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
The fiercest fighting at that early period centred round Butte & Boston
and Boston & Montana. Many a spirited engagement we fought on the floor
of the Exchange. Perhaps the fiercest of these began when, after a
strenuous rush one morning, I rapidly carried the price of Butte up.
This exploit so enraged my adversaries that they got together and
organized a powerful combination against me. This included several of
the leading banks and trust companies of Boston that held large amounts
of stocks as collateral for my loans. At a given moment it was arranged
that all these loans, aggregating millions of dollars, should be called;
and further to intensify the complication they expected to bring about,
a great friend in common attempted to scare Mr. Rockefeller and Mr.
Rogers by informing them that the titles to the copper properties were
defective, and that a man, then unknown, named Heinze, who had made
himself very strong with the Montana courts, was about to make a move to
confiscate them. There was a hurry call for me from New York, and this
time the explanations had to be very full, for "Standard Oil" had an
impression that while my general plan might be meritorious, it was
possible that I had the details "skewed." However, I satisfied them as
to the facts and then hurried back to tackle my own problem, for these
individual engagements I handled myself, using my own personal resources
to take care of them. The emergency that had developed thus suddenly was
so serious as to be alarming, and it devolved on me to act, and at
once. Blows in finance are like those at sea--the most dangerous are the
quick-come-quick-go kind. I recalled one I had run into a short time
before on my sailing yacht. We were broad-reaching down the New England
coast, close in, with a 20-knot sou'wester blowing. Suddenly, without
apparent reason, my skipper put the wheel hard down and brought the
craft up standing. A second later a "twister" from the hills hit us, and
adroitly he headed her into it.
"How in the world did you know that was coming?" I asked.
"I smelt her, sir," the old sea-dog replied, "just smelt her."
For those unacquainted with the freaky ways of our New England coast
winds it may be explained that when a "twister" off the hills gets ready
to do business in a 20-knot sou'wester it sends no messenger boys ahead
to distribute its itinerary handbills. You hear one shriek and the blow
is upon you; and woe betide the unthinking skipper who attempts holding
his craft to her course or paying her off till she catches it full. He
is likely to have mourners at home if a married man, and "cussing"
owners if the craft is not his own. As my old sea-dog afterward wisely
observed: "When you smell a land 'twister,' act first and think
atterwards, or your widow 'ill get blear-eyed watching for you to make
harbor."
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