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
[3] It must be remembered that the Amalgamated Company never owned all the
capital stock of the Anaconda, but, on the contrary, only a few shares over
600,000, which represented the ownership of the Haggin-Tevis-Daly people,
and which they had turned in for a lump sum before the market price had
advanced. The control of the Parrott, owned by the Amalgamated Company, was
purchased for a lump amount from Franklin Farrell and his associates for
the sum of $4,000,000-odd, not $12,190,000. The Colorado Smelting and
Mining Company was also purchased in a lumped batch of Senator Wolcott, not
at $7,000,000, but for $2,000,000-odd, while the tremendous advance in the
price of Anaconda in the market from 30 to 70 was due to the operations of
Messrs. Rogers and Rockefeller for their private account, out of which they
made a large additional profit.
There can be no possibility of mistake or successful misrepresentation of
these figures: first, because the Anaconda figures are known not only to
Mr. Rogers, William Rockefeller, and myself, but to J. B. Haggin, and to
the estates of Tevis and Marcus Daly; the Colorado figures, to associates
of Senator Wolcott and to his estate; and the Parrott figures, to Mr.
Farrell who received the money, and to a large number of those to whom he
had to account; and, further, these figures will all be demonstrated in
open court in suits outside of any with which I have to do, which are now
being brought or are pending.
[4] As a matter of fact, the people lost even more than thirty-six millions
of dollars on this part of the Amalgamated transaction, because "Standard
Oil" did not sell all the 750,000 shares at $100 per share ($75,000,000) at
that time. They retained two-thirds of them, which at a later date they fed
out to the public at $115 per share, and at a still later date they took
them back at $33 per share.
CHAPTER VII
JUGGLING WITH MILLIONS OF THE PEOPLE'S MONEY
For the purposes of the transaction I have just described the machinery
of a great bank or trust company was essential. The vast profit gained
here was absolutely "made" through the instrumentality of the National
City Bank of New York, but some other tractable institution would have
been equally efficient. In order that my readers may focus such great
financial concerns as this National City Bank, I give right here brief
resumes of its career and resources and of those of two of its
affiliated institutions:
NATIONAL CITY BANK New York City
JAMES STILLMAN, _President_.
Public-domain text, read in full here on John Shaqi.
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