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 job cut for me was one I hated to perform. I could refuse, but what
then? Some one else would carry out Rogers' mandate, and where should I
and my great copper structure be? If I balked here, they would go no
farther with me--and remember, we were just at the beginning of our
association. Had I foreseen the misery and ruin with which the future
was fraught, I should have stopped then and there; but the future was
hidden, and I was expectantly revelling in a glorious and delightful
period in which I and all who were following me into "Coppers" should be
gloriously successful and rich. So I looked at the situation in a
practical business way, and I said to myself that even if we did insist
on having the 100,000 shares extra Rogers had mentioned instead of the
50,000 he had decided to demand, the Clark-Ward-Untermyer combination
would still have remaining more of value than their whole property could
possibly have been worth without our association. Therefore I tumbled
into their midst and dropped Mr. Rogers' bomb--and bomb it was.
At once they realized that they were looking into the cold steel muzzles
of 45-calibre revolvers, for there was no concealing the
money-or-your-life inference of the message. I had honestly tried to
soften the blow as well as I could, but all they could see was 50,000
shares more at something like a million dollars less than its market
value--or in twenty-four hours a panic and no market for their stock at
any price. What could they do? With perspiration streaming in big beads
down their foreheads, they declared that even if their people were
willing to submit to the knife, it was impossible in the brief time
available to get to them. At least would I not beg Mr. Rogers and Mr.
Rockefeller to take up the 100,000 shares pending their negotiations for
the balance? Would I not, because they had made all their financial
arrangements for big payments of loans next day which they could not
renew at such short notice--I must!--I must!
Public-domain text, read in full here on John Shaqi.
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