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
Before the fireworks began, Anaconda sold in the market at $25 per
share, and Parrott, as I have shown, at $10, and in addition to the
enormous profits which Mr. Rogers and Mr. Rockefeller made in the
Amalgamated Company proper, they cleared some $15,000,000 to $20,000,000
on their outside purchases of Anaconda, and some $25,000,000 to
$30,000,000 more later by selling it short (as I shall show hereafter),
at the tremendously high prices which were obtained by leading the
public as well as myself to believe that they intended to purchase the
entire stocks of both companies for the Amalgamated--that is, it was
given out that the sections which were to come after were to have these
minority holdings included in them. They sold Anaconda short in enormous
quantities between $50 and $70, and Parrott between $50 and $68;
afterward they bought them at $14 and $16 respectively, and no one knows
how many millions these gentlemen are taking in now, for both stocks are
again on the return trip, selling at the present writing at $32 and $30
respectively.
CHAPTER XIX
THE DESPOILING OF LEONARD LEWISOHN
A few days later there came another summons from New York. Realizing
that matters of importance were in the balance, I hurried over. Nothing
could surpass the cordiality of Mr. Rogers' greeting as I entered his
office.
"Lawson," he said, "we own Lewisohn Brothers."
"You certainly lost no time," I replied. "Is it actually fixed up
already?"
"Yes," he said, settling back in his chair. "It was about as I outlined
to you the other day. We had a very pleasant sit-down--Leonard Lewisohn
and I--and I frankly told him what I wanted, explained our plans, and
gave him twenty-four hours to think things over. Next day he was in and
we went at it again. He began by talking $15,000,000, and it did come
hard to bring it down to a little less than the actual cash and copper
on hand; but when he saw I intended to have things my way or not at all,
he meekly surrendered, and the United Metals Selling Company ($5,000,000
capital stock) is now a reality. And, Lawson, if I ever had to do with a
better scheme I certainly cannot recall it."
"Did not Lewisohn put up any sort of a fight?" I persisted, surprised
that so able and forceful a man should succumb so easily. "Didn't you
have any words about the matter?"
Public-domain text, read in full here on John Shaqi.
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