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nydus/Frenzied Finance, Vol. 1: The Crime of AmalgamatedPublic

This volume compiles a series of articles originally published in Everybody's Magazine concerning the practices of high finance. The author presents a historical account of business dealings spanning twelve years and challenges readers to evaluate the veracity of the events described.

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Table of Contents

CHAPTER IV

cent. going to others. This was no gentleman's "leave-it-to-me-and-I'll-see-you-get-what's-coming-to-you" arrangement either, but a hard, cold, mutually satisfactory and settled-in-advance agreement. But when it came to the final accounting, the "System" had so regulated things that the participants on the various floors, except, of course, Mr. Rogers and William Rockefeller, must each accept without question the share finally handed over to him. Having no means of knowing how large the other interests were, or what the "extraordinary expenses" had been, they were in no position to question the payments made them, which represented sums below what they would have had if the business had been conducted as they thought it had been. When my final account was presented to me I was startled. Notwithstanding the "cleverness" of the "System," the deception was so obvious, so audacious, that the instant Mr. Rogers submitted it to me I exploded and denounced the transaction with such vehemence and conviction that within a few minutes there was forthcoming a second statement, revising the account, by which I was given just double the amount first tendered, and the figures in both accounts ran into millions; yet the amount in the second account upon which I settled was only one-half the share received by my equal partners, Henry H. Rogers and William Rockefeller, as I afterward learned.1

This is a fair statement of my own share in the first Amalgamated transaction. I have no desire to evade the issues suggested and raised by these revelations. My frankness should be absolute proof of that. As I promised, I shall hew to the exact line of fact, letting the chips of responsibility, legal and moral, fall where they may, though many of them stick to my own clothes. My own burden of error I am ready and willing to shoulder, but I decline any longer to take and carry responsibilities which belong absolutely to others. There should be a time-limit on martyrdom, and mine anyhow is up.

FOOTNOTES:

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