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
There was in Montana a great copper property known as the
Daly-Haggin-Tevis group, the centre of which was the huge Anaconda mine
with its 1,200,000 shares. This is the mine that Marcus Daly induced the
late George Hearst to buy and develop for the marvellously successful
syndicate of California mining operators, composed of J. B. Haggin,
noted now the world over for his horses; Lloyd Tevis, an extraordinarily
shrewd San Francisco financier; and Senator George Hearst, himself
perhaps the greatest mining expert America has ever known. After Senator
Hearst's death his estate sold its holdings to European investors, who
with the other three owned the company at the time of which I am
writing. I had never in my copper-consolidation plans contemplated
including this property, for the reason that the public I was operating
among was not familiar with it. I did not care to put in jeopardy the
success of our venture by admitting any but mines of such well-known and
unquestionable value that there could arise no possible doubt as to the
security of the investment. I was well along in my task of gathering in,
through public-market manipulation and private negotiation, the shares
of the several good Boston companies whose merits I myself knew about
and had so carefully gone over with Mr. Rogers and Mr. Rockefeller, when
one day Mr. Rogers called me up on the telephone and requested that I
come to New York to see him. "I have," he said, "a very important matter
to go over with you." I took the train and early next morning was at 26
Broadway. As soon as we started in I was struck by a certain strangeness
in his manner--an unusual impressiveness that indicated to me at once
that something was in the wind.
This proved to be the case. I was soon in possession of the information
that he and Mr. Rockefeller had been putting in a lot of work on the
copper business; that they had evolved some further schemes, and that
now the plans were so far along that I could not upset them, therefore
they proposed to let me in--all this in the pleasantest manner.
In answer to my quick inquiry as to what plans I had ever upset he waved
a chilling hand toward me. "Don't start in looking for trouble," he
said. "There are certain things which cannot be done by a man who works
as you do. From the very beginning you have insisted upon taking the
public into your confidence, with the result that they get large profits
which otherwise would come to us. If you did your business as we do
ours--acted first and talked after, or, better still, did not talk at
all--there would be no difference of opinion between us. Still, we
recognize that each man must do business in his own way, and we have let
you go ahead where it was possible." After a short pause he continued:
"While you were getting the Boston companies in shape I unearthed
another situation which almost seemed as though it were made to order
for us. What do you know of the Anaconda Company?"
Public-domain text, read in full here on John Shaqi.
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