So I explained to Mr. Rogers that as soon as our copper deal had progressed to a point where there was absolutely no risk, and a large gain was assured, I would make a bargain with Bay State whereby for a part of the profits I would pilot the investment of the company's cash in Butte & Boston. This proposition he considered fair, and he agreed that neither he nor Mr. Rockefeller would consider themselves "in" on that bargain, save as indirectly profiting by it through the successful winding up of their Boston gas investments.
It is impossible for any great move to be begun in the stock-market without some suggestion getting into the air which notifies "the Street"1 that "something is up." Not long after my alliance with Rogers had been formally arranged, the atmosphere of State Street grew thick with rumors about "Coppers." Some of these announced that I had hitched up with "Standard Oil"; others denied it; between them all a movement was created, and the leading stocks became very active and increased rapidly in price.
We had agreed that the first companies to go into our consolidation should be Butte & Boston, Boston & Montana, Calumet & Hecla, Osceola, Quincy, Tamarack, and any other of the long-established properties of which we could get hold. It would be difficult, we knew, to purchase the control of the Calumet & Hecla, for its owners thought too highly of their investment to part with it, but it was safe to buy whatever was offered, and if we accumulated less than a majority of the shares we could easily resell at a large profit. I began my operation with Boston & Montana stock, buying cautiously and obtaining it at fair prices, and this transaction, though conducted quietly, added fresh fuel to the rumor blaze. Finally Boston became so excited over the situation that I came out with a public statement in which I frankly showed what I was trying to do. In all such affairs, however, the explanations of any man known in his business as a stock speculator or manipulator are never accepted as true. It is assumed that such announcements are merely blinds to disguise his