The Cairo bulletin., 1904-08-22
FRENZIED FINANCE.

| in Everyb0dys magazine TOT SepteH-
Der, another nstalment OF his story
about the Standard Oil company, the
Amalgamated Copper company ana
Frenzied Finance.
Among many interesting passages
appear the following.
when | consented to allow proper
ty which had cost only sS9,000,000 to
be- sold TO the public for s75,000,000
| did so under pressure which 1t was
practically impossible for me to with
stand. If broke with Standard Oil,
it meant not only my own ruin flnan-
cially, for Mr. Rogers and William
Rockefeller could have called my loans
and wiped me out completely. but al
so that of my friends and allies, VINO
under my direction, had invested their
own millions in the properties con
cerned On the other hand, had the
most earnest assurances from Mr.
Rogers and William Rockefeller that
the new properties were worth much
more than the s75.000,000 at which II
was proposed to capitalize them. They
even consented to have the estimates
of the values of the Anaconda nine,
the property concerned. verified by
outside experts in whom | had implic-
1t confidence.
after this personal examination
felt convinced that the properties
were such that the public. II honestly
dealt with, could not possibly NEE;
with loss in purchasing. But even
then only consented to go ahead
with the fiotation under a distinct
agreement which seemed to me com
pletely to guard against all contingen-
cies Of jugglery or deception.
MY own experience with the 'sys
..em' in connection with the first Anal
gamated deal was different in degree
but not in principle from that OF
others who were duped ana il must
be remembered that | was better
equipped to protect my interests than
any of them. knew that the actual
cost of the properties comprising the
4 first Amalgamated was $3Q,90000o
4 and when sold to the public at S75,-
600 900 there must be profit OF $780,
900 900. had every right to think
knew all the other details connected
with the transaction, for as organizer
and executant of the deal my share
In the profits was to be equal TO that
| of Henry H. Rogers and William
Rockefeller respectively. We were
each to have twenty-five per cent. the
remaining twenty-five per cent. go
ingaae4 OTHERS But when my final ac-
count was presented to me | was
startled. Notwithstanding the clever
i ness of the system. the deception was
sd obvious. so audacious, that the in
slant Mr.. Rogers submitted it to me
III exploded and denounced the transac
ton with such vehemence and CON
vietion that within five minutes there
was forthcoming second statement
revising the account. by which was
given Just double the amount first
tendered, and the figures in both ac-
counts ran into millions; yet the
amount In the second account was on.
ly one-half the share received by my
equal partners, Henry H. Rogers and
William Rockefeller, as | Afterwards
learned"
During the past thirty years the
American people have become so used
to enormous figures in connection
with corporations and trusts that they
J have not stopped 10 discriminate be-
tween the different classes of fortunes
! nor to figure out that fortunes of Ger.
tain kinds are absolute self-evidence
thai they were acquired by illegal
, methods. and II allowed 10 multiply
/. their kind. the people will surely be
/ enslaved and the Republic destroyed.
For instance, there are in New York
City alone hundreds Of national and
. savings banks and Insurance and trust
q companies which control money
, enough to make them practically ON
nipotent in whatever direction theii
controllers exert their power. ! viii
name but seven TO show what enoT
: nous amounts their managers contro
: for h must be borne in mind that thel
: are all linked together by the system
as firmly and surely as any humai
things can be linked. The Equitable
Mutual and New York Life Insurane
companies have a combined capital 0
!, 81 .20Q.QO 600 assets. yearly incom
"a of $40 .00O.00 and s4.500.000 600 OF i
=. surance in force: the National Cit
d Bank. United States Trust, Mercai
tile Trust and Union Trust Compaf
les ssttl1,0oo capital and si5.eOo.oo
slrpiiis. and they have the vast SUI
er Of s45O.OOO.OO0 of the peoples none
az IN iuzgle with"