new plans, the remoulding of the public and the
purchase of the Parrott mine.

Parrott was an active mine earning a large revenue and with something
over 200,000 shares of capital stock. For the purpose of Mr. Rogers'
plan its inclusion was essential, for it was well known and helped cover
up the inflation in his consolidation.

Possession of 100,000 shares would give control, and the public would
imagine when the announcement of its purchase was made that this meant
ownership of most of the entire capital stock. Indeed, it afterward
developed that this was one of the conditions Mr. Rogers and William
Rockefeller relied on to deceive investors, for it was a natural
assumption that nearly all of Anaconda and Parrott were included in the
consolidation, and in estimating the value of the properties the public
would multiply the market prices of their shares by the total capital
stock and assume the result represented the assets of the amalgamation.
For instance, the valuation of 1,200,000 shares of Anaconda at $70, and
200,000 shares of Parrott at $68--the prices at the time Amalgamated was
floated--would represent respectively $84,000,000 and $13,600,000;
whereas the company owned only 602,000 shares of Anaconda and a few
shares over 100,000 of Parrott, selling for in all about $48,600,000.

The control of Parrott was in the hands of certain wealthy Connecticut
brass manufacturers, and, just previous to my receiving orders from Mr.
Rogers to acquire the property, they were so anxious to sell this mine
that they had given my brokers, Brown, Riley & Co., of Boston, an option
on a majority of their shares at $10 per share, agreeing to pay a large
commission should a good customer be secured. Before I could clinch at
this figure they took advantage of the excitement in "Coppers" to bid up
the stock, so that when I began operations Parrott was in the market at
$15, and I offered $20 for the majority of the shares. An intimation of
our purpose must have leaked, for other shrewd owners, also Connecticut
men, bid the price up still higher until I was forced to raise my limit
to $30 per share--quite an advance on $10. On that figure we all agreed
and the papers were prepared, but at the last moment a young man "butted
in"--I think he was the son-in-law of one of the owners, who turned up
with an option, and declared he could get $40 per share for the
property. We were trapped, for the alternative presented was to forego
the pur