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
In the stock-market it was decidedly a case of "act first and think
atterwards." The "twister" was a fierce one, for not only were my stocks
assailed, but the rumor machines were turning out all sorts of yarns
affecting my credit, as the knowledge gradually filtered through the
market that my loans had been called. My stocks broke badly, and when
the market closed it really seemed as though I might have to verify the
report that they would wind me up the next day.
It was at this particular stage that the Bay State was let into the
deal. I had a long consultation with Addicks that night and showed him
my hand. He agreed that with what I already had of the stock and
"Standard Oil's" backing, the venture came as near being an absolutely
sure thing as could ever be found in stocks. My proposition was that I
should secure for the Bay State Company 50,000 shares of Butte at an
average of 20 to 25, and that I should have half the profits of the
venture provided they aggregated over two millions of dollars. Coming to
Addicks in this emergency was cold-blooded business on my part, and, it
goes without saying, was frozen-blooded business on his, for he
evidently saw then what I did not until later, that there was an
excellent opportunity to practise his pet game--make money and
double-cross his partner while doing so. We clinched the deal that
night, and next day in the market I turned the tables, for I took every
share my opponents offered for sale, and the stock, instead of dropping
out of sight, became firm, then began to mount, and never after fell
again.
The Bay State's venture showed a profit afterward of four millions of
dollars, but of my share of this large sum I was deprived, as I will
detail later.
Public-domain text, read in full here on John Shaqi.
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