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 purchase or pay the price demanded. There was a conference, at which I denounced the "hold-up" in strenuous terms; but the son-in-law proved equal to the emergency and stood by his guns, though some of the old gentlemen declared his exaction was unwarrantable. In the discussion there developed a queer fact--the son-in-law told us that the property was a good deal richer than any one thought: he had discovered that a certain section of rich ore in which there were several millions of dollars had been walled up by some designing person for his own purpose and the mine was easily worth $40 per share. I had heard stories of this kind before and frankly professed incredulity. The son-in-law agreed to reveal the ore to any one we might send to the mine, and so one of our most trusted engineers was despatched with him to Butte on the