities to my principals--looked forward with much eagerness to the
time when he must necessarily meet the mysterious and important
personages who guided 26 Broadway's destinies. Finally the day came, and
at precisely a quarter of eleven I let him into one of the numerous
private offices which are a part of Mr. Rogers' suite. He had under his
arm a bundle of papers representing the stocks which he was to exchange
for the purchase money, amounting to $4,086,000, and I think he fully
expected that in their examination, in the receipting for so large an
amount of money, and in the general talkings over, which he thought must
of course be a necessary part of the delivery, the greater part of the
day would be taken up. It took me some six or seven minutes to get him
located, and it was close on to five minutes of eleven when Mr. Rogers
stepped into the room. I was well into the introduction, when out came
Mr. Rogers' watch, and with what must have appeared to the visitor as
astonished consternation.
"I do hope you will excuse me," he exclaimed in the middle of a
handshake, "but, my gracious, I am overdue upstairs," and he bolted.
His place was taken fifty seconds after by Mr. Rogers' secretary, who in
less than five minutes had exchanged a check of $4,086,000, made out to
herself and indorsed in blank, for the bundle of stocks, and in another
minute I was ushering the old gentleman into the elevator.
When he came to on the sidewalk he got his breath sufficiently to say:
"Phew! I thought my trade was a big one, but that friend of yours,
Rogers, must have had some other fellow upstairs who was going to turn
in $40,000,000 of stuff, because he did appear dreadfully excited!"
Public-domain text, read in full here on John Shaqi.
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