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 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. 
 
 http://www.archive.org/details/cu31 92401 1 4451 1 5 
 
Dynastic America 
 
 and 
 
 Those Who Own It 
 
 By 
 
 HENRY H. KLEIN 
 
 First Deputy Commissioner of Accounts 
 of the City of New York 
 
 AUTHOR OF 
 
 "Bankrupting a Great City" 
 "Standard Oil or the People" 
 
 Published by 
 
 HENRY H. KLEIN 
 
 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 
 Scandinavian. 
 
 ^-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- 
 tunes? 
 
 The Sherman anti-trust law has failed to check 
 extortion by private monopoly. Why not check the 
 greed of those who control private monopoly? 
 
FOREWORD 
 
 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. 
 
 HENRY H. KLEIN. 
 
 August, 1921. ' 
 
Summary of Headings 
 
 PAGE 
 
 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 
 
SUMMARY OF HEADINGS— Continued 
 
 PAGE 
 
 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 
 ambition? 
 
The late Colonel Theodore Roosevelt said, in 
 igo6: 
 
 "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 
 death." 
 
 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> 
 
 morality." 
 
DYNASTIC RULERS IN AMERICA 
 
 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 
 
 11 
 
Page 12 DYNASTIC AMERICA and 
 
 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 
 estimated at TWO BILLION, FOUR HUNDRED MILLION 
 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 
 
THOSE WHO OWN IT Page 13 
 
 estate and mortgages. Part of this vast wealth is held in the 
 Foundations. 
 
 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- 
 
Page 14 DYNASTIC AMERICA and 
 
 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 
 endure. 
 
 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. 
 
THOSE WHO OWN IT Page 15 
 
 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- 
 
Page 16 DYNASTIC AMERICA and 
 
 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 
 taxation. 
 
 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 
 
THOSE WHO OWN IT Page 17 
 
 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. 
 
Page i8 DYNASTIC AMERICA and 
 
 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 
 
THOSE WHO OWN IT Page 19 
 
 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 
 
Page 20 DYNASTIC AMERICA and 
 
 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 
 
THOSE WHO OWN IT Page 21 
 
 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 
 
Page 22 DYNASTIC AMERICA and 
 
 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 
 
THOSE WHO OWN IT Page 23 
 
 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. 
 
Page 24 DYNASTIC AMERICA and 
 
 DETAILED SCHEDULE OF ESTATES 
 
 quired. 
 
 {No attempt is here made to tell how these fortunes were ac- 
 ed. Other records and writings are available for this purpose.) 
 
 CARNEGIE 
 
 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. 
 
 WEYERHAEUSER 
 
 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. 
 
THOSE WHO OWN IT Page 25 
 
 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. 
 
 ASTOR 
 
 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. 
 
Page 26 DYNASTIC AMERICA and 
 
 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. 
 
 FRICK 
 
 Henry Clay Frick died in 1919 leaving an estate estimated at 
 that time by officials of the State of Pennsylvania, at $142,000,000. 
 
THOSE WHO OWN IT Page 27 
 
 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. 
 
 HILL 
 
 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 
 
Page 28 DYNASTIC AMERICA and 
 
 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 
 director. 
 
 VANDERBILT 
 
 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,- 
 
THOSE WHO OWN IT Page 29 
 
 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 
 Dollars. 
 
 GREEN 
 
 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 
 
Page 30 DYNASTIC AMERICA and 
 
 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. 
 
 PYNE 
 
 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 
 institutions. 
 
 CONVERSE 
 
 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. 
 
THOSE WHO OWN IT Page 31 
 
 BRADY 
 
 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 & 
 Western. 
 
 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. 
 
 FIELD 
 
 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- 
 
Page 32 DYNASTIC AMERICA and 
 
 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 
 $400,000,000. 
 
 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- 
 ment. 
 
 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, 
 $200,000. 
 
 WENDEL 
 
 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. 
 
 HARRIMAN 
 
 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- 
 
THOSE WHO OWN IT Page 33 
 
 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. 
 
 MORGAN 
 
 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. 
 
Page 34 DYNASTIC AMERICA and 
 
 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.) 
 
 GOULD 
 
 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. 
 
THOSE WHO OWN IT Page 35 
 
 WEIGHTMAN 
 
 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. 
 
 KENNEDY 
 
 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- 
 curities. 
 
 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. 
 ' SAGE 
 
 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. 
 
Page 36 DYNASTIC AMERICA and 
 
 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. 
 
 WIDENER 
 
 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. 
 
THOSE WHO OWN IT Page 37 
 
 GOELET 
 
 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. 
 
 APPLEBY 
 
 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. 
 
 GUGGENHEIM 
 
 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. 
 
Page 38 DYNASTIC AMERICA and 
 
 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. 
 
 BLAIR 
 
 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. 
 
 RHINELANDER 
 
 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. 
 
 SAYLES 
 
 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. 
 
 TAYLOR 
 
 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 
 
THOSE WHO OWN IT Page 39 
 
 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. 
 
 ALTMAN 
 
 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. 
 
 BOURNE 
 
 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. 
 
 SMITH 
 
 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 
 
Page 40 DYNASTIC AMERICA and 
 
 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. 
 
 MILLS 
 
 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 
 Steamship. 
 
 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. 
 
THOSE WHO OWN IT Page 41 
 
 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. 
 
 STILLMAN 
 
 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 
 $80,000,000. 
 
 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, 
 $216,000. 
 
 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. 
 
Page 42 DYNASTIC AMERIC/I mid 
 
 REAM 
 
 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. 
 
 BROWN 
 
 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. 
 
 YAWKEY 
 
 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. 
 
 FURNISS 
 
 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." 
 
THOSE WHO OWN IT Page 43 
 
 ROEBLING 
 
 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 
 corporations. 
 
 LEEDS 
 
 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. 
 
 BUSCH 
 
 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. 
 
 ELKINS 
 
 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. 
 
 MORRIS 
 
 The estate of Edward Morris ($40,000,000) who died in 1912, 
 was left to his widow and four children. Mrs. Morris inherited a 
 
Page 44 DYNASTIC AMERICA and 
 
 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. 
 
 MILLER 
 
 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. 
 
 SEARLES 
 
 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. 
 
 HUNTINGTON 
 
 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, 
 
THOSE WHO OWN IT Page 45. 
 
 The Pacific Improvement Co. owed the estate $2,744,000. His home 
 at Fifth Avenue and 57th Street was appraised at $1,200,000. 
 
 ARBUCKLE 
 
 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. 
 
 DOLAN 
 
 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. 
 
 DeLAMAR 
 
 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. 
 
 PLANT 
 
 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 
 
Page 46 DYNAS TIC AMERICA ^nd^ 
 
 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. 
 
 SMITH 
 
 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. 
 
 SCRANTON 
 
 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. 
 
 WOOLWORTH 
 
 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. 
 
 BARKER 
 
 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 
 
THOSE WHO OWN IT Page 47 
 
 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. 
 
 DU PONT 
 
 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,- 
 000. 
 
 JAMES 
 
 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 
 
Page 48 DYNASTIC AMERICA and 
 
 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. 
 
 ALDRICH 
 
 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. 
 
 PALMER 
 
 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. 
 
 GATES 
 
 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. 
 
 SALOMON 
 
 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 
 county. 
 
THOSE M^HO OWN IT Page 49 
 
 PULITZER 
 
 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. 
 
 WHITNEY 
 
 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. 
 
 HAGGIN 
 
 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 
 
Page 50 DYNASTIC AMERICA and 
 
 $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. 
 
 STERLING 
 
 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. 
 
 DAVIS-ELKINS 
 
 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. 
 
 DOUGLAS 
 
 Dr. James Douglas died in 1918, leaving a fortune estimated at 
 $20,000,000, to his four children and grandchildren. He was chair- 
 
THOSE WHO OWN IT Page 51 
 
 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. 
 
 CRANE 
 
 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. 
 
 VAIL 
 
 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 
 
Page £2 DYXJSTIC A MERICA and 
 
 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. 
 
 BOLDT 
 
 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 
 companies. 
 
 POST 
 
 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. 
 
 ALLERTON 
 
 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 
 
 SillTH 
 
 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 
 dealer. 
 
 ilcLEAN 
 
 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 
 
THOSE WHO OWN IT Page 53 
 
 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. 
 
 FAHNESTOCK 
 
 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. 
 
 ZIEGLER 
 
 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. 
 
 HAVEMEYER 
 
 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. 
 
 CAMPBELL 
 
 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 
 
Page 54 DYNASTIC AMERICA and 
 
 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. 
 
 WILSON 
 
 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. 
 
 RUPPERT 
 
 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 
 property. 
 
 GARRETT 
 
 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. 
 
 CARNEGIE 
 
 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 
 illness. 
 
 WORK 
 
 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 
 
THOSE WHO OWN IT Page 55 
 
 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. 
 
 KEITH 
 
 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. 
 
 ENO 
 
 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. 
 
 HESTER 
 
 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. 
 
 HEINSHEIMER 
 
 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- 
 
Page 56 DYNASTIC AMERICA and 
 
 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. 
 
 JESSUP 
 
 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. 
 
 BROKAW 
 
 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. 
 
 McLEAN 
 
 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. 
 
THOSE WHO OWN IT Page 57 
 
 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 
 $410,000. 
 
 SENFF 
 
 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. 
 
 DEERING 
 
 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. 
 
 CUTTING 
 
 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. 
 
Page 58 DYNASTIC AMERICA and 
 
 HAWLEY 
 
 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. 
 
 HARTLEY 
 
 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. 
 
 MILBANK 
 
 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. 
 
 GRANT 
 
 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. 
 
THOSE WHO OWN IT Page 59 
 
 WESTINGHOUSE 
 
 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. 
 
 ORR 
 
 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. 
 
 HOE 
 
 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. 
 
 GRISCOM 
 
 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. 
 
 HOLBROOK 
 
 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. 
 
Page 60 DYNASTIC AMERICA and 
 
 SORG 
 
 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. 
 
 GIBB 
 
 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. 
 
 MOORE 
 
 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. 
 
 PERKINS 
 
 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. 
 
 MORTON 
 
 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. 
 
 ARENTS 
 
 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. 
 
THOSE WHO OWN IT Page 6i 
 
 HEARN 
 
 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 
 $8,000,000. 
 
Page 62 DYNASTIC AMERICA and 
 
 The Largest Estates Are From Standard Oil 
 
 HARKNESS 
 
 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,- 
 000,000. 
 
 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,- 
 000,000. 
 
 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,- 
 
THOSE WHO OWN IT ^ Page 63 
 
 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. 
 
 PRATT 
 
 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 
 
Page 64 DYNASTIC A MERICA and 
 
 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. 
 
 PAYNE 
 
 Oliver H. Payne was the fourth largest stockholder in Standard 
 Oil at the time the trust was dissolved by the Supreme Court in 
 
THOSE WHO OWN IT Page 65 
 
 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 
 
Page 66 DYNASTIC AMERICA and 
 
 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. 
 
 FLAGL£R 
 
 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. 
 
 ROGERS 
 
 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 
 
THOSE WHO OWN IT ' Page 67 
 
 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. 
 
 ARCHBOLD 
 
 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. 
 
 TILFORD 
 
 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. 
 
 SEVERANCE 
 
 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. 
 
Page 68 DYNASTIC AMERICA and 
 
 FRASCH 
 
 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. 
 
 c HUTCHINS 
 
 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. 
 
 McDonald 
 
 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. 
 
 O'DAY 
 
 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. 
 
 JENNINGS AND OTHERS 
 
 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. 
 
THOSE WHO OWN IT Page 69 
 
 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 
 
Page 70 DYNASTIC AMERICA and 
 
 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 
 University. 
 
 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. 
 
THOSE WHO OWN IT Page 71 
 
 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. 
 
Page 72 DYNASTIC AMERICA and 
 
 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%,. 
 
THOSE WHO OWN IT Page 73 
 
 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. 
 
Page 74 DYNASTIC AMERICA and 
 
 HOW THE INDUSTRIES ARE CONTROLLED 
 
 {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.) 
 
 Steel 
 
 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,- 
 
THOSE WHO OWN IT Page 75 
 
 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 
 value. 
 
Page 76 DYNASTIC AMERICA and 
 
 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, 
 $31,000,000. 
 
 There are thousands of shareholders in these so-called independent 
 steel companies, but control in each is held by the few. 
 
 Copper 
 
 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 
 
THOSE WHO OWN IT Page 77 
 
 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 
 
Page 78 DYNASTIC AMERICA and 
 
 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 
 
THOSE WHO OWN IT Page 79 
 
 $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, 
 $23,000,000. 
 
 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. 
 
Page 80 DYNASTIC AMERICA and 
 
 The copper companies produce annual net profits of about $200,- 
 000,000, the bulk of which goes to about 100 families. 
 
 Oil 
 
 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- 
 sociates. 
 
 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 
 
THOSE WHO OWN IT Page 8i 
 
 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. 
 
 Beef 
 
 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- 
 
Page 82 DYNASTIC AMERICA and 
 
 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. 
 Wehrhane. 
 
 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- 
 
THOSE WHO OWN IT Page 83 
 
 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. 
 
 Railroads 
 
 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,- 
 
Page 84 DYNASTIC AMERICA and 
 
 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- 
 holders. 
 
 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: 
 
THOSE WHO OWN IT Page 85 
 
 (For "coal roads" see succeeding section) 
 ATCHISON 
 
 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 
 
 BALTIMORE AND OHIO 
 
 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.) 
 
 CHESAPEAKE AND OHIO 
 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.) 
 
 CHICAGO, BURLINGTON & QUINCY 
 
 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 
 
 DYNASTIC AMERICA and 
 
 CHICAGO, MILWAUKEE & ST. PAUL 
 
 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.) 
 
 CHICAGO AND ALTON 
 
 Stock Value Bonds 
 
 Rockefeller Foundation.. $1,201,000 
 
 E. H. Harriman 2,272 $227,200 832,498 
 
 James Stillman 420,750 
 
 CHICAGO AND NORTHWESTERN 
 
 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 
 
 CHICAGO & PACIFIC 
 
 Bonds 
 George Smith $1,000,000 
 
THOSE WHO OWN IT Page 87 
 
 ILLINOIS CENTRAL 
 
 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 
 
 MISSOURI, KANSAS & TEXAS 
 
 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.) 
 
 MISSOURI PACIFIC 
 
 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. ) 
 
 NEW YORK, NEW HAVEN & HARTFORD 
 
 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 
 
Page 88 DYNASTIC AMERICA and 
 
 NORFOLK & WESTERN 
 
 Stock Value 
 
 Henry C. Frick $8,250,793 
 
 NORTHERN PACIFIC 
 
 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.) 
 
 PITTSBURG & LAKE ERIE 
 
 Stock Value Bonds 
 
 A. G. Vanderbilt 32,500 $5,650,250 
 
 C. W. Harkness 2,500 
 
 PULLMAN 
 
 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 
 
 SEABOARD AIR LINE 
 
 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 
 
THOSE WHO OWN IT Page 89 
 
 SOUTHERN PACIFIC 
 
 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.) 
 
 WABASH 
 
 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. ) 
 
 WESTERN MARYLAND 
 
 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.) 
 
 WESTERN PACIFIC 
 
 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. 
 
 WHEELING AND LAKE ERIE 
 
 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. ) 
 
Page go DYNASTIC AMERICA and 
 
 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. 
 
 Coal 
 
 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- 
 
THOSE WHO OWN IT Page 91 
 
 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 
 
Page 02 DYNASTIC AMERICA and 
 
 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. 
 
 COAL MINES CONTROLLED BY FAMILIES 
 
 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. 
 
THOSE WHO OWN IT Page 93 
 
 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. 
 
 Tobacco 
 
 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 
 
Page 94 DYNASTIC AMERICA and 
 
 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- 
 porations. 
 
 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." 
 
THOSE WHO OWN IT Page 95 
 
 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. 
 
 Timber 
 
 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 
 States. 
 
 The Southern and Northern Pacific and the Santa Fe road own 
 together about 33,500,000 acres, equivalent to an area the size of 
 
Page g6 DYNASTIC AMERICA and 
 
 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 
 acres. 
 
IHUHt l^yHU UWWTT Page 97 
 
 Sugar 
 
 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 
 
 DYNASTIC AMERICA and 
 
 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. 
 
 Rubber 
 
 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 
 $5,000,000. 
 
 ost of 
 
 Spwing^Machines 
 
 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_ 
 
THOSE WHO OVN IT Page gg 
 
 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. 
 
 Motors 
 
 The General Motors Corporation is the largest automobile man- 
 ufacturing concern. It employs 50,000 persons and did a gross bus- 
 
Page lOO DYNAS7IC AMERICA and 
 
 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. 
 
 Electric 
 
 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 
 
THOSE J^HO OWN IT Page loi 
 
 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 
 exports. 
 
 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, 
 1,100. 
 
 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 
 
Page 102 DYNASTIC AME RICA and 
 
 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 
 rest. 
 
 "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 
 potent. 
 
 "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." 
 
THOSE VHO OWN IT Page 103 
 
 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- 
 
Page 104 DYNASTIC AMERICA and 
 
 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." 
 
THOSE WHO OWN IT Page 105 
 
 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- 
 
Page io6 DYNA STIC AMERICA and 
 
 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 
 shares. 
 
 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. 
 
THOSE WHO OWN IT Page 107 
 
 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. 
 
Page io8 DYNASTIC AMERICA and 
 
 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. 
 
THOSE WHO OWN IT Page 109 
 
 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- 
 ernment. 
 
 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- 
 holders. 
 
 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 
 America. 
 
 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 
 
Page no - DYNASTIC AMERICA and 
 
 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 
 restored. 
 
 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- 
 
THOSE WHO OWN IT Page ,ii 
 
 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- 
 lookers. 
 
 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 
 wells." 
 
112 DYNASTIC AMERICA and 
 
 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 
 
THOSE WHO OWN IT Page 113 
 
 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. 
 
Page 114 DYNASTIC AMERICA and 
 
 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 
 
THOSE WHO OWN IT Page 115 
 
 in South America. It also has a large interest in the International 
 Products Company which owns a packing plant and grazing lands in 
 Paraguay. 
 
 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 
 
Page ii6 DYNASTIC AMERICA 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. 
 
THOSE WHO OWN IT Page 117 
 
 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. 
 
Page ii8 DY NASTIC AMERICA and 
 
 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. 
 
THOSE WHO OWN IT Page iig 
 
 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,- 
 000,000. 
 
 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 
 lines. 
 
 "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 
 
Page 120 DYNASTIC AMERICA and 
 
 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. 
 
THOSE WHO OWN IT Page 121 
 
 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 
 
Page 122 D YNASTIC AMERICA and 
 
 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. 
 
THOSE WHO OWN IT Page 123 
 
 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 
 City. 
 
Page 124. DYNASTIC AMERICA and 
 
 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 
 Harriman. 
 
 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. 
 
THOSE WHO OWN IT Page 125 
 
 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, 
 $10,000. 
 
 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 
 years. 
 
 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. 
 
Page 126 DYNASTIC AMERICA and 
 
 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 
 Harmon. 
 
 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 
 
THOSE WHO OWN IT Page 127 
 
 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 
 
Page 128 DYNASTIC AMERICA and 
 
 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. 
 
THOSE WHO OfVN IT Page 129 
 
 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. 
 
Page 130 DYNASTIC AMERICA and 
 
 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 
 stockholder. 
 
 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 
 latter. 
 
 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 
 
THOSE WHO OWN IT Pase 133 
 
 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 
 
 DYNASTIC AMERICA and 
 
 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. 
 
 STOCKS 
 
 American Shipbuilding Co.; 
 
 Common 
 
 Preferred 
 
 Anglo-American Oil 
 
 Atchison, Topeka & Santa Fe: 
 
 Common 
 
 Preferred 
 
 Atlanta Refining: 
 
 Common 
 
 Preferred 
 
 Baltimore & Ohio: 
 
 Common 
 
 Preferred 
 
 Bankers Trust Co. of N. Y.... 
 
 Borne-Scrymser 
 
 Buckeye Pipe Line 
 
 Central Nat'l Bank, Cleveland. 
 Chehalis & Pacific Land Co... 
 Cheseborough Manufacturing. . 
 Chicago City & Connecting Ry. : 
 
 Common 
 
 Preferred 
 
 Chicago, Mil. & St. Paul: 
 
 Common 
 
 Preferred 
 
 Cleveland Arcade 
 
 Cleveland Trust Co 
 
 Consolidated Gas 
 
 Colo. & Southern Ry. Pref 
 
 Foundation 
 Shares Value 
 
 9,303 $790,755 
 
 14,957 523,495 
 
 366,517 11,178,768 
 
 21,100 
 
 5,000 
 
 300 
 
 49,693 
 
 500 
 
 220 
 
 2,070 
 
 10,518 
 17,530 
 
 2,009,908 
 491,250 
 
 88,500 
 
 7,950,880 
 
 79,611 
 
 8,112 
 
 456,440 
 
 315,540 
 1,212,856 
 
 2,500 246,555 
 
 286 68,123 
 
 20,000 2,550,000 
 
 7,000 378,000 
 
 General 
 Education 
 Board 
 Shares Value 
 
 386,518 $11,294,249 
 
 3,500 
 4,500 
 
 457 
 2,800 
 
 1,186 
 
 580 
 888 
 
 "515 
 
 300 
 
 373,235 
 451,833 
 
 138,889 
 313,600 
 
 98,805 
 
 43,596 
 
 226,393 
 
 52,695 
 
 550 58,292 
 
 500 77,371 
 
 41,700 
 
THOSE WHO OWN IT 
 
 Page 135 
 
 STOCKS^ {^Continued) 
 
 Continental Oil 
 
 Crescent Pipe Line 
 
 Equitable Trust, N. Y 
 
 Erie Pref 
 
 Eureka Pipe Line 
 
 Galena-Signal Oil: 
 
 Common 
 
 Preferred 
 
 Great Lakes Towing Co.: 
 
 Common 
 
 Preferred 
 
 Great Northern Pref 
 
 Guaranty Trust, N. Y 
 
 Illinois Pipe Line 
 
 Indiana Pipe Line 
 
 International Harvester Pref. . 
 
 Manhattan Railway 
 
 Missouri Pacific Pref 
 
 National Lead: 
 
 Common 
 
 Preferred . . . , 
 
 National Transit 
 
 N. Y. Central 
 
 N. Y., Chicago & St. Louis: 
 
 Common 
 
 Preferred 
 
 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: 
 
 Common 
 
 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.) 
 
 Found 
 Shares 
 
 7,000 
 
 ation 
 Value 
 
 1,330,000 
 244,000 
 
 '9'8'o',773 
 4,465,000 
 
 3,794,059 
 585,779 
 
 14,400 
 135,500 
 
 Gene 
 Educe 
 Boa 
 Shares 
 
 2,000 
 "737 
 
 884 
 
 625 
 
 2,951 
 
 22,169 
 
 14,414 
 
 8,515 
 
 "5,100 
 5,375 
 
 4,860 
 2,200 
 
 " '8,765 
 15,882 
 
 ' 2,633 
 4,500 
 
 ' '5,664 
 1,150 
 
 52,569 
 89 
 
 13,370 
 4,126 
 
 "882 
 
 'ral 
 
 ition 
 
 rd 
 
 Value 
 
 3,000 
 
 
 21,400 
 
 425,000 
 
 12,357 
 20,000 
 
 167,822 
 
 4,193 
 
 
 1,200 
 1,527 
 
 
 
 103,287 
 
 
 
 168,303 
 161,725 
 
 24,845 
 
 '10,000 
 21,980 
 
 14,000 
 
 1,100 
 
 126,481 
 
 3,108,385 
 
 1,287,750 
 1,219,890 
 
 700,000 
 
 114,400 
 
 3,604,708 
 
 
 2,550,924 
 
 2,126,914 
 
 472,582 
 
 84,054 
 650,287 
 
 100 
 
 5,500 
 
 31,480 
 
 3,717,600 
 
 
 400 
 
 
 12,392 
 
 464,446 
 
 700 
 9,000 
 
 64,233 
 990,000 
 
 247,777 
 
 529,405 
 
 
 
 931,459 
 
 ? 740 
 
 313,248 
 
 
 
 305,232 
 
 
 
 352,353 
 
 
 200,000 
 
 71,400 
 232,200 
 
 14,910 
 918,375 
 
 
 3,400 
 4 300 
 
 
 
 150 
 4,964 
 
 
 622,050 
 
 24,845 
 
 5,703,308 
 
 176,845 
 16,613,043 
 
 8,000 
 
 29,718 
 4,966 
 
 14,868 
 2,482 
 
 1,280,000 
 
 25,'76's,506 
 
 1,365,733 
 
 1,044,547 
 
 670,140 
 
 8,422 
 850,469 
 895,607 
 
 32,604 
 
Page 136 
 
 DYNASTIC AMERICA and 
 
 STOCKS— {Continued) 
 
 Standard Oil (N. J.): 
 
 Common 
 
 Preferred 
 
 Preferred 
 
 Standard Oil (N. Y.) 
 
 Standard Oil (Ohio): 
 
 Common 
 
 Preferred 
 
 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: 
 
 Common 
 
 Preferred 
 
 Wilson Realty Co 
 
 Woman's Hotel Co 
 
 Foundation 
 Shares Value 
 
 49,000 35,770,000 
 10,000 1,145,000 
 
 17,088 
 
 3,588,480 
 
 300 
 1,780 
 
 89,350 
 48,683 
 
 
 
 24,000 
 
 1,680,000 
 
 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 
 
 General 
 
 Education 
 
 Board 
 
 Shares Value 
 
 45,289 27,620,885 
 
 45,294 1,154,997 
 
 12,085 1,345,844 
 
 7,720 609,109 
 
 650 
 650 
 
 75 
 
 4,830 
 
 10,666 
 
 2,213 
 
 41,100 
 
 25 
 
 2,000 
 
 6,510 
 4,340 
 
 50,883 
 68,900 
 
 27,500 
 437,579 
 
 976,941 
 
 313,552 
 
 3,028,700 
 
 414 
 
 147,866 
 
 149,730 
 199,640 
 
 BONDS 
 
 General 
 Education 
 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 
 
 $100,000 
 400,000 
 480,000 
 
 250,666 
 
 250,666 
 194,000 
 310,000 
 463,000 
 125,000 
 1,283,000 
 425,000 
 500,000 
 191,000 
 135,000 
 
THOSE WHO OWN IT Page 137 
 
 BONDS— {Continued) 
 
 General 
 Education 
 
 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 
 
 DYNASTIC AMERICA and 
 
 BONDS— (Continued) 
 
 General 
 Education 
 Foundation Board. 
 Par Value 
 
 100,000 
 81,000 
 
 175,000 
 
 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 
 
 292,000 
 
 10,000 
 
 1,272,000 
 
 200,000 
 
 350,000 
 
 7,322,000 
 
 2,186,000 
 
 250,000 
 
 6,651,000 
 150,000 
 669,000 
 
 428,000 
 
THOSE IF HO OWN IT Page 139 
 
 John D. Rockefeller's Chief Financial 
 Agents 
 
 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 
 
Page 140 DYNAST IC AMERICA and 
 
 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 
 
THOSE WHO OJ^N IT Page 141 
 
 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. 
 
Page 142 DYNASTIC AMERICA and 
 
 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. 
 
THOSE WHO OWN IT Page 143 
 
 WHAT HAVE THE FOUNDATIONS 
 ACCOMPLISHED ? 
 
 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. 
 
Page 144 DYNASTIC AMERICA and 
 
 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. 
 
THOSE WHO OfVN IT Page 14s 
 
 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. 
 
Page 146 DYNASTIC AMERICA and 
 
 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 
 
THOSE WHO OWN IT Page 147 
 
 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 
 
Page 148 DYNA STIC AMERICA and 
 
 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 
 $37,000,000. 
 
 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 
 
THOSE WHO OWN IT Page 149 
 
 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 
 
 /ft 
 arm. 
 
 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- 
 
Page 150 DY NASTIC AMERICA and 
 
 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 
 
THOSE WHO OWN IT Page 151 
 
 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- 
 
Page 152 DYNASTIC AMERICA and 
 
 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 
 inheritance. 
 
 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 
 
THOSE WHO OWN IT Page 153 
 
 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 
 need. 
 
 "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 
 existence. 
 
 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, 
 
 etc 
 
 In 1914, Thomas W. Churchill, President of the Board of Edu- 
 cation, New York City, said at the commencement exercises of Man- 
 hattan College : 
 
Page J54 DYNASTIC AMERICA and 
 
 "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. 
 
THOSE WHO OWN IT Page 155 
 
 ESTIMATED WEALTH OF RICHEST FAMILIES 
 
 ( 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. 
 
Page 156 DYNASTIC AMERICA and 
 
 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, 
 Dula. 
 
 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. 
 
 Insul. 
 
 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, 
 
THOSE WHO OWN IT Page J57 
 
 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. 
 
 Uihlein. 
 
 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. 
 
 Ziegler. 
 
Page 158 DYNASTIC AMERICA and 
 
 THOSE WHO OPPOSE EXCESSIVE PRIVATE 
 
 FORTUNES 
 
 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- 
 
THOSE WHO OWN IT Page 159 
 
 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 
 wealth." 
 
 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 
 
Page i6o D YNASTIC AMERICA and 
 
 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." 
 
THOSE WHO OWN IT Page i6i 
 
 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 
 
Page 162 DYNASTIC AMERICA and 
 
 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 
 wealth." 
 
 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 
 land." 
 
 A large share of the taxable wealth of the nation is untaxed be- 
 
THOSE WHO OWN IT Page 163 
 
 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. 
 
Page 164 DYNASTIC AMERICA and 
 
 WHY PRIVATE FORTUNES SHOULD 
 BE LIMITED 
 
 "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 
 generations. 
 
 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. 
 
THOSE WHO OWN IT Page 165 
 
 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 
 daughter. 
 
 There are others of immature years who inherited stupendous 
 wealth, and there are aged widows and spinsters loaded down with 
 
Page i66 DYNASTIC AMERICA and 
 
 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 
 
THOSE WHO OWN IT Page 167 
 
 "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 
 suffered. 
 
 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- 
 
Page i68 DYNASTIC AMERICA and 
 
 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 
 
THUSE fVHO OJVN IT Page 169 
 
 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 
 repressed. 
 
 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 
 
THOSE WHO OWN IT Page 171 
 
 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- 
 ment? 
 
 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 
 fortunes. 
 
THOSE WHO OWN IT 
 
 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 
 
 By 
 
 HENRY H. KLEIN 
 
 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 
 suffer. 
 
 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. 
 
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