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
I would not have my readers think that the principal motive actuating
"Standard Oil" in parting with its Standard Oil stock is doubt of its
present intrinsic worth, for such is not the case. The masters of
"Standard Oil" are very able, far-seeing men, and they know that so
thoroughly have the American people been educated to the crimes which
created Standard Oil, the crimes by which it has existed and does exist,
that no passage of time or "pious-ing" of latter-day methods, will ever
blind them to its iniquities, and that when reprisal day comes, as come
it surely will, the first thing the people in their frenzy will look for
will be Standard Oil. This is the reason which, more than any other,
influences them in selling to others an enterprise which has up to the
present time not only enjoyed tremendous prosperity, but which has as
yet met with no obstacle or hindrance.
Of all forms of tangible investment "Standard Oil" has looked most
favorably upon gas stocks, and its secret devices have been worked
overtime in consolidating gas companies throughout the United States. In
a general way, as manufacturers of illuminating oil, "Standard Oil" had
early become familiar with the problems of supplying large
communities--cities--with gas light; and with the advent of water-gas,
as sellers of petroleum they controlled an important factor in the
production of that volatile commodity. All the talent of the "System,"
trained in "handling" municipal authorities, came into play in this big
new business of lighting cities--a business which perforce became a
monopoly as soon as the powerful tentacles grasping it were recognized
as "Standard Oil."
At the time my story opens (1894) "Standard Oil" had already captured
the gas-lighting corporations of certain of the great cities of the
United States, including the immensely rich ones of New York (directly),
Philadelphia and Chicago (indirectly); and for two years previously had
been besieging the several independent Brooklyn companies for the
purpose of consolidating them into a single gigantic corporation. This
project it has since accomplished. Its intention is to weld this
corporation with the great one that already holds the monopoly of
Manhattan.
Public-domain text, read in full here on John Shaqi.
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