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Updated: May 3, 2025
He had set out to monopolise the coastwise steamship trade of the country, and had bought line after line of vessels by this same device of "pyramiding"; and now, finding that he needed still more money to buy out his rivals, he had purchased or started a dozen or so of trust companies and banks. "Anyone ought to realise that such things cannot go on indefinitely," said the General.
It was poor business, playing for millions, to spend time building fires and boiling water. Dawson grew rapidly that winter of 1896. Money poured in on Daylight from the sale of town lots. He promptly invested it where it would gather more. In fact, he played the dangerous game of pyramiding, and no more perilous pyramiding than in a placer camp could be imagined.
Here in New York they have been pyramiding stocks, borrowing money from two trust companies which they control. It's a lovely scheme you've read about it, I suppose. Also you've read that it comes into competition with a certain group of capitalists whom we will call 'the System. "Well, this depression in the market comes along.
When the period of post-wartime inflation came upon this country specialized thievery marched abreast with legitimate enterprise; with it as with the other, rewards became tremendously larger; small turnovers were regarded as puny and contemptible, and operators thought in terms of pyramiding thousands of dollars where before they had been glad to strive for speculative returns of hundreds.
We found that the anatomy of Big Business was strikingly like that of Tammany Hall: the same pyramiding of influence, the same tendency of power to center on individuals who did not necessarily sit in the official seats, the same effort of human organization to grow independently of legal arrangements.
There is scarcely a railroad in the United States that has not been through one or more receiverships, due to the fact that the financial interests piled on load after load of securities until the structures grew topheavy and fell over. Then they got in on the receiverships, made money at the expense of gullible security holders, and started the same old pyramiding game all over again.
Thousands upon thousands the cones bristled, pyramiding to the base of one tremendous spire that tapered up almost to the top of the shaft itself. In their grouping the mind caught infinite calculations carried into infinity; an apotheosis of geometry compassing the rhythms of unknown spatial dimensions; concentration of the equations of the star hordes. The mathematics of the Cosmos.
Of course, I knew the market would break next morning and I closed out the deal for a 15-point gain." "Fairly clever manipulation," comments Old Hickory. "Then you cleared about " "Fifteen hundred," says Vincent. "I could have made more by pyramiding, but I thought it best to pull out while I was sure." "What every plunger knows but forgets," says Old Hickory.
The stock was above 66; at which price, owing to the device of "pyramiding." Montague was on "velvet," to use the picturesque phrase of the Street. His earnings amounted to sixty thousand dollars, and even if the stock were to fall and he were to be sold out, he would lose nothing. He wished to sell and realize his profits; but his brother gripped him fast by the arm. "No! no!" he said.
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