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 so long after the above appeared that Butte & Boston stock
was selling at $130 per share, and that the same Mr. Barron was using
his own and his "News Bureau's" best efforts to induce the people whose
Butte showed them over $115 a share profit to exchange it for
Amalgamated. At this latter time he was acting for "Standard Oil."
It may be added that this same Butte & Boston stock, which I was such a
knave to advise the people to buy at twelve and fifteen, sells to-day in
the form of a share of Amalgamated, for which it was exchanged at
seventy-five to eighty-dollars, not cents.
My chief weapon in this Butte & Boston fight was publicity. Every
morning while the battle waxed hottest I had huge, striking
advertisements in the papers urging the public to buy and to hold on to
what they had bought. My opponents responded in kind, and being
intrenched in the management, told such alarming stories of the mine
that it was often as much as I could do to prevent my followers from
being scared into throwing over their holdings. The tremendous expense
of this mode of warfare, together with the immense sums my market
operations required, kept me hustling, and there were times when things
looked distinctly blue. However, the value of victory is measured by the
fierceness of the tussle, and far be it from me to complain of my
opponents' energy. There was good fighting over Butte & Boston.
The more deeply I became interested in this struggle and the more
familiar I grew with "Coppers," the more advantageous and profitable
seemed the prospects of such a consolidation of copper properties as I
had in mind. The large holdings of Butte & Boston I had accumulated in
the battle gave me a practical basis for my structure, for I could now
afford to do all my own part of the work of organization for what I
would eventually make when the consolidation was brought about, and I
could get for my shares what I knew they were worth. It was at this
stage I broached the subject of "Coppers" to Mr. Rogers, and discovered
to my surprise that he knew nothing about it or its possibilities,
notwithstanding that "Standard Oil" has a department for the sole
purpose of keeping the "System" posted about what the world is doing in
various directions. Indeed, both he and Mr. Rockefeller laughed when I
informed them that we had been trading in copper stocks in Boston long
before the Standard Oil Company received its birth certificate.
Before I could get down to business on the subject I had to take
advantage of five gas-talks, offering at each a few interesting and
striking facts about the metal. One day Mr. Rogers said to me, laughing
pleasantly: "Lawson, we're beginning to look for all your talks to taper
off with, 'I wish I could get you to listen to Coppers!'"
"Why don't you then?" I said. "It's the biggest opportunity in the world
to-day."
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account