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
In the eighties two things happened that changed the whole course of J.
Edward O'Sullivan Addicks' life. Some one invented water-gas and "let
in" Addicks on the invention; and the Philadelphia branch of the
"Standard Oil," represented by Widener, Elkins, and Dolan, "trustified"
the gas companies of the city of Chicago, which enabled Addicks to "hold
up" the "trustification" until Dolan and Dolan's associates paid him the
sum of $300,000 for the instrument with which he had done the holding
up, $10,000 worth of the stock of one of the necessary Chicago
companies.
The law of compensation, which gets in its deadly work on all the
prettiest plans of man, but decreed that what goes up must come down
when it ceases going up. It has a shrewd trick of grafting sorrows on
our joys, and of handicapping success with discomfiting conditions. The
favorite of fortune whose feet have fallen in pleasant places sooner or
later stubs his toe.
Addicks' first "made dollars" certainly came easy--so easy, indeed, that
those who watched his early career marvelled at his success; but nowhere
on God's footstool is there to-day a more terrible illustration of the
inevitable workings of the law of compensation than the present
standing of J. Edward O'Sullivan Addicks affords.
The thief whose first excursion into a wayfarer's pocket is rewarded
with the equivalent of days and nights of honest labor will surely be
convinced thereafter of the superiority of theft over toil as a means of
money-getting. Invariably the manufacturer of "made dollars," after his
first coup, forsakes forever after the cold arithmetic of commerce for
the rule of guess, dream, hope, and "I will," which constitutes the
mathematics of high finance. Addicks' first "made dollars" came with
such magical ease that there awoke in his slumbering substitute for a
soul a disgust for those prosaic pursuits at which one could never, try
how one might, make more than four by the addition of two and two. He
probably argued to himself: "Why should I work in the flour business
when I know a way of getting overnight more than I can make out of flour
in a lifetime? If people are so simple in guarding their savings that I
can by a trick take away from them enormous wealth without the slightest
danger to my own safety or my profit, even if detected, why should I not
devote my life to such healthful and profitable occupation?" The logic
of the proposition was convincing. Accepting its conclusions, J. Edward
O'Sullivan Addicks, of Philadelphia, embarked on his career. Soon
afterward he discovered gas in Boston.
Public-domain text, read in full here on John Shaqi.
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