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 time had come to reason with the heated legal gentleman, and in
plain language I proceeded to show him where he stood, the position of
the property, the public's relation to it, and his own duty to the
clients whose money he had invested in it. Under the logic of my
argument he cooled. He saw the net, and that he and his friends were
absolutely enmeshed. He even admitted that he and his friends had
unknowingly aided in what had occurred and were mostly to blame for
their present position; but while he acknowledged all this, he
reiterated over and over again that in all his experience--and in Samuel
Untermyer's professional position he has either prosecuted, defended, or
had an inquisitorial finger in every sword-swallowing, dissolving-view,
frenzied finance game that has been born or naturalized in Wall Street
within the decade--he had never met the equal in high-handed bunco of
this deal in Utah.
Finally he said: "There's one thing I can do, if I cannot get even with
Rogers; and that is, I can 'fire' the present management of this
company, and I'm going to do it now, this very minute, and incidentally
I'm going to state what I think of them and the whole dirty business."
I called up "Standard Oil" on the telephone and told what had happened.
Mr. Rogers said: "Cool him down at any cost, but particularly try to
show him I had little to do with the deal; that it was largely the
outgrowth of what the Clark-Ward people thrust upon us, and that I left
the details to you and the lawyers."
Again I had visions of what would be the cost of making "Coppers" a
success.
Within an hour Untermyer was back visibly relieved and glowing after his
encounter. He had the resignations in his pocket, and he began joyously
to detail the specific opprobriums he had cast upon the management. "I
shall put in an entirely new management," he proclaimed triumphantly.
"You have positively made up your mind to that?" said I.
"You bet I have," he answered.
"Excuse me for a few minutes, then," I said; "I want to give my brokers
orders to rip out 50,000 or 60,000 shares of Utah. Rogers and
Rockefeller would take me to task if I wasted a minute."
"Hold on there, Lawson," he said.
"Not a minute," said I; "you know the game well enough, Untermyer, to
realize that there are a few millions hanging very low on the boughs at
just this second. I want to get my hat under them before you and your
friends have an opportunity to roll in your own hogsheads."
It was no time for diplomacy, and I set forth in plain, dog-eat-dog
terms to Mr. Untermyer exactly where he was "at," and that no one but
himself and his associates would be the sufferers by a public explosion.
Reluctantly he agreed with me that under no conditions must the
"Standard Oil" management be changed, but he was bound to have one
victim to show.
"You have the resignations of the present board--why not put in new men,
the strongest 'Standard Oil' men you know?" I suggested.
Public-domain text, read in full here on John Shaqi.
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