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
To see and judge actions aright one must have them in perspective. As
the Celt remarked, "You can get the best view of your life after you're
dead." Looking back on the performances of this period, I myself am
amazed at their monstrous audacity. Remote from common experience, their
extravagance suggests unreality. Here were the master of the greatest
business the world has ever known, and I, a mere captain of his forces,
without even a by-your-leave, calmly carving up a big commercial
enterprise, the property of other men who had spent the days of their
lives in creating it; and these men whose institution was thus being
ravished were not children, idiots, or aged dolts, but able merchants
renowned the world over for their shrewdness and success. The one phase
of the contemplated operation which occurred to neither of us as worth
discussing was the possibility of not securing the property. This
transaction demonstrates the despotism of the "System," the extent of
its rapacity, and its arrogant disregard of all laws and rights, human
or divine, in the enforcement of its exactions. And it was but one of a
hundred similar transactions.
Before Mr. Rogers and myself parted, I had definite instructions: First,
to begin to teach the public to look for new things in the first
section; second, to overcome the objections of the holders of Butte &
Boston and Boston & Montana, and other Boston stocks to being in the
second section of the consolidation; third, to purchase the majority of
the Parrott Company's stock; fourth, to see that the public kept away
from Anaconda in the market for the time being.
While the minor details of these plans were being mapped out, I had let
my mind run over the market situation of Anaconda stock, and had arrived
at certain conclusions which I determined to test forthwith. So I said:
"Some one, Mr. Rogers, must have bought lots of Anaconda while you have
been working this plan out--I mean lots outside of that which is going
into the new company--and I should like to know if I'm in on any part of
what may have been gathered in?"
His eyes focused me with a cold stare which told me even before he spoke
that I had better have kept my suspicions to myself.
"I have heard of no one putting you in on any Anaconda," he said
sarcastically. "You have not given any one any orders, have you, nor
sent any one your check to pay for any, have you?"
I was nettled at his tone. "That is all I wanted to know," I answered.
"Of course, Anaconda will have a still bigger rise, and if we have all
we care to buy for the new company, no one will object to my telling the
public what a good thing it is and putting them aboard now."
Public-domain text, read in full here on John Shaqi.
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