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
So when Mr. Rogers shifted bobbins in his shuttle and agreeably and
naturally wove fancy patterns into the woof of our conversation, I
suspected no sinister motive. Indeed, in reply to his kindly queries, I
was delighted to tell him how well I was getting along with Butte,
Montana, and the other stocks that I had been dealing in, and how deeply
interested all the country was in our plans. We must have been fully
half an hour discussing the degree to which the craze for "Coppers" had
spread over all America and had affected even Europe, and it was
pleasant to realize his interest in my own personal well-being. Then,
suddenly, as the thread on a bobbin runs out, he paused and shifted to
the old subject--just as if a new phase of it had occurred to him.
"To come back, Lawson, to Lewisohn Brothers. We must buy that concern,
and at once. Had you best do it or we?"
Our pleasant talk had restored my mind to its normal alertness, and I
grasped at once the significance of the switch.
"I don't think I could begin to do as well as you on a trade of that
kind, Mr. Rogers," I answered, off the reel, "for I don't suppose they
will be anxious to sell, will they?"
"Anxious?" he replied, as quick as a chipmunk; "about as anxious as
Apollo to have one of his front teeth pulled! But they will sell, and at
my price, too. I think I know just where they stand, and when they know
I know it, I don't believe they will be long in seeing it my way, for I
shall show them what coming in with us means, and just what refusing my
offer means, too!"
Click! His jaws came together.
"These are my plans," he continued. "They have all the money they want,
and such a large European and American following that nothing could be
accomplished by a financial squeeze, even if we resorted to that form of
pressure; and they are very bright men. Leonard Lewisohn, head of the
firm, is second to no man in America as a business man, which means he
will not hanker for a fight with us; and when I show him we will buy, if
necessary, the control of all the companies they represent, he will see
the absolute futility of opposing us. I have it right from the inside of
his own concern that Lewisohn Brothers have on hand a little over five
millions cash and its equivalent, and that they consider the good-will
and business of the firm worth ten to twelve millions more, which is
fair enough, for their direct earnings must be a million and a quarter
to a million and a half a year. Now here is what I propose offering
them, and no more: We will incorporate the firm into a new selling
company, which will have irrevocable contracts not only with our
consolidated companies but with everything that we can influence, and
the capital will be just the cash on hand, say five millions, we to take
fifty-one per cent. of the stock and give them forty-nine. I will
undertake to show them that their forty-nine will be more valuable under
those conditions than the whole is now."
Public-domain text, read in full here on John Shaqi.
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