New-York tribune., 1904-08-20
"PRESSURE" ON LAWSON.
Il NEW COPPER CHAPTER.
Why He Exploited Amalgamated-
National City Banks Part.

Another instalment of Thomas W. Lawsons
Story of Amagamated" is carried In the SepteH-
Der number of "Everybodys Magazine" In TINS
article Mr.. Lawson offers an explanation ana ce-
fence of his connection with the hotation or the
Amalgamated Copper Company. and describes IN
much detail the part played by the National City
Bank in that operation The article is In part as
follows:
When l consented allow property which had
cost only S39.0O0U0 to be sold 10 the public for
practically impossible for me to withstand ! do
not think use too strong word waen nrts,nr say tS
the world the great merits of "COppers. and f9r
were given an opportunity to participate in the
consolidated 'Coppers it would be upon a paSaS i
Guided in the first section would surely be be worth Worth
m ss than 6e rS Te 5 ss 9 all the tnfy pWr capital and
ability Of the standard Gi' were behind the prom
dard 0i' was close Nor had aught occurred to
pose SsP TsBcn r 81 ogers e Suddenly noted me
of his purchase Of the Daly-iaggin-Ieyls proper
In support of this extraordinary change of plan.
Mr. Rogers urged the secret wealth of Anaconda
and the great value of the other properties which
myself had helped purchase but bitterly opposed
the proposition until there was nothing before
but TO accept the change or break with stand
ard Oil" The latter course meant that must an
nonnce to the pubIc that they We're IN danger I no, 0J
and assurances Of STANDARD on II / took this
for MI Rogers and william Rockefeller could have
eaeG my d Gns ms 9nG WeG end me ss Gut bo nds @
direction, had invested their own millions in the
most earnest from Mr. Rogers and
Wam moro a S = haS 3 ss @ @ T a Dso
posed 10 capitalize them. They not only gave me
legitimate possibilities of Anaconda but consented
TO have them verified by outside experts in whom
amnation more than bore out DAYS appraisal
that the @ sadnrd @ INSISTED ff on sGS
stituting for those originally intended for the hrst
lie II honestly dealt with. could not possibly meet
with loss in purchasing, But even then only con
tinet agreement which seemed to me completely
deception The agreement Stipulated that ali the
profits which came from the transaction would be
of the Amalgamated company. and no part Of them
IN cash-that the public would be sold only G0oO00
all associated with Standard or in the
PROF profits would retain the remaining so 200 oo9 until
10 the public that the property behind the $75000'Q
been capitalized for, Furthermore. was also
investors would be kept intact. and under the con
unuation Of my handling Of the market would Al
IL 49, o. WhaI E ilH ugSh soIa 10 Them AT the price
.-. knew that the actual Of the properties
comprising the First AmalEamated was S29ooO oco
and that when sold to the public at $75o1oo0 there
must he q profit of &3600jeO As organizer and
eNecutant cf the deal my share In the profits was
lam Rockcfeilcr respeetvely We were ere, each
20 have . per cent the remaining = per
was presented to mo was startled. Notwithstand-
ing the 'cleNerneSS' OF 'Th" system, the decep-
tion was so obvious, so audacous that the Instant
Mr Rogers submitted Il To me exploded and de-
nounced the transaction with such vehemence and
conviction that within few minutes there
forthcoming second statement. revising tho ac-
count. hv which was given just double the amount
first rendered. and the figures IN both accounts
into millions. yet the amount IN the second
count was only one-half the share received hv
equal partners Henry II Rogers and William
Rockefeller. as l afterward learned
After describing the banking connections %
Standard or and detailing the part played by
the National city Bank In the Amalgamatej Cop
per matter. Nj. Lawson refers TO SCORES and
scores Of banks and insurance companies which
absolutely steered In their operations by
the National City Bank OF NewYork as the M
tiona City Bank OF New-York IL absolutely 'stecrcd
by It's president James Suman. James
Stillman IS absolutely 'steered BY Standard on
the Private Thing Standard on the PrI-
vate Thing. IS absolutely 'steered by It's supreme
heads. Henry II. Rogers. William Rockefeller
and John d. Rockefeller
Further he says:
Fourteen years ago the National city Bank
passed out OF the legitimate management OF old
fashioned business OF the Moses Taylor stamp
Thing Then its capital was }lGo.cU; IL is to-day
$25 Opl 600 and after having paid out millions IN
dividends and other profits. II has. in addition. a
surplus OF Sl6 eO0 00 and II has the absolute power
TO iugele with n total of S235 V0c1o 10 say nothing
OF scores OF hundreds OF millions more through
its affiliated institutions. And all this Juggling Is
the Amalgamated deal loaning In one transaction
an amount so great that. II IL had been lost the
banks entire capital would have been more than
completely wiped out.
FALL RIVER FORFEIT PROVIDED.