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
This decision surprised me at the moment it was concluded, for with my
Boston ideas I had regarded the gentlemen we had chosen to preside over
the destinies of our great company--all men of the highest prestige and
standing in American finance--as so powerful and so independent in their
own fields as to be beyond either the coercion or the cajolery of
"Standard Oil." It was because of this reputation for integrity and the
confidence their names would inspire in the public mind that we had
selected them; yet here was Mr. Rogers irreverently using them as the
veriest pawns in his game, and taking absolutely for granted their
immediate consent to the loan of their reputations and honor for any
scheme he might put up. The possibility of one of these eminent
financiers objecting to be used in any way "Standard Oil" might desire
was a contingency evidently so remote as to be unworthy of
consideration.
The legal aspects of the problem were considered, but as we felt sure of
our ground it was agreed to avoid all delays in this direction. As a
matter of form and habit, however, Mr. Rogers said that at the last
moment, when the papers were ready to issue, he would have the wise
lawyers in charge of the legal department of 26 Broadway run over them,
but whether they approved or not, he would allow no technicalities to
hold up the flotation. This was certainly a departure from the
well-ordered rule of "Standard Oil," but the urgency of the situation
seemed to require it.
After our council adjourned, not a moment was lost. The organization was
quickly shaped up and got ready, and the time was ripe to broach to Mr.
Stillman the part that he and the funds deposited in the National City
Bank were to play in the forthcoming engagement. This was a crucial
point, and I saw that Mr. Rogers approached the task with no gusto.
Before he went off that night he spoke about the interview which was to
occur after dinner, and he said:
"I don't mind giving Fewer or Olcott or even Morgan but a minute's
notice, for every one of them will do about what I ask him to, but I
shall feel better when I get through with Stillman."
"But Mr. Stillman would never dare to refuse what you and Mr. William
Rockefeller asked, any more than he would the request of John D., would
he?" I asked.
"I don't know about that," Mr. Rogers replied. "Stillman has been
growing fast of late, and it is not nearly so easy to get him to consent
to run deals blindly as it was formerly. Of course, if he were in on the
bottom floor with us, it would be different. All I fear is, he may ask
questions, and if he does, it will not do for me to refuse an answer.
And too many answers may be dangerous to our plans."
"Why not take him in with us--you, Mr. Rockefeller, and myself?" I
suggested. "The profits will stand it, and as far as my share goes I am
willing."
Public-domain text, read in full here on John Shaqi.
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