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nydus/Frenzied Finance, Vol. 1: The Crime of AmalgamatedPublic

This volume compiles a series of articles originally published in Everybody's Magazine concerning the practices of high finance. The author presents a historical account of business dealings spanning twelve years and challenges readers to evaluate the veracity of the events described.

Page 169 of 731
Table of Contents

CHAPTER XIX

Henry M. Whitney, who had built up Boston's electric street-railway system, and who, from his frequent dealings with the Massachusetts Legislature in obtaining franchises, had the reputation of carrying that body in his waistcoat-pocket, came before this Legislature with a proposition for a charter for a new and independent gas company. Up to this time Whitney had had no relation with the gas public. He based his new departure on the claim that he had come into possession of a patented device through which it became possible to turn the low-grade sulphuric coal of Nova Scotia into coke without sacrificing either the valuable by-products, such as ammonia, tar, etc., or illuminating gas. This was a very remarkable pretension, for we had long ago eliminated these low-grade coals from consideration as material for gas-making; but if Whitney's device actually was what he claimed, undoubtedly he would be a dangerous competitor. Whitney's petition set forth further, that because of the exceedingly low price of this Province coal and its richness in by-products he could afford to sell gas to consumers at 50 cents

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