Infowars

October 19, 2008

Robert Marion LaFollette (1855-1925) delivered the following speech in the Senate on March 17, 1908, in response to Senate bill 3023 to amend the national banking laws.

[While the public’s mind and the Hearst and the Pulitzer papers (and other papers) were preoccupied with the sex-life and murder of Stanford White, and the night of the "velvet swing"; while senators and congressmen interrupted their business to read the details of the "trial of the century" in the evening papers, there was some trouble in America]

Congressional Record — Senate

page 3434

1908 March 17

Senate bill 3023

AMENDMENT OF NATIONAL BANKING LAWS.

The Vice-President. The Secretary will suspend. The hour of 2 o’clock having arrived, the Chair lays before the Senate the unfinished business, which will be stated by the Secretary.

The SECRETARY. A bill (S. 3023) to amend the national banking laws.

Mr. ALDRICH. The Senator from Wisconsin [Mr. La Follette] is now in the Chamber, and he has given notice of his intention to speak to-day. I do not know whether he desires to speak now or whether he will wait until the appropriation bill is completed.

Mr. La Follette. I shall be glad to begin whenever the Senate is ready to yield me the time.

Mr. CULLOM. Mr. President——

The Vice-President. Does the Senator from Wisconsin yield to the Senator from Illinois ?

Mr. La Follette. Certainly.

Mr. CULLOM. This morning, when the routine morning business was completed, I inquired if the Senator from Wisconsin was present, as he had given notice that he desired to speak to-day. He was not here, and hence I called up the appropriation bill. It will be but a little while, I think, before the reading of the bill for action on the committee amendments will be completed. I will then be willing to allow the Senator to take the floor, if that course is agreeable to him.

Mr. La Follette. I would like to begin as soon as possible.

Mr. CULLOM. I have no objection. If the Senator desires to begin now, I will let the bill go over until after he gets through with his speech.

Mr. La Follette. The Senator is very kind, and I shall be glad to begin at once, if the Senator will permit the bill under consideration to go over.

Mr. CULLOM. All right.

AMENDMENT OF NATIONAL BANKING LAWS.



The Senate, as in Committee of the Whole, resumed the consideration of the bill (S. 3023) to amend the national banking laws.

Mr. La Follette. Mr. President, what I have to say upon the pending bill is made more pertinent, if possible, by the unexpected announcement just now made by the chairman of the Finance Committee of the intention to amend it by striking out the provision for the use of railroad bonds as security for emergency currency.

The ALDRICH bill in my view—and I use that term because the measure pending before the Senate bears the country over the name of its author—can not be fairly judged without considering the changes which have been wrought in the industrial and commercial life of this country within a decade, and the consequent changes that have taken place in banking within a few years.

It is to be expected that the remarkable industrial development of a country will induce corresponding growth in banking. To meet the increasing demand of expanding business new banks must be established, and established banks must make large additions to capital, surplus, and undivided profits. Such changes may be extraordinary, but they should be natural, measuring year by year the growing commercial development of the nation.

But something besides a normal growth of business and resulting demands upon our currency system requires attention in connection with this proposed legislation.

CONSOLIDATION OF BANKING AND “BIG BUSINESS.”

Eighteen hundred and ninety-eight was the beginning of great industrial reorganization. Men directly engaged in production brought about in the first instance an association of the independent concerns which they had built up. These reorganizations were at the outset limited to those turning out finished products similar in kind. Within a period of three years following, 149 such reorganizations were effected with a total stock and bond capitalization of $3,784,000,000. In making these reorganizations the opportunity for a large paper capitalization offered too great a temptation to be resisted. This was but the first stage in the creation of fictitious wealth. The success of these organizations led quickly on to a consolidation of combined industries, until a mere handful of men controlled the industrial production of the country.

The opportunity to associate the reorganization of the industrial institutions of the country with banking capital presented itself. Such connections were a powerful aid to reorganization, and reorganization offered an unlimited field for speculation. It was a tremendous temptation.

It contributes nothing of value to this discussion to denounce individuals on the one hand or laud them on the other. I have compiled a list of about one hundred men with their directorships in the great corporate business enterprises of the United States. It furnishes indisputable proof of the community of interest that controls the industrial life of the country.

I shall ask, Mr. President, to have incorporated in the RECORD this list of about 100 men with their directorships. It discloses their connections with the transportation, the industrial, and the commercial life of the American people. This exhibit will make it clear to anyone that a small group of men hold in their hands the business of this country.

No student of the economic changes in recent years can escape the conclusion that the railroads, telegraph, shipping, cable, telephone, traction, express, mining, iron, steel, coal, oil, gas, electric light, cotton, copper, sugar, tobacco, agricultural implements, and the food products are completely controlled and mainly owned by these hundred men; that they have through reorganization multiplied their wealth almost beyond their own ability to know its amount with accuracy. It is not necessary to examine in detail the related events that have led to this marvelous concentration of business. The facts are well understood and generally recognized.

But the country seems not to understand how completely great banking institutions in the principal money centers have become bound up with the control of industrial institutions, nor the logical connection of this relationship to the financial depression which we have so recently suffered, nor the dangers which threaten us from this source in the future.

That there was a tendency on the part of the great banking associations to merge and combine could not be overlooked; and while financial and economic writers had directed public attention to the fact, and had even pointed out the opportunity and temptation for the use of this augmented power in connection with the promotion of the speculative side of business organization, they have been slow to believe that banking institutions could be so prostituted.

Nevertheless, most conservative authorities suggested and foreshadowed the dangers that unfortunately actually exist.

FINANCIAL BANKING RESPONSIBLE FOR MONEY STRINGENCY.

An English economist, writing in Littell’s Living Age for December 26, 1906, concludes an analysis of the currency-reform programme proposed, respectively, by the committee of the New York Chamber of Commerce and the committee of the American Banking Association then under discussion, as follows :

Unfortunately, however, defective as the present currency system is, all the evils complained of are not due to its defects. In part they have resulted from the way in which the system has been worked. Thus the recent extreme stringency of money in New York would probably never have arisen if the banks, instead of preparing for the autumn demands, had not locked up their funds to far too great an extent in the financiering of Wall street. That the banks are to a large extent under the domination of the big financiers is well known, and the recent insurance investigations have shown how, under such domination, private interests may be made to prevail over those of the public.

In an address delivered before the Minnesota Bankers’ Association at Lake Minnetonka, Thomas F. Woodlock, formerly editor of the Wall Street Journal, author of the Anatomy of Railway Reports, and now a member of the New York Exchange, gave this warning :

The one thing that stands out most prominent, in my judgment, with reference to Wall street banking is the danger of the concentration of banking powers in the hands of a few great speculative interests. We have clearly defined tendencies in Wall street, the ultimate effect of which is likely to be the creation of two or three powerful groups of banks. There is, for example, the so-called “Standard Oil” group of banks, headed by the National City; there is the so-called “Morgan Life Insurance” group, with the National Bank of Commerce and the First National Bank at its head. These two groups contain many of the most powerful banks in New York City, and together account for a very large proportion of the total volume of credit at the disposal of the public. * * * The connection between the management of the banks in New York City and the great financial and speculative interests is very close, and if we ever have serious banking trouble it will come from this fact.

In an article on the “Concentration of banking interests in the United States,” written in 1905, Charles J. Bullock, professor of economics, Williams College, says :

Unlike the central banks of other countries, our largest institutions are closely connected with various industrial interests, so that they do not occupy an independent position. Their policy is not controlled with sole regard for the general welfare of our banking system ; but they have been drawn into vast enterprises, into promotion or reorganization, often of a speculative character, and have displayed less, not more, than ordinary conservatism. The National City Bank stood sponsor for the Amalgamated Copper Company, and the First National Bank has lent its aid to the various undertakings with which Mr. Morgan has been identified.

Mr. President, I shall later call the attention of the Senate to these two great groups of banks referred to by Mr. Bullock, which are every day increasing their control of the banking business of this country, Standard Oil at the head of one and Morgan at the head of the other. I should like the Senate to remember that this writer, speaking simply as a student of economics and finance, singles out the heads of these two groups to illustrate the dangers of the association of banks with industrial promotion and speculative enterprises.

Continuing, Professor Bullock says :

It is to be feared that our financiers have not yet learned the difference between banking and the promotion of companies—

In reading this, I need not suggest to Senators that Professor Bullock, being at the head of the economics department of an old renowned Massachusetts college, would certainly be very conservative in all that he might write—

It is to be feared that our financiers have not yet learned the difference between banking and the promotion of companies ; but until this distinction is better understood, New York City will not rival London as an international financial center. * * * The concentration of banking power has now proceeded so far that discussion has inevitably arisen concerning the length to which it will be carried, and the possible dangers of the movement. In the counting room and upon the streets New Yorkers are still pondering upon these questions, and not infrequently printed remarks are made about the “money trust.” If this expression were heard only in the region of the one hundredth meridian, its interpretation would be obvious, but within the sacred precincts of Wall street such words can not fail to produce a certain impression.

Mark you, Mr. President, I am quoting from recognized authority, not upon present conditions, but upon the situation as it presented itself to students of government finance three or four or five years ago.

WALL STREET JOURNAL ON FINANCIAL BANKING.

As early as in 1903 the Wall Street Journal, in an editorial, entitled “Evolution of a strong financial oligarchy,” thus strongly set forth the dangerous tendencies in banking :

In the New York money market there are now seven great groups or chains of banks, trust companies, and insurance companies. These groups in some cases represent common ownership, and in others such an alliance of interests that the very institutions are controlled practically under a common policy. The tendency is for the large banks to control by ownership several smaller banks, and to be in close alliance with one or more trust companies.

After giving a classification of the different groups with the amount of loans outstanding, this editorial shows that there is a close bond of business interests among the groups, so that they are often operated together. It says :

The two insurance companies are, for instance, united in the Western National Bank. Messrs. J.P. Morgan & Co. have affiliations with three of the groups, mainly that of the First National Bank, that of the Bank of Commerce, and, in a measure, that of the National City Bank. The Standard Oil Company is, of course, closely affiliated with the National City and the Hanover National groups. The seventh group, the largest in number of institutions though not in amount of loans, is the socalled “Morse group.”

Let me say, Mr. President, that this described the beginning of bank consolidation. This editorial, written in 1903, speaks of seven organizations. There are far less to-day.

To return—and please note that I am still reading from the Wall Street Journal—

In many respects the evolution outlined in the foregoing features is more remarkable and perhaps more important than the great evolution in industrial finance of the past few years. It may be that the high organization of credit will tend to prevent panics in the time to come.

The Wall Street Journal was giving them the benefit of the doubt—

It may be that it will have quite the contrary result. In any event, it is clear that its effect for good or ill upon the destinies of those who are accustomed to use credit in their business will be very far-reaching.

Under the title “Perils of the money trust,” the Wall Street Journal again pointed out these dangers in the following language :

What is taking place is a concentration of banking that is not merely a normal growth, but a concentration that comes from combination, consolidation, and other methods employed to secure monopolistic power. Not only this, but this concentration has not been along the lines of commercial banking. The great banks of concentration are in close alliance with financial interests intimately connected with promotion of immense enterprises, many of them being largely speculative. The bank credits of the country are being rapidly concentrated in the hands of a few bankers who are more interested in banking on its financial (watered stock) side than in banking on its commercial side. Such concentration as this is dangerous in a political sense. The people have already been greatly disturbed by the concentration that has taken place in the industrial world. * * * But concentration in the industrial world is a far less menacing condition than concentration in banking. The men or set of men who control the credits of the country control the country. And if this concentration continues at the rapid rate with which it has progressed in the past ten years there will surely come a time when the people, alarmed at the growth, will rise up in some vigorous measures to assert their power. Such an uprising would involve the most serious consequences and would likely be carried to the most unreasonable limits. There can be no doubt that further concentration of banking power in New York is the end in view of some of our leading bankers. They believe that there will be a further reduction in the number of banks and a farther increase in the power of the big banks. That is one reason why this banking concentration needs to be studied and its consequences carefully weighed. But there is still another reason why this development in modern banking is open to criticism. It is largely a departure from commercial banking. It is turning the power over bank credits into financial (stock promotion) channels. So long as the country is prosperous no immediate danger may be apprehended from such a development as that. * * * But it is always the unexpected that happens, and our panics are commonly ushered in by some unforeseen calamity and it is a fair inquiry to make whether banking conducted on a “department-store” principle, with credits concentrated in a few great institutions, and with these institutions having large interests in financial and speculative enterprises, would be in a position in such a moment of unexpected calamity to do more than to protect the financial and speculative interests with which it is allied. In such a contingency, what protection would be left for the great commercial interests of the country ?

Does that not sound like a prophecy for the times through which this country and its commercial interests have just passed ?

GROWTH OF FINANCIAL BANKING.

The closeness of business association between Wall street and the centralized banking power of New York can, unfortunately, be but imperfectly traced through the official reports. It would seem that the radical changes taking place in the banking business of the country, suggesting to the conservative, economic, and financial authorities the gravest possible dangers to our industrial and commercial integrity, might well have caused the Treasury Department to recognize the necessity of so directing its investigations of the national banks in the greater cities which are centers of speculation and to so classify their returns as to inform itself and the country definitely respecting such changes. This has not been done. Financial and economic writers have long complained of the form of classification of credits in Government reports. Eminent students of finance have given warning of the dangers arising from too close association of combined banking interests with Wall street. The report of the Armstrong committee established the connection, and yet the classifications in the official report of condition of these banks remains mixed as to securities, so that investigation is made vastly more laborious and unsatisfactory, if not altogether baffled.

It is, however, possible to find evidence which establishes the diversion of a large volume of the bank resources to securities which are the subject of speculative operation in the stock exchange.

The ratio of the aggregate investment in “bonds, stocks, and other securities” (not including United States bonds) to the total individual deposits of the national banks increased from 7.2 per cent in 1890 to 16.2 per cent in 1907. The ratio of “stocks, bonds, securities, etc.,” to capital, surplus, and undivided profits held by the national banks of the United States increased from 12 per cent in 1890 to 42.9 per cent in 1907.

Official figures do not show the real condition. The reports from banks upon which statistics are based fail to make clear the actual investment in speculative securities, not only through classification, but they fail for another reason. Banks secure information in advance that reports will be called for at a given time. Indeed, such notice comes to them through news dispatches from Washington direct. This gives an opportunity to sweep out and patch up and put the house in order, and the opportunity is not neglected. There is another reason why the actual holdings of banks in such securities are not shown in more recent reports. These banks have either established connections with trust companies or have organized inside trust companies as a protection and convenience. The bank and trust company, though differently officered, will be found closely welded together in their directorates. These companies afford a convenient cover for the banks in many ways. Their securities can be borrowed and shuffled back and forth to make a good showing. The trust companies can handle securities which the banks can not touch. They can underwrite bonds and float loans for which the banks could not openly stand sponsor. They can deal with themselves in innumerable ways to their own benefit and the detriment of the public.

As the interests represented by the great banks use their customers, so they use to a less degree the various State, private, and savings banks which they control. The growth of financial banking appears even more marked when all classes of financial institutions are taken together. The ratio of stock and bond investments of national, State, private, and savings banks and trust companies to their total individual deposits, as shown by the reports of the Comptroller of the Currency, has increased from 8.9 per cent in 1890 to 28.2 per cent in 1907. The total holdings by advance and trust companies in these stocks and bonds, exclusive of United States bonds, amounted in 1907 to over $3,690,000,000. By reliable estimate, based on extensive investigation by an independent New York banking house, to which I shall have occasion to refer a little later, the holdings of the banks and trust companies were three years ago almost a billion dollars in railroad bonds alone.

The effect of the proposed legislation becomes more apparent as we investigate the grouping together of the great financial institutions holding these railroad bonds and other special securities and then trace their connection with the companies issuing these bonds.

Mr. President, the bare names of the directors of two great bank groups—the Standard Oil group and the Morgan group—given in connection with their other business associations is all the evidence that need be offered of the absolute community of interest between banks, railroads, and all the great industries.

There are twenty-three directors of the National City Bank (Standard Oil). There are thirty-nine directors of the National Bank of Commerce (Morgan). Examination of these directorates shows that the two groups are being knit together in business associations, suggesting their ultimate unification.

Subject to personal differences which may arise between powerful individuals of these different groups, resulting in occasional collision, they are practically a monopoly, and as far as the public is concerned, practically one group. The business partner of the head of the Morgan group is found on the directorate of the chief financial institution which heads the Standard Oil group. And one of the leading directors of the National City Bank (Standard Oil) is a member of the board of directors of the principal financial institution in the Morgan group.

The directors of the leading organizations comprising the two principal groups are bound together in mutual interest as shareholders in the various industrial concerns which have been financed by one or the other of these groups in recent years.

Remember that these sixty-two men who are directors of the two banks standing at the head of the two great groups are not additional to the list of less than 100 men to whom I have referred as controlling the industrial life of the nation, but a most important part of it.

LIST OF MEN WHO CONTROL INDUSTRIAL, FRANCHISE, TRANSPORTATION, AND FINANCIAL BUSINESS OF THE UNITED STATES, WITH THEIR DIRECTORSHIPS AND OFFICES IN VARIOUS CORPORATIONS.

The list includes directors of the two great banks at the head of the Standard Oil and Morgan groups and fifty other names.

Directors of the National City Bank of New York City (Standard Oil control).

EDWIN S. MARTSON :

President and director of the Farmers’ Loan and Trust Company;

Citizens’ Mutual Gas Company, director;

Detroit, Hillsdale and Southwestern Railroad Company, president and director;

Fort Wayne and Jackson Railroad Company, president and director;

New Amsterdam Gas Company, director;

New York Mutual Gaslight Company, director;

Queens Insurance Company of America, director; and

Standard Gaslight Company of the City of New York, director.

JAMES STILLMAN :

The Alliance Realty Company, director;

Amalgamated Copper Company, director;

American Safe Deposit Company, trustee;

The Audit Company of New York, director;

Baltimore and Ohio Railroad Company, director;

Bank of the Metropolis, director;

The Bowery Savings Bank, trustee;

Century Realty Company, director;

The Chicago and Alton Railway Company, director;

Chicago and Northwestern Railway Company, director;

The Citizens’ Central National Bank, director;

Columbia Bank, director;

Consolidated Gas Company of New York, trustee;

Delaware, Lackawanna and Western Railroad Company, member board of managers;

Fast River Gas Company, director;

The Farmers’ Loan and Trust Company, director;

Fidelity Bank, vice-president and director;

Fidelity Trust Company (Kansas City, Mo.), director;

The Fifth Avenue Safe Deposit Company, president and trustee;

The Hanover National Bank, director;

Industrial Trust Company, Providence, director;

Lawyers’ Title Insurance and Trust Company, director;

The Lincoln National Bank of the City of New York, director;

The Lincoln Safe Deposit Company, trustee ;

A d v e r t i s e m e n t



Louisiana Western Railroad Company, director;

Michigan Central Railroad Company, director ;

Mohawk and Malone Railroad Company, director;

Morris and Essex Railroad Company, director ;

The National Butchers and Drovers’ Bank, director ;

New York and Harlem Railroad Company, director;

New York and Ottawa Railway, director ;

New York and Putnam Railway, director;

New York Central and Hudson River Railroad Company, director;

New York, Chicago and St. Louis Railroad Company, director ;

New York Clearing House Association, member of clearing-house committee;

The New York Mutual Gaslight Company, director;

The New York State Realty and Terminal Company, director;

The New York Trust Company, trustee;

Newport Trust Company, director;

North British and Mercantile Insurance Company of London and Edinburgh, director in United States;

North British and Mercantile Insurance Company of New York, director;

Queen Insurance Company of America, director;

Riggs National Bank, Washington, director;

Rutland Railroad Company, director;

St. Lawrence and Adirondack Railway, director;

The Second National Bank, president and director;

Southern Pacific Railroad Company, director;

Syracuse, Geneva and Corning Railroad, director;

Terminal Railway of Buffalo, director;

Terminal Warehouse Company, treasurer and director;

Union Pacific Railroad Company, director;

United States Realty and Improvement Company, director;

United States Trust Company, trustee;

West Shore Railroad, director; and

The Western Union Telegraph Company, director.

SAMUEL SLOAN:

Chairman of board of managers of Delaware, Lackawanna and Western Railroad Company;

Bank of the Metropolis, director;

Cayuga and Susquehanna Railroad, director;

Chester Railroad, director;

Consolidated Gas Company of New York, vice-president and trustee;

East River Gas Company, of Long Island City, director;

The Farmers’ Loan and Trust Company, director;

Greene Railroad, director;

Hanover and Newport Railroad Company, director;

Hopatcong Railroad, director;

Lackawanna and Montrose Railroad, director;

Manhattan Company, director;

Manhattan Railway Company, director;

Mechanics’ Bank, Brooklyn, director;

Missouri Pacific Railway Company, director;

Morris and Essex Extension Railroad, director;

Morris and Essex Railroad, director;

Newark and Bloomfield Railroad, director;

New York, Lackawanna and Western Railway, director;

The New York Mutual Gas Light Company, director;

Oswego and Syracuse Railroad, president and director;

Passaic and Delaware Extension Railroad, director;

Passaic and Delaware Railroad, director;

Queen Insurance Company of America, director;

Sussex Railroad, director;

Syracuse, Binghamton and New York Railroad Company, director;

Texas and Pacific Railway Company, director;

United States Trust Company, trustee;

Utica, Chenango and Susquehanna Valley Railroad, director;

Valley Railroad, director;

Warren Railroad Company, director; and

The Western Union Telegraph Company, director.

EDWARD H. HARRIMAN :

Baltimore and Ohio Railroad Company, director;

The Brooklyn Heights Railroad Company, director;

Brooklyn Rapid Transit Company, director;

Central Pacific Railway Company, president and director;

Chicago and Alton Railroad Company, director;

Colorado Fuel and Iron Company, director ;

Delaware and Hudson Company, member of the board of managers;

The Equitable Trust Company of New York, trustee;

Erie Railroad Company, director;

Guaranty Trust Company of New York, director;

Illinois Central Railroad Company, director ;

Ilwaco Railway and Navigation Company, director ;

International Banking Corporation, director;

Leavenworth, Kansas and Western Railroad, director ;

Louisiana Western Railroad Company, president and director;

Mercantile Trust Company, director;

Morgan’s Louisiana and Texas Railroad (and Steamship Company), president and director ;

Nassau Electric Railroad Company, director ;

New York, Susquehanna and Western Railroad Company, director;

The Night and Day Bank, director;

Orange County Road Construction Company, president and director ;

Oregon and California Railroad Company, president and director ;

Oregon Railroad and Navigation Company, president and director;

Oregon Short Line Railroad Company, president and director ;

The Pacific Coast Company, director;

Pacific Mail Steamship Company, president and director ;

Pere Marquette Railroad Company, director ;

Portland and Asiatic Steamship Company, president and director;

Railroad Securities Company, president and director ;

San Pedro, Los Angeles and Salt Lake Railroad, director ;

South Pacific Coast Railway, president and director ;

Southern Pacific Company, president and director ;

Southern Pacific Terminal Company, president and director ;

Texas and New Orleans Railroad Company, president and director;

Union Pacific Land Company, director;

Union Pacific Railroad Company, president, chairman of the executive committee, and director;

Wells, Fargo & Co., chairman of executive committee and director;

Wells, Fargo-Nevada National Bank, director; and

The Western Union Telegraph Company, director.

MOSES TAYLOR:

City Real Property Investing Company, director;

Clayton Fire Extinguishing and Disinfecting Company, vice-president and director ;

Cornwall-Lebanon Railroad, director;

Cornwall Railroad, director;

Electric Properties Company, director ;

Franklin Iron Company, director ;

Knickerbocker Trust Company, director ;

Lackawanna Steel Company, director;

Lake Champlain and Moriah Railroad Company, vice-president and director;

The Mines Furnace Company, director ;

New Amsterdam Gas Company, president and director;

Shenandoah Steel Wire Company, director ;

The South Buffalo Railway Company, vice-president and director;

Southern Steel Company, Gadsden, Ala., director;

Stony Point Land Company, director;

Sulphur Dioxide Fumigating and Fire Extinguishing Company, director ;

Tilly Foster Iron Company, director;

Westchester and Bronx Title and Mortgage Guaranty Company, vice-president and director ;

Westchester Trust Company, director; and

Witherbee, Sherman & Co., director.

C.H. DODGE :

Alamogordo and Sacramento Mountain Railway, director;

Almagre Mining Company, vice-president and director;

The American Brass Company, director;

Ansonia Clock Company, vice-president and director;

Atlantic Mutual Insurance Company, trustee ;

The Brearley School (Limited), vice-president and director;

Cayuga and Susquehanna Railroad Company, director;

Columbia Bank, director;

Commercial Mining Company, director;

Copper Queen Consolidated Mining Company, director;

Dawson Railway and Coal Company, director;

Detroit Copper Mining Company, of Arizona, vice-president and director;

El Paso and Northeastern Company, treasurer and director;

El Paso and Rock Island Railway, director;

El Paso and Southwestern Railroad Company, treasurer and director;

Farmers’ Loan and Trust Company, director;

The Golden Hill Corporation, director;

Greene-Cananea Copper Company, director;

Lackawanna Iron and Coal Company, director;

Montezuma Copper Mining Company, director;

Morenci Southern Railway Company, vice-president and director;

Nacozari Railroad Company, director;

National Railroad Company of Mexico, director;

New Mexico Railway and Coal Company, director;

New York Life Insurance and Trust Company, director;

The Old Dominion Company, of Maine, director;

Quincy Mining Company, director; and

United Globe Mines, director.

J.H. POST :

President and director of the National Sugar Refining Company;

The Alliance Realty Company, director;

American-Hawaiian Steamship Company, director;

Bank of Havana, member of New York committee;

Chaparra Sugar Company, treasurer and director;

Cuban-American Sugar Company, treasurer and director;

The Fajardo Sugar Company, director;

Guantannmo Sugar Company, vice-president and director;

London Assurance Corporation, trustee;

Mercedita Sugar Company, director;

The Nassau Trust Company, trustee;

New Niguero Sugar Company, president and director;

United States Realty and Improvement Company, director;

West India Land and Trading Company, director; and

Williamsburgh Savings Bank, trustee.

HENRY A.C. TAYLOR:

Cayuga and Susquehanna Railroad, director;

Delaware, Lackawanna and Western Railroad Company, member board of managers;

Farmers’ Loan and Trust Company, director;

Industrial Trust Company, Providence, director;

Lackawanna Steel Company, director;

Morris and Essex Railroad Company, director;

New York Life Insurance and Trust Company, trustee;

Newport Trust Company, director;

Plaza Bank, director; and

The Second National Bank, director.

WILLIAM ROCKEFELLER :

President and director of Standard Oil Company;

Amalgamated Copper Company, director;

Anaconda Copper Mining Company, trustee;

Brooklyn Union Gas Company, director;

Central New England Railway Company, director;

Chicago, Milwaukee and St. Paul Railway Company, director;

Consolidated Gas Company of New York, trustee;

Deleware, Lackawanna and Western Railroad Company, member board of managers;

East River Gas Company of Long Island City, director;

The Hanover National Bank, director;

Harlem River and Portchester Railroad Company, director ;

Hartford and Connecticut Western Railroad Company, director;

Lake Shore and Michigan Southern Railway Company, director;

Michigan Central Railroad Company, director;

Mohawk and Malone Railway Company, director;

National Transit Company, director ;

The New England Navigation Company, director ;

New York and Harlem Railroad Company, director;

New York and Ottawa Railway, director;

New York Central and Hudson River Railroad Company, director ;

New York, Chicago and St. Louis Railroad Company, director ;

New York Mutual Gas Light Company, director;

New York, New Haven and Hartford Railroad Company, director;

New York, Ontario and Western Railway Company, director;

New York State Realty and Terminal Company, director;

Pittsburg and Lake Erie Railroad Company, director;

Poughkeepsie Bridge Railroad Company, director;

Rutland Railroad Company, director;

St. Lawrence and Adirondack Railway, director;

Standard Oil Company of New Jersey, vice-president and director;

United Metals Selling Company, director;

United States Trust Company, trustee; and

West Shore Railroad, director.

HENRY C. FRICK :

Union Trust Company, Clairton, Pa., director;

Diamond Light and Power Company, secretary and treasurer;

City Deposit Bank, Pittsburg, director;

Union Insurance Company, director;

National Union Fire Insurance Company, director;

United States Steel Corporation, director;

Mellon’s National Bank, Pittsburg, director; and

Union Trust Company of Pittsburg, director.

P.A. VALENTINE :

Armour & Co., vice-president and director;

Armour Grain Company, director;

Central Trust Company, of Illinois, director;

Chicago City Railway, director;

Chicago Junction Railway, director ;

Chicago Warehouse and Terminal Company, director;

Continental National Bank, director;

Farmers’ Loan and Trust Company, New York, director;

Fidelity Trust Company, director ;

Illinois Tunnel Company, director ;

Interstate National Bank, director ;

Kansas City Electric Light Company, director;

Kansas City Railway and Light Company, director;

Metropolitan Street Railway, Kansas City, Mo., director;

National City Bank, New York, director;

National Packing Company, director;

New York Trust Company, director;

St. Louis Stock Yards Company, director;

Stock Yards Savings Bank, director;

Third National Bank, St. Louis, director;

Union Stock Yards Company, Omaha, vice-president and director;

Union Stock Yards and Transit Company, of Chicago, director; and

United States Leather Company, director.

CYRUS H. M’CORMICK :

Chicago and Northwestern Railway Company, director;

International Harvester Company, president and director;

Merchants’ Loan and Trust Company, director; and

National City Bank, New York, director.

C.W. PERKINS :

Astor Trust Company, director ;

Bankers’ Trust Company, director;

Chicago, Burlington and Quincy Railway Company, chairman executive committee and director;

Cincinnati, Hamilton and Dayton Railroad Company, chairman board of directors;

Dayton and Union Railroad Company, director;

German-American Insurance Company, director;

Great Central Dock Company, vice-president and director;

International Harvester Company, chairman finance committee and director;

International Mercantile Marine Company, director;

Marquette and Bessemer Dock and Navigation Company, director;

New York Trust Company, trustee;

Northern Pacific Railway Company, director;

Northern Securities Company, director;

Pere Marquette Railroad Company, chairman board of directors;

Toledo Railway and Terminal Company, president and director; and

United States Steel Corporation, director.

FRANCIS M. BACON:

Atlantic Mutual Insurance Company, trustee; and

Seamen’s Bank of Savings in the city of New York, trustee.

M. TAYLOR PYNE:

Cayuga and Susquehanna Railroad, president and director;

Commercial Trust Company of New Jersey, director;

Consolidated Gas Company of New York, trustee;

Delaware, Lackawanna and Western Railroad Company, member board of managers;

East River Gas Company of Long Island City, director;

Farmers’ Loan and Trust Company, director;

Harvey Steel Company, director ;

Lackawanna Iron and Coal Company, director;

Lackawanna Steel Company, director;

Mart Morris and Essex Railroad Company, director;

New Jersey Zinc Company, director;

New York, Lackawanna and Western Railway Company, director;

Newark and Bloomfield Railroad, director;

Passaic and Delaware Railroad, director;

Princeton Bank, director ;

Sussex Railroad, director ;

United New Jersey Railroad and Canal Company, director;

University Power Company, vice-president and director ;

Utica, Chenango and Susquehanna Valley Railroad Company, director;

Valley Railroad Company, director; and

Warren Railroad Company, president and director.

WILLIAM D. SLOAN:

Central and South American Telegraph Company, director;

Eastern Steel Company, director;

Fifth Avenue Trust Company, vice-president and trustee;

Greenwich Savings Bank, trustee;

Mahoning Coal Railroad Company, director;

United States Trust Company, trustee; and

W. &. J. Sloane, director.

C.S. FAIRCHILD :

President and director of Atlanta and Charlotte Air Line Railroad;

Audit Company of New York, member advisory committee of stockholders;

Birkbeck Investment Savings and Loan Company of America, president and trustee ;

British and American Mortgage Company (Limited), director;

Erie and Pittsburg Railroad Company, director ;

Lawyers’ Mortgage Company, vice-president and director ; and

Svea Fire and Life Insurance Company, United States trustee.

JOHN W. STERLING :

Bond and Mortgage Guarantee Company, director;

Central Union Gas Company, director ;

Citizens’ Mutual Gas Light Company, of Long Island City, director;

Consolidated Gas Company, of New York, trustee ;

Duluth, South Shore and Atlantic Railway Company, director;

East River Gas Company, of Long Island City, director ;

Mutual Trust Company of Westchester County, director;

New Amsterdam Gas Company, director ;

New York Trust Company, trustee ;

Northern Union Gas Company, director;

Standard Gas Light Company, of the City of New York, director; and

Westchester Lighting Company, director.

HENRY O. HAVEMEYER (DECEASED):

The Alliance Realty Company, director ;

American Coffee Company, president and director;

American Sugar Refining Company, president and director;

Brooklyn Cooperage Company, director;

Brooklyn Eastern District Terminal, director ;

Brooklyn Elevator and Milling Company, director ;

Colonial Safe Deposit Company, director;

Colonial Trust Company, trustee ;

Great Western Company, president and director ;

New Jersey and New York Realty and Improvement Company, director ; and

Palmer Waterfront Land and Improvement Company, director.

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