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
agreement that if he were convinced that the walled-up values were all
that had been indicated, we should pay $40. If not, $30 would be the
price. The twain started at once; our expert was convinced, and we paid
four millions instead of one, two, or three. Strange to say, the
subsequent operations of the mine have never revealed the walled-up
values; instead, there has been developed a queer lot of litigation, the
tendency of which suggests strange uses of that extra million. Anyway,
the trade was made, and the gentleman of the Nutmeg State went home
chuckling at the thought that though there was a "Standard Oil," there
were others.
"Standard Oil" never forgets. Sometimes it may get left at the post, but
always it catches up in the running--so as to be in the lead at the
tape. When I reported the conclusion of this Parrott deal to Mr. Rogers,
he said:
"Lawson, all's fair in a trade"; but I shall never forget the expression
his face wore as he went on. "Just give me the name, Lawson, again, of
that particular individual in this particular trade, that I may remember
him hereafter." He spoke in a low, intense tone, and each word was
separated from the preceding one by a dwelling stop. I gave him the name
and the identification marks to go with it, and felt satisfied that even
if the Nutmeg financier lived to be a thousand and Henry H. Rogers kept
him company, there would surely come an evening-up which would be the
worse for the erstwhile victor. Sure enough it came soon afterward, for
the able Connecticut man, embarrassed at possessing so much uninvested
money, came to us to ask advice about reinvesting it. The "Standard Oil"
magnate was most sympathetic and generous, and pointed out the obvious
advantages offered by the great new company Amalgamated, which would be
out in a few days at $100 per share, and doubtless would sell soon
afterward for $150 per share. The Nutmegite nibbled and then swallowed
bait and hook whole, for when the subscription was announced his agents'
names were found opposite a large block. Later on he applied to us for
consolation and advice, for the stock he had bought at $100 and $124 was
then selling at $33. We figured out for him that after all he had little
to complain of; "for you see," we explained, "fair exchange is no
robbery, and you have had just a fair exchange. You sold us your
property inflated four times, and we sold it back to you under another
name at about the same percentage."
Public-domain text, read in full here on John Shaqi.
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