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
Having pieced together all the facts and circumstances in this
connection, I was sure that I had grasped a principle of great
commercial value, and I set about finding a cause why the world of
capital should for so long have overlooked the tremendous potentialities
of this industry. I found the cause in Boston herself, in the
characteristics of the city, which was head-quarters for copper, and
which had grown in financial power with the revenues her mines earned
for her investors. Boston controlled and managed the copper industry,
and had since the days when copper-mining was a hazardous pursuit, in
which only bold and speculative souls dared engage. In the early days
the canny Bostonian demanded for the honorable dollar his parent had
earned--exchanging five-cent rum for human beings worth $1,000
apiece--at least twenty per cent. interest, and having acquired this
habit, it became a principle, and such principles as these are clung to
in Boston with the zeal of a miser for his hoard or of a martyr to his
faith. Looking back over the years, I still recall with chagrin the
quiescent hilarity of the scion of a Back Bay family whose good father
had been one of the most successful and most brutal of all the "East
India traders," when I suggested to him that he was fortunate in
obtaining twenty per cent. on some copper ventures about which he was
grumbling. (My readers must not confuse a Boston grumble with the
ordinary ejaculations of discontent indulged in by the inhabitants of
other portions of the world remote from the Hub of the Universe. A
Boston grumble consists of an upward movement of the eyebrow, a slight
twitch of the mustache and a murmur cross-bred from "Deuce take it!" and
"Scoundrelly!") "Young man," he said, "my father said that such a
hazardous venture as copper should return at least thirty per cent. to
be safe, and I feel if I receive but twenty per cent. that something is
radically and unpardonably wrong with the management of the mine." I did
not pursue the argument, for I knew he inherited with his fortune a line
of Boston reasoning, and I remembered once having watched a country boy
put his tongue on a frosty iron door-knob. I knew better than to invoke
again that wintry Boston smile, which in a Western or Southern community
would be used to _frappe_ mint-juleps or cold-storage hogs with.
No better illustration of the attitude of the shrewd New York investor
to "Copper" can possibly be given than to detail my first interview with
H. H. Rogers and William Rockefeller on the subject. To-day Mr. Rogers
is known throughout the world as the leading figure of the copper
world--the copper Czar, so to speak; yet it was only nine years ago when
I said to him at the end of a gas-talk:
"Mr. Rogers, would Mr. Rockefeller and yourself look into Copper?"
"Copper?" said he in an amused way, "copper? What kind of copper?"
"Why, copper such as we know in Boston--copper the metal, copper the
industry, copper stocks."
Public-domain text, read in full here on John Shaqi.
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