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HG 181.K6°4™" """"''"'"■"''"'>' 
Dynastic America, and those who own it, by 

3 1924 011 445 11R 

The original of tliis book is in 
tine Cornell University Library. 

There are no known copyright restrictions in 
the United States on the use of the text. 92401 1 4451 1 5 

Dynastic America 


Those Who Own It 



First Deputy Commissioner of Accounts 
of the City of New York 


"Bankrupting a Great City" 
"Standard Oil or the People" 

Published by 


158 East 93rd Street 

New York 

Copyright 1921, by Henry H. Klein 

Entered at Stationers' Hall, London, England, 1921, by Henry H. Klein. 

All rights reserved including translation into foreign languages, including the 

^-f. fs^^ y <f 

This book is dedicated to those who 
believe in Constitutional Govern- 
ment of, by, and for the people. 

The Federal Constitution is intended to preserve 
free institutions in the United States. It was 
amended for Prohibition and Woman Suffrage. 
Why not amend it to limit excessive private for- 

The Sherman anti-trust law has failed to check 
extortion by private monopoly. Why not check the 
greed of those who control private monopoly? 


DURING the past quarter of a century, in fact since the Civil 
War, a power has grown up in this country that is greater 
than the government. It is the power that Abraham 
Lincoln warned against and that Theodore Roosevelt called the 
"Invisible Government." It is the power of Great Wealth, lodged 
in the hands of the Few, wielded for their benefit and against the 
interest of all the people. 

Here for the first time is told who constitute that Great Power. 
Here is shown who these individuals are and of what their wealth 
consists. Here are shown the details of their possessions and the fact 
that excessive private fortunes are in the hands of second, third, fourth 
and fifth generations, who exerted little or no effort to obtain them. 

The power of the government, that is, of all the people collec- 
tively, should be greater than that of any individual or set of men, 
and the only way such restoration can be accomplished is by curtailing 
the wealth-power of the Few. In this book, I propose that private 
fortunes be limited, so that the surplus or excess over a certain amount, 
goes to the government. In this way, the government becomes the 
principal stockholder and bondholder in all monopoly and draws the 
bulk of revenue therefrom; the cost of government is defrayed out 
of income on public property, the cost of living reduced, the wages 
of employees increased, and the interests of small stockholders and 
bondholders benefited. Taxation in time disappears and govern- 
ment and business become simplified. 

Such is the remedy which I propose as an offset to the bolshevism 
and anarchy which threaten. The facts contained in this book should 
move all right-thinking persons in the same direction. My idea is 
that the constitution of the United States should be amended to 
limit excessive private fortunes. All things in life are limited — even 
the power of the President Why not restrict the Greed of men 
and stimulate worthy ambition? 

In my book, "Standard Oil or The People?", published in 1914, 
I proposed a limitation on private fortunes. I again urged it in my 
book, "Bankrupting a Great City," the story of New York, pub- 
lished in 1915. I repeat the suggestion now and this book is written 
to prove that wealth is concentrated in the hands of the Few, and 
that private fortunes should be limited. It is the hope of the author 
that this result will be accomplished. 


August, 1921. ' 

Summary of Headings 


Dynastic Rulers in America 11 

Excessive Private Fortunes That Have Been Inhwited During 

the Present Generation (Names and Amounts) 18 

Detailed Schedule of Estates 24 

(See Alphabetical Index, page 173) 

The Largest Estates Are From Standard Oil 62 

Estates of John D. and William Rockefeller Are Yet to be 

Inherited 69 

How Standard Oil Wealth Grows 72 

How the Industries Are Controlled 74 

Steel 74 

Copper 76 

Oil 80 

Beef 81 

Railroads 83 

Coal 90 

Tobacco 93 

Telephone and Telegraph 95 

Timber 95 

Sugar 97 

Rubber 98 

Sewing Machines 98 

Farm Implements 99 

Motors 99 

Electric 100 

Milk and Farm Products 101 

Gunpowder and Firearms 101 

Local Public Utilities Are Controlled by the Few 103 

How the Banks Are Controlled 105 

American Corporations Engaged in Vast World Trade 109 

Standard Oil 109 

Beef Trust 112 

Harvester Trust 112 

Tobacco Trust IW 

American International 114 

Other Foreign Business 115 



American Foreign Banking Interests 117 

Public Utilities in New York City Are Controlled by the Few. . 121 

Excessive Private Real Estate Holdings in New York City. . . . 123 

The Politics of the Country Is Controlled by Those of Excessive 

Fortune 124 

What Is Rockefeller Worth and of What Does His Wealth 

Consist? 130 

Holdings of Rockefeller Foundation and General Education 
Board Indicate Character of Mr. Rockefeller's Wealth, 
But Not the Amount 134 

John D. Rockefeller's Chief Financial Agents 139 

What Have the Foundations Accomplished? 143 

Rockefeller Foundation 143 

General Education Board 147 

Laura Spelman Rockefeller Memorial 150 

Carnegie Corporation 151 

Estimated Wealth of Richest Families 155 

Those Who Oppose Excessive Private Fortunes 158 

Why Private Fortunes Should Be Limited 164 

Alphabetical Index of Estates 173 

This book proves that wealth is concentrated. 
History records that the decline of civilization in a 
nation begins with wealth concentration. 

Excessive private fortunes are in the hands of 
third, fourth and fifth generations, who exerted little 
or no effort to obtain them. Why not limit what 
these individuals can have, and stimulate worthy 

The late Colonel Theodore Roosevelt said, in 

"I feel that we shall ultimately have to consider 
the adoption of some such scheme as that of a pro- 
gressive tax on fortunes beyond a certain amount, 
either given in life or devised or bequeathed , beyond 

The late William K. Vanderbilt said, in 1905: 
"Inherited wealth is a big handicap to happiness. 

It is as certain death to ambition as cocaine is to> 



DYNASTIC EUROPE is dead, but the dynasties in America 
flourish. There are more dynasties in the United States than 
ever existed in the old world; and their wealth-power is 
greater than all the King-power combined. Theirs is the power of 
life and death over the whole human race. 

There is the Dynasty of Oil and the Dynasty of Copper, the 
Dynasty of Beef and the Dynasty of Coal, the Dynasty of Steel and 
the Dynasty of Railroads, the Dynasty of Gas, Electric Light and 
Traction, and the Dynasty of Ships, the Dynasty of Tobacco, the 
Dynasty of Rubber, the Dsoiasty of Sugar, the Dynasty of Tele- 
phone and Telegraph, and the Dynasties of a hundred other things 
in essential use by the people. 

There are various rulers in each of these dynasties, some of 
which are ruled by the same set of men and families. 

The Dynasty of Oil is ruled by Rockefeller, who controls the 
Standard Oil Companies. There are lesser rulers in the Oil Dynasty 
such as Payne, Pratt, Harkness, Flagler, Bedford, Rogers, Archbold, 
Doheny, Pierce, Sinclair and Cosden. 

The Steel Dynasty is ruled by Rockefeller, Morgan, Phipps, 
Baker, Schwab, Corey, Gary, Wilkinson, and the heirs of Converse, 
Carnegie and Frick. 

The Coal Dynasty is ruled by Rockefeller, Morgan, Vanderbilt, 
Baker, Widener, Stotesbury, Girard, Peabody, Mellon, Berwind, 
Madeira and Watson. 

The Beef Dynasty is ruled by Armour, Swift, Cudahy, Morris 
and Wilson. 

The Copper Dynasty is ruled by Guggenheim, Morgan, Rocke- 
feller, Rogers, Haggin, Phelps, Dodge, James, Sewell, Hayden, 
Stone, Agassiz, Shaw, Clark, Ryan, Cole, Whitney and Lewisohn. 

The Railroad Dynasty is ruled by Rockefeller, Morgan, Harri- 
man, Vanderbilt, Hill, Huntington, Gould, Baker, Stotesbury, 
Frick, Payne, Widener, Harkness and Whitney. 

The Dynasty of Gas, Electric Light and Traction is ruled by 



Rockefeller-, Morgan, Baker, Brady, Bodine, Dolan, Billings, 
Doherty, FruehofE, Bertron, Griscom, Byllesby, Barstow, Stone, 
Webster, McMillan, Insull and Porter. 

The Dynasty of Telephone and Telegraph is ruled by Rocke- 
feller, Morgan, Baker, Schifl, Vail, Mackay, Whitney, Gould, 
Harkness, Marsters and Slocum. 

The Dynasty of Tobacco is ruled by Ryan, Payne, Duke, 
Widener, Brady, Lorillard, Hill, Dula, McAlpin and WTiitney. 

The Dynasty of Rubber is ruled by Rockefeller, Brady, Ryan, 
Colt, Leland, Aldrich, Vail and Ford. 

The Dynasty of Sugar is ruled by Havemeyer, Spreckels, Post, 
Arbuckle, Thomas, Childs, Babst, Howells, Jarvis, Mollenhauer, 
Jamison and Allen. 

The Dynasty of Gunpowder and Firearms is ruled by DuPont 
and Dodge. 

The Dynasty of Ships is ruled by Rockefeller, Morgan, Harri- 
man, Keith, Dollar, Grace and Franklin. 

There are scores of lesser dynastic rulers whose wealth is esti- 
mated in the tens of millions but whose rulership is only subordinate 
to those of greater fortune. 

Rockefeller is the Colossus that bestrides the world. The 
Rothschilds in Europe, whose wealth is estimated at Two Billion 
Dollars, and the Guggenheims, DuPonts, Vanderbilts and Astors, 
whose family possessions approximate half a billion dollars each, are 
subordinate to Rockefeller. 

In a single lifetime, John D. Rockefeller has amassed a fortune 
greater than that of any other individual or family. His wealth is 
DOLLARS, including the holdings in the Foundations. 

Mr. Rockefeller is worth one billion dollars in oil alone. His 
railroad holdings are estimated at $400,000,000. His holdings in 
industrial corporations outside of Standard Oil, are appraised at 
$400,000,000, and his interest in gas, electric light and traction, is 
fixed at several hundred millions more. He has several hundred 
million dollars in bonds of the United States and other countries and 
in the bonds of cities and states. He owns many millions in real 


estate and mortgages. Part of this vast wealth is held in the 

When Mr. Rockefeller dies, his estate will show far less than 
he owns, because a large share of his fortune has already been trans- 
ferred to his children. 

Individual and family rulership in the various industries is the 
result of private monopoly. Excessive incomes and excessive private 
fortunes are produced mainly through private monopoly; and it is 
through private monopoly only that excessive prices for commodities 
can be maintained. Public control of monopoly would result in 
reduced prices. 

More than forty families in the United States have in excess 
of One Hundred Million Dollars each. 

More than one hundred other families have in excess of Fifty 
Million Dollars each. 

More than three hundred other families have in excess of Twenty 
Million Dollars each. 

The income tax is levied only on taxable wealth. Government 
bonds and Liberty bonds of the first issue, are exempt from taxation. 
The bulk of these non-taxable securities is held by those of excessive 
fortune. About four hundred million dollars of Mr. Rockefeller's 
taxable wealth is held in Foundations and other institutions, that 
pay no taxes. 

Estimated income tax returns show that John D. Rockefeller's 
taxable income is about $40,000,000 a year; William Rockefeller and 
the late Henry C. Frick $10,000,000 each; Morgan, Baker, Hark- 
ness, Armour, Ford, Payne, Vanderbilt, Field, Green, Harriman, 
Guggenheim, Astor, Hill, Mellon, and Phipps $5,000,000 each; 
Stillman family, Ryan, Schwab, DuPont, Clark, Brady and Whitney, 
$3,000,000 each; Schiff, Duke, Eastman, Kahn, Swift, Rosenwald, 
Blair, Huntington, Flagler, Widener, Stotesbury and Pratt, $2,500,- 
000 each. 

Others whose taxable incomes are estimated to exceed $2,000,000 
a year are Penfield, Converse, Gould, Reid, Rogers, Dodge, Hearst, 
Mills, Davison, Belmont, Ryan (John D.), Gary, Billings, Cochran, 
Pullman, Couzens, Pierce, Doheny, Chapin, Wendel, Goelet, Wool- 


worth, Plant, Arbuckle, Rhinelander, James, Mojris, Moore, Phelps, 
Lament and Warburg. 

The gross income of most of these persons far exceeds the taxable 
amount. The gross income of John D. Rockefeller, for example, is 
about $140,000,000 a year. His income in 1907, the panic year, was 
estimated at the same amount. Prior to that time it was estimated at 
$6,000,000 a month. 

There are other excessive fortunes besides those based on indus- 
trial and utilities monopolies. The excessive wealth of the Astors, 
Wendels, Goelets, Rhinelanders, Watt, Appleby, Gerry and Hoffman 
is based on inherited real estate in New York City. There are 
excessive real estate fortunes in every large city in the United States. 

An analysis of the fortunes of those of excessive wealth who died 
during the present generation shows to what extent the wealth of the 
nation is concentrated. 

Andrew Carnegie and Frederick Weyerhaeuser had $300,000,000 
each; William Waldorf Aster left $200,000,000, mostly in New York 
property; Charles W. Harkness left $170,000,000; Oliver H. Payne, 
$150,000,000; Henry C Frick, $142,000,000; James J. Hill, Hetty 
Green, William K. Vanderbilt, L. V. Harkness, Moses Taylor Pyne 
and E. C. Converse, $100,000,000 each, and Morgan, Brady, Astor, 
Wendel, Kennedy, Weightman, Sage, Gould, Widener, Goelet, 
Flagler, Harriman, Field, Stephenson, Cornelius Vanderbilt, Dodge 
and Schiff, more than $60,000,000 each. 

The estates of these and other excessively rich men show that 
they control the leading industries, utilities and banks. They control 
the railroads and mines ; and the bulk of their great fortunes has been 
left to mediocre and inefficient heirs. These estates can never diminish 
so long as private monopoly and the cohesive power of great wealth 

Of three million stockholders in the leading corporations in the 
United States, less than one per cent controls. The average small 
stockholder has less than fifty shares, in any of the leading corporations. 

Fifteen stockholders own a majority of Standard Oil stock, the 
market value of which is about Three Billion Dollars. Of about 
20,000 shareholders in the American Tobacco Company, ten own a 
majority. The same state of concentration is true in the five corpora- 
tions that compose the Beef Trust. 


Of 628,000 stockholders in the railroads, the majority is owned 
by 8,300 or 1.3 per cent, according to government report. These 
controlling shareholders own an average of 6,130 shares each, as 
against an average of 75 shares each held by the other stockholders. 

Of 27,000 stockholders in the New York Central, twenty of 
them own 25 per cent of the stock. The twenty largest shareholders 
in Illinois Central own 41.6 per cent; in Southern Railway, 37.7 per 
cent ; in Southern Pacific, 23 per cent ; in Chicago and Northwestern, 
19.8 per cent; in Erie, 19.7 per cent; in Chicago, Milwaukee and St. 
Paul, 18.5 per cent; in Lehigh Valley, 18.1 per cent; in Baltimore 
and Ohio, 17.4 per cent; in New York, New Haven & Hartford, 
15.3 per cent; in Atchison, Topeka & Santa Fe, 14.3 per cent, and 
in Pennsylvania Railroad, 8.9 per cent. 

The Rockefellers, Harrimans and Huntingtons are the leading 
stockholders in the Union Pacific; the estates of James J. Hill, J. S. 
Kennedy and D. Willis James, in the Great Northern and Northern 
Pacific. The Vanderbilts, Rockefellers and Astors are the largest 
security holders in the New York Central, and Rockefeller, Frick, 
Stotesbury, Harkness, Widener and a few others, are the leading 
stockholders in the Pennsylvania Railroad. These four railroad sys- 
tems constitute one-quarter of the railroad mileage in the country and 
have aggregate assets of five billion dollars. 

Ownership of a majority stock is not necessary for control. The 
ownership of stock in a corporation is usually so scattered that control 
can be obtained and held by only a small minority. This is the case 
in virtually all large corporations. 

The largest stockholders in the leading industrial corporations 
are among the controlling stockholders in the railroads. The Beef 
Trust controls the railroads so far as the shipment of its own products 
is concerned. The Oil Trust, Steel Trust and other trusts do like- 
wise. This fact is established by government inquiry and report. 
The result is that the railroads are managed mainly for the benefit 
of private monopoly which profits to the extent of tens of millions 
of dollars annually through rebates and other railroad favors. The 
railroads are the instruments of private monopoly and these monopo- 
listic corporations control their own banks, and own vast real estate. 

The Federal Constitution is intended to preserve free institu- 


tions in this country. There can be no industrial freedom so long 
as control of monopoly remains with the few, for private ends. 

Private monopoly is mainly responsible for the ills of society. 
It is responsible for economic strife and political misrule. It is re- 
sponsible for newspaper misrepresentation and for high prices. It is 
responsible for Bolshevism in America. The Bolshevists in Europe 
aim to overthrow capitalism throughout the world. 

The Constitution has been amended at various times to correct 
wrong tendencies in the country. It was amended to extend the 
right of citizenship to the negro and to provide governmental revenue 
through an income tax. It was amended to extend the ballot to 
women and to curb the appetite for strong drink. The fact that 
some appetites have been whetted by prohibition, is merely an incident 
in the failure of law enforcement. 

The Constitution should be amended to cure a fundamental 
economic wrong — a wrong that is at the basis of our social and politi- 
cal ills. It should be amended to take control of monopoly out of 
the hands of the few and transfer it to the many. 

This can be done by limiting private fortunes. If private for- 
tunes are limited, so that the surplus or excess over the prescribed 
amount, goes back to the nation, the government becomes the principal 
stockholder and bondholder in all monopoly in place of the Few. 
The government, representing ALL the people, needs no excessive 
profits out of commodities. It needs only normal income for gov- 
ernment purposes. The cost of living would be reduced, wages of 
employees increased and governmental revenue provided without 

The bulk of excessive private fortunes is in the hands of the 
second, third and fourth generations, few of whom earned any part 
of them. Why should wealth be concentrated for the benefit of the 
few, while the mass of people suffer? Why pile up greater fortunes 
for those who are unable to earn even a small part of them ? 

Government is instituted for the good of all, and when the cost 
of living rises beyond the reach of ordinary persons and wealth be- 
comes congested, then the government should intervene. The system 
of industry should be readjusted. 

The cost of oil, steel, beef and other monopolized products and 


by-products in essential use by the people, is far greater than business 
necessity warrants. The claim that private monopoly reduces prices, 
19 long an exploded myth. Private monopoly aims only to increase 
prices in order to swell profits, not to reduce them. 

The income tax is no remedy for fundamental economic ills. 
It is merely a governmental measure for raising revenue. When 
the income tax went into effect, the pioneers of industry were busy 
amassing fortunes. Their net incomes to-day and those of their heirs, 
in face of the income tax, are far greater than when the tax was first 
levied. Rockefeller's income is twice what it was when the tax first 
went into effect, because he controls monopoly. 

Unrestricted greed has produced gross social inequality in this 
country and throughout the world. Europe is in chaos and we should 
re-adjust our affairs in order to restore a balance not only in the 
United States, but by example, in every other nation. Think this 
over and decide for yourself what steps should be adopted. 


Excessive Private Fortunes That Have Been 
Inherited During The Present Generation 

Andrew Carnegie (highest amount owned) $300,000,000 

Frederick Weyerhaeuser (estimated) 300,000,000 

William Waldorf Aster (estimated) 200,000,000 

Charles W. Harkness 170,000,000 

Oliver H. Payne 150,000,000 

Henry C. Frick (estimated) 142,000,000 

Lamon V. Harkness 100,000,000 

James J. Hill (estimated) 100,000,000 

William K. Vanderbilt (estimated) 100,000,000 

Hetty Green 100,000,000 

Moses Taylor Pyne 100,000,000 

Edmund C. Converse (estimated by son) 100,000,000 

Henry M. Flagler 90,000,000 

Anthony N. Brady : 87,000,000 

John Jacob Astor 87,000,000 

Marshall Field 85,000,000 

John G. Wendel., 80,000,000 

Cornelius Vanderbilt 80,000,000 

Edward H. Harriman 80,000,000 

J. Pierpont Morgan 78,000,000 

Jay Gould 74,000,000 

Isaac Stephenson, Wisconsin (estimated) 70,000,000 

William Weightman, Pennsylvania 70,000,000 

John F. Dodge, Michigan (estimated) 70,000,000 

John S. Kennedy 67,000,000 

Russell Sage 66,000,000 

P. A. B. Widener (estimated) 65,000,000 

Ogden Goelet 60,000,000 

James Oliver, Indiana (estimated) 60,000,000 

Robert Goelet 60,000,000 

Jacob H. Schiff (estimated) 60,000,000 

William L. Harkness 55,000,000 

Charles E. Appleby 50,000,000 

George W. Vanderbilt 50,000,000 

Horate E. Dodge, Michigan (estimated) 50,000,000 

Meyer Guggenheim (estimated) 50,000,000 

Mrs. Phoebe Hearst (estimated) 50,000,000 

John I. Blair 50,000',000 

William Rhinelander 50,000,000 

Frank A. Sayles (R. I.) 50,000,000 


Henry A. C. Taylor (estimated) 50,000,000 

Henry H. Rogers 49,000,000 

Benjamin Altman 44,000,000 

Frederick G. Bourne 43,000,000 

John D. Archbold 42,000,000 

George Smith 42,000,000 

Darius O. MiUs 41,000,000 

James Stilhnan 40,000,000 

George Crocker 40,000,000 

Norman B. Ream 40,000,000 

John C. Brown 40,000,000 

Archibald Watt 40,000,000 

William H. Yawkey 40,000,000 

William P. Fumiss 40,000,000 

Michael P. Grace (estimated) 40,000,000 

Charles G. Roebling (estimated) 40,000,000 

William B. Leeds (estimated) 40,000,000 

P. D. Armour 40,000,000 

Adolphus Busch 40,000,000 

W. L. Elkins (estimated) 40,000,000 

Edward Morris 40,000,000 

Henry Miller (Calif.) 40,000,000 

Edward F. Searles 40,000,000 

CoUis P. Huntington 37,000,000 

John Arbuckle 37,000,000 

Alfred G. Vanderbilt 35,000,000 

Daniel O'Day ^^^00,000 

ThomasDolan I^'SMS 

Joseph R. DeLamar 34,000,000 

Morton F. Plant 33,000,000 

Warren B. Smith ^2,000,000 

Levi Z. Leiter 30,000,000 

James H. Smith 30,000,000 

George M. Pullman ^2'552'2^S 

Mrs. Leland Stanford ^0,000,000 

WilUam W. Scranton (Pa.) ^^'^^2'2^2 

Frank Woolworth • 30,000,000 

John H. Barker (Illinois) SffiS 

Moses Taylor 5nnnnnSS 

Alexis L DuPont (estimated) o^'^n^'mn 

D. WilUs James ol'^n^'^^n 

Nelson W. Aldrich (estimatfid) ^!'2^^'^^« 

Mrs. Potter Palmer 25-000,000 

John W.Gates oSZ 

William Salomon 25,000,000 


Frank Drexel 25,000,000 

Norman H. Harris (lU.) 25,000,000 

William G. Warden (Pa.) 25,000,000 

Joseph Pulitzer 24,000,000 

Wm. C. Whitney 23,000,000 

Quincy A, Shaw 23,000,000 

James B. Haggin 21,000,000 

Ferdinand A. Schlesinger (Wis.) 20,000,000 

John W. Sterling 20,000,000 

Eugene S. Higgins 20,000,000 

Edward Ford (estimated) 20,000,000 

Marcus Daly 20,000,000 

Henry G. Davis (W. Va.) 20,000,000 

Dr. James Douglas 20,000,000 

John C. C. Mayo 20,000,000 

Robert R. Randall 20,000,000 

W. Murray Crane (Mass.) 20,000,000 

Theodore N. Vail (estimated) 20,000,000 

William Penn Snyder (Pa.) 20,000,000 

George C. Boldt 20,000,000 

Henry M. Tilford 20,000,000 

Charles W. Post 20,000,000 

Samuel W. Allerton (111.) 20,000,000 

Charles R. Smith (Wis.) 20,000,000 

John R, McLean 20,000,000 

Karl G. Roebling (estimated) 20,000,000 

Harris C. Fahnestock 18,000,000 

William Ziegler 17,000,000 

Henry O. Havemeyer 17,000,000 

Henry Strong (Rochester, N. Y.) 16,000,000 

James Campbell 16,000,000 

Stephen Sanford 16,000,000 

Richard T. Wilson 16,000,000 

Louis H. Severance 15,000,000 

Jacob Ruppert 15,000,000 

James R, Keene 15,000,000 

James G. Fair 15,000,000 

J. W. Garrett 15,000,000 

David Eccles 15,000,000 

Mrs. Lucy Carnegie 15,000,000 

Frank Work 15,000,000 

Benj. F. Keith 15,000,000 

Amos F. Eno 15,000,000 

Ambrose Monell (estimated) 15,000,000 

Dean Hoffman 15,000,000 


Alfred T. White 15,000,000 

Jacques Lebaudy 15,000,000 

Theodore A. Havemeyer 15,000,000 

Harry S. Harkness 15,000,000 

WiUiam Hester (estimated) 15,000,000 

L. A. Heinsheimer 15,000,000 

John Augustus Pell 15,000,000 

Mrs. Morris K. Jessup 13,000,000 

Isaac V. Brokaw 13,000,000 

James McLean 12,000,000 

Wesley H. Tilford 12,000,000 

Michael Cudahy 12,000,000 

Charles H. SenfiE 12,000,000 

William Deering 12,000,000 

Ex-Governor Bookwalter (Ohio) 12,000,000 

W. Bayard Cutting 11,000,000 

Edwin Hawley 11,000,000 

Marcellus Hartley 11,000,000 

Joseph Milbank 10,000,000 

Hugh J. Grant 10,000,000 

George Westinghouse 10,000,000 

W. L. Moody (Texas) 10,000,000 

A- E. Orr. 10,000,000 

Adolph Ladenburg 10,000,000 

Robert Hoe 10,000,000 

C. Amory Stevens (estimated) 10,000,000 

Clement A. Griscom 10,000,000 

David H. Moffatt ^^^^^^'^3 

Edward Holbrook 10,000,000 

Wm. M. Rice • 10,000.000 

John K. Stewart }^'2M2 

Paul J. Sorg 10.000,000 

John B. Manning i^'SMS 

John C. Martin. MM 

Walter Gibb 10,000,000 

AlonzoCHall 10,000,000 

Alonzo J. Pouch KnSn 

HermanFrasch KSnm 

James H. Moore l^'nnn'^nn 

George W. Perkins (estimated) 10,000,000 

Levi P. Morton (estimated) 10.000,000 

GeorgeArents ^°'°°M 

George A. Hearn 10,000,000 

SamuelThomas JOOOOOO 

Charles Pratt 10,000.000 


It is the practice of some excessively rich men to save taxation 
on part of their estates, by transferring property to their heirs during 
their lifetime or creating a trust. The official appraisal of some of the 
above estates is far less than actual value. 

Of the above estates, totalling about SEVEN BILLION 
DOLLARS, about one-sixth was left by Standard Oil beneficiaries. 
Other large estates held Standard Oil securities. 

At least five hundred persons died during the present generation 
leaving between $5,000,000 and $10,000,000 each. A partial list of 
these and the appraisals of their estates, follows : 

Edward W. Morrison (Chicago) $8,000,000 

Charles J. Harrah 8,000,000 

Peter Doelger 8,000,000 

M. C. D, Borden 8,000,000 

Robert Bacon 8,000,000 

Eva S. Cochran 8,000,000 

William Whiteright 7,230,000 

Maiy G. Pinkney 7,200,000 

Charles G. Thompson 7,000,000 

David H. Tolman 7,000,000 

Mrs. E. C. Bryce 7,000,000 

David Dows 7,000,000 

Robert Pringle 7,000,000 

James A. Garland 7,000,000 

Otto Huber 7,000,000 

George S. Bowdoin 6,600,000 

Nathaniel Thayer 6,275,000 

James J. Goodwin 6,250,000 

Johnston Livingston 6,000,000 

Richard M. Colgate 6,000,000 

John H. Converse 6,000,000 

Francis L. Loring 6,000,000 

Baroness Von Zedwitz 6,000,000 

George W. Crossman 6,000,000 

Mrs. Eleanor Pell Phelps 6,000,000 

A. G. Spalding 6!oOo!oOO 

William H. Walker 5,950,000 

William Van R. Smith 5,900^000 

Abraham Abraham 5,650,000 

Edward R. Bacon sieOoioOO 

Jacob Langeloth 5,550,000 

Byron L. Smith (Chicago) 5,500,000 

Charles Kohler 5,400,000 


Mary Ann Chisholm 5,300,000 

Cora F. Barnes 5,200,000 

William W. Cole 5,000,000 

George F. Baer 5,000,000 

Charles E. Cotting 5,000,000 

Helen C. JuilHard 5,000,000 

John M. Burke 5,000,000 

Ellen S. C. James 5,000,000 

Andrew Freedman 5,000,000 

Charles G. Gates 5,000,000 

Louis C. Hamersley 5,000,000 

John R. Marshall 5,000,000 

Charles H. Marshall 5,000,000 

Charles H, Steinway 5,000,000 

John D. Crimmins 5,000,000 

Stephen B. Elkins 5,000,000 

Oliver Ames (Boston) 5,000,000 

Jason S. Rogers 5,000,000 

Charles H. Tenney 5,000,000 

Ernst Thalman 5,000,000 

Hobart Williams 5,000,000 

Benjamin Guggenheim 5,000,000 

L. Arthur Hinckley 5,000,000 

Julia L. Butterfield 5,000,000 

William V. Van Vleck 5,000,000 

Charles G. Emery 5,000,000 

Elizabeth Milbank Anderson 5,000,000 

Luther Kountze 5,000,000 

Ralph J. Preston 5.000.000 

Max J. Breitenbach 5,000,000 

John B. Stanchfield 5,000,000 

The list of those who died in the present generation leaving be- 
tween one and five million dollars, is too long to print It contains 
several thousand names. 




{No attempt is here made to tell how these fortunes were ac- 
ed. Other records and writings are available for this purpose.) 


Andrew Carnegie died in 1919, leaving the bulk of his fortune 
to the Carnegie Corporation. He was at one time worth $300,- 
000,000. The president of the corporation was Andrew Carnegie; 
vice-president, Elihu Root and Robert A. Franks; secretary, James 
Bertram. No schedule of the Carnegie estate has been filed. The 
will specifically disposes of a net estate of $23,000,000, half of which 
went to Mrs. Carnegie and half to the Carnegie Corporation, which 
had previously received $125,000,000 from Mr. Carnegie. The Cor- 
poration was created by the New York State legislature in 1912. 

Mr. Carnegie left his real estate and household effects to his 
vnfe and explains in his vnW that "having years ago made provision 
for my wife beyond her desires and ample to enable her to provide 
for our beloved daughter, Margaret, I leave to her mother the duty 
of providing for her as her mother deems best." 

Mr. Carnegie's only child is Mrs. Roswell Miller. The sum 
previously set aside for his wife and daughter's support, is not dis- 
closed nor is it disclosed when or in what manner it was done. Mr. 
Carnegie left annuities for relatives and friends. The services and 
functions of the Corporation are analyzed elsewhere in this book. 

Andrew Carnegie received about $225,000,000 first mortgage 
5 per cent Steel bonds for his holdings in the Carnegie Company, 
when the steel trust was organized in 1901. His aggregate income 
on these securities was about $200,000,000. He gave $200,000,000 
to colleges and libraries before he died. Most of his fortune was in 
first mortgage U. S. Steel bonds and in railroad securities. 


The value of the estate of Frederick Weyerhaeuser, who died 
in 1914, has never been authoritatively disclosed. By government 
report he was the largest individual owner of timber land, his holdings 
exceeding one hundred billion feet. Weyerhaeuser's holdings are 
in the names of various companies which he controlled and 
others in which he was interested. He owned timber lands in the 
north, south and west, his principal holdings being in the northwest. 


He acquired a large share of his holdings from the Northern Pacific 
Railroad, which obtained it for nothing from the government. 

Weyerhaeuser's wealth was estimated before he died, at One Bil- 
lion Dollars. It is conservative to say he was worth several hundred 
million dollars. No actual appraisal of his estate has been made 
public, but it is known he was interested in the following companies: 

Mississippi River Boone & Logging Co. ; Weyerhaeuser Timber 
Co., Weyerhaeuser Lumber Co., Weyerhaeuser Land Co., Weyer- 
haeuser Realty Co., Clark Co., Pokegama Sugar Pine Lumber Co., 
Pelton-Reid Sugar Pine Lumber Co., Western Pacific Land & Tim- 
ber Co., Western Washington Logging Co., Calcasieu Pine Co., 
Southland Lumber Co., Virginia & Rainy Lake Lumber Co., C. N. 
Nelson Co., Atwood Lumber Co., Rutledge Lumber Co., Northland 
Pine Co., Pine Tree Lumber Co., Musser-Sauntry Co., Chippewa 
Valley Logging Co., Colquit Lumber Co., Weyerhaeuser-Dinckman 
Co., North Wisconsin Lumber Co., Bonner Terry Lumber Co., 
Superior Timber Co., Qearwater Timber Co., Humbird Lumber Co., 
Cameron Lumber Co., Western Timber Co., Patlatch Lumber Co. 
and Payette Lumber & Mfg. Co. Weyerhaeuser's personal land hold- 
ings exceeded two million acres. 


Wilham Waldorf Astor, Viscount of England, died in 1919, leav- 
ing most of his fortune estimated at $200,000,000, in trust for his two 
sons, Waldorf and John Jacob. The trust was created two months be- 
fore he died. He had transferred many millions of dollars in New 
York City real estate to his sons several years prior. Deceased became 
a British subject in 1899. His New York real estate was then as- 
sessed for taxation at $50,000,000, though worth about $100,000,000. 
He acquired many parcels since that time and his holdings at the 
time of his death were worth about twice that sum. Included in his 
holdings are the Astor Hotel and half the Waldorf-Astoria, worth 
together about $10,000,000; property at Fifth Avenue and 35th 
Street, valued at $10,000,000; 8 Wall Street, valued at $5,000,000, 
and many other parcels worth from $500,000 to $3,000,000 each. 
His total holdings include many parcels in the tenement districts as 
well as acreage in outlying sections. The State of New York has 
not received a dollar of inheritance tax from the estate and the federal 
authorities contend that the tax law has been evaded and that about 
$15,000,000 is due on inheritance. Deceased's property came to him 
from John Jacob Astor, son of William B. Astor, who was the son 
of the original John Jacob Astor who started the family fortune and 
died in 1848, leaving an estate of $20,000,000. 


John Jacob Astor, cousin of the late William Waldorf, died on 
the Titanic in 1912, leaving a fortune appraised at $87,000,000, con- 
sisting mostly of New York City real estate. He was son of Wil- 
liam B. Astor. The assessed value of his real estate in 1912 was 
$63,000,000; the actual value about $100,000,000. The actual 
value of John Jacob's property in 1919, when William Waldorf 
died, was about $150,000,000. 

John Jacob Astor and his cousin William owned more than 
100 parcels of real estate each, and the William Astor Trust, con- 
trolled by John Jacob, holds about 40 separate parcels, valued at about 
$40,000,000. / 

Among John Jacob Astor's largest stockholdings are: 10,000 
shares Illinois Central, valued at $1,295,000; 40,000 shares N. Y. 
Central, valued at $4,650,000; 8,160 Pullman, valued at $1,313,760; 
7,582 Niagara Falls Power Co., valued at $1,213,120; 5,463 pref. 
Allis Chalmers, 2,000 Amalgamated Copper, 2,000 American Tele- 
phone and Telegraph, 3,000 Delaware & Hudson, 1,600 Little 
Kanawha & Elk River Petroleum and Mining Company, 6,229 New 
York, New Haven and Hartford, and 4,226 Western Union. 

His largest bond holdings include $2,500,000 Niagara Falls 
Power and $109,000 New Haven, besides government securities. 
Among his bank stocks were 725 shares Astor Trust, 270 Bankers 
Trust, 561 Farmers Loan & Trust, 100 Fulton National Bank, 75 
Guaranty Trust, 600 National Bank of Commerce, 85 Mutual Bank, 
and he had large holdings in insurance companies. 

In the William Astor Trust, which he controlled, are 1,400 
shares Chicago, Milwaukee & St. Paul, 1,000 Chicago Junction Rail- 
way, 1,200 New York, Lackawanna & Western, 1,000 Pittsburgh, 
Fort Wayne and Chicago, 1,200 United New Jersey Railroads, besides 
$150,000 bonds in Baltimore & Ohio, $115,000 Ann Arbor Rail- 
road, $100,000 Central Pacific, $100,000 Chicago, Milwaukee & 
Puget Sound, $192,000 Hocking Valley Products Company, $175,- 
000 Lake Shore & Michigan, $104,000 Louisville & Nashville, 
$100,000 New York, Ontario & Western, $100,000 Union Pacific, 
$100,000 West Shore and $100,000 Rome, W. & Ogden. 

William Vincent Astor was a minor when he inherited the bulk 
of his father's fortune. He is now 28 years old and director in the 
Western Union Telegraph Co., Niagara Falls Power Co, United 
States Trust Company and the National Park Bank. 


Henry Clay Frick died in 1919 leaving an estate estimated at 
that time by officials of the State of Pennsylvania, at $142,000,000. 


The question of Mr. Frick's residence is disputed by New York 
State. A schedule of the estate, filed in 1921 by the President of 
the Union Trust Company (Pittsburg,) as executor, shows the net 
estate to be $92,883,766. There is no doubt that Mr. Frick's actual 
wealth, far exceeds this sum. At the time of his death, his total real 
estate holdings were given at $85,000,000. The schedule shows his 
real estate holdings at $18,057,540. Mr. Frick's home on Fifth 
avenue is appraised at $3,250,000. Mr. Frick's total stock holdings 
are given as $49,312,888, and his total bond holdings as $6,004,579. 

His largest stock holdings are Atchison, Topeka and Santa Fe 
R. R., appraised at $6,589,695 ; Chicago and Northwestern, $4,400,- 
725 ; Norfolk and Western, $8,250,793 ; St. Paul Coal Co., $3,085,- 
624; Faraday Coal and Coke, $4,209,583; Pennsylvania R. R., 
$1,929,228; Cerro De Pasco Copper Corp., $4,568,150; Erie Rail- 
road, $366,468; Consolidated Gas, $356,737; Union Trust Co. of 
Pittsburg, $8,640,500; Texas Pacific Land Trust, $650,000; Toledo 
Furnace Co. of Ohio, $660,000; Missouri Pacific, $492,500; Fidelity 
Title and Trust of Pittsburg, $499,125; Columbia Chemical Co., 
$517,500; Kenecott Copper, $107,000. 

The largest bond holdings were Missouri Pacific, $707,687 ; Nor- 
folk & Western, $518,750; Erie, $280,000; N. Y. Shipbuilding Corp., 
$351,364; Interboro Rapid Transit, $128,951; International Mer- 
cantile Marine, $133,000 ; and $2,000,000 Liberty bonds. His New 
York Bank stocks include Bankers' Trust, $306,400 ; First National 
Bank, $495,000; National City, $165,500 and National Bank of 
Commerce, $25,100. 

Mr. Frick's will provides that his home on Fifth avenue, N. Y., 
be turned into a public art gallery and that his art collection valued 
at $13,000,000, be kept on exhibition there. He left $5,000,000 each 
to Princeton University, Harvard, and Massachusetts School of 
Technology and $5,000,000 to the Educational Commission of Pitts- 
burg. Sixteen other institutions were left $9,000,000. These be- 
quests may be materially reduced. His vrife, son and daughter receive 
the bulk of the estate. The trustees to turn his New York home 
into an art gallery, are John D. Rockefeller Jr., George F. Baker Jr., 
J. Horace Harding, Walker D. Hines, Lewis Cass Ledyard and 
Horace Havemeyer. 


The estate of James J. Hill (in excess of $100,000,000) who 
died in 1916, was left to his sons, Louis W., 'James H., and Walter 
and to his daughters, Mrs. Samuel Hill, Mrs. George T, Slade, Mrs. 
Michael Gavin, Mrs. Egil Boeckmann, Mrs. Anson M. Beard and 
Miss Clara Hill. No schedule of the estate has been made public 


but it is known that he was the largest stockholder in the Great 
Northern and Northern Pacific, and one of the largest in Chicago, 
Burlington and Quincy and Colorado and Southern. He owned vast 
farm lands and controlled banks, including the First National Bank 
and Northwest Trust Company of St. Paul, Minn. ; First National, 
Chicago; Northwestern National, Minneapolis; and he was a large 
stockholder in the Chase National, New York. He was also the 
largest stockholder in the Great Northern Pacific S. S. Company. 
John S. Kennedy, D. Willis James, George F. Baker and J. P. 
Morgan were associated with him in the railroads. He also had 
large holdings in the Texas Company, in which his son James is 


William K. Vanderbilt died in 1920, leaving an estate estimated 
at $100,000,000 to his children, William K., Jr., Harold and Con- 
sueio (Duchess of Marlborough), each of whom had a separate for- 
tune. No appraisal of the estate has yet been made. Deceased was 
one of four sons of William H. Vanderbilt, who died in 1899, leav- 
ing about $200,000,000. One of the sons, Cornelius, died in 1899, 
leaving $80,000,000; another son, George W., died in 1914, leaving 
$50,000,000. Frederick W. is the only surviving son. 

Deceased held the largest share of Vanderbilt family stock in 
the New York Central Railroad, 139,000 shares standing in his name. 
He was director in many railroads in which the Vanderbilt family 
is the largest or among the largest security holders, including the 
West Shore, Canada Southern, Chicago and Northwestern, Chicago, 
St. Paul, Minneapolis and Omaha; Cleveland, Cincinnati, Chicago 
and St. Louis; Lake Erie and Western; Michigan Central; New 
York & Harlem; New York State Realty and Terminal Co. and 
Pittsburg & Lake Erie. William K., Jr., is his father's successor in 
these properties and he is director in about 90 corporations, most of 
them railroads. Harold is director in about half that number. 

Cornelius Vanderbilt, brother of the late William K., left the 
largest share of his fortune to his son Alfred G. He cut off his oldest 
son Cornelius with one million dollars, because he was displeased by 
his marriage, and he gave his youngest son, Reginald, and two daugh- 
ters, Gladys and Gertrude, $7,000,000 each. Gladys is the Countess 
Szechenyi and Gertrude is Mrs. Harry Payne Whitney. Alfred 
made up the difference of seven million dollars to his brother Cor- 
nelius out of his inheritance. 

Alfred Vanderbilt was drowned on the Lusitania in 1915. His 
estate was appraised at $35,000,000. Five million dollars went to 
his son William H., by his first wife, who was Elsie French; $8,000,- 


000 to his widow (formerly Mrs. Margaret Emerson McKim) ; the 
balance to his two sons by his second wife, Alfred G., Jr., and 
George, who were two and a half years and seven months old, respec- 
tively. His first wife received $10,000,000 in settlement at the time 
she was divorced, and the widow received $3,000,000 and a life in- 
terest in $5,000,000. 

Among Mr. Vanderbilt's holdings were 32,300 shares Pittsburg 
& Lake Erie, valued at $5,650,250; 14,400 shares New York Central 
valued at $1,200,000; 4,200 pref. and 3,600 com. Chicago & North- 
western, valued at $1,150,000; 10,230 Pullman Company, valued at 
$1,750,000; 1,800 Delaware & Hudson, $263,700; 5,330 Beech 
Creek Railroad, $234,520; 1,400 Chicago, Milwaukee & St. Paul, 
$126,000; 2,500 Lincoln Safe Deposit Company, $510,000; 1,000 
Chemical National Bank, $404,000 and 700 National City Bank, 
$266,000. His largest bond holding was $1,875,000 New York 
Central 3J^ per cent bonds. 

George W. Vanderbilt left his fortune to his widow Edith and 
his daughter Cornelia, who was 13 years old. He was a resident of 
Biltmore, N. C, where he developed a beautiful estate. 

Frederick W., the only surviving son of William H., is director 
in many Vanderbilt properties. Reginald and Cornelius, sons of 
Cornelius, who died in 1899, are directors in the same and other cor- 
porations. A large share of the present Cornelius's fortune is invested 
in other than so-called Vanderbilt properties. 

The total wealth of the descendants of William H. Vanderbilt 
is estimated to exceed $500,000,000. The Vanderbilts are married 
into other, rich families, including the Whitneys, Fair, Shepard 
Twombly, Sloane, Wilson, Field, Burden, Webb, Schieffelin and 
Pulitzer, the aggregate wealth of all of them exceeding One Billion 


Hetty Green died in 1916, leaving approximately $100,000,000 
to her son, Edward H. R. Green. At the time of her death, she had 
approximately $38,000,000 invested in New York City, The bal- 
ance of her estate escaped taxation in New York State, on the ground 
that she was a resident of Vermont where the tax rate is very low. 
For many years Mrs. Green lived in a cheap flat in Jersey City and 
Hoboken, though she did business daily in New York City. By 
living in Jersey, she escaped personal tax in New York City. In 
1921, the higher court exempted all but $2,000,000 of the estate from 
taxation in New York state. 

Most of Mrs. Green's money lending was done through the 


Westminster Company which, when she died, had $26,606,390 in 
stocks, bonds, mortgages, secured loans and cash. Besides this, Mrs. 
Green had $9,508,393 in cash in the Seaboard National Bank and 
$4,230,504 in certificates of deposit. The Windham Company was 
another of her investment agencies. It held $682,520 in bonds when 
she died. 

"My mother was nothing but business, business, business," said 
Mr. Green, who is president of the Texas Midland Railroad and 
director in the Columbia Trust Company and Seaboard National 
Bank, in which his mother had deposits. She also had deposits in the 
National Park and Colonial banks. She had large real estate hold- 
ings in Chicago and New York City. 


Moses Taylor Pyne, one of the heirs of Moses Taylor, died in 
1921 leaving a fortune estimated at $100,000,000, to his widow and 
two sons, Moses Taylor Jr. and Percy R. 2nd. Deceased was second 
largest stockholder in the National City Bank with 33,000 shares, 
worth about $10,000,000. He was one of the largest security holders 
in the Consolidated Gas Company, (N. Y. City) and in the Dela- 
ware, Lackawanna and Western R. R. He was also a large holder 
in the United N. J. Railroad & Canal, Morris & Essex Ry., N. Y., 
Lackawanna & Western, Sussex R'y-, Passaic & Delaware, Warren 
R. R., Lackawanna Steel, and in other similar properties. He was 
also a large holder of securities in various banks and other financial 


Edmund C. Converse died in 1921, leaving an estate estimated by 
Edmund Converse Jr., at more than $100,000,000. His chief heirs 
are his son and two daughters, Mrs. Benjamin Strong Jr., and the 
Countess Von Romberg, who was Antoinette Converse. Deceased 
was the chief factor in the National Tube Company, controlled by the 
Steel Trust and he was one of the largest stockholders in the Trust. 
He was one of the largest security holders in Inspiration Copper and 
International Nickel, in the Astor Trust Co., Bankers Trust, Liberty 
National Bank and in other large industrial corporations. Deceased 
left about two million dollars to charity and friends, the balance going 
to his family. An appraisal of the estate filed in Connecticut in June, 
1921, makes the total $30,769,867, his largest holdings being $10,- 
260,000 in the Warner Railroad Co., $3,030,870 in Bankers Trust 
and $1,268,750 in Guaranty Trust. His holding in U. S. Steel, Na- 
tional Tube Co., Inspiration Copper, International Nickel, Manati 
Sugar and American Bank Note Co., are not disclosed. 



Anthony N. Brady died in 1914, leaving $87,000,000, to his two 
sons, Nicholas F. and James C, his daughters Mrs. James C. Farrell 
of Albany, Mrs. Francis P. Garvin and Mrs. Carl Tucker of New 
York, and his grand-daughter Marcie Gavitt, of Albany. Amorig his 
principal stock holdings were : 

288,335 shares British-American Tobacco; 75,745 shares com- 
mon and 45,000 preferred U. S. Rubber Co.; 36,000 shares Kings 
Co., Electric Light & Power; 32,344 com. and 12,844 pref. Amer- 
ican Tobacco; 16,785 Liggett & Myers; 6,300 com., American Snuff; 
12,400 Anaconda; 22,029 Brooklyn Rapid Transit; 12,680 com. and 
2,700 pref., Lorillard Co.; 11,200 Utica Gas and Electric; 6,600 
Amalgamated Copper; 5,439 com. and 6,501 pref., Consolidated Gas 
& Electric Light & Power of Baltimore; 10,000 com. and 4,800 
pref. Dayton Power & Light; 9,614 Electric Storage Battery 
Motors; 1,668 Harway Improvement Co.; 1,857 General Motors; 
7,392 Interboro Metropolitan; 2,456 each, first and second preferred 
and 1,961 com. Maxwell Motors; 4,853 New York Air Brake; 
1,400 Memphis Consolidated Gas & Electric; 58,208 Osaka Gas Co., 
Japan; 5,600 People's Gas Light and Coke; 8,800 Union Carbide; 
4,000 Reynolds Tobacco; 4,000 United Drug; 8,750 Cohoes Gas 
Co.; 11,858 Cohoes Co.; 3,667 Municipal Gas of Albany; 1,155 
Troy Gas Co.; 9,200 Consolidated Gas of N. Y.; 3,600 Bronx 
Terminal Corp.; 3,960 Commonwealth Edison; 2,445 Bridgeport 
Gas; 2,920 Delaware & Hudson; 1,150 Delaware, Lackawanna & 

His principal bond holdings were : 

$2,385,000 Brooklyn Rapid Transit Co. ; $3,200,000 Chattanooga 
and Tennessee River Power Co.; $1,088,000 Indiana Natural Gas 
& Oil; $1,010,000 Memphis Gas & Electric; $629,000 Kings Co. 
Electric Light and Power; $535,000 Consumers Light, Heat & 
Power; $312,000 Merchants Power Co. 

Mr. Brady owned $31,000,000 tobacco securities, about $10,- 
000,000 rubber, $6,000,000 B. R. T., and $7,000,000 in Japanese 
Lighting plants. He owned 210 shares Central Trust Co., valued at 
$210,000; 800 Industrial Trust; 955 Lawyers Title Ins. & Trust. 


The estate of Marshall Field ($85,000,000), who died in 1906, 
was left to two grandsons, both minors. Henry Field, one of the 
grandsons, died in 1917 at 22 years of age; the other, Marshall Field, 
3rd, is alive and sole heir. Under the will, he and his brother were 
to divide half the income from the estate, the other half being cumu- 


lative until the younger became 50 years of age, when the estate was 
to be divided, three-fifths to Marshall Field 3rd and two-fifths to 
Henry. The estate at that time, it was reckoned, would exceed 

The income from the estate in 1917 was $4,500,000. In 1919, 
it was $3,000,000, the reduction being due to the income tax. Mar- 
shall Field 3rd is now 30 years old. In 1905, he married Evelyn 
Marshall, daughter of Charles H. Marshall of New York. Henry 
had a son by Peggy Marsh, an actress. He subsequently married 
Nancy Perkins, niece of Viscountess Astor, a few months before he 
died. Henry's son by Miss Marsh, will not share in the estate be- 
cause of a court decision. His mother received $200,000 in settle- 

The estate consists of large real estate holdings in Chicago, New 
York and elsewhere, holdings in railroads and other properties, and 
the controlling interest in the firm of Marshall Field & Co. He 
owned stock in the Chicago & Northwestern, appraised at $1,850,000; 
Baltimore & Ohio, $1,500,000; Pullman Company $800,000; 
Atchison, Topeka & Santa Fe, $600,000; Corn Products Refining 
Co., $450,000; International Harvester Company $350,000; Na- 
tional Biscuit Company, $350,000 and American Can Company, 


The estate of John G. Wendel ($80,000,000) who died in 1916, 
was left to his four sisters, three elderly spinsters and one married. 
The estate consists mainly of Teal estate in New York City which 
has been in the family more than 100 years. The Wendels own 
some of the choicest parcels on Broadway and Fifth avenue. Just 
before he died the deceased transferred $10,000,000 real estate to 
his sisters to whom he had already transferred the bulk of his property. 
Next to the Astors, Goelets and Rhinelanders, the Wendels are the 
largest property owners in New York City. The policy of the estate 
as announced by the deceased, was not to sell or improve, only to lease. 


The estate of Edward B. Harriman ($80,000,000) who died 
in 1909, was left to his widow and son, William Averill, who is now 
30 years of age. Among the largest holdings were 51,900 shares 
preferred and 55,000 common Union Pacific, appraised together at 
$16,000,000; 47,400 shares Erie, 10,000 Chicago, Milwaukee & St. 
Paul, 6,000 Delaware & Hudson, 4,000 Reading, 3,000 Baltimore & 
Ohio, 3,146 Brooklyn Rapid Transit and 2,272 Alton. He held only 
473 shares of the Illinois Central which road he wrested from Stuy- 


vesant Fish and only 1,000 shares of Southern Pacific, controlled by 
the Union Pacific. His largest bond holdings include Erie $8,- 
849,000, Burlington $1,777,000, Wheeling and Lake Erie $1,455,000, 
Delaware, Lackawanna & Western $1,000,000, Chicago & Alton 
$832,498, and Interboro-Metropolitan $918,400. His bank stocks 
include 4,829 shares of Guaranty Trust, 5,650 National Bank of 
Commerce, 500 Equitable Trust, 800 First National of Chicago, 
1,000 National City Bank, 100 Harriman National. J. Ogden 
Armour owed him $414,000. 

W. Averill Harriman is director in the Baltimore & Ohio, Dela- 
ware & Hudson, Illinois Central, Railroad Securities Company, Union 
Pacific, Wells Fargo, American-Hawaiian Steamship Co., Guaranty 
Trust Company, National Surety Company, and the St. Joseph & 
Grand Island Railroad. The Railroad Securities Company is cap- 
italized at $20,000,000 and holds a large part of Harriman's wealth. 
R. S. Lovett, President of the Union Pacific, is President of the com- 
pany. A large share of Mr. Harriman's wealth was no doubt given 
to his family before he died. 


J. Pierpont Morgan, who died in 1913, left an estate appraised at 
$78,149,024. There is no doubt that he was worth more than this 
sum and that he gave several millions to his family including his son, 
who succeeded him as head of the firm of J. P. Morgan & Co., and 
his daughter Anne, before he died. 

Among his largest stock holdings were : 

7,504 shares N. Y., N. H. & Hartford R. R., 6,500 shares com. 
and 415 pref. Southern Railway, 1,279 shares N. Y. Central, 3,125 
pref. and 3,125 com. American Bank Note, 2,142 American Tele- 
phone & Telegraph, 1,060 American Tobacco Co., 47,025 shares 
com. and 25,775 pref. Argentine Great W. Ry., 3,100 Argentine 
Transandine Ry., 1,100 Brooklyn Rapid Transit, 5,500 Cerro de 
Pasco Co., 15,000 City & Suburban Homes, 1,000 H. B. Claflin Co., 
20,000 Campagnie Universelle de Telegraphie et de Telephonie, 
5,000 founders shares same, 1,200 pref. General Motors, 1,000 pref. 
and 300 com. Hartford Carpet Corporation, 4,958 com. and 3,366 
pref. Havana Tobacco Co., 5,000 com. Intercontinental Rubber, 
24,889 pref. Manchester Ship Canal, 1,703 1st. pref., 1,740 second 
pref. and 1,764 com. Maxwell Motor Co., 4,124 Niagara Falls 
Power, 998 com. and 550 pref. Otis Elevator Co., 4,300 2nd. pref. 
St. Louis Bridge Co., 2,134 com. Studebaker Vehicle, 9,000 Sub- 
marine Signal^ 1,400 Tenth and 23rd. St. Ferry Co., 6,325 com. 
United Dry Goods, 931 1st. pref. U. S. Rubber, 2,625 com. and 832 
pref. Waltham Watch and 41,666 Wooten Land & Fuel Co. 


Among his largest bond holdings were: 

$1,700,000 Atlantic Coast Lumber Corp., $1,162,000 N. Y. 
Central, $268,000 Cerro de Pasco Mining Co., $300,000 Havana 
Tobacco, $269,000 Niagara Falls Power, $100,000 Indiana Steel 
Co., $104,000 International Motors, $150,000 West Short R. R., 
$64,000 Illinois Steel, $100,000 N. Y. & East River Ferry, $60,000 
Rome Locomotive & Machine Works, $57,000 N. Y. & Hoboken 
Ferry Co. and $50,000 L. I. R. R. Ferry Co. 

Among the principal bank stocks were : 

2,300 shares Bankers Trust Co., 500 Bond and Mortgage Guar- 
antee Co., 150 Central Trust Co., 500 First National Bank, 250 
Guaranty Trust Co., 800 Hudson Trust Co., 775 Liberty National 
Bank, 6,800 National Bank of Commerce, 282 shares Equitable 
Life Assurance Society and 250 Aetna Insurance Co. 

Mr. Morgan's interest in the firm of J. P. Morgan & Co. was ap- 
praised at $30,000,000. The firm owns 14,500 shares out of a total 
of 100,000 shares of the First National Bank of which George F. 
Baker is head (worth $14,000,000), one-seventh interest in the First 
Security Company which has securities worth $50,000,000 and 15,000 
shares out of 250,000, National City Bank (worth $5,000,000.) 


Jay Gould died in 1892, leaving a net estate of $74,500,000 to 
his six children, George J., Edwin, Helen M., Howard, Anna (for- 
mer Countess de Castellane) and Frank J. 

His largest holdings were 101,800 shares of stock (valued at 
$5,500,000) and $13,000,000 bonds of Missouri Pacific Railroad; 
220,000 shares of Western Union Telegraph Co., valued at $18,- 
700,000; 100,000 shares of Manhattan "L," valued at $12,800,000; 
$7,286,872 bonds of St. Louis, Iron Mountain & Southern; 83,000 
shares (valued at $913,000) and $980,000 bonds of Wabash Rail- 
road; 18,000 shares (valued at $643,000) and $1,912,000 notes. 
Union Pacific; $1,700,000 bonds of Kansas and Arkansas Valley 
Railroad; 20,000 shares (valued at $184,500) and $788,452 bonds 
of Texas and Pacific; 10,000 shares of American Telegraph and 
Cable, valued at $850,000 ; 6,696 shares of Wagner Palace Car Co., 
$816,912; 916 Iron Mt. Car Trust Certificates, valued at 
$870,000; $910,000 bonds of Kansas City, Wyandotte and North- 
ern; $478,000 bonds of International and Great Northern. The 
St. Louis and Iron Mt. Railroad owed the estate $3,000,000 and the 
Missouri Pacific $2,000,000. 

The six children shared equally in the estate which was under 
the management of George J. Gould. The Rockefellers have ac- 
quired a large share of Gould's properties. 



William Weigh tman died in 1904, leaving virtually his entire 
estate of $70,000,000 to his daughter Mrs. Anna N. W. Walker, 
who later became the wiit of Frederick C. Penfield. Deceased wzs 
the largest owner of real estate in Philadelphia and he owned property 
in Cleveland, Detroit and Chicago. His interest in the firm of 
Powers & Weightman was worth $20,000,000, when he died. Mrs. 
Penfield inherited approximately $10,000,000 from her husband 
(Walker), son and mother, before she obtained her father's fortune 
which made her at that time, the richest woman in the United States. 
She has no children. 


The estate of John S. Kennedy ($67,000,000), who died in 1909, 
was divided as follows: To his widow, $17,000,000, to relatives 
$15,000,000, and to charitable, educational and philanthropic institu- 
tions, $35,000,000. 

Mr. Kennedy was a banker and in railroad construction with 
James J. Hill. His principal holdings were in Hill properties. He 
left 160,000 shares of Northern Pacific, valued at $24,000,000 
100,000 shares Great Northern preferred, valued at $14,650,000 
96,000 shares Great Northern Iron certificates, valued at $7,752,000 
3,000 shares Standard Oil Trust, 1,356 shares New York Central, 
1,100 New York, New Haven & Hartford, 3,000 Pittsburg, Fort 
Wayne & Chicago, 2,000 United New Jersey Railroad and Canal, 
1,000 Manhattan Railway, 1,500 preferred and 2,428 common. Met- 
ropolitan West Side of Chicago, 2,222 Granby Consolidated, 1,650 
Manhattan Company. His principal bonds were St. Paul, Min- 
neapolis and Manitoba, $2,000,000, Eastern Railway of Minnesota, 
$789,000, Montana Central $703,000, Minnesota Union Railway 
$654,000, Minneapolis & Manitoba $751,000, Northern Pacific $295,- 
000, and Pennsylvania Railroad $211,000. He also held bank se- 

Deceased left no children; nephews, nieces and friends received 
from $800,000 to $2,500,000 each, and churches and Mission societies 
I'eceived $15,000,000, colleges $7,000,000 and hospitals, museums and 
libraries $13,000,000. 

The estate of Russell Sage ($66,000,000), who died in 1906, was 
left to his widow, who died in 1918. She left her brother, Joseph J. 
Slocum, $8,000,000, and distributed about a million dollars to other 
relatives; about $35,000,000 was left to institutions. The Sage 
Foundation received $15,000,000 in 1907. 


Mr. Sage was associated with John S. Kennedy and Jay Gould 
in railroad and other properties. Among his largest holdings were 
35,800 shares Western Union, 9,330 common and 13,265 preferred, 
St. Louis, Iron Mountain and Southern, 12,400 Manhattan Railway, 
15,285 Missouri Pacific, 1,500 common and 5,000 preferred, U. S. 
Steel, 5,150 Baltimore & Ohio, 7,226 Pennsylvania Railroad, 1,440 
preferred Union Pacific, 5,347 American Telegraph and Cable, 2,500 
Pullman, 4,402 Iowa Central. Among his largest bond holdings 
were $2,366,117 St. Louis, Iron Mountain and Southern, $3,350,000 
Missouri Pacific, $942,480 Texas & Pacific, $856,662 St. Louis 
Southwestern, $1,130,500 Wabash, $485,865 Missouri, Kansas & 
Texas, $555,000 Iowa Central, $210,000 Galveston, Houston & 
Henderson. His principal bank holdings were 625 shares National 
Bank of Commerce, 1,000 shares Mercantile Trust and 497 Im- 
porters and Traders. At the time of his death, he had $36,000,000 
loaned on call in Wall street. 

Mrs. Sage's estate includes 20,400 shares of American Tele- 
phone & Telegraph, 13,300 preferred Santa Fe, 6,000 Northern 
Pacific, 11,500 pref. and 1,000 com. U. S. Steel; 13,800 Pennsyl- 
vania Railroad, 5,940 General Electric, 6,300 New Haven, 5,000 
Missouri, Kansas & Texas, 16,000 Wabash, and 3,000 Illinois Cen- 
tral, fler bond holdings include $1,000,000 Interboro and $1,000,- 
000 New York Telephone, besides other railroad and government 
bonds. She left several million dollars in mortgages. 


P. A. B Widener died in 1915, leaving an estate estimated at 
$65,000,000 tied up in a trust fund for 70 years. The heirs of this 
estate are his son, Joseph E. Widener; nephew, George D., and the 
children of his son George D., who was drowned on the Titanic. 

The Widener holdings in the Tobacco Trust are estimated at 
$20,000,000 and his holdings in traction and other securities exceed 
that sum. He was probably the largest stockholder in Philadelphia 
traction and one of the largest in the gas company there. He was 
the largest stockholder in the Reading Railroad, owning 100,000 
shares, worth about $8,000,000, and he and W. L. Elkins, who was 
associated with him, owned together 10,000 shares Standard Oil. 

Mr. Widener left several million dollars in Philadelphia and 
Pennsylvania real estate and he was a large holder in U. S. Steel and 
Pennsylvania Railroad. His art collection was appraised at $10,- 
000,000. Several years before his death, he established the Widener 
Crippled Children Memorial Home and contributed $7,000,000 for 
its support. 



Robert and Ogden Goelet died in 1899 leaving about $60,000,000 
each, mostly in New York City real estate. The Goelets are second 
to the Astors in the value of their holdings which are appraised in 
excess of $125,000,000. 

Robert Goelet owned 217 shares Chemical National Bank ap- 
praised at $889,700, at the rate of $4,100 a share; 300 shares, Union 
Trust Compan}r, appraised at $420,000; 136 New York Life In- 
surance and Trust Company, $218,400; 250 shares Guaranty Trust, 
$150,000; 700 Gallatin National, $108,500; 18,000 Brooklyn City 
Railroad, $444,600; 1,800 Third Avenue Railroad, $387,000; 1,500 
New York Central, $210,000; Illinois Central bonds, $358,550; New 
York and East River gas bonds, $521,520; New York, New Haven 
& Hartford, $162,060; Northern Union Gas, $117,500; Chicago & 
Alton Syndicate subs, $205,640. He had $620,000 cash in bank and 
a note of $100,000 from E. H. Harriman. The estate was left to 
his son, Robert W., daughter, Beatrice, and widow. 

Ogden Goelet owned 200 shares Chemical National Bank, valued 
at $780,000; Illinois Central bonds, $340,800; 300 shares Union 
Trust, $258,000; 155 New York Life and Trust, $155,000; 700 
Gallatin National, $108,500; 15,000 shares Brooklyn City Railroad 
Company, $285,000; 1,500 shares New York Central, $162,000 
938 shares New York, New Haven and Hartford, $164,150; 2,040 
Penn. R.. R, $112,200; 1,500 Third Avenue Railroad, $225,000 
1,000 Oswego & Syracuse, $100,000; Brooklyn park bonds, $199,800, 
and cash in bank $362,000. His estate was left to his son Robert, 
daughter Mary, and his widow. 


The estate of Charles Appleby ($50,000,000) who died in 1913, 
was left to his sons Edgar and John, who have three children to- 
gether. The estate consists mostly of New York City real estate. 
Deceased was a lawyer who specialized in real estate and amassed 
one of the largest real estate fortunes. He was 90 years old when 
he died. He represented King Louis Philippe of France in real 
estate transactions in the United States. He owned a large part of 
Central Park south and west, and property along Riverside Drive. 


Meyer Guggenheim died in 1905, leaving an estate estimated 
at $50,000,000 to his six sons and three daughters. The Guggen- 
heim family fortune to-day is estimated at $500,000,000, ten times 
the amount left by the father. 


The Guggenheims control some of the largest copper properties, 
including Kennecott, Utah, Nevada Consolidated, Braden and Chile 
Copper, besides the American Smelting and Refining Company and 
properties in Alaska. Most of deceased's wealth was given to his 
family before he died, the schedule of his estate showing only 
$2,2000,000, which was distributed to his children. 


The estate of John I. Blair ($50,000,000) was left to his son, 
De Witt Clinton Blair, and to five grandchildren who received 
$500,000 each. De Witt Clinton Blair died in 1915, leaving $10,- 
000,000 to his sons, C. Ledyard and J. Insley Blair, to whom he had 
given $7,000,000 each the Christmas before his death. The Blairs 
are of the firm of Blair & Co., bankers, and are directors in many 
large properties including the Lackawanna Steel Company, Pressed 
Steel Car Company, Kansas City Southern Railroad, Seaboard Air 
Line, New York Trust Company, Equitable Securities Company and 
Securities Company of New York. They are also large owners of 
real estate. 


The estate of William Rhinelander ($50,000,000) was left to 
his widow and sons, Oakley and Philip, He disinherited his son 
William C, whose marriage he condemned. The estate consists of 
some of the choicest parcels of real estate in New York City. Mrs. 
Rhinelander, the widow, also disinherited her son William, when she 
died in 1914. 


Frank A. Sayles, who died in 1920, leaving an estate estimated at 
$50,000,000, was one of the largest mill owners in New England. 
He lived in Pawtucket, Rhode Island. His family inherited the bulk 
of his fortune. 


Henry A. C. Taylor died in 1921 leaving an estate estimated at 
$50,000, OOO. He was the son of Moses Taylor and uncle of Moses 
Taylor Pyne, who died a few months before him leaving about $100,- 
000,000. Deceased was director in the National City Bank, National 
City Co., Delaware, Lackawanna & Western, Morris & Essex, N. Y. 
Lackawanna & Western, Cayuga & Susquehanna, Farmers Loan & 
Trust Co., N. Y. Life Ins. & Trust, and Newport Trust Co. His 
son Moses Taylor, is trustee of the Consolidated Gas Co. (N. Y.) 
and director in J. G. White Engineering Corp., Lackawanna Steel 


Co., Cornwall R. R., Lake Champlain and Moriah R. R., Mines 
Finance Co., N. Y. & Queens Gas, South Buffalo R'y, Tilly Foster 
Mines, and Westchester & Bronx Title & Mortgage Guarantj' Co. 
When his will was filed for probate in Portsmouth, R. I., the petition 
set forth that his personal property amounted to $15,000,000. 


Benjamin Altman died in 1913, deaving an estate estimated at 
$44,000,000, He was principal owner of the drygoods firm of B. 
Altman & Co., on Fifth Avenue, New York. Deceased left 20,000 
shares of stock in the company to the Altman Foundation for the 
benefit of employees and he distributed 23,000 shares to employees 
on condition that they be resold to the firm at $125 a share when the 
employee leaves. The State of New York estimated the endowment 
fund at $25,000,000. The deceased's art gallery, valued at $10,- 
000,000, was left to the Metropolitan Museum of Art, New York 
City. The balance of the estate was appraised at $9,000,000, on 
which an inheritance tax was paid. The Altman Foundation was 
chartered in New York State and may devote its funds to benevolent 
and charitable purposes. 


Frederick G. Bourne died in 1919 leaving an estate appraised 
at $43,000,000. He was formerly president of the Singer Sewing 
Machine Co., in which he was one of the largest security holders. 
No schedule of the estate has yet been filed, but his holdings include 
$1,000,000 in bonds of the Aeohan Co., $1,000,000 N. Y. City bonds, 
3,500 shares Consolidated Gas (N. Y. City), 1,500 shares lUinois 
Central. He was director in the Atlas Portland Cement Co., Bab- 
cork-Wilcox Co., City and Suburban Homes Co., Long Island R. R., 
Manhattan Co., Singer Manufacturing Co. and Singer Sewing Ma- 
chine Co. Deceased left securities appraised as follows: Stocks, 
$26,510,000; bonds, $13,500,000; real estate, $1,450,000. 

His seven children inherited the estate. They are Arthur K., 
Alfred G., George C, Marion, Marjorie and Mrs. Ralph Strass- 
burger of Norristown Pa., and Mrs. Anson W. Hard of Long Island. 


George Smith died in 1899, leaving $42,000,000 equally to his 
nephew James Henry Smith and to a friend, George Alexander 
Cooper, of England. Deceased was a merchant on the Pacific coast. 
He spent the latter years of his hfe in England. His nephew lived 
on Fifth Avenue, New York. Deceased left $12,850,000 bonds of 


Chicago, Milwaukee & St. Paul Railroad; $11,000,000 bonds of 
Chicago, Burlington & Quincy; $1,000,000 Chicago & Pacific, 
$1,050, 00 Chicago & Northwestern, $757,000 Baltimore & Ohio, 
$580,000 Wisconsin & Minnesota, $355,000 Burlington & Missouri 
River Railroad, $350,000 East Tennessee, Virginia & Georgia Rail- 
road, $325,000 South CaroHna & Georgia, and similar sums in other 
railroads. He held $1,000,000 bonds of the State of Tennessee. 


The Estate of Darius O. Mills ($41,000,000) who died in 1910, 
was left to his son Ogden and daughter Mrs. Whitelaw Reid, wife 
of the late ambassador. There were small bequests to institutions. 
Among his largest holdings were 16,000 shares N. Y. Central, 
13,500 shares Rock Island, 6,810 shares Atchison, 15,970 Portland 
Ry. Light & Power, 10,659 Peoples' Gas & Coke, 15,878 pref. 
International Paper, 34,500 com. and 3,347 pref. Shredded Wheat; 
49,224 Bunker Hill & Sullivan Mining, 5,000 Tidewater Oil, 
600 Standard Oil Trust, 1,000 Chicago & Northwestern, 1,000 
Chicago, Milwaukee & St. Paul, 1,000 Northern Pacific, 2,000 Rock 
Island, 6,000 pref. and 7,000 com. Seaboard Air Line; 2,454 
Southern Pacific, 31,141 Virginia & Truckee R. R., 8,106 Brookljm 
Rapid Transit, 5,000 Central London Ry., 2,155 American Steel 
Foundry, 14,942 Black Diamond Coal, 5,500 Lackawanna Steel, 
1,800 Buffalo Gen. Elec, 1,800 Commonwealth Edison of Chicago, 
1,000 Duluth Edison, 4,500 Guanajuato Power & Electric, 2,000 
Niagara Falls Power, 2,500 Northwest Gas Light & Coke, 37,675 
Alaska Mexican Gold Mining, 501,450 Alaska Treadwell Gold 
Mining, 15,475 Alaska United Gold Mining, 8,800 Cerro De Pasco, 
14,942 Bellingham Bay Improvement, 10,000 Chicago Transfer and 
Clearing, 2,284 Crex Carpet, 56,250 Nevada Petroluem, 1,000 
Pressed Steel Car, 1,000 Palace Hotel, 3,264 Pullman, 4,000 Spring 
Valley Water, 730 Erie Elevator Co., 605 North Atlantic 

His principal bond holdings include $505,000 Rock Island, 
$144,000 Penn. R. R., $860,000 Seaboard Air Line, $100,000 Erie, 
$114,000 International Traction, $250,000 Guanajuato Power & 
Electric, $200,000 Ogden Gas Co., $300,000 International Paper 
$133,000 Union Iron Works Dry Dock, $250,000 Coal & Coke Ry. 
$100,000 Southern Pacific, $85,000 Lake Shore, $83,000 Nassau 
Electric Ry., $84,000 Kings Co. Elec, $100,000 Valley Counties 
Power and $567,000 Cerro De Pasco Mining. He owned stocks 
in nine banks including Bank of New York, Guaranty Trust, Morton 
Trust, Mercantile Trust, National Bank of Commerce, Maine 
National of Buffalo and Mercantile Trust of San Francisco. 


It was acknowledged by the heirs that deceased gave them each 
$1,000,000 in securities each Christmas for several years before he 
died and that he gave them 16,000 shares of Atchison a few months 
before he died. Mrs. Reid also inherited her husband's estate of 
$2,000,000 which included the ownership of the New York Tribune. 


James Stillman died in 1917, leaving an estate appraised at 
$40,279,807 to his three sons, Charles C, James A. and Ernest G. 
Stillman, and to his two daughters, Isabel G. Rockefeller and Elsie 
G. Rockefeller, who married the sons of William Rockefeller. 
Stillman and Rockefeller were engaged in many financial enterprises 
together. Mr. Stillman undoubtedly gave many millions to his 
children before he died, his total wealth being estimated at 

Among the principal holdings in the estate are 47,498 shares of 
National City Bank, appraised at $14,507,876; 4,054 shares Hanover 
National Bank, appraised at $2,249,970; 5,740 shares Second 
National Bank, appraised at $2,095,100; 5,269 shares National Bank 
of Commerce, $790,350; 3,371 shares Citizens National, $606,780; 
700 New York Trust Company, $399,000; 1,340 Lincoln National, 
$321,600; 304 U. S. Trust, $174,512; 971 Lawyers Title & Trust, 
$89,332; 25,000 American International Corporation (60% paid), 
$1,350,000; 20,000 Fidelity Company, $1,970,000; 3,619 New 
Jersey Zinc Company, $852,274; 2,100 common and 3,255 pref. 
Union Pacific, valued at $479,000 ; 3,459 pref. Chicago, Milwaukee 
and St. Paul, $242,130; 3,175 New York Central, $222,250; 21,068 
U. S. Realty and Improvement Company, $168,544; 1,128 Standard 
Oil Co., of New Jersey, $595,584; 1,136 Standard Oil of California, 
$241,967; 860 Standard Oil of New York, $223,600; 688 Ohio Oil, 
$222,224; 344 Standard Oil of Indiana, $214,656; 5,732 Kennecott 
Copper, $182,707; 3,000 Haskell & Barker Car Co., $111,000; 
1,046 Terminal Warehouse Company, $104,666; U. S. Trust 
Corporation Ltd. of London, $546,000 ; Midvale Steel and Ordnance, 

His principal bond holdings were Fidelity Company, $846,000; 
U. S. Realty & Improvement Company, $672,800 ; Chicago & Alton 
Railroad, $420,750; Equitable Office Building Corporation, $382,200; 
Morris & Essex Railroad, $418,800; Terminal Warehouse Company, 
$80,000, and United Lead, $73,730. 

Mr. Stillman's real estate in New York City was appraised at 
$1,379,483 and he had real estate in Texas, appraised at $232,888, 
and in Little Falls, N. Y., appraised at $397,331. Each of the three 
sons received approximately $7,000,000 and the daughters, $2,250,000 
each. Ten million dollars was held in trust for the grandchildren. 



The estate of Norman B. Ream ($40,000,000), who died in 
1915, was left to his wife, four sons, Edward K., Norman P., Robert 
C, and Louis N. and two daughters, Mrs. John C. Kemmerer and 
Mrs. Redmond D. Stephens. The deceased v^&s one of the organizers 
of the Steel Trust, and a director. He was heavily interested in 
Western ranches and banks, besides railroads. He was at one time 
associated with P. D. Armour, Marshall Field, John Cudahy and 
George M. Pullman, and he owned valuable real estate in Chicago, At 
the time of his death he was director in the Baltimore & Ohio, Chicago 
& Erie, Cincinnati, Hamilton & Dayton, Erie, N. Y. Susq. & Western ; 
Pere Marquette, Pullman Co., Seaboard Air Line, Equitable Life, 
Fidelity-Phenix Fire Ins. Co., First National Bank of Chicago, 
Metropolitan Trust Co., N. Y. ; National Biscuit Co., N. Y. Trust 
Co., Securities Co., Sussex Realty, U. S. Steel. 

Mr. Reams' wealth was probably in excess of the amount given, 
no schedule of his holdings being made public. He was a "resident" 
of Thompson, Ct. 


The estate of John Carter Brown ($40,000,000) who died in 
1874, was distributed in 1914. It was $25,000,000 when left in trust 
forty years before distribution. The bulk of the estate went to John 
Nicholas Brown, his grandson, who is now 25 years old, and to Mrs. 
William Watt Sherman, his aunt. The boy also inherited $10,000,000 
from his uncle's share of the estate. His grandfather founded Brown 
University in Providence, R. I. 


The estate of William H. Yawkey ($40,000,000), who died in 
1919, was left to his nephew, Thomas A. Yawkey, 16 years old, and 
to his widow. The boy was adopted by Mr. Yawkey, after the death 
of his parents. The estate is largely in oil and timber lands, which 
the deceased inherited from his father. 


The estate of William P. Furniss ($40,000,000) was left to 
three daughters, all of whom died. The last of the daughters was 
Mrs. John E. Zimmerman. She died in 1918, leaving $2,000,000 to 
religious, educational and charitable institutions. She had no children. 
Her father was known as the "West Indian Merchant Prince." 



The estate of Charles G. Roebling ($40,000,000) was left to his 
daughters, Mrs. Richard N. Cadwalader, Jr., and Mrs. Sargeant 
Tyson, Jr., of Philadelphia. He was head of John A. Roebling. Sons 
and of the New Jersey Wire Cloth Co. ; also a large stockholder in 
the Pennsylvania Railroad Co. and Otis Elevator Co. 

Karl G. Roebling, son of Ferdinand W. Roebling, who was 
president of the John A. Roebling's Sons Co., died in 1921 leaving 
a fortune estimated to exceed $20,000,000. He was director in the 
Otis Elevator Co., in which the Roeblings are the largest stock- 
holders, and in the N. J. Wire Cloth Co., Mechanics National Bank, 
Standard Fire Insurance Co., Union Mills Paper Co. and other 


The estate of WilHam B. Leeds, estimated at $40,000,0000, was 
left to his widow who was Miss Stuart of Cleveland, who was half his 
age. His property was taken over by the Steel Trust in 1901. Mrs. 
Leeds is now the wife of the brother of King Constantine of Greece, 
and her son, by her former marriage, who is only eighteen years old, 
is married to the King's niece. 


The estate of Adolphus Busch ($40,000,000) was left to his 
family. The estate consists of 190 parcels of real estate held separately 
by him in Missouri, California, Iowa, Kansas and Texas, besides the 
parcels owned by the Brewing Company in which he was the largest 
stockholder; and notes, stocks and bonds valued at $18,000,000. 


W. L. Elkins, who was P. A. B, Widener's partner, left a fortune 
appraised at $6,000,000, though his actual wealth was about 
$40,000,000. He was a large holder of traction securities in New 
York, Chicago, Philadelphia, Pittsburg and Baltimore, and he held 
many thousand shares of American Tobacco stock. He owned 
several thousand shares Pennsylvania Railroad, a vast amount of real 
estate in Philadelphia, and several thousand shares of Standard Oil. 


The estate of Edward Morris ($40,000,000) who died in 1912, 
was left to his widow and four children. Mrs. Morris inherited a 


fortune from her father, Gustavus Swift, the packer. The estate 
consists principally of a majority stock in the firm of Morris & 
Company, and heavy holdings in banks. 


Henry Miller died in 1916 leaving an estate appraised at 
$40,000,000, to his only child, Mrs. J. Leroy Nickel of San Francisco, 
to whom he transferred a large share of his property before he died. 
Deceased owned more land in California, Nevada and Oregon than 
any other person, his total holdings aggregating two million acres, or 
about three thousand square miles, which he accumulated in sixty 
years. He at one time owned more cattle than any other person in the 
West. The State of California is trying to collect an inheritance 
tax of ten million dollars from the estate. 


The estate of Edward F. Searles ($40,000,000) who died in 
1920, was left to Arthur T. Walker, his secretary. The deceased left 
no family. He obtained the fortune from his wife who was the widow 
of Mark Hopkins, one of the Union Pacific pioneers. She was many 
years his senior when they were married in 1887. She died in 1891, 
leaving him $30,000,000. Mr. Searles was the principal owner of 
the New York Globe. A part of the principal and income of the 
estate went to the law firm that managed it, under a contract for such 
compensation. The estate consists largely of railroad and traction 
securities. Relatives of the deceased contesting the will, received a 
settlement leaving Mr. Walker the largest portion. He is unmarried. 


Collis P. Huntington died in 1900, leaving an estate appraised 
at $37,000,000 to his widow Arabella, nephew Henry E., daughter 
Clara (Princess Hatzfield) and other relatives. The widow received 
$15,000,000; nephew, $10,000,000; daughter, $1,000,000. The 
largest holdings in the estate were Southern Pacific stock valued at 
$13,055,000 (par value, $39,000,000) ; bonds, stocks and notes of 
Newport News Shipping and Dry Dock Co., $7,000,000; stocks of 
Market Street Railroad, $1,200,000; stock and bonds of Galveston, 
Harrisburg & San Antonio Railroad, $2,320,000; bonds of Mexican 
International Railway, $1,132,620; Southern Pacific bonds, $657,- 
000; Chesapeake Dry Dock bonds, $600,000; bonds of Astoria and 
Columbia River Railroad, $720,000; stock of Old Dominion Land 
Co., $505,000; bonds of Texas & Northern Railroad, $478,000, 


The Pacific Improvement Co. owed the estate $2,744,000. His home 
at Fifth Avenue and 57th Street was appraised at $1,200,000. 


The estate of John Arbuckle ($37,000,000) coffee merchant, 
who died in 1912, was left to his sisters, Miss Christina and Mrs. 
Katherine Jamison. Miss Arbuckle was 74 years old when her brother 
died, leaving neither wife nor child. She was appointed administrator. 
William A. Jamison, son of Mrs. Jamison, is active head of the firm 
of Arbuckle Bros. He is also director in the United States Mortgage 
and Trust Company, Wabash Railway, Mechanics & Metals National 
Bank, Stave and Timber Corporation, Jay Street Connecting Railroad 
and American and Foreign Marine Insurance Company. 


Thomas Dolan, of the famous Widener-Elkins-Dolan syndicate, 
died in 1914, leaving $35,000,000 in trust for 21 years after his last 
lineal descendant. He left three sons, Thomas, Clarence and H. Yale 
Dolan. He was President of the United Gas Improvement Company 
of Philadelphia, which owns and controls the light, heat and traction 
in more than 300 cities and towns in the United States. He was also 
director in the Metropolitan Street Railway, New York City, 
Continental Tobacco Company, William Cramp & Sons, and other 
large corporations. 


The estate of Captain Joseph R. DeLamar ($34,000,000) who 
died in 1918, was left to his daughter, who received $10,000,000, and 
to Harvard, John Hopkins and Columbia Universities. The deceased 
was little known outside of his own business circle.^ His largest 
corporate holdings include bonds and stocks of the Sinclair Oil and 
Refining Co. and Sinclair Gulf Corporation valued at $2,084,000; 
Delta Beet Sugar Corporation, $2,697,000; Manati Sugar, com. and 
pref., $298,000; International Mercantile Marine, $314,160; 
National Conduit & Cable Co., $440,000; American Petroleum & 
Transportation, $432,000; Aetna Explosives, $290,000. 


The estate of Morton F. Plant ($33,000,000), who died in 1915, 
was left to his son and to his widow, who received $8,000,000 on her 
marriage to Mr. Plant in 1914. He was 62 years old and she 31, at 
that time. The bulk of the estate went to his son by a former 


marriage. The widow was Mrs. Manwaring before she married 
Plant. She is now Mrs. William Hayward. 

Mr. Plant owned the Boston Herald and Traveler and the New 
London Telegraph. His estate included $2,500,000 bonds in the 
Atlantic Coast Line, $2,000,000 Interborough Rapid Transit bonds, 
$1,6000,000 Standard Oil Stocks, $1,500,000 U. S. Steel, $592,000 
Eastern Connecticut Power bonds and $545,000 Shore Line Electric 
Railway bonds. Mr. Plant's father left him $17,000,000 in 1899, 
and the estate was appraised at $30,000,000 in 1905. 


Warren B. Smith died in 1901, leaving $32,000,000 of which 
$20,000,000 went to his nephew, Alexander Smith Cochran. Cochran 
also inherited $8,000,000 from his mother and several millions from 
his father, William F. Cochran who was a partner in Smith & 
Cochran, the largest carpet manufacturers in the world. 

Mr. Cochran's two brothers, Gifford and William, and his sisters, 
Mrs. Thomas Ewing, Mrs. Percy Stewart and Elsie Cochran, 
inherited part of the same estates. 


William W. Scranton died in 1916, leaving an estate estimated 
at $30,000,000, to his only child, Worthington W. He owned the 
gas and water works in Scranton, Pa., which he inherited from his 
father after whom the city is named, and he owned the Carbondale 
Water Company. He was at one time president of the Lackawanna 
Steel Company and lost control of the company to the Blairs. 


The estate of Frank Woolworth ($30,000,000) who died in 1919, 
was left to his wife who is an invalid. The estate is in the hands of 
an administrator and will pass on the widow's death, to her daughters, 
Mrs. Charles E. F. McCann and Mrs. James P. Donahue. 

The estate consits of Mr. Woolworth's interest in the stores that 
bear his name, which is appraised at $15,000,000. He had 107,164 
shares common and 18,000 shares preferred, in the Broadway-Park 
Place Company, which owns the Woolworth Building. He owned 
1,794 shares Irving National Bank and 895 shares Irving Trust 
Company, and he owned other stocks and bonds besides his home on 
Fifth avenue. 


The estate of John H. Barker ($30,000,000) who died in 1913, 
was inherited by his daughter Catharine at 18 years of age. She 


comes into full possession in 1922, at 26 years of age. She is now 
Mrs. Howard Spalding, Jr., having married in 1915. James P. 
Forgan, President of the First National Bank of Chicago, is 
her guardian, the bank being trustee under the will. The estate will 
be worth about forty million dollars when she gets full possession. 
Deceased was a car manufacturer in Chicago. 


Alexis I. DuPont died in 1921, leaving a fortune estimated at 
$30,000,000. He was one of the fourth generation of the family 
whose name has been identified with the manufacture of gunpowder 
for more than one hundred years. There are two-score members of 
the fourth and fifth generation alive to-day and they are engaged in 
many lines of business. Deceased's holdings in the E. I. DuPont De 
Nemours Co., of which he was secretary, consisted of about 50,000 
shares common and debenture stock, valued at about $5,000,000. He 
was also interested in the Atlas Petroleum Corporation, capitalized 
at $5,000,000, of which he was probably the largest stockholder. 

The DuPont family owns half the stock of the DuPont company. 
They are heavily interested in banks, utilities, motor and manufac- 
turing companies, and T. Coleman and Pierre S. have large interests 
in New York City. They control the stock of the Equitable Life 
Assurance Society and Equitable Building Corporation. T. Coleman 
is director in the Empire Trust Co., Greeley Square Hotel Co., 
Industrial Finance Corporation, Morris Plan Bank, National Surety 
Co. and Thompson-Starrett Co. Pierre DuPont is director in the 
American International Corporation, Bankers Trust, Chatham & 
Phoenix National Bank, General Motors Co. and Philadelphia Na- 
tional Bank. 

The aggregate wealth of the living DuPonts exceeds $500,000,- 


The estate of D. Willis James ($27,000,000) who died in 1907, 
was left to his widow and son Arthur Curtiss. Mr. James was senior 
partner in Phelps, Dodge & Co. His widow died in 1916 leaving 
$5,000,000, half to her son, who is Vice-President of the Phelps, 
Dodge Company and who received the balance left by his father. 
D. Willis James' principal holdings were 32,000 shares Great 
Northern pref., valued at $3,840,000 ; subscription receipts valued at 
$985,600 ; 32,700 shares Northern Pacific, valued at $2,924,000, and 
subscription receipts, $500,310; 52,600 shares Southwestern Invest- 
ment Co., valued at $3,156,000; 55,000 shares Copper Queen, 
$2 750 000; 47,317 shares Old Dominion Co., $1,419,500; 35,000 


Great Northern Ry. Iron Ore, $1,715,000; 6,138 American Brass 
Co., $681,318; 1,655 Ansonia Clock, $306,175; 3,000 Golden Hill 
Corp., $400,000; 12,000 Detroit Copper Mining Co., $420,000; 
23,311 North Star Mines Co., $233,110; interest in Phelps, Dodge 
Co., $945,736 ; cash at Phelps, Dodge Co., $475,000 ; note of James 
Douglas, $307,126; 700 shares First National Bank, N. Y., $424,200; 
152 shares U. S. Trust Co., $174,800; and $1,500,000 real estate in 
New York City. 


The estate of Nelson W. Aldrich of Rhode Island, whose 
daughter is the wife of John D. Rockefeller, Jr., was appraised at 
$6,000,000, though his wealth was estimated at $25,000,000. His 
principal heirs are his son, Edward B., and his daughter. Edward 
B. Aldrich is president of the American Congo Company and vice- 
president of the Intercontinental Rubber Company, and Rubber 
Exploration Company, in which the Rockefellers are also interested. 
Mr. Aldrich's holdings in the Intercontinental were at one time 
appraised at more than $4,000,000. 


The estate of Mrs. Potter Palmer ($25,000,000) who died in 
1918, was left to her sons, Potter and Honore, and about one million 
dollars to philanthropic institutions. The estate consists chiefly of 
a trust fund left about fifteen years before her death, made up mainly 
of real estate in Chicago. 


The estate of John W. Gates ($25,000,000) who died in 1911, 
was left to his widow and son, who died in 1912, leaving his inheri- 
tance of $6,000,000 to his mother. Mrs. Gates died in 1918 leaving 
the bulk of her fortune to her brother Edward J. Baker of Illinois, 
and Miss Dellora F. Angell, her niece, who is under 21. The bulk 
of the estate is in securities of the Texas Company, one of the largest 
oil properties. 


William Salomon, the banker, died in 1911, leaving approximately 
$25,000,000 to his wife and about a million to relatives and philan- 
thropic institutions. No schedule of his estate was filed in New York 



The estate of Joseph Pulitzer, who died in 1911, was appraised 
at $20,355,985, the value of his newspaper properties being fixed at 
$5,944,342. The Morning and Evening World (New York) were 
appraised at $3,267,081 and the St. Louis Post Dispatch at $2,677,262. 
The New York newspapers were earning one million dollars a year 
when he died. The actual value of the estate which was left to his 
family was about $24,000,000. 

The estate includes 6,000 shares Delaware, Lackawanna & 
Western Railroad, valued at $1,617,870; 4,000 shares Central Rail- 
road of New Jersey, valued at $1,183,560; 5,000 General Electric, 
valued at $735,000; 5,000 Louisville & Nashville R. R., 6,000 
Southern Ry. pref., 5,000 Western Union, 4,000 American Locomotive 
pref., 3,000 Illinois Central, 3,000 com. and 2,000 pref. B. & O., 
6,000 Westinghouse Electric; 2,000 com. Chicago & Northwestern, 
3,000 Missouri Pacific, 1,800 Minn. St. Paul & S. S. M. R. R., 
1,250 D. L. & W. Coal Co., 1,000 Union Pacific, $1,000,000 
Panama 3% bonds, $1,000,000 N. Y. City bonds, $600,000 Northern 
Pacific bonds, $200,000 West Shore, $200,000 Chicago, Rock Island 
and Pacific, $100,000 Central R. R. of New Jersey and 500 shares 
American Exchange National Bank. 


William C. Whitney, who died in 1904, left an estate of 
$23,000,000. His sons, Harry Payne and Payne, received $10,248,717 
and $2,049,743 respectively, and his daughters, Dorothy received 
$6,149,230 and Pauline P. Paget, $2,049,743. The principal holdings 
in the estate were Standard Oil stocks valued at $7,078,400, 
Continental Tobacco, $4,730,950; Guggenheim Exploration, 
$780,000; Morton Trust Co. stock, $1,311,414; National Bank of 
Commerce, $337,000; Union Lead and Oil, $225,000; Cuba Rail- 
road, $150,000; and real estate in New York City, $1,500,000. Mr. 
Whitney, with Dolan, Widener and Elkins, manipulated the traction 
lines in New York City but his estate does not show a single share of 
traction stock. 


The estate of James B. Haggin ($21,000,000) who died in 1914, 
was left to his %vife, son, daughter and grandchildren. He was one 
of the leading owners of the Cerro de Pasco and Homestake mines. 
He had 34,000 shares of the Cerro de Pasco Investment Co., valued 
at $2 040,000 and $635,000 bonds; 44,057 shares Homestake Mining 
Co valued at $4,405,900; 50,000 shares Kern County Land Co., 
valued at $3,750,000; 7,320 shares Crex Carpet Co., valued at 


$439,200; 17,970 shares com. and 3,070 pref. International Steam 
Pump Co., and several million dollars in other land and mining com- 
panies. He also owned real estate in New York City valued at 
about $4,000,000. 


John W. Sterling died in 1918, leaving $20,000,000 of which 
Yale University will ultimately receive about $18,000,000. The 
balance went to relatives, friends and other institutions. The 
deceased was head of Sherman & Sterling, and was legal adviser to 
James Stillman, William Rockefeller, H. H. Rogers, Lord Strathmore 
and other men of excessive fortune. He was trustee of the Consol- 
idated Gas Company, controlled by the Rockefellers, 

His principal holdings include 6,213 shares American Interna- 
tional Corporation, 13,860 shares Northern Pacific, 10,524 Great 
Northern preferred, 13,486 Great Northern Ore certificates, 10,600 
common and 2,500 preferred Union Pacific; 2,374 common and 1,266 
preferred, Baltimore & Ohio; 10,000 California-Nevada Copper; 
1,000 common and 1,550 preferred, Chicago, Milwaukee and St. Paul; 
1,000 common and 300 preferred Colorado & Southern; 1,000 Dela- 
ware & Lackawanna, 1,300 Illinois Central, 6,000 Midvale Steel, 
1,700 New York Central, 1,000 New York, New Haven and 
Hartford, 2,000 Pennsylvania, 1,100 Pittsburg Coal, 2,500 Pullman, 
3,500 Southern Railway, 900 shares (aggregate) Standard Oil of 
California, Indiana, New Jersey and New York, 1,250 Texas 
Company and 9,547 Union Carbide. He held stocks in 25 banks 
and trust companies, including 3,813 in the National City Bank, 1,169 
in Farmers Loan and Trust, 1,066 Central Union Trust, 1,719 
Third National Bank, and 670 New York Trust. His bond holdings 
total $4,500,000 in 160 corporations, most of them railroads, and he 
owned 50 shares of New York Times stock. 


Henry G. Davis died in 1916, leaving $20,000,000 to his children, 
Mrs. Hallie D. Elkins, widow of the late Senator Stephen B. Elkins 
of West Virginia, Mrs. Arthur Lee and John Davis. Deceased made 
his fortune in timber and coal in West Virginia, where he owned the 
largest share of that property. His son-in-law, Senator Elkins, left an 
estate appraised at $5,000,000, though his wealth was probably far 
greater. He left a widow and seven children. 


Dr. James Douglas died in 1918, leaving a fortune estimated at 
$20,000,000, to his four children and grandchildren. He was chair- 


man of the Board of Directors of Phelps, Dodge & Company, his 
interest in which constitutes the largest share of his estate. He had 
large holdings in the Copper Queen Mining Company and in rail- 
roads and other mining properties in Arizona, New Mexico and 
Texas. His son, Walter, represents the estate in these properties. 


W. Murray Crane, U. S. Senator from Massachusetts, died in 
1920, leaving an estate appraised at $10,000,000. His wealth was 
probably twice that sum. His principal holdings include 7,167 
shares Otis Elevator Co., valued at $881,541 ; 6,000 shares American 
Tel. & Tel., valued at $585,360; 1,200 Great Northern Paper, 
$402,000; 21,000 General Motors common, $384,739; 1,250 
Guaranty Trust Co. (N.Y.), $433,750; 1,000 Ford Motor Co. of 
Canada, $310,000; 6,000 American Bank Note Co., $276,000; 2,200 
pref. American Brake Shoe & Foundry, $191,400 and 3,600 com., 
$180,000; 1,000 com. Liggett & Myers, $145,000; 300 Gulf Oil, 
$124,500. He held securities valued at $800,000 in the Hoosac 
Cotton Mills, $217,000 in the New Bedford Cotton Mills Corp., 
$680,000 in the L. L. Brown Paper Mills Co., and his interest in Z. & 
W. M. Crane, was appraised at $1,525,962. He owned 928 shares 
Boston Publishing Co. (Boston Herald), valued at $29,400 and 
$20,000 bonds. 


Theodore N. Vail died in 1920, leaving an estate appraised for 
taxation in N. Y. State, at $3,000,000. He was a resident of Ver- 
mont, where the bulk of his estate is only slightly taxed. Deceased 
was for many years, the most prominent factor in the telephone trust 
His estate shows only 2,157 shares American Tel, &Tel. stock, valued 
at $200,000 and $252,000 bonds. Arthur A. Marsters, his son-in-law, 
and secretary of the company, holds $8,500,000 A. T. & T. stock in 
trust. Deceased was director in many leading corporations, including 
the American International, American Surety, U. S. Rubber Co., N. 
Y. Telephone Co., Chicago, Cleveland and Cincinnati Telephone 
Companies, Pacific Telephone & Telegraph, New England Tel. & 
Tel,, Michigan State, Nebraska and Iowa Tel. Companies, First 
National Bank (N. Y.), and National Shawmut Bank (Boston), The 
report of the N. Y, Transfer Tax ofSce shows he was not taxed on 
stock in U. S. Rubber, U. S. Smelting, Mining & Refining, J. G. 
White & Co., Winchester Co., Quebradas Co., Central Union, 
Chicago, Cleveland, Cincinnati & Indiana Telephone Companies, and 
bonds in the American Blaugas Corp., American Tel. & Tel., Argentine 


Government Home TeL of SpcAane, N. Y. TeL Co., and Imperial 
Investmoit Co. His t^tal wealth is estimatEd at 520,000,000. 

His adcpted daughter, ilrs. Kadiarine Vail ilai5ter5, gett most 
of tlK estate and $800,000 fe left to colleges and other institutions. 


The estate of Grorze C. Bold* r£2: .C:0,O0O), who died in 1916, 
was left to his son, Georgp C, ssid hfs daughter, Mrs. Alfred G. 
Miles. The estate consists of the Wa'.dcrf- Astoria Hotel, N. Y^ 
BellevTie-Stratford, in Philadelphia, and stocks and bonds in other 


The estate of Charles W. Post (S20/JOO.00 0; who died in 1914, 
was left to his wife and dan^ter, Mr. Marjorie P. Close. He 
owned propertr in Texas, Ccnnectiait, Michizan and Washington, 
D. C. He (T^.-ntd most of the stodt of the ?o<r.Lm Cereal Company. 


The estate of Samuel W. Allerton f $20 000,000) who died in 
1914, was left to his vridow, son and dau^ter. It consises of real es- 
tate in Chicago, farm and stock vard property and bank stodL 


The estate of Ch^-Ies R. Smith of ^^consin (520,000,000) was 
left to his wife, two s^jUS and daughter. Tr^e widow married Orrin 
Johnson, an actor, in 191S. Mr. Smith was a banker and timber 


The estate of John R. McLean ($20,000,000) who died in 1916, 
was left to his ion Edward Beale McLean, who derives wily the 
income for his personal use, tite principal being held in trust for his 
children. Edward B. McLean rnarried the daughter of Thomas F. 
Walsh, who left many iriUicwis in mining property. Thrir son, Vinson, 
was known as the "In-ndred rri-i:on dollar hzhy" because he was heir 
t'j h'.rh fortunes, before he was acc'dsntallv killed. Edward Beale 
brouzht suit to break his father's will, charging that the deceased was 
of ur^s-ound mind when he drew the w31 ir. Tune. 1515. Tne de- 
ceased was leading stockholder in the gas and traction cc-mparies in 
Washington, and owned scene of the choicest real estate parcds in the 
CicpitaL He owned lO.OCiO shares in the Rig^ bank, 6,000 in the 


American Security and Trust, one-third of the stock of the National 
Savings and Trust and a large share of the Great Falls and Old 
Dominion Railway. He owned the Cincinnati Enquirer and Wash- 
ington Post. 


The estate of Harris Fahnestock ($18,000,000) who died in 
1914, was left to his sons Gibson, Harris, Clarence, William and 
Ernest and Mrs. Helen F. Campbell, daughter. The largest holdings 
in the estate are 9,761 shares Delaware, Lackawanna & Western 
Railroad, 8,900 shares Penn. Railroad, 6,300 Western Union, 4,500 
com. and 3,000 pref. American Cotton Oil ; 4,000 Southern Railway, 
4,000 U. S. Steel, pref., 2,900 Central Railroad of New Jersey, 4,700 
Tidewater Oil, 4,000 New York Central, 3,700 New Jersey General 
Securities Co., 3,400 D. L. & W. Coal, and 10,000 shares First 
National Bank stock, valued at $1,000 a share. 


The estate of William Ziegler ($17,000,000) who died in 1907, 
was left to his wife and adopted son. The estate consisted of 
$10,000,000 of the securities of the Royal Baking Powder Company, 
ten shares Brooklyn Eagle stock valued at $400,000, mortgages 
$6,000,000, and real estate. Mr. Ziegler is thirty years old ; his in- 
come is a million dollars a year. 


Henry O. Havemeyer died in 1907 leaving an estate appraised 
at $17,000,000. His largest holding consisted of real estate in New 
York City, valued at $6,428,000; securities of Agricultural Invest- 
ment Co., $3,000,000; interest in Havemeyer & Elder, $2,183,767; 
17,515 shares common and 13,793 pref.. Great Western Sugar valued 
at $1,607,595; 17,000 shares of National Sugar Refining Co., valued 
at $595,000; 7,860 pref. and 8,500 com. Cuban-American Sugar, 
valued at $700,000; 4,560 shares Trinidad Sugar pref., $182,000; 
5,000 Kansas City Southern, $255,000; 821 pref. and 136 com. 
American Sugar Refining Co., valued at $103,000. 

Theodore Havemeyer, brother of Henry O., died in 1897 leaving 
an estate of approximately $15,000,000, consisting largely of real 
estate in New York City. 


The estate of James Campbell of St. Louis ($16,000,000) who 
died in 1914, was won by Lois, his daughter, after a will contest in 


which the relatives attempted to prove that the daughter was an 
adopted child. The estate will eventually go to the St. Louis 
University, a Jesuit institution. The widow and daughter will receive 
the -full income ($500,000 a year) for life. Deceased was a banker 
and heavily interested in public utilities in St. Louis and New York. 


The estate of Richard T. Wilson ($16,000,000) who died in 
1910, was left to his children. His daughter Mary is the wife of 
Ogden Goelet and Grace is married to Cornelius Vanderbilt. Each 
received $3,000,000. The deceased was head of R. T. Wilson & Co., 
bankers and brokers. His principal holdings outside of his firm, 
include 25,584 shares pref. Mathieson Alkali Works, valued at 
$2,588,400, and 32,694 com. worth $1,634,700; 1,000 shares 
Penn. R. R,, 1,248 West Point Mfg. Co., 1,000 Fourth National 
Bank. His holdings in R. T. Wilson & Co., were valued at 
$8,838,658. The firm owns valuable securities. 


The estate of Jacob Ruppert ($15,000,000) who died in 1915, 
was left to his widow, two sons and two daughters. The bulk of the 
estate consists of real estate in New York City, and in brewery 


The estate of John Garrett ($15,000,000), one of the pioneers 
of the Baltimore & Ohio Railroad, was left to his daughter, Mary E., 
who left the bulk of it to Miss Mary C. Thomas, president of Bryn 
Mawr College. The estate consists chiefly of real estate in Baltimore 
and stocks and bonds in railroads and other corporations. 


The estate of Mrs. Lucy Carnegie ($15,000,000), sister-in-law 
of Andrew Carnegie, who died in 1916, was left to her six children. 
William Coleman Carnegie, one of the sons, was cut off with a small 
trust fund. He had married a nurse who attended him in his 


The estate of Frank Work ($15,000,000) who died in 1911, 
was inherited by his daughters Mrs. Frances Burke Roche Batonyi 
and Mrs. Peter Cooper Hewitt. The deceased left 45,273 shares 


com. and 1,000 shares pref. Chicago & Northwestern valued at $6,- 
540,000; 11,500 shares Delaware, Lackawanna & Western valued at 
$2,950,000; 14,457 shares Morris & Essex Railroad valued at $1,- 
254,000; 3,540 shares New York & Harlem; 3,000 com. and 1,500 
pref. Chicago, St. Paul, Minneapolis & Omaha; 2,500 D. L. & W. 
Coal , 1,000 Central Leather, 1,000 U. S. Steel pref. His largest 
bond holdings were $200,000 Missouri Pacific, $100,000 Erie and 
$150,000 St. Paul, Minneapolis & Manitoba. 


Benjamin F. Keith died in 1913, leaving $15,000,000 to his 
son, widow and Edward F. Albee, the manager of his theatrical en- 
terprises. A few months before he died, he married a young woman 
who is now Mrs. Geo. D. Kilpatrick. His wealth consists chiefly 
of theatres. His income was approximately $600,000 a year. 


The estate of Amos Eno ($15,000,000) who died in 1915, went 
to relatives after a will contest in which Columbia University lost a 
residue of $6,000,000. The higher court reversed this decision. 
The heirs are Amos R. E. and Gi£Eord Pinchot, Lady Johnston, Prof. 
Henry Lane Eno and his son, Mary P. Eno, William P. Eno, Mrs. 
A. E. Wood and five grandchildren. The principal holdings were 
19,400 shares of Delaware, Lackawanna & Western, 3,333 Erie 1st 
pref. and 1,000 com.; 2,920 D. L. & W. Coal Co., 2,200 Lacka- 
wanna R. R. of New Jersey, 2,200 Penn. Railroad, 2,200 Long 
Island Railroad and 3,000 St. Louis Bridge Co., 2nd pref. 


William Hester died in 1921, leaving a fortune estimated at 
$15,000,000. He was the chief owner of the Brooklyn Daily Eagle, 
one of the most prosperous newspapers in the country, his interest in 
this property and in the Eagle building being worth about $5,000,000. 
He was a director in the Eagle Warehouse & Storage Co. and trustee 
of the Brooklyn Trust Co. His son, William V., who mherits most 
of his father's fortune, is a director in the Brooklyn Edison Co. and 
in Frederick Loeser & Co. 


The estate of L. A. Heinsheimer ($15,000,000) of the firm of 
Kuhn Loeb & Company, who died in 1909, was left to his brother, 
sister 'and other relations. The estate consists of real estate, mort- 


gages, stock and bonds. At the time of his death Mr. Heinsheimer 
had $3,500,000 cash on deposit with his firm. His principal holdings 
were his interest in the firm of Kuhn, Loeb & Co. valued at $2,250,- 
000; 9,400 shares pref. Union Pacific, valued at $901,225; 2,500 
American Smelters pref., $202,860; Western Union 4's, valued at 
$454,000; Big Sandy R'y., 4's $173,306; 1,000 shares St. Paul pref., 
$145,250; Alaska Syndicate, $170,070; Illinois Tunnel Co., $165,- 
000; American Tobacco Co. 4's, $113,600; 2,000 shares Pressed 
Steel Car com., $86,750; American Ciga^ notes, $85,876; Inter- 
national Mercantile Marine 4i4s, $77,250; American Cotton Oil 
4^'s, $71,437; Western Maryland 4's, $64,000; 1,450 American 
Steel Foundaries pref., $65,250; 1,000 Western Union, $68,750; 500 
shares National Bank of Commerce, $98,000. 


The estate of Mrs. Morris K. Jessup ($13,000,000) who died 
in 1914, was left to relatives and friends and to religious, art and 
charitable institutions. Thomas DeWitt Cuyler, her nephew, re- 
ceived $2,000,000; Miss Eleanor D. Cuyler, a niece, $1,000,000; 
Museum of Natural History, $5,000,000. Among the largest hold- 
ings were 10,570 shares Penn. R. R. ; 2,415 shares Delaware, Lack- 
awanna & Western; 2,500 com. and 1,520 pref. Missouri Pacific; 
2,200 Great Northern pref., 3,000 N. Y. State Railways, 2,250 
U. S. Steel pref., 1,600 Manhattan Railway, 1,500 pref. and 1,770 
com. Chicago, Milwaukee & St. Paul and 33,936 St. Joseph Lead Co. 


The estate of Isaac V. Brokaw ($13,000,000) who died in 1913, 
was left to his widow, three sons and daughter. The largest holdings 
were 1,400 shares of Delaware, Lackawanna & Western, 1,875 shares 
New York Central, 1,000 U. S. Steel; 1,000 U. S. Rubber pref., 
1,000 Delaware & Hudson; 1,315 New York & Harlem, 1,100 Con- 
solidated Gas, 1,100 B. R. T.; 1,000 Peoples Gas; 1,000 United 
Jersey R. R. & Canal ; 3,300 Brokaw Bros. ; 848 Ft. Wayne R. R. ; 
and bonds: Brooklyn Union Gas $104,000, Jersey Central $142,000, 
Chicago and Indiana Coal R. R. $115,000, Chicago, St. Paul, Min- 
neapolis & Omaha $115,000, Erie $141,000, Iron Mt. & Southern 
$102,000, Milwaukee, Lake Shore & Western $113,000. 


James McLean died in 1920, leaving $12,000,000 to his wife 
and three daughters. He was Vice-President of Phelps, Dodge & 
Company, in which he held 18,500 shares appraised at $4,391,715. 


Besides, this, the principal holdings in his estate are $1,500,000 
Liberty Bonds; 14,667 shares El Paso and Southwestern Railroad, 
valued at $1,100,625; 22,000 shares Old Dominion Copper, 5,600 
shares preferred and 5,000 common American Can Company, valued 
at $825,000; 4,000 preferred, Willys Corporation, $340,000; and 
2,000 preferred and 2,500 common Santa Fe Railroad, valued at 


The estate of C. H. Senff ($12,000,000) w^ho died in 1913, was 
left to his wife. The estate consisted of $5,000,000 bonds, $3,500,- 
000 stocks, $1,000,000 notes and real estate. Among the largest 
stock holdings were $412,000 American Sugar Refining Company, 
$106,000 Bordens Condensed Milk, $180,000 American Telegraph 
& Telephone. He held $569,000 bonds of New York City. 


The estate of William Deering ($12,000,000) was left to his 
sons, Charles and James. The deceased was head of the Deering 
Harvester Company and the second largest stockholder in the Har- 
vester Trust. His sons undoubtedly received a share of his wealth 
before he died. 


The estate of William Bayard Cutting ($11,000,000) who died 
in 1912, was left to his wife and children. His largest stock holdings 
were appraised at $216,750 St. Paul Railroad; $656,000 Union 
Pacific com. and $182,750 pref.; $490,662 Southern Pacific, $120,000 
Connecticut Railway & Lighting, $149,662 American Beet Sugar, 
$112,000 Mackay Co. pref., $99,500 Sulzberger Co., $86,500 Amer- 
ican Smelting, $257,175 Patterson Ranch, $119,000 Virginia-Carolina 
Chemical, $72,437 'American Telegraph and Telephone. His largest 
bondholdings were $350,000 Brooklyn Rapid Transit, $300,000 
Public Service Corporation of New Jersey, $275,000 Kansas & Colo- 
rado Pacific, $250,000 New York, Chicago & St. Louis, $275,000 
N. Y. Architects Terra Cotta Company, $250,000 Missouri Pacific, 
$125,000 Michigan Central, $125,000 St. Louis Southwestern, 
$135,000 Southern Pacific, $150,000 Northern Pacific, $150,000 
Wabash, $100,000 Rock Island, $100,000 Chicago & Eastern Illinois, 
$100,000 Denver and Rio Grande, $100,000 Florida Central, $100,- 
000 National Railways of Mexico, $110,000 Great Northern Power, 
$114,000 Mexican Coal and Coke, $100,000 New York Telephone, 
$100,000 Pacific Telephone and Telegraph, $100,000 Schwarzchild 
& Sulzberger, $100,000 Sunday Creek Company, $100,000 Beech 
Creek Coal and $100,000 New York City bonds. 



The estate of Edwin Hawley ($11,000,000) who died in 1912, 
was left to his brothers Samuel and Charles ; Anna Hawley and Mrs. 
Nellie H. Seymour, sisters; May Crandall Page, niece, and Walter 
S. and Fred H. Crandall, nephews. His principal holdings were 
38,449 shares Chesapeake & Ohio, 26,000 com. Missouri, Kansas & 
Texas, 5,000 com. Reading, 12,850 Interboro Met., 126,000 com. 
and 2,700 pref. Iowa Central, 11,166 com. and 6,436 pref. Min- 
neapolis & St. Paul, 12,500 Western Pacific, 21,250 U. S. Light and 
Heating, 150 Guaranty Trust and $300,000 bonds Great Western 
Power Co. 


Marcellus Hartley died in 1903, leaving $11,000,000 to his 
widow, daughter Helen, and grandson Marcellus. The largest hold- 
ings in his estate were $3,200,000 in the Union Metallic Company, 
$560,000 in M. Hartley Co., $504,000 Remington Arms, $330,000 
Bridgeport Gun Implement Company, $500,000 Westinghouse Com- 
pany, $581,000 Western National Bank, $250,000 U. S. Steel, $220,- 
000 Third Avenue Railroad bonds, and $250,000 International 
Banking Corporation. 


Joseph Milbank died in 1915, leaving $10,000,000 to his sons, 
Jeremiah and Dunlevy. More than half the estate was in New 
York City real estate. His sister, Mrs. Elizabeth M. Anderson, who 
died in 1920, left an estate of $5,000,000, having distributed about 
that much to charity during her life time. These fortunes were 
inherited from Jeremiah Milbank, who controlled Borden & Co. 
Dunlevy Milbank is director in the Texas & Pacific and Morris & 
Essex Railroads. 


Hugh J. Grant, former mayor of New York City, died in 1910, 
leaving an estate appraised at $10,000,000. His largest holdings 
were: Consolidated Gas stock, valued at $826,356; Union Carbide, 
$450,000; Central Trust Co., $486,000; Herald Square Realty Co., 
$300,000; Lawyers Title Ins. Co., $310,000; Thompson-Hill Land 
Co., $273,000; Kings Co. Electric Lighting Co., $285,000; United 
Metals Selling Co., $145,000 ; Great Northern R. R., $127,000; and 
bonds: Kings County Elevated, $824,000; Brooklyn Rapid Transit, 
$295,000; Memphis Gas, $184,000; Consohdated Tobacco, $160,- 
000; New York Gas, Electric Light & Power, $291,000 and 
New York City real estate, $500,000. 



George Westinghouse, the great inventor, died in 1913, leaving 
an estate of approximately $10,000,000. His wealth at one time 
was estimated at $40,000,000. He was inventor of the air brake 
used on railroads and was head of a score of Westinghouse companies 
in all parts of the world. 


The estate of A. E. Orr ($10,000,000) who died in 1914, was 
left to his three daughters, four grandchildren, nieces and nephews. 
His largest holdings were $2,300,000 in U. S. Trust Co. certificates, 
$400,000 bonds of Columbia University, $227,000 stock Central 
Trust Company, $152,000 stock Guaranty Trust Company, $168,000 
bonds New York & Harlem Railroad and $170,000 stock in the 
Londonderry Corporation. 


The estate of Robert Hoe ($10,000,000) who died in 1909, was 
left to his five children and grandchildren. He was head of R. Hoe 
& Co. manufacturer of printing presses. His interest in the firm was 
valued at $4,300,000; real estate in N. Y. City $2,000,000. He 
owned 1,000 shares Northern Pacific, 621 shares Metropolitan Trust 
Co., 1,500 Rock Island, and a collection of books, pictures and other 
art pieces that sold for $2,000,000. 


Clement A. Griscom died in 1911, leaving approximately $10,- 
000,000 to his family. He was a director in the Pennsylvania Rail- 
road, U. S. Steel Corporation, United Gas Improvement Company, 
National Transit (which is a Standard Oil subsidiary), and he was 
at one time, president of the International Mercantile Marine Co., 
the International Navigation Steamship Company and the American 
Line. He was also interested in the Fidelity Trust of Philadelphia 
and Mutual Insurance Company, Philadelphia and Norfolk Railroad, 
Long Island Railroad, and William Cramp & Son Ship Building 
Company. His son Lloyd inherited most of the estate. 


The estate of Edward Holbrook ($10,000,000), who died in 
1909, was left to his wife, son and daughter, with small bequests to 
other relatives. Mr. Holbrook was president of the Gorham Manu- 
facturing Company, New York City. 



The estate of Paul J. Sorg ($10,000,000), was left to his 
daughter, who recently divorced Captain Drouillard. Mr. Sorg's 
fortune was made in tobacco. 


The estate of Walter Gibb (over $10,000,000) was left to his 
wife and daughter, who is to get all at 31 years of age. Mr. Gibb 
was head of Frederick Loeser & Company, Brooklyn. 


The estate of James H. Moore (over $10,000,000), who died 
in 1916, was left to his widow and son who died and to his brother 
William H. Moore, who is one of the richest men in the country. 


George W. Perkins, who died in 1920, left an estate estimated 
to exceed $10,000,000, to his widow, his son George and his daughter, 
Dorothy. The estate was divided into twelve parts, six of which 
were held in trust. The other half of the estate was given to the 
family outright. 


Levi P. Morton died in 1920 leaving an estate of $10,000,000. 
He distributed a large share of his wealth while alive. His estate 
was inherited by his daughters, Mrs. William C. Eustis, Misses Helen 
and Mary Morton, and by the children of Mrs. Winthrop Ruther- 
ford, a deceased daughter. 


George Arents died in 191^, leaving $10,000,000 to his widow, 
son and granddaughter. His largest holdings were in Tobacco. He 
held 8,744 shares preferred and 500 shares common, American To- 
bacco Co., valued at $950,000; 3,105 pref. and 1,390 com., Liggett 
& Myers, valued at $600,000; 1,872 pref. and 962 com. P. Lorillard 
Co., valued at $390,000 ; $275,000 in preferred and common stock of 
George W. Helme Co., $250,000 in American Snuff and $200,000 in 
Weyman-Burton Co. He held more than $1,000,000 in Liberty 
bonds, $275,000 in New York Central and $105,000 N. Y. City 
bonds, besides stocks and bonds in other corporations. 



The estate of George A. Hearn, who died in 1913, estimated 
at $20,000,000, was left to his wife and daughters, one of whom is 
the wife of Clarkson Cowl. There were no charitable bequests. Mr. 
Hearn was head of James A. Hearn & Son, a drygoods concern in New 
York City. An appraised made public in 1921, showed the estate at 


The Largest Estates Are From Standard Oil 


Stephen V. Harkness was an oil pioneer with Rockefeller. He 
left his oil holdings to Charles W., Lamon V., William L. and Ed- 
ward S. Lamon V. died in 1915, leaving more than $100,000,000. 
He was technically a resident of Kentucky where inheritances virtually 
escape taxation. When the government prosecution of the oil trust 
began in 1907, he held 13,100 shares worth to-day approximately 
$30,000,000. Besides his vast oil holdings he left 19,220 shares Penn- 
sylvania R. R., 5,000 common and 3,000 pref. International Har- 
vester, 7,000 N. Y., N. Haven & Hartford, 6,950 shares N. Y. 
Central, 5,000 Union Pacific and real estate and personal property. 
His estate went to his children, Mrs. H. S. Macomber^ Mrs. O. M. 
Edwards and Harry S. Harkness who died in 1919, leaving $15,- 

Charles W. Harkness died in 1916, in New York City. His 
estate was appraised at $170,000,000. In 1907 he had 42,000 shares 
Standard Oil, worth to-day about $100,000,000. Besides his tre- 
mendous oil holdings he had 12,000 shares New York Central, 
17,200 shares preferred and 15,300 common Chicago, Milwaukee and 
St. Paul, 3,000 pref. and 2,800 common Baltimore & Ohio, 4,000 
Chicago and Northwestern, 4,891 New Haven, 8,700 Southern 
Pacific, 3,600 Union Pacific, 3,850 preferred Lake Erie & Western, 
2,500 Pittsburg and Lake Erie, 1,500 pref. Atchison, 1,025 Delaware, 
Lackawanna & Western, 1,080 pref. Great Northern and 1,208 
Southern Pacific. 

He also left 2,300 shares General Electric, 1,575 National 
Carbon Co., 1,000 Pullman, 2,000 U. S. Steel, 3,780 American Tel. 
and Tel., 2,000 Brooklyn Rapid Transit, 2,500 Interboro Construc- 
tion Co., 1,162 Detroit Edison, 6,000 Anaconda, 1,569 National 
Fuel Gas, 1,210 People's Gas Light & Coke, 625 National City Bank, 
600 National Bank of Commerce, 340 N. Y. Trust Co. He also 
left $5,500,000 bonds and $2,322,694 cash. The bulk of Charles 
W. Harkness's estate was left to Edward S. Harkness, the only sur- 
viving brother. Mary Warden Harkness, the widow, shared the 
residue with her brother-in-law. She died in 1918, leaving $14,- 

William L. Harkness died in 1919 leaving an estate appraised 
at $55,837,337, to his widow Edith, son William H., and daughter 
Louise. The son and daughter received one-quarter each and the 
widow one-half. His Standard Oil securities were appraised at $37,- 


121,722. He held 14,000 shares Trust stock, in 1907. His oil 
holdings when he died, were: 14,000 shares Standard Oil of New 
Jersey, valued at $10,290,000; 10,830 Standard Oil of New York, 
$4,284,530; 14,704 Standard Oil of California, $4,264,160; 4,292 
Standard Oil of Indiana, $3,562,360; 8,532 Ohio Oil, $3,331,380; 
2,662 Prairie Oil & Gas, $2,089,670; 1,194 Galena Signal Oil, 
$1,552,200; 3,843 Prairie Pipe Line, $1,218,231; 46,350 Anglo- 
American Oil, $1,205,100; 2,152 Vacuum Oil, $1,022,200; 712 
Atlantic Refining, $961,000; 2,840 South Penn. Oil Co., 
$917,820; 852 Standard Oil of Kentucky, $887,660; 2,847 Illinois 
Pipe Line, $546,624; 996 Standard Oil of Ohio, $527,880; 2,847 
Buckeye Pipe Line, $293,241 ; 430 Continental Oil, $290,250; 1,424 
Southern Pipe Line, $246,352; 1,708 Union Tank Line, $240,828; 
7,247 National Transit Co., $188,422; 284 Standard Oil of Kansas, 
$178,920; 1,423 Indiana Pipe Line, $145,146; 1,500 Royal Dutch 
Petroleum, $167,625; 712 Eureka Pipe Line, $116,056. 

His holdings in railroads were: 12,500 shares Southern Pacific 
common, $1,340,625; 1,500 Union Pacific com., $993,750 and 2,300 
pref., $167,900; 9,000 Atchison, $846,000; 10,100 New York Central, 
$775,175; 6,323 Great Northern pref., 594,000; 3,800 Northern 
Pacific, $354,350; 6,583 Pennsylvania, $297,880; 3,000 Illinois Cen- 
tral $303,000; 2,200 St. Paul common $279,000; 2,098 Minn., St. 
Paul & S. S. M., $188,820; 1,000 Atlantic Coast Line, $100,750; 
816 Pullman Co., $98,336. 

His industrial and utilities holdings were : 4,000 American Sugar 
common, $615,828; 5,767 Ohio Fuel Supply, $289,791; 2,100 U. S. 
Steel com. $209,473 and 2,500 pref., $286,250; 1,600 American 
Smelting & Refining $120,400; 500 Liggett & Myers, $106,250; 
1,500 Goodrich Co., $106,125; 2,334 Midvale Steel, $105,950; 1,353 
National Fuel Gas, $218,295; 1,254 American Telegraph & Tele- 
phone, $130,102 and 1,150 Manhattan Railway, $89,987. 

His bond holdings were $2,000,000 Liberty bonds, $750,000 
N. Y. City, $750,000 U. S. Treasury certificates, $460,000 N. Y. 
Central, $120,000 Manhattan Railway, $100,000 N. Y. Telephone, 
and $200,000 Federal Farm Loan. 

Edward S. Harkness is the only one of the four brothers alive. 
The aggregate wealth of the Harkness family exceeds $400,000,000. 


Charles Pratt died in 1891 leaving an estate appraised at $10,- 
000,000. His family to-day is worth about $300,000,000. He had 
50,000 shares of Standard Oil stock which were appraised at that 
time, at $6,250,000, or $125 a share. In 1907 the estate held 52,802 


shares and Charles M. Pratt, his son, held 5,000 shares. Charles 
Pratt & Co., held 1,312 shares. To-day these shares are worth about 
$2,500 each, the total holding of the Pratt family as revealed in 1907, 
being worth about $150,000,000. The Pratts acquired more stock 
through the distribution of stock dividends by various Standard Oil 
Companies. They also received many millions of dollars in cash 
dividends which are invested in other properties. Next to the Rocke- 
fellers and Harknesses, the Pratts are interested in more large prop- 
erties than probably any other Standard Oil family. 

Charles M. Pratt is director in American Express Company, 
Chelsea Fibre Mills, Hoagland Laboratory, Long Island Railroad, 
Mechanics and Metals National Bank, Pratt & Lambert, Self-winding 
Clock Company, Thrift, Union Mortgage Company and trustee of 
Atlantic Mutual Insurance Company and Pratt Institute. Frederic 
B. Pratt is President of Morris Building Co., and Chelsea Fibre 
Mills and director in City and Suburban Homes and Ladd & Tilton 
Bank, Portland, Oregon. George D. Pratt is director in the Chat- 
tel Loan Society of New York, M. Welte & Sons, Montauk Com- 
pany, Sherman & Sons Company, besides some corporation with which 
his brothers are connected. Harold I. Pratt is director in the Metro- 
politan Trust Company, Paint Creek Coal & Land Company, West- 
ern Power Corporation and trustee in the Brooklyn Savings Bank 
and Brooklyn Trust Company. He is also director in other cor- 
porations with his brothers. Herbert L. Pratt is director in the 
Asia Banking Corporation, Bankers Trust Company, Frederick Loeser 
& Company and Standard Oil Co. of New York, of which he is also 
Vice President, and John T. Pratt is director in Hartford and N. Y. 
Transportation Company, J. G. White & Company, J. G. White 
Management Corporation, New England Navigation Company, New 
York and Harlem Railroad, N. Y., N. H. and Hartford Railroad; 
N. Y. Ontario & Western; New York, Westchester and Boston and 
Thornapple Gas and Electric. 

Each of these sons inherited one-eighth of their father's estate 
which included the firm of Charles Pratt & Co., whose holdings at 
that time were appraised at $2,900,000. Each of them is a member 
of the firm and each is a director in Thrift, a building loan concern, 
and a trustee of the Pratt Institute. Helen F. Pratt and her sister 
Mrs.^Lydia B. Babbitt, each inherited one-eighth of the estate. The 
Pratts lived in Brooklyn when their father died. Most of them now 
live in Manhattan. 


Oliver H. Payne was the fourth largest stockholder in Standard 
Oil at the time the trust was dissolved by the Supreme Court in 


1911. He owned 40,000 shares, or more than four per cent of the 
outstanding stock. At the time of his death in 1917, these shares 
were worth about $100,000,000. The balance of the estate was ap- 
praised at $33,000,000. Mr. Payne's Standard Oil shares are not 
listed in the schedule of the estate filed in New York County. 

The estate shows 18,100 shares American Tobacco Co. common 
stock valued at $3,493,300 and 15,801 shares preferred, valued at 
$1,595,901 ; 4,012 shares American Snuff com. valued at 522,470 and 
689 shares pref., $77,952; 9,700 shares Liggett & Myers Tobacco 
Co. valued at $2,260,100 and 4,700 pref., $549,900; 8,900 shares P. 
Lorillard Co. com. valued at $1,780,000 and 4,700 pref., $404,600; 
2,252 shares R. J. Reynolds Co. com. valued at $1,159,780 and 1,176 
pref., $128,772; 4,538 United Drug Co. com. valued at $335,812 
and 1,065 pref. $91,057; 1,080 shares Porto Rican American To- 
bacco Co. valued at $240,300; 1,333 shares MacAndrews & Forbes 
com. valued at $279,930 and 2,100 pref., $210,000; 1,467 shares 
George A. Helme Co. com. valued at $264,060 and 700 pref., $77,- 
000; 1,387 shares Weyman-Burton Co. com. valued at $332,800 and 
1,380 pref., $148,350 ; 9,500 shares American Telephone & Telegraph, 
$1,168,500; 20,000 shares Reading com., $1,935,000; 5,000 shares 
Atlantic Coast Line R. R., $547,500; 2,000 Consolidated Gas, $216,- 
500; 5,000 National Biscuit Company, $549,373; 10,000 shares 
Penn. R. R., $533,375; 10,000 Lehigh Valley Railroad, $660,000; 
2,000 New York Central, $184,250; 4,000 Associated Dry Goods; 
1,000 Brooklyn Union Gas; 1,000 Canadian Pacific Railway; 3,000 
Erie com. ; 6,000 Piedmont and Northern Railway. 

The bond holdings include $2,622,000 Great Northern Paper 
Company; $1,020,000 N. Y. Central; $324,375 Consohdated Gas; 
$115,000 Hudson & Manhattan Company; $157,000 Liggett & 
Myers; $108,000 P. Lorillard Co. and $1,400,000 bonds of New 
York City. Real estate out of New York City was valued at $816,- 
000; statuary and paintings, $1,000,000; and deceased had cash on 
hand with Payne Whitney $2,030,113 and with Chase National Bank 
$933,621. No bajik securities are shown, nor is the value of the Fifth 
avenue home given. The chief beneficiaries under the will are Payne 
Whitney, Harry Payne Whitney, Harry Payne Bingham and Wil- 
liam Bingham 2nd, nephews; Elizabeth B. Blossom and Frances 
Bolton, nieces, and Dorothy Wyndham Paget and Olive Cecelia 
Paget, grand nieces. The executors are Payne Whitney and Lewis 
Cass Ledyard, Sr. and Jr. One million dollars each went to the 
Lakeside Hospital (Cleveland), Yale University and New York 
Public Library; $500,000 each to Cornell University and PhilLps 
Academy and $200,000 each to three other charitable institutions. 

The Northern Finance Corporation holds a vast amount of 


Payne wealth. It is capitalized at $10,000,000 and the directors are 
Lewis Cass Ledyard, Payne Whitney and Harry Payne Bingham. 
Mr. Payne was "silent" partner in the brokerage firm of Moore & 
Schley. His sister was the wife of the late William C. Whitney. 


Henry M. Flagler held 30,500 shares when the oil trust was 
dissolved. He died in 1913 leaving an estate of $90,000,000 of 
which about $70,000,000 went to his second wife, $4,000,000 was 
put in trust for his first wife and about $15,000,000 went to his son 
Harry Harkness Flagler. The second Mrs. Flagler was a Miss 
Keenan of Kentucky. She married Judge Robert W. Bingham after 
the death of Flagler. She died in 1918 leaving $80,000,000 to her 
brother, two sisters and a niece. The brother is William Keenan, 
Jr. ; her sisters are Sara Graham Keenan and Mrs. Jessie K. Wise, and 
her niece is Mrs. Lawrence Lewis. All of them live in New York 
City and none of them thought of getting a cent of the Flagler 
estate until their sister and aunt married the oil millionaire. Mr. 
Flagler was the principal owner of the Florida East Coast Railway 
and of the principal hotels at Palm Beach and Miami, Fla. He was 
also a large stockholder in the Western Union, National Fuel Gas 
and Morton Trust Co. 


Henry H. Rogers died in 1909 leaving an estate valued at $49,- 
000,000. He had 16,200 shares Standard Oil stock, worth to-day 
about $40,000,000. The estate held 10,000 shares Brooklyn Union 
Gas, 15,000 shares Buffalo Gas, 244,000 shares Butte Coalition 
Copper Co., 1,400 shares Amalgamated Copper, 2,500 American Lin- 
seed, 1,800 shares American Meter, 5,500 Atlantic Coast Line Electric 
Railway, 5,850 shares Atlas Tack, 1,560 Butte and Boston Mining 
Co., 4,150 International Mercantile Marine, 5,000 Internationd 
Smelting and Refining, 45,000 Underground Electric Railway of 
London, 4,000 Loup Creek Colliery, 3,200 National Fuel Gas, 
4,150 United Metals Selling Co., 2,000 National Copper Bank, 
12,500 Richmond Light and Power, 2,500 shares U. S. Industrial 
Alcohol, 10,417 Santa Rita Mining Co., 10,000 Staten Island Mid- 
land Railway, 3,000 Union Street Railway of Massachusetts, and 
other securities in railroads, banks, trust companies and industrial 
corporations, besides $4,000,000 bonds. 

Mr. Rogers owned outright the Virginian Railway, 500 miles 
long, and he, William Rockefeller and James Stillman organized the 
Amalgamated Copper Company by combining Anaconda with other 
mines. He owned $6,000,000 Anaconda stock. His estate was 


divided among his children Mrs. Anna E. Benjamin, Mrs. Cora L. 
Broughton, Mrs. Mae R. Coe and Henry H. Rogers Jr. His 
son-in-law, Mr. Broughton, turned over $20,000,000 in American 
securities to the British Government, during the war. 


John D. Archbold left an estate appraised at $41,000,000 when 
he died in December, 1916. In 1907 he had 6,000 shares Standard 
Oil stock worth today about $15,000,000. He was a large stock- 
holder in the National Fuel Gas Co., International Navigation Co. 
and other large corporations. Included in his estate was 66,500 
shares Magnolia Petroleum Co. valued at $18,000,000. His estate 
was left to his widow, his daughters Anna M. Archbold and Mrs. 
Mary A. Van Buren, and to his son John F. Archbold, all of whom 
no doubt received a share of his wealth before he died. 


Wesley H. Tilford died in 1909, leaving an estate appraised at 
$12,000,000 to his brother, Henry M. Tilford and to his grand- 
nephew. Hunt T. Dickinson. He had 6,300 shares Standard Oil, 
appraised at $4,087,125 (worth today about $15,000,000) ; $10,000 
shares preferred, Chicago, Milwaukee & St. Paul, valued at $1,612,- 
000; 3,000 preferred and 5,000 common National Biscuit Company, 
valued at $864,000; 3,270 National Fuel Gas, $555,900; 3,000 
Royal Baking Powder, $315,000; 3,000 shares preferred Borden 
Condensed Milk Co., $318,000; 2,000 preferred National Lead, 
$210,000; 1,200 preferred and 3,000 shares common, Childs Co., 
$350,000; 500 National City Bank, $173,500; 1,500 General Chem- 
ical, $151,500; 1,000 United Fruit, $128,000; and 1,000 Southern 
Pacific preferred $121,625. 

Henry M. Tilford died in 1919 leaving $20,000,000 to his 
wife and daughters, Mrs. Isabel T. WagstafI, Mrs. Katherine H. 
Mortimer and Annette Tilford. He was a member of the firm of 
Park & Tilford. 


Louis H. Severance left an estate appraised at $15,000,000, when 
he died in June, 1913. He owned 7,244 shares oil trust stock in 
1907, worth to-day about $17,000,000. His estate went to his son 
John L., and his daughter Mrs. Elizabeth S. Allen, who no doubt 
received a share of his wealth before he died. 



Herman Frasch, chemist for Standard Oil, died in 1914, leaving 
an estate appraised at $10,000,000. Mr. Frasch was the largest 
owner of the Union Sulphur Co. which controls the sulphur supply 
of the world. His estate includes 2,000 shares Union Pacific, 2,000 
shares Santa Fe, 2,000 New York Central, 2,000 Philadelphia and 
Reading, 6,000 U. S. Steel, 1,700 Baltimore & Ohio, 1,000 Southern 
Railway, 1,000 Lehigh Valley and securities in industrial corporations. 


Horace A. Hutchins had 2,067 shares of oil trust stock in 1907, 
valued today at $5,000,000. He died in 1914. He was director in 
the Chattanooga Plow Co., Riker-Hegeman Drug Co., Assurance 
Co. of America, Mason City & Ft. Dodge R. R., Morristown Trust 
Co. and Unique Box Folding Co. 


Alexander McDonald died in 1910 leaving 3,374 shares worth 
today ahout $7,000,000. The bulk of his estate was left in trust 
for his grandchildren, the Stahlo girls. 


Daniel O'Day died in 1906, leaving a fortune appraised at 
$4,000,000, to his wife and ten children. The deceased no doubt, 
distributed several million dollars to his family while he was alive. 

He left 2,655 shares of Standard Oil, appraised at $1,593,000, 
(worth today $5,000,000) ; 3,683 shares International Steam Pump 
Company, valued at $305,689; 800 shares Seaboard National Bank, 
worth $292,000; 2,081 shares. Cataract Power and Conduit Com- 
pany $208,100; U. S. Steel bonds and stock, $225,000; Venango Oil 
and Land bonds, $121,000; real estate, $250,000 and various smaller 
holdings of stocks and bonds. 


The Jennings' inherited 12,723 shares of oil trust stock worth 
today about $30,000,000, besides other property; the Bostwicks 
inherited 16,916 shares, the Macys 12,300 shares, the Houstons 11,775 
shares, the Brewsters 9,985 shares, the Huntingtons 6,500 shares, the 
Wardens 5,858 shares, the Hannas 4,000, the Brokaws 3,395 and 
the Bedfords 3,300. The Warings also inherited a large block of 
stock as did the Barstows, Moffetts, Vandergrifts and Logans. Wil- 
liam Frew, Clement A. Griscom, John S. Kennedy and H. R. Bishop 
were also large stockholders. 


Estates of John D. and William Rockefeller 
are yet to be Inherited 

The largest Standard Oil fortune is still to be inherited. It is 
that of John D. Rockefeller. When he entered the oil business in 
1865 he had only a few thousand dollars. Since the Standard Oil 
Company was incorporated in 1870 it has distributed One Billion Five 
Hundred Million Dollars cash and One Billion Dollars in stock 
dividends on which other dividends have been paid. The market value 
of all Standard Oil stock today is about Three Billion Dollars. John 
D. Rockefeller owns more than one quarter of the stock and has re- 
ceived more than one-quarter of all dividends distributed. 

When the Oil Trust was dissolved in 1911, Mr. Rockefeller had 
247,692 shares out of a total of 983,385. His holdings then were 
worth about $200,000,000. His entire oil holdings today are worth 
about a billion dollars. Mr. Rockefeller owns stocks and bonds in 
many so-called independent oil companies, and it is safe to say there is 
not a large successful oil company in the country in which he is not 
financially' interested. 

Mr. Rockefeller has received about $400,000,000 cash dividends 
from Standard Oil, most of which is invested in other properties. A 
large part of his annual income, which is estimated at about 
$140,000,000 a year, is loaned to monopolistic corporations such as 
American Linseed, International Harvester and Corn Products Refin- 
ing Co. Mr. Rockefeller has real estate in New York City, Cleveland, 
Tarrytown, Lakewood and elsewhere valued at about $100,000,000, 
including mortgages. He is also heavily interested in banks, railroads, 
industries and public utilities. He owns more wealth in railroad secur- 
ities alone, than any other family. He owns more wealth in industrial 
securities than any one else, and he is the largest security holder in 
mines and local public utilities. 

Mr. Rockefeller's wealth is so enormous and his income so great, 
that the welfare of the country requires that the size and character of 
his securities be promptly and officially determined. Until a list of 
his holdings is disclosed, the size of his fortune can only be estimated 
from the amount held by his Foundations, compared with his known 
holdings in some of these properties. 

John D. Rockefeller Jr., already possesses a large share of his 
father's wealth. He owns about two hundred million dollars in Stand- 
ard Oil stocks, several million dollars Colorado Fuel and Iron, several 
thousand shares Pennsylvania Railroad, and stocks in other railroads 


and industrial corporations. Mr. Rockefeller Jr. has five children who 
will ultimately inherit the largest share of their grandfather's fortune, 
if they live. 

Mr. Rockefeller had three daughters who have undoubtedly re- 
ceived a liberal share of his wealth. They are Mrs. Charles A. 
Strong, who died in 1914, Mrs. E. Parmalee Prentice and Mrs. 
Harold F. McCormick. All of them have children. Mr. McCormick 
and his brother control the Harvester trust left them by their father. 
His wealth exceeds $50,000,000. Mr. Prentice was a member of the 
firm of Murray, Prentice and Howland, counsel to the Manhattan 
Elevated R. R., Equitable Trust and other Rockefeller banks and 
corporations. Charles A. Strong was professor in the Chicago 

John D. Rockefeller Jr., married Abbey Aldrich, daughter of 
former Senator Nelson W. Aldrich of Rhode Island, who left about 
$25,000,000 in traction, rubber and other securities. 

The Rockefeller-McCormick-Aldrich Families are estimated to be 
worth about two billion, five hundred million dollars. 

A detailed estimate of Mr. Rockefeller's fortune is contained 
elsewhere in this book. 

William Rockefeller, brother of John D., is still alive. His estate 
will pass to his children and grandchildren when he dies. He is worth 
more than $200,000,000. He owned 11,700 shares of Standard Oil 
stock in 1907, worth today about $30,000,000. He, Henry H. Rogers 
and James Stillman organized and controlled Amalgamated copper. 
He is director in the leading railroads in which he no doubt represents 
his brother, as well as himself. He is also director in the National City 
Bank and U. S. Trust Co., 

William G. Rockefeller, his oldest son, is director with his father 
in the Union Pacific and Oregon Short Line R. R., Inspiration Copper 
Co., Brooklyn Union Gas and Lincoln National Bank. He is married 
to Elsie Stillman, daughter of the lates James Stillman, who owned 
47,498 shares of a total of 250,000 in the National City Bank, with 
resources of one billion dollars. John D. and William Rockefeller to- 
gether own 11,750 shares of the bank stock. 

Percy A. Rockefeller, another son of William, is director in the 
American International Corporation, Chicago, Milwaukee and St. 
Paul, Midvale Steel, National City Bank, Second National Bank, 
United Metals Selling Company and Western Union. He holds his 
father's seat on the stock exchange which enables him to save commis- 
sions on purchase and sale of securities. Percy is married to Isabel G. 


Stillman, another daughter of James Stillman, whose estate was 
appraised at $40,000,000. 

William Rockefeller's daughter Emma is married to Dr. David 
Hunter McAlpin and his daughter Ethel is married to Marcellus 
Hartley Dodge who inherited many millions from his grandfather, 
Marcellus Hartley. Mr. McAlpin is one of the heirs to millions made 
in tobacco. 

The William Rockefeller-Stillman-Dodge-McAlpin family com- 
bination is worth about Four Hundred Million Dollars. 

Other large stockholders in Standard Oil who will leave large 
estates are Henry C. Folger, Jr., who had 2,125 shares of "trust" 
stock in 1911 ; Kate Ladd with 2,076 shares; W. P. Thompson 2,725 
shares; C. M. Chapin, 2,184; C. F. G. Heye 2,514, Emma B. Auchin- 
closs 2,366, Walter J. James 2,373, J. H. Esmar 2,578, T. H. 
Wheeler 1,376, Joseph Seep 1,600, Chas. B. Hogg 1,225, Julia H. 
York 1,600, W. T. Scheide 1,000, W. T. Wardell 750. 


How Standard Oil Wealth Grows 

It is easy to see how Standard Oil profits make multi-millionaires. 
' The Standard Oil Company of New York, one of the thirty-three 
constituent parts of the oil trust, announced an increase of capital stock 
in 1921, from $75,000,000 to $225,000,000, by a distribution of 
$150,000,000 surplus to its stockholders. The distribution was not 
made and the surplus still remains. John D. Rockefeller owns a large 
share of this stock and stock dividends are not taxable under the law. 
The Standard Oil Company of New York increased its capital from 
$15,000,000 to $75,000,000 in 1913, by a distribution of 400 per cent 
stock dividend. On the basis of the old capital ($15,000,000) the 
increase to $225,000,000 means a stock dividend of 1,400 per cent. 
In 1903 the Company distributed a cash dividend of 70 per cent. 

In 1920 the Standard Oil Company of Indiana increased its capital 
stock from $30,000,000 to $75,000,000 by a dividend of 150%. In 
1912 the capital stock was increased to $30,000,000 by the distribution 
of a stock dividend of 2,900%, the capital at that time being only 
$1,000,000. In 1912 the Company had a surplus from excess earnings, 
of $40,000,000. In 1919, prior to the distribution of the 150% divi- 
dend, the accumulated surplus from excess earnings was $105,000,000. 
Including both stock dividends, the company's distribution of profits 
to stockholders since 1911, totals $80,000,000, or 8,000% on the 
capital at that time. 

Every other Standard Oil subsidiary has distributed stock, as well 
as cash, dividends. Since 1912 the Anglo-American Company dis- 
tributed a stock dividend of 100%, Continental Oil Co. 900%, Solar 
Refining Co. 300%,, South Penn. Oil Co. 360%,, Standard Oil Com- 
pany of Kansas 200%, Waters-Pierce Oil Co. 2,625%,, Ohio Oil Co. 
133%, Standard Oil of Nebraska 66%, Prairie Oil and Gas Co. 
150%, Standard Oil of California 83%, Cheesebrough Mfg. Co. 
200%, Standard Oil of Ohio 100%, Standard Oil of Kentucky 100%, 
Galena-Signal Co. common, 50%, and Standard Oil of New Jersey, 

Prior to 1912 other Standard Oil dividends were as follows: 
Anglo-American 50%, Atlantic Refining Co. 170%, Buckeye Pipe 
Line Co. 50%, Cheesebrough Mfg. Co. 60%, Conrinental Oil Co. 
166%, Eureka Pipe Line Co. 61% and 59%, Galena-Signal Co. 
50%, Indiana Pipe Line 76% and 43%, Narional Transit Co. 40%, 
N. Y. Transit Co. 60%, and 40%,, Northern Pipe Line 50%o, Ohio 
Oil 50%, Solar Refining Co. 270% and 70%,, Southern Pipe Line 
45%, South Penn Oil 173%,. 


Standard Oil companies have also distributed subscription rights 
to stockholders that have yielded large profit. Shares sold to them at 
par were worth $200 and $300 each. The Vacuum Oil Company dis- 
tributed subscription rights at one fifth their value. South Penn Oil 
Co. distributed rights worth 100% more, Standard Oil Co. of Ken- 
tucky worth 200% more, Atlantic Refining Co. 400%, Swan & 
Finch 550%, Standard Oil of California 90%, Cumberland Pipe 
Line 50%, and Galena-Signal Co. 20% common and 20% preferred. 

Standard Oil Companies that will make large distributions in the 
near future because of extra large surpluses are, Atlantic Refining Co. 
with a capital of $10,000,000 and surplus $56,000,000; Ohio Oil, 
capital $15,000,000 and surplus $63,000,000; Prairie Oil and Gas Co. 
capital $18,000,000, surplus $75,000,000; Solar Refining Co. capital 
$2,000,000, surplus $4,400,000 ; Ststndard Oil Company of Indiana, 
capital $30,000,000, surplus $105,000,000; Standard Oil of Kansas, 
capital $2,000,000, surplus 5,500,000 ; Standard Oil of Nebraska, cap- 
ital $1,000,000, surplus $3,000,000; Standard Oil of Louisiana, cap- 
ital $10,000,000, surplus $44,000,000; Vacuum Oil Co. capital 
$15,000,000, surplus $50,000,000. 

John D. Rockefeller, his family and Foundations, own in the 
aggregate more than one-quarter of the stock of all these companies. 



{The holdings of leading stockholders given in this and subse- 
quent sections, are from reliable stock lists and from the schedule of 
estates filed with the proper authorities.) 


The Steel Trust has assets of two billion and a half dollars. In 
1920, its gross sales were $1,755,000,000 and its net profits after 
deducting all expenses and taxes, were $185,000,000. Its total surplus 
is $523,000,000, which is fifteen million dollars more than the total 
common stock outstanding, which was "water" when issued. The 
largest individual stockholder in the Steel Trust, who held stock in his 
own name in 1921, so far as published records show, is George F. 
Baker, with 57,300 shares. Other large individual holders are C. K. 
Phipard (special partner in Whitehouse & Company), 51,000; Law- 
rence C. Phipps, 35,000; Charles S. Mott (with the DuPonts), 
30,000 shares; J. S. Benedict, 24,000; George H. Singer, 21,000; 
Luke H. Cutter, (with Sullivan & Cromwell), 21,000; Margaret S. 
Milligan, 20,000; D. T. Waters (agent), 17,500; Estate of P. A. 

B. Widener, 15,000; E. C. Bissell (agent), 12,000; G. Ashmead, 
12,000; Pierre and Lamot DuPont, 12,000; Estate of Mrs. Russell 
Sage, 11,500; Elizabeth S. Proctor, 11,000; C. P. Avery, 8,300; E. H. 
Gary, 8,300 ; Adolphus G. Bailey, 8,000 ; Frank H. Buhl, 6,700 ; James 
A. Farrell, 7,900; Robert Bacon, 6,000; Louise H. Vanderbilt, 5,000; 
Estate of Harris Fahnestock, 4,000; Herbert L. Satterlee (brother-in- 
law of J. P. Morgan) , 3,500. Elbert H. Gary and Richard Trimble, 
the latter Treasurer of the Steel Trust, hold 81,000 shares preferred 
and 321,000 common, for others. Employees of J. P. Morgan and 
Co. hold 29,000 shares preferred and 3,000 shares common. 

Among the largest holdings by brokers are Shearson, Hammill & 
Co., 75,000 shares; Post & Flagg, 52,000; J. W. Davis & Co., 45,000; 

C. I. Hudson & Co., 25,000; Newborg & Company, 25,000; E. & C. 
Randolph, 22,000; Dominick & Dominick, 18,000; Harris, Winthrop 
& Company, 17,000; A. Iselin & Company, 12,000; Harriman & 
Company, 13,000, Hornblower & Weeks, 12,000. 

The above holdings total 1,200,000 shares out of a total outstand- 
ing issue of 5,083,925 shares, or about one-fourth of the total out- 
standing common stock. Andrew Carnegie owned half the total 
outstanding bonds. 

Gross sales in 1919 were $1,448,000,000 and in 1918, $1,794,- 


312,000, the high water mark of the corporation's business. The 
largest net earnings in any one year after all deductions for taxes, were 
$333,000,000 in 1916; the largest addition to surplus in any year after 
payment of dividends, taxes, etc., was $64,000,000, in 1917. The 
aggregate net profits in twenty years were $1,741,132,437, on an orig- 
inal value of about one-third this sum. 

The Steel Trust is a consolidation of the most important concerns 
engaged in the manufacture and fabrication of iron and steel. It was 
organized in 1900, since which time it acquired other properties, includ- 
ing the Tennessee Coal and Iron and the vast ore beds owned by that 
company and by James J. Hill and the Great Northern R. R., in Min- 
nesota. Next to J. P. Morgan who received a promotion fee of 
$125,000,000 in cash and common stock, the largest stockholder was 
John D. Rockefeller, who received $79,000,000 in preferred and com- 
mon stock for property which cost him and his associates about 
$6,000,000. Mr. Rockefeller's share was about $56,000,000 in stock 
and Mr. Rockefeller, his son, Henry H. Rogers and Oliver H. Payne 
of the Oil Trust, were directors in the Steel Trust for several years, 
from its inception. 

The absorption of the Tennessee Coal and Iron Co. in 1907, came 
at a time of financial stress. A large part of the stock was held as 
collateral by the Trust Co. of America, and by the brokerage firm of 
Moore & Schley. When the "flurry" was over, the Steel Trust had 
the bulk, of the Company's 300,000 shares. Among the largest stock- 
holders who sold out were George W. Kessler, O. H. Payne, L. C. 
Hanna, G. B. Schley, J. B. Duke, E. J. Berwind, J. W. Gates, A. N. 
Brady, Oakleigh Thorne and E. W. Oglesby. 

The Steel Trust dominates the steel industry of the country though 
there are several so-called independent concerns including Bethlehem, 
Crucible, Midvale and Lackawanna Steel. It controls vast ore beds, 
numerous railroads and a large fleet of ore-carrying ocean-going vessels. 
According to the report of the Walsh Industrial Commission in 1916, 
1.5% of the stockholders in the Steel Trust owned 57% of the stock. 
There are about 150,000 shareholders in this company, the average 
holding being about 50 shares. Stock control of the Company at the 
time of its incorporation, was virtually in the hands of its principal 
directors, who were Rockefeller, Morgan, Payne, Rogers, Baker, 
Moore, Frick, Reid, Phipps, Widener and Perkins. Thousands of 
those who bought the stock in the beginning, through newspaper mis- 
representation, were compelled to relinquish their holdings vvhen the 
stock declined to a fraction of what they paid for it. The "insiders" 
bought the securities and made a "clean-up." _ Excess earnings of the 
company have since added several hundred million dollars to tangible 


Bethlehem Steel has assets of $360,000,000 and a surplus of 
$70,000,000. Its gross sales in 1920 were $274,000,000. In 1918, 
gross sales exceeded $440,000,000. The largest stockholders are 
Charles M. Schwab, with 48,000 shares pref. and 1,413 common; 
Allan A. Ryan & Co., 20,000 ; George B. Daetz (care Allan A. Ryan 
& Co.), 17,136; James H. Ward (assistant to President), 9,200; 
Alvin and Irwin Untermyer, 9,000 ; E. C. Grace, 2,390 com. and 3,700 
pref. ; Ernest T. Meinken, 4,950 and James L. Breeze, 3,200. Samuel 
Untermyer held 15,000 shares in 1919 and was considered the second 
largest stockholder. 

Midvale Stfeel is controlled by Wm. E. Corey, Alva C. Dinkey, 
Charles H. Sabin, Percy A. Rockefeller, Marcellus H. Dodge, A. W. 
Mellon, Samuel M. Vauclain, and Ambrose Monell (deceased). It 
has assets of $280,000,00 and surplus of $60,000,000. The company 
owns $43,764,750 of the $45,000,000 capital stock of Cambria Steel, 
which, before it was acquired by Midvale was owned by the Penn- 
sylvania Co. with more than 400,000 shares; Henry C. Frick, 37,700; 
P. A. Widener, 19,000; William W. Astor, 10,290; W. N. Donner 
(Pittsburg), 12,500; Mary F. Hawke, 10,000; Warden family, 
4,600; Barbara W. Strawbridge, 4,000; Maria D. Jesup, 3,000. 

Crucible Steel has assets of $50,000,000. It paid a stock dividend 
of 100 per cent in 1920 by doubling the common stock to $50,000,000. 
The largest stockholders are Horace Wilkinson with 43,000 shares 
com, and 5,800 pref.; Ada W. Wilkinson, 11,958 com.; William H. 
Childs, Eversley Childs, Richard S. Childs and other members of 
Childs family, 30,000; August Heckscher, 17,500; Frank H. May- 
nard, 8,750; Lizzie C. Maynard, 11,375; Francis Hendricks, 12,250; 
Albert E. Nettleton, 8,750; Charles M. Crouse, 7,525; Frederic A. 
Dallett, 5,600; M. Crouse Klock, 5,250; Wilbert L. Smith, 5,950; 
Hamilton Stewart, 5,300; Thomas P. Kingsford, 4,200; Nathan L. 
Miller, 1,750; Horace White, 1,750. 

Lackawanna Steel is controlled by Blair, Iselin, Mills, Marston, 
Taylor and Vanderbilt. It has assets of $95,000,000 and surplus, 

There are thousands of shareholders in these so-called independent 
steel companies, but control in each is held by the few. 


The most important copper property in the country is Anaconda. 
When Henry H. Rogers died he left $6,000,000 in this stock. His 
son-in-law, U. H. Broughton, a resident of England, has most of these 


holdings. Mr. Rogers also left 4,150 shares United Metals Selling 
Co., which at that time disposed of the product of Anaconda. 

Rogers, William Rockefeller, the late James Stillman and their 
Standard Oil associates, acquired control of Anaconda when they organ- 
ized Amalgamated Copper in 1899. Their flotation of this company 
was condemned for inflation. The Amalgamated Copper Co. went 
out of existence in 1915 and all its holdings were acquired by the Ana- 
conda Co. Amalgamated held 3,327,937 shares of Anaconda, 150,000 
shares of Inspiration Copper, 30,800 shares of Greene Cananea Copper 
Co., and the entire capital stock of the United Metals Selling Co., 
which owned 141,900 shares of Anaconda. 

Anaconda also owns the International Smelting and Refining Co., 
Raritan Copper Works, International Lead Refining Co., and other 
similar corporations. In 1919 it produced without its subsidiaries, 
103,000,000 pounds of copper, 700,000 tons of coal and 73,000,000 
feet of lumber, besides lead, silver and other metals. It has assets of 
$300,000,000 and a surplus of $80,000,000. The leading stockholders 
are Rockefeller, Rogers Estate, John D. Ryan, B. B. Thayer, N. F. 
Brady and J. Horace Harding, George H. Church and Andrew J. 
Miller, representing themselves and others. There are 30,000 share- 
holders in all, with an average less than 50 shares each. 

Inspiration Copper produced 80,000,000 pounds of copper in 1919 
and 98,000,000 pounds in 1918. It has assets of $40,000,000. Greene 
Cananea has assets of $60,000,000. Its income in 1919 was $9,000,000 
and $11,000,000, in 1918. Other large stockholders in Inspiration 
are Wm. E. Corey, 8,900 shares; J. D. Ryan, 8,600; Joseph E. 
De Lamar, 8,100; C. D. Barney & Co., 24,000; W. H. Goadby & 
Co., 17,500; Jesup and Lamont, 22,500. 

The American Smelting and Refining Co. is the largest Guggen- 
heim property. It owns a score of mines and smelters in this country, 
Mexico and Chili, and controls various other companies. In 1919 it 
sold $81,000,000 worth of copper, $64,000,000 silver, $45,000,000 gold 
and $22,000,000 lead. In 1918 it sold $208,000,000 copper, $40,000,- 
000 gold, $54,000,000 silver and $34,000,000 lead, besides other 
minerals. The Company's assets in 1919 were $215,000,000. All 
the elder Guggenheims are on the Board of Directors, including 
Daniel, Isaac, Murry and Simon. Simon Guggenheim owns 36,000 
shares alone. Wm. Loeb, Jr., E. L. Newhouse, L. H. Brownell and 
J. N. Steele also represent the Guggenheims on the Board. Oh 
January 1st, 1921, Guggenheim Brothers succeeded the American 
Smelting and Refining Company as selling agents for Chili, Braden 
and Kennecott Copper. 

The Guggenheims control Utah, Kennecott, Chili and Nevada 


Consolidated. Utah is a larger producer than Anaconda, though not 
as valuable a property. In 1919 it produced 110,000,000 lbs. copper; 
in 1918, 197,000,000 and in 1917, 206,000,000. Its total assets are 
about $100,000,000. It owns more than 50% of the stock of Nevada 
Consolidated, which has assets of $30,000,000 and had a gross revenue 
of $8,500,000 in 1919, $17,000,000 in 1918 and $20,000,000 in 1917. 

Kennecott is a producing and holding company. In 1919 it pro- 
duced 40,000,000 lbs. copper from its mines in Alaska, and in 1918, 
65,000,000 lbs. It owns all the stock of Braden Copper ($12,900,000), 
and all the bonds ($23,000,000), and $4,820,000 out of $5,000,000 
stock of the Copper River and Northern Railroad. It owns $6,165,000 
of $16,644,900 stock in Utah Copper. Kennecott's assets in 1919 
were $136,000,000 and surplus, $85,000,000. 

Other large holdings in Utah besides those of Kennecott, are Fred 
Edey & Co., 262,300 shares; Bankers Trust Co., 80,459; R. A. F. 
Penrose, Jr., 32,000; Spencer Penrose, 36,000; Alvin Untermyer, 
20,240; Isaac Untermyer, 4,500; C. M. MacNeill, 21,000; W. Hinkle 
Smith, 20,000; George F. Warren (Columbia Trust Co.), 15,000; 
James Roundtree and H. G. Peck (care Guggenheim Brothers), 
10,000 and 6,000 respectively. 

The largest holdings in Kennecott are J. P. Morgan & Co., for 
themselves and others, 300,000 shares ; Harry Payne Whitney, 57,000 ; 
Estate of Barton Sewell, 57,000; Gertrude V. Whitney, 25,800; Dor- 
othy Whitney Straight, 32,700; D. T. Waters (First National Bank, 
N. Y.), 30,000; Thomas F. Ryan, 10,000; Cornelius Vanderbilt, 
8,300; Isaac Untermyer, 7,600; Samuel Untermyer, 2,300; Eugene 
Untermyer, 1,000. The Guggenheim holdings are not disclosed. 

Chile Copper is virtually owned by the Guggenheim and Burrage 
families. The Company produced 77,000,000 pounds of copper in 
1919 and 102,000,000 pounds in 1918. It has assets of $155,000,000. 
Daniel Guggenheim is President and Murry and H. F, Guggenheim 
and W. C. Potter of the Guggenheim firm, are Vice-Presidents. All 
are directors besides Isaac, E. A. and S. R. Guggenheim and John N. 
Steele and William Loeb Jr., who also represent the Guggenheims. 
On board of Directors also are A. C, C. D. and Russell Burrage, A. 
C. Burrage, Jr., and John K. MacGowan. 

The Phelps, Dodge Corporation is another aggregation of mines 
and mining properties owned by a few individuals and families. The 
corporation virtually controls the copper output of Arizona and New 
Mexico, the richest mineral area in the country. In 1919 the Cor- 
poration sold 150,000,000 lbs. copper; in 1918, 300,000,000 lbs., and 
in 1917, 290,000,000 lbs. It has assets of $250,000,000 and surplus, 
$125,000,000. The total income of the corporation in 1919 was 


$28,000,000, in 1918, $59,000,000, and in 1917, $62,000,000. The 
corporation is controlled by Cleveland H. Dodge, Arthur Curtiss 
James, Walter Douglas, James McLean estate, George B. Agnew and 
William Church Osborn. Francis L. Hine, President, First National 
Bank, is also a director. The Phelps, Dodge Corporation also controls 
the Old Dominion Copper Co., with assets of $21,000,000. 

Calumet and Hecla is one of the largest copper producers. The 
Company was organized in 1871, with a capital of $2,500,000, only 
half of which was paid in. Since that time it has distributed 
$152,000,000 in dividends to its stockholders. Its assets are 
$90,000,000 and it has an undivided surplus of $65,000,000. The 
company is controlled by the Agassiz and Shaw families of Boston. 
Among the directors are F. L. Higginson, R. F. Herrick and Walter 
Hunnewell, all of Boston. 

The United Verde is virtually owned by Senator W. A. Clark. 
In 1919 it produced 43,000,000 lbs. copper; in 1918, 77,000,000 lbs, 
and 72,000,000 lbs. in 1917. There are 300,000 shares of no pa,r 
value, but since the company has paid in excess of $10 a year in divi- 
dends on each share, the value exceeds $100 a share, or more than 
$30,000,000 for the entire issue. The Company's income in 1919 was 
$6,563,000; in 1918, $19,275,000 and $17,185,000 in 1917. 

Ray Consolidated has assets of $35,000,000 and Chino Copper, 
$26,000,000. The income of each company was $8,000,000 in 1919, 
$18,000,000 in 1918 and $20,000,000 in 1917. The largest stock- 
holders in Ray Consolidated are Hayden, Stone & Co., 74,000 shares; 
Penrose family, 50,000; Equitable Trust, 43,312; Harry P., and 
Gertrude V. Whitney, 18,000; Sherwood and J. T. Aldrich, 18,- 
000; Willard Saulsbury, 15,000; Joseph S. Lovering, 9,900. Chino 
Copper is controlled by the Hayden-Stone syndicate. 

Cerro de Pasco is controlled by Haggin, Hearst, Frick and Mor- 
gan. Frick left stock valued at $4,568,150 when he died. Morgan 
left 5,500 shares stock and $268,000 bonds. Haggin left $2,675,000 
in stocks and bonds. The company has assets of $55,000,000 and 
surplus, $40,000,000. Its sales in 1919 were $15,000,000; in 1918, 

Miami Copper has assets of $35,000,000 and surplus, $20,000,000, 
Its income is about $11,000,000 a year. The chief stockholders are 
the Lewisohns, William H. Nichols, with 9,180 shares; J. H. Sus- 
mann, 8,850; B. Hochschild, 5,900. About 100,000 shares are held 
in the namefe of employes of the company. 


The copper companies produce annual net profits of about $200,- 
000,000, the bulk of which goes to about 100 families. 


The leading stockholders in Standard Oil, control the oil business 
in the United States not only through Standard Oil and its sub- 
sidiaries, but also through so-called "independent" companies. The 
Federal Trade Commission on this point, says: 

"A material part of the apparent decline in percentage of 
control by Standard Oil Companies (from 85% to 65%) is due 
to the fact that certain large companies in which various Standard 
stockholders have considerable interests, are classed as independ- 
ents. Standard stockholders owned about 30% of the stock of 
the Tidewater Oil Co. and about 25% of the stock of the 
Texas Company which are here classed as 'independent'." 
Standard Oil stockholders control most of the other large "inde- 
pendent" oil companies. The Magnolia and Security Oil Company 
are known to be Standard Oil as are the Midwest Refining, Gulf 
Refining, Pierce Oil Corporation, Humble Oil Co., and other large 
producing companies. It may be taken for granted that Mr. 
Rockefeller and his associates are the leading stockholders in most 
of the so-called independent oil companies. Mexican Petroleum, one 
of the largest producers, is controlled by Edward L. Doheny and as- 

The Standard Oil group, comprising the thirty-three constituent 
companies into which the Oil Trust was separated in 1911, did a 
gross business of about two and a half biUion dollars in 1920. It 
distributed $110,000,000 in cash and about $100,000,000 in stock 
dividends during the year. The total assets of all the Standard Oil 
Companies aggregate Three Billion Dollars. 

John D. Rockefeller is the leading stockholder in all these cor- 
porations. He owned more than one quarter of the stock in 1911. 
He owns a larger share to-day, though most of his holdings are in the 
names of his children and the Foundations. The Harknesses owned 
7%, Pratts 6%, Payne 5%, Flagler 3%, Bostwick 2%, Rogers 
2%, William Rockefeller and Houston 1.5% each, and Archbold 
Huntington, Macy, Severance, Warden, Jennings, Bewster, Tilford, 
Hanna and Bedford about 1% each. About fifteen families own half 
the stock of all the Standard Oil Companies. 

The Standard Oil Companies own more than 100,000 miles of 
pipe lines, thousands of tank cars and wagons, scores of refineries, 
two hundred ocean going vessels, storage tanks for millions of barrels 
of oil and gasolene, and numerous factories for the manufacture of 


the two hundred odd by-products of petroleum. The companies own 
vast water-front property on the Atlantic and Pacific coasts, Great 
Lakes, Gulf of Mexico and in other parts of the world. 

Since 1911, the Standard Oil Companies have distributed ap- 
proximately $850,000,000 in cash dividends to their stockholders. 
The Standard Oil Company of New Jersey alone made a net profit of 
$165,000,000 during 1920, the other affiliated companies earning in 
proportion. Since 1870 the oil trust has distributed about two billion 
five hundred million dollars in cash and stock dividends. 

Other leading stockholders in the Texas Co. besides those of 
Standard Oil, are the estate of Mrs. Gates, 105,000 shares; Lapham 
family, (Boston), 180,000 shares; Harris family, (N. Y.), 37,000; 
J. J. Mitchell, 27,000; Crary family, (Pa.), 50,000; Frank D. Stout, 
(Chicago), 40,000; Chauncey Keep, (Chicago), 19,400; Robert 
Oglesby, 15,600; Wilson P. Foss, 15,000; American- Hawaiian S. S. 
Co., 18,200; Frederick Lewis 2nd, 15,000; Mrs. T. G. Rockwell, 
(Pa.), 14,100; Hoyt family, 13,000; W. D. Sewell, (Me.), 11,200. 

Largest stockholders in Magnolia, besides Standard Oil which 
owns about 400,000 shares, are N. F. McFarlin, (Okla.), 20,800; 
J. A. Chapman, (Okla.), 23,200; John Sealy, (Texas), 14,000. 

Sinclair Gulf and Refining is controlled by Harry F. Sinclair 
and his family and Cosden & Co., by Jesse S. Cosden, W. L. Curtis 
(Pa.) and Drexel & Co. of Philadelphia. 


The Beef Trust controls the supply of beef and all by-products. 
It fixes, the price of butter, eggs, cheese, grain, canned goods and 
other staple groceries and, according to government report, deals in 
several hundred essential products. The Federal Trade Commission 
in 1919, found that the Trust supplies 44% of the country's sheep 
and lamb shoe stock; 17% of the sheep and lamb glove stock and 
23% of other leather tanned from sheep, lamb, goat and kid skin. The 
Trust also supplies 87% of the lard compounds and lard substitutes; 
42% oleomargarine, half the poultry, 32% cotton seed oil soap; 32% 
refined cotton-seed oil and 20% mixed fertilizer ingredients. The 
Trust owns 42 fertilizer plants and 20 tanneries. 

The Beef Trust is composed of Armour & Co., Swift & Co., 
Cudahy Packing Company, Morris & Co., and Wilson & Co. 

The assets of Armour & Co. in 1920 were $500,000,000 and 
surplus, $70,000,000. The gross sales were about $1,000,000,000. 
The gross sales in 1919 were $1,038,000,000. The company is con- 


trolled by the Armour family which voted itself a 400% stock divi- 
dend in 1916, raising the capital from $20,000,000 to $100,000,000. 
The company was recapitalized in 1920, when a 50% stock dividend 
was declared. 

Swift & Co. have assets of $500,000,000 and a surplus of $85,- 
000,000. They did a gross business in 1919 of $1,200,000,000. 
The company, which is controlled by the Swift family, added $50,- 
000,000 capital stock in 1918, giving themselves a stock bonus of 
$25,000,000 and selling themselves $25,000,000 stock at par, when 
the market value was about $250 a share. 

Cudahy Packing Company has assets of $88,000,000 and a sur- 
plus of $ 1 2,500,000. Its gross sales in 1 9 1 8 aggregated $287,000,000. 
It is controlled by the Cudahy family which gave itself a stock 
dividend of 25% in 1919, on $26,500,000 outstanding common stock. 

Morris & Co. had assets of $112,000,000 and a surplus of $53,- 
000,000, in 1918. The company is owned by the Morris family 
which has paid itself from 10% to 33% dividends annually on 
a capital of $3,000,000. In 1920, the company increased its capital 
stock to $40,000,000 by the payment of a $37,000,000 stock dividend 
out of surplus. ^ 

Wilson and Co. has assets of $129,000,000 and surplus, $20,- 
000,000. The largest share of stock is held in the names of emploj^es. 
The company is controlled by a voting trust of bankers including 
Charles H. Sabin, A. Barton Hepburn, Elisha Walker and A. H. 

The government found that the profits of these five corporations 
during the war, were four times greater than for the same period 
prior. "The menace of this concentrated control of the nation's 
food," says the government report of 1918, "is increased by the fact 
that these five corporations and their 500 and odd subsidiary, con- 
trolled and affiliated companies, are bound together by joint ownership, 
agreement, understandings, communities of interest and family rela- 
tionship." This combination controls banks in Chicago and through- 
out the West and in New York City and Boston. 

The Armour Grain Company, of which the Armour family and 
J. O. Armour own 87%, operates 90 grain elevators and ten 
terminal elevators in Chicago and Kansas City, or about 25% 
of the total elevator capacity in those cities. The Armour Grain 
Company also manufactures breakfast foods and sells feed, coal, fence 
posts, wire fencing, hardware, bonding twine, lumber, cement, lime, 
plaster, brick, sand, gravel and roofing. 

Armour & Co. are the leading rice merchants in the world and 
they and their associates sell more canned goods than any other con- 


cern. Through Libby, McNeill & Libby, Swift & Company is a 
controlling factor in the sale of canned fruits and vegetables. 

There are several thousand shareholders in these corporations, 
the stock control of four of them being securely held by the families 
whose names they bear. The control of Wilson & Co. is also closely 
held. The combined business of the five packers during 1919, aggre- 
gates three billion^ five hundred million dollars. 


The four leading Railroad Systems are the New York Central, 
Pennsylvania, Union Pacific and Great Northern. The New York 
Central controls and operates 118 lines; Pennsylvania 112; the Union 
Pacific and the Great Northern about 50 each. 

The New York Central is controlled by the Vanderbilt, Rocke- 
feller and Astor families; the Pennsylvania by Rockefeller, Frick, 
Stotesbury, Harkness, Widener and a few others ; the Union Pacific by 
Rockefeller, Harriman, Kahn, Gould, and a few others, and the Great 
Northern by Hill, Morgan, Kennedy and James Estates. These four 
railroad systems have assets of five billion dollars and operate one- 
quarter of the railroad mileage in the country. 

The New York Central owns $20,000,000 stock in the Cleve- 
land, Cincinnati, Chicago and St. Louis, and $6,000,000 notes; $17,- 
000,000 in the Michigan Central and $6,000,000 notes; $18,000,000 
in the New York State Railways (trolleys), $10,000,000 in the 
West Shore and $11,500,000 in Toledo and Ohio Central. In all, 
the New York Central owns $201,000,000 in other railroads and 
$47,000,000 in corporations other than railroads. 

The Vanderbilt family owns 197,797 shares in the New York 
Central, worth approximately $16,000,000. William K. Vanderbilt 
owned 139,190 shares in his own name; Alice G., 16,600; Frederick 
W., 15,000, and Florence A. V. Twombly, 15,000. The New York 
State Realty & Terminal Co., controlled by the Vanderbilts, holds 
184,300 shares. The Union Pacific, through the Oregon Short Line, 
owns 210,000 shares in New York Central. The Harkness (Standard 
Oil) family has 30,000 shares, George F. Baker of the First National 
Bank (affiliated with J. P. Morgan & Co.), 19,340 shares, and Mills 
Estate, 16,000 shares. J. P. Morgan & Co. hold 27,000 shares. 
Northern Finance Corporation ( Payne- Whitney families) 24,000, 
and John Jacob Astor left 40,000 shares. 

The Pennsylvania Railroad owns $45,000,000 stock in the Nor- 
folk & Western, $34,000,000 in the Long Island Railroad, $19,000,- 
000 in the Western New York and Pennsylvania, $16,000,000 South- 
«r.n P^fic, $26,000,000 Philadelphia, Baltimore & Washington, $13,- 


000,000 Northern Central and other securities in railroads, ware- 
house and terminal properties aggregating a total of $440,000,000. 

There are 135,000 stockholders in the Pennsylvania Railroad 
Company, with an average holding of 75 shares each. Control of 
the road is held by less than 100 leading stockholders, including 
Rockefeller, Frick, Widener, Harkness, Mellon, Stotesbury, Cuyler, 
the estates of Sage, Jessup, Fahnestock. etc. These persons and 
estates hold many thousand shares each. 

The Union Pacific owns more than $300,000,000 securities in 
other railroads including $32,000,000 in New York Central, $23,- 
000,00 in Illinois Central, $14,000,000 in Baltimore & Ohio, $20,- 
000,000 Chicago & Alton, $10,000,000 Chicago & Northwestern, 
$7,000,000 Chicago, Milwaukee and St. Paul, $33,000,000 Southern 
Pacific, $11,000,000 Pennsylvania Railroad, $4,000,000 Northern 
Pacific and Great Northern, and $12,000,000 Utah, Light and 
Traction. The Oregon Short Line and the Oregon-Washington 
Railroad and Navigation Company are part of the Union Pacific sys- 
tem, virtually all of the stock of both companies being owned by the 
Union Pacific. The Rockefellers are the leading stockholders and 
bondholders. E. H. Harriman left $16,000,000 Union Pacific securi- 
ties. Among the other largest security holders are the estates of 
John W. Sterling, 10,600 shares common and 2,500 preferred; L. V., 
C. W. and Wm. L. Harkness, 10,100 shares common and 2,300 pre- 
ferred; Mrs. Russell Sage, 1,500 common and 7,300 preferred; L. A. 
Heinsheimer, 9,400 preferred; James Stillman, 2,100 common and 
3,255 preferred; and W. B. Cutting, securities valued at $838,000. 
The Schiffs, Kahn, Goelet, Thorne and Gould are other large stock- 

The Great Northern owns more than $200,000,000 in the 
securities of other railroads and other properties, including $54,000,- 
000 in the Chicago, Burlington and Quincy; $24,000,000 in the 
Vancouver, Victoria and Eastern Railway and Navigation Company; 
$20,000,000 in the Spokane, Portland and Seattle, and $6,000,000 in 
the Great Northern S. S. Co. The largest share of the estate of 
James J. Hill is in this railroad. John S. Kennedy left $23,000,000 
in these securities, D. Willis James, $10,000,000, and John W. 
Sterling, $2,000,000. 

The other railroads of the country are similarly controlled by 
persons of excessive fortune who are the leading stocicholders. Con- 
centration in railroad ownership makes it easy to control them in 
the interest of private monopoly, the principal owners of the railroads 
being the chief monopolists. Among the largest holdings in other 
railroads are: 


(For "coal roads" see succeeding section) 

Stock Value Bonds 

Rockefeller Foundation.. 21,100 com. $2,009,908 

5,000 pref. 491,250 

Rockefeller Gen. Ed, Bd. 3,500 com. 373,235 

4,500 pref. 451,833 $250,000 

Henry Frick 6,589,695 

Russell Sage 13,300 1,123,787 

D. O. Mills 6,810 828,707 

D. O. Mills' heirs 16,000 

Wm. L. Harkness 9,000 846,000 

Marshall Field 600,000 


Stock Value Bonds 

Marshall Field $1,500,000 

Russell Sage 5,150 

C. W. Harkness 2,810 com. 

3,000 pref. 
Jos. Pulitzer 3,000 com. 

2,000 pref. 
J. W. Sterling 2,374 com. 

1,266 pref. 

George Smith $757,000 

Rockefeller Foundation . . 650,000 

Rockefeller Gen. Ed. Bd. 1,186 com. 

580 pref. 310,000 

(John D. Rockefeller is credited with owning $7,000,000 of 
these securities. Isaac M. Gate is one of the largest stockholders.) 

Stock Value 

Edwin Hawley 38,816 $2,819,012 

J. W. Sterling 1,^60 

(The Vanderbilts are credited with owning $12,500,000 of these 
securities. Pennsylvania and New York Central Railroads owned 
jointly 45% of this road.) 


Stock Value Bonds 

George Smith ..; $11,000,000 

E. H. Harriman 1,777,000 

(Controlled by the Great Northern & Northern Pacific, which 
is controlled by the Hill, Kennedy and James estates.) 

Page 86 



Stock Value Bonds 

George Smith $12,850,000 

E. H. Harriman 10,000 $1,753,000 

Wesley H. Tilford 10,000 pref. 1,612,000 

Chas. W. Harkness est. . 54,500 com. 

26,800 pref. 
Edward S. Harkness. . . . 8,000 com. 

10,100 pref. 
Rockefeller Foundation. . 1,480,000 

Mrs. M. K. Jessup 1,770 com. 174,345 j; 

1,500 pref. 200,812 

J. W. Sterling 1,000 com. 

1,550 pref. 

James Stillman 3,459 pref. 242 130 

Wm. Rockefeller 16,750 pref. 

Archbold family 11,000 com. 

4,100 pref. 

Pratt family 6,500 com. 

10,000 pref. 

U. S. Trust Co 6,300 com. 

62,000 pref. 
(John D. Rockefeller is probably largest security holder.) 


Stock Value Bonds 

Rockefeller Foundation.. $1,201,000 

E. H. Harriman 2,272 $227,200 832,498 

James Stillman 420,750 


Stock Value 

Frank Work 45,273 com. $6,541,948 

1,000 pref. 

Henry Frick 4,400,725 

Marshall Field 1,860,000 

A. G. Vanderbilt 4-200 prd! } ^ ' * 50,000 

C. W. Harkness 4^000 

George Smith 1,050,000 


George Smith $1,000,000 



Stock Falue Bonds 

John Jacob Astor 10,000 $1,295,000 

Mrs. Russell Sage 3,000 ( $340,800 

Robert Goelet 358,550 

Joseph Pulitzer 3,000 

Wm. L. Harkness 3,000 303,000 

Rockefeller Foundation. . 300,000 

Field Estate 4,400 

John D. Rockefeller 6,500 

Roosevelt family 3,500 


Stock Value Bonds 

Rockefeller Foundation. . $1,325,000 

Edwin Hawley 33,800 $963,300 

Mrs. Russell Sage 5,000 485,000 

(John D. Rockefeller is credited with owning several million 
dollars of these securities.) 


Stock Value Bonds 

Jay Gould 101,800 $5,500,000 $13,000,000 

Rockefeller Gen. Ed. Bd. 8,515 pref. 1,219,890 

Rockefeller Foundation.. 21,980 pref. 472,582 

Mrs. Russell Sage 16,200 com. 424,828 

Russell Sage ^„^ ^^^ 3,350,000 

Mrs. M. K. Jessup 2,500 com. 273,500 

1,520 pref. 229,300 

Henry Frick 492,500 

(John D. Rockefeller owns many million dollars of these 
securities. ) 


Stock Value Bonds 

J.P.Morgan 7,504 $878,906 

J. J. Astor 6,629 859,602 

L. V. & C. W. Harkness . 1 1 , 89 1 

Mrs. R. Sage 6,300 

Rockefeller Gen. Ed. Bd . $945,000 

T. DeWitt Cuyler 5,650 

Wm. Skinner 5,200 



Stock Value 

Henry C. Frick $8,250,793 


Stock Value Bonds 

John S. Kennedy 160,000 $24,000,000 

D. Willis James 32,700 2,924,000 

John W. Sterling 13,680 

Mrs. R. Sage 6,000 563,734 

Jos. Pulitzer $600,000 

Rockefeller Foundation.. 390,000 

Wm. L. Harkness 3,800 354,350 

(James J. Hill was leading stockholder.) 


Stock Value Bonds 

A. G. Vanderbilt 32,500 $5,650,250 

C. W. Harkness 2,500 


Stock Value Bonds 

Pullman family 27,000 

A. G. Vanderbilt 10,230 $1,750,000 

F. W. Vanderbilt 15,000 

H. S. Vanderbilt 5,000 

J. J. Aster 8,160 1,313,760 

Marshall Field 8,000 800,000 

Mrs. R. Sage 4,100 505,603 

D.O.Mills 3,264 617,304 


Stock Value Bonds 

D. O. Mills 7,000 com. 

6,000 pref. $ 860,000 

Rockefeller Gen. Ed. Bd. 1,140,000 

Rockefeller Foundation . . 3,400 com. $71,400 

4,300 pref. 232,200 



Stock Value Bonds 

Collis P. Huntington... 390,000 $13,055,000 $657,000 

Wm. L. Harkness 12,500 1,340,625 

C. W. Harkness 8,700 

Rockefeller Gen. Ed. Bd. 5,604 622,050 292,000 

Wm. B. Cutting 490,662 

D. O. Mills 2,454 

(Former U. S. Senator W. A. Clark, recently received $14,500,- 
000 bonds in this road, as part payment for his holdings in the Los 
Angeles & Salt Lake R. R. He received the same amount in Union 
Pacific bonds.) 


Stock Value Bonds 

Jay Gould 83,000 $913,000 $980,000 

Mrs. Russell Sage 16,000 400,000 

Russell Sage 1,130,000 

(John D. Rockefeller owns several million dollars of these 
securities. ) 


Stock Value Bonds 

Rockefeller Gen. Ed. Bd . $6,65 1 ,000 

Rockefeller Foundation.. 1,032,000 

(Mr. Rockefeller is credited with owning several million dollars 
additional of these securities.) 


Stock Value Bonds 

Rockefeller Foundation.. 30,292 com. $461,960 

20,195 pref. 878,482 
Rockefeller Gen. Ed. Bd. 6,510 com. 149,730 

4,340 pref. 199,640 

Edwin Hawley 12,500 com. 


Stock Value Bonds 

Rockefeller Foundation.. $ 540,000 

Rockefeller Gen. Ed. Bd. 669,000 

E. H. Harriman 1,455,000 

(John D. Rockefeller is credited with owning $11,000,000 of 
these securities. ) 


The railroads owe the United States government one billion, 
three hundred million dollars for betterments and improvements, and 
for equipment furnished during 26 months of government operation 
during the war, during which period earnings of $900,000,000 a 
year were guaranteed. Since the railroads have been returned to 
their owners, their operations, on increased freight and passenger 
rates, show a deficit of $100,000,000 a month, and the private owners 
claim the government owes them more than a billion dollars because 
the railroads were returned in depleted condition. 


The principal anthracite coal mines are in Pennsylvania, where 
70,000,000 tons are produced annually. The bulk of this supply is 
owned by the so-called coal roads — Erie, Lehigh Valley, Central 
Railroad of New Jersey, Reading, Delaware, Lackawanna & Western, 
Delaware and Hudson, and Pennsylvania. Rockefeller, Vanderbilt, 
Baker, Frick, Widener, Pyne, Harriman, Payne, Stotesbury, Eno, ^ 
Pulitzer, Fahnestock and a few others control these roads through 
majority stock ownership, and therefore control the coal supply. 

The Reading, which owns 51% of the stock in the Central Rail- 
road of New Jersey (worth about $40,000,000), owns about half of 
the anthracite supply of Pennsylvania. Among the largest stock- 
holders in the Reading besides the Rockefellers, are P. A. B. Widener 
who left 100,000 shares of a total issue of 1,400,000 shares; George 
F. Baker, 17,500 shares; Oliver H. Payne, 20,000 shares; Pyne, Ken- 
dall & Hollister (Percy R. Pyne 2nd, member of firm) 31,600 shares, 
George F. Baer, 12,000 shares; John B. Manning, 9,000; Edwin 
Hawley, 5,000, and E. H. Harriman, 4,000. 

The Baltimore and Ohio and Lake Shore & Michigan (the 
latter controlled by the New York Central) each owns 14% of the 
common, 22% first and 34% second preferred of the Reading stock — 
or a total of $68,565,000 of the entire capital stock of $140,000,000. 
The fifty largest stockholders own 64% of the stock. Rockefeller is 
believed to be the largest individual stockholder in Baltimore & Ohio 
and one of the largest stock and bond holders in Lake Shore and 
New York Central. 

The Reading Railroad owns all the capital stock of the Phila- 
delphia and Reading Coal and Iron Company, which has assets of 
$103,000,000 and which produced 12,719,983 tons of coal in 1918. 
It_ owns 85,000 acres of coal lands in Pennsylvania and leases other 
mining properties. 

The Central Railroad of New Jersev, which the Reading con- 
trols, owns the Lehigh & Wilkesbarre Coal Company which pro- 


duced 5,216,000 tons in 1918 and has assets of $45,000,000. George 
F. Baker owns 8,000 shares of the railroad, the estate of Joseph 
Pulitzer 4,000 and the estate of Harris C. Fahnestock 2,900. The 
Lehigh & Wilkesbarre Company declared a cash dividend of 150 per 
cent, on its capital stock of $9,210,000 (Par $50) in 1921, following 
the decrees of the United States Supreme Court ordering a segregation 
of Reading's coal properties. 

The Delaware, Lackawanna & Western Railroad owns 400,- 
000,000 tons of 'unmlned coal in Pennsylvania. It also owns all the 
capital stock ($6,800,000) of the D. L. & W. Coal Co. which in 
1918 produced 10,617,424 tons and which has paid extra dividends 
of from 20 to 50 per cent each year since 1913, besides the regular 
dividend of 10 per cent. A stock dividend of $45,000,000 was paid 
out of a surplus of $90,000,000, in 1921, besides which the D. L. & 
W. sold its coal holdings for $60,000,000 and distributed the pro- 
ceeds to its stockholders in the shape of securities in the Glen Alden 
Coal Co., at $5 a share, worth about $80. 

William Rockefeller and his son-in-law Marcellus Hartley Dodge, 
are on the D. L. & W. Board of Managers. John D. Jr., was one of 
the Board. Among the largest stockholders besides the Rockefellers, 
are George F. Baker, with 77,000 out of a total issue of 845,000; 
William K. Vanderbilt, 56,000 shares; Fahnestock & Co., 20,700 
shares; Eugene Higgins, 20,500; Moses Taylor Pyne, 20,000; Amos 
F. Eno, 19,500; Estate of Frank Work, 16,000; Mutual Life Insur- 
ance Company, 14,000; Pulitzer Estate, 6,000; Estate of Mrs. Morris 
K. Jessup, 2,400. The Rockefeller holdings are undisclosed. Edward 
H. Harriman left $1,000,000 D. L. & W. bonds. 

The Erie Railroad Company owns all the capital stock of the 
Pennsylvania Coal Company and Hillside Coal & Iron Co. The 
Pennsylvania Coal Company owns 12,500 acres anthracite and 67,- 
000 acres bituminous coal lands. Edward H. Harriman left 47,000 
shares of Erie stock, besides Erie notes aggregating $8,850,000 and 
Amos F. Eno left 1,000 shares Erie common and 3,333 preferred. 
The Rockefellers own several million dollars of these securities. 

The Lehigh Valley Railroad owns all the capital stock of the 
Lehigh Valley Coal Company ($9,485,000) and all the capital stock 
of Coxe Bros, which has 67,000,000 tons of unmined coal in Penn- 
sylvania. The Lehigh Valley Coal Co. produced 9,400,492 tons in 
1918. It has assets of $50,000,000. Among the largest stockholders 
are George F. Baker, Samuel T. Bodine, Morris Clothier, James 
McLean, William H. Moore, Daniel G. Reid, E. T. Stotesbury, 
Arthur W. Sewell, E. B. Thomas and Edward E. Loomis. The 


United States Supreme Court in 1920 ordered a dissolution of the 
Lehigh Valley Coal holdings. 

The Delaware & Hudson is one of the largest owners of Penn- 
sylvania coal. In 1918, its mines produced 9,059,288 tons or 11.82% 
of the Pennsylvania production. It has a total of 80,000,000 tons of 
unmined coal. The Vanderbilts control the Delaware & Hudson, 
although the Rockefellers, Harrimans, Astors and George I. Wilber, 
are among the largest stockholders. Harriman left $1,000,000 notes 
and 6,000 shares of stock when he died. 

The Pennsylvania Railroad owns $9,000,000 of the bonds of the 
Susquehanna Colleries which is one of the largest coal producers in 
Pennsylvania. In 1918, the gross freight tonnage of the Pennsyl- 
vania system was 164,000,000 tons of which 62%, or more than 
100,000,000 tons, was coal. The Pennsylvania and New York Cen- 
tral own a large share of the Chesapeake & Ohio and the Baltimore 
& Ohio, and the Pennsylvania owns about $30,000,000 of the securi- 
ties of the Norfolk & Western and of the Philadelphia & Reading. 
Through these roads, it is heavily interested in other coal properties. 
The Chesapeake & Ohio owns the Western Pocahontas Coal Com- 
pany and the Norfolk & Western owns the Pocahontas Coal & 
Coke Co. 


There are large coal properties in Pennsylvania and other States 
owned by individuals and families. The Rockefellers and Vander- 
bilts control the coal fields of Maryland, Virginia, West Virginia 
and Kentucky through ownership of mines and railroads that control 
mines, and the Rockefellers control the coal fields of Colorado through 
the Colorado Fuel & Iron Company. The Peabodys of Chicago, the 
Madeiras, Girards, Raineys and Fricks are also large coal owners in 
Pennsylvania as are the Mellons and William Flinn, through the 
Pittsburg Coal Company, with assets of $165,000,000. The Ma- 
deiras own coal properties in Pennsylvania and West Virginia, and 
the Peabodys in Illinois, Indiana and Kentucky. 

Consolidation Coal Co. is the largest coal property not owned 
or controlled by a railroad. It owns and operates mines in Penn- 
sylvania, Maryland, West Virginia and Kentucky. It owns about 
40,000 acres coal lands, produces an average of 10,000,000 tons a 
year bituminous and anthracite, and has one billion tons in sight. It 
owns the Fairmont and Somerset Coal Companies, Fairmont Mining 
Machinery Co., Consolidation Coastwise Co., Portsmouth Coal Co., 
and Cumberland and Pennsylvania R. R., and it owns the majority 
stock in the Metropolitan Coal Co. and North Western Fuel Co. 


In 1920, the company sold 26,046 shares of Coastwise Transporta- 
tion Co. to W. A. Harriman & Co., at $250 a share, par value $50. 

The assets of the Consolidation Coal Co. are $150,000,000 and 
surplus $60,000,000. The capital stock outstanding is $40,205,448 
of which John D. Rockefeller owns about 176,000 shares, or about 
42^ per cent of the stock. Starr J. Murphy represented Mr. Rocke- 
feller as director, until he died recently. Samuel McRoberts of the 
National City Bank is also a director. The Watson family of Mary- 
land owns 15,000 shares and D. T. Waters of the First National 
Bank, N. Y., holds 5,500 shares (probably for George F. Baker). 
The company paid a stock dividend of 14 per cent in 1918 and 5 per 
cent in 1917 and pays 6 per cent regular dividend. 

The Lehigh Coal and Navigation Company, controlled by 
Erskine Hewitt and Rodman Wanamaker, is one of the largest coal 
producers in Pennsylvania, with assets of $85,000,000. 

The Iselin family controls half a dozen large coal mining corpora- 
tions and the Davis and Elkins families in West Virginia, are also 
among the largest owners of coal mining properties. The coal supply 
of New Mexico is controlled by the Phelps, Dodge Corporation. 
The U. S. Steel Corporation owns vast coal properties and recently 
acquired 30,000 acres of coal lands In Pennsylvania. 

The coal supply of the country is controlled by those of .excessive 
fortune who control the railroads, mines and large steel corporations. 
U. S. -Senator Calder declared in the Senate in 1920, that some of 
the West Virginia coal companies produced as much as 200 per cent 
profit in one year. The miners of West Virginia have been on strike 
for more than a year against the coal operators, and Senators Kenyon 
of Iowa and Edge of New Jersey, in discussing the report on Pro- 
duction and Reconstruction, declared on December 14, 1920, that the 
government should take control of the mines to restore order and re- 
sume production, if necessary. 


The American Tobacco and its subsidiary and affiliated com- 
panies composing the Tobacco Trust, have assets in excess of $400,- 
000,000. In 1919 they did a gross business of $700,000,000. The 
Trust has paid 20% dividends annually on its outstanding common 
stock for many years, besides dividends on preferred stock and interest 
on bonds. It has a surplus of $60,000,000. 

The Trust was dissolved by the Court as a monopoly in 1911 
at which time according to federal report, 27 stockholders owned 
324,252 of a total of 402,424 shares common stock. Six of these 


stockholders owned the majority stock and controlled the corporations. 
The holdings of the 27 largest stockholders were as follows : 

Anthony N. Brady, 33,334; Oliver K. Payne, 33,334; P. A. B. 
Widener, 33,000; Thomas F. Ryan, 30,000; William C. Whitney 
estate, 29,034; J. B. Duke, 25,000; B. N. Duke, 14,000; W. L. 
Elkins estate 12,233; Moore & Schley, 31,452, and G. B. Schley, 
12,200; Gertrude Whitney, 6,667; W. R. Harris, 6,657; G. A. 
Watts, 6,500; H. M. Hanna, 5,500; Paul Brown, 5,200; C. E. 
Halliwell, 4,600; C. C. Dula, 4,108; R. B. Dula, 4,100; J. B. 
Cobb, 4,002; W. A. Fuller, 4,000; S. Siegman, 3,359; H. P. Whit- 
ney, 3,300; W. B. Dickinson, 3,035; P. S. Hill, 2,427; George 
Arents, 2,300 ; R. K. Smith, 2,000 ; C. N. Strata, 2,000. 

The Trust controls 85% of the smoking tobacco manufacftured in 
the United States; 85% of plug tobacco, fine cut and cigarettes; 90% 
snuff; 95% small cigars and about 50% large cigars. It controls the 
United Cigar Stores which controls the Riker-Hegeman-Jaynes Drug 
Stores throughout the country. The United Cigar Stores Co. owns 
and leases real estate in New York City assessed at $100,000,000 
and about $300,000,000 throughout the United States, and operates 
more than one thousand stores. 

J. B. Duke who is one of the largest stockholders in the Trust, 
lives in New Vork City and London. The Wall Street Journal, 
November 3rd, 1917, said that in retaliation for the government's 
prosecution of the Tobacco Trust, he transferred his American To- 
bacco holdings to the British-American Tobacco Co. The holdings 
and business of the British-American and Imperial Tobacco Company 
are described in the section on foreign business of American cor- 

The stockholders of the American Tobacco Company have re- 
ceived extra dividends and stock bonuses and the largest shareholders 
received the bulk of their stock gratis. In concluding a report on the 
excessive stock watering and profits of the Tobacco Trust, the Fed- 
eral Commission of Corporations said in 1911: 

"These profits resulting from the inflation of the American To- 
bacco Company's stock, the dividends received on the stock, and the 
exceedingly profitable investment in the Consolidated Tobacco Com- 
pany, therefore, have been the basis for the building up of enormous 
individual fortunes, which in their ultimate analysis, rest largely 
upon monopolistic advantage secured by the Tobacco combination 
through concentration of control in industry." 


Telephone and Telegraph 

The American Telephone and Telegraph Company (telephone 
trust) and its subsidiaries, have assets of $1,500,000,000 including 
$300,000,000 of the securities of other companies. Its surplus in 
1919 was $100,000,000 and the gross business of the affiliated com- 
panies for the year was about $1,000,000,000. Among the largest 
individual stockholders in 1918 were J. J. Slocum (brother of the 
late Mrs. Russell Sage), 20,400 shares; George F. Baker, 18,500; 
Zenas Crane, Boston, 14,300; W. M. Crane, 13,000; Eugene Hig- 
gins, 12,000; C. W. Harkness, 11,300; O. H. Payne Estate, 10,450; 
Mrs. A. M. Harkness, 8,300; J. M. Thompson, 7,125; D. T. Waters, 
7,000, and E. S. Harkness, 4,700. A. A. Marsters (son-in-law of 
the late Theodore N. Vail) as trustee, held 103,000 shares; Colonial 
Trust Company, 60,000; Bankers Trust Company, 32,000; Kidder, 
Peabody & Company, 16,500; Northern Finance Corporation (Payne- 
Whitney families) 15,000 and the United States Trust Company as 
trustee, 11,400. In 1921, the Northern Finance Corporation held 
securities worth $2,450,000 ; Edmund S. Barbour, $860,000 ; Lee, Hig- 
ginson & Co., $850,000, and Columbia Trust Co., (N. Y.) $853,800. 
There are more than 130,000 shareholders in this company, the aver- 
age small holding being about 35 shares. 

The Company controls the Bell Telephone System in the 
United States and Canada and has in excess of 11,000,000 subscribers. 
It controls scores of companies which are guaranteed dividends. It 
owns manufacturing plants including the Western Electric Company, 
and vast real estate. The Western Electric Company is the largest 
manufacturer of telephone apparatus in the world. It employs 30,000 
persons in its plant in Illinois and has 47 distributing branch houses. 
Its sales in 1920 totalled $206,000,000. Its assets exceed $130,000,- 
000. It does a vast foreign business. 


The bulk of timber land is owned by a handful of men and cor- 
porations, according to government report. These lands were orig- 
inally granted by the Government to railroads, the largest grants 
being to the Southern, Northern and Union Pacific. The Weyer- 
haeuser Timber Co. is one of the largest timber-holding concerns, 
having acquired about 80% of the Northern Pacific holdings, besides 
other vast tracts. The total grants to the three Pacific railroads 
exceed 113,000,000 acres, or more than 1/20 the area of the United 

The Southern and Northern Pacific and the Santa Fe road own 
together about 33,500,000 acres, equivalent to an area the size of 


England. These three and 13 others, own 48,000,000 acres, equal 
to an area ten times the size of New Jersey. The 43 largest holders 
own 58,000,000 acres or an area the size of Pennsylvania and New 
York State. 

Commenting on the effect of this concentrated land holding, the 
Department of Commerce and Labor says : 

"This marked concentration in ownership has two important 
aspects. The first is the concentration of control of the natural re- 
sources, other than agricultural, in the area comprised in these great 
holdings. . . . The second is the possibility that these holdings . . . 
may be retained under concentrated control. Such a condition sug- 
gests the following potential effects upon the public : High prices for 
land sold to settlers, increase of the tenantry system or direct farming 
by corporations." 

Another evil effect according to the report is "to unduly retard 
the development of the lumber industry and to unduly influence other 
economic activities." "Moreover^" says the report, "those who 
exercise economic control in this fashion are likely to seek also political 
control in order to make their position more secure." 

The report tells of the vast holdings of individuals and corpora- 
tions in various, states. The holdings of Weyerhaeuser and his asso- 
ciates total 300 billion feet of standing timber. In Washington, 
Oregon and California the Weyerhaeuser Timber Company alone 
held 1,901,436 acres containing 95 billion feet. Besides the Southern, 
Northern, Union Pacific and Weyerhaeuser Estate, the largest 
owners of timber lands include the Atchison, Topeka & Santa Fe 
R. R., Consolidated Land Co., Cleveland Cliffs Iron Co. Interests, 
Southern States Land & Timber Co., Empire Land and National 
Timber Companies, Amalgamated Copper (Anaconda), U. S. Steel, 
T. B. Walker Interests, Florida Coast Line Canal and Transporta- 
tion Interests, Norfolk Southern R. R. and Missouri Pacific. 

The holdings of the Pacific Railways and Weyerhaeuser are in 
the Northwest; Consolidated Land Co. in Florida; Cleveland Cliff 
Iron Co. in Michigan; Southern States Land Co. and Empire Land 
& National' Timber Co. in Florida; Amalgamated Copper in Mon- 
tana; U. S. Steel in Minnesota, Michigan and Alabama; Walker 
Interests in California; Florida Coast Line and John Paul Interests 
in Florida; Norfolk and Southern Railway in North Carolina; Mis- 
souri Pacific in Arkansas. The holdings of the Norfolk Southern 
are in the name of John L. Roper Lumber Co. and those of the 
Missouri Pacific, in the name of St. Louis, Iron Mountain and South- 
ern Railway. John D. Rockefeller is probably the leading stockholder 
in these last two corporations. 

Each of these holdings, except the last five, exceeds a million 

IHUHt l^yHU UWWTT Page 97 


The imerican Sugar Refining Co., National Sugar Refining Q>., 
Cuba Can Sugar Corporation, Cuban-American Sugar Co. and the 
Federal Si?ar Co. control the supply of sugar in the United States. 
The Amenan Company owns one-quarter of the stock of the Na- 
tional, oneialf of the Spreckels refinery, one-third of the Michigan 
Sugar Refimg Company, one-third of the Continental Sugar Refining 
Co., and oncthird of the Great Western Sugar Company. Originally 
it was a corolidation of a dozen leading refineries. The assets of the 
Company si $150,000,000, and surplus $23,000,000. Its gross busi- 
ness in 192lwas $150,000,000. The company is controlled by Wash- 
ington B. lomas, Philip Stockton, Samuel Carr and E. F. Atkins of 
Boston ; Sarael McRoberts of the National City Bank, Edwin S. Mar- 
ston of Bla; & Co., Earl D. Babst, A. H. Wiggin of Chase National 
Bank, Geoi;e F. Baker Jr., of First National (New York), George 
H. Frazierof Philadelphia, James H. Douglas of Chicago and 
Charles H. Mien of Lowell, Mass. It has refineries in Jersey City, 
Boston. Nevi Orleans, Brooklyn, Philadelphia and Baltimore. 

Thi Na/ional Sugar Refining Co. with assets of $60,000,000 did 
a gross buaness in 1920 of $50,000,000. Stockholders of the 
AmericaiSiigar Refining Company own 26,978 shares of the National 
out of atotal of 100,000 shares and the American Company itself 
owns 2439 making a total of 51,267 shares or more than 51%. 

ThCuba Cane Sugar Refining Co. has assets of $110,000,000 
and surps, $16,000,000. Its gross business in 1920 was $80,000,- 
000. T company owns 400,000 acres sugar land in Cuba and 
operates 8 miles of railroad on the island. More than 200,000 
shares canon and 200,000 shares preferred are held in the name of 
employeof J. & W. Seligman, bankers, and 35,000 shares common are 
held bynployees of J. P. Morgan & Co. Frederick Strauss of 
the Selijan firm, is a director. He is also trustee of the Rocke- 
feller Fadation. The largest single holding is that of the Rionda 
family vch owns 327,000 shares. In 1920 the company produced 
15% ofie entire sugar supply. Among the directors, besides Mr. 
Strauss,re Wm. E. Corey, Wm. H. Childs, Alfred Jaretzki, 
(executof the estate of Edmund C. Converse), J. D. Ryan, Horace 
Haverrer, Charles H. Sabin, Charles Hayden, W. J. Matheson, 
Graystf^. P. Murphy and James N. Jarvie. 

TCuban American Sugar Company has assets of $60,000,000 
and arplus of $22,000,000. In 1920 it did a gross business of 
$55,0000. The company controls through majority stock owner- 
ship It other sugar concerns, and is controlled by the Howells, 

Page g8 


MoUenhauer, James H. Post, Menocol, McCulloch, Peail Wight, 
Wilmot and Tooker. i 

The Federal Sugar Company has assets of $26,000,00 and a 
surplus of $5,000,000. It is controlled by the Spreckels finily who 
bought the interest of Clarence H. Mackay for two aiida quarter 
million dollars. Alvin W. Krech of the Equitable TrusJ Company 
controlled by Rockefeller, and Lewis L. Clarke of the Aipncan Ex- 
change National Bank, are on the Board of Directors. 

These companies fix the price of sugar in the United jates. 


The United States Rubber Co. is the largest dealt in rubber 
goods in the country. It owns the General Rubber Co., J. S. Tire 
Co., U. S. Rubber Plantation inc., Rivera Riih!)er (., Rubber 
Goods Mfg. Co., Canadian Consolidated Rubber Co., nd a score 
of other concerns. It owns 93,000 acres in Sumatra witi S.'^OO.OOO 
rubber trees, operates 40 mills and has 110 brandies 'ii| the United 
States and 25 in Canada. Its sales in 1920 exceeded $250|)00,000 
and its net profits after all deductions, were $21,275,00\). 1:s assets 
are $300,000,000. It has about 15,000 stockliolders, thcaverage 
holding being about 50 shares. The leading stockholders ho vir- 
tually control the company, are the Brady family with 10, OC shares; 
Converse family (Boston), 6,000; Francis L. Stetson ( :eased) 
3,000; Theodore N. Vail, 3,100; John A. Roebling, 2,0(; J. P. 
Morgan & Co., who hold several thousand shares, James Ford, 
Samuel P. Colt and Lester Leland. When Anthony N. Braidied in 
1914, he owned 75,745 shares common and 45,000 preferrec 

The Intercontinental Rubber Co. controls 2,000,000 aci rul)ber 
property in Mexico and owns office buildings, houses and tels in 
Torreon. It has assets of $34,000,000 and its controlling sto lolders 
are Ryan and Aldrich. Mr. Aldrich's sister is tlie wife of hn D. 
Rockefeller Jr., whose father is credited with having be it the 
Madero rubber plantations in Mexico, several years ago, at 

ost of 


The Singer Manufacturing Company produces 80%r the 
world's sewing machines. The company has 30,000 eniyees 
6,000 stores and 60,000 salesmen. In 1900, it paid a stock olend 
of 200% on a capital of $10,000,000 and another stock .livil] ;„ 
1910 of 100%, raising the capital from tliirty to sixty inilhon Lrs_ 


In 1920, the capital was raised to $90,000,000 by payment of a 
stock dividend of 50^. In 1899, the company paid a cash dividend 
of 100%, the averag^ cash dividends being 18% since then. The 
capital of the compan/ was $1,000,000 in 1887. 

The company afeo distributed the stock of the British company, 
the Singer Mfg. Cc. Ud. (worth $15,000,000) to the stockholders, 
as a dividend. The company is controlled by the Singer, Clark, 
Bourne and Alex^^pjf ta-ipilies. The assets of the company are 
$140,000,000 any,\ has a surplus of $75,000,000. 

. - Farm Implements 

The Harvester Trust ("international Harvester Co.) is con- 
trolled by the RicCormick and Deering families. The Trust is a 
consolidation of the interests of tiese two families and of other cor- 
porations, in the business of nianxfacturing farm implements. Of 
the original allotment of stock in the'$120,000,000 combination, $51,- 
000,000 or 42% went to the McCori>icks and 34% to the Deerings. 
Harold McCormick, one of the controling owners, is a son-in-law of 
John D. Rockefeller who holds severaj miUion dollars of the com- 
pany's notes, for money loaned. 

The Trust controls 90% of the busiiess in this country and has 
a large foreign trade. In 1913 the foreIg( business was transferred 
to a separate corporation with a capital of ^70,000,000, the domestic 
corporation being capitalized for the same aiiQunt, the excess capital 
of both corporations ($20,000,000) over the (riginal capital ($120,- 
000,000) being distributed as bonus. The grois business of both com- 
panies in 1920 amounted to $250,000,000. ^^e company has assets 
equalling that amount, and a surplus of $75,000,100. In December, 
1919, it had a cash working capital of $40,000,000. 

Through the acquisition of competing cortpariw since the orig- 
inal combination was formed in 1903, the Trist contuu the output 
and sale of tillage implements, manure imp/emerits, fa.^ wagons, 
gasolene engines, tractors and cream separators, besides reapv.,^ blow- 
ers and rakes. The high prices charged for these implements m^^^sts 
the cost of all farm products. The Profits/of the Trust have grs,n 
yearly, the net earnings in 1919 being $26,000,000 as compared w.^ 
$5 641,180 in 1903, the first year of the combmation. Ihe Jones, 
Glessner and Osborne families are large stockholders. 


The General Motors Corporation is the largest automobile man- 
ufacturing concern. It employs 50,000 persons and did a gross bus- 


iness in 1920 of eight hundred million doUarSj showing a net profit 
after all deductions of $50,000,000. Its assets ire $450,000,000 and 
its surplus amounts to $40,000,000. The corporation with all its 
assets and surplus, is controlled by the Du Pops, J. P. Morgan & 
Co., a British syndicate, and William C. Durant, though there are 
50,000 stockholders. The Du Fonts own about 38%, including most 
of Mr. Durant's shares ; J. P. Morgan & Company about 7 per cent ; 
and the British syndicate, composed of the leadyig stockholders of the 
Explosives Trades Ltd., about 7%. TThese four S^'o^ps own more 
than half the common stock consisting of 20,000 000 -bare^, v,ajned at 
more than $150,000,000. 

The corporation manufactures passenger aaA commercial cars 
and nearly all automobile accessories. It owns $55,000,000 securities 
in other companies and its plants cortiprise many acres of floor space. 
Among the automobiles manufactured are Buick, Cadillac, Oakland, 
Chevrolet and Scripps-Booth. / 

The Ford Motor Co. proriiced a million cars in 1920 and did 
a gross business of about $40,000,000. The company expects to 
exceed this production in \92^- It controls the Ford Motor Co. of 
Canada, Ford Motor Co. (^ England, Ford Motor Co. of Paris, 
and it has branches in Denmark, Spain, Argentine and Brazil. The 
company was capitalized a' $2,000,000 until 1919, when the capital 
was increased to $100,00^000. Henry Ford and his son Edsal are 
credited with being the s^e owners. The company paid 200 per cent 
profit on original capit/i" 1919, 100 per cent in 1915, 100 per cent 
in 1914, 500 per cent/i 1913. The company has assets of $400,000,- 
000 and surplus exc^^ing $150,000,000. 


The Gen-'^ai Ehctric Company, capitalized at $125,000,000, did 
a gross bus-'^ss in 1919 of $300,000,000. It manufactures most of 
the elecf<^ lam^s used here and abroad and every conceivable electric 
appliar:;^- " controls the Electric Corporation, Electric Bond and 
Shp^ Company, National Electric Lamp Company, British Thomp- 
s^i-Houston Company, International General Electric and Cooper- 
riewitt Electric Company. 

?'^^L^1T^^\^1^^^'^'^^ Company has assets of $300,000,000 and 
surplus of $65,000,000. It has 21,000 shareholders, the largest hold- 
IT^nn "a^ '^°'^ i J- P;.Morgan & Co., 20,000 ;'Harkneifamny. 
Km' ^'^"I'V^n'j^^ ^°- ^'500; Miami Corporation (Chicago? 
4^200; Emily T. V. Sloane 2,800; George L. Rives, trustee ^looi 
Howard Phipps, 2,000; Robert Bacon, (deceased) 2,000; Mii Annie 


B. Jennings, 1,500; Zenas Crane, 1,200; George P. Wetmore, 1,000. 
Charles A. CofBn is also one of the largest stockholders. 

The Electric Bond and Share Company owns securities in many 
utilities corporations and is fiscal agent for others. It has assets of 
$30,000,000. Its largest stockholders include M. J. Perry, A. C. 
Bedford, S. R. Bertron, S. Z. Mitchell and Charles A. Coffin. The 
International Electric Company handles all the General Electric's 

Milk and Farm Products 

The Borden Company controls the sale of milk and farm prod- 
ucts in New York and Chicago. In 1920 its gross sales aggregated 
$130,000,000. It has assets of $60,000,000 and surplus, $1 5,000,000. 
The company is controlled by the Borden and Milbank families. 
The Bordens hold 35,000 shares and the Milbanks about 12,000. 
The Laura Spelman Rockefeller Fund has 4,000 shares; Mary D. 
Meeker, 5,000; MunsiU family, 5,200; Ulrich family, 5,700; Mary 
B., Oliver G. and Walter Jennings, 1,800, and Masten and Nichols, 

The company owns plants in New York, New Jersey, Connecti- 
cut, Vermont, Illinois, Wisconsin and Canada. 

Gunpowder and Firearms 

E. I. DuPont De Nemours & Co. own and operate 42 
plants for the manufacture of explosives, dyes, paints and 
kindred products. Its gross sales in 1920 amounted to $94,000,- 
000 , as compared with $105,000,000 in 1919, $329,000,000 in 
1918, $270,000,000 in 1917 and $318,000,000 in 1916. The com- 
pany has assets of $250,000,000 and surplus of $72,000,000, and is 
controlled by the DuPont family which owns more than half the out- 
standing stock. The latest stock list shows that Alfred I DuPont 
holds 107,000 shares common and debenture stock; P. S. DuPont, 
53,000 shares; Francis I., 42,000; William DuPont, 41,000; H. F. 
DuPont, 34,000; A. E., 15,000; Irene, 13,500; A. Felix DuPont, 
9,000 and Alexis I., 8,200 shares. The DuPont Securities Co. owns 
183,000 shares common and the Fidehty Trust holds (probably for 
Alexis I.) 40,000 shares. 

The DuPont Company manufactures many other products be- 
sides gunpowder. Their plants cover several, thousand acres of 
floor space and they sell vast quantities of dyes and other chemicals, 
paints, cosmetics, nitrates and scores of other products. The company 
owns the DuPont American Industries Co., which owns more than 


30 per cent of the stock of General Mdtors, valued at $48,000,000, 
and it owns the DuPont de Nemours Export Co., Rokeby Realty 
Co., DuPont Nitrate Co., DuPont Engineering Co., Hotel DuPont 
Co., American Glycerine Co., Delaware Surety Co., Associated Se- 
curities of Canada, Ltd., and other corporations. 

The company paid 100 per cent dividend in 1916, 51 per cent in 
1917, 26 per cent in 1918 and 18 per cent in 1919, not counting 
large dividends paid by subsidiary companies. The total net profits 
of the various DuPont companies since 1914 exceed $300,000,000. 

The Remington Arms-Union Metallic Cartridge Company was 
the largest manufacturer of firearms before the war. During the 
war it was taken over by the Midvale Steel & Ordinance Co. The 
Remington Arms Company was controlled by Marcellus Hartley 
Dodge, son-in-law of William Rockefeller, who inherited the bulk 
of his grandfather's fortune. 

The same state of concentrated ownership exists in every other 
monopoly. There may be thousands of stockholders in each monopo- 
listic corporation but in most instances, control through stock and bond 
ownership is held by only a srnall minority. This minority seldom 
considers the rights of other stockholders and manipulates the value 
of securities for themselves. In this way, concentrated ownership of 
industry is becoming even more acute. On this point, the report of 
the Walsh Commission on Industrial Relations in 1916, says: 

"The concentration of ownership and control is greatest in the 
basic industries upon which the welfare of the country must finally 

"With few exceptions each of the great basic industries is dom- 
inated by a single large corporation, and where this is not true, the 
control of the industry through stock ownership in supposedly inde- 
pendent corporations and through credit is almost, if not quite, as 

"In such corporations, in spite of the large number of stockholders, 
the control through actual stock ownership rests with a very small 
number of persons. For example, in the United States Steel Cor- 
poration, which had in 1911 approximately 100,000 stockholders, 
1.5 per cent of the stockholders held 57 per cent of the stock, while the 
final control rested with a single private banking house. Similarly, in 
the American Tobacco Company, before the dissolution, 10 stock- 
holders owned 60 per cent of the stock." 


LoWl Public Utilities are Controlled 
\ by the Few 

The pulic utilities of the country are controlled by a few 
groups of me and families. In New York City, Rockefeller, Brady, 
Morgan, Beik'ind, Ryan, Belmont, Vanderbilt, Plant, Pyne, Baker, 
Pratt, Harkiess, Mills, Harriman, Rothschild, Sage, Guggenheim 
and SchifE co trol the traction, gas, electric and telephone companies. 
In Chicago, tie utilities are controlled by Rockefeller, Field, Brady, 
Insull, Pattei and Mitchell. In Philadelphia, they are controlled 
by the Rocbfeller-Stotesbury ( Morgan )-Bodine (Standard Oil)- 
Dolan-Elkins-vVidener combination. The Standard Oil-Morgan 
group and a ew local financiers control them in Boston, Detroit, 
Pittsburg, Baljimore, Buffalo and other large cities. 

Besides the combinations in the largest cities, there are com- 
binations that control the light and traction companies in smaller 
communities. The Cities Service Company controls the utilities in 
several hundred cities and towns in Ohio, Michigan, Kansas, Georgia, 
Oklahoma, Texak and other states. This combination is operated 
by the Henry L, boherty Company, consisting principally of Henry 
L. Doherty, Frank W. Fruehoff, Holton H. Scott, Charles T. Brown 
and Louis F. Musil. There are 100,000 shareholders, the average 
holding being under SO shares. The assets of all companies in this 
combination, exceed $500,000,000. 

The United Gas Improvement Company, which owns the light- 
ing companies in Philadelphia, furnishes light, heat and traction in 
more than three hundred cities and towns, including Charleston, 
Des Moines, Nashville, Kansas City, Omaha, Savannah, Paterson and 
Bridgeport. It controls the Public Service Corporation of New 
Jersey which furnishes light, heat, power and traction in most 
of the cities in that state. The assets of all the companies in this 
combination are about $500,000,000. 

Stone and Webster and Sanderson and Porter operate a chain of 
utilities with outstanding securities exceeding $200,000,000 each and 
Bertron, Griscom & Co. control another combination through the 
United Gas and Electric ; H. M. Byllesby Company through the 
Standard Gas & Electric; W. S. Barstow & Company, through Gen- 
eral Gas and Electric, and Emerson, McMillan & Company through 
American Light and Traction. 

Among the smaller utilities combinations are Ohio Cities Gas 
Co., Columbia Gas and Electric, United Railway Investment Co., 
American Water Works and Electric, Middle West Utihties, Ala- 


bama Light and Traction, Commonwealth Power Railvay & Light 
Co., Federal Light and Traction Co., Montana Powr and Wis- 
consin Edison Co. Each of these combinations serves cores of com- 
munities with light, heat, power and transportation. 

The General Electric Company through subsidiaries, is largely 
interested in utilities. Through the Electric Bond aid Share Com- 
pany it owns securities in various corporations includinj the American 
Power & Light Company, American Gas & Electric, Carolina Power 
& Light, Utah Securities Corporation, Power Secuities Corpora- 
tion, Lehigh Power Securities Corporation and Ddlas Power & 
Light Co. These companies serve several hundred conmunities in at 
least a dozen states. 

The General Electric Company also controls uilities operated 
by water power, the water power of the country beirg controlled by 
ten groups, according to government report. The otler water power 
groups are Stone & Webster, Hydraulic Power Conpany (Niagara 
Falls), Pacific Gas & Electric (California) ; Clark, foote-Hodenpyl- 
Walbridge interests (Michigan, Maine and Oregjn) ; S. Morgan 
Smith interests (Georgia) ; Brady interests (Teinessee) ; United 
Missouri River Power Co. (Montana); and Telluride Co.- (Colo- 
rado, Idaho and Utah). These water power companies operate street 
railways in 120 towns, electric light plants in 750 and gas plants 
in 135. 

"This one group of inter-relationships" the report says, "con- 
trols or influences twenty-four corporations that operate hydro- 
electric plants, over fifty public service corporations not counting 
many minor subsidiaries, more than a dozen railroads, numerous in- 
dustrial corporations, and finally over fifty banks and financial houses 
many of them in the first rank of importance. About twenty Gen- 
eral Electric men now constitute most of this diain of connections, 
three of those being members of the firm of J. P. Morgan & Co., 
which is generally regarded as the dominant interest in the General 
Electric Co." 


How the Banks are Controlled 

The report of the Pujo Congressional Committee of 1913 shows 
that the leading banks are controlled by those of excessive fortune 
who dominate industry. The National City Bank and Guaranty 
Trust Company are the leading banking institutions, each with re- 
sources of a billion dollars. The late James Stillman, whose two 
daughters married the sons of WiUiam Rockefeller, owned more than 
one-fifth of the stock of the National City Bank (52,800 shares) 
valued at $20,000,000. His son, James A. Stillman, who had 2,100 
shares in his own name, succeeded him as head of the bank. The 
Rockefellers, John D. and William, own 11,750 shares; the Taylor- 
Pyne family, 33,000 shares; J. P. Morgan & Co., 6,000 shares; J. 
W. Sterling owned 6,087 shares, William Woodward, 1,900 shares; 
the family of Frederick E. Lewis, 9,500 shares; Charles G. Thomp- 
son, 3,300; Cleveland H. Dodge, 2,500; Edgar Palmer, 2,500; 
Harkness family, 2,200; Jacob H. Schiff, 1,000, and E. H. Harri- 
man, 1,000. The total issue of bank stock at the time these hold- 
ings were made known, was $25,000,000, consisting of 250,000 shares. 
The capital stock was subsequently increased to $40,000,000, the 
$15,000,000 additional stock being sold to stockholders at $125 a 
share, though worth $350. 

The Guaranty Trust Company, with a capital of $25,000,000 
and imdivided profits of $40,000,000, is controlled by Morgan, Ryan, 
Rockefeller, Guggenheim, Duke, Berwind, Bedford, Goelet, Cuyler, 
Harriman, Morton estate and Whitney. Members of J. P. Morgan 
& Company owned ten per cent of the stock and controlled the 
company for many years through a voting trust consisting of H. P. 
Davison, William H. Porter, (both of J. P. Morgan & Co.), and 
George F. Baker, associated with them. Harriman left 4,829 shares 
when he died. 

The National Bank of Commerce, with resources of $550,000,- 
000, is controlled by the Equitable Life, with 24,000 shares ; Mutual 
Life with 17,000 shares; George F. Baker with 9,000; Edward J. 
Berwind with 6,500; Thomas F. Ryan with 5,500; J. P. Morgan and 
J. P. Morgan & Co., 9,000; J. S. Saltus, 5,200; Mary W. Harriman, 
5,650; W. A. Jamison, 3,500; Taylor-Winthrop families, 2,500; 
Harkness family, 2,100; Levi P. Morton estate, 1,500; and Jacob 
H. Schiff, 1,000. The total stock issue is 250,000 shares, valued at 
$350 a share. 

The Chase National Bank, with resources of $500,000,000, is 
controlled by A. H. Wiggin writh 14,000 shares; George F. Baker, 
9,500; A. Barton Hepburn, 7,200; the family of William B. Thomp- 


son, 17,000; Northern Finance Corporation, (Payne-Whitney fam- 
ily), 4,500; Edward Tuck, 3,000; Henry W. Cannon, 2,500; Bert- 
ram Cutler and Frederick T. Gates (agents of John D. Rockefeller), 
3,200; family of James J. Hill, 2,800; Samuel H. Miller, 2,250; 
William H. Porter, 1,500; Frederick T. Haskell, 1,500; F. A 
Sayles, 1,200; Sidney S. Whelan, 1,300 shares. There are 150,- 
000 shares worth $350 a share. 

Mechanics and Metals National Bank, with resources of $300,- 
000,000, is controlled by the family of Henry H. Rogers, with 2,200 
shares; Craig family with 3,300 shares; William Rockefeller, 1,500 
shares; Washington A. Roebling, 1,500; John D. Ryan, 1,500; John 
F. Harris, 1,500; William Ellis Corey, 1,300; T. Frank Manville, 
1,100, and Thomas F. Cole, 1,000. There are 100,000 shares, 
worth $300 a share. 

The Bankers Trust Company, with resources of $250,000,000, 
is controlled by Morgan, Rockefeller, Baker, Converse, DuPont, 
Reid, Pratt, Prosser, Bayne and Tiffany. J. P. Morgan left 2,300 
shares; members of the Morgan firm hold ten per cent of the stock 
and for many years controlled the company through a voting trust 
consisting of firm members. 

The First National Bank, with deposits of $200,000,000, is 
controlled by George F. Baker with 20,000 shares out of a total 
issue of 100,000 shares; J. P. Morgan & Company with 14,500 
shares; H. C. Fahnestock estate 10,000; estate of J. A. Garland, 
6,900; George F. Baker Jr., 5,000; J. J. Hill estate, 4,000, and 
Northern Finance Corporation (Payne-Whitney families), 1,700 

The bank has paid $40,000,000 dividends in eleven years. The 
market value of the stock is $1,000 a share. The First Security 
Company, owned by the stockholders of the First National, owned 
a large share in the Chase National and National Bank of Com- 
merce, Bankers Trust, Liberty National, Astor Trust, First Na- 
tional of Minneapolis, and Minneapolis Trust Co. 

The Irving National Bank, with resources of $250,000,000, is 
controlled by the Swift family with 4,000 shares; the DuPonts, 
3,300; the estate of Seth M. Milliken, 3,300; M. M. Belding, 2,300; 
T. A. M. Burrell, 2,260; estate of Samuel Thomas, 1,500; William 
Halls Jr., 1,200; William Skinner, 1,100; Gustav Vertschiger Sr., 
1,100 shares. There are 125,000 shares of a market value of $200 
a share. 

The Equitable Trust Company, with resources of $300,000,000, 
is controlled by Rockefeller as controlling stockholder. Other im- 
portant stockholders are Goelet, Cuyler, Huntington, Pierce, Teagle, 
Krech, Kahn, Hayden and Marston. 


The National Park Bank, with resources of $250,000,000, is 
controlled by Astor, Delafield, Schiff, Wright, Vanderbilt, Scribner 
and Saltus. It has $25,000,000 undivided profits. 

The Farmers Loan and Trust Company, with resources of $200,- 
000,000, is controlled by Rockefeller, Mills, Pyne, Sloan, Marston, 
Winthrop, Taylor and Sterling, who owned 1,169 shares. 

The Corn Exchange Bank, with resources of $215,000,000, is 
controlled by Walter E. Frew, H. B. Vaughan, Clarence H. Kelsey, 
Philip Lehman, William A. Nash, William H. Nichols, Henry and 
J. Louis Schaefer, and William Rhinelander Stewart. 

The American Exchange National Bank, with resources of 
$200,000,000, is controlled by the Guaranty Trust Company with 
2,125 shares; Clarence H. Mackey with 1,936; S. J. Saltus, 1,404; 
Spreckels, Clarke, Cutting and Snow. 

The Hanover National Bank, with resources of $200,000,000, is 
controlled by William Woodward with 6,609 shares ; estate of James 
Stillman, 4,000 shares; William Rockefeller, 1,540; William Bar- 
bour, 1,200; James M. Donald, 1,025 and Thorne, Woolverton, 
Wadsworth and Halls. 

The Chemical National, with resources of $130,000,000, is con- 
trolled by R. W. Goelet and Robert Goelet with 4,500 shares ; A. L. 
Sampson estate, 2,672; A. F. Vanderbilt, 1,000; W. Bishop, 1,000; 
J. B. Manning, Juilliard, Roosevelt, Iselin, Twitchell and Stevens. 

The Chatham & Phoenix, with resources of $160,000,000, is 
controlled by Louis G. Kaufman with 8,500 shares; D. J. Carroll, 
2,948 shares; E. H. Gary, 1,808; T. F. Cole, 2,424; E. P. Earle, 
2,248; the DuPonts, 3,600; H. S. Hotchkiss, 1,800; H. E. Andrews, 
1,473; August Belmont & Co., 2,000; H. F. Shoemaker, 1,320; Sam- 
uel Weil, 1,332; Hayden, Gattling and Ringling. 

The Citizens National, with resources of $65,000,000, is con- 
trolled by Stillman, with 3,371 shares; Schenck, Peters, Bernheimer, 
Garver, and William Fellowes Morgan. 

The Bank. of Manhattan, or Manhattan Company, with re- 
sources of $75,000,000, is controlled by Baker, Tod, Schiff, Talcott, 
Rozell, McHarg, Jennings, Auchincloss and Sloan. 

The Seaboard National Bank, with resources of $70,000,000, is 
controlled by S. G. Bayne, with 1,400 shares; T. W. Brown, 1,000; 
Joseph Seep, 500; Henry C. Folger and E. H. R. Green. 

The New York Trust Company and United States Trust Com- 
pany, each with resources of $100,000,000, are affiliated with the 
National City Bank, as are the Riggs National, and American Se- 
curity and Trust Company in Washington. The New York Trust 
Company absorbed the Liberty National Bank recently. 


The National City Company, which is owned by the stockholders 
of the National City Bank, owns a large share of stock in the Bankers 
Trust Company and the Guaranty Trust Co. 

The Rockefellers control many other banking institutions. 
Through Blair & Co., and Bayne, they are represented in the Bankers 
Trust and Columbia Trust, and through Kuhn, Loeb & Company, 
in half a dozen other financial institutions. William Rockefeller is 
a director in the United States Trust Company and his sons are in 
the Lincoln National and Second National. 

The Pratts of Standard Oil are in the Mechanics & Metals 
National Bank, Brooklyn Trust Company, Metropolitan Trust; 
O'Day is in the Colonial Trust, Windsor Trust and New Amster- 
dam National; and the Wardens, Frews, Bodines, Bostwicks and 
other Standard Oil multi-millionaires, are in other banking institu- 
tions. In Cleveland, the Rockefellers are in the Central National, 
Superior Savings and Trust and Cleveland Trust. 

J. P. Morgan & Company are affiliated with the Guaranty Trust 
Company, First National Bank, Bankers Trust, Astor Trust, National 
Bank of Commerce, Liberty National, Chemical National and First 
Security Company. They are also affiliated with Lee, Higginson & 
Co., and Kidder, Peabody & Co. of Boston, who control other im- 
portant banking institutions. 

The Clearing House associations, through which the banks 
transact their daily business, are controlled by those who dominate 
the banks. These associations can refuse under their rules, to clear 
for any institution, leaving it helpless and unable to continue business. 
Instances of such refusal to clear, with consequent bank failures, are 
cited in the report of the Pujo Committee. 

This state of concentration in bank ownership is true in every 
other large city besides New York, and it is safe to say that the Rocke- 
feller-Morgan combination controls the principal banks and banking 
institutions in the country. 


American Corporations Engaged in 
Vast World Trade 

Will America's Foreign Commerce Lead to Conflict 
with Other Nations? 

Standard Oil 

American corporations do a vast world business and are fast 
acquiring control of industry in other countries. 
-a^n'^The Standard Oil Company did a gross business in 1920 of two 
•.^id a half billion dollars, of which about twenty per cent or half 
a billion dollars was outside the United States. China takes more 
than $20,000,000 of Standard Oil products a year. The Standard 
Oil Company of New York has a contract for 60 years with the 
Chinese Government to develop oil and mineral resources in two 
provinces, larger than New York State. Standard Oil stockholders 
and banks also took a loan of $15,000,000 from the Chinese Gov- 

The Anglo-American Oil Company, a Standard Oil subsidiary, 
operates 700 distributing stations in Great Britain, has 1,200 tank 
wagons and a fleet of thirty ocean steamers to convey refined oil, gaso- 
line, lubricating oil, gas, fuel oil and paraffin wax to Great Britain. 
The Company has distributed many extra dividends to its stock- 

The Atlantic Refining Company, another subsidiary, does a large 
export business. It owns the Atlantic-Mexican Oil Producing and 
Refining Company, which has a large production in Mexico. The 
Pierce Oil Corporation, another subsidiary, is also one of the largest 
producers in Mexico, where it has been operating fifty years. 

The Vacuum Company and the Standard Oil of New Jersey 
control the bulk of the foreign trade for Standard Oil. The Vacuum 
maintains a selling organization in India, Burmah, Ceylon, Egypt, 
Japan, Korea, Norway, Denmark, Finland, Spain, Portugal, Switzer- 
land, Italy, Germany, France, Russia, England, Sweden, Austro- 
Hungary, Greece, the Balkans, Turkey, in South Africa, Australia, 
New Zealand, Canary Islands, East Indies, Morocco and South 

The Standard Oil Company of New Jersey, receives a large 
part of its crude supply from Mexico and Peru and sells its products 
through foreign subsidiaries. It has a fleet of forty tank steamers 
and its total assets exceed $1,100,000,000. The steamers were under 
German registry when the war broke out and were transferred to 


American registry later. Its principal subsidiaries are the Ghent 
Pet. Co., Mannheim Bremer Pet. Actien Gesellschaft, Petroleum 
Raff Vorm August Korff, Societe Anonyme H. Reith Co., Actien 
Gesellschaft Atlantic, Imperial Oil Co. Ltd., Societe I talo- Americano 
pel Petrolio, International Oil Co. Ltd., St. Paul Pet. Tanks, 
Koenigsberger Handels Co., Vestkustens Petroleum Aktiebolag, 
Krooks Petrol and Olje Aktiebolag, Standard Oil of Brazil, Deutsche- 
Amerikanische Petroleum Gesellschaft, Romana Americana Raffin- 
erie Francaise, West India Oil Company and Amerikanische Pe- 
troleum Anlagen. 

The Imperial Oil Company operates four refineries in Canacja 
and an asphalt plant in Montreal. It receives its supply frorrit.*™ — 
United States, Mexico and Peru and The International Petroleum 
Company, a branch of the Imperial, recently acquired the Tropical 
Oil Company to extend its operations in Peru and Colombia. 

The Standard Oil of California also does an extensive business 
with Japan, British India, Dutch Indies, Java, Hawraiian Islands, 
Australia and the west coat of Central and South America. It has 
a fleet of thirty cargo carriers. 

The Penn-Mex. Fuel Co. another subsidiary, controls large 
producing territory in Mexico and Vera Cruz. The Galena Signal 
Co. sells lubricating oils in France, England and South America. 

The Standard Oil operates in Roumania, Belgium, Holland and 
Borneo and a new French subsidiary was organized in 1920, in part- 
nership with the Bank of Paris. In Bulgaria, a group of public 
officials were indicted for making a "reckless" contract with the 
Standard Oil Company in 1918. Standard Oil interests were con- 
sidered behind the proposal to lend $35,000,000 to the Government 
of Turkey in return for concessions in Asia minor and W. E. Bemis, 
vice-president of the Standard Oil Company of New York, was deco- 
rated by the Sultan for "humanitarian service." 

Serious opposition to Standard Oil has developed in many coun- 
tries. In Germany before the war, the Reichstag voted to expel 
Standard Oil from the country. Standard Oil wells in Roumania 
were confiscated during the war. Some of the property has since been 

The oil fields of Asia and Mesopotamia constitute one of the 
principal prizes of the war. British interests are trying to prevent 
Standard Oil from operating there. Standard Oil interests are 
active in India, Persia, the Caucasus, Carpathians and Balkans in 
competition with the interests of Lord Cowdray and the Royal Dutch 
Companies. The British Government is credited with owning a 
majority stock in the Cowdray Companies which are producing in 
Mexico, Borneo, Java and elsewhere throughout the world. Cow- 


dray failed to get concessions in Columbia in competition with Aniei- 
ican interests. "Political feeling" engendered by the negotiations, is 
given as the reason for the withdrawal of the Cowdray agents. 

The rivalry between British and American oil interests has be- 
come so acute that the State Department was obliged to explain to 
the Senate British restrictions against "aliens" holding oil and 
mining concessions in its colonies. In India, American companies are 
excluded from Burma. In Australia no concessions can be held by 
"aliens" without the consent of the Attorney General. In British 
East Africa, all "aliens" are excluded from developing petroleum. In 
British Guiana the only restrictions against aliens are in connection 
with petroleum concessions. In British Honduras such concessions 
are reserved to the colony. In Persia, the British Government is 
defraying half the expense of the operation of the Anglo-Persian Oil 
Company. In Canada, oil and gas right can only be acquired by 
British companies. 

Control of the Mesopotamian oil fields is in the hands of Great 
Britain as mandatory, and renewed drilling has begun by the Royal 
Dutch and Anglo-Persian Companies with the Standard Oil as on- 

British interests are growing in the United States. The Royal 
Dutch Company owns the Roxana in Oklahoma and the British 
Union Oil Company controls the Union Oil of California. The 
Royal Dutch also owns La Corona and Mexican Eagle in Mexico and 
the Shell Company of Cahfornia. Fifteen million dollars of Royal 
Dutch stock was sold in the United States in 1916 and purchased by 
Kuhn, Loeb & Co., probably for Standard Oil stockholders. The 
Royal Dutch has controlling holdings in Roumania, Russia, Egypt, 
Persia, Panama, Venezuela and Mexico, and is competing with Stand- 
ard Oil in France and Dutch East Indies. 

Standard Oil supplies most of the oil and by-products used in the 
United States, and Standard Oil and Royal Dutch supply 90% of 
oil used outside the United States. Either these interests will amalga- 
mate or their rivalry will involve the United States and other nations 
in diplomatic or military conflict. Behind the Royal Dutch is tlie Brit- 
ish Government, Cowdray and Pearson Interests, the Rotlischilds 
and Holland. Behind Standard Oil are the Rockefellers. 

The N. Y. World, in an editorial on June 13, 1921, said: 
"Wherever it is produced, oil seems to pile up trouble for the State 
Department. Just when Secretary Hughes is laboring with President 
Obregon to have the Constitution of Mexico revised, it is disturbing 
for them (the companies) to be informed that they are to be required 
to pay a largely increased export tax on the product of their Mexican 


Beef Trust 

The Beef Trust does business all over the world. Armour has 
subsidiaries in Great Britain, Germany, France, Canada, Italy, Den- 
mark, Australia, New Zealand, Brazil, Argentine and Uruguay. Swift 
has branches in the same countries except Germany and Denmark. 
Cudahy has branches in Australia and Great Britain ; Morris in Great 
Britain and Argentine. The Trust sells about 60% of the beef 
exported from South America, the other 40% being sold by British 
and South American companies. On this subject the President of 
the Argentine House of Deputies appointed to investigate the high 
cost of living, wrote in 1917 : 

"These establishments (American beef companies) are foreigners 
and they consider our land as a field for lucrative exploitations and 
nothing more." 

The following from the American Consul General at Aukland, 
New Zealand, explains how the operations of the Beef Trust there 
are regarded. 

"The operations of the Meat Trust are of very great interest to 
New Zealand stock raisers, since they are very greatly alarmed over 
their action in this part of the world, fearing that they propose to get 
control of the meat business in this part of the world." 

A report by the British Board of Trade which inquired into the 
control of meat by "any combination of firms or companies" says: "It 
is not easy to make any close estimate of the supply of chilled beef 
from the United States which amounted to more than two-fifths of the 
total imports of chilled and* frozen beef . . . and they admittedly 
own a large proportion of the cattle imported on the hoof. . . . 
We think it is established that the Amencan firms do fix in agreement 
the prices at which chilled beef is to be sold in the provinces." 

The report of the Federal Trade Commission in June, 1919, 
shows that the Trust exported 22,000,000 quarters of beef from Ar- 
gentine and Uruguay from 1910 to 1917, which represents more than 
5,000,000 head of cattle. 

Harvester Trust 

The Harvester Trust (International Harvester Co.) does a 
world business, as its name indicates. Besides virtually monopolizing 
the sisal output of Yucatan from which it makes binder twine, the 
Trust manufactures and sells farm implements in France, Germany, 
Russia, Sweden, Norway, Denmark, England, Austria, Switzerland, 
Australia, New Zealand, South America and Canada. It operates in 
these countries through subsidiaries. The Russian plant was in the 


hands of the Bolsheviki during the revolution, following a visit to that 
country by Cyrus McCormick as a member of the Root Commission. 
There is keen competition in Russia between the International Har- 
vester and German Harvester concerns. Before the war the foreign 
trade of the Trust was 40% of its gross, or about $50,000,000 a year. 

In 1915, Dr. Victor Rendon, chairman of a commission appointed 
by the Government of Yucatan to regulate the sale of sisal to hemp and 
twine manufacturers, protested to the State Department that the 
Harvester Trust and the Plymouth Cordage Company had a monopoly 
of the sisal supply of Yucatan and were reducing the growers to a state 
of "peonage." 

"These companies have made a practice of loaning money to our 
farmers at 10% interest and taking a mortgage on their crops which 
they are thus enabled to buy at their own figure, even below the point 
where the growers obtain enough to pay their living expenses," com- 
plained Dr. Rendon. 

Agents of the Harvester Trust were charged before a Senate 
Committee in 1916, with helping to finance a revolution against the 
Carranza Government in Yucatan and it was also charged to the 
State Department, by an agent of the Carrahza Government, that 
agents of the Trust threatened United States intervention if they 
failed to maintain a monopoly of the sisal supply of Yucatan. These 
threats, if made, were probably unauthorized. 

Tobacco Trust 

The stockholders of the Tobacco Trust derive a large share of 
their profits from business in other countries. When the Trust was 
dissolved in 1911, it owned two-thirds of the stock of the British- 
American Tobacco Company and one-third of the Imperial Tobacco 
Company. The former took over the export and foreign business of 
the Imperial and American Tobacco Company. J. B. Duke is the 
leading stockholder in the British-American Company which does 
business in Denmark, Germany, Belgium, Sweden, Ceylon, Egypt, 
Japan, Mexico, Central America, the United States, Porto Rico, Phil- 
ippines and Hawaiian Islands. The Imperial Company operates in 
the British Isles. The British-American Company is capitalized at 
$115,000,000 and has paid an average of 25% dividends since 1902, 
besides extra cash and stock dividends. It paid 100% dividend on 
common stock in 1916. It controls corporations in almost every coun- 
try and has manufacturing plants in Great Britain and the United 
States. The company did a gross business in excess of $100,000,000, 
in 1920. 


The Imperial Tobacco Company did a gross business of $100,- 
000,000 in its restricted territory in 1919, and paid its stockholders 
100% dividend in 1916 and 50% in 1918. One-third of the total 
dividend disbursement went to American stockholders. 

In 1914, the German Government raided the offices of the Jas- 
matzi Company owned by the British-American Company, the purpose 
being to prove it a part of the American combination. The Jasmatzi 
company owns many cigarette and tobacco companies in Germany, the 
same as do other trust branches in other countries. 

American International 

The American International Corporation is engaged almost ex- 
clusively in world trade. Its directors include J. O. Armour, P. A. 
S. Franklin, R. S. Lovett, Percy A. Rockefeller, James A. Stillman 
and F. A. Vanderlip, all directors of the National City Bank ; George 
J. Baldwin, President Pacific Mail S. S. Co.; Charles A. Coffin, 
Chairman Board of Directors, General Electric Company; WiUiam 
E. Corey, Chairman Board of Directors, Midvale Steel ; Robert Dol- 
lar, President, Dollar S. S. Co.; Robert F. Herrick of the United 
Fruit Company, Otto H. Kahn, of Kuhn, Loeb & Company, Ambrose 
Monell (deceased) of the Nickel Trust, Henry S. Prjtchard of the 
Carnegie Foundation, Edwin S. Webster of Stone & Webster, public 
utilities operators; A. H. Wiggin of the Chase National Bank; Will- 
iam Woodward of the Hanover National Bank, Joseph P. Grace of 
W. R. Grace & Company and Beekman Winthrop. The corpora- 
tion controls the American International Shipbuilding Corporation, 
which built the Hog Island Shipyard and ships for the United States 
Government, at a cost of about $200,000,000 ; American International 
Steel Corporation, which sells steel products in foreign countries, acts 
as purchasing agent in the United States for foreign railroads and 
industrial corporations, and vice versa for iron and steel manufacturers 
here ; G. Amsinck & Company, which is the largest export commission 
firm with branches in all South American countries, Mexico and West 
Indies; Carter, Macy & Company, the largest selling agency for tea 
in the world, with branches in Canada, Australia, New Zealand, 
South Africa and South America; the China Corporation, a develop- 
ment concern; American Balsa Company, which manufactures and 
sells life-saving equipment ; the Siems-Carey Railway and Canal Com- 
pany which does costruction work in foreign countries; Rosin and 
Turpentine Export Company which sells virtually all of those pro- 
ducts exported ; Allied Machinery Company and its subsidiary corpora- 
tions in France and Italy; F. W. Home & Company of Tokio, Japan; 
and the Latin-American Corporation organized to develop and con- 
sohdate utilities and for general engineering and constructive work 


in South America. It also has a large interest in the International 
Products Company which owns a packing plant and grazing lands in 

The American International Corporation owns more than 
twenty per cent of the securities of the International Mercantile 
Marine, the largest maritime corporation, of which Mr. Franklin, one 
of its directors, is President; five per cent of the stock of the United 
Fruit Company and thirty per cent of the Pacific Mail S. S. Company 
of which director Baldwin is President. With these acquisitions the 
corporation is the largest owner of ships, the American International 
operating 125, United Fruit Co. 90, and Pacific Mail 15. 

_ The Corporation also owns thirty-five per cent of the stock of 
the New York Shipbuilding Company and it owns stock in other 
steamship companies. The United Fruit Company controls the ship- 
ping business between the United States and South America. Wifh 
W. R. Grace & Co., the American International owns the Grace- 
American International which does business in Russia. 

The majority stock in the American International Corporation 
is owned by stockholders of the National City Bank. 

Other Foreign Business 

The Western Electric Company manufactures telephone appa- 
ratus for most of the world. It is owned by the American Telephone 
and Telegraph Company and has branches in foreign countries. Its 
export business in 1919 was $33,000,000 and is handled by the Inter- 
national Western Electric which owns interests in England, France, 
Belgium, Norway, Switzerland, Austria, Hungary, Russia, Italy, 
Australia, South Africa, Canada, Argentine, China and Japan. 

W. R. Grace & Company do a tremendous foreign business, being 
one of the oldest export houses. With the American International 
Corporation, they own a controlling interest in the Pacific Mail 
S. S. Company and New York Shipbuilding Corporation, and they 
control the Grace Steamship Company and Atlantic and Pacific 
Steamship Company. They own nitrate plants, cotton mills, sugar 
plantations and operate traction, light and power companies in Chili 
and Peru. They have offices and branches in Canada, Europe, Africa, 
Japan, China, India and Central and South America. Joseph P. 
Grace, President, is a director in the National City Bank and Amer- 
ican International Corporation. 

Gaston, Williams and Wigmore is exclusively engaged in foreign 
trade, with branches in Shanghai, Tokio, Archangel, Petrograd and 


Vladivostock. It has a subsidiary in Canada. The firm operates a 
dozen ships and specializes in Far East business. Charles H. Sabin, 
President of the Guaranty Trust Co. is Chairman of the Board. 

The American Trading Company does an extensive import and 
export business. The Company took over Flint, Eddy & Company 
and operates branches and subsidiaries in Lxindon, Yokohama, Kobe 
and Tokio, Japan, Shanghai, Havana, Buenos Ayres, Rio de Janeiro, 
Martinique, and Sydney and Melbourne, Australia. Its business ex- 
tends to Europe, Australia, China, India, Japan, Mexico, West Indies 
and South America. 

The Singer Manufacturing Company which supplies 80% of the 
sewing machines of the world, employs 60,000 salesmen, more than half 
of whom are in other countries. The company has factories in Canada, 
Scotland and Russia, and sells machines in virtually every country on 
earth. The stock of the Singer Mfg. Co. Ltd. of England, worth 
$15,000,000 was distributed to the stockholders as a bonus. 

The Steel Trust and the Bethlehem Steel Corporation have done 
a vast foreign business since 1914, in competition with steel cor- 
porations in France and Great Britain, which were crippled during 
the war. 


American Foreign Banking Interests 

J. p. Morgan & Company have done a world business since 
the war began. As bankers for the Allies, they floated loans exceeding 
a billion dollars and as purchasing agents they placed munitions orders 
for about the same amount. So successful was this foreign business 
that Morgan & Company embarked on a scheme for financing world 
trade and organized the Foreign Commerce Corporation with Gray- 
son M. P. Murphy of the Guaranty Trust Company as President 
and Edward R. Stettinius, of J. P. Morgan & Co., chairman of the 
Executive Committee. Mr. Stettinius has been a member of the 
Morgan firm since 1916, doing the principal purchasing for the Allies. 

The largest foreign loans floated here for the Allies during the 
war, was the Anglo-French loan of $500,000,000 in 1915, for five 
years at 5%. Great Britain redeemed her share and the French 
redeemed $150,000,000 floating a new loan for $100,000,000 through 
J. P. Morgan & Company. 

The firm also floated a loan of $250,000,000 for Great Britain 
in 1916, the notes being underwritten at 98 by a small syndicate and 
sold to the public. A banking credit of $50,000,000 was extended to 
Great Britain during the war by Morgan & Company. 

Morgan & Company also financed France, Canada and Russia 
before the revolution. The French Government obtained a loan of 
$250,000,000 for three years, besides smaller loans and credits aggre- 
gating an additional $100,000,000, and Russia obtained a credit of 
$75,000,000. France also established credits here through Morgan 
& Co. and Canada obtained a credit of $75,000,000. Canada ob- 
tained in all more than $200,000,000 secured by the resources of cities 
and provinces. J. P. Morgan & Co. also helped Canadian cities 
repay their debts to English investors. 

The monopoly of Morgan & Co. as purchasing agent for the 
Allies and particularly for Great Britain, was vigorously attacked. 
The firm was charged by British officials with placing orders where 
their interest was best served and with preventing competition from 
British subjects and other Americans. These criticisms were answered 
by the explanation that Morgan & Co. was financing the purchases 
which they made on behalf of Great Britain. 

Morgan & Co. in conjunction with Kuhn, Loeb & Co. and other 
New York City banks, formed a gold pool of $100,000,000 at the 
beginning of the war to stabilize foreign exchange. Of this amount 
about $15,000,000 gold was sent to the Bank of England in Canada 
in October, 1914, before the sale of Exchange was resumed. 


Morgan & Co., Kuhn, Loeb & Co. and First National Bank, 
bought and sold $50,000,000 notes of the Argentine Republic during 
the war, and loaned $50,000,000 to eight London banks at the out- 
break of the war, and Morgan & Co. and the Guaranty Trust Co., 
sold $30,000,000 bonds for Belgium in 1921. 

The National City Bank and Kuhn, Loeb & Co., bought $5,- 
000,000 notes from the Swedish Government in December, 1914, and 
a few months previously the National City Bank advanced $3,000,000 
to the Norwegian Government. In 1915, the National City Bank 
acquired another issue of $5,000,000 Norwegian bonds and took $3,- 
000,000 bonds of the Republic of Panama. This latter investment 
was in line with the development of the bank's business in South 
America, where it has branches in Buenos Ayres, Rio de Janiero, 
Valparaiso and Batavia. In 1912, W. Morgan Shuster made a tour 
of South American countries for the National City Company which 
had participated in loans of the Argentine Republic, Costa Rica, 
Brazil and Lima, Peru. His report was acted upon three years later 
when South American branches were estabHshed. In 1920, Rear Ad- 
miral Knapp was sent to Haiti to adjust diliferences that arose after 
the National City Bank acquired control of banking facilities there. 
In 1921, newspapers in Cuba attempted to drive the National 
City Bank and other foreign banking institutions out of the island. 
The National City has 25 branches in Cuba. 

In 1916, Samuel McRoberts, Vice-President of the National 
City Bank, went to Russia to establish branches in Petrograd and 
Moscow. Mr. McRoberts is director of the Baldwin Locomotive 
Works which received large orders from the Kerensky government. 

Kuhn, Loeb & Co. and the Guaranty Trust Company acquired 
a substantial interest in the Austrian Creditanstatt of Vienna, the 
leading industrial and commercial bank in Austro-Hungary, in 1920. 
The Guaranty Trust Company, Bankers Trust and Farmers Loan 
and Trust Company, have important branches in Paris and elsewhere 
throughout Europe. 

The Paris branch of J. P. Morgan & Company is Morgan, 
Harjes & Co. The London branch is Morgan, Grenfels & Company. 
The Philadelphia branch is Drexel & Co. The present head of J. 
P. Morgan & Co. was trained in the London branch and assumed 
the headship when his father died. The profits of J. P. Morgan 
& Co. during the war are estimated to exceed $200,000,000. 

The National City Company, owned by stockholders of the 
National City Bank, floated several foreign loans in 1920, including 
$30,000,000 for the State of Sao Paulo in Brazil, $25,000,000 for 
the Danish Government, $25,000,000 for the Kingdom of Denmark, 
and $20,000,000 for the Kingdom of Norway. 


Another huge venture in foreign commerce was launched in De- 
cember, 1920, when the Foreign Trade Financing Company, with a 
capital of $100,000,000, was organized. John McHugh of the 
American Bankers Association was chosen chairman and among others 
on the Board are Herbert Hoover, Paul M. Warburg, Charles H. 
Sabin, James B. Forgan, Thomas E. Wilson and John S. Raskob, 
representing the DuPonts. Edward R. Stettinius of J. P. Morgan & 
.Co., is President. Mr. Warburg also organized the International 
Acceptance Bank of which he is chairman of the Board. Many large 
American concerns and foreign banks are stockholders. 

The people of the United States hold about one billion, five hun- 
dred millions of the bonds of foreign governments, $250,000,000 of 
the bonds of foreign states and municipalities and about $400,000,000 
of the bonds of foreign railroads, utilities and industrial corporations. 

Our Allies in the war owe us approximately Ten Billion Dollars 
for money advanced, plus interest. The advance to Great Britain 
was $4,277,000,000, France $2,997,477,000, Italy $1,631,338,000, 
Belgium $338,745,000, Russia $187,729,000, Czecho-Slovakia $56,- 
524,000, Greece $48,236,000, Serbia $26,780,000 and Roumania $25,- 

L'Eclair, a Paris newspaper, is quoted in the New York Amer- 
ican of December 22nd, 1920, as saying that Rockefeller and Morgan 
have formed a combine to "put Europe on its feet." The article 
continues : 

"This campaign is actuated by two motives : 

"First, the Morgan firm is heavily involved in the finances of 
Austria, which is surrounded by states more or less unstable. Fearing 
that the economic bankruptcy of the remainder of Central Europe 
would bring down Austria, the Americans responded to the demand 
that they assist in the national recuperation by forming a huge group 
of the key industries and railroads and running them as American 

"Secondly, the Standard Oil, more and more alarmed at British 
oil domination in the near Orient and the Balkans, has joined the 
combine, stipulating that all loans shall be covered by concessions in 
the oil fields of Hungary, Bessarabia and Czecho-Slovakia, hoping 
thus to create a wedge by which to effect entry into Russia." 

There are other banks and bankers in the United States that do 
a vast foreign business, besides those mentioned. The International 
Banking Corporation is one of the most important. It is an offshoot 
of the National City Bank and has branches in India, China, Japan, 
Great Britain, Philippine Islands and other foreign countries. The 


Asia Banking Corporation is an offshoot of the Guaranty Trust Com- 
pany. The Mercantile Bank of the Americas is principally engaged 
in South American business. The American Foreign Banking Cor- 
poration is afBliated with the Chase National Bank. 

Other banking institutions in New York City engaged in foreign 
business, are the African Banking Corporation Ltd., Anglo South 
American Bank Ltd., Bank of British West Africa, Bank of Montreal, 
Bank of Nova Scotia, Canadian Bank of Commerce, Colonial Bank, 
Chartered Bank of India, Australia & China, London & Brazilian 
Bank, Merchants Bank of Canada, Royal Bank of Canada, Standard 
Bank of South Africa, Yokahama Specie Bank, Banco De Napoli, 
Hong Kong & Shanghai Banking Corporation, National Bank of 
South Africa, Commercial Bank of South America, Philippine Na- 
tional Bank, Union Bank of Canada, Park Union and Foreign Bank- 
ing Corporation. 


Public Utilities in New York City are 
Controlled by the Few 

The traction lines in New York City are controlled by John D. 
Rockefeller, J. P. Morgan, E. J. Berwind, the Bradys, Cornelius Van- 
derbilt, Plant Estate, the Harkness family, Rothschilds, Belmont, 
Mills-Reid family, and a few others. 

John D. Rockefeller controls the Manhattan Elevated Railway, 
capitalized at $60,000,000 stock, with $40,000,000 bonds outstanding. 
He owns one-third of the stock and a large share of the bonds. The 
Gould and Sage estates own several million dollars in bonds and stoclcs. 
Mr. Rockefeller and his Foundations own five million dollars of the 
bonds of the Interboro which operates the New York subways and 
which controls the Manhattan "L" through lease, under which he is 
guaranteed 7% on all his Manhattan "L" stock. He gets 5% on 
his Interboro bonds. He owns a large share of the bonds of the New 
York Railways Company which owns the surface lines in New York 
City and he and his Foundations own more than $2,000,000 of the 
bonds of the Brooklyn Rapid Transit Co., which controls the traction 
lines and subways in Brooklyn. 

Mr, Morgan and the members of his family and firm, own more 
than five million dollars of Interboro securities, E. J. Berwind is 
one of the largest stockholders in Interboro. The records show that 
he, Belmont and Cornelius Vanderbilt constitute a voting trust which 
controls 100,000 shares of Interboro Consolidated stock, and that he 
owns $400,000 bonds and notes. The estate of Morton F. Plant 
owns $2,273,000 Interboro bonds and notes, besides stock; Cornelius 
Vanderbilt owns $1,000,000 bonds, $200,000 notes and a large amount 
of stock; Mrs. Sage owned $1,000,000 bonds, the Rothschilds of 
Europe own 47,000 shares Interboro Consolidated preferred ; August 
Belmont, $500,000 bonds and notes; the Harkness family 16,000 
shares Interboro Consolidated common and 9,000 preferred ; the Gug- 
genheims, 13,000 shares and the Brady estate 7,393 shares. 

The National City Bank holds $3,000,000 Interboro bonds; 
Guaranty Trust Co., about $1,000,000; First National Bank, $1,- 
000,000; Lee, Higginson & Co., $3,250,000; Harris, Forbes & Co., 
$2,000,000; U. S. Trust Co., $1,000,000; Equitable Life, $3,600,000; 
N. Y. Life, $3,000,000; Metropohtan Life, $2,000,000. 

The Brooklyn Rapid Transit Company is controlled through 
stock ownership, by Nicholas and James C. Brady, who own 25,000 
shares; C. D. Barney & Co., who hold 45,460 shares, for clients; 
Hayden, Stone & Company, 17,141 shares; the Harknesses 8,000 


shares; Ogden Mills and his sister, Mrs. Reid, 9,500; H. C. Frick 
estate, 5,000, and a few others including Mrs. Harriman, who own 
several thousand shares each. Anthony Brady left B. R. T. bonds 
aggregating $3,000,000 and among the other largest bondholders are 
the Mills-Reid family, A. S. Cochran, Phipps, Stanchfield, J. P. 
Morgan & Co. and the Guaranty and Union Trust Companies. Kuhn, 
Loeb & Co. own $2,000,000 B. R. T. notes; the late Jacob H. Schiff, 
$500,000; Mutual Life, $2,000,000; Equitable Life, $1,600,000 and 
the Bankers Trust Company, $1,000,000. 

The Gas and Electric Light Companies are controlled by Rocke- 
feller, Brady, Pyne-Taylor family, Harkness, Rogers, Baker, Sloan, 
Bliss, Jourdan and Legget. Mr. Rockefeller and his Foundations 
own more than 60,000 shares Consolidated Gas, which owns all the 
lighting companies in Manhattan, Bronx and Queens, including the 
N. Y. Edison Company, and he owns several million dollars of the 
bonds. Anthony N. Brady left 9,200 shares Consolidated Gas, worth 
about a million dollars, and he left 40,000 shares Kings Co. Electric 
Light & Power Co. (Brooklyn), valued at $4,000,000, and $700,000 
bonds. Oliver H. Payne of Standard Oil, left $600,000 Consolidated 
stocks and bonds. 

The Taylor-Pyne family owns more than 10,000 shares Consoli- 
dated Gas; Goelets, 4,100; Harriman, 4,200; David G. Legget, 
6,200 ; Henry Clews, 5,800 ; Brokaw, 4,300 ; Julia M. Grant, 6,000 ; 
American Debenture Co., 11,000; Adrian Iselin & Co, 7,800; F. C. 
Bourne (deceased), 3,500; Harkness family, 6,600; John G. John- 
son, 5,000. 

The largest stockholders in Brooklyn Union Gas are Henry H. 
Rogers' estate, 10,000 shares; Jourdan family, 5,500; David G. Leg- 
get, 6,500. The holdings of William Rockefeller are not disclosed. 
His son, William G., is down for 200 shares. 

The N. Y. Telephone Co., which is controlled by the Telephone 
Trust, is controlled by the same men and families who control the 
other utilities — Rockefeller, Morgan, SchifiE, Baker, Sage, etc., and 
Bethel, Cutler and Vail. 

There are thousands of shareholders in these utilities, but control 
is held by the few. The same state of concentrated ownership exists 
in other cities. 


Excessive Private Real Estate Holdings in 
New York City 

The total assessed value of real estate in New York City is above 
Nine Billion Dollars. There are rfiore than 200,000 separate parcels 
and about 150,000 property owners. Of this number, less than one 
per cent owns more than half the property. Two dozen property 
owners, including corporations, own about ten per cent, assessed at 
Nine Hundred Million Dollars. The actual value of this property is 
at least fifty per cent greater than assessed value, or about One billion, 
four hundred million dollars. 

The largest property owners in New York City are the Astors, 
with a total assessment about $200,000,000 and an actual value 
about $300,000,000; New York Central Railroad $100,000,000 as- 
sessed value; Consolidated Gas Company, $100,000,000; Goelets, 
$80,000,000; Rhinelander, $60,000,000; Wendels, $50,000,000; 
Ehret, $40,000,000; Trinity Church Corporation, $40,000,000; 
Walter J. Salmon, $30,000,000; August Heckscher, $30,000,000; 
Gerrys, $30,000,000; Applebys, $30,000,000; Hoffman, $25,000,- 
000 ; Title Guarantee & Trust Company and City Real Estate Com- 
pany (subsidiary), $20,000,000; Stokes, $15,000,000; Higgins, $15,- 
000,000; Eno $15,000,000; Doelger, $15,000,000; Standard Oil 
Company, $15,000,000; Sailors Snug Harbor, $15,000,000; Young 
Men's Christian Association, $15,000,000; Columbia University, $15,- 
000,000. Others who own several million dollars New York City 
real estate each, are the Schermerhorns, Watts, Moores, Rockefellers, 
Ruppert, Paternos, Johnson, Lorillards, Winthrop, Beekman, Brook- 
man, Bishop, Chanler, Colgate, Buttenweiser, Chisholm, Weil, Isham, 
Galewski Mordecai, Morgenthau, and the Salvation Army. 

Excessive private real estate holdings exist in every other large 


The Politics of the Country is Controlled by 
Those of Excessive Fortune 

In a democracy where candidates for office are selected by vote of 
the people, universal sufErage is considered the safeguard of republican 
institutions. Yet, under a republican form of government, excessive 
private fortunes have been permitted to develop until they threaten 
republican institutions themselves. 

William McKinley was elected President in 1896, by the use of a 
campaign fund estimated in excess of $6,000,000. This sum was 
contributed by those who controlled industry and owned excessive 
wealth. Their chief aim was to continue a protective tariff so that 
foreign competition in business might be prohibited or restricted. It 
was during this "protective" period that industries grew into monopo- 
lies, controlled by the few. The same amount of money was spent to 
re-elect McIGnley in 1900, according to estimate. 

The New York Times estimates the cost of Roosevelt's election 
in 1904, at $11,000,000. Mr. Roosevelt had served three and a half 
years as President, after the death of McKinley. He was popular 
and the expenditure of so vast a campaign fund would seem to have 
been unnecessary. Testimony taken before the Clapp Committee in 
congress in 1911, seems to confirm the charge that those who con- 
tributed most to the Roosevelt fund, did so hoping to "protect" their 
monopolies during his term of office. 

Among the chief contributors to the Roosevelt fund were J. 
Pierpont Morgan & Co., $150,000; Standard Oil Company, $125,- 
000; Henry C. Frick, $100,000; George J. Gould, $100,000; Chaun- 
cey M. Depew (represented the Vanderbilts), $100,000; E. H. 
Harriman, $400,000 and George W. Perkins, $480,000. Mr. Per- 
kins was a member of the firm of J. P. Morgan & Co., and director 
in the Harvester Trust and Steel Trust, two Morgan flotations. 
He was the clearing house for several large contributors, as was 

Other large contributors to that campaign fund were E. T. Stotes- 
bury, head of the Philadelphia branch of J. P. Morgan & Co., who 
as head of a committee, contributed $130,000; George V. L. Meyer 
of Boston, who was clearing house for $125,000; B. T. Wainwright 
of Pittsburg, who was clearing house for $120,000; John F. Dryden, 
head of the Prudential Life, who "cleared" for about $70,000; James 
H. Hyde, $50,000; Charles S. Mellen (New Haven R. R.), $50,000; 
Jacob H. Schiff, $35,000; Isaac Seligman, $20,000; Whitelaw Reid, 
$20,000; James Speyer, $25,000; James Stillman, $20,000; Mark A. 


Hanna family, $25,000; Boswell Miller, $20,000; M. Guggenheim & 
Son, $15,000; Clarence H. Mackay, $15,000; Adolph Lewisohn, 
$10,000; Andrew Carnegie, $10,000; D. O. Mills, $10,000; Cuba 
Mail S. S. Co., $10,000; M. C. D. Borden, $10,000; Robert Mather, 
$25,000; American Can Company, $10,000; N. W. Kendall (New 
Haven), $20,000; International Harvester Co., $20,000; Henry H. 
Rogers, $10,000; Robert Bacon, $10,000; Clark Manufacturing 
Company, $25,000; Norman B. Ream, $35,000; H. McK. Twombly, 

In the case of Standard Oil, the testimony discloses an additional 
$150,000 was solicited and refused on the ground that sufficient had 
been contributed that year. The Standard Oil Company, through its 
treasurer, Mr. Archbold, had undoubtedly made large political con- 
tributions that year, the same as in previous years, to candidates for 
United States Senate, Congress and Governorship. Among those to 
whom large campaign contributions were previously made as dis- 
closed by the Standard Oil letter files published by W. R. Hearst, were 
Senators Foraker and Hanna of Ohio, Senators Penrose and Quay of 
Pennsylvania, Congressmen Sibley of Pennsylvania, and Bailey of 
Texas, besides judges, publicists and others. It is apparent from the 
testimony of Mr. Archbold and from the reports of campaign com- 
mittees filed according to law, that Rockefeller, Rogers, Archbold, 
Payne and other Standard Oil multi-millionaires, were heavy con- 
tributors to political campaign funds during the past thirty or forty 

The extent to which President Roosevelt seemingly depended on 
campaign contributions to win the election of 1904, is evident from 
diesclosures in connection with the contribution of Edward H. Harri- 
man. Mr. Harriman contributed $150,000 before he was sent for by 
the President. His visit to the White House was followed by further 
contributions of a quarter of a million dollars, to "save New York 
State to the republicans." 

Henry C. Frick and H. McK. Twombly, brother-in-law of Van- 
derbilt, also received invitations to the White House in that cam- 
paign and they promised to make up deficiencies that might arise. 
Mr. Twombly was credited with large interests in the sulphur trust 
and profited by the tariff that kept sulphur from Italy out of the 
country. Mr. Frick profited largely when the Steel Trust in which 
he was one of the largest stockholders, was permitted by the Pres- 
ident to override the anti-trust law by taking over the Tennessee Coal 
and Iron Company. He was also interested in the control of coal 
properties. J. P. Morgan & Company organized the Steel and Har- 
vester trusts, both of them prosecuted by the government under the 
Anti-Trust Law. 


In 1904, the principal contributor to the Democratic National 
campaign fund was Thomas F. Ryan, one of the controlling stock- 
holders in the tobacco and rubber trusts, in traction and other utilities 
and industrial corporations. The total democratic campaign fund 
that year was reported as $700,000. The principal contributors to 
the republican campaign fund in 1908, were virtually the same as those 
in 1904. William H. Taft was elected President. 

In 1912, Roosevelt and Taft contended for the nomination in 
the republican primaries and their corporate friends furnished the 
funds. It was testified that the Roosevelt pre-convention campaign 
cost $835,000 and Taft's $500,000. The actual amount of the cam- 
paign funds was never fully disclosed although Dan Hanna, son of 
Senator Hanna of Ohio who obtained the funds for the 1896 Mc- 
Kinley campaign, admitted that he contributed $175,000 to the Roose- 
velt fund. William Flinn admitted he contributed $144,000; George 
W. Perkins, $122,000 and Frank A. Munsey, $118,000. 

Charles P. Taft admitted that he spent $214,000 for his brother, 
and testified that among the contributors to his brother's campaign 
fund were John D. Rockefeller, J. P. Morgan, Pierre DuPont, Harry 
Payne Whitney, Henry C. Frick, Daniel G. Reid, Oliver H. Payne, 
George F. Baker, William H. Moore, William H. Childs, Joseph 
E. Widener and E. T. Stotesbury. Every one of these contributors 
is a controlling factor in private monopoly. 

The principal contributors to the Wilson campaign in 1912 so 
far as public records show, were Cleveland H. Dodge, Cyrus H. Mc- 
Cormick, Thomas and David B. Jones of the Harvester and Zinc 
Trusts, Frederick Penfield, Charles R. Crane, Henry Morgenthau 
and Samuel Untermyer. Thomas F. Ryan was the principal con- 
tributor to the pre-convention democratic campaign of Judson Harmon 
for President in 1912, and to the pre-convention campaign of Oscar 
Underwood. James J. Hill also contributed liberally to Governor 

The same money group that contributed to the republican cam- 
paign fund for Taft in 1912, also contributed for Hughes in 1916. 
Among the largest contributors were Daniel G. Reid, William H. 
Moore, H. C. Frick, Payne Whitney, J. E. Widener, Edward B. 
Aldrich, Charles W. Fairbanks, Eugene Meyer Jr., B. N. Duke, F. 
A. Juilliard, Arthur E. Newbold, H. F. Sinclair, Robert Goelet, 
Arthur Curtiss James, Seward Prosser, Vincent Astor, A. W. & R. B. 
Mellon, J. Horace Harding and J. & W. Seligman. The republicans 
acknowledged campaign funds that year of more than $3,000,000, 
though their candidate was defeated. 

Besides the national fund, the N. Y. State republican committee 
in 1916, had half a million dollars of which John D. Rockefeller 


contributed $25,000; P. S. DuPont, $12,500; J. B. Duke, Clarence S. 
Mackay and H. P. Whitney, $10,000; T. W. Lamont, W. P. Hamil- 
ton, J. P. Morgan, George D. Pratt, Wm. B. Thompson, Guy E. 
Tripp, Wm. Barbour, John F. Alvord, H. F. Brown, Walter H. Ald- 
ridge and others, $5,000 each. George W. Perkins contributed $44,- 
000; Arthur Curtiss James, $10,000, and Mr. Pratt, $5,000, to Gov- 
ernor Whitman's personal campaign fund that year. The republican 
committee in N. Y. County in 1915, received $118,000, of which 
Pierre DuPont contributed $12,500. 

The Democrats in 1916 acknowledged contributions totalling 
$1,400,000 to the national campaign, the largest contributors being 
Cleveland H. Dodge, $79,000; Edward L. Dohney and Bernard 
Baruch, $25,000 each; Thomas D. and David B. Jones, $12,500 each; 
Alvin Untermyer, Frederick C. Penfield, Charles J. Peabody, F. S. 
Peabody, Nicholas F. Brady, J. D. Ryan, Thomas L. Chadbourne, 
H. B. Winton, Wm. A. Tilden, W. C. Niblock, R. J. Reynolds, 
$10,000 each. 

The moneyed interests began their campaign for President in 1920 
with the congressional election of 1918. They spent more than 
$2,000,000 to elect a republican congress in 1918, and planned to turn 
the country republican in 1920. Among the largest contributors to 
the Congressional fund were the Rockefellers, Armours, DuPont, 
Deering of the Harvester Trust, Colt of the Rubber Trust, Spreckels 
of the Sugar Trust, Schiff, Hanna and others of excessive fortune and 
large corporate connections. 

In anticipation of internal difficulties, they sought the nomination 
and election of General Leonard Wood. The shocking campaign 
fund disclosures before the National Convention, defeated General 
Wood and Governor Lowden of Illinois for the nomination. The 
disclosures before the Senate Committee showed that $1,773,000 were 
spent to make General Wood the candidate and that this money was 
contributed by William Cooper Proctor of Proctor & Gamble, a 
director in the Rockefeller-National City Bank; Edward L. Doheny, 
the California Oil magnate; Ambrose Monell of the Nickel trust; 
H. F. Sinclair, oil man; H. M. Byllesby, traction magnate; W. B. 
Thompson, copper magnate; Dan R. Hanna, E. E. Smathers, A. A. 
Sprague, John D. Rockefeller Jr., William Wrigley Jr., C. D. 
Shaffer, William Loeb Jr., and others. Mr. Loeb, who is employed 
by the Guggenheims, contributed $225,000 for others. 

The Lowden primary campaign fund was $414,000, most of it 
contributed by himself. He married a daughter of the late George 
M. Pullman who left $30,000,000 to his family. 

The Republicans acknowledged spending $4,000,000 to elect 
Harding President in 1920, and after election they announced a deficit 


of $1,300,000, making a total of $5,300,000. They started to collect 
a campaign fund of fifteen million dollars, according to Governor 
Cox, Democratic candidate for President, and the chances are that at 
least half that sum was collected. The Democrats acknowledge 
spending $1,300,000. The chief contributors to the Republican fund 
were those who contributed so liberally to the Republican primaries, 
besides others who previously contributed to local, state and national 
campaign funds. 

Besides expenditures for national candidates vast sums of money 
were spent for state and city candidates in 1920. In New York State, 
the Republicans acknowledged spending almost $600,000 through the 
state committee to elect Governor Miller, and there were other com- 
mittees that spent many thousands more for him. Among the chief 
contributors to the Republican state committee fund were John D. 
Rockefeller, his son John, his brother William and William's son 
Percy A., who contributed $47,000; E. C. Converse, $25,000; George 
F. Baker, William B. Thompson, Edward J. Berwind, Horace S. 
Wilkinson and Arthur Curtiss James, $10,000 each; H. P. Davison, 
$7,500; Mortimer L. Schiff, William N. Cromwell, George F. Baker 
Jr., William H. Potter, Edward S. Harkness, Charles Hayden, Felix 
Warburg, Otto H. Kahn, William H. Childs, Eversley Childs, 
August Heckscher and George J. Whelan, $5,000 each ; Anson Burch- 
ard, George D. Pratt and Simon Guggenheim, $4,000 each. Other 
large contributors were Thomas Cochran of J. P. Morgan & Co., the 
other Guggenheims, the other Pratts, Francis L. Hine, Otis H. Cut- 
ler, Paul D. Cravath, Phipps, Mackay and Havemeyer. 

The chief contributors to the Democratic National Fund in 1920, 
were Thomas F. Ryan, Charles R. Crane, Thomas L. Chadbourne, 
E. L. Doheny, Bernard M. Baruch, Allan A. Ryan, Joseph E. GufEey, 
H. A. Wroe, Rembrandt Peale, Cleveland H. Dodge, E. H. Hurley, 
August Belmont and James W. Gerard. 

More than three million dollars were spent in state campaigns in 
1920, according to public records, and $800,000 to elect Congressmen, 
making a total of $10,400,000 for national, state and congressional 
candidates, besides $3,000,000 spent in behalf of ambitious candidates 
who sought the nomination of President, a grand total of $13,400,000 
for political purposes in 1920. 

A campaign fund of $700,000 was used to elect Truman H. New- 
berry United States Senator from Michigan in 1918. The campaign 
fund was largely his own, having acquired an excessive fortune by 
marriage. He and others were indicted charged with improper use 
of campaign money. The Appellate Court freed him on the ground 
that the law under which he was indicted was unconstitutional. 


It is evident from the foregoing, that excessive private fortunes 
in the hands of the few, are used to elect "friendly" candidates to 
public office. The conduct of public officials elected with the aid of 
these funds, is open to grave suspicion. Under the administration of 
Theodore Roosevelt as President, the trusts came to their fullest de- 
velopment and power. The prosecution of the Standard Oil Com- 
pany which resulted in a fine of $29,000,000 which was never paid, 
was charged as "spite." 

The "protection" of private monopoly under President McKin- 
ley and President Taft was considered a return for campaign expen- 
ditures. The same situation is believed to have been true under Pres- 
ident Wilson. Cyrus McCormick, head of the Harvester Trust, was 
sent to Russia as member of the Root Commission at the time Har- 
vester interests were threatened in Russia. The appointment of Pen- 
field and Morgenthau to ambassadorships, was regarded as return 
favors for campaign contributions. The brazen "deportation" of its 
own employes by the Phelps, Dodge Company in Arizona, when the 
former went on strike, was explained by the friendly relationship 
existing between those who own the company and contributed heavily 
to the Presidential campaign fund, and the Administration, though 
President Wilson caused an investigation and indictments were found. 

It is evident that excessive private fortunes menace republican 
institutions and debauch elections. Several years ago a law was 
passed making it a crime for corporations to contribute to cam- 
paign funds. What difference does it make whether corporations, 
or those who own them, contribute? The laws should be changed, 
limiting individual campaign contributions. 

In exposing the activities of the Beef Trust in governmental af- 
fairs, the report of the Federal Trade Commission in 1918 (p. 37) 
charges that the funds of the packers were used : 

"To employ lobbyists and pay their unaudited expenses; to in- 
fluence legislative bodies; to elect candidates who would wink at vio- 
lations and defeat those pledged to fair enforcement; to control tax 
officials and thereby evade taxation; to secure modifications of govern- 
metal rules and regulations by devious and improper methods; to bias 
public opinion by the control of editorial policy through advertising, 
loans and subsidies and by the publication and distribution at large 
expense of false and misleading statements" 

The National Security League, whose political activities were 
condemned in a congressional committee report in 1919, collected a 
fund of $1,000,000 from those who are among the largest contributors 
to political campaigns. John D. Rockefeller contributed $35,000. 


What Is Rockefeller Worth and of What 
Does His Wealth Consist? 

Until an official determinatien of the wealth of John D. Rocke- 
feller is obtained, or until he reveals it, the size of Mr. Rockefeller's 
fortune can only be guessed at. The American Economic League a 
few years ago, estimated his fortune at two billion dollars. Arthur 
Brisbane says his annual income is greater than the total wealth of the 
two richest Vanderbilts. In 1907, the N. Y. World estimated his 
wealth at Nine Hundred Million Dollars and his income for that 
year (panic year), $140,000,000. Prior to that time, his income was 
estimated at $6,000,000 a month. 

From public records and other available sources of information, it 
is evident that Mr. Rockefeller is worth about TWO BILLION 
FOUR HUNDRED MILLION DOLLARS, including his hold- 
ings in the Foundations, and the wealth transferred to his family. 
The amount and character of his securities can be approximately 
determined. . 

When the Oil Trust was dissolved in 1911, Mr. Rockefeller had 
247,692 shares of a total of 983,383, or more than one-quarter, of 
all Standard Oil stock. His holdings then were worth approximately 
$200,000,000. To-day his Standard Oil holdings are worth more 
than $800,000,000 and Mr. Rockefeller owns vast securities in oil 
corporations classed as "independent." His total oil holdings aggre- 
gate One Billion Dollars. 

In 1919, Mr. Rockefeller held 149,130 shares of Standard Oil 
of New Jersey, in his own name. John D., Jr., held 63,020 shares. 
Rockefeller Foundation 49,000, and General Education Board, 
45,000. In 1921, John D., Sr., holds no common and only 1,000 
shares preferred of Standard Oil of N. J. John D., Jr., holds 452,080 
shares common and 38,970 preferred ; his sister, Alta Rockefeller 
Prentice, holds 80,000 common and 6,120 pref.; Mrs. Edith R. Mc- 
Cormick, another sister, 33,280 shares common and 45,000 pref.; 
Rockefeller Foundations, 196,000 common and 55,000 pref.; General 
Education Board, 170,520 common and 56,779 pref.; and Laura 
Spelman Rockefeller Memorial, 40,000 common and 19,000 pref. 
The common stock was reduced from $100 to $25 par and is selling 
around $140 a share on the market. 

Mr. Rockefeller has received at least one-quarter of all Standard 
Oil dividends which total about one billion five hundred million dol- 
lars cash, and one billion dollars in stock at par value, his share being 
about $400,000,000 cash and $250,000,000 in stock, on which he 

THOSE WHO OWN if Page 131 

draws further dividends. Mr. Rockefeller's cash dividends have been 
invested in other securities which have produced other large profits for 
further re-investment, so that to-day Mr. Rockefeller is the owner of 
securities in more corporations than any other person on earth. In most 
of these, particularly the railroads, he is the leading, if not controlling 

The full extent of Mr. Rockefeller's holdings in some of these 
corporations outside of Standard Oil, is known. During the govern- 
ment investigation of the coal strike in Colorado in 1914 and 1915, 
John D. Jr., said his father had $20,000,000 "invested" in the Colo- 
rado Fuel & Iron Company, the leading coal corporation in the west. 
The Foundation and General Education Board hold $3,177,000 of 
these securities. Mr. Rockefeller's holdings in Manhattan "L" were 
disclosed in 1913 at $20,000,000 stock. The Foundation and Edu- 
cation Board hold $3,400,000 stock. 

Mr. Rockefeller owns fully $25,000,000 stocks and bonds of the 
Consolidated Gas Company (N. Y. City), of which the Foundation 
and Education Board hold only little more than three millions. The 
Consolidated Gas Company owns all the gas and electric companies in 
Manhattan, the Bronx and Queens. Mr. Rockefeller owns $17,- 
000,000 stock of the Consolidation Coal Co., none of which is held 
by the Foundation or Education Board. 

Mr. Rockefeller is known to hold more bonds of the City of New 
York than any other individual or family, his holdings being estimated 
to exceed fifty million dollars. The Foundation and Education Board 
hold only $200,000 of these securities. Mr. Rockefeller is credited 
with having bought more than $100,000,000 Liberty Bonds and Vic- 
tory Notes. The Foundation and Education Board have $10,500,000 
of these. 

Mr. Rockefeller is credited with owning $15,000,000 Western 
Maryland stocks and bonds, while the Foundation and Education 
Board show $8,000,000 of these securities. He is credited with 
owning $11,000,000 Wheeling & Lake Erie of which the Foundation 
and Education Board hold $1,200,000; and he is also credited with 
owning $7,000,000 Baltimore & Ohio, of which the Foundation and 
Education Board hold about $1,100,000. He also owns several mil- 
lion dollars in Missouri, Kansas & Texas, only $1,375,000 of which 
are held by the Foundation and Education Board. 

Mr. Rockefeller is known to have tremendous holdings in the- 
Pennsylvania, New York Central and Union Pacific Railroads, while 
the Foundation and Education Board show only about $3,000,000 
Pennsylvania, $5,000,000 New York Central, and $1,700,000 Union 
Pacific. Mr. Rockefeller is known to have many millions in Mis- 
SOyri Pacific, Texas & Pacific, Reading, and Wabash, while the 

Page 132 DY NASTiO AMERICA and 

Foundation and Education Board show only $1,700,000 Missouri 
Pacific, $10,000 Texas & Pacific, $500,000 Reading, and $120,000 
Wabash. He also has many millions in Chicago, Milwaukee and St. 
Paul and Denver & Rio Grande. The Foundation and Education 
Board hold about $1,500,000 of the former and only $400,000 of the 

Mr. Rockefeller's oil holdings are worth fully One Billion Dol- 
lars. The Foundation and Education Board hold about $150,000,000 
of these securities. Mr. Rockefeller at one time held about $50,000,- 
000 U. S. Steel, while the holdings of the Foundation and Education 
Board show little more than $3,000,000. Mr. Rockefeller is known 
to own at least half the securities of the American Linseed Company, 
estimated at $20,000,000, none of which is held by the Foundation or 
General Education Board. 

Mr. Rockefeller has vast sums of money on loan with the largest 
industrial corporations. The International Harvester Company owed 
him $10,000,000 for which he held notes; the American Linseed Com- 
pany owed him $3,000,000 and the Corn Products Refining Company 
owed him a large sum. 

In view of the foregoing, it is plain that Mr. Rockefeller's total 
wealth is several times greater than the amount held in the Founda- 
tion and Education Board, which exceeds $300,000,000. A fair ap- 
praisal of Mr. Rockefeller's fortune is as follows : 

Standard Oil and other oil securities $1,000,000,000 

Railroad stocks and bonds 400,000,000 

Industrial corporations, mines and banks 400,000,000 

National, State, City and foreign bonds 300,000,000 

Public utilities securities 200,000,000 

Real estate and mortgages 100,000,000 

Total $2,400,000,000 

( The bulk of Mr. Rockefeller's Standard Oil holdings are held 
by his children and in the Foundations.) 

This total includes the holdings of the Rockefeller Foundation, 
General Education Board and Laura Spelman Rockefeller Fund, 
which aggregate about $400,000,000 and which will undoubtedly 
revert to the Rockefeller family, if these institutions are dissolved. 

Mr. Rockefeller's income from the Oil Trust alone in the past 
several years has averaged $60,000,000 a year, cash and stock divi- 
dends. His Trust holdings are worth about $800,000,000. Five per 
cent on the rest of his holdings is $80,000,000 a year, or a total in- 
come of about $140,000,000 a year. The New York Times recently 
estimated his income in 1918 as "possibly" $50,000,000. The Times 


did not include revenue on securities held by the Foundation and Gen- 
eral Education Board, which exceeds $15,000,000 a year. It esti- 
mated only taxable income. The funds in the Foundations are 
untaxed, as are several hundred million dollars of Mr. Rockefeller's 
other securities. His income on government securities is untaxed. 

Mr. Rockefeller began many years ago to acquire railroad prop- 
erty and his methods are commented on by Frank Parsons of the 
Boston University Law School, in a book entitled "The Railways, 
The Trusts and The People," published in 1906 (pages 232-3) as 
follows : 

"Having grown to boundless wealth and power through atrocious 
railway favoritism, the Rockefeller gang no longer begged the rail- 
ways for favors, but ordered them to do whatever the gang desired 
and punished rebellion by inflicting enormous losses and even bringing 
up the other railways to make war on the disobedient lines. And 
today the gang dominates almost every road in the country." 

Mr. Rockefeller to-day overshadows the Goulds in the so-called 
Gould lines, is as important as the Vanderbilts in the Vanderbilt lines, 
supersedes the Harrimans in their lines and is on a par with Hill and 
Morgan in the lines which they control. 

Mr. Rockefeller is the largest factor in the coal mines, directly, 
through the Colorado, Fuel & Iron Company and the Consolidation 
Coal Co. of which he owns nearly half the stock, and indirectly, 
through the railroads that control the coal fields, in which he is one 
of the leading stockholders. These railroads are the Pennsylvania, 
Reading, Delaware, Lackawanna and Western, New York Central, 
Central Railroad of New Jersey, Erie, Baltimore and Ohio and 
Western Maryland. 

In view of his vast holdings in the industries, utilities, mines and 
railroads of the country, Mr. Rockefeller is the Colossus that be- 
strides the business world. He is the KING of all the Money Kings 
on earth and his vast fortune will descend to his son and family almost 
intact, because the bulk of it has already been turned over to them and 
to the Foundation, which he himself and his son control. John D. 
Rockefeller Jr., owns several hundred million dollars in oil, railroads, 
mining and other securities, and the Foundation owns as much more. 
Probably not more than half Mr. Rockefeller's fortune remains in his 
possession at the present time. 

Page 134 


Holdings of Rockefeller Foundation and Gener- 
al Education Board Indicate Character of Mr. 
Rockefeller's Wealth, But Not the Amount 

The following securities are held by the Rockefeller Foundation 
and General Education Board, according to latest reports. Mr. 
Rockefeller "donated" $64,000,000 to the Laura Spelman Rockefeller 
Memorial in memory of his wife, in 1920. The character and 
amount of these securities has not been made public. The purpose of 
the Memorial is to "help women and children." 

The value of the oil stocks given below, is far less than market 
value. The value of the securities as given is about $300,000,000, 
though the actual market value is many millions more. 


American Shipbuilding Co.; 



Anglo-American Oil 

Atchison, Topeka & Santa Fe: 



Atlanta Refining: 



Baltimore & Ohio: 



Bankers Trust Co. of N. Y.... 


Buckeye Pipe Line 

Central Nat'l Bank, Cleveland. 
Chehalis & Pacific Land Co... 
Cheseborough Manufacturing. . 
Chicago City & Connecting Ry. : 



Chicago, Mil. & St. Paul: 



Cleveland Arcade 

Cleveland Trust Co 

Consolidated Gas 

Colo. & Southern Ry. Pref 

Shares Value 

9,303 $790,755 

14,957 523,495 

366,517 11,178,768 
















2,500 246,555 

286 68,123 

20,000 2,550,000 

7,000 378,000 

Shares Value 

386,518 $11,294,249 













550 58,292 

500 77,371 



Page 135 

STOCKS^ {^Continued) 

Continental Oil 

Crescent Pipe Line 

Equitable Trust, N. Y 

Erie Pref 

Eureka Pipe Line 

Galena-Signal Oil: 



Great Lakes Towing Co.: 



Great Northern Pref 

Guaranty Trust, N. Y 

Illinois Pipe Line 

Indiana Pipe Line 

International Harvester Pref. . 

Manhattan Railway 

Missouri Pacific Pref 

National Lead: 


Preferred . . . , 

National Transit 

N. Y. Central 

N. Y., Chicago & St. Louis: 



N. Y. Transit 

Norfolk & Western 

Northern Pacific 

Northern Pipe Line 

Ohio Oil 

Pennsylvania R. R 

Pere Marquette Pref 

Prairie Oil & Gas 

Prairie Pipe Line 

Provident Loan Soc. Cert 

Seaboard Air Line: 


Preferred ■. 

Sheffield Farms Pref 

Solar Refining 

Southern Pacific 

Southern Pipe Line 

South Penn Oil 

South West Penn Pipe Line... 

Standard Oil (Cal.) 

Standard Oil (Ind.) 

Standard Oil (Kans.) 

Standard Oil (Ky.) 

Standard Oil (Neb.) 


















" '8,765 

' 2,633 

' '5,664 











































? 740 







4 300 
















Page 136 


STOCKS— {Continued) 

Standard Oil (N. J.): 




Standard Oil (N. Y.) 

Standard Oil (Ohio): 



Superior Savings & Trust 

Tilden Iron Mining 

Title Guarantee & Trust 

Union Pacific 

Union Tank Line 

U. S. Steel Pref 

Vacuum Oil 

Virginia Carolina Chemical . . . 

Washington Oil 

Western Maryland 2d Pref. . . . 
Western Pacific: 



Wilson Realty Co 

Woman's Hotel Co 

Shares Value 

49,000 35,770,000 
10,000 1,145,000 







35,000 2,345,000 

1,774 53,320 

500 23,000 

30,292 461,960 

20,195 878,482 

591 59,100 

300 24,000 




Shares Value 

45,289 27,620,885 

45,294 1,154,997 

12,085 1,345,844 

7,720 609,109 



















Foundation Board 
Par Value 

American Agricultural Chemical Co $310,000 

American Telephone & Telegraph 100,000 

Anglo-French Loan 600,000 

Armour & Co 1,000,000 

Ashland Power Co 8,000 

Atchison, Topeka & Santa Fe 

Atlanta k Birmingham Ry 677,000 

Atlanta & Charlotte Air Line 

Atlantic Coast Line 

Baltimore & Ohio 650,000 

Beech Creek Extension 

Bethlehem Steel ...... 

Brooklyn Rapid Transit (notes) 

Carolina, Clinchfield & Ohio 

Central Leather 

Central Vermont 

Chesapeake & Ohio 

Chicago & Alton 1,201,000 

Chicago City & Connecting Ry 1,305,000 

Chicago & Eastern Illinois 300 000 

Chicago, Milwaukee & St. Paul 1,480J000 





BONDS— {Continued) 


Foundation Board 
Par Value 

Chicago & Northwestern 130,000 

Chicago Rys. Co 500,000 

Chicago, Rock Island & Pacific 90,000 

Chicago, St. Paul & Minneapolis 100,000 

Cleveland, Cincinnati, Chicago & St. Louis 773,000 

Cleveland Short Line 500,000 

Colorado Industrial Co 2,000,000 1,177,000 

Colorado & Southern Ry 3^0,000 

Consolidated Gas 500,000 

Denver & Rio Grande 402,000 

Dominion of Canada 500,000 

Duluth, Missabe & Northern 378,000 

Erie 1,065,000 250,000 

Fairmont Coal Co 150,000 

Grand Trunk 75,000 

Illinois Central 300,000 

Imperial Chinese Government 10,000 

Interboro Rapid Transit 1,750,000 600,000 

International Mercantile Marine 2,848,290 

Jones k Laughlin Steel 490,000 

Kansas City Southern 349,000 

Lake Erie & Western 100,000 

Lake Shore & Michigan Southern 2,599,000 145,000 

Magnolia Petroleum Co 1,809,000 

Missouri, Kansas & Texas 1,325,000 50,000 

Missouri Pacific 45,000 

Morris & Essex 175,000 144,000 

Mutual Fuel Gas Co 250,000 

National Rys. of Mexico 50,000 

New Orleans, Texas & Mexico 180,000 

N. Y. Central 654,000 3,714,000 

N. Y., Chicago & St. Louis 1,338,000 

N. Y. City Corporate Stock 100,000 100,000 

N. Y. Connecting Ry 500,000 250,000 

N. Y., Lake Erie & Western 225,000 

N. Y., New Haven & Hartford 945,000 

Norfolk & Southern 1,000,000 

Northern Pacific 390,000 

Northern Pacific-Great Northern-C, B. Q 146,000 

Pennsylvania 1,510,000 850,000 

Philadelphia Co 1,000,000 170,000 

Pittsburg, Cincinnati, Chicago & St. Louis 500,000 

Province of Quebec 500,000 

Reading Co 500,000 

Republic Iron & Steel 600,000 

Rutland R. R 25,000 

St. Louis-Frisco 2,000,000 

St. Louis, Iron Mt. & Southern 409,000 

St. Louis, South Western 100,000 

Seaboard Air Line 455,000 1,140,000 

South & North Alabama 400,000 

Page Ij8 


BONDS— (Continued) 

Foundation Board. 
Par Value 



Southern Pacific 

Sunday Creek Co 

Texas & Pacific 

Union Pacific 

Union Steel Co 

United Kingdom of Great Britain and Ireland 

U. S. Liberty 3,175,000 

U. S. Steel 

Virginia-Carolina Chemical 

Wabash 120,000 

Washington Ry. & Electric 450,000 

Western Maryland 1,032,000 

West Side Belt R. R 

Wheeling & Lake Erie 540,000 

Wilson Realty Co 7,500 

Wisconsin Central 












John D. Rockefeller's Chief Financial 

John D. Rockefeller Jr. is director in the Colorado Fuel and 
Iron Co., Manhattan "L" and Merchants' Fire Assurance Corpora- 
tion of N. Y. He was director in the American Linseed Co. 

Chief among Mr. Rockefeller's agents was Rev. Frederick T. 
Gates who is director in the Western Maryland R. R., Montclair 
Trust Co., Lake George Real Estate Co., Rockefeller Foundation, 
General Education Board, Pekin Union Medical College, China Med- 
ical Board and International Health Board. Rev. Gates was also 
director in the American Shipbuilding Co., George's Creek & Cum- 
berland R. R., Everett Timber & Investment Co., Bessemer S. S. Co., 
Chicago Terminal Transfer Co., Duluth, Missabe and Northern R. 
R., Everett Railway and Electric Co., Everett Pulp and Paper Co., 
Lake Superior Iron Mines, Monte Cristo Railway, Spanish-American 
Mines and Federal Mining and Smelting Co. 

Starr J. Murphy who died recently, was one of Mr. Rockefeller's 
most important agents. He was a director in the Abeyton Realty Co., 
American Linseed Co., American Shipbuilding Co., Colorado Fuel and 
Iron Co., Great Eastern Elevator Co., Manhattan "L" and Tilden 
Iron Mining Co. 

George Welwood Murray has been Mr. Rockefeller's confidential 
legal adviser more than a quarter of a century. He is head of the 
law firm of Murray, Prentice & Howland of which Mr. Rocke- 
feller's son-in-law, E. Parmalee Prentice, was a member. Mr. Mur- 
ray is director in the Albany & Susquehanna R. R., American Linseed 
Co., Mortgage-Bond Co. of N. Y., National Surety Co., Montclair 
Trust Co., Essex Title Guarantee and Trust Co., and trustee of the 
Equitable Trust Co. 

E. Parmalee Prentice, Mr. Rockefeller's son-in-law, was director 
in the American Linseed Co., and N. Y. Trust Co. 

Bertram Cutler, one of Mr. Rockefeller's confidential agents, is 
director in the Colorado Fuel and Iron Co., Equitable Trust, Mer- 
chants' Fire Assurance Corporation, Missouri Pacific, Southern Cot- 
ton Oil Co., Virginia-Carolina Chemical Co., Western Maryland, and 
Wheeling and Lake Erie R. R. 

Mr. Cutler has held securities for Mr. Rockefeller for many 

years. A large share of Mr. Rockefeller's U. S. Steel holdings were 

in his name, and he holds many millions of other securities for him. 

. Harry P. Fish, Mr. Rockefeller's secretary, holds millions in 


securities, as do Andrew H. Bates and Robert W. Gumbel, both 
employed at 26 Broadwaj', the Standard Oil building. 

Henry E. Cooper, Vice President of the Equitable Trust Co., 
controlled by Mr. Rockefeller, is director in the Abeyton Realty Co., 
American Linseed Co., Cincinnati, Indiana and Western R. R., 
Clinchfield Coal Co., Conway Lumber Co., Eastern Power & Light 
Co., George's Creek and Cumberland R. R., Great Atlantic & Pacific 
Tea Co., Hartwick Power Co., General Gas and Electric, National 
Thrift Bond Corp, Otsego and Herkimer R. R., Texas and Pacific, 
Pan-American Debenture Corp., Southern N. Y. Power and Rail- 
way Co., Tilden Iron Mining, Wabash, Western Maryland, Wheel- 
ing & Lake Erie, N. Y. Mortgage and Security Co., and N. Y. 
Produce Exchange Safe Deposit and Storage Co. 

Alvin W. Krech, President of the Equitable Trust Co. controlled 
by Mr. Rockefeller, is director in Chicago and Eastern Illinois R. R., 
City Investing Co., Davis Coal and Coke, Federal Sugar Refining, 
Foreign Bond & Share Corp., Great Atlantic & Pacific Tea Co., John 
L. Roper Lumber Co., Manhattan Railway, Midland Securities Co., 
Missouri, Kansas and Texas, National Surety, Norfolk and Southern 
R. R., Raleigh, Charlotte and Southern Railway, Robins Conveying 
Belt Co., Southern Cotton Oil Co., Texas and Pacific, Southern N. 
Y. Power & Railway, Trans-Oceanic Commercial Corp., Union Dye 
& Chemical Corp., U. S. Food Products Corp., Virginia-Carolina 
Chemical Co., Wabash, Western Maryland, Western Pacific, Western 
Power & Light, Westinghouse, Church & Kerr, and Woodward 
Iron Co. 

Charles O. Heydt, secretary to John D. Rockefeller Jr., is di- 
rector in the American Linseed, Abeyton Realty, Cleveland Steel Co., 
and Tilden Iron Mining Co. 

George B. Cortelyou, President of the Consolidated Gas Co. con- 
trolled by Mr. Rockefeller, is director in all the subsidiary lighting 
companies in N. Y. City, in the National Coke & Coal, National 
Surety, N. Y. Life Ins. Co., Peekskill Light and R. R., and West- 
chester Lighting Co. 

Frank A. Vanderlip who until recently was head of the Rocke- 
feller-Stillman National City Bank, was director in the American In- 
ternational Corp., Allied Machinery Co., Carolina, Clinchfield & Ohio 
R. R., Chesapeake & Ohio, Consolidated Gas, Farmers Loan & Trust, 
Clinchfield Coal Corp., Cumberland Corp, Freeport-Texas Co., Hock- 
ing Valley R. R., International Mercantile Marine, Mcintosh & Sey- 
mour Corp., John L. Roper Lumber Co., Missouri, Kansas & Texas, 
Norfolk Southern, Burglar Alarm Co., Mercantile Safe Deposit Co., 
Midvale Steel, National Bank of Commerce, N. Y. Edison, Northern 
Westchester Lighting Co., Oregon Short Line, Oregon-Washington 


R. R. & Navigation Co., PeekskiU Lighting & R. R,, Rail Joint Co., 
Riggs National Bank (Wash., D. C.) American Security & Trust 
Wash., D. C), Seaboard Air Line, Union Pacific, U. S. Realty & 
Imp. Co., U. S. Rubber Co., and White Sulphur Springs Ins. Co. 

William Rockefeller who is worth several hundred million dol- 
lars, represents his brother John besides himself in various corpora- 
tions. He is director in the Anaconda Copper Mining Co., Brook- 
lyn Union Gas, Chicago, Milwaukee & St. Paul, City & County Con- 
tract Co., Cleveland, Cincinnati, Chicago & St. Louis, Consolidated 
Gas, Delaware, Laclcawanna & Western R. R., Indiana Harbor Belt, 
R. R., Lake Erie & Western, Michigan Central, National City Bank, 
N. Y. & Harlem, N. Y. & Queens Electric Light & Power, N. Y. 
Central, N. Y. Edison, N. Y. State Realty & Terminal, Oregon 
Short Line, Oregon- Washington R. R. & Navigation, Ottawa & N. Y. 
Railway, Pittsburg & Lake Erie, PeekskiU Lighting, Rutland R. R., 
St. Lawrence & Adirondack, Union Pacific, United Metals Selling 
Co., U. S. Trust, Walkill Valley R. R., West Shore, and West- 
chester Lighting Co. 

Percy A. Rockefeller, youngest son of William, is director in the 
Air Reduction Co., American International Corp., Chicago, Mil- 
waukee & St. Paul, Midvale Steel, National City Bank, Provident 
Loan Society, Second National Bank, (N. Y.), Star Seal Co., United 
Metals Selling Co., and Western Union. 

William G. Rockefeller, oldest son of William, is director in 
the Brooklyn Union Gas Co., Inspiration Consolidated Copper, Lin- 
coln National Bank, N. Y. Mutual Gas, Oregon Short Line, Oregon- 
Washington R. R. & Navigation, and Union Pacific. 

A. Barton Hepburn and Frederick Strauss, members of the finance 
committee of the Rockefeller Foundation with John D. Jr., are direc- 
tors in two score corporation. Mr. Hepburn is in the American Car 
& Foundry, Chase Securities Corp., Columbia Trust, F. W. Wool- 
worth, Great Northern R. R., N. Y. Life, Safety Car Heating & 
Lighting, Sears Roebuck & Co., Studebaker Corp., and Texas Co. 
Mr. Strauss is director in the Albany Southern, American Hide & 
Leather, Banks in Brazil, Cuba, Caracas, Colombia, and Peru; Cen- 
tral Union Trust, Columbia Gas & Electric, Columbia Trust (N. Y.), 
Cuba Cane Sugar, Electric Bond & Share Co., Equitable Life, Foreign 
Bond & Share, Galena-Signal Oil, Great Falls Power Co., J. G. 
White & Company, Kansas City, Fort Scott & Memphis Railway, 
Manati Sugar Company, Mercantile Bank, Montana Power Com- 
pany, Morristown Trust, National Bank of Nicaragua, Pere Mar- 
quette Railway, Pierce-Arrow Motor Car Company, Portland Rail- 
way, Light and Power, St. Louis-San Francisco Railway, Tintic Com- 
pany and Utah Securities. 


John A. Garver, of the law firm of Shearman & Sterling, repre- 
sents the Rockefellers in various utilities and other corporations, and 
Guy Gary, of the same law firm, is director in others. Both are di- 
rectors in the Rockefeller National City Bank. W .E. Griswold, 
attorney for Percy A. Rockefeller, is director in the American Splint 
Corporation, Canon Reliance Coal Corporation, Commonwealth 
Petroleum Corporation, Connecticut Light and Power, Lima Loco- 
motive Works, Mechanics & Metals National Bank, National Drug 
Company, Peerless Truck and Motor Corporation and Triplex Safety 
Glass Corporation. Charles P. Rowland, formerly of the law firm 
of Murray, Prentice & Rowland, is director in the New York Rail- 
ways Company, Southern New York Power Company, Albany & Sus- 
quehanna and other corporations. 

Standard Oil officials are directors in many other corporations. 
Henry C. Folger is director in the Seaboard National Bank and Ham- 
ilton Trust Company; F. D. Asche is director in the Franklin Trust 
Company; F. W. Weller in the Elk and Little Kanawha Railroad, 
Interstate Cooperage Company, Oklahoma Pipe Line, West India Oil 
Company and West India Refining Company; William J. Judge in 
the National Fuel Gas Company, Pennsylvania Gas, Penn Oil Co., 
Provincial Natural Gas & Fuel Company of Ontario, and United 
Natural Gas Company; P. J. Mcintosh in the General Gas Ap- 
pliance Company, Halifax Electric Tramway Company, Imperial 
Trust Company (Montreal), Montreal Public Service Corporation, 
Montreal Tramway Co., Tacoma Eastern Railroad* and U. S. Indus- 
trial Alcohol Co.; and Walter C. Teagle, in the Equitable Trust 
Other Standard Oil officials are directors in other corporations, the 
full list of which includes virtually every large corporation in the 
United States. 



The leading Foundations are the Rockefeller Foundation, with a 
fund of $185,000,000, Rockefeller General Education Board with 
$120,000,000, Laura Spelman Rockefeller Memorial with $64,000,- 
000, Carnegie Corporation with $125,000,000 and the Sage Founda- 
tion with $15,000,000. There are other Foundations and it is be- 
coming a fashion for men of large fortune to leave some of their wealth 
in trust for various public or philanthropic purposes. The community 
trust idea is being fostered by bankers and financiers in various cities 
who know the power of concentrated wealth and who realize that 
excessive fortunes are being left to incompetent or unworthy heirs. 
These Community Trusts are patterned after the Cleveland Founda- 
tion started in 1914, which now has a total of $100,000,000 left by 
various persons. 

Rockefeller Foundation 

The Rockefellei) Foundation was established by an act of the 
New York State legislature in 1913 after three unsuccessful at- 
tempts at federal incorporation. Its purpose as expressed in the char- 
ters is "to promote the wellbeing of mankind." Bills to incor- 
porate the Foundation without limitation as to funds, were in- 
troduced in 1911 and in 1912 and the plan of the Foundation 
was attacked as a menace to Republican institutions. Public oppo- 
sition was so strong that the bills were amended each time and finally 
abandoned even though the limit of funds was finally fixed at $100,- 
000,000. Rockefeller's motives were attacked and the sources of 
his vast fortune were condemned. The New York legislature placed 
no limit on the amount of funds the Foundation might hold. 

The Foundation was established with the announcement of a gift 
of $100,000,000 in May, 1913, and at the end of the succeeding year 
there were $103,930,817 in the treasury, an increase of nearly four 
million dollars from income. The total income for the year was 
$5,000,000, all of which escaped taxation on the ground that the 
funds were used for philanthropic purposes. Under the terms of the 
gift from Mr. Rockefeller, he reserved the right to the sole distribution 
of $2,000,000 of the annual income. On May 24,1917, Mr. Rocke- 
feller gave the Foundation $25,000,000 and on Dec. 31,1918, the 
Foundation had $130,000,000— /?»^ million dollars more than the 
total gifts. 


The Foundation report for 1919 shows a total fund of $185,000,- 
000 which includes a gift of $50,000,000 on Dec. 18th, that year- 
Zen million dollars in excess of all Mr. Rockefeller s gifts. The 
securities in the fund include bonds at a cash price of $36,279,537, and 
stocks valued at $139,335,097. Some of the stocks were at low valua- 
tion. Lands and unappropriated funds make up the difference. No 
additional funds were given to the Foundation in 1920, but in that year 
Mr. Rockefeller created the Laura Spelman Memorial in memory of 
his wife, with an endowment of $64,000,000. 

It is evident from the Foundation reports, that its funds were 
not disbursed as lavishly as persistent publicity by hired press agents, 
made it appear. According to this publicity most of the principal 
would seem to have been given away when in actual fact, not even 
the income has been disbursed. 

The first board of directors included John D. Rockefeller, Jr., 
as chairman. Rev. Frederick T. Gates, and Starr J. Murphy. Young 
Mr. Rockefeller, Mr. Murphy and Jerome D. Greene, secretary to 
John D. Jr., constituted the Finance committee which had sole charge 
of the funds. 

In 1917, young Mr. Rockefeller retired as President of the Foun- 
dation and his place was taken by George E. Vincent, President of the 
University of Minnesota. John D. Jr., became President of the 
Board of Trustees. He is still chairman of the finance committee, 
the other members of which are A. Barton Hepburn and Frederick 
Strauss. In 1917 Mr. Rockefeller, Sr., withdrew his reservation of 
$2,000,000 as his special share of distribution from annual income. 

In February, 1914, Mr. Rockefeller, Sr., testified before the 
Walsh U. S. Commission on Industrial Relations. He was permitted 
to read answers to questions submitted in advance. In the interroga- 
tion which followed he was asked if he did not consider that the 
Foundation might become a menace, and he replied, "No, I cannot say 
that I had any fear on that question." He was asked if the fund 
would revert to him or his heirs if the Foundation's charter were re- 
pealed, and he replied, "Well, / have been so hopeful; otherwise I 
confess I have not allowed myself to worry about that." 

In summing up his report on the Foundation, Chairman Walsh of 
the Industrial Commission said: 

"The Foundation is entirely outside and above the government. 
Thfe power it exercises is practically unlimited. I asked Mr. Rocke- 
feller if the funds of the Foundation could be used to establish a strike- 
breaking agency and he said that they could. It was shown by the 
testimony of Mr. Rockefeller and his son and by that of the secretary 
and trustees of the Foundation, that there is hardly anything to which 
the enormous power of the money it employs cannot be applied if Mr. 


Rockefeller deems it proper to apply it. / say Mr. Rockefeller be- 
cause Mr. Rockefeller is the Foundation. The testimony shows that 
the trustees exercised no authority that did not come from him. It 
showed that the directors were also the directors of the corporations 
from which the Foundation obtained its funds." 

While Mr. Rockefeller and his son were testifying, a strike of 
their workmen in the mines of the Colorado Fuel & Iron Co. was in 
progress. Two score men, women and children were killed in the 
strife, the women and children being burned to death when their tent 
colony in Ludlow, Colo., was set on fire by hired guards of the com- 
pany who "shot it up" with machine guns. Young Mr. Rockefeller 
acknowledged that his father had $20,000,000 "invested" in this 
property of which he was a director, and declared that his father 
would lose every dollar of his "investment" rather than surrender to 
the workmen. The Foundation, of which young Mr. Rockefeller was 
President, held $2,000,000 of the securities of this company at the time 
of the strike. In also had in its treasury half a million dollars of the 
securities of the American Agricultural Chemical Company which paid 
its employes so meagerly that some of -them were in debt at the end of 
each week, being unable to provide proper nourishment for their famil- 
ies. These men struck and were shot down in Roosevelt, N. J. A 
Barton Hepburn, of the finance committee of the Foundation and a 
trustee, was a director in this corporation. 

At the Same time there was a strike of workmen in the plant of 
the Standard Oil Company of New Jersey in Bayonne. Mr. Rocke- 
feller owns nearly one-third of the stock of this company, $37,000,000 
of his holdings being held by the Foundation. His employes were 
paid less than the employes of other oil companies in Bayonne, ac- 
cording to testimony. 

In 1916, there was a strike on the Manhattan "L" in New York 
City, of which Mr. Rockefeller owns about one-fourth of all the 
securities, and on the Interborough and New York Railways, in which 
he is the largest single security holder. The Foundation holds several 
million dollars Manhattan "L" securities. The Interborough spent 
$2,000,000 to defeat the strikers. 

What has the Foundation accomplished for the welfare of man- 
kind ? Did it prevent the Colorado Fuel & Iron Company from violat- 
ing the laws of Colorado, thereby compelling the workmen to strike 
against injustice and oppression ? Did young Mr. Rockefeller, Presi- 
dent of the Foundation and director in the Colorado Fuel and Iron 
Company, punish officials of the company because of wrongs which 
.produced the strike? He engaged Ivy Lee, publicity promoter, who 
issued a false statement about payments to strike leaders. Mr. Lee 
acknowledged the falsity of this statement on the witness stand. 


Did the Foundation order that the wages of labor in the plant 
of the American Agricultural Chemical Company be raised above $12 
a week? Did it suggest an increase in the wages of workmen in the 
Standard Oil Bayonne Plant? Did it urge the Rockefeller directors 
in the Manhattan "L", including John D. Rockefeller Jr., and in the 
N. Y. Railways, to raise wages? 

There is no evidence that any of these things was done by the 
Foundation which continued to receive large income from these prop- 
erties. The Foundation did employ W. Mackenzie King of Canada 
to make reports on industrial conditions in the United States and 
propose remedies. Mr. King's reports went the way of other reports 
to the Foundation ; they served as publicity "copy." 

The report of the Foundation for 1919 shows for what purpose its 
income that year was used. The income was $7,760,355. The un- 
expended income balance from the preceding year was $4,543,271, 
making a total of $12,303,626 available income for distribution] Of 
this amount, the report shows $1,237,842 were spent in a campaign 
against hookworm, malaria, and yellow fever, and for tuberculosis in 
France; $3,171,853 for land and buildings for the Peking Union 
Medical College in China (where Standard Oil has concessions worth 
tens of millions of dollars), and for hospitals of missionary societies; 
$2,772,847 for "war work" and several hundred thousand dollars for 
"administrative and miscellaneous." The unexpended balance from 
income at the end of the year was $4,543,271. 

What has the Rockefeller Foundation accomplished? Has it 
served mankind or has it only added to our burdens by sustaining an 
industrial system which is opposed to the spirit of our laws and con- 
stitution? Mr. Rockefeller holds hundreds of millions of dollars of 
the same securities held by the Foundation and if Mr. Rockefeller 
wants a strike on any of these properties, can the Foundation object 
if its financial existence depends on income from properties which 
he controls? Can it fulfill its chartered purpose "to promote the well 
being of mankind," in any other way than as Mr. Rockefeller directs? 
On this point, the report of the U. S. Industrial Commission to 
President Wilson says : 

"The money with which the Rockefeller Foundation was created 
and is maintained, consists of the wages or workers in American in- 
dustries. These wages are withheld by means of economic pressure, 
violation of law, cunning, and violence practiced over a series of years 
by the founder and certain of his business associates. 

"Under the law, as it now exists, it is impossible to recover this 
money and pay it over to the equitable owners. We therefore recom- 
mend that appropriate legislation be passed by Congress, putting an 
end to the activities of this foundation wherever the Federal law can 


be made effective and that the charter granted by the state be revoked, 
and that if the founders have parted with the title to the money, as 
they claim they have, and under the law the same would revert to the 
state, it be taken over and used by the state for the creation and main- 
tenance of public works that will minimize the deplorable evil of un- 
employment, for the establishment of employment agencies and the dis- 
tribution of labor, for the creation of sickness and accident funds for 
workers and for other legitimate purpose of a social nature, directly 
beneficial to the laborers who really contributed the funds." 

General Education Board 

The General Education Board is another Rockefeller creation. 
It has been in existence since 1902, since which time it has received 
from Mr. Rockefeller a total of $102,000,000. The fund amounts to 
$120,000,000 including $15,000,000 unexpended income, according to 
the treasurer's report for 1920. The report shows that appropriations 
made by the Board to various institutions since the beginning, total 
$55,312,965, of which but $34,052,851 has been actually disbursed. 

The Board was chartered by Congress "to promote education 
within the United States without distinction of race, creed or sex," 
In May, 1914, a bill was introduced in Congress directing that the 
Secretary of Agriculture refuse further funds from the Board for farm 
demonstration work. In a discussion on the measure. Senator Martine 
of New Jersey is quoted as saying, "I hope the United States may be 
spared from living on contributions from Rockefeller and Carnegie. I 
regard money obtained from that source as immoral." 

Senator Lane of Oregon said, "If the money of Rockefeller is 
used as effectively on the boll weevil as on the wives and children of 
the miners of Colorado, undoubtedly it would exterminate the pest." 

The Education Board has been charged with meddling in school 
affairs in order to control the educational facilities of the country. In 
the N. Y. Globe of March 28, 1919, Dr. W. J. Spillman, former chief 
of Federal Farm Management under the Secretary of Agriculture, 
writes : 

"Nine years ago I was approached by an agent of Mr. Rockefeller 
with the statement that his object in establishing the_ General 
Education Board was to gain control of the Educational in- 
stitutions of the country so that all men employed in them 
might be 'right'. I was then informed that the Board has been suc- 
cesful with smaller institutions but that the larger institutions had 
refused to accept the Rockefeller money with strings ried to it. My 
informant said that Mr. Rockefeller was going to add $100,000,000 


to the Foundation for the express purpose of forcing his money into 
the big institutions." 

In discussing his bill prohibiting the payment of one dollar a year 
salaries by the U. S. Bureau of Education, to persons connected with 
the General Education Board and Carnegie Foundation, Senator 
Chamberlain of Oregon said on January 26, 1917: "The Carnegie- 
Rockefeller influence is bad. In two generations they can change the 
minds of the people to make them conform to the cult of Rocke- 
feller or the cult of Carnegie, rather than to the fundamental prin- 
ciples of American democracy." 

Senator Chamberlain presented a list of 157 persons drawing $1 
a year from the U. S. Bureau of Education who he said were supported 
by the Rockefeller, Carnegie and other organizations. 

Senator Kenyon of Iowa, made the direct accusation that "agents 
of Rockefeller have examined the curriculum of colleges and refused 
to endow them unless certain courses were stricken from the list." 

Most of Mr, Rockefeller's donations to the University of Chicago 
and Rockefeller Institute for Medical Research, have come out of in- 
come from the General Education Board. Up to 1917 Mr. Rocke- 
feller reserved the right to appropriate out of the Board's funds, such 
sums for "specifiic purposes" as he or his son saw fit. Under this reser- 
vation they donated $15,000,000 to the University of Chicago and 
$11,000,000 to the Rockefeller Institute. Since then an additional 
$10,000,000 was given to the Institute. The Chicago University has 
a total endowment of $40,000,000, and the Institute, about 

Up to the time the Board donated $26,000,000 to these two in- 
stitutions by direction of Mr. Rockefeller, it had appropriated less than 
$16,000,000 for all other educational purposes. 

The General Education Board holds virtually the same kind of 
securities as does the Foundation, and the institutions to which gifts 
have been made are thereby obliged to sustain the industrial system 
under which the Rockefeller fortune is created. 

Evidence of the Rockefeller effort to control the policy of the 
school board in New York City was disclosed in a letter from Abraham 
Flexner, Secretary of the General Education Board, to Edgerton L. 
Winthrop Jr., President of the Board of Education, under the late 
Mayor Mitchel. The letter is dated January 26, 1916, and reads 
as follows: 

"Dear Winthrop: 

"It seems to me that there was a painful lack of clean-cut 
decisiveness about our conference yesterday afternoon. Unless we can 
stick to a resolution once formed and not raise questions continuously 


and show an inability to hold to a line of action once determined upon, 
these other fellows will run away with the situation despite our major- 
ity. I have just spoken to Wile over the telephone. In my opinion, 
we should postpone action not only on the report of the nominating 
committee, but also on Dr. Maxwell's letter asking leave of absence, 
because we shall not have our full voting strength there today. Arn- 
stein, Fosdick and I shall be absent and perhaps others. On the other 
hand, we shall have our full voting strength on election day. If Max- 
well's letter is brought up today and we lose on it, the other fellows 
will infer that we have not control of the Board and two or three 
wobblers may go over to them on the presidential election. Please 
show this letter to Mr. Whalen and for heaven's sake, take no chance 
of being defeated on any proposition between now and February 7th. 

Very sincerely yours, 
(Signed) Abraham Flexner. 

One of the charges in the campaign which defeated Mayor 
Mitchel for re-election in 1917, was that the Rockefellers dominated 
the public schools. Another charge was that the Rockefellers aim to 
control educational facilities, to make "menials and mechanics of chil- 
dren of the poor." The accusation is based mainly on the following 
extract from "Occasional paper No. 1" issued by the General Educa- 
tion Board (page 6), and credited to the pen of the Rev. Frederick 
T. Gates: 

"In our dreams we have limitless resources and the people yield 
themselves with perfect docility to our moulding hands. The present 
education conventions fade from our minds, and unhampered by tradi- 
tion, we work our own good will upon a grateful and responsive rural 
folk. We shall not try to make these people or any of their children 
into philosophers or men of learning or of science. We have not to 
raise up from from among them authors, editors, poets or men of let- 
ters. We shall not search for embryo great artists, painters, musicians, 
nor lawyers, doctors, preachers, politicians, statesmen of whom we 
now have ample supply. The task that we set before ourselves is very 
simple as well as a very beautiful one, to train these people as we find 
them to a perfectly ideal life just where they are." 

On page 10 of the same paper, we find : 

"So we will organize our children into a little community and 
teach them to do in a perfect way the things their fathers and mothers 
are doing in an imperfect way, in the homes, in the shop and on the 


The General Education Board advocated the Gary System in 

the New York public schools as did the Public Education Association, 

supported by the Rockefellers. This system was rejected by the peo- 


pie whose children patronize the public schools and who pay virtually 
the entire cost of city government. 

One of the results of money control of education seems to be the 
release of Professor Brewster from the faculty of the Colorado State 
University. Professor Brewster was a member of the law faculty of 
the University of Michigan before he went to Colorado. He is the 
author of several text books on legal jurisprudence and acted as coun- 
sel for the striking coal miners in Colorado, against the Colorado Fuel 
& Iron Co., controlled by Rockefeller. He said that President Far- 
rand of the University told him that Governor Ammon demanded his 
"immediate dismissal." 

"I will say," continues Prof. Brewster, "that while the regents 
were under no legal obligation to retain me in ofHce, their failure to 
do so is in the opinion of many just members of the faculty, equivalent 
to a dismissal ; and further that as my work has been 'eminently satis- 
factory,' the only cause for this dismissal are the facts that I testified 
to the truth before the Commission on Industrial Relations, and that 
I appeared as counsel for the Miners' Union before the Congressional 
Committee in February and March, 1914," 

The Association of College Professors has a list of their mem- 
bers who suffered dismissal for their economic opinions and principles. 

Laura"Spelman Rockefeller Memorial 

When John D. Rockefeller's wife died in 1915, she left an estate 
of $1,500,000 of which $425,000 was given to the Rockefeller Founda- 
tion. This gift escaped taxation because the Foundation's charter pro- 
vides that the funds be devoted to the "well being of mankind 
throughout the world." The decision of the transfer tax office ap- 
proved by the surrogate in New York City, means that John D. Rocke- 
feller might escape taxation on his entire fortune if he is permitted to 
leave it to his Foundations. 

Mrs. Rockefeller left $181,000 Baltimore and Ohio bonds, 2,690 
shares Pennsylvania R. R., valued at $141,225 ; 736 shares Manhattan 
Railway, valued at $94,208 ; bonds of Chicago, Milwaukee & St. Paul 
R. R., valued at $75,122; 600 shares preferred Atchison, Topeka and 
Santa Fe, valued at $58,000; bonds of the Western Maryland, valued 
at $54,593; 412 shares Consolidated Gas, valued at $47,380; 527 
shares Southern Pacific, valued at $44,268 ; bonds of Atlantic Coast 
line, valued at $42,729; bonds of National Railways of Mexico valued 
at $30,000, and other property. 

On November 25, 1920, Mr. Rockefeller announced the crea- 
tion by charter in New York State, of the Laura Spelman Rockefeller 


Memorial in memory of his wife, and endowed this institution with 
securities valued at $63,763,357. A list of the securities was not 
made public. The directors under the charter are John D. Rocke- 
feller, Jr., Charles E. Hughes, George Welwood Murray, Starr J. 
Murphy and Willard S. Richardson. 

In announcing this "benefaction" John D. Rockefeller, Jr., ex- 
plained: "the particular objects for which the corporation is formed 
are the application to charitable purposes of the income, and if the cor- 
poration so decides, of the principal of such property as the corporation 
may from time to time possess." The "corporation" is John D. 
Rockefeller Sr. and Jr. "The Memorial," said Mr. Rockefeller, 
"should it lay stress upon the promotion of the welfare of women and 
children, would there find a distinctive field of usefulness." 

Eight million dollars of the Memorial Fund, it was announced, 
were appropriated to various activities to which the Rockefellers were 
already pledged. It was the second time these "appropriations" were 
announced. How much of them have been disbursed, was not dis- 
closed. The "appropriations" are: Northern Baptist Convention (5 
year period), $4,000,000; Palisades Park Commission, $1,000,000; 
Northern Baptist laymen, $750,000 ; Young Women's Christian Asso- 
ciations, $500,000; Young Women's Christian Associations (Trow- 
mart Inn Building) , $300,000 ; Interchurch World Movement, $200,- 
000 ; Community Service in United States, $200,000 ; Mission Boards, 
etc., in China, $120,000; Fresh Air Home, Staten Island, $120,000; 
Young Men's Christian Association, $168,000; Community Health 
Work, East Side (New York), $81,553; Henry Street Settlement, 
$50,000; Salvation Army, $50,000; Baptist Home for Aged, $50,000; 
Y. W. C. A., IvTew York and Q^veland, $40,000 ; Cleveland Com- 
munity Fund, $35,000; Y. M. C. A., New York and Cleveland, 
$35,000; United Hospital Fund, $30,000; Red Cross Xmas Seal 
Work, $25,000; Women's Baptist Foreign Mission, $25,000; Boy 
Scouts, $20,000: Charity Organization Society, $12,000; Travelers' 
Aid Society, $12,000 and Association for Improving Condition of 
Poor, $10,000. 

Ivy Lee, Rockefeller's publicity agent, when asked what would be 
done with the balance of $55,000,000 in the Memorial Fund, said, ac- 
cording to the New York Times, that the "plans are immature." 

Carnegie Corporation 

The Carnegie Corporation is considered the reservoir of funds 
for the various Carnegie benefactions. It was chartered in New York 
State June 9, 1911, "for the purpose of receiving and maintaining a 
fund or funds and applying the income thereof to promote the advance- 


ment and diffusion of knowledge and understanding among the people 
of the United States by aiding technical schools, institutions of higher 
learning, libraries, scientific research, hero funds, useful publications 
and by such other agencies and means as shall from time to time be 
found appropriate therefor." 

On Nov. 10, 1911, Mr. Carnegie transferred $25,000,000 first 
mortgage U. S. Steel bonds to the Corporation. On Jan. 16, 1912, 
he transferred $75,000,000 more and on Oct. 29, 1912, he made an- 
other donation of $25,000,000 consisting of various securities. The 
Corporation is permitted under its charter, to hold funds without limi- 
tation and to apply the income to its prescribed purposes in the United 
States, Canada and British Colonies, the charter having been amended 
in 1916. When Mr. Carnegie died in 1919, he left the residue of 
his estate to the Corporation stating in his will that he had made 
liberal provisions for his family in his lifetime. Half the residue, 
about $12,000,000, went to Mr. Carnegie's family, under the law of 

Besides the funds in the Corporation, Mr. Carnegie disposed of 
about $200,000,000 as follows: 

Carnegie Foundation for Advancement of Teaching $29,250,000 

Carnegie Institute, Pittsburg 28,000,000 

Carnegie Institution, Washington 22,300,000 

Carnegie Hero Funds 10,540,000 

Carnegie Endowment for International Peace 10,000,000 

Scottish Universities Trust. 10,000,000 

United Kingdom Trust 10,000,000 

Public Libraries, about 60,000,000 

Church organs 6,250,000 

and several million dollars for other similar purposes. 

Since its incorporation, the Corporation has distributed approxi- 
mately $50,000,000 from income, and it had on Sept. 30, 1918, a total 
of $129,670,303, not including the residue of Mr. Carnegie's estate 
which will make the total in excess of $150,000,000. Most of the 
$50,000,000 distributed from income is included in the total of $200,- 
000,000 mentioned above. The principal of the Corporation will no 
doubt revert to the Carnegie family, if the trust is dissolved or its 
purpose fails. The trustees of the Corporation are the heads of the 
five institutions that have received the largest donations from Mr. 
Carnegie, besides Elihu Root, and Mr. Carnegie's two secretaries, Rob- 
ert A. Franks and James Bertram. Mr. Carnegie himself was a 
trustee until his death. 

Mr. Carnegie believed that a man of great wealth held its surplus 
above actual needs, "as trust funds which he is bound as a matter of 


duty to administer in a manner which in his judgment is best calcu- 
lated to provide the most beneficial results for the community." 

Some of the work of the Carnegie Foundation has been severely 
criticised. Dr. Abraham Flexner who is secretary of the Rockefeller 
General Education Board, made a report for the Foundation in 1910 
in which he condemned the medical schools in the United States. In 
1912 he wrote a report on "Medical Education in Europe" in which 
he placed most of the American schools below the lowest European 
standard. To this second report President Henry S. Pritchett wrote 
an introduction in which he says : 

"The State of Massachusetts tolerates in the City of Boston, the 
State of New York tolerates in the City of New York, the state of 
Illinois tolerates in the City of Chicago, the state of Missouri tolerates 
in St. Louis, the state of California tolerates in San Francisco, so-called 
medical schools that pretend to train doctors, despite the fact that they 
are without adequate clinical facilities. 

"In no European Country is it possible to find an educational farce 
of this description. There every school has adequate clinical resources 
under complete control. If the lowest terms upon which a medical 
school can exist abroad were applied to America, three-fourths of our 
existing medical schools would be closed at once. And let me add, 
the remaining fourth would be easily and entirely adequate to our 

"Managers of feeble medical enterprises in our country pretend 
that they are making great sacrifices for the public good. This hypo- 
critical pretense ought not to be permitted longer to damage the public 
interest. No medical school that lacks proper facilities has any other 
motive than the selfish advantage of those that carry it on; and no 
civilized country except America at this day allows such enterprises to 
impose upon the public." 

In writing this introduction. President Pritchett may have over- 
looked the fact that the medical schools he thus condemns are not en- 
dowed with Carnegie funds and are obliged to struggle for financial 

The Foundation "discovered" in 1916 that the cost of education 
was rising and it has published the results of various other "studies" 
under the following caption: "Financial status of the professor m 
America and Germany," "Academics and Industrial Efficiency," "Edu- 
cation in Vermont," "Common Law and the case method in American 
University Law Schools," "Federal Aid for Vocational Education, 


In 1914, Thomas W. Churchill, President of the Board of Edu- 
cation, New York City, said at the commencement exercises of Man- 
hattan College : 


"The Foundation has deliberately and conspicuously made a 
mark of the religious colleges — particularly of the small institutions 
which in their own field carried on a great Samaritan work with lim- 
ited equipment but a splendid spirit, and one after another, many 
religious colleges have been seduced by great wealth to give up the 
independence that should be found in a college if nowhere else, and 
to forsake the faith of their founders. 

"If education is not free, it will soon be formalized and dead, 
and I deem it my duty to enter a protest against the standardization 
which the foundation attempts to secure and against its interference 
with religious education. It makes one boil with shame to think that 
in this generation and in this republic any body of men would so 
brazenly employ the tremendous power of great wealth as to permit it 
to buy the abandonment of religion." 

The Foundation contributed $150,000 to the National Security 
League whose political activities during the war, were condemned in 
a Congressional committee report. 

Virtually all of Mr. Carnegie's donations' are in bonds of the 
U. S. Steel Corporation from which sources the various Carnegie 
institutions draw their income ; hence they are morally obliged to 
sustain the conduct of the Steel Trust in business. 



( This list has been carefully compiled. The author does not pre- 
tend that every name is properly classified or that the list contains 
every name that should be there. He will welcome any information 
that will aid an accurate compilation.) 

$2,500,000,000— Rockefeller (John D.) 
500,000,000 each— Astor, DuPont, Guggenheim, Vanderbilt 
400,000,000 each— Harkness 
300,000,000 each— Mellon, Pratt, Weyerhaeuser 
200,000,000 each— Armour, Ford, Goelet, Morgan, Payne-Whit- 
ney, Rockefeller (William) 
150,000,000 each— Baker, Brady, Carnegie, Clark, Field, Frick, 
Gould, Harriman, Hill, Swift, Taylor-Pyne. 

$100,000,000 Each 

Berwind, Blair, Converse, Dodge, Flagler, Green, Heckscher, Kahn, 
McCormick, Penfield, Phipps, Ryan, Stotesbury, Widener. 

$75,000,000 Each 

Dodge, Doheny, Drexel-Biddle, Duke, Ehret, Grace, Hearst, Hun- 
tington, James, Kennedy-Tod, Mills-Reid, Reid, Rogers, Rhinelan- 
der, Roebling, Schifl, Stephenson, Stillman, Warburg, Warden- 
Bodine, Wendel. 

$50,000,000 Each 

Agassiz, Altman, Appleby, Arbuckle, Archbold, Bedford, Belmont, 
Billings, Bingham, Bostwick, Bourne, Brewster, Brokaw, Brown, 
Busch, Chapin, Childs, Cochran, Colt, CofKn, Corey, Coxe, Crocker, 
Cudahy, Davis-Elkins, Deering, De Lamar, Doherty, Dolan, Dollar, 
Durant, Eastman, Edenborn, Elkins, Fair, Gerry, Haggin, Hanna, 
Havemeyer, Hayden, Higgins, Houston, Iselin, Jennings, Keith, 
Leeds, Lewisohn, Mackay, Macy, Maderia, McLean- Walsh, Miller, 
Ledyard, Moore, Morris, Oliver, Pabst, Peabody, Phelps, Pierce, 
Plant, Pullman, Pulitzer, Ream, Rosenwald, Sage, Schwab, Scranton, 
Sayles, Sears, Severance, Sewell, Shaw, Sinclair, Smith, Spreckels, 
Tilford, Untermyer, Walker, Watson, Watt, Whitney, Yawkey. 

$20,000,000 Each 

Adams, Agnew, Aldrich, Alexander, Alger, Allen, Allerton, 
Ames, Andrus, Arnold, Atterbury, Auchincloss, Ayres. 


Bache, Barstow, Barker, Barber, Borbour, Babst, Baruch, Bayne, 
Beekman, Benedict, Benson, Berton, Bethell, Bird, Bishop, Black, 
Blackstone, Bliss, Blodgett, Blumenthal, Boldt, Booth, Borden, Bow- 
doin, Bronner, Brooker, Brown, Brookman, Broughton, Buhl, Burden, 
Burchard, Burrage, Burt, Bush, Butler, Byllesby. 

Campau, Campbell, Carstair, Chambers, Chalmers, Chapman, 
Chesebrough, Clark, Clarke, Clews, Clothier, Cochran, Close, Cole, 
Colgate, Cone, Coolidge, Cosden, Couzens, Crane, Cravath, Crom- 
well, Crossett, Curtis, Cutler, Cutting, Cuyler. 

Daly, Davis, Davison, Deering, De Forest, Delafield, De Lamar, 
Delano, Dennis, Depew, Dick, Dinkey, Doelger, Douglas, Dryden, 

Emery, Endicott. 

Fabyan, Fahnestock, Fairbanks, Farr, Firestone, Fish, Fleisch- 
man, Fletcher, Flinn, Flint, Folger, Foss, Forbes, Foster, Franklin, 
Frazier, Frew, Friedsam, FruehofE, Fuller. 

Gamble, Garland, Gary, Gates, Geddes, Gimble, Girard, Gless- 
ner, Goodrich, Grace, Grant, Griscom, Griswold, Guffey. 

Hamilton, Hamersley, Hammond, Hanan, Hanauer, Harding, 
Hartley, Harris, Harrison, Harriss, Haskell, Hawley, Hearn, Hein- 
sheimer, Herrick, Hester, Hevntt, Higginson, Hill, Hine, Hitchcock, 
Hochschild, Hoe, Hoffman, Hodenpyl, Hostetter, Howell, Hoyt, 
Hunnewell, Huntington. 


Jamison, Jarvie, Jessup, Jones, Johnson, Juilliard. 

Kaufman, Kendall, Kessler, Knight. 

Lamont, Lane, Lapham, Lathrop, Lauter, Leiter, Leland, Leh- 
man, Lewis, Liggett, Lloyd, Lockhart, Logan, Longworth, Loree, 
Lorillard, Lovett, Lowell, Luttgen. 

Maloney, Marston, Mather, Matheson, McAlpin, McFadden, 
McFarlin, McLean, McMillan, McWilliams, Mayer, Meyer, Mil- 
bank, MiUigan, Milliken, Miller, Minot, Mitchdl, Moffett, MoUen- 
hauer, Monell, Moody, Morton, Morrison, Morron, Morrow, Mun- 
sey. Murphy. 

Nathan, Newbold, Newberry, Nichols, Niedringhaus. 

O'Day, Oelrichs, Osborn, Otis. 

Packard, Paine, Palmer, Pam, Paterno, Patten, Patterson, Pea- 
body, Peacock, Pell, Penrose, Perkins, Perry, Pillsbury, Pitcairn, 
Post, Porter, Potter, Pouch, Preston, Prince, Proctor, Prosser, Pruyn. 

Rainey, Randall, Raskob, Replogle, Reynolds, Richards, Riker, 
Rionda, Roberts, Roosevelt, Rosen, Rosenbaum, Ruppert, Ryan. 

Sabin, Sachs, Saks, Salomon, Sampson, Sanford, Saulsbury, 
Schinasi, Schlesinger, Schley, Schmidlap, Scripps, Schulte, Sealy, Selig- 
man. Seep, Seger, Seiberling, Shaffer, Shedd, Spalding, Shepard, 
Singer, Sloan, Sloane, Slocum, Smathers, Smith, Smithers, Snow, 


Speyer, Spoor, Sprague, Stair, Stanford, Stearns, Steele, Stettinius, 
Stevens, Stewart, Stockton, Stokes, Stone, Storer, Storrow, Straight, 
Strauss, Straus, Swenson. 

Taft, Teagle, Thayer, Thaw, Thomas, Thompson, Thorne, 
Tiffany, Trexler, Tripp, Tucker, Twombly. 


Vail, Vanderlip, Vauclain, Vermilyea. 

Wadsworth, Walker, Walters, Wanamaker, Ward, Warfield, 
Waring, Warriner, Waterbury, Webster, Weeks, Westinghouse, 
Wetmore, Wharton, Wheelwright, Whelan, White, Wiggin, Wight, 
Williams, Wilkinson, Willys, Wilson, Winsor, Winthrop, Wolcott, 
Wood, Woodward, Woolworth, Work, Wrigley. 





In October, 1906, the late President Theodore Roosevelt said 
at the laying of a cornerstone in Washington : 

"As a matter of personal conviction without pretending to discuss 
the details or formulate a system, I feel that we shall ultimately have 
to consider the adoption of some such scheme as that of a progressive 
tax on the fortunes beyond a certain amount either given in life or 
devised or bequeathed beyond death, to the individual — a tax so framed 
as to put it out of power of the owner of one of those enormous for- 
tunes to hand over more than a certain amount to an indiviudal, the tax 
of course to be imposed by the national not the state government." 

President Roosevelt declared more than once that excessive 
private fortunes should be limited and he denounced "malefactors of 
great wealth" who misuse their wealth in politics and industry. 

In his book "The Menace of the Millionaire," Richard D. Kath- 
rens says : 

"The multi-millionaire serves no good purpose; gauged by every 
standard, and from every point of view, he is a calamity. Despite the 
possible charm of his personality — his kindly mien, his gracious man- 
ner, his genial comradeship; despite the largeness of his heart — the 
multiplicity of charities, unostentatious method of his giving, and the 
thoughtful and practical value of his benefactions — nevertheless, the 
multi-millionaire is a positive menace. Without wishing to be — even 
without knowing it, he is rendered by virtue of the subtle power of 
his money — an enemy of society, and the foe of popular government. 
His very presence is a threat; and his activity is a hindrance and an 
obstruction to the industry of others. His financial superiority serves 
to check personal initiative, to discourage competition, and accom- 
plishes the despair of the poor." 

Dr, Frank Crane, in one of his syndicated editorials, says: 
"Mr. Rockefeller proves that it is possible, under modern econo- 
mic conditions, for wealth to concentrate into the hands of a few. 
Are we going to allow that tendency to go unrestrained? Is gov- 


ernment ever justified in limiting the wealth of its citizens? If one 
suggests the limiting of private fortunes is he necessarily an anarchist, 
an upsetter, or a dangerous radical" ? 

William Randolph Hearst in condemning the Carnegie Founda- 
tion and Rockefeller for their contributions to the so-called National 
Security League, said in 1919: "Congress should end this dollar des- 
potism." He urged a 50% tax on all inheritances over $20,000,000 
and a heavy tax on large incomes. 

Harlan Eugene Read, in his book "The Abolition of Inheritance" 
(page 108), says: "The greatest war in all the world will be the war 
against unearned money. Let us hope that it will be fought with 
ballots rather than bullets." 

In a speech in June, 1921, John Wanamaker, said at the unveil- 
ing of a bust of William Booth, founder of the Salvation Army: 
"No man ought to pile up money where there is no such need for it 
in the world. He cannot take it with him beyond the grave. We 
have got to get nearer to God — with less smug Christianity and more 
of the real thing." 

"The almighty dollar bequeathed to children, is an 'almighty 
curse,' " wrote Andrew Carnegie in "The Gospel of Wealth." "No 
man has a right to handicap his son with such a burden as great 

William K. Vanderbilt, who died recently, said in 1905: 

"Inherited wealth is a big handicap to happiness. It is as certain 
death to ambition as cocaine is to morality." 

The late Joseph Pulitzer believed that a private fortune of $50,- 
000,000 was a menace to the republic. 

Private fortunes have been limited in various ways since the war. 
In Russia, royalty and the Czar were overthrown by violence, and 
thousands of those who owned vast wealth were killed and their prop- 
erty seized by the Soviet government. 

In Hungary, Poland, Roumania and Italy, large estates were 
seized by the peasantry and divided. Factories and mines were soviet- 
ized. In France, England and Germany, measures have been pro- 
posed taxing capital wealth to pay war debts. In October, 1919, 
John Clynes from Manchester, offered a resolution in the House of 


Commons in Lx)ndon, for "a levy on capital and a reversion to the 
state of fortunes made from the war." In no other way, said he, 
could Great Britain's war debt of eight billion pounds ($40,000,000,- 
000) be wiped out. Lord Robert Cecil (conservative) in reply said 
he did not regard a levy on capital as "unprincipalled or confiscatory." 
In France a 25% tax on capital wealth is proposed, and Germany 
may soon impose a 20% capital tax in favor of the allies. 

Charles H. Grasty, in an article from the Peace Conference in 
Paris on March 20, 1919, quotes one of the American economic ex- 
perts, as follows: 

"I shall not be surprised to see a capital tax levied in England. 
To levy such a tax would prove a complex and drastic proceeding, but 
if it were done the recovery from the war depression would be much 
more rapid. If all countries had the nerve to adopt this method, the 
world would soon get back to normal. // handled scientifically, a 
capital levy would be a tremendous stimulus to undivided saving and 
thrift. Another valuable result would be the tendency to get rid of 
class prejudice. If the suggested capital levy could take the form of 
an assessment against private and corporate wealth on some equitable 
basis, it would satisfy all demands." 

Taxes were heavy and burdensome during the war and still are, 
and though many large fortunes were acquired in a few years, some 
of them have shrunk or been wiped out. Those who were rich before 
the war, are in most instances richer now in spite of all taxation. In 
the United States the maximum rate of tax on incomes was 60% ; in 
England 80%. Even these high rates were not exorbitant when the 
degree of profit is considered. These taxes were levied only on exces- 
sive incomes and in most instances, the tax deduction left the owner 
with more than pre-war return. 

In a discussion on incomes and war debts in July, 1918, Con- 
gressman Little of Kansas, proposed that all incomes over $100,000 
a year, be appropriated by the government. 

"Any man who wants more than $100,000 to live on in these 
times is not a good citizen," he said. "Let John D. Rockefeller come 
down and give the government all he has over $100,000 a year. Why 
annoy every poor man by taxing necessities and simple luxuries when 
you can levy on incomes in excess of $100,000." 


Federal Income tax returns for 1919 show that two persons re- 
ported net incomes in excess of $3,000,000 each; 28 had more than 
$2,000,000 each; 13 with incomes between $1,500,000 and $2,000,- 
000; 162 with incomes exceeding $1,000,000 each and 90 whose in- 
comes exceed $750,000 each. These returns indicate that there were 
205 persons who acknowledged that their incomes for 1909 (the year 
following the signing of the armistice) exceeded $1,000,000 each. 

In 1917, income tax returns show four incomes exceeded $5,- 
000,000 each, eight in excess of $4,000,000 each, six in excess of 
$3,000,000 each, twenty-six in excess of $2,000,000 each, thirty-five in 
excess of $1,500,000 each, 150 in excess of $1,000,000 each and 315 
in excess of $500,000 each. 

One of these whose incomes exceeded $5,000,000, was John D. 
Rockefeller, whose income for 1917 the New York World of Jan- 
uary 25th, 1920, says, was $34,936,604. The N. Y. Times says it 
was $43,000,000. The Times says he paid a tax of $14,800,000 for 
1917. Mr. Rockefeller's total income was probably four times as 
much as reported, his vast holdings of government, state and city 
bonds being untaxed, along with stock dividends, and the income of his 
Foundations which hold several hundred million dollars securities. 
Two others of the $5,000,000 class reported net incomes totalling 
$16,511,216 together. These are believed to be Henry Frick and 
William Rockefeller, Carnegie having given away most of his fortune. 
One woman reported a net income of $5,794,559. She was prob- 
ably Mrs. E. H. Harriman. 

The N. Y. Times estimates Mr. Rockefeller's taxable income 
in 1920 at $35,000,000, and his gross income at $50,000,000. B. C 
Forbes says his taxable income in 1918 was $60,000,000. 

Federal income tax returns for 1916 showed that ten persons re- 
ported incomes in excess of $5,000,000 each, nine in excess of $4,000,- 
000 each, fourteen in excess of $3,000,000 each, thirty-four in excess 
of $2,000,000 each, forty-two in excess of $1,500,000, ninety-seven in 
excess of $1,000,000 each, and 376 in excess of $500,000 each. 

The gross aggregate of private incomes during 1916, is estimated 
at $40,000,000,000. The total on which taxes was paid that year, 
was $6,084,273,500, the balance of gross income being untaxed. In 
other words, income tax was paid to the federal government that year 


on about 12% of actual gross income. In 1917 it is estimated gross 
income was $60,000,000,000, the federal income tax being levied on 
$8,703, 068, 389. 

The Walsh United States Industrial Commission investigated in- 
comes and excessive private fortunes and reported in 1916 (pp. 32 
and 33), that the virealth of the nation "has become concentrated to 
a degree which is diflficult to grasp." 

Quoting Prof. William I. King, it says: "the 'rich' 2% of the 
people own 60% of the wealth; the 'middle class" 33% of the people, 
own 35% of the wealth; the poor 65% of the people own 5% of the 

The' report continues : 

"The actual concentration has, however, been carried much fur- 
ther than these figures indicate. The largest private fortune in the 
United States, estimated at $1,000,000,000, is equivalent to the aggre- 
gate wealth of 2,500,000 of those who are classed as 'poor' who own 
on an average about $400 each. 

An analysis of 50 of the largest American fortunes shows that 
nearly one-half have already passed to the control of heirs or to trustees 
(their vice regents) and that the remainder will pass to the control of 
heirs within 20 years, upon the death of the 'founders.' Already these 
founders have almost without exception, retired from active service, 
leaving the management ostensibly, to their heirs but actually to 
executive officials upon salary." 

As illustrating wealth concentration, Basil M. Manley, who was 
director of Research and Investigation for the Walsh Commission 
writes : 

"I examined in the course of my investigation every stockholder's 
list made public in the last three years, about 300 all told, and found 
that taking them all together — big companies and little companies, 
banks, railroads and industrials — less than 2 per cent of the stock- 
holders, owning 1,000 shares and over, hold more than 50 per cent 
of the stock. 

"In New York, 99 families own one-seventh of all Manhattan 
land values. In Chicago, 10 families own one-twelfth of all the 

A large share of the taxable wealth of the nation is untaxed be- 


cause it is lodged in safe deposit vaults in Washington, the National 
Capitol, and because it is invested in non-taxable securities. The fact 
that large virealth wras lodged in Washington to escape taxation, was 
disclosed by Congressman Prouty of low^a, who was a member of the 
District of Columbia Committee of the house, who said in 1914: 

"There are two men commonly reported to have $100,000,000 in 
this city locked up in their safety vaults now. There are plenty of 
men making Washington a technical residence for the very purpose 
of escaping taxation." 

Private incomes are taxed in virtually all countries, to provide 
governmental revenue, and the rate of taxation is far heavier now than 
before the war. The income tax dates back to 1697 in France, to 
1799 in England, to 1812 in Germany (Prussia) and to 1861 in the 
United States, though there were various forms of taxation on revenue 
and private profit, in the colonies. 

The second period of income tax in this country began in 1894 
when a tax of 2% was levied on individual incomes in excess of $4,000. 
The present income tax law has been in effect since February, 1913, 
when the 16th amendment to the United States Constitution became 
operative, having been ratified by three-fourths of the states of the 
Union. During he war, the minimum income subject to taxation, 
was $2,000 for heads of family and $1,000 for unmarried persons. 

Many well known persons have advocated limiting private for- 
tunes in the United States. Colonel Edward M. House believes 
private fortunes should be limited. So does former Vice President 
Thomas R. Marshall. So does Mr. Scripps, head of the Scripps- 
McRae S5Tidicate of newspapers. The Farmers National Council, 
with headquarters in Washington, advocates a capital tax of 15 per 
cent on fortunes from $1,000,000 to $25,000,000; 20 per cent on for- 
tunes from $25,000,000 to $50,000,000; 30 per cent on fortunes from 
$50,000,000 to $75,000,000; 40 per cent from $75,000,000 to $100,- 
000,000; 50 per cent from $100,000,000 to $125,000,000; 60 per cent 
from $125,000,000 to $500,000,000, and 75 per cent on fortunes in 
excess of $500,000,000. 



"To die rich is to die disgraced," said Andrew Carnegie some 
years before he died, and he proceeded to give ^way the bulk of his 
fortune. Many men have died "disgraced" and vtrere disgraced by 
their children to whom they left their vast fortunes. Instances of dis- 
graceful conduct on the part of the children are brought to public 
attention almost daily. 

The bulk of excessive private fortunes is in the hands of third, 
fourth and fifth generations. The Astors, Vanderbilts, Goelets and 
DuPonts are of the third, fourth and fifth generations; the Hark- 
nesses, Pratts, Guggenheims, Payne-Whitneys, Morgans, Armours, 
Hills, Green, Stillman, Svtafts, etc., are of the second and third 

William L. Harkness died in 1919, leaving $55,000,000. His 
brother, Charles W., left $170,000,000 in 1916 and his brother, 
Lamon V., left $100,000,000 in 1915. Here are $325,000,000 left 
to heirs in six years — a compoict mass of wealth sufficient to destroy 
the very foundation of this republic if wielded in that direction. The 
bulk of this wealth, consisting of the choicest securities, was left to 
Edward S. Harkness, a brother of the deceased, who is still alive and 
who had many millions of his own before he inherited these fortunes. 
The wealth of the Harknesses is descended from Stephen V. Harkness, 
a pioneer in the oil business, with John D. Rockefeller. It amounts 
to about $400,000,000. 

The Pratts are worth about $300,000,000, the nucleus of 
which fortune was inherited from their father, who was the third 
largest stockholder in Standard Oil. Their wealth, like that of the 
Harknesses, has grown dynamically in the past fifty years through 
the excessive earnings of Standard Oil. 

The Payne-Whitney heirs are worth $200,000,000, mostly in 
StandJird Oil, tobacco and copper, and the heirs of Henry M. Flagler 
of Standard Oil, own another hundred million dollars. Flagler left 
most of his fortune to his second wife, whose heirs never dreamed of 
possessing such vast wealth before she married him. 


The two sons of William Waldorf Astor, who live in England, 
own two hundred million dollars of American wealth that escaped 
taxation because the property was put in trust for them before their 
father died, and because their father was a British subject. 

The dynamic increase in the Guggenheim fortune has brought it 
up to about half a billion dollars in the past twenty years. Most of 
their wealth is in the ground, but it requires only time to coin it into 
gold, while the fortune automatically increases. 

Marshall Field, in 1906, left $85,000,000 tied up legally until 
his youngest grandson, then nine years old^ shall have become fifty. 
In an effort to break the vnW, it was estimated in court that the 
estate might exceed $400,000,000 at that time. The youngest grand- 
son died, and the entire fortune, now in excess of $150,000,000, be- 
longs to the only living heir, under thirty. 

W. Averill Harriman, at thirty, is prospective heir to more than 
$150,000,000 which he will inherit in a few years. William Vincent 
Astor, under thirty, possesses an inherited fortune today which 
amounts to $100,000,000, consisting mainly of New York City real 
estate. His income is about $5,000,000 a year. The elderly sisters 
of John G. Wendel inherited about $80,000,000, mainly in New 
York real estate. 

William B. Leeds, nineteen years old, is heir to more than $50,- 
000,000 to which his father's estate has grown in fifteen years. His 
mother is the wife of the brother of the King of Greece and he is 
engaged to the King's niece. The sons of Alfred Vanderbilt, who 
are not more than 6 and 8 years old, are worth $30,000,000 and 
heirs to many millions more. 

John C. Brown, the banker of Rhode Island, died in 1874, leav- 
ing $25,000,000 tied up for a prospective grandson, until 1914. The 
boy is now 25 years old and is worth more than $40,000,000. Cath- 
erine Barker (Mrs. Howard Spalding) at 26, is worth $40,000,000. 
She inherited $30,000,000 in 1913. Yawkey's adopted son at 18 is 
worth $40,000,000, and Searles' $40,000,000 went to his secretary. 
Henry Miller's $40,000,000 in California land, went to his only 

There are others of immature years who inherited stupendous 
wealth, and there are aged widows and spinsters loaded down with 


excessive inherited riches. These persons have the financial means but 
not the capacity to accomplish much good. Is there any sound social 
reason why tens of millions of dollars should be lodged in their hands? 

The richest heir is John D. Rockefeller, Jr., who already possesses 
several hundred million dollars of his father's wealth. He will have 
several hundred millions more when his father dies. Mr. Rocke- 
feller, Jr., is trained in an economic system which produces tens of 
millions of dollars annually for his family. His children will ulti- 
mately inherit the vast Rockefeller fortune, unless the laws of inheri- 
tance are changed. 

Should we permit excessive private fortunes to accumulate so that 
the few may leave only greater wealth to their families? Should we 
permit fortunes to be left to Foundations, to escape taxation, and to 
be used as the "dead hand" of the Founder or his heirs, direct? 
The right to inherit property is only a privilege granted by the State. 

In Rome, in the second and third century, A. D., wealth was con- 
centrated. A spirit of giving seized those of excessive fortune. They 
gave to the State. The State was poor and direct heirs were dimin- 
ishing. Men of excessive wealth built public edifices and gloried in 
their own generosity. As much as they despised the public, they 
sought popular applause by giving. 

The problem of concentrated wealth was met in ancient days, in 
various waj^. In biblical times, the Jews redistributed property every 
fifty years and celebrated with a jubilee; hence the Jubilee year. 
Land reverted to the families of original owners and concentration was 
periodically cured. It was recognized in that primitive time that the 
wealth of a nation always becomes concentrated. Every seven years 
debts were remitted, the debtors being released from debt. In this 
way, the spirit of progress was kept alive through a renewal of eco- 
nomic life-blood. This periodic redistribution of property was writ- 
ten in the laws of the Hebrews. 

Nine hundred years before Christ, Lycurgus redistributed private 
property in the kingdom city of Sparta in Greece, where wealth be- 
came concentrated. He divided the City into thirty thousand lots and 
gave one city lot to each of ten thousand first class citizens, and one 
suburban lot to each of twenty thousand second class citizens. He 
demonitized gold to prevent hoarding, and he tried to bring about an 


"equality" by instituting common eating tables. This last step was 
soon forgotten, though the redistribution of land lasted several hun- 
dred years. 

Solon, the lawgiver, redistributed private property in Athens, a 
city of 250,000 inhabitants, about five hundred years before Christ. 
He restored large areas of land that had been appropriated by the 
rich, and instituted other needed economic reforms. The Licinian 
Laws were passed in Rome about 367, B.C., to restore the common 
lands to the people, and restrict land holdings. The patricians had 
appropriated public property. In the second century, B.C., the 
Gracchii tried to do the same thing in Rome— to restore the common 
lands to the people — the bulk of whom were landless. The two 
brothers were "framed up" and slaughtered ten years apart, after they 
had served as Tribunes. 

Jesus inveighed against the greed of the money class in his day. 
He saw the tax collector, who bought the privilege from Rome, squeez- 
ing the people in Jerusalem where He lived, and He saw that com- 
mercialism was rampant. He tried to restore an economic balance to 
society, and was crushed under the despotic heels of government and 
high finance. 

In France, in 1789, Royalty would not consider the needs of the 
day. Wealth was concentrated in the hands of those who constituted 
the court circle. Revolution produced an overthrow and royalty 

In the South, men of excessive slave wealth would not listen to 
the voice of reason. They resented the opposition of the North to 
slavery. Property in human chattel was insisted upon; so the slave- 
holders lost their lives, their property and their chattel in an effort to 
sustain an outworn economic system. Slavery was not prohibited 
under the constitution, but the system had become unmoral. 

The lessons of history should be heeded. The state of society 
throughout the world is a warning. Germany is virtually a captive 
nation and her wealth is mortgaged. France owes about half her 
capital wealth; so does Great Britain. Italy is even more heavily 
burdened. These nations, Belgium and Russia, owe the United 
States approximately Ten Billion Dollars, which will probably never 
be paid. It was estimated before the war, that there was approxi- 


mately $700,000,000,000 of wealth on earth of which more than one- 
third, or about $250,000,000,000, was in the United States. 

The United States owes about $25,000,000,000, or about ten 
per cent of its capital wealth. It is the richest nation on earth and 
can remain so only so long as industry continues. The war in Europe 
was an economic tragedy. Economic systems were disrupted and one- 
quarter of the wealth of Europe was wiped out. De we want Eurff-\ 
pean chaos in the United States? Of course not. 

The Constitution of the United States was made to be amended 
whenever economic and political conditions require it. The Con- 
stitution was adopted to insure peace and prosperity to the people. It 
has been amended many times since its adoption. It was amended to 
free the slave. It was amended to provide governmental revenue by 
a tax on incomes. It was amended to extend the franchise to women 
and to prevent personal indulgence in strong drink, and recently, the 
United States Supreme Court upheld the constitutionality of laws 
passed in New York State, restricting real estate rentals, on the 
ground of public emergency. 

Why should not the Constitution be amended to cure a funda- 
mental economic ill? Why should it not be amended to limit exces- 
sive private fortunes so that all may again prosper? Why should it 
not be amended to continue peace and prosperity in the United States ? 
If private fortunes are limited, so that f he surplus or excess goes back 
to the nation, the government representing all the people, becomes the 
principal stockholder and bondholder in all monopoly, in place of the 
Few. As principal stockholder and bondholder in monopolistic cor- 
porations, the government can fix the price of commodities, establish 
the rate of wages, and otherwise direct Big Business in the interest of 
all the people, including the small stockholders. Big business is now 
conducted mainly for the benefit of the few largest stockholders. 

Big Business would be a boon, rather than a menace to the nation. 
Instead of advocating laws for selfish ends, it would advocate laws for 
the public good. Instead of maintaining lobbies to corrupt legislators, 
it would publicly inform legislators of their duty. Government 
would be directly represented in Big Business along with other 
stockholders, and the interests of the minority would be amply pro- 
tected. At the present time, minority stockholders have no say in Big 


Business. Substitute the Government for the Few in each large cor- 
poration, and small stockholders will benefit. 

The government needs no excess profits out of industry; it needs 
only normal income for government purposes. The cost of commodities 
could be reduced, the rate of wages increased, and the cost of living 
restored to where it was before the era of high prices and inflation 
began. Such a result is needed in this country. Otherwise, we will 
have continued industrial turmoil. Judge Gary, president of the 
Steel Trust, recently proposed that a government commission regulate 
capital and labor. 

Labor wants representation in industry. It will get it through 
the government, if private fortunes are limited. Labor wants fair 
wages and a reduced cost of living. It will get both through govern- 
ment control in business. The need for organization in the labor field 
to combat capital, would soon disappear, and the United States would 
be free Horn industrial strife. Such is the vision to be hoped for. 

Labor's wants do not constitute all that the people need. The 
people generally want honest government; Big Business has made it 
corrupt. The people want honest regulation of monopoly. Big Busi- 
ness has made that almost impossible. With the government repre- 
sented directly in business, regulation would be from within, not from 
without. The question is how to cure these evils and the answer is 
restrict greed by limiting private fortunes. If this is done, newspapers 
will again be free to serve the public and those engaged in public decep- 
tion for profit will be obliged to address themselves to other tasks. 

Will limiting private fortunes curtail individual ambition? Of 
course not. In the first place, most excessive private fortunes are in 
the hands of second, third and fourth generations who have done 
little or nothing to earn them. In the next place, if these persons are 
properly endowed, they will aim to benefit the human race, not to 
injure it. If their aim is only accumulation, that aim should be 

The economic structure of the country is in danger because pf the 
greed of the Few. These persons will not voluntarily reduce the cost 
of living or relinquish part of their unearned wealth, nor vnll they 
accept any suggestion looking to an amelioration of conditions, that 

Page 170 ) DYNASTIC AMERICA and 

will diminish their own fortune. Such is always the state of mind of 
those of excessive fortunes, particularly those who haven't earned them. 

If private fortunes are limited, the ambition of the many will be 
stimulated, not curtailed. The wealth of the Fevr wall not be able 
to crush the freedom of the many, and industry wiU benefit. At the 
present time, each industry is controlled by those of excessive fortune 
and the ambition of the small man is checked. Remove the pressure 
from above, and ambition and business integrity will soon revive. 

No man can earn more than a certain sum legitimately in a life- 
time. No man is worth more than a certain sum to society, in a 
society where wealth itself is limited. In a republic — res publico — the 
public thing or the public good — no man should be permitted to have 
enough to interfere with the welfare of his fellow-being. When such 
a situation arises, then legal remedies should be applied. What is the 
limit of a man's value to society? What should be the legal limit of a 
man's possessions ? That can best be determined by the generation in 
which he lives. 

It is conceded that private ownership of railroads is wrong. 
Charles S. Mellen, former head of the New York, New Haven and 
Hartford Railroad, is for government ovraership. Milton H. Smith, 
former president of the Louisville & Nashville Railroad, has advised 
government ownership for many years. Daniel Guggenheim is for 
government ownership of railroads, telephone and telegraph, as are 
other persons of large wealth and economic foresight. 

Private ownership of railroads means interference in politics, says 
Lawrence B. Finn, President of the Kentucky Railroad Commission. 
He also pointed out that railroads are public highways and should be 
conducted by the government. "It is indefensible," he said, "to per- 
mit individuals to operate a public highway for profit." More than 
half of the 200,000 miles of railroads in Europe are owned and 
operated by national governments. 

Private ownership of local public utilities is also wrong, because 
the well-being of every community depends on proper utilities service. 
Many cities in the United States own their own utilities, particularly 
gas and electric plants. Some of them own the transportation com- 
panies, such as Cleveland, Detroit, Seattle and San Francisco. The 
utilities should not be acquired by bonding the plants for the benefit of 


the few large security holders, who in this way become the chief bene- 
ficiaries, with guaranteed income. These properties should be acquired 
through a national limitation of private fortunes, so that the govern- 
ment can transfer its holdings in local utilities to the cities in which 
they are located. In this way, the cities obtain control of their local 
utilities and are provided with revenue, without cost. Privately-owned 
public utilities corrupt government and a change to municipal owner- 
ship is desirable. 

Private monopoly in such essential products as beef, oil, coal, flour, 
etc., is out of date and should no longer be tolerated. On this point, 
statesmen are unanimous. The United States Government took con- 
trol of the products of all these monopolies during the war and should 
control them again. Lincoln, in the midst of civil war, saw the men- 
ace of private monopoly when he wrote: 

"As a result of war, corporations have been enthroned, and an 
era of corruption in high places will follow, and the money power of 
the country will endeavor to prolong its reign by working upon the 
prejudices of the people until all wealth is aggregated in a few hands, 
and the republic is destroyed. I feel at this moment more anxiety for 
the safety of my country than ever before, even in the midst of war. 
God grant that my suspicions may prove groundless." 

Lincoln, no doubt, realized then that the "few hands" would be 
the hands of those who inherited excessive fortunes. Had the situa- 
tion warranted it, he would no doubt have urged a limitation on 
private fortunes, in order to save the republic. 

Frank Parsons of the Boston University Law School, writing in 
"The City for the People" says: 

"Real public ownership is the essence of democracy. Instead of 
dividng men into masters and mastered, it brings men together in a 
union of interest, and affords the conditions necessary for the highest 
traits of conscience and character." 

Thomas Jefferson had this to say in 1803, in writing of the money 
power of those early days: 

"I hope we shall take warning from the example of England and 
cnjsh at its birth the aristocracy of our moneyed corporations which 

Page 172 DYNASTIC AMERICA and ] 

dare to challenge our government to trial and bid defiance to the laws 
of our country." 

There is only one answer to the situation today — that is a limita- 
tion of private fortunes. Howr can this be accomplished? First, 
there must be public discussion. The people must understand why 
limiting fortunes is necessary. They must be made to realize that 
socialism is a vision, Bolshevism means anarchy, and that a single tax 
is impracticable as an economic program. They must learn that this 
is a constitutional government and that the way to cure fundamental 
econimic and political wrongs is to amend the constitution. That 
done and the hardest task toward accomplishing our end is over. 
Education is the first essential. 

Limiting inheritance is no cure for fundamental economic ills. 
It is in the creation of excessive private fortunes that the public is prim- 
arily injured, not in their subsequent distribution. Inheritances must 
necessarily be curtailed if wealth accumulation is restricted. If fur- 
ther curtailment of inheritance is desired, it can subsequently be ap- 
plied. At the present time a large share of excessive fortunes is dis- 
tributed before death, thus saving inheritance tax. 

Some have asked how can you prevent persons of excessive for- 
tune from disposing of their property before the law goes into effect? 
That is easy. If the law provides that no family shall have more 
than ten million dollars and that the penalty for evasion is confiscation, 
what person of excessive fortune will attempt to deceive the govern- 

Some remedy for the restoration of economic freedom in the 
United States is needed. For the welfare of the human race, for 
the sake of humanity, and for the future of constitutional govern- 
ment, I urge that the Constitution be amended limiting private 


Page 173 

Alphabetical Index of Estates 

Estate Page 

Aldrich, Nelson W . . . 48 

AUerton, Samuel W.. 52 

Altman, Benjamin. ... 39 

Appleby, Charles E... 37 

Arbuckle, John. ...... 45 

Archbold, John D.... 67 

Arents, George 60 

Astor, John Jacob.... 25 
Astor, Williara Wal- 
dorf 25 

Barker, John H 46 

Blair, John 1 38 

Boldt, George C 52 

Bourne, Frederick G. 39 

Brady, Anthony N... 31 

Brokaw, Isaac V 56 

Brown, John C 42 

Busch, Adolphus 43 

Campbell, James S3 

Carnegie, Andrew.... 24 

Carnegie, Lucy 54 

Converse, Edmund C. 30 

Crane, W. Murray. . . 51 

Cutting, W. Bayard.. 57 

Davis, Henry G 50 

Deering, William .... 57 

De Lamar, Joseph R. . 45 

Dolan, Thomas 45 

Douglas, Dr. James.. SO 

DuPont, Alexis 1 47 

Elkins, Stephen B SO 

Elkins, W. L 43 

Eno, Amos F 55 

Fahnestock, Harris C. 53 

Field, Marshall 31 

Flagler, Henry M 66 

Frasch, Herman 68 

Frick, Henry C 26 

Furniss, William P. . 42 

Garrett, John W 54 

Gates, John W 48 

Gibb, Walter 60 

Goelet, Ogden 37 

Goelet, Robert 37 

Gould, Jay 34 

Estate Page 

Grant, Hugh J 58 

Green, Hetty 29 

Griscom, Clement A. 59 

Guggenheim, Meyer.. 37 

Haggin, James B 49 

Harkness, Charles W. 62 

Harkness, Lamon V. . 62 

Harkness, Williara L.. 62 

Harriman, Edward H. 32 

Hartley, Marcellus... 58 

Havemeyer, Henry O. 53 
Havemeyer, Theodore 

A 53 

Hawley, Edwin 58 

Hearn, George A.... 61 

Heinsheimer, L. A... 55 

Hester, William 55 

Hill, James J 27 

Hoe, Robert 59 

Holbrook, Edward.... 59 
Huntington, Collis P. 44 

Hutchins, Horace A.. 68 

James, D. Willis 47 

Jessup, Mrs. Morris K. 56 

Keith, Benjamin F... 55 

Kennedy, John S.... 35 

Leeds, William B 43 

McDonald, Alexander 68 

McLean, James 56 

McLean, John R 52 

Milbank, Joseph 58 

Miller, Henry 44 

Mills, Darius 40 

Moore, James H 60 

Morgan, J. Pierpont. 33 

Morris, Edward 43 

Morton, Levi P .60 

O'Day, Daniel 68 

Orr, Alexander E 59 

Palmer, Mrs. Potter.. 48 

Payne, Oliver H 64 

Perkins, George W.. 60 

Plant, Morton F 45 

Post, Charles W 52 

Estate Page 

Pratt, Charles 63 

Pulitzer, Joseph 49 

Pyne, Moses Taylor. 30 

Ream, Norman B 42 

Rhinelander, William. 38 
Roebling, Charles G.. 43 
Roebling, Karl G.... 43 
Rogers, Henry H.... 66 
Ruppert, Jacob 54 

Sage, Russell 35 

Salomon, William 48 

Sayles, Fraiik A 38 

Scranton, William W. 46 

Searles, Edward F... 44 

Senff, Charles H 57 

Severance, Louis H . . 67 

Smith, Charles R 52 

Smith, George 39 

Smith, James H 39 

Smith, Warren B 46 

Sorg, Paul J 60 

Sterling, John W SO 

Stillman, James 41 

Taylor, Henry A. C. 38 
Tilford, Henry M... 67 
Tilford, Wesley H... 67 

Vail, Theodore N.... 51 
Vanderbilt, Alfred G. 28 
Vanderbilt, Cornelius. 28 
Vanderbilt, William K. 28 

Weightraan, William. 35 

Wendel, John G 32 

Westinghouse, George 59 
Weyerhaeuser, Fred- 
erick 24 

Whitney, William C. 49 
Widener, P. A. B.... 36 
Wilson, Richard T... 54 

Woolworth, Frank 46 

Work, Frank 54 

Yawkey, William H. .- 42 

Ziegler, William 53 

Other Standard Oil 
Estates 68 

Bankrupting a Great City 



NEW YORK CITY spends more money annually than the 
next dozen largest cities in the United States. 

NEW YORK CITY owes more money than the next dozen 
largest cities. 

NEW YORK CITY pays more interest on its bonded debt 
than the next dozen largest cities. Its debt is as large as 
that of the U. S. Government before the war. 

NEW YORK CITY is richer than many nations. It is the 
Hub of the World. 

The affairs of New York City should interest everyone. If 
the cities and the nation are mismanaged, all the people 

This book shows that the principal resources of New York City 
were given away to individuals and private corporations. 
It shows why New York and every other city, should own 
its own public utilities. The cities need revenue from 
sources other than taxation. 

It is the dramatic story of a city's wrong. It is the story of 
every other city in minor degree. 

Price 60 cents a copy (paper cover) — 200 pages — 80,000 
words — illustrated. 

Write to HENRY H. KLEIN, 158 East 93rd Street, New York.