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TOPIC: One of the great fleecings in Wall Street history - The Rockefellers and Anaconda pump and dump = The Great Depression

One of the great fleecings in Wall Street history - The Rockefellers and Anaconda pump and dump = The Great Depression 04 Nov 2014 23:59 #1

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In 1928 Ryan and Percy Rockefeller aggressively speculated on Anaconda shares, causing them to go up at first (at which point they sold) and then to go down (at which point they bought them back). Known today as a "pump and dump", at the time it was not illegal, and was actually quite common. The prices, under the pressure of a "joint account" set up by Ryan and Rockefeller of nearly a million and a half shares of Anaconda Copper Company, fluctuated from $40 in December, 1928 to $128 in March 1929.

Smaller investors were completely wiped out. The results are still considered one of the great fleecings in Wall Street history. The American Senate hearings concluded that those operations cost the public, at the very least, $150 million. A 1933 Senate banking committee called these operations the greatest frauds in American banking history and a leading cause of the 1930s depression.



Anaconda Copper Mining Company started in 1881 when Marcus Daly bought a small silver mine called Anaconda near Butte, Montana. (Anaconda would eventually own all the mines on Butte Hill.)[1] He asked George Hearst, father of publishing magnate William Randolph Hearst, for additional support. Hearst agreed to buy one-fourth of the new company's stock without visiting the site. Huge deposits of another mineral, copper, were soon discovered and Daly became a copper magnate. Daly quietly bought up neighboring mines forming a mining company. He then built a smelter at Anaconda which he connected to Butte by a railway.

Butte, a small and poor town, became one of the most prosperous cities in the country, often called "the Richest Hill on Earth." From 1892 through 1903, the Anaconda mine was the largest copper-producing mine in the world.[2] It produced more than $300 billion worth of metal in its lifetime.

The Rothschilds

In 1889 the Rothschilds attempted to control the world copper market. In 1892 the French Rothschilds began negotiations to buy the Anaconda mine. In mid-October 1895 the Rothschilds, French and British, bought one quarter of the stock in Anaconda for 7.5 million dollars. By the late 1890s the Rothschilds probably had control over the sale of about forty percent of the world’s copper production.[citation needed]

The Rockefellers

The Rothschilds' role in Anaconda was brief. In 1899, Daly teamed up with two directors of John D. Rockefeller's Standard Oil to create the giant Amalgamated Copper Mining Company, one of the largest trusts of the early 20th century.

By 1899 Amalgamated Copper acquired majority stock in the Anaconda Copper Company and the Rothschilds appear to have had no further role in the company. Marcus Daly had just become president of the seventy-five million-dollar holding company at his death in 1900.

The leading roles in the takeover were played by Henry Huttleston Rogers (John D. Rockefeller’s friend and a key man in his Standard Oil businesses) and William Rockefeller (John’s brother).They were aided by company promoter Thomas W. Lawson. Although Rogers and William Rockefeller were Standard Oil directors, Standard Oil itself did not take part, nor did its founder and head, John D. Rockefeller, who disliked such stock promotions.[citation needed]

Lawson later had a falling out with Rogers and Rockefeller, and wrote of the experience in a book Frenzied Finance. Although not totally objective (probably due to Lawson's bitterness) it offered insight into aspects of high finance. Publicity from revelations such as these fueled public sentiment for controls which led to U.S. anti-trust laws such as those championed by President Theodore Roosevelt.

I remember the good old days, when 90+ year olds in nursing homes lived forever. Darn this pesky virus.

1365 = 1

1.1365 = 1,283,305,580,313,352
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One of the great fleecings in Wall Street history - The Rockefellers and Anaconda pump and dump = The Great Depression 05 Nov 2014 11:47 #2

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Of course the copper market manipulation was denied.


Denial that Rothschilds or Morgans Are Interested.

MARCUS DALY HEARD FROM He Says He Knows Nothing of a Great Consolidation -- Logical Foundation for the Story.

The $400,000,000 copper consolidation was yesterday the chief topic of discussion in Wall Street. Denials of Rothschild and Morgan interest in the scheme came from London. A special Wall Street dispatch from Chicago was as follows:

You can read the full article from the link.
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