w
being brought or are pending.

[4] As a matter of fact, the people lost even more than thirty-six millions
of dollars on this part of the Amalgamated transaction, because "Standard
Oil" did not sell all the 750,000 shares at $100 per share ($75,000,000) at
that time. They retained two-thirds of them, which at a later date they fed
out to the public at $115 per share, and at a still later date they took
them back at $33 per share.

CHAPTER VII

JUGGLING WITH MILLIONS OF THE PEOPLE'S MONEY

For the purposes of the transaction I have just described the machinery
of a great bank or trust company was essential. The vast profit gained
here was absolutely "made" through the instrumentality of the National
City Bank of New York, but some other tractable institution would have
been equally efficient. In order that my readers may focus such great
financial concerns as this National City Bank, I give right here brief
resumes of its career and resources and of those of two of its
affiliated institutions:

NATIONAL CITY BANK New York City

JAMES STILLMAN, _President_.

The "City Bank" was chartered by the New York Legislature in
1812, and reorganized as a National Bank July 17, 1865. The
capital paid in was $1,000,000. Moses Taylor held the office
of president for thirty-four years, and died in 1892, when
Percy R. Pyne, son-in-law of Moses Taylor, was elected
president and held office until the election of James
Stillman, of Woodward & Stillman, cotton merchants, when the
capital stock of the bank was increased to $10,000,000, and
again increased to $25,000,000. The sworn report of the
officers and directors filed with the Controller of the
Currency shows that the condition of the bank, January,
1904, was:

RESOURCES

Loans and discounts $114,507,919.20
Overdrafts secured and unsecured 162.90
United States bonds to secure circulation 3,220,000.00
United States bonds to secure United States deposits 12,937,000.00
United States bonds on hand 60,120.00
United States bond account 4,450,000.00
Premiums on United States bonds 1,354,013.00
Stocks, securities, etc. 16,709,241.62
Banking-hous