[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 résumés 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: