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
This was veritably a period of financial delirium in Boston. No one
talked or thought of aught but "Coppers," at least no one with a spare
dollar or good credit. The air was full of mysterious yarns and the
Stock Exchange was hung with Aladdin lamps. From every nook and corner
of State Street, from the chinks between its sedate old cobblestones,
came forth copper-mines--mines undreamt of before and unheard of since.
Innumerable devices were rigged to take advantage of the prevailing
intoxication. The prices of the strong properties leaped up with
breath-taking rapidity. The copper epidemic spread over New England and
began to extend in constantly widening circles through the rest of the
country, while from England, France, and Germany came daily news of
symptoms which proved that the infection had crossed the ocean. I, with
my hands full, kept two secretaries busy shooing away industrious
promoters who came at me in armies with old and new copper properties,
which I might have on my own or any old terms.
In the midst of this excitement I had my first real demonstration of the
"System's" method of making dollars from nothing. Well as I thought I
knew the stock game, I'll admit that I looked on open-mouthed, like the
veriest novice, at the magic wrought by the simple use of the name
"Standard Oil." Even now I can hear myself as I gasped: "Heaven help the
people if this sort of thing can be done in America, for Heaven alone
has power to help them."
The Boston and New York brokerage house of Clark, Ward & Co. had
promoted the Utah Consolidated Mining Company of Utah. It was less than
two years old, and its 300,000 shares had been kicked from gutter to
curb and curb to gutter at from $2 to $4 per share. Samuel Untermyer,
the astute corporation lawyer who, on his own account and as the
representative of a large European clientele, had long been interested
in "Coppers," had taken hold of Utah, and believing it a good thing had
bought large quantities of its stock for himself and his European
connections. Under the stimulus of my campaign the price of this stock
had leaped to 17 or 18, and rumor had it that Utah was a prospective
factor in my consolidation. One day Mr. Rogers asked me if I were in any
way responsible for these rumors, and I replied that I knew nothing more
about them than that they were in circulation.
"Good," replied Rogers. "Do this, then--send word that we propose to
issue a denial that we are to have anything to do with Utah
Consolidated, and bring me their answer."
Public-domain text, read in full here on John Shaqi.
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