actual cost was called $50,000,000 and was arrived at by adding the $11,000,000 of secret profits to the actual $39,000,000 cost. Then J. P. Morgan & Co., Frederick Olcott, Governor Flower, and one or two of the dearest friends and closest associates, were let in on the $60,000,000 floor—were given an unnamed percentage, the percentage to be arranged by Mr. Rogers, in all profits above actual cost, and such actual cost was called $60,000,000, and was arrived at by adding $21,000,000 of secret profits to the actual $39,000,000 cost. Then selected ones from the eight different groups of "Standard Oil" were allowed to move in to the fifth, or underwriters' floor, which was affirmed to be $70,000,000 cost; and then, as a solid phalanx, all the different floor-dwellers marched upon the dear public to the tune of $75,000,000, in the front ranks of which were those of the eight groups of the Standard Oil army who had not already been admitted to any of the secret floors.
Right here the crime of Amalgamated was born, not so much the legal crime but the great moral crime. In the ethics of Wall Street the heinousness of the transaction lies not in the fact that the public was compelled to pay $36,000,000 profit to a few men who had invested