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
It was not until the following morning that I realized what a rarely
presumptuous thing I had done. I had invaded a valuable preserve. I had
coarsely "butted into" a private copper domain without a by-your-leave
to the natives who thought it belonged to them. I was an interloper, an
intruder, an upstart. The prevailing opinion seemed to be that it now
devolved on me to present what I had purchased to those who had been a
bit late in getting to the bargain-counter, or that I should, at least,
turn it over to the conscience fund of the Stock Exchange. The copper
market reflected the indignation of the baffled schemers. It entered for
once into an open competition with Donnybrook Fair, and to judge by the
action and feeling developed in both individual and corporation classes,
the Hub had Donnybrook jigged to a wind-up. In my various contests with
the "System" I had accumulated a certain hardihood which now stood me in
good stead. I had learned before this that breaking into a secluded
treasure-trove is about as pleasant as taking the lining out of a steel
furnace with the metal sizzling and the blower on.
I stood to my guns for the time being and then charged into the ranks
of the enemy. I issued the following statement:
TO MY FELLOW-BROKERS AND THE PUBLIC
I have stumbled on the fact that the stock--capital 200,000
shares--of the Butte & Boston Copper Mining Company is a
nugget. I bought about 46,000 shares of it at an average of
something over 2-1/4, or, with the assessment paid, 12-1/4
per share. I am going to hold it until I get over 50 for it.
Barring accidents, I shall get it.
I advise--strongly and unqualifiedly advise--all my friends
and the public to load up with it at anything under that
price. My friends and the public know whether or not I mean
a thing when I say it. I pledge them that I not only mean
this but that I shall fight it out, and shall not sell until
there is an active and legitimate market for not only my
stock, but for what they buy, at over $50 per share. All
intending purchasers must bear in mind this is not a sure
thing, for the men who are opposing, and will oppose me, are
not conducting their operations from a graveyard, but are as
lively and aggressive as Bengal tigers at raw-meat time; but
they may rest easy in the knowledge that barring tripping
over stumps or into bogs, I'll give whoever buy a run for
their investments.
Buy and watch Butte all the time, and, above all, pay no
attention to what the fake "News Bureau" says.
Public-domain text, read in full here on John Shaqi.
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