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
If there is any one time when Henry H. Rogers is quicker of action than
any other, it is when his notice to "git" in a stock deal has been
returned with "sass."
The ink was hardly dry on Addicks' answer before the Master of "Standard
Oil" and his hosts were upon him, but not where the Philadelphian looked
for them. While he awaited their attack in Brooklyn, N. Y., he received
a series of hurry-up calls from his lieutenants in Boston. Rogers had
bought the insignificant Brookline Gas Company, which supplied gas to
one of the suburbs of Boston. It was only a $300,000 affair, but it
possessed charter rights to come into any and all of the streets of
Boston. This was a characteristic "Standard Oil" attack. It came out of
a clear sky, and before the public had even a warning of it they were
witnessing a war which looked as though it had been years in maturing.
Rogers let it become public knowledge that the entire "Standard Oil"
forces were to be brought to bear to crush Addicks and that untold
millions would, if necessary, be spent in the effort. In reality he had
most carefully mapped out a cyclonic campaign which he believed would
not call for an expenditure of over $500,000, and which he was sure
would in a few months drive Addicks out of Brooklyn, N. Y., and bring
him to his knees in Boston. His fight began in earnest in 1894. Gas in
Boston was $1.25 per thousand cubic feet, and the rate yielded a good
profit to the Addicks companies. Rogers served notice that he would
parallel with the Brookline Company every pipe of the different Boston
companies and would reduce the price of gas to $1. Simultaneously he
attacked the Addicks stocks and bonds in the market, his charters in the
Legislature, and took away from him the contracts to supply the
municipality of Boston with gas. For a time Addicks struck back
savagely. Then, as the fight became hotter, he gave it up in Brooklyn,
and concentrated all his resources on repelling the savage inroads
Rogers was making in Boston. By this time the contest had grown to such
proportions and so much bad blood had been engendered that Rogers
declined to be mollified by Addicks' surrender in Brooklyn and refused
to retire from Boston unless Addicks repaid "Standard Oil's" entire
outlay and got down on his knees in public--a demand that called forth
one of Addicks' sardonic smiles.
Addicks had at this time additional difficulties to face. He had spread
out his financial commitments, and now he found his stocks and bonds all
declining. It was obvious to State and Wall streets that Rogers was in a
fair way to drive the buccaneer from Philadelphia to the wall.
It is at this stage that I come into the story.
CHAPTER XII
STOCK-BROKERS NOT ALL BAD
Public-domain text, read in full here on John Shaqi.
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