in 10 days after date of notice of allotment.

Temporary negotiable receipts on payment of sums due on
allotment will be issued exchangeable for certificates of
stock, as soon as same can be engraved.

In case of oversubscription, allotment will be made pro
rata. The right is reserved, however, to reject any
subscription.

NEW YORK, April 28, 1899.
NATIONAL CITY BANK OF NEW YORK,
JAMES STILLMAN, President.
=52 WALL STREET, NEW YORK.=]

"I mean that we will waste no more words on this matter. The
advertisements you can convince me are right you may have inserted in
the papers, and no one will say a word publicly or otherwise. Neither
William Rockefeller, his son, Stillman, the Bank nor any officer or
director of the Amalgamated Company will talk until after the
subscriptions have been closed and the allotments made; not one word
but what you say or print will be uttered. Can you ask anything more
than that?"

"Not a thing more."

I then laid out the rough copies of what afterward appeared in the
papers throughout the country (reproduced on pages 336 and 338).

CHAPTER XXIII

THE FIRST CRIME OF AMALGAMATED

That those of my readers who are not versed in stock affairs may
appreciate the unusual character of these announcements, it is proper
for me to explain their divergence from the form of the average
financial advertisement. It is the invariable custom in all stock
subscriptions for the corporation which is being offered for sale, or
the bank or bankers assuming responsibility for the proposition, to set
forth at length the facts essential to a proper understanding of the
enterprise: if a new corporation, its reason for existence and the
security offered; if old, its history and the immediate purposes for
which additional funds are asked. It is the same in finance as in
ordinary business. If you are offering for sale goods which cannot speak
for themselves, it is necessary that some one talk for them so those who
purchase may know what they are receiving for their money. Under normal
circumstances the initial advertisement of the Amalgamated Company would
have stated the amount of its capital, its organization, and that the
proceeds of the $75,000,000 of stock offered for sale were to go into
its treasury to purchase designated properties. It will be seen from the
Amalgamated's advertisement reproduced herewith, that all the
information vouchsafed i