For two and a half miles of railroad on Thirty-fourth Street, which represented a cash expenditure of perhaps $100,000, they received $2,000,000 of Metropolitan stock.

But it is hardly necessary to catalogue more instances; the plan of operations must now be fairly evident.

It was for the members of the syndicate, as individuals, to collect all the properties and new franchises that were available and to transfer them to the Metropolitan at enormously inflated values.

So far, all these deals were purely stock transactions--no cash had yet changed hands.
When the amalgamation was complete, the insiders found themselves in possession of large amounts of Metropolitan stock.

Their scheme for transforming this paper into more tangible property forms the concluding chapter of this Metropolitan story.