ntending investors is mention of its $75,000,000
capital, that it has no bonds or mortgage debt, and that it has already
purchased large interests in the Anaconda and other copper properties.
Not a word about indebtedness, equally vital, nor in definition of the
extent of the interests owned. It is quite the briefest, most meagre
notice of subscription ever placed before the public. Indeed, it is
informative and specific only in regard to the officers, who are given
extraordinary prominence. Such announcements are usually signed by the
president and the secretary and treasurer, or else the names of all the
officers and directors are stated, so it is obvious here that the
prominent insertion of the vice-president's name is for a purpose. And
all Wall Street as well as the general public gathered that "Standard
Oil" was so sure of this enterprise that its principal men were anxious
to be known as being behind it.

The offer of the National City Bank begins with a reference to "the
foregoing statement," as though that really showed the purpose of the
sale of stock--leaving the inference that the beneficiary was the
Amalgamated Company. Other details--the designation of conditions of
subscription, terms, etc., follow the ordinary form. In the matter of
oversubscription the offer diverges vitally. Usually it is prescribed
that "in case of oversubscription stock will be allotted pro rata and
the right is reserved to reject any subscription in whole _or in part_."
In preparing the advertisement I purposely left out the "or in part,"
thereby making it impossible to reject any part of any subscription--in
other words, rejection had to be without compromise, so that every
subscriber whose subscription was not wholly rejected would stand on
equal terms with every other subscriber, as he would receive his exact
proportion.

The terms of these advertisements prescribed the conditions under which
subscriptions for the stock of the Amalgamated Copper Company must be
made to the National City Bank, and bound the bank to accept
subscriptions presented in compliance therewith. In fact they
constituted a legal contract binding the National City Bank, an
institution doing business under the national banking laws of the United
States, to allot to every subscriber whose subscription was not rejected
in full, his proportionate part of the entire 750,000 shares of the
capital stock of the corporation, his proportionate part being the ratio
h