is subscription bore to the entire subscription received at the
National City Bank before twelve noon of Thursday, May 4, 1899. On
receipt of official notification from the National City Bank that he had
been allotted twenty per cent. of his subscription, or one share in
every five subscribed for, the subscriber had a right to think he knew
that the total subscription to the stock had been five times
$75,000,000--$375,000,000--or five times 750,000 shares--3,750,000
shares; and that before noon, May 4th, the National City Bank had in
hand certified checks to the amount of $18,750,000. The public,
including the shrewdest Wall Streeters, has, since the subscription
closed, believed that the subscription totalled the figures given above.
Indeed no one has ever suspected anything to the contrary, because it
was clear that if the allotment was conducted under conditions other
than those contracted for in the advertisement, the National City Bank
had laid itself open to a charge of fraud and was liable to each
subscriber for the proportion of shares of which he had been deprived.

_The actual amount of the subscriptions received on or before noon, May
4, 1899, at the National City Bank was but $132,067,500, and the amount
of the five per cent. certified checks received in the institution up to
noon was only $6,603,375, or $5 per share on a total of 1,320,675
shares._

The meaning of this is that every legitimate subscriber--and I except
the millions of subscriptions which the bank decided were illegitimate
and rejected, as they had a perfect right to do under their contract
with the public--was defrauded of two shares of each three to which he
was entitled. Before me as I write is the original allotment of the
National City Bank to the subscribers, which I propose to print in my
second volume as part of this indictment, showing that the figures are
exactly as I have stated.

From the beginning of my narrative I have claimed that the frauds
committed in connection with Amalgamated could be completely
demonstrated from records outside any evidence of mine. The list of
subscribers and the most cursory examination by the Government national
bank authorities at Washington will furnish all the proof necessary to
substantiate the accuracy of my statement here. At this juncture I shall
not attempt to sum up the bearing or the consequences of this illegal
and dishonest act, but it was one of the main cogs in bringing about the
disa