this move puzzled me. However, I
sold, and at the very top. We had now "out" 150,000 shares of Utah, had
sold that number "short," in fact. Clark, Ward & Co. were bound to
deliver us 100,000 shares when we called for them. These 100,000 shares
had been contributed by the large stockholders to Clark, Ward & Co. at
the price we had agreed to pay. Assuming that "Standard Oil" control of
Utah would immensely enhance its value, the stockholders naturally
desired to replace the holdings of stock they had contributed, and
instructed Clark, Ward & Co. and other brokers to buy them back in the
market. So Clark, Ward & Co. were carrying all one end and much of the
other end of the deal, paying for the actual stock which our option
called for as it came in, and carrying their customers for the new stock
purchased for them at vastly higher prices. _But_, as we had not taken
up our option and paid Clark, Ward & Co. for our stock, the money
necessary to finance the whole transaction had to be borrowed from the
banks. It is evident that, at this phase of the game, Clark, Ward & Co.
must have been, as the phrase goes, "extended."

While the operation had been in process, during the life of the option
in fact, money at the "banks" became as "easy" as an old haircloth
rocker for whoever desired to borrow on Utah Copper collateral. The fact
was much commented on at the time by the "Street," and Clark, Ward & Co.
often gratefully remarked to their customers: "After all, 'Standard Oil'
is good to its associates."

The day before the option matured, Mr. Rogers briefly said to me:
"Lawson, I've been thinking that Utah matter over and have made up my
mind that it is not safe to go ahead unless we have the actual control
of the company, 151,000 shares. Tell them so, and that we must have
51,000 shares in addition to our 100,000."

At last his game was plain to me. I gasped as I took in all the features
of the new plan. "They'll never stand for it," I cried.

"They won't, eh?" he said. "You look it over more carefully and I think
you will agree they _must_ stand it even if I make it another 100,000.
This is the situation: They are sure we are going to take and pay for
100,000 shares, and in anticipation have borrowed millions on call at
the banks. For fear they may not see all the nice points of their
position you can show them that if they refuse, the banks as well as
every one else will know that we not only are not going into Utah as
inve