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
"How do you prove that safety in this class of investment is more
assured than in others?"
I reeled off the facts: A copper-mine, from the very nature of the
business, must be developed years and years ahead before it entered the
ranks as a regular producer. The price of the metal being practically
fixed within certain limits, the mine's value, present and future, could
always be told to a certainty.
He saw it. He put me through a thorough examination about my second
claim that the price would advance 100 per cent. I again astonished him
by showing him what a market there was and had been for many years for
copper stocks, and that it was simply a question of educating investors
at large to their merits to advance them to the price my plans called
for.
When he came to the question of the amount to be invested and the
aggregate amount of profit, he did not attempt to disguise his surprise
when I showed him there were 150,000 shares of Boston & Montana which
had been selling at 20-odd and were now 50-odd, and could surely be
bought between 50 and 100; and 200,000 shares of Butte & Boston, 100,000
outside of what I and those who had bought with me owned that could be
had at an average of 20 or 25; that there were 100,000 shares of Calumet
& Hecla, selling at 250, large quantities of which could be gathered in
between that price and 400, and so on through the list. Mine after mine
I enumerated to him, all as sure dividend earners in the future as they
had been in the past, to an aggregate, without touching any of the
uncertain ones, which it would surely take one hundred millions to
purchase, and as I called them off, he listened patiently while I gave
him a full history of each.
Then I outlined my sensational but never before attempted plan of
campaign for educating the public, he vigorously questioning me as to
details and particulars the while.
It does not take Henry H. Rogers months, weeks, nor even days to grasp
any plan, however vast, nor many minutes to come to a decision after he
has grasped it. I believe he would, if the world were going to be
auctioned off next week, be the first man on earth to decide upon a
limit price that he would take it at, and three minutes after it was
knocked down to him he would be selling stock in it at 150 per cent.
profit.
Just before lunch-time I saw that the effect of my arguments on Mr.
Rogers was the exact opposite to that they had made on John Moore. When
I had come to a finish, Mr. Rogers simply said: "It's curious, Lawson,
why I have not listened to you before. I'll talk with William
Rockefeller to-morrow. No--I'll make it this afternoon if I can get at
him."
And his eyes snapped a bit when, as I was helping him on with his coat,
he said, "We must not lose a minute in getting to work."
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