otaries had enormous quantities of
stocks--millions upon millions of shares, bought when the people during
the past two years were compelled to throw them overboard at slaughter
prices. By employing one of the oldest swindling devices known to
finance,[21] they could bid prices to any figure they desired. Honest
financial writers called attention each week to the tactics of the
manipulators and declared the high quotations unjustifiable and
unreasonable.

At the stage of the game that I felt sure immediately preceded the
unloading signal, I determined to test whether the people had really
digested as well as absorbed the cold facts I had been ladling out to
them in my story of "Frenzied Finance"--whether they had grown wise
enough to heed a warning. So on Monday, December 5th, I carefully
prepared the following advertisement, which was published Tuesday
morning in the great papers of the great cities of this country and
later in Europe.

AMALGAMATED STOCKHOLDERS--WARNING

From the creation of Amalgamated I have continuously
believed in its worth and constantly advocated the purchase
of its stock.

Henry H. Rogers personally negotiated with Marcus Daly for
the properties which went to make up the Amalgamated
Company.

Henry H. Rogers alone knew absolutely their values.

Henry H. Rogers's associates took his word for them.

While they cost Messrs. Rogers, Rockefeller, and associates
only $39,000,000, we all believed they were worth more than
the $75,000,000 at which they were sold to the public.

Shortly after the public flotation at $100 per share, the
stock dropped to 75. I did all in my power to prevent the
decline, losing millions in the effort, but I retained my
faith in the real worth of the property.

Some of the insiders made millions; the public was fleeced
of millions.

I still refused to be discouraged. I urged Messrs. Rogers
and Rockefeller to make good their promises made through me
to the public. Finally they consented. The stock advanced
until it sold at 130.

At the highest price I was still buying and advising its
purchase. Then there came the awful slump which slid the
stock down to 33. I lost enormously; insiders made vast
profits. The public was again fleeced.

At 33 I began a new campaign to induce my followers and the
public to buy. As a result