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
So far the scheme had slipped smoothly along the single-rail track
constructed for it by those in the deal, and just as my information had
led me to expect. At this juncture, however, the train struck an open
switch, and with a painful jolt for the conductor and the engineers it
slid out on a siding--it was my siding. From the time the stock struck
$2 a mysterious purchaser took in all that was offered, and when it
struck bottom he was still buying. Suddenly the schemers "tumbled" that
the plums they were shaking off the tree were dropping into some other
bag than their own, and they started into competition for the coveted
fruit.
Next day, and for several days afterward, there were strenuous doings in
Butte & Boston on the Boston Stock Exchange. The trading was heavy and
the price pushed up from the bottom to 6-1/2. Soon, however, it was
slammed to 2-3/4, then back to 6 again, down to 3-1/4, back to 5-3/4,
and so on, until the middle of the fourth day, when the rival News
Bureau to the "System's" favorite opinion-moulder sprang the following
notice set forth on a double-leaded sheet:
"We have just solved the Butte & Boston conundrum. The
enormous blocks of stock purchased during the past few days
have come in for transfer, and the management now know who
owns the bag into which all the stock they have for months
been planning to acquire dropped. We have unmistakable
evidence that the bag belonged to Lawson, and that he now is
in control of the Butte & Boston Company. A hasty
investigation amongst the leading floor brokers which we
have just made brings out a consensus of opinion that there
will now be music in Coppers."
The announcement was calculated to interest a good many persons, and I
was the target of a thousand inquiries. In answer to the innumerable
calls for a denial or confirmation of the statement, I issued the
following:
'Tis true. 'Tis my bag, and there are 46,000 shares in it.
Public-domain text, read in full here on John Shaqi.
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