The Goodland republic., 1905-05-26
HE EXPOSES THE GRIN"
THOMAS ". LAWSON UNCoVERS
OPERATIONS OF SYSTEM
Declares ROckefeHers, Rogers and
Stllman FIeeced Stockholders
Of AmaIgaEated Out OF
Millions OF Dollars.


first time in June EverybOdy's Ma
gazine, which was published May 20.
the circumstances surrounding the
crime Of amaIgamated, which he
has promised to make public for
more than a year In remark
able arraignment he tells how, at the
organization Of the AmaIgamated
Rogers and StiIlman triumvirate
heeced stockholders out Of many mil
lions Of dollars by deliberately hold
ing out" two-thirds Of the stock
which belonged to them Says Mt.
LAWSON
The public, and even the shreWd-
est Of Wall streeters. have always
been led to believe that the original
subscription for stock was 375 mill
lion As a matter Of fact. the actual
amount was only S132, ,O67,5OO. The
difference in the two sums was made
up BY bogus subscription by those
on the inside who usurped the stock
when they learned it was more val
liable than at first announced"
William G. ROcksfeE@r, NEPHEW or
John D Rockefeller, who was secre-
tary OF the Amalgamated Copper
company when the organization was
effected, admitted recently that there
had been an apitalizatiOu, but
he curtly branded Mr. LawsOn's
charges that insiders used fraud to
secure the majority. OF shares" as
lies
In his advance sheets to the editors
throughout the country today. Mr.
Lawson says that by reason Of his
attack on Standard oil and AmaIg-
amated Copper he is a million dol
lars poorer than he was a year ago.
Il have worked like a log n stage
cooeh dog. 1 have spent money like
water I am million dollars poorer
and rust with Gods help I viii be
able to spend a milli )n more before
ny remedy Eas taken awayllcCally.
mind you, and fairly, mark you
from the stolen billions and returned
them to the men from whom they
have been plundered.'
Speaking briefly. the great crime
Of Amalgamated," as defined by Mr..
Lawson, is as follows:
"On May -, 1899, the National
City bank receied bids on the three
fourth million shares Of Amalgamat-
ed Copper company stock, The terms
Of the advertisements Of the Anal
amated company prescribes the con-
ditions under which subscriptions
must be made. In fact these ad-
vertisements constituted a legal con-
tract binding the National City bank,
an institution under the national
banking laws Of the United States, to
allot to every subscriber whose sub
scriptiOn was not rejected in full, his
pEOpOrtiOnatep part Of the entire three
fourth million shares Of the capital
stock Of the corporation, his proper
tiOnate share being the ratio his sub
scription bore to the entire subscrip-
ton received at the National City
bank before12 o'clock noon ofThurs-
day, May 4, 1890.
1.-THE actual amount Of the sub
scriptions received was S132, ,O67, 500
and the amount Of the 5 per cent
certified checks was only $6,6O3,375,
or IS per share on a total Of 1890
SIS shares. The advertisements is
sued by the corporation promised
that the entire allotment should go
to the public. On receipt Of official
notification by the Nationl City bank
that he had been allotted 20 per cent
Of his subscription, or on share in
every i've subscriptions, or one share
In every FIVE subscribed for, he sub
seriber had q right to think that
the total subscription Of stock had
been five times rs million dollars, or
375 million dollars.
ITO bring about the proportion
which Mr.. Rogers wanted a bogus
subscription Of five or six times the
allotted balance was put in by him
and this is where the fraud was COM
mitted-- The National City bank was
in duty bound to protect the public
from any such bogus subscription
and to see that fair treatment was
accorded to all subscribers Yet, un-
faithful to the trust, it permitted this
bogus subscription to be put in eleven
hours after the bids had been open
ed.
"It utterly failed to comply with
the conditions OF its advertisement
and vas thus a direct party to the
fraud perpetrated by its president and
Mr.. Rogers. The exact amount Of the
bogus subscriptions could not be de-
cided on until the exact figures Of
the subscriptions had been compiled.
50 the figures gave out that night
were only estimates Within the
next few days it was ascertained that
the genuine subscriptions totaIed $Is.-
0s7,500, upon which an allotment Of
one share in I'VE OF SIS, 500 OF
stock altogether. was made to the
public.
In this way the cOnspirators Sc
cured from the public $2s,413, 500 Of
the original cost. SO million dollars.
and yet retained over 4sK million
dollars OF the authorized stock OF
IS million dollars In other words,
the public paid tVo-thirds OF the pur-
chase price and the conspirators re-
tained nearly two-thirds OF the pro
perry
G. A r. ENCASTPaIENT
Meets This Week at ParsOns-COm-