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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.

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II

prone to lose sight of perfidy in magnitude and to say, when he hears all the facts: "At least these rascals hunt big game." I wish to say here that such distinction is undeserved. The "System" is omnivorous. Its insatiable maw yawns as greedily for the ten-cent pieces of the people as for the thousands of the larger investor. It is as avid and relentless in devising ant-traps as elephant-snares. There fell into my hands recently certain valuable documents in the meanest of contemporary swindles, which reveal the connection of the National City Bank, certain of its officers and other important financial interests, with a plot to fleece the fag ends of the public. The details of the Munroe & Munroe-Montreal & Boston conspiracy have been widely published, and the world is well acquainted now with the two Munroes, graduates of a "gents' furnishing-goods" shop in Montreal, introduced into high finance in New York, organizing with the assistance of the great Rockefeller-Stillman-Rogers bank a copper corporation with shares at a par value of five dollars. There never was such barefaced exploitation as was used on behalf of this proposition. It was advertised as a bonanza; investors were guaranteed against loss by an assurance that their stock would double and treble in price, and that the company would stand ready at all times to buy back shares at cost. The intention was plainly to entice into the Montreal & Boston people of very limited means, who could ill afford to lose their savings.

The sudden panic, brought about by the warning to the people of the traps that were being set for them, caught napping many of the "System's" votaries, large and small, and before they could get their different devices even-keeled from the shock caused by that single blast of truth, the public got a peep 'tween decks into the machinery. Among those whose port-holes were blown wide open was the Munroe &

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