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
Boston, up to this time, had been singularly free from the mushroom
variety of millionaire which had sprung up overnight in such numbers in
New York and Philadelphia. Proudly defiant of a product so alien to all
her traditions, her citizens would have sworn that no votary of modern
high finance could exist over one curfew-toll within her gates. For
Boston had her own financial eminence, of a character in keeping with
the chill conditions of conservatism and rectitude appropriate to the
metropolis of the New England conscience. She had her Stock Exchange,
her numerous great corporations, her scores of single and
multimillionaires, and it was her boast that her capital had played the
greatest legitimate part in the country's growth. She had furnished a
large percentage of the money which had created our vast Western railway
system; she had found and made the superb copper-mines of Michigan and
Montana, and in all parts of the land branches of her sturdy
institutions were vitally assisting the miracle of America's
development. Notwithstanding what these wide-flung enterprises imply of
commercial push and audacity, Boston, at the time Addicks discovered gas
there, was one of the most trusting wealth-investing communities in the
world. She had her simple rules of business conduct which years of
usage had consecrated into all-powerful precedent, but her brokers and
capitalists, however fearful of all things quick or tricky, had never
previously figured as candidates for what in Western parlance are
described as "come-ons."
CHAPTER XI
HOW ADDICKS CAPTURED BOSTON GAS
At the time Addicks "lit" in Boston that city numbered among her
proudest possessions several extremely rich gas companies, and they were
owned by her "best people." To do business with Boston's "best people"
is no easy task, and up to the advent of Addicks, to do business with
her "best people" without doing it through others of her "best people"
who could absolutely vouch for you was an unheard-of thing. The manner
in which the ex-flour merchant of Philadelphia managed to slip by the
barriers and into the heart of our blue-blooded citadel affords the most
unparalleled example of audacity of which I know.
In many ways Boston is unlike other great American cities. Some of her
institutions through antiquity or association have acquired a positive
sanctity. Pedigree is important. The average inhabitant spends much of
his time watching the grandson of his neighbor's father, to see the old
man's characteristics crop out in him. The boy's failures will be
remembered against his own offspring fifty years hence. It is a city of
long memories and of traditions. In 1887 Boston, as now, consisted
largely of her traditions, her blue-glass window-panes and her Somerset
Club.
Public-domain text, read in full here on John Shaqi.
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