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
My readers may recall the wave of indignation which swept over this
country when the news came of the kidnapping of Miss Stone, the American
missionary, by the bandits of Bulgaria, and how hot we all felt at the
capture of Ion Perdicaris by Raissuli, the Morocco rebel. Only in remote
and barbarous countries, we reflected, could such outrages occur, and we
dwelt with high inward satisfaction on our own splendid American
institutions and law-abiding civilization. If only these miscreants were
on American soil so American justice could lay hands on them--what stern
punishment would be meted out to them! Yet, under the panoply of these
noble institutions and just laws of ours, one citizen of our
commonwealth was enabled to seize from another millions of money and the
ownership of a great enterprise--literally wrench it from the hands of
men who had spent their lives in developing it--and the execution of the
deed involved neither financial nor physical risk and carried with it no
legal nor social consequences. Look on the picture, all ye free
Americans rejoicing in vaunted liberty and the right to the pursuit of
happiness--this able and successful merchant, head of a great business
which it has been his life-work to rear, surrendering the splendid
structure at the mere nod of one man, whose "I want it" is more potent,
more irresistible, than family pride or Government decree. If Leonard
Lewisohn, a millionaire many times over, rich in connections with the
strongest financial houses of Europe, meekly submitted to the behest of
"Standard Oil," what resistance could the average man oppose to such a
power? The logic of the situation is inevitable. Can you free Americans
absorb the details of this most extraordinary performance and not see
the coming storm as clearly as the mariner does when all along the
horizon creep the hosts of Boreas and the barometer drops like lead in a
shot tower?
At last, in April, 1899, the first section of the much-heralded company
was ready to step before the footlights to the plaudits of an awaiting
financial world, and it was really a great moment when Mr. Rogers sent
me word: "Come over, and be prepared to stay until the consolidation is
formed and launched." I was at 26 Broadway next day, and we entered at
once on our council of war. It was a momentous sitting and secret, for,
until the entire programme was mapped out and decided upon, no one was a
party to it or had knowledge of it but Mr. Rogers, his counsel, William
Rockefeller, and myself. After we had finished the final details, Mr.
Rogers said:
Public-domain text, read in full here on John Shaqi.
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