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
An impression of the despotic character of the man and of his manner of
despatching the infinite details of the multitudinous business he must
deal with daily may be gained by a glimpse of Henry H. Rogers at one of
the meetings of the long list of giant corporations which number him
among their directors. Surrounded though he be by the elite of all
financialdom, the very flower of the business brains of America, you
will surely hear his sharp, incisive, steel-clicking: "Gentlemen, are we
ready for the vote, for I regret to say, I have another important and
unavoidable meeting at ----?" You look at your watch. The time he
mentions is twelve, or, at the most, fifteen minutes away. There is no
chance for further discussion. Cut-and-dried resolutions are promptly
put to the vote, and off goes the master to his other engagement which
will be disposed of in the same peremptory fashion.
At a meeting of the directors of "financed" Steel, during the brief
reign of its late "vacuumized" president, Charlie Schwab, an episode
occurred which exhibited the danger of interfering with Mr. Rogers'
iron-bound plans. The fact that the steel throne was many sizes too
large for Schwab had, about this time, become publicly notorious, but
Carnegie and Morgan on the surface, and "Standard Oil" beneath, were so
busy preparing their alibis against the crash which even then was
overdue that they had neither time nor desire to adjust themselves on
the seat.
In advance Mr. Rogers made his invariable plea for quick action on a
matter before the board when Schwab, with a tact generated by the
wabbling of a misfit Wall Street crown chafing a generous pair of ears,
blurted out: "Mr. Rogers will vote on this question after we have talked
on it."
In a voice that those who heard it say sounded like a rattlesnake's hiss
in a refrigerator, Rogers replied: "All meetings where I sit as director
vote first and talk after I am gone."
It is said, and from my knowledge of these and after-events I believe
with truth, that this occurrence was the spark that started the terrific
explosion in United States Steel, for not long afterward some unknown
and mysterious power began that formidable attack on Steel stock which
left Wall Street full of the unattached ears, eyes, noses, breastbones,
and scalps of hordes of financial potentates and their flambeau
carriers. Whether or not Mr. Rogers was the instigator of this movement
no man, of course, can positively state, but I can vouch for the fact
that about this time he displayed, when talking "Steel" affairs with
intimates, a most contemptuous bitterness against "King Charlie" and
certain of his associates.
Public-domain text, read in full here on John Shaqi.
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