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
Upon your advice I purchased 200 shares of the Amalgamated
stock at $100 per share. When the stock dropped to 80,
remembering your strong advice I purchased 300 shares more,
and after it had advanced to 120, thinking it was surely
going to the 150 or 200 you mentioned, I bought 1,000,
putting up my 500 shares as margin. It has now dropped back
to 100, and the many stories I read in the papers are
causing me much anxiety. Do you still believe as you first
wrote me?
To which he received the following answer:
Mr. Lawson instructs me to say he received yours of ----.
His faith in the Amalgamated property, the men who control
and manage it, and the stock is the same as it always has
been. He, like yourself, added to his holdings at 120, and
as high as 129, and knowing what he does about the property,
and what the men who control and manage it, and with whom he
is intimately associated, say to him, he cannot believe the
yarns which are appearing in the press are other than the
vaporings of those stock-market critics who must write their
opinions of prominent stocks even though they have no means
of actually knowing anything about them.
While Mr. Lawson regrets that you have spread yourself out,
as you say in your letter, he can only answer your question
by the above, to wit, his faith in Amalgamated is the same
as from the beginning.
Later I received the following from one of the penal institutions of the
country:
You will observe by the postmark on this letter my present
place of residence. You probably knew that before, as the
press has had much to say about me of late.
Public-domain text, read in full here on John Shaqi.
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