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
My enemies were numerous and powerful, and there were many other
announcements of the same character as Barron's tending to cast ridicule
on my movement and expose me as a falsifier. Indeed, notwithstanding the
merits of the plan and the benefit it must confer on all copper
properties, I was assailed as fiercely as though I had advocated anarchy
or had prepared a scheme of wholesale plundering. In stock affairs
innovations are resented and resisted even more fiercely than in other
walks of life, and the Boston money crowd fought me tooth and nail. The
titles I acquired in those days were varied and startling. For one set I
was a "charlatan," "wizard," "fakir," an "unprincipled manipulator"; in
another I was a "copper king" or a "prince of plungers." Feeling ran
high, and prices rose and fell in the most erratic and extravagant
fashion. Certain stocks advanced or receded from five to ten points in
as many hours or minutes. Fortunes were made and lost daily. Many
people, confused by the conflict of opinions and announcements, sold
their holdings, only to repurchase at higher prices as prices continued
to mount. So fiercely was I attacked that it almost seemed at times as
if my enemies might prevail in spite of the great powers at my back.
Indeed, there were tense moments when my fate as well as my plans
trembled in the balance. Several times I was sent for by Rogers and his
colleagues for a war council, and sometimes, as I detailed my lines of
defence and enumerated my resources, I suspected that even these
storm-seasoned warriors were tiring of the fray.
Public-domain text, read in full here on John Shaqi.
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