thanks to M.B. who took the time and trouble to darken the door of Stanford’s library,
and looked up and photocopied the text.

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.

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 ;
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.

STEPHEN S. PALMER :
President and director of New Jersey Zinc Company ;
Bertah Mineral Company, vice-president and director;
Cayuga and Susquehanna Railroad, secretary, treasurer and director;
Colonial Assurance Company, vice-president and director ;
Consolidated Gas Company of New York, trustee ;
Detroit, Hillsdale and Southwestern Railroad, vice-president and director ;
East River Gas Company, of Long Island City, director ;
Empire Zinc Company, of Missouri, director ;
Empire Zinc Company, of Colorado, president and director;
Farmers’ Loan and Trust Company, director ;
Fort Wayne and Jackson Railroad, vice-president and director ;
Green Bay and Western Railroad Company, president and chairman board of directors ;
Harvey Steel Company, president and director ;
Iola and Northern Railway, president and director ;
Kewaunee, Green Bay and Western Railroad, president and director;
McDonald Land and Mining Company, president and director;
Mineral Point Zinc Company, treasurer and director;
New Jersey Zinc Company, of Pennsylvania, president and director;
New York Edison Company, director;
New York Mutual Gas Light Company, director;
Palmer Land Company, president and director ;
Palmer Water Company, president and director ;
Prime Western Spelter Company, president and director;
Princeton Bank, director ;
Robins Conveying Belt Company, director;
St. Louis and Hannibal Railway, president and director;
Tefft Weller Company, director;
United States Realty and Improvement Company, director ; and
Valley Railroad Company, director.

JACOB H. SCHIFF :
Bond and Mortgage Guarantee Company, director ;
Columbia Bank, director ;
Fidelity Trust Company, Philadelphia, director ;
Fifth Avenue Trust Company, director ;
Industrial Trust Company, Providence, R.I., director;
Morton Trust Company, director;
National Bank of Commerce, in New York, director;
Newport Trust Company, director ;
Title Guarantee and Trust Company, director;
Western Union Telegraph Company, director; and
Woodbine Land and Improvement Company, vice-president and director.


Directors of National Bank of Commerce of New York City (Morgan control).*
* The names of two directors are omitted as unimportant.

T.H. HUBBARD :
A. and N. Realty Company, vice-president and director;
Acadia Coal Company (Limited), director ;
American Light and Traction Company, chairman of executive committee, director;
Chattanooga Southern Railroad, vice-president and director ;
Equitable Trust Company of New York, trustee ;
Guatemala Central Railroad Company, president and director ;
Guatemala Railway Company, director;
The International Bank, president and director ;
International Banking Corporation, president and chairman board of directors ;
Lookout Fuel Company, vice-president and director ;
Mechanics’ National Bank, director ;
Metropolitan Life Insurance Company, director ;
Mortgage-Bond Company of New York, director ;
Philippine Railway Company, director ;
Public Accountants’ Corporation, director ;
Sixty Wall Street, director ;
Toledo, St. Louis and Western Railroad, vice-president and director;
Wabash Railroad Company, director;
Washington Building Company, director; and
Western Union Telegraph Company, director.

ADRIAN ISELIN, JR.:
Adrian Furnace Company, director;
Astor Trust Company, director;
Baloise Fire Insurance Company, resident trustee;
Bank of Savings in the City of New York, trustee;
Buffalo, Rochester and Pittsburg Railway Company, vice-president and director ;
Central Trust Company, trustee;
City and Suburban Homes Company, director;
Cawanshannork Coal and Coke Company, president and director;
Fifth Avenue Trust Company, trustee ;
Franco-American Financial Association, director;
Gallatin National Bank, director ;
Guaranty Trust Company of New York, director;
Helvetia Realty Company, president and director ;
Jefferson and Clearfield Coal and Iron Company, director;
Lackawanna Steel Compay, director;
Manhattan Storage and Warehouse Company, secretary, treasurer, and trustee;
Mobile and Ohio Railroad Company, director ;
National Railroad Company, of Mexico, director;
Neptune, Realty Company, president and director;
New Rochelle Water Company, secretary, treasurer, and director ;
New York Dock Company, director;
North British and Mercantile Insurance Company of London and Edinburgh, United States director;
North British and Mercantile Insurance Company of New York, director ;
Pittsburg Gas Coal Company, vice-president and director ;
Punxsutawney Iron Company, director;
Reynoldsville and Falls Creek Railroad, director ; and
Southern Railway Company, director.

BRAYTON IVES:
President and director of the Metropolitan Trust Company;
Atlantic Safe Deposit Company, director ;
Hecker-Jones-Jewell Milling Company, president and director;
Kanona and Prattsburgh Railway Company, president and director ;
Metcalf Land Company, president and director ;
Standard Milling Company, president and director;
United States Guarantee Company, director : and
Westinghouse Electric and Manufacturing Company, chairman board of directors.

OTTO H. KAHN:
Equitable Trust Company of New York, trustee; and
Morristown Trust Company, director.

LUTHER KOUNTZE:
United States Mortgage and Trust Company, vice-president and director.

J. PIERPONT MORGAN :
Ætna Insurance Company, of Hartford, Conn., director;
American China Development Company, director;
Carthage and Adirondack Railway Company, director ;
Carthage, Watertown and Sackets Harbor Railroad Company, director;
Central New England Railway Company, director;
Clearwater and Raquette Lake Railroad, director;
Cleveland, Cincinnati, Chicago and St. Louis Railway Company, director;
Columbus, Hope and Greensburg Railroad, director;
Dunkirk, Allegheny Valley and Pittsburg Railroad Company, director;
Ellenville and Kingston Railroad Company, director ;
First National Bank of the City of New York, director;
Fort Wayne, Cincinnati and Louisville Railroad Company, director;
Fulton Chain Railroad Company, director;
Fulton Navigation Company, director;
General Electric Company, director;
Harlem River and Portchester Railroad, director;
Hartford and Connecticut Western Railroad Company, director;
Jersey City and Bayonne Railroad Company, director ;
Lake Erie and Western Railroad Company, director;
Lake Shore and Michigan Southern Railway Company, director;
Mexican Telegraph Company, director ;
Michigan Central Railroad Company, director;
Mohawk and Malone Railroad Company, director;
Newburg, Dutchess and Connecticut Railroad Company, director;
New England Navigation Company, The, director;
New England Railroad Company, director;
New Jersey Junction Railroad Company, director;
New Jersey Shore Line Railroad Company, director;
New York and Harlem Railroad Company, director;
New York and Northern Railway Company, director;
New York and Ottawa Railway Company, director;
New York and Putnam Railroad Company, director;
New York Central and Hudson River Railroad Company, director;
New York, Chicago and St. Louis Railroad 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;
Niagara Falls Branch Railroad Company, director;
Ontario, Carbondale and Scranton Railway Company, director ;
Pittsburg and Lake Erie Railroad Company, director;
Port Jervis, Monticello and Summitville Railroad Company, director;
Poughkeepsie Bridge Railroad Company, director;
Pullman Company, The, director;
Raquette Lake Railway Company, director;
Rhode Island Company (electric line), director;
Rutland Railroad Company, director ;
St. Lawrence and Adirondack Railway Company, director;
Syracuse, Geneva and Corning Railway Company, director;
Terminal Railway of Buffalo, director;
United States Steel Corporation, director ;
Wallkill Valley Railroad Company, director;
West Shore Railroad, director ; and
Western Union Telegraph Company, director.

A.D. JUILLIARD :
Bank of America, director;
Central Trust Company, trustee ;
Chemical National Bank, The, director;
Cossit Land Company, president and director;
Fifth Avenue Trust Company, The, trustee;
Girard Trust Company, Philadelphia, director ;
Guaranty Trust Company of New York, director;
Morton Trust Company, director;
Mutual Life Insurance Company of New York, The, trustee;
New York Life Insurance and Trust Company, trustee;
North British and Mercantile Insurance Company of London and Edinburgh, United States director;
North British and Mercantile Insurance Company of New York, director;
Ohio Company of Associates, director;
Realty Associates, director ; and
Title Guarantee and Trust Company, The, trustee.

G.G. HAVEN:
Atchison, Topeka and Santa Fe Railway Company, The, direcior ;
Bank of America, director;
California Eastern Railway, director;
Fifth Avenue Trust Company, The, trustee ;
Guaranty Trust Company of New York, director ;
Gulf, Colorado and Santa Fe Railway, director;
Industrial Trust Company, Providence, director ;
Morristown Trust Company, director ;
MORTON Trust Company, director ;
New York and Harlem Railroad Company, director ;
Newport Trust Company, director;
Pittsburg, Fort Wayne and Chicago Railway Company, vice-president and director;
Sonora Railway, director; and
Worcester, Nashua and Rochester Railroad Company, president and director.

JAMES N. JARVIE:
Bank of America, director;
Bloomfield Trust Company, director;
Central Trust Company, trustee;
Guaranty Trust Company of New York, director;
London Assurance Corporation, trustee ;
Morton Trust Company, director;
Mutual Life Insurance Company of New York, The, trustee; and
Worcester, Nashua and Rochester Railroad, director.

FREDERIC CROMWELL :
Atlanta and Charlotte Air Line Railway Company, director;
Delaware and Hudson Company, The, member board of managers;
Fifth Avenue Trust Company, The, trustee ;
Gill Engraving Company, director;
Guaranty Trust Company of New York, director ;
Husted Realty Company, director;
Jefferson and Clearfield Coat and Iron Company, director;
Morris and Essex Railroad, director;
Morristown Trust Company, director ;
Morton Trust Company, director;
Mutual Life Insurance Company of New York, The, trustee;
New York Dock Company, director;
Sixth Avenue Railroad Company, director; and
Worcester, Nashua and Rochester Railroad, director.

H.P. WHITNEY:
Clearwater and Raquette Lake Railroad, director ;
Cuba Campany, The, director ;
Eastern Steel Company, The, director ;
Electric Storage Battery Company, The, director;
Fifth Avenue Trust Company, The, trustee;
Fulton Chain Railroad Company, director;
Fulton Navigation Company, director;
Guaranty Trust Company of New York, director ;
Guggenheim Exploration Company, director;
Long Island Motor Parkway (Incorporated), first vice-president and director;
Morton Trust Company, director;
Nassau Country Bank, Mineola, N.Y., director;
Nassau Light and Power Company, director;
New York Loan and Improvement Company, The, director;
Newport Trust Company, director;
Plaza Bank, The, director ;
Raquette Lake Railway Company, director ;
Union Exchange Bank, director;
Washington Life Insurance Company, director;
Westchester Racing Association, director ; and
Western Mining Company, director.

C. A. PEABODY :
President and director of Mutual Life Insurance Company of New York ;
Astor Trust Company, direetor;
The Bank for Savings in the City of New York, trustee;
The Delaware and Hudson Company, member of board of managers;
The Farmers’ Loan and Trust Company, director;
Fulton Trust Company, trustee;
The Gallatin National Bank director;
Illinois Central Railroad Company, director;
The Title Guarantee and Trust Company, trustee; and
Union Pacific Railroad Company, director.

C. J. ALLEN :
Vice-president and director of Morton Trust Company ;
American Surety Company of New York, trustee;
Continental Rubber Company of America, treasurer and director;
Electric Properties Company, director ; and
Washington Life Insurance Company, vice-president and director.

A.W. KRECH :
President and trustee of Equitable Trust Company of New York;
American Surety Company of New York, trustee;
Bank of Havana, member of New York committee;
City Investing Company, director;
Colorado Fuel and Iron Company, director;
Commercial Trust Company of Philadelphia, director;
The Distilling Company of America, director;
The Equitable Life Assurance Society of the United States, director;
The Mercantile Trust Company, director;
St. Bartholomew’s Loan Association, director;
Union Exchange Bank, director, and
Wheeling and Lake Erie Railroad Company, vice-president and director.

P.D. CRAVATH:
American Surety Company of New York, trustee;
Commercial Trust Company, Philadelphia, Pa., director;
Electric Properties Company, director;
The Equitable Trust Compsny of New York, director;
Interborough-Metropolitan Company, director;
International Harvester Company, director;
The Lackawanna and Wyoming Valley Rapid Transit Company, director;
Mercantile Trust Company, director;
Morton Trust Company, counsel and director;
Standard Safe Deposit Company, director; and
The Standard Trust Company, director.

V. MORAWETZ:
Atchison, Topeka and Santa Fe Railway Company, The, chairman executive committee and director;
California Eastern Railway Company, director;
Guantanamo Sugar Company, director;
Gulf, Colorado aud Santa Fe Railway Company, director;
International Paper Company, director;
Niagara Falls Power Company, The, director;
Santa Fe, Prescott and Phoenix Railway Company, director;
Norfolk and Western Railway Company, director; and
Southern California Railway Company, director.

P. MORTON :
President and director Equitable Life Assurance Society of the United States;
Continental Rubber Company of America, director;
Equitable Trust Company of New York, trustee;
Fifth Avenue Trust Company, The, trustee;
Great Western Cereal Company, The, director;
Iowa Central Railway Company, director; and
Mercantile Trust Company, The, director.

LEVI P. MORTON :
President and director of Morton Trust Company;
Equitable Life Assurance Society of the United States, director;
Fifth Avenue Trust Company, president and trustee;
Guaranty Trust Company of New York, director;
Homes Insurance Company, director;
Industrial Trust Company, Providence, director;
Newport Trust Company, director; and
Washington Life Insurance Company of New York, director.

W.G. OAKMAN
President and director of Hudson Companies;
Alabama Great Southern Railroad Company, director;
American Car and Foundry Company, director;
Brooklyn Heights Railroad Company, director ;
Brooklyn Rapid Transit Company, director;
Buffalo, Rochester and Pittsburg Railway Company, director;
Guaranty Trust Company of New York, chairman of board of directors ;
Havana Electric Railway Company, director;
Hudson Improvement Company, president and director;
Interborough-Metropolitan Company, director;
Interborough Rapid Transit Company, director ;
Jefferson and Clearfield Coal and Iron Company, vice-president and director;
Long Island Consolidated Electrical Companies, director;
Long Island Railroad Company, director ;
Louisville and Nashville Railroad Company, director;
Morristown Trust Company, director;
Morton Trust Company, director;
Mutual Trust Company of Westchester County, director ;
New York and Long Island Railroad Company, director ;
New York and Queens County Railway, director;
New York City Interborough Railway Company, director;
Rapid Transit Subway Construction Company, vice-president and director ;
Reynoldsville and Falls Creek Railroad, director;
Richmond Light and Railroad Company, director;
Rogers Locomotive Works, director ; and
Subway Realty Company, vice-president and director.

T.F. RYAN:
President and director of Morton Trust Company ;
American Tobacco Company, director;
Commercial Trust Company of Philadelphia, director;
Continental Rubber Company of America, director ;
Fifth Avenue Trust Company, trustee;
Industrial Trust Company of Providence, director;
Mercantile Trust Company, director ; and
Seaboard Air Line Railway, director.

J.H. SCHIFF :
(For his directorships see enumeration following his name in list of directors of National City Bank.)

G.W. YOUNG:
Acker, Merrall & Condit Company, director;
Alma Coal Company, director;
Anacostia and Potomac River Railroad Company, director;
Atlantic Securities Company, director;
Audit Company of New York, vice-president and director;
Brightwood Railway Company, director;
C.K. Davis Coal Company, director;
Casualty Company of America, director;
Cicinnati, Hamilton and Dayton Railroad Company, director;
City and Suburban Homes Company, director;
City and Suburban Railway Company, Washington, director;
Clarksburg Fuel Company, director;
Columbia Railway Company, director;
Commercial Trust Company of New Jersey, vice-president and director;
Continental Investment Company, vice-president and director;
Detroit, Toledo and Ironton Railway Company, director;
Fairmont Coal Company, director;
First National Bank of Bayonne, vice-president and director;
Georgetown and Tennallytown Railway Company, director;
Interborough-Metropolitan Company, director;
Interborough Rapid Transit Company, director;
Jersey City Trust Company, director;
Mechanics' Trust Cumpany of New Jersey, vice-president and director ;
Metropolitan Railway Company, Washington, D.C., director;
New Jersey and Hudson River Railway and Ferry Company, director;
Northern New Jersey Land Company, director ;
Northern Railroad Company of New Jersey, director;
O'Rourke Engineering Construction Company, secretary, treasurer, and director;
Pere Marquette Railroad Company, director;
Perth Amboy Trust Company, director;
Potomac Electric Power Company, director;
Rapid Transit Subway Constructions Company, director;
Registrar and Transfer Company of New Jersey, president and director;
Registrar and Transfer Company of New York, director ;
Third National Bank, Jersey City, N.J., director ;
Union Gas and Electric Company, Cincinnati, vice-president and director;
Washington and Glen Echo Railroad Company, director;
Washington and Rockville Railroad Company, director;
Washington Investment Company, director;
Washington Railway and Electric Company, director ;
Washington, Woodside and Forest Glen Railway and Power Company, director ; and
Windsor Trust Company, director.

G.F. BAKER.
American Telephone and Telegraph Company, director;
Astor Trust Company, director ;
Atlas Portland Cement Company, director;
Bankers' Safe Deposit Company, vice-president and trustee;
Bowery Savings Bank, trustee ;
Car Trust Investment Company (Limited), London, director;
Central Railroad Company of New Jersey, director ;
Chase National Bank, director ;
Chicago, Burlington and Quincy Railroad Company, director;
Cincinnati, Hamilton and Dayton Railway Company, director;
Consolidated Gas Company of New York, trustee;
Continental Insurance Company, director;
Delaware, Lackawanna and Western Railroad Company, member board of managers;
East Jersey Water Company, director;
East River Gas Company of Long Island City, director;
Erie Railroad Company, director;
Farmers' Loan and Trust Company, director;
First National Bank of Chicago, director;
First National Bank of the City of New York, president and director;
Guaranty Trust Company of New York, director;
Industrial Trust Company, Providence, director ;
Jersey City Water Supply Company, vice-president and director;
Lake Erie and Western Railroad Company, director;
Lake Shore and Michigan Southern Railway Company, director;
Lehigh and Wilkesbarre Coal Company, director;
Lehigh Valley Railroad Company, director;
Lehigh Valley Coal Company, director;
Liberty National Bank, director;
Manhattan Trust Company, director;
Michigan Central Railroad Company, director;
Mohawk and Malone Railway Company, director;
Montclair Water Company, director;
Morton Trust Company, director;
Mutual Life Insurance Company of New York, trustee;
New Jersey General Security Company, president and director;
New York and Long Branch Railroad Company, president and director;
New York Central and Hudson River Railroad Company, director ;
New York, Chicago and St. Louis Railroad Company, director;
New York Clearing House Building, director;
New York Mutual Gaslight Company, director;
Newport Trust Company, director ;
Northern Pacific Railway Company, director;
Northern Securities Company, second vice-president and director ;
Pere Marquette Railroad Company, director ;
Provident Loan Society of New York, trustee ;
Spring Brook Water Supply Company, director ;
United States Steel Corporation, director ; and
West Shore Railroad, director.

C.T. BARNEY (DECEASED):
Albany Trust Company, director;
Alliance Realty Company, director;
American Ice Company, director;
Audit Company of New York, member of advisory committee of stock holders;
Bank for Savings in the City of New York, trustee ;
Century Realty Company, vice-president and director;
Chelsea Realty Company, director;
Chemung Canal Trust Company, director;
Chihuahua Mining Company, director;
Coal and Iron National Bank of the City of New York, director;
Corporation Trust Company, New Jersey, director;
Cuba Railroad Company, director ;
Deep Gravel Mining Company, director;
French-American Bank, member of American advisory board ;
Good Land Cypress Company, director ;
Hudson Mortgage Company, director ;
Knickerbocker Safe Deposit Company, president and director;
Knickerbocker Trust Company, president and director ;
Long Island Motor Parkway (incorporated), director;
Matawok Land Company, director;
National Bank of North America, director;
New Amsterdam National Bank, director;
New Amsterdam Safe Deposit Company, director;
New Jersey Terminal Dock and Improvement Company, director;
New York Loan and Improvement Company, president and director;
New York Mortgage and Security Company, vice-president and director;
Schenectady Trust Company, director ;
Taylor Creek Ditch Company, director;
Title Insurance Company of New York, vice-president and director;
Trust Company of America, director ;
United States Realty and Improvement Company, director ; and
Westchester Trust Company, director.

E.J. BERWIND :
Atchison, Topeka and Santa Fe Railway Company, director;
Berwind-White Coal Mining Company, president and director;
Cuba Company, director;
Fifth Avenue Trust Company, trustee ;
Girard Trust Company of Philadelphia, director ;
Havana Coal Company, president and director;
Interborough-Metropolitan Company, director ;
International Coal Company, president and director ;
International Mercantile Marine Company, director ;
Morton Trust Company, director ;
Newport Trust Company, director;
New River Pocahantas Consolidated Coal Company, director;
Ocean Coal Company, president and director;
Republic Iron and Steel Company, director;
Santa Fe, Prescott and Phoenix Railway, director;
Tennessee Coal, Iron and Railroad Company, director ;
Tintic Company, director;
Virginia and Southwestern Railway Company, director;
Virginia Iron, Coal and Coke Company, director;
Wilmore Coal Company, president and director; and
Windber National Bank, director.

C. LEDYARD BLAIR :
Belvidere National Bank, director;
Commercial Trust Company of New Jersey, director;
Ellenville and Kingston Railroad, director;
Green Bay and Western Railroad Company, director ;
Kewaunee, Green Bay and Western Railroad, director;
Lackawanna Steel Company, director;
Ontario, Carbondale and Scranton Railway Company, director;
St. Louis and Hannibal Railway, director;
Securities Company, director;
Susses Railroad, director;
Sussex Realty Company, president and director;
United States Mortgage and Trust Company, director; and
Warren Railroad, director.

H.C. DEMING :
Equitable Trust Company of New York, trustee;
Fifth Avenue Trust Company, director; and
Mercantile Trust Company, president and director.

J.F. DRYDEN :
President and director of Prudential Insurance Company;
Commercial Trust Company of Philadelphia, director;
Equitable Trust Company of New York, trustee;
Fidelity Trust Company, Newark, vice-president and director;
Franklin National Bank, Philadelphia, director;
Mercantile Trust Company, director;
Union National Bank, Newark, vice-president and director;
United States Casualty Company, director ; and
United States Steel Corporation, director.

J.B. DUKE :
President and director American Tobacco Company ;
American Snuff Company, director ;
American Surety Company, trustee ;
Blackwell's Durham Tobacco Company, director;
British-American Tobacco Company (Limited), chairman board of directors ;
Imperial Tobacco Company of London, director;
International Cigar Machinery Company, director ;
Morton Trust Company, director;
Republic Iron and Steel Company of New Jersey, director;
Southern Cotton Oil Company, director;
Southern Power Company, director;
Union Bleaching and Finishing Company, director;
Virginia-Carolina Chemical Company, director ; and
Wesson Company, director.

G.J. GOULD :
American District Telegraph Company of New Jersey, director;
American Telegraph and Cable Company, director;
American Union Telegraph Company, director;
Arkansas Midland Railroad, president and director;
Atlantic and Pacific Telegraph Company, director;
Bowline Green Trust Company, director;
Chicago Elevator Company, director;
Coal Belt Railway, president and director;
Colorado Fuel and Iron Company, director;
Colorado Midland Railway Company, director;
Continental Trust Company of Baltimore, director;
Davis Coal and Coke Company, director;
Denver and Rio Grande Railroad Company, chairman board of directors ;
Eldorado and Bastron Railway, director;
Farmerville and Southern Railroad, president and director;
Fort Smith Suburban Railway, president and director;
Galveston, Houston and Henderson Railroad Company, director;
Globe Express Company, director;
Gold and Stock Telegraph Company, director;
International and Great Northern Railroad Company, president and director ;
International Ocean Telegraph Company, president and director ;
Kansas and Arkansas Valley Railway, president and director;
Kansas City Northwestern Railroad Company, president and director;
Kansas-Missouri Elevator Company, director;
Little Rock Junction Railway, president and director ;
Manhattan Railway Company, president and director ;
Mercantile Trust Company, director ;
Missouri Pacitic Railway Company, president and director;
New York Mutual Telegraph Company, director;
New York Telephone Company, director;
Pacific Mail Steamship Company, director;
Pine Bluff and Western Railroad, president and director;
Pittsburg Terminal Railroad and Coal Company, director ;
Rio Grande Southern Railroad, director ;
Rio Grande Western Railway Company, chairman board of directors ;
St. Louis, Iron Mountain and Southern Railway Company, president and director;
St. Louis, Watkins and Gulf Railroad, president and director ;
Serlalia, Warsaw and Southwestern Railway Company, president and director ;
Southern and Atlantic Telegraph Company, director ;
Texas and Pacific Railway Company, president and director ;
Utah Fuel Company, director;
Wabash, Pittsburg Terminal Railway Company, chairman board of director;
Wabash Railroad Company, director ;
Washington and New Orleans Telegraph Company, director;
West Virginia Central and Pittsburg Railway Company, director;
Western Maryland Railroad Company, director ;
Western Pacific Railway Company, director;
Western Union Telegraph Company, vice-president and director; and
Wetherford, Mineral Wells and Northwestern Railway, president and director.

D. GUGGENHEIM :
American Smelters' Securities Company, president and board of directors;
American Smelters' Steamship Company, director;
American Smelting and Refining Company, president and director;
Continental Rubber Company of America, director;
Esperanza Mining Company, director;
Federal Lead Company, vice-president and director;
Gimbel Brothers (Incorporated), director;
Guggenheim Exploration Company, president and director;
Morton Trust Company, director;
National Lead Company, director; and
Nevada and Northern Railway Company, director.

V.P. SNYDER :
American Surety Company of New York, trustee;
Audit Company of New York, director;
Casualty Company of America, director;
Equitable Life Assurance Society of the United States, director;
Equitable Trust Company of New York, trustee;
Essex County Trust Company, East Orange, N.J., director;
Fifth Avenue Trust Company, trustee;
Mercantile Trust Company, director;
Merchants' Safe Deposit Company, director;
Morton Trust Company, director;
Union County Trust Company, of Elizabeth, N.J., director;
Union National Bank, Newark, director;
United States Mortgage and Trust Company, director; and
Washington Life Insurance Company, director.

H.H. VREELAND :
Bleecker Street and Fulton Ferry Railroad Company, president and director;
Bridge Operating Company, vice-president and director;
Broadway and Seventh Avenue Railroad, director;
Central Crosstown Railroad Company, president and director;
Central Park, North and East River Railroad Company, president and director;
Cuba Company, director ;
Dry Dock, East Broadway and Battery Railroad Company, president and director;
Electric Storage Battery Company, director;
Empire City Safe Deposit Company, vice-president and director;
Forty-second Street and Grand Street Ferry Railroad Company, president and director;
Fulton Street Railroad Company, president and director;
Long Island Electric Railway Company, director;
Metropolitan Securities Company, president and director;
Metropolitan Street Railway Company, director;
New Fork and Long Island Traction Company, director;
New York and Queens County Railway Company, director;
New York City Railway Company, president and director;
Second Avenue Railroad Company, president and director;
Third Avenue Railway Company, president and director;
Thirty-fourth Street Crosstown Railway Company, president and director;
Twenty-eighth and Twenty-ninth Streets Crosstown Railroad Company, president and director; and
Twenty-third Street Railway Company, president and director.

JOHN CLAFLIN:
President and director of the H.B. Claflin Company;
American Exchange National Bank, director;
Associated Merchants' Company, president and director;
Atlantic Mutual Insurance Company, trustee;
Commercial Union Assurance Company (Limited) of London, director;
Commercial Union Fire Insurance Company of New York, director;
German Alliance Insurance Company, director;
German-American Insurance Company, director;
Home Insurance Company, director;
Hudson Trust Company, director;
New York Life Insurance and Trust Company, trustee;
New York Life Insurance Company, trustee;
Palatine Insurance Company, trustee; and
United States Trust Company, trustee.

FREDERICK STURGES :
New York Warehouse and Security Company, president and director; and
Seamen's Bank for Savings in the City of New York, trustee.

CHARLES LANIER:
American Cotton Oil Company, director;
Canal Louisiana Bank and Trust Company, director;
Cataract Construction Company, director;
Central and South American Telegraph Company, vice-president and director;
Central Trust Company, tructee ;
Cleveland and Pittsburg Railroad Company, director ;
Massillon and Cleveland Railroad, president and director;
Mutual Life Insurance Company of New York, trustee ;
Pittsburg, Fort Wayne and Chicago Railway Company, president and director ;
Southern Railway Company, director ; and
Western Union Telegraph Company, director.

JAMES H. PARKER:
J.H. Parker & Co.;
Coal and Iron National Bank of New York, director; and
National Realty Company, president, treasurer, and director.

CHARLES H. RUSSELL:
Of the firm of Stetson, Jennings & Russell.

WOODBURY LANGDON :
Associated Merchants' Company, director ;
Brighton Yarn Company, director ;
Cannelton Coal Company, director ;
Citizens' Central National Bank, director ;
German Alliance Insurance Company, director;
German-American Insurance Company, director;
Hudson Trust Company, director;
New York Life Insurance Company, trustee;
New York Trust Company, trustee;
Title Guarantee and Trust Company, trustee.


Directors of the industrial, franchise, and railroad organizations who are not included in the list of Standard Oil-Morgan bank directors given above.

JOHN JACOB ASTOR:
Astor Trust Company, The, director;
Delaware and Hudson Company, The, member of board of managers;
Illinois Central Railroad Company, directcr ;
Long Island Motor Parkway (incorporated), director;
Mercantile Trust Company, The, director ;
Morton Trust Company, director;
New York Life Insurance and Trust Company, trustee;
Niagara Development Company, director;
Niagara Falls Power Company, The, director ;
Niagara Junction Railway, director;
Plaza Bank, The, director ;
Title Guarantee and Trust Company, The, trustee ; and
Western Union Telegraph Company, The, director.

A.N. BRADY:
American Tobacco Company, The, director;
Bridgeport Gas Light Company, director;
Brooklyn Heights Railroad Company, chairman board of directors;
Brooklyn, Queens County and Suburban Railroad Company, chairman board of directors;
Brooklyn Rapid Transit Company, chairman board of directors;
Brooklyn Union Elevated Railroad Company, chairman board of directors;
Coney Island and Gravesend Railway Company, director;
Consolidated Car-Heating Company, director;
Consolidated Gas Company, of New York, trustee;
Consolidated Gas, Electric Light and Power Company, Baltimore, director ;
Consolidated Telegraph and Electrical Subway Company, director ;
Corn Exchange Bank, The, director;
Last River Gas Company, of Long Island City, director;
Edison Electric Illuminating Company, of Brooklyn, president and director;
Electric Storage Battery Company, The, director ;
Fort Wayne Gas Company, vice-president and director;
Central Rubber Company, director;
Havana Tobacco Company, director;
Hudson and Manhattan Railroad Company, director;
Hudson Companies, The, director;
International Cigar Machinery Company, director ;
Kings County Electric Light and Power Company, president and director;
Kings County Lighting Company, vice-president and director ;
Maryland National Bank, Baltimore, director;
Memphis Consolidated Gas and Electric Company, president and director;
Municipal Gas Company, Albany, president and director;
Nassau Electric Railroad Company, chairman board of directors ;
National Commercial Bank, Albany, director;
National Surety Company, director ;
New Amsterdam Gas Company, director;
New York Air Brake Company, director ;
New York Carbide and Acetylene Company, vice-president and director;
New York Edison Company, The, president and director ;
New York Mutual Gas Light Company, director;
Ohio and Indiana Consolidated Natural and Illuminating Gas Company, director;
People's Gas Light and Coke Company, Chicago, chairman board of directors;
Rubber Goods Manufacturing Company, director ;
Tennessee Coal, Iron and Railroad Company, director;
Troy Gas Company, of Troy, N.Y., director ;
Union Bleaching and Finishing Company, director;
United Electric Light and Power Company, Baltimore, director ;
United States Cast Iron Pipe and Foundry Company, director;
United States Rubber Company, director ;
Utica Gas and Electric Company, president and director;
Westinghouse Electric and Manufacturing Company, director ; and
Williamsburgh Trust Company, director.

AUGUST BELMONT:
Alliance Assurance Company, of London, trustee;
American-Asiatic Steamship Company, The, director;
American China Development Company, director;
Audit Company of New York, The, acting president and director;
Bank for Savings in the City of New York, The, trustee ;
Cape Cod Construction Company, president and director ;
Fist National Bank of Hempstead, president and director ;
Helvetia Swiss Fire Insurance Company, trustee;
Interborough-Metropolitan Company, chairman of board of directors ;
Interborough Rapid Transit Company, chairman board of directors;
Kingston Consolidated Railroad Company, director;
Long Island Electric Railway Company, director;
Long Island Motor Parkway (Incorporated), director;
Lang Island Railroad Company, director;
Manhattan Trust Company, director ;
National Park Bank of New York, The, director ;
New York and Long Island Railroad Company, director;
New York and Long Island Traction Company, The, director;
New York and Queens County Railway Company, director ;
North American Transportation and Trading Company, director;
Phoenix National Bank, vice-president and director;
Rapid Transit Subway Construction Company, chairman board of director;
Subway Realty Company, president and director;
Westchester Racing Association, president and director; and
Windsor Trust Company, director.

CHAUNCEY M. DEPEW:
American Safe Deposit Company, trustee;
American Surety Company, trustee;
Beech Creek Railroad Company, director ;
Brooklyn Warehouse and Storage Company, director;
Buffalo Erie Basin Railroad Company, director ;
Buffalo, Thousand Islands and Portland Railroad Company, director;
Canada Southern Bridge Company, director;
Canada Southern Railway Company, director;
Carthage and Adirondack Railway, director;
Carthage, Watertown and Sackets Harbor Railroad Company, director;
Central Dock and Teaminal Railway, director;
Chesapeake and Ohio Railway Company, director;
Chicago and Northwestern Railway Company, director;
Chicago, St. Paul, Minneapolis and Omaha Railway Company, director;
Clearwater, Cincinnati, Chicago and St. Louis Railway Company, director;
Columbus, Hope and Greensburg Railroad, director ;
Delaware and Hudson Company, The, member board of managers;
Dunkirk, Allegheny Valley and Pittsburg Railroad Company, director;
Fulton Chain Railroad Company, director;
Fultun Navigation Company, director ;
Gouverneur and Oswegatchie Railroad Company, director;
Hudson River Bridge Company, director;
Jersey City and Bayonne Railroad Company, director;
Lake Erie, Alliance and Wheeling Railroad, director;
Lake Shore and Michigan Southern Railway Company, chairman board of directors;
Mahoning Coal Railroad Company, director;
Mercantile Trust Company, The, director;
Merchants' Despatch Transportation Company, director;
Michigan Central Railroad Company, director;
Michigan, Midland and Canada Railroad Company, director;
Mohawk and Malone Railway Company, director;
New Jersey Junction Railroad Company, director;
New Jersey Shore Line Railroad Company, director;
New York and Harlem Railroad Company, director;
New York and Ottawa Railway, director;
New York and Putnam Railroad, director;
New York Central and Hudson River Railroad Company, chairman board of directors ;
New York Central Niagara River Railroad Company, director;
New York, Chicago and St. Louis Railroad Company, chairman board of directors ;
New York State Realty and Terminal Company, The, director;
Niagara Falls Branch Railroad, director ;
Niagara Grand Island Bridge Company, director;
Niagara River Bridge Company, director;
Oswego and Rome Railroad, director;
Pine Creek Railway Company, director;
Raquette Lake Railway Company, director;
Rome, Watertown and Ogdensburg Railroad Company, director;
Rutland Railroad Company, director;
St. Lawrence and Adirondack Railway Company, director;
Spuyten Duyvil and Port Morris Railroad Company, director;
Standard Trust Company, The, director;
Syracuse, Geneva and Corning Railway Company, director;
Terminal Railway of Buffalo, director;
Tivoli Hollow Railroad, director;
Toledo, Canada Southern and Detroit Railway Company, director;
Toluca Electric Light and Power Company, director;
Utica and Black River Rnilroad, director;
Wallkill Valley Railroad Company, director;
West Shore Railroad, director ;
Western Transit Company, director; and
Western Union Telegraph Company, The, director.

HENRY M. FLAGLER:
Vice-president and director of Standard Oil Company;
Cuba Company, The, director ;
Florida East Coast Railway, president and director;
Jacksonville Terminal Company, president and director;
Morton Trust Company, director;
National Fuel Gas Company, director;
National Transit Company, director;
New York Transit Company, director;
Peninsular and Occidental Steamship Company, director; and
Western Union Telegraph Company, The, director.

JAMES C. FARGO:
American Express Company, president and director;
Chicago and Northwestern Railway Company, director;
Merchants Dispatch Transportation Company, president and director;
National Express Company, director;
United States Express Company, director; and
Westcott Express Company, president and director.

JAMES J. HILL:
Chase National Bank, The, director;
Chicago, Burlington and Quincy Railroad Company, director;
Chicago, Burlington and Quincy Railway Company, director;
First National Bank of Chicago, director;
First National Bank of the City of New York, director;
Great Northern Railway Company, chairman board of directors ;
Manhattan Trust Company, director;
Northern Securities Company, president and director; and
St. Paul, Minneapolis and Manitoba Railway Company, director.

EDWIN HAWLEY:
American Exchange National Bank, director;
British Columbia Copper Company (Limited), The, director;
Colorado and Southern Railway Company, director;
Colorado Fuel and Iron Company, director;
Colorado Midland Railway Company, director;
Colorado Springs and Cripple Creek District Railway, director;
Des Moines and Fort Lodge Railroad Company, president and director;
European Time Table Distributing Company, treasurer and director;
Great Western Power Company, president and director;
Guaranty Trust Company of New York, director;
Iowa Central Railway Company, president and director;
Keithsburg Bridge Company, director ;
Minneapolis and St. Louis Railroad Company, president and director;
Newport News Shipbuilding and Dry Dock Company, director ;
Occan Time Table Distributing Company, treasurer and director;
Standard Coupler Company, director;
Toledo, St. Louis and Western Railroad Company, director ;
United States Light and Heating Company, The, vice-president and director;
United States Realty and Improvement Company, director;
Western Pacific Railway Company, director; and
Western Power Company, president and director.

JOHN R. HEGEMAN :
President and director Metropolitan Life Insurance Company;
Durland Company, The, director;
Fixico Mining Company, president and director;
Hamilton Trust Company, trustee;
International Banking Corporation, director;
Lincoln Traction Company, Nebraska, director;
Metropolitan Bank, director;
National Surety Company, director;
Northampton Portland Cement Company, director;
Randolph-Macon Coal Company, director;
Union Dime Savings Institution, trustee; and
Victor Chemical Works, director.

W.H. MOORE:
American Can Company, director ;
Chicago and Alton Railroad Company, The, director;
Chicago and Eastern Illinois Railroad Company, director;
Chicago, Rock Island and Pacific Railroad Company, director;
Chicago, Rock Island and Pacific Railway Company, director;
Delaware, Lackawanna and Western Railway Company, director;
Evansville and Indianapolis Railroad, director ;
Evansville and Terre Haute Railroad Company, director;
Evansville Belt Railway Company, director;
Fidelity Fire Insurance Company of New York, director ;
First National Bank of the City of New York, director;
Kansas City, Fort Scott and Memphis Railway Company, The, director ;
Kansas City, Memphis and Birmingham Railroad Company, director;
Keokuk and Des Moines Railway Company, director;
National Biscuit Company, director;
Peoria and Bureau Valley Railroad Company, director;
Price Flavoring Extract Company, director ;
Rock Island Company, The, director;
St. Louis and San Francisco Railroad Company, director ; and
United States Steel Corporation, director.

FREDERICK WEYERHAUSER:
Weyerhauser Timber Company, president ;
Weyerhauser Syndicate, "head of," and
Known as "The Lumber King" (Who's Who).

D.O. MILLS.
Atlantic Coast Steamship Company, The, director;
Bank of New York (N.B.A.), director;
Bellingham Bay and British Columbia Railroad, director;
Cataract Construction Company, director;
Champlain Realty Company, director;
City and Suburban Homes Company, director;
Erie Elevator Company, president and director;
Erie Railroad Company, director;
Farmers' Loan and Trust Company, The, director;
International Paper Company, director;
Inyo Development Company, director;
Lackawanna Steel Company, director;
Lake Shore and Michigan Southern Railway Company, The, director;
Long Dock Mills and Elevator, director;
Manhattan Steamship Company, director;
Mergenthaler Linotype Company, director;
Metropolitan Trust Company, The, trustee;
Mohawk and Malone Railway Company, director;
Morton Trust Company, director ;
National Bank, D.O. Mills & Co. (Sacramento, Cal.), director;
New York Central and Hudson River Railroad Company, director;
Niagara Development Company, president and director ;
Niagara Falls Power Company, The, president and director;
Niagara Junction Railway, president and director;
North American Commercial Company, vice-president and director;
North Atlantic Steamship Company, director;
Provident Loan Society of New York, The, trustee;
St. Maurice Lumber Company, director;
Southern Pacific Company, director;
United States Trust Company, trustee;
Virginia and Truckee Railroad, president and director ; and
West Shore Railroad, director.

C.H. MACKAY:
American Exchange National Bank, director;
Canadian Pacific Railway Company, director;
Commercial Cable Building Company, president and director;
Commercial Cable Company, The, president and director;
Commercial Pacific Cable Company, president and director;
Federal Sugar Refining Company, vice-president and director;
Long Island Motor Parkway (Incorporated), director;
Mackay Companies, The, president and trustee;
New York Life Insurance Company, trustee;
Pacific Postal Telegraph-Cable Company, president and director;
Postal Telegraph-Cable Company, president and director;
Southern Pacific Company, director; and
United States Mortgage and Trust Company, director.

C.W. MORSE :
Bath Trust Company, director ;
Boston Insurance Company, director;
Butterick Company, first vice-president and director;
Century Realty Company, director;
Clyde Steamship Company, director;
Eastern Steamship Company, director ;
Fifth Avenue Estates, director ;
Fourteenth Street, director ;
Garfield National Bank, vice-president and director;
Garfield Safe Deposit Company, trustee;
Hudson Navigation Company, director;
Lincoln National Bank (Bath, Me.), director;
Mallory Steamship Company, director;
Mercantile National Bank of the City of New York, The, director;
Metropolitan Steamship Company, director;
National Bank of North America, The, vice-president and director;
New Amsterdam National Bank, vice-president and director;
New Amsterdam Safe Deposit Company, vice-president and director;
New York and Cuba Mail Steamship Company, The (Ward Line), director;
New York Mortgage and Security Company, director ;
New York Produce Exchange Bank, director ;
Title Insurance Company of New York, The, director ;
Van Norden Trust Company, director ;
Wall Street Exchange Building Association, vice-president and director; and
William Campbell Wall Paper Company, director.

A.E. ORR:
Associated Merchants' Company, The, director ;
Bond and Mortgage Guarantee Company, director ;
Chicago, Rock Island and Pacific Railway Company, The, director;
Continental Insurance Company, director;
Delaware and Hudson Company, The, member of board of managers;
Erie Railroad Company, director;
Federal Insurance Company, director;
Fidelity and Casualty Company, The, director;
Greenwood Cemetery, trustee ;
Harper & Brothers, director;
Long Island Historical Society, president and director ;
Mechanics' National Bank, vice-president and director ;
New York Life Insurance Company, president and trustee;
New York Produce Exchange, Safe Deposit and Storage Company, The, trustee ;
Queen Insurance Company of America, director ;
Realty Associates, director; and
United States Trust Company, trustee.

OLIVER H. PAYNE :
The American Tobacco Company, director;
The Chase National Bank, director ;
Chihuahua and Pacific Railroad Company, director;
The Chihuahua Mining Company, director;
Coal Creek Mining and Manufacturing Company, director;
Croesus Gold Mining and Milling Company, director;
Great Northern Paper Company, director ;
Havana Tobacco Company, director;
Interlake Pulp and Paper Company, director ;
International Cigar Machinery Company, director;
International Railway Company, director;
International Traction Company, director;
Manhattan Trust Company, director;
New York Loan and Improvement Company, vice-president and director;
Standard Oil Cloth Company, director; and
Virginia and Southeastern Railway Company, director.

DANIEL G. REID:
American Can Company, director;
Astor Trust Company, director;
Bankers' Trust Company, director;
Chicago and Alton Railroad Company, director;
Chicago and Eastern Illinois Railroad Company, director;
Chicago, Rock Island and Pacific Railroad Company, director;
Chicago, Rock Island and Pacific Railway Company, chairman board of directors ;
Continental Insurance Company, director;
Evansville and Indianapolis Railway, vice-president and director;
Evansville and Terre Haute Railroad Company, vice-president and director ;
Guaranty Trust Company of New York, director;
Keokuk and Des Moines Railroad Company, vice-president and director;
Liberty National Bank, vice-president and director;
National Bank of Commerce, Denver, Colo., director;
The Rock Island Company, director;
St. Louis and San Francisco Railroad Company, director ;
Second National Bank, Richmond, Ind., director ;
Union National Bank, Richmond, Ind., director; and
United States Steel Corporation, director.

JOHN D. ROCKEFELLER :
American Linseed Company, director;
Delaware, Lackawanna and Western Railroad Company, member board of managers;
Standard Oil Company of New Jersey, director;
United States Steel Corporation, director; and
The University of Chicago, trustee.

H.H. ROGERS :
Amalgamated Copper Company, president and director;
Anaconda Copper Mining Company, vice-president and trustee;
Atchison, Topeka and Santa Fe Railway Company, The, director ;
Atlantic Coast Electric Railway, vice-president and director ;
Atlas Tack Company, director;
Brooklyn Union Gas Company, vice-president and director ;
Chicago, Milwaukee and St. Paul Railway Company, director;
Farmers' Loan and Trust Company, The, director;
Guaranty Trust Company of New York, director ;
Mutual Life Insurance Company, of New York, The, trustee;
National Bank of Fairhaven, director ;
National Fuel Gas Company, president and director;
National Transit Company, president and director ;
New Jersey and Staten Island Ferry Company, director;
New York Transit Company, president and director;
Richmond Light and Railroad Company, president and director;
Standard Oil Company of New Jersey, vice-president and director ;
Staten Island Ferry Company, director;
Staten Island Midland Railway Company, director ;
Tennessee Copper Company, director ;
Union Pacific Railroad Company, director;
United Metals Selling Company, vice-president and director; and
United States Steel Corporation, director.

JAMES SPEYER:
Baltimore and Ohio Railroad Company, director;
Banco Mexicano de Comercio e Industria, director;
Central Trust Company of New York, trustee;
Citizens' Savings and Trust Company, Cleveland, director;
General Chemical Company, director;
German Savings Bank, trustee ;
Girard Trust Company, Philadelphia, member of board of managers;
Guaranty Trust Company of New York, director;
Industrial Trust Company, Providence, R.I., director ;
Lackawanna Steel Company, director;
Manhattan Company, director;
Maryland Trust Company, Baltimore, director;
North British and Mercantile Insurance Company of London and Edinburgh, director in United States;
North British and Mercantile Insurancve Company of New York, director;
Provident Loan Society of New York, The, president and trustee;
Rock Island Company, The, director;
Societe Financiere Franco-Americaine, The, vice-president and director;
Title Guarantee and Trust Company, trustee;
Underground Electric Railways Company of London (Limited), The, director; and
Union Trust Company of New York, trustee.

CHARLES STEEL:
Adams Express Company, The, member board of managers ;
Adams Land and Building Company, director;
Alabama Great Southern Railroad Company, director;
Atcheson, Topeka, Santa Fe Railway Company, The, director;
Baltimore and Ohio Railroad Company, director;
Buffalo Creek Railroad, president and director;
Central of Georgia Railway Company, director;
Central Railroad of New Jersey, The, director;
Chicago and Erie Railroad Company, director;
Chicago, Indianapolis and Louisville Railway Company, director;
Cincinnati, Hamilton and Dayton Railway Company, director;
Erie and Jersey Railroad Company, director;
Erie Railroad Company, director;
General Electric Company, director;
Gulf, Colorado and Santa Fe Railway Company, director;
International Harvester Company, director;
International Mercantile Marine Company, The, director;
Lehigh Valley Railroad Company, director;
Lehigh Valley Railway Company, The, director;
National Storage Company, director;
National Tube Company, director;
New Jersey and New York Railroad Company, director;
New York, Susquehanna and Western Railroad Company, director;
New York Telephone Company, director;
Northern Pacific Railway Company, director;
Pere Marquette Railroad Company, director;
Philadelphia and Reading Railway Company, director;
Reading Company, director;
Santa Fe, Prescott and Phoenix Railway Company, director;
Southern Railway Company, director;
Standard Trust Company, director;
Toledo and Ohio Central Railway Company, director;
United States Steel Corporation, director; and
Wilkes-Barre and Eastern Railroad Company, The, director.

CHARLES M. SCHWAB:
Bethlehem Steel Company, director;
Bethlehem Steel Corporation, president and board of directors ;
Carnegie Steel Company, director;
Chicago Pneumatic Tool Company, director;
Clyde Steamship Company, director;
Elgin, Joliet and Eastern Railway Company, director;
Empire Trust Company, director;
Greenwater Copper Mines and Smelter Company, director;
H.C. Frick Coke Company, director;
Minnesota Iron Company, director;
Montgomery-Shoshone Consolidated Mining Company, director;
Nationai Bank of North America, director;
National Tube Company, Ohio, director;
National Tube Works Company, director; and
United States Realty and Improvement Company, director.

H. M.K. TWOMBLEY:
Buffalo Erie Basin Railroad Company, director;
Carthage, Watertown and Sacket Harbor Railroad Company, director;
Central New England Railway Company, director;
Central Railroad of New Jersey, The, director;
Chesapeake and Ohio Railway Company, director;
Chicago and Northwestern Railway Company, director;
Chicago, Indiana and Southern Railroad, director;
Chicago, St. Paul, Minneapolis and Omaha Railway Company, director;
Clearfield Bituminous Coal Corporation, director;
Cleveland, Cincinnati, Chicago and St. Louis Railway Company, director;
Columbus, Hope and Greensburg Railroad, director;
Delaware, Lackawanna and Western Railroad Company, member board of manager;
Detroit and Chicago Railroad Company, director;
Detroit River Tunnel Company, director;
Dunkirk, Allegheny Valley and Pittsburg Railroad Company, director;
Erie Railroad Company, director;
Fall Brook Railway, director;
Gouverneur and Oswegatchie Railroad Company, director;
Hudson River Bridge Company, director;
Lackawanna Steel Company, director;
Lake Erie and Western Railroad Company, director;
Lake Erie, Alliance and Wheeling Railroad, director;
Lake Shore and Michigan Southern Railway Company, The, director;
Lehigh and Wilkes-Barre Coal Company, director;
Lehigh Valley Railroad Company, director;
Mahoning Coal Railway Company, director;
Michigan Central Railroad Company, director;
Mohawk and Malone Railway Company, director;
Monogahela Railroad Company, director;
New Jersey Shore Line Railroad Company, director;
New York and Ottawa Railway, director;
New York Central and Hudson River Railroad Company, director;
New York Central Niagara River Railroad Company, director;
New York, Chicago and St. Louis Railroad Company, director;
New York Junction Railroad Company, director;
New York, New Haven, Hartford Railroad Company, The, director;
New York State Realty and Terminal Company, The, director;
Newport Trust Company, director;
Niagara Falls Branch Railroad, director ;
Northern Ohio Railway Company, director;
Philadelphia and Reading Coal and Iron Company, director;
Philadelphia and Reading Railway Company, director;
Pine Creek Railway Company, director;
Pittsburg and Lake Erie Railroad Company, director;
Reading Company, director;
Rutland Railroad Company, director;
St. Lawrence and Adirondack Railway Company, director;
Syracuse, Geneva and Corning Railway Company, director;
Terminal Railway of Buffalo, director;
Tivoli Hollow Railroad, director;
Wallkill Valley Railroad Company, director;
West Shore Railroad, director ; and
Western Transit Company, director.

F.W. VANDERBILT:
American Horse Exchange (Limited), director;
Buffalo Erie Basin Railroad Company, director;
Canada Southern Bridge Company, director;
Canada Southern Railway Company, director;
Carthage and Adirondack Railway Company, dorector;
Carthage, Watertown and Sacket Harbor Railroad Company, director;
Chicago and Northwestern Railway Company, director;
Chicago, St. Paul, Minneapolis and Omaha Railway Company, director;
Clearfield Bituminous Coal Corporation, director;
Cleveland, Cincinnati, Chicago and St. Louis Railway Company, director;
Delaware, Lackawanna and Western Railroad Company, member board of manager;
Detroit and Bay City Railroad Compnny, director;
Detroit and Chicago Railroad Company, director;
Detroit River Tunnel Company, director;
Dunkirk, Allegheny Valley and Pittsburg Railroad Company, director;
Elkhart and Western Railroad Company, director;
Fort Wayne, Cincinnati and Louisville Railroad Company, director;
Gouverneur and Oswegatchie Railroad Company, director;
Hudson River Bridge Company, director;
Lake Erie and Western Railroad Company, director;
Lake Erie, Alliance and Wheeling Railroad, director;
Lake Shore and Michigan Southern Railway Company, The, director;
The Lincoln Safe Deposit Company, trustee ;
Mahoning Coal Railroad Company, director;
Michigan Central Railroad Company, director;
Mohawk and Malone Railway Company, director;
New Jersey Junction Railroad Company, director;
New Jersey Shore Line Railroad Company, director;
New York and Harlem Railroad Company, director;
New York and Northern Railway Company, director;
New York and Ottawa Railway Company, director;
New York and Putnam Railroad Company, director;
New York Central and Hudson River Railroad Company, director;
New York Central Niagara River Railroad Company, director;
New York, Chicago and St. Louis Railroad Company, director;
New York State Realty and Terminal Company, The, director;
Niagara Falls Branch Railroad Company, director;
Niagara Grand Island Bridge Company, director;
Niagara River Bridge Company, director;
Northern Central Michigan Railroad Company, director;
Ottawa and New York Railway Company, director;
Pittsburg and Lake Erie Railroad Company, director;
Pittsburg, McKeesport and Youghiogheny Railroad Company, director;
Pullman Company, The, director;
Rutland Railroad Company, director;
Shenango Valley Railway Company, director ;
St. Lawrence and Adirondack Railway Company, director;
Spuyten Duyvil and Port Morris Railroad Company, director ;
Sturgis, Goshen and St. Louis Railway Company, director ;
Swan Creek Railway Company, director;
Syracuse, Geneva and Corning Railway Company, director ;
Terminal Railway of Buffalo, director;
Tivoli Hollow Railroad, director;
Toledo, Canada Southern and Detroit Railway Company, director;
Wallkill Valley Railroad Company, director; and
West Shore Railroad, director.

W.K. VANDERBILT:
American Horse Exchange (Limited), director;
Beech Creek Railroad Company, director ;
Buffalo Erie Basin Railroad Company, director;
Buffalo, Thousand Islands and Portland Railroad, director;
Canada Southern Bridge Company, director;
Canada Southern Railway Company, director;
Carthage and Adirondack Railway Company, dorector;
Carthage, Watertown and Sacket Harbor Railroad Company, director;
Chicago and Northwestern Railway Company, director;
Chicago, Indiana and Southern Railroad, director;
Chicago, St. Paul, Minneapolis and Omaha Railway Company, director;
Chicago and State Line Railroad Company, director;
Cleveland, Cincinnati, Chicago and St. Louis Railway Company, director;
Detroit and Bay City Railroad Compnny, director;
Detroit and Chicago Railroad Company, director;
Detroit, Monroe and Toledo Railroad Company, director;
Detroit River Tunnel Company, director;
Dunkirk, Allegheny Valley and Pittsburg Railroad Company, director;
Elkhart and Western Railroad Company, director;
Fort Wayne, Cincinnati and Louisville Railroad Company, director;
Gouverneur and Oswegatchie Railroad Company, director;
Hudson River Bridge Company, director;
Jersey City and Bayonne Railroad Company, director ;
Joliet and Northern Indiana Railroad Company, director;
Jackson Coal Railroad Company, director;
Kalamazoo White Pigeon Railroad Company, director;
Lake Erie and Western Railroad Company, director;
Lake Erie, Alliance and Wheeling Coal Company, director;
Lake Erie, Alliance and Wheeling Railroad Company, director;
Lake Shore and Michigan Southern Railway Company, director;
Mahoning and Shenango Valley Railroad Company, director;
Mahoning Coal Railroad Company, director;
Michigan Central Railroad Company, director;
Michigan, Midland and Canada Railroad Company, director;
Mohawk and Malone Railway Company, director;
New Jersey Junction Railroad Company, director;
New Jersey Shore Line Railroad Company, director;
New York and Fort Lee Railroad Company, director;
New York and Harlem Railroad Company, president and director;
New York and Northern Railway Company, director;
New York and Ottawa Railway Company, director;
New York and Putnam Railroad Company, director;
New York Central and Hudson River Railroad Company, director;
New York Central Niagara River Railroad Company, director;
New York, Chicago and St. Louis Railroad Company, director;
New York State Realty and Terminal Company, The, director;
Niagara Falls Branch Railroad, director;
Niagara Grand Island Bridqe Company, director;
Niagara River Bridge Company, director ;
Northern Central Michigan Railroad Company, director ;
Northern Ohio Railway Company, director;
Pine Creek Railway, director;
Pittsburg and Lake Erie Railroad Company, director;
Pittsburg, McKeesport and Youghiogheny Railroad Company, director;
Pullman Company, The, director ;
Rutland Railroad Company, director;
St. Clair and Western Railroad Company, director;
St. Lawrence and Adirondack Railway Company, director;
Shenango Valley Railway Company, director ;
Spuyten Duyvil and Port Morris Railroad Company, director ;
Sturgis, Goshen and St. Louis Railway Company, director ;
Swan Creek Railway Company, director;
Syracuse, Geneva and Corning Railway Company, director ;
Terminal Railway of Buffalo, director;
Tivoli Hollow Railroad, director;
Toledo, Canada Southern and Detroit Railway Company, director;
Toronto, Hamilton and Buffalo Railway Company, director;
Wallkill Valley Railroad Company, director ;
West Shore Railroad, director ; and
Western Transit Company, director.

HENRY WALTERS:
Atlanta and West Point Railroad Company, director;
Atlantic Coast Line Company, The, chairman board of directors;
Atlantic Coast Line Railroad Company, chairman board of directors;
Belt Line Railway Company, The (Montgomery, Ala.), director;
Charlestown and Western Carolina Railway Company, vice-president and director ;
Chesapeake Steamship Company, director;
Colorado and Southern Railway Company, director;
Columbia, Newberry and Laurens Railroad Company, director ;
Cuba Company, The, director ;
Fort Worth and Denver City Railway Company, director;
Lackawanna Steel Company, director;
Louisville and Nashville Railroad Company, chairman board of directors ;
Milledgeville Railway Company, director ;
Nashville, Chattanooga and St. Louis Railway Company, director;
New York Shipbuilding Company, director;
Northern Central Railway Company, director;
Northwestern Railroad Company, of South Carolina, director;
Old Dominion Steamship Company, director ;
Richmond-Washington Company, director;
Safe Deposit and Trust Company, Baltimore, vice-president and director ;
Southern Cotton Oil Company, director;
Virginia-Carolina Chemical Company, director;
Washington Southern Railway Company, director;
Western Railway of Alabama, director ;
Western Union Telegraph Company, The, director; and
Wilmington Savings and Trust Company (Wilmington, N.C.), vice-president and director.

JOHN I. WATERBURY :
Manhattan Trust Company, president and director;
Alliance Assurance Company of London, trustee in United States;
American Telephone and Telegraph Company, director;
Audit Company of New York, The, director;
Chase National Bank, The, director;
International Mercantile Marine Company, The, director;
Louisville and Nashville Railroad Company, director; and
Norfolk and Southern Railway Company, director.

W.S. WEBB:
Manhattan Railroad, director;
Carthage, Watertown and Sacket Harbor Railroad Company, director;
Central Vermont Railway Company, director;
City Trust Company, director;
Commercial Cable Company, The, director;
Fitchbyrg Railroad Company, director;
Fulton Chain Railroad Company, president and director;
Fulton Navigation Company, president and director;
Honduras Syndicate, director;
Lake Shore and Michigan Southern Railway Company, director;
Mohawk and Malone Railway Company, director;
National Life Insurance Company, director;
Pullman Company, The, director;
Raquette Lake, Railway Company, president and director;
Rutland Railroad Company, director;
Rutland Transit Company, director; and
St. Lawrence and Adirondack Railway Company, director.

E.F.C. YOUNG :
President and director, Joseph Dison Crucible Company;
A.A. Griffling Iron Company, director;
Acker Process Company, vice-president and director;
American Graphite Company, president and director;
Bankers' Trust Company, director;
Bayonne Trust Cvmpnny, director;
Bergen and La Fayette Trust Company, The, director ;
Bowling Green Trust Company, director;
Brooklyn Annex, director;
Colonial Life Insurance Company of America, The, first vice-presidentand director;
First National Bank of Jersey City, president and director ;
Hudson and Manhattan Railroad Company, director;
Hudson County Gas Company, president and director;
Liberty National Bank, The, director;
New Jersey Title Guarantee and Trust Company, first vice-president and director ;
North Jersey Land Company, president and director;
Pavonia Trust Company, The, president and director;
Fennsylvania, New Jersey and New York railroad Company, director;
People's Safe Deposit and Trust Company, Jersey City, director;
Public Service Corporation of New Jersey, director;
Shooter Island Shipyard Company, director ;
Trust Company of New Jersey, Hoboken, vice-president and director; and
West Hudson County Trust Company, Harrison, N.J., director.

J.O. ARMOUR:
Armour & Co., president and director;
Armour Car Lines, director;
Armour Grain Company, director;
Chicago, Milwaukee and St. Paul Railway Company, director;
Continental National Bank, director;
Fort Worth Stock Yards Company, president and director;
G.H. Hammond Company, director;
Hammond Packing Company, director;
Hutchinson Packing Company, director;
National Packing Company, director;
Northwestern National Fire Insurance Company, director;
Omaha Packing Company, director;
Prussian National Insurance Company of Stettin, American trustee; and
United States Leather Company, director.

CHARLES DAWES :
Calumet Insurance Company of Illinois, director;
Central Trust Company of Illinois, president and director; and
Monroe National Bank, director.

JAMES H. ECKLES (DECEASED):
Allis-Chalmers Company, director;
American Surety Company of New York, director;
Audit Company of New York, member western board of control;
Bankers' Trust Company, New York City, director;
Chicago Union Traction Company, treasurer and director;
Commercial National Bank, president and director;
Commercial National Safe Deposit Company, director;
Hewitt Manufacturing Company, vice-president and director;
Lake View Trust and Savings Bank, director ;
Oakland National Bank, director; and
Young Men's Christian Association, of Chicago, The, trustee.

JAMES B. FORGEN :
American Radiator Company, director;
Audit Company of New York, member western board of control ;
Chicago and Alton Railway Company, The, director;
Chicago Title and Trust Company, director;
Equitable Life Assurance Company of the United States, The, director;
Fidelity and Deposit Company of Maryland, director ;
First National Bank, president and director ;
First Trust and Savings Bank, president and director ;
Guarantee Company of North America, The, director ;
Metropolitan West Side Elevated Railway Company, The, director; and
National Safe Deposit Company, president and director.

J.J. MITCHELL:
American Surety Company of New York, trustee ;
Audit Company of New York, The, vice-president, chairman western board of control, and member of advisory committee;
Chicago and Alton Railway Company, director;
Chicago, Burlington and Quincy Railroad Company, director;
Chicago Edison Company, director ;
Chicago, Rock Island and Pacific Railway Company, director;
Commonwealth Electric Company, director;
Economy Light and Power Company of Joliet, director;
First National Bank of New York, director ;
Illinois Trust and Savings Bank, president and director ;
Illinois Trust and Safety Deposit Company, director ;
Kansas City Southern Railway Company, director;
Lackawanna Steel Company, director;
New York Trust Company of New York, director;
Northwestern Elevated Railroad Company, voting trustee ;
Frank Parmelee Company, The, director;
Pullman Company, The, director;
Rock Island Company, director;
Union Elevated Railroad Company, director;
United States Brewing Company of Chicago, director; and
Western Union Telegraph Company, director.

NORMAN B. BEAM:
American Trust and Savings Bank, The, director ;
Baltimore and Ohio Railroad Company, director;
Brooklyn Rapid Transit Company, Brooklyn, director;
Central Safety Deposit Company, vice-president and director;
Chicago and Alton Railway Company, director;
Chicago, Burlington and Quincy Railroad Company, director;
Chicago Union Transfer Railway Company, director;
Colorado and Southern Railway Company, director ;
Erie Railroad Company, director;
First National Bank of Chicago, director;
First Trust and Savings Bank, director ;
Guaranty Trust Company, New York, director ;
International Harvester Company, director;
Metropolitan Trust Company, director;
Mount Hope Cemetery Association, director ;
National Biscuit Company, director;
National Safe Deposit Company, director ;
New York Life Insurance Company, trustee ;
New York Trust Company, director;
Pere Marquette Railroad Company, director ;
Pullman Company, The, director;
Reliance Company, The, director ;
Seaboard Air Line System, director ;
Securities Company, director; and
United States Steel Corporation, director.

L.F. SWIFT:
Hollis Cold Storage Company, director ;
Illinois Cattle Company, director;
Libby, McNeil & Libby, director;
Mechanical Manufacturing Company, president and director;
National Bank of the Republic, director;
National Leather Company, director ;
National Packing Company, director;
North Packing and Provision Company, director ;
St. Louis National Stock Yards Company, director;
South San Francisco Land and Improvement Company, and director;
Springfield Provision Company, director ;
State Bank of Lake Forest, Ill., director;
Stock YArds Savings Bank, East St. Louis, director;
Stock Yards Savings Bank, Chicago, director;
Swift & Co., president and director;
Swift Fertilizer Works, director; and
Western Meat Company, president and director.

OLIVER AMES:
American Bonding Company, of Baltimore, member advisory hoard ;
Ames Plow Company, president and director ;
Ames Shovel and Tool Company, director ;
Ames Shovel and Tool Company of Texas, vice-president and director;
Cabot Manufacturing Company, director;
Chicago and Northwestern Railway Company, director ;
Easton Investment Company, vice-president, director, and treasurer;
Electric Corporation, director ;
First National Bank of Easton, Mass., vice-president and director;
Fisher Manufacturing Company, president and director;
General Electric Company, director;
H.M. Myers Company, The, director;
Kinsley Iron and Machine Company, president and director;
Mercantile Trust Company of New York, director;
Metropolitan Storage Warehouse Company, president and director;
Mutual District Messenger Company of Boston, director;
National Shawmut Bank, director;
North Easton Savings Bank, trustee;
Old Colony Trust Company, director;
Oliver Ames & Sons Corporation, vice-president, treasurer, and director;
Oregon Short Line Railroad Company, director;
Provident Institution for Savings, trustee;
St. Louis Shovel Company, director;
Security Safe Deposit Company, director;
Union Copper Mining Company, president and director;
Union Pacific Railroad CVompany, director;
Washington Mills Emery Manufacturing Company, president and director;
Western Union Telegraph Company, director;
Wright Shovel Company, vice-president and director.

T. JEFFERSON COOLIDGE:
American Bell Telephone Company, director ;
American Trust Company, president and director;
American Telephone and Telegraph Company, director ;
Bay State Trust Company, president and director ;
Boston Elevated Railway Company, director ;
Edison Electric Illuminating Company, of Boston, director;
General Electric Company, director;
Georgia Railway and Electric Company, director;
Lawrence Manifacturing Company, director;
National Bank of Commerce, vice-president and director;
Old Colony Trust Company, chairman of directors;
Seaboard Air Line Railway, voting trustee and director;
Suffolk Savings Bank for Seamen and Others, trustee;
Underground Electric Railways Company, of London (Limited), director; and
Western Telephone and Telegraph Company, director.

H.L. HIGGINSON:
American Smelting and Refining Company, director;
American Writing Paper Company, vice-president and director;
Campobello Island Company, director;
Eastern Audit Company, director;
Ganley Coal Land Company, president and director;
General Electric Company, director;
Granby Consolidated Mining, Smelting and Power Company (Limited), director;
National Shawmut Bank, director;
New Boston Music Hall, president and director;
New England Exploration Company, director;
Provident Institution for Savings, trustee;
Smuggler Union Mining Company, vice-president and director;
Submarine Signal Company, president and director; and
Worcester, Nashua and Rochester Railway Company, director.

NATHANIEL THAYER:
American Bell Telephone Company, director;
American Telephone and Telegraph Company, director ;
Bay State Trust Company, president and director ;
Chicago Junction Railways and Union Stock Yards Company, vice-president and director;
City Trust Company, director;
Cushing Real Estate Trust, trustee;
Eastern Kentucky Railway Company, president and director;
Guarantee Company of North America, The, director;
Hamilton Woolen Company, president and director;
Kansas City Stock Yards Company of Missouri, director;
Massachusetts Hospital Life Insurance Company, director;
Merchants' National Bank, director;
Municipal Real Estate Trust, trustee;
New England Trust Company, director;
New York, New Haven and Hartford Railroad, director;
Old Colony Railroad Company, director;
Old Colony Steamboat Company, director;
Old Colony Trust Company, director;
Pere Marquette Railroad Company, director;
St. Louis and San Francisco Railroad Company, president and director;
St. Marys Mineral Land Company, president and director;
Suffolk Savings Bank for Seamen and Others, trustee; and
United States Steel Company, director.

THOMAS DOLAN:
The United Gas Improvement Company, president ;
Fidelity Trust Company, director ;
Finance Company of Pennsylvania, director;
The Electric Storage Battery Company, director;
Philadelphia Electric Company, director;
Cresson and Clearfield Coal and Coke Company, director; and
Welsbach Company, director.

P.A.B. WIDENER:
Cresson and Ciearfield Coal and Coke Company, vice-president and director;
Land Title and Trust Company, director;
The Electric Storage Battery Company, director;
Philadelphia Rapid Transit Company, director;
Philadelphia Traction Ccmpany, director; and
Union Traction Company, director.

E.H. GARY:
United States Steel Corporation, chairman;
American Land Company, director ;
Pittsburg Bessemer and Lake Erie Railroad Company, director;
Carnegie Steel Company, director;
American Steel and Wire Company of New Jersey, director ; and
National Tube Company, director.

SAMUEL REA:
Allegheny Heating Company, acting vice-president ;
Allegheny Valley Railway Company, vice-president; and
Chartiers Railway Company, director.

A.J. CASSATT (DECEASED):
The Pennsylvania Railroad Company, president and director;
Philadelphia, Baltimore and Washington Railroad Company, president and director ;
The Northern Central Railway Company, president ;
West Jersey and Seashore Railroad Company, president and director ;
The Philadelphia National Bank, director ;
Commercial Trust Company, director;
Fidelity Trust Company, director ;
The Western Saving Fund Society of Philadelphia, manager;
The Equitable Life Assurance Society of the United States, director;
Manhattan Trust Company (New York), director; and
Mercantile Trust Company (New York), director.

E.B. MORRIS :
Girard Trust Company, president and manager;
The Philadelphia Savings Fund Society, manager ;
The Philadelphia National Bank, director ;
Franklin National Bank, director ;
Fourth Street National Bank, director;
Pennsylvania Fire Insurance Company, director;
The Mutual Assurance Company, trustee;
Commercial Trust Company, director;
The Pennsylvania Railroad Company, director;
Pennsylvania Company (Western lines of Pennsylvania Railroad), director ;
Pittsburg, Cincinnati, Chicago and St. Louis Railroad Company, director;
The Pennsylvania Steel Company, director;
Maryland Steel Company, director;
Spanish-American Iron Company, director;
Cambria Steel Company, chairman and director;
Cambria Iron Company, director;
Mahoning Ore and Steel Company;
Latrobe Steel and Coupler Company, director;
The Keystone Watch Case Company, director;
Penn Traffic Company, director;
Estate of Anthony J. Drexel, trustee;
Estate of Asa Packer, trustee;
Estate of William Bingham, trustee; and
Estate of John Gilber, trustee.

JOHN S. KENNEDY:
Albany and Susquehanna Railroad, director;
Central Trust Company, trustee;
Chicago, Burlington and Quincy: Railway Company, director;
Cleveland and Pittsburg Railroad Company, director;
Hudson Trust Company of New Jersey, director;
Manhattan Company, director;
New York, Chicago and St. Louis Railroad Company, director;
Northern Pacific Railway Company, director;
Northern Securities Company, vice-president and director ;
Provident Loan Society of New York, The, trustee ;
Title Guarantee and Trust Company, The, trustee ; and
United States Trust Company, trustee.

WILLIAM G. ROCKEFELLER:
Brooklyn Union Gas Company, director;
Columbia Bank, director;
Lincoln National Bank of the City of New Fork, director;
National Fuel Gas Company, director ;
New York Transit Ccmpany, director ; and
Union Pacific Railroad Company, director.

DUMONT CLARKE:
American Exchange National Bank, president and director;
Adams Express Company, member board of managers;
Algoma Central and Hudson Bay Railway, director;
American Beet Sugar Company, director ;
American Felt Company, director ;
Audit Company of New York, The, director;
Caledonia Insurance Company, Edinburgh, trustee;
Commercial Cable Company, The, director ;
Commercial Cable Company of Cuba, director;
Delaware and Hudson Company, The, member of board of managers;
Federal Sugar Refining Company, treasurer and director;
Fidelity and Causalty Company, The, director;
Home Insurance Company, director;
Lake Superior Corporation, The, director;
Lawyers Title Insurance and Trust Company, The, director ;
Little Falls and Dolgeville Railroad, director;
Long Island Consolidated Electrical Companies, The, director;
Long Island Railroad Company, director ;
Mackay Companies, The, trustee;
Mutual Life Insurance Company of New York, The, trustee;
Nem York, Brooklyn and Manhattan Beach Railway Company, director;
New York Clearing-House Building Company, director;
Norfolk and Southern Railway Company, director ;
Orange National Bank, director;
Press Publishing Company, trustee;
Swift & Co., director;
United States Mortgage and Trust Company, director;
United States Safe Deposit Company, director ;
Vacuum Cleaner Company, director; and
Washington Life Insurance Company, The, director.

W.A. CLARKE:
American Stone Company, president and director ;
Black Butte Coal Mining Company, president and director;
Butte Electric Railway Company, president and director;
Clark Coal Company, president and director;
Clark-Montana Realty Company, president and director ;
Colusa-Parrot Mining and Smelting Company, president and director ;
Empire Cattle Company, president and director;
Henry Bonnard Bronze Company, vice-president and director;
Herald Publishing Company (Salt Lake City), president and director;
John Caplice Company, director;
Las Vegas and Tonopah Railroad Company, director ;
Los Alamitos Sugar Company, president and director;
Los Cerritos Company, president and director ;
Mayflower Consolidated Mining Company, director ;
Mayflower Mining Company, president and director;
Miner Publishing Company (Butte, Mont.), director;
Missoula Light and Water Company, director ;
Missouri River Power Company, director;
Montana Hardware Company, director;
Montana Land Company, president and director;
Moulton Mining Company, president and director;
Natural Mineral Water Company, president and director;
Nevada First National Bank of Tonopah, director ;
Ophir Hill Consolidated Mining Company, president and director;
Original Consolidated Mining Company, president and director;
Original Mining Company, president and director;
Pyrenees Gold and Silver Company, president and director;
San Pedro, Los Angeles and Salt Lake Railroad, president and director;
Sunset Mining Company, president and director;
T.F. Miller Company (Jerome, Ariz.), director;
United Verde and Pacific Railway Company, president and director;
United Verde Copper Company, president and director;
Utah Realty Company, director;
W.A. Clark & Bro., president and director;
W.A. Clark Realty Company, president and director;
W.A. Clark Wire Company, president and director;
West Mayflower Mining Company, director;
Western Lumber Company, president and director; and
Western Montana Flouring Company, president and director.

Mr. La Follette.  The twenty-three directors of the National City Bank, the head of the Standard Oil group, and the directors of the National Bank of Commerce, thirty-nine in number, hold 1,007 directorships on the great transportation, industrial, and commercial institutions of this country.

Let me go a step further with respect to the Standard Oil bank in order to show how this mighty power that dominates the life of the American people to-day—and I will ultimately show its relation to the bill which has been reported here—notwithstanding the dexterous withdrawal of the proposition to incorporate railroad bonds into our currency system.

Mr. ALDRICH.  Mr. President——

The VICE-PRESIDENT.  Does the Senator from Wisconsin yield to the Senator from Rhode Island ?

Mr. La Follette.  I certainly do.

Mr. ALDRICH.  I, of course, do not like to take up the time of the Senator from Wisconsin, but he may not be aware of the fact, and therefore I think perhaps I had better make the suggestion at this time.  Among the first suggestions of opposition to this bill and the most earnest objection was that made by the National City Bank, of the city of New York, and Mr. Vanderlip, its vice-president, did at that time and has continuously since opposed the measure.  This measure is opposed not only by the National City Bank of New York, but by all the banks in the city of New York.

I have before me, received this morning, a statement made by the chairman of the New York Clearing-House Association, saying it is better to have no legislation at all than to pass this bill, and stating the reasons why we should have a currency based upon the assets of the banks, and the reasons why he is in favor of a bill that is pending elsewhere.  I know of no bank or bank man who is in favor of this bill.  The fact is that the banks throughout the country are against it;  and the Senator from Wisconsin has studied this situation to little effect if he has not found that out.

POWERS BEHIND THE LEGISLATION.

Mr. La Follette.  I will inquire of the chairman of the Finance Committee what is the position of Mr. Morgan upon this proposition ?

Mr. ALDRICH.  I do not know what Mr. Morgan’s position is, but I do know that Mr. Morgan is a man of wide experience, a man of patriotism and of wise judgment, and I should feel highly gratified if I thought Mr. Morgan approved this bill in all its features.

Mr. La Follette.  Mr. President, perhaps in some indirect way the chairman of the Committee on Finance will be able to find out where Mr. Morgan stands.  But his beaming countenance from the galleries of this Chamber while the Senator from Rhode Island was making his speech would rather indicate that Mr. Morgan, the head of one of these great groups, was not entirely adverse to the propositions embraced in this bill.

Mr. ALDRICH.  Mr. President——

The VICE-PRESIDENT.  Does the Senator from Wisconsin yield further to the Senator from Rhode Island ?

Mr. La Follette.  I do.

Mr. ALDRICH.  I suppose the Senator from Wisconsin and every other Senator will agree with me that this proposition should be discussed upon its merits and be judged by what it is and what it proposes to do and not by the opinion of Mr. Morgan or anybody else as to the bill.

Mr. La Follette.  Let me say to the Senator from Rhode Island that you can not always tell the merits of a proposition solely from the printed lines.  I shall show before I have finished that the withdrawal of the railroad-bond feature of this bill throws a flood of light over the intent and purpose of this legislation.

Let me say to the Senator from Rhode Island, further, that it is not impossible to conceive that this great organization which is controlling the industrial and commercial life of the American people, which is engineered and directed by the best intellects in America, might put out here and there newspaper interviews to make it appear if possible that there is no organized power behind this legislation.

I do not know Mr. Vanderlip, to whom attention has been called by the Senator from Rhode Island.  He may be a most eminently fair man.  I do know that he has given public expression to the fact that he is not in accord with this legislation.  I do know that he is vice-president of the National City Bank.  I do know that he is in favor of a central bank, and I do know that some other men connected with these great institutions are.  Mr. President, there might be a choice.  I can conceive that there may be more than one way in which the organized money power of this country can be strengthened.  A central-bank system might be quite as useful, perhaps more useful, than the legislation proposed by this bill.

But I think the Senator from Rhode Island will have to do more than cite a few names to disprove the evidence which I shall present before I conclude showing that these few men whom I have named dominate and control the business and industrial life of this country against the interest of the great mass of the people, and that the effect of this legislation, if enacted, will be to build up and strengthen and fortify this mighty power at the expense of the people.

CONNECTIONS OF NATIONAL CITY DIRECTORS.

But let me revert to the directorate of the National City Bank, remembering that there are twenty-three directors.

Fourteen of the directors of the National City Bank are at the head of fourteen great combinations representing 38 per cent of the capitalization of all the industrial trusts of the country.

The railroad lines represented on the board of this one bank cover the country like a network.  Chief among them are the Lackawanna, the Chicago, Burlington and Quincy, the Union Pacific, the Alton, the Missouri Pacific, the Chicago, Milwaukee and St. Paul, the Chicago and Northwestern, the Rock Island, the Denver and Rio Grande, the Mexican National, the Baltimore and Ohio, the Northern Pacific, the New York Central, the Texas and Pacific, the Erie, the New York, New Haven and Hartford, the Delaware and Hudson, the Illinois Central, the Manhattan Elevated of New York City, and the rapid-transit lines of Brooklyn.  These same twenty-three directors, through their various connections, represent more than 350 other banks, trust companies, railroads, and industrial corporations, with an aggregate capitalization of more than twelve thousand million dollars.

That is a part only of what is behind the directorate of the National City Bank of New York, the head of only one of these groups.

RESERVES ARE MASSED IN NEW YORK.

It was inevitable that this massing of banking power should attract to itself the resources of other banks throughout the country.  Capital attracts capital.  It inspires confidence.  It appeals to the imagination.  Added to this the forces back of these controlling groups could offer tempting interest rates and, finally, the Federal legislation would almost seem to have been enacted to augment this power.

The law providing that 15 per cent of the deposits of a country bank should be held for the protection of its depositors conveniently permits three-fifths of the amount to be deposited in reserve city banks, and of the 25 per cent of reserve for the protection of depositors in reserve city banks one-half may be deposited with central reserve city banks.  As there are but three central reserve cities, one of which, of course, is New York City, the alluring interest rates which these all-powerful groups could offer inevitably tended to draw the great proportion of lawful reserves subject to transfer from the country and reserve banks.

Consider the number of country banks for which these larger banks are the approved reserve agents, and the way the system has been worked to gather up the money of the country by these big group banks can be understood.  One Standard Oil bank is approved agent to receive deposits of lawful money reserves from 1,071 national banks scattered over the country.  Another bank of the same group receives reserve deposits from 1,802 country banks, and another from 478.  A leading Morgan group bank receives deposits from 909 outside banks, and another from 615, and still another from 1,333.

The system has been operated to gather constantly increasing millions, belonging to the depositors of other banks throughout the country, into the great national banks of New York.

In 1896 the Treasury Department began publishing the abstract of the condition of national banks in circular form five times a year.  This statement shows the amounts due from the national banks of New York City to the other financial institutions of the country.  From the date of the first circular, December 17, 1896, to the last report, February 14, 1908, the net balance due from New York City national banks to other national banks of the country had increased from $115,756,274 to $232,960,362, an increase of $117,204,088, or more than 100 per cent.

The power which the New York banks derive through these vast accumulations of the resources of other national banks strengthen their position so that they could draw in the surplus money of all the other financial institutions of the country, State, private, and savings banks and trust companies.  The growth in the net balance due these institutions from the New York national banks in recent years is even more astounding than the increase of their deposits from the other national banks.  Beginning with $58,461,256 in 1896, it grew to $227,088,130 in 1908, almost a fourfold increase.  The net balance which the national banks of New York owed all the other financial institutions of the country increased in the same period of time from $174,217,530 to $460,048,493.

On August 22, 1907, the last call before the panic, the New York banks owed the other banks of the country a net balance of over $410,000,000.  The report for December 3 shows a reduction of the balance to about three hundred and eighty-eight and a half million.  With all the pressure that they could bring to bear on New York national banks, the other banks of the country were unable to withdraw in time of great need more than about twenty and a half millions, or about 5 per cent of their deposits in New York.  They would have been unable to withdraw even this amount had not the Treasury increased United States deposits in the national banks of New York during this period over $47,000,000.

EVIDENCE OF SPECULATION BY BANKS.

The ability of these group banks of New York through their connected interests to engage in underwriting, to finance promotion schemes, where the profits resulting from overcapitalization represent hundreds of millions of dollars, places them beyond let or hindrance from competitors elsewhere in the country.  Their ability to take advantage of conditions in Wall street, even if they did not create these conditions, forcing interest rates on call loans as high as 150 per cent, would enable them to command, almost at will, the capital of the country for these speculative purposes.

But one result could follow.  Floating the stocks and bonds in overcapitalized transportation, traction, mining, and industrial organizations does not create wealth, but it does absorb capital.  Through the agency of these great groups hundreds of millions of dollars of the wealth of the country have been tied up.  Other hundreds of millions have been drawn upon to supply these great speculating groups in their steadily increasing Wall street business.

Direct evidence of the speculative character of banking in Wall street, not only by those houses which are familiarly recognized as speculative houses, but of the speculative banking which is done by national banks, is contained in the testimony of George S. Baker, president of the First National Bank of New York City, which was given before the Armstrong committee September 14, 1905.  I shall refer to the banking connections of Mr. Baker later.  The Armstrong committee secured the testimony of Mr. Baker for the reason that he was at that time a member of the directorate of the Mutual Life Insurance Company and of the finance committee of that organization.  He was at the same time president and a member of the board of directors of the First National Bank of New York City.

I have traced this afternoon in what I have had to say the centralization of the industrial, transportation, and commercial business of the country.  I have shown its relation to bank concentration.  Now, Mr. President, I shall show from official records the relation of the control of these great banks to speculation in Wall street.

I quote from Mr. Baker’s testimony, beginning on page 624 of the Armstrong report :

Q.  Now, Mr. Baker, we all appreciate your position in the community and the value of your opinion on such matters as these, and we would be very glad to hear what you have to say as to the advisability of an insurance company going into syndicate operations.  —A.  Well, it generally enables the insurance company to get bonds at a cheaper price than it otherwise could.

Q.  That would be the only justification ? —A.  I think that is the only thing that occurs to my mind now.

Q.  Is it necessary for an insurance company, with the funds at its command to such an extent as the Mutual Life Insurance Company, to take bonds through syndicates ?  Couldn’t it get them directly at groundfloor prices ? —A.  I don’t believe they could, sir.

Q.  Suppose it were known that the Mutual Life and the Equitable Life and the New York Life would take bonds directly from the railroad companies that wanted to borrow money, don’t you suppose they could get as advantageous a price as they could through any banking house ? —A.  If it was a small issue, I think they could;  but the recent issues you were speaking of—the Pennsylvania three-hundred-million loan—those three companies wouldn’t want to take so large a block as the bankers could take.

Q.  And, of course, if the bankers undertook the flotation they would want to control the entire issue ? —A.  Yes, sir.

Q.  And it would be to the interests of the railroad company to make an arrangement satisfactory to the bankers ? —A.  They always seem to think so.

Q.  The effect would be that the bankers would get the control of the issue, and then to get in, the insurance companies would have to deal with the bankers ? —A.  Practically.

It is to be borne in mind that in this transaction the bank controls the bond syndicate.  It is to be borne in mind that the bank president of the national bank is also one of the finance committee of the insurance company to be dealt with.

Q.  That is about the way it usually is, isn’t it ? —A.  Yes, sir.  And the bankers generally let the insurance companies in on what might be called the hardpan business.

Q.  They let them in if there is an original syndicate, afterwards a purchasing syndicate on the original syndicate basis ? —A.  That is a thing governed by the banks.

They might let them in and they might not.  They are trading with themselves.  The bankers are running this syndicate to get the profit out of it.  They are on the official boards of the insurance companies with which they are dealing.

Q.  The bankers consider it will help the flotation if institutions having a reputation for conservatism would help the thing by taking a large block ? —A.  I don’t think they would let them in it if they didn’t.

The whole transaction is shown to be, by the admissions of this witness, one of which self-interest is the controlling thing;  and remember, Mr. President, that this witness is one of the custodians of the funds of a great national bank.  He was asked by the examiner whether the relation of the Mutual Life Insurance Company to the matter did not enter into his thoughts at all.  His answer was, “Not in the slightest degree.”

To quote further from the testimony :

Q.  In other words, it is an aid to the flotation to have a subscription from an insurance company, isn’t it ? —A.  Yes, sir.

Q.  It is a large help to the dealings between the bankers and other investors;  it helps them on the public offerings ? —A.  Yes, sir.

Q.  And then, when they are put on the public offerings and the insurance companies buy at the issue price, that is a great help to the market, isn’t it ? —A.  Yes, sir.

Q.  Now, the question has been mooted of late, although it apparently a little while back didn’t receive any attention, as to the participation of those who deal with the mutual life insurance companies and refunds of other companies in syndicate operations that sell for their own benefit.  You have heard practically the question that I have put to the other gentlemen upon the stand.  Have you been a participator yourself in the syndicate ? —A.  Yes, sir.

Q.  In syndicates in which the Mutual Life was also a participator ? —A.  Yes , sir.

Q.  Did that in any way affect your judgment on any matter coming before you as a trustee of the Mutual Life ? —A.  Well, that came to me entirely through my business with the First National Bank, and never had any connections, either directly or indirectly, in any way, shape, or manner, with the Mutual Life.

Q.  I see.  You, as an officer of the First National Bank, were in a position to know of the syndicates and to get opportunities in syndicates ? —A.  Yes, sir.

Q.  And the relation of the Mutual Life Insurance Company to the matter didn’t enter into your thought at all ? —A.  Not to the slightest degree.

Q.  At the same time the fact remained that you and the Mutual Life Insurance Company were participators in several syndicates together ? —A.  I presume that is the fact.

Mr. Baker later furnished a list of the syndicates in which he personally participated, and in which also the Mutual Life Insurance Company was a participant.  The value of this testimony lies in the fact that it gives clear and unmistakable proof that the First National Bank was in the speculative market.  It is followed immediately in the Armstrong report by the testimony of Frederick Cromwell, the treasurer of the Mutual Life Insurance Company.  He says :

You were asking me, Mr. Hughes—I heard you asking them, and I think you did me—whether it was necessary to buy bonds of these syndicates or whether we could not buy them from the railroad company.  I think it is wise for me to say this—perhaps it is saying too much—that a few years ago I was convinced that we could buy of the railroad company.  We had a peculiar relation with some of them, and were large stockholders, but I found it impossible.  I might as well mention one instance.  I went to my personal friend, Mr. Stuyvesant Fish.  We had at that time four of their directors on our board.  I said to Mr. Fish, “See here;  this thing can not go along any further;  it is time for us to buy our bonds of you directly——

Q.  You are talking now of the Illinois Central ? —A.  Yes;  the Illinois Central, and he said he could not afford to sell the Mutual Life bonds, and I could see the justice of his remark when he explained it, that it was a necessity for his railroad to do their business through banks en bloc, it could not afford to take them to single buyers, and he must keep up his associations with the bank.

Q.  So the railroads must keep in with the banks in order to float their bonds ? —A.  They have to; yes, sir.

Q.  And the insurance companies must keep in with the banks in order to get the investments they want at low prices ? —A.  Yes, sir.

Q.  So the banks control the situation ? —A.  There is no question about it.  I went once to the St. Paul Railroad and remonstrated very much because they had made an issue and did not let me know first, and I got a reply which was not at all satisfactory.  You can understand their reasons.  I can, at any rate.  And I say that to defend my statement that we had to buy through the syndicate.

Q.  What do you think their reason is ? —A.  To keep a market for the bonds.  An attempt was made two or three years ago by the Pennsylvania Railroad to make a large flotation through its stockholders, and there never was, for its size, such a lamentable failure, and they went around with their hats in their hands to Kuhn, Loeb & Co. and Speyer & Co., and they put the enterprise through.

Mr. Baker’s and Mr. Cromwell’s apparent innocence of anything wrong in these transactions is perhaps more significant than the transactions themselves.  The absence of any sense of business responsibility or of business integrity is more appalling than conscious and willful violation of the business standards of honorable men.

Mr. BEVERIDGE.  Will it interrupt the Senator to ask him a question ?

The VICE-PRESIDENT.  Does the Senator from Wisconsin yield to the Senator from Indiana ?

Mr. LA FOLLETTE.  Oh, certainly.

Mr. BEVERIDGE.  Purely for information, as the Senator knows.  Is it the Senator’s position that the national banks ought not to be permitted to invest in any securities at all ?

Mr. La Follette.  I am attempting, let me say to the Senator from Indiana, to present to the Senate the conditions actually as they exist—what the remedies may be is a matter for further discussion.  I believe that the evidence is overwhelming of the connection of certain great bank groups, in which the greatest national banks of this country are a dominant power, with industrial and transportation combinations, the securities of which under this bill were to be made a basis of issuing circulating notes.  I believe that the development of these connections and this relationship is a very important matter in the consideration of this legislation.  Surely a national bank ought not to be allowed to underwrite or invest in securities of corporations in which the officers and directors of the bank are primarily interested and when the transactions are primarily for the benefit of such officers and directors, or others who may control them, and not for the benefit of stockholders or depositors of the bank.

Mr. BEVERIDGE.  I shall not interrupt the Senator further.  He is making a very lucid and powerful statement upon precisely the point he makes.  The question did occur to my mind right in that connection, because it is a subject of considerable dispute as to whether banks ought to be permitted to invest in these securities at all, on the one hand, or whether, upon the other hand, they should be confined to receiving deposits and loaning them.  I merely wanted to ask the Senator as to whether he had arrived at any conclusion at all on that point, and then I would follow it up by one or two other questions.  But I will not interrupt the Senator.  I will let the Senator go on with his statement.

Mr. La Follette.  I will say that the question suggested by the Senator will receive some further attention later on in my remarks.

Mr. President, the relationship between the legislation pending and the discussion which I am attempting to make focuses itself just at this point, that the control of these great banks is in the hands of these men who are interested in a speculative way in corporate securities and who, at the same time, are the custodians of the deposits, not only of individual depositors, but the deposits of reserve money of the banks all over the country.

BANKERS IN THE ALTON DEAL.

The Chicago and Alton deal is an instance of the participation by the men in charge of New York’s great financial and trust institutions in Wall street flotation and stock-jobbing schemes.  In that instance Mr. Harriman, as stated in his testimony a year ago before the Interstate Commerce Commission, got together three New York bank officers and directors, Mr. Mortimer Schiff, Mr. George J. Gould, and Mr. James Stillman, and organized a syndicate to acquire the stock of the Chicago and Alton Railroad.

Mr. Mortimer Schiff, of the firm of Kuhn, Loeb & Co., was a director of the Mercantile Trust Company, of the Provident Loan Association, and the United States Loan and Trust Company, one of the principal Standard Oil financial institutions.  George J. Gould, the director of the National Bank of Commerce, the great Morgan institution, and James Stillman, the financier of the Standard Oil institutions, the president of the National City and the director of the Bank of the Metropolis, Bowery Savings Bank, Columbia Park, Farmers’ Loan and Trust Company, the Fidelity Bank, the Fifth Avenue Safe Deposit Company, the Hanover National Bank, the Lincoln National Bank, the National Butchers and Drovers’ Bank, the New York Trust Company, the Riggs National Bank of Washington, the Second National Bank of New York, and a member of the clearing house committee of the New York Clearing House Association.  These, with Mr. Harriman, were members of a syndicate.

The syndicate was successful, and these gentlemen became, in the words of Mr. Harriman, “The Chicago and Alton Railroad.”  When they got control of the property the capital stock was $22,000,000 and bonded debt about eight and a half millions.  They mortgaged the property and issued about $40,000,000 of bonds.  As officers of the Chicago and Alton Railroad they sold these bonds to themselves at 65 cents on the dollar.  Then as individuals they turned about and sold the bonds at a profit of about $300 apiece, principally to insurance companies and trust institutions which they controlled.  Of the amount realized to the Chicago and Alton Railroad Company on the sale of the bonds Messrs. Harriman, Stillman et al. paid about seven millions to themselves, under the name of a 30 per cent dividend to stockholders.

Mr. Harriman sought to justify these operations before the Commission by pointing out that the previous management had made extensive improvements out of income.  I quote from the testimony :

Mr. KELLOGG.  Is it not a fact that from year to year, during the management of the prior Chicago and Alton, whatever had been charged against its income and spent upon the road had been closed each year by the board of directors ?

Mr. HARRIMAN.  I presume so, but under the former management the Chicago and Alton was drying up very fast, and so was the railroad itself.

Mr. KELLOGG.  It certainly has not dried up since.

Mr. HARRIMAN.  No, sir; it has not.

Mr. KELLOGG.  There was water enough to satisfy anybody.

Mr. HARRIMAN.  Yes; and business enough to satisfy.

Mr. KELLOGG.  Would you think distributing $6,669,000 as a 30 per cent dividend to the stockholders, who had already had 8 per cent, would prevent it from drying up ?

Mr. HARRIMAN.  Combined with the other methods of financing which were adopted by the Chicago and Alton ; yes.

The bonds issued out of these nefarious manipulations were made eligible for deposit to secure Government deposits.  Although the railroad-bond proposition has disappeared for the time being, I pause just a moment to repeat that the bonds growing out of these nefarious manipulations are not only eligible but large amounts of them have been accepted and placed in the Treasury to secure deposits of Government money.  They are first-mortgage bonds, legal for savings bank investment in New York and Massachusetts.  They would be eligible to secure circulation under this bill, as the bill stood and was contended for by its friends up to almost the present moment, as soon as the dividends could be fixed up.  They are first-mortgage bonds at the rate of about $85,000 per mile, or about three times the average value of railroad property in the country.

FINANCIAL BANKING SUPPLANTING COMMERCIAL BANKING.

The plain truth is that legitimate commercial banking is being eaten up by financial banking.  The greatest banks of the financial center of the country have ceased to be agents of commerce and have become primarily agencies of promotion and speculation.  By merging the largest banks, trust companies, and insurance companies masses of capital have been brought under one management, to be employed not as the servant of commerce, but as its master;  not to supply legitimate business and to facilitate exchange, but to subordinate the commercial demands of the country upon the banks to call loans in Wall street and to finance industrial organizations, always speculative, and often unlawful in character.  Trained men, who a dozen years ago stood first among the bankers of the world as heads of the greatest banks of New York City, are, in the main, either displaced or do the bidding of men who are not bankers, but masters of organization.

The banks which were then managed by bankers as independent commercial institutions are now owned in groups by a few men, whose principal interests are in railroads, traction, telegraph, cable, shipping, iron and steel, copper, coal, oil, gas, insurance, etc.

This subversion of banking by alliance with promotion and stock speculation is easily traced.

There was every inducement for those who controlled transportation and a few great basic industries to achieve control of money in the financial center of the country.

The centralization of the banking power in New York City would not only open the way for financing the reorganization and consolidation of industrial enterprises and of public utilities throughout the country, but would place those in authority where they could control the markets on stocks and bonds almost at will.

With this enormous concentration of business it is possible to create, artificially, periods of prosperity and periods of panic.  Prices can be lowered or advanced at the will of the “System.”  When the farmer must move his crops a scarcity of money may be created and prices lowered.  When the crop passes into the control of the speculator the artificial stringency may be relieved and prices advanced, and the illegitimate profit raked off the agricultural industry may be pocketed in Wall street.

If an effort is made to compel any one of these great “Interests” to obey the law, it is easy for them to enter into a conspiracy to destroy whoever may be responsible for the undertaking.

STORY OF THE PANIC.

I have placed before you the record evidence that less than one hundred men own and control railroads, traction, shipping, cable, telegraph, telephone, express, mining, coal, oil, gas, electric light, copper, cotton, sugar, tobacco, agricultural implements, and the food products, as well as banking and insurance.  Does anyone question the overcapitalization of these consolidated corporations which cover the business of the country ?  Does anyone doubt the community of interest that binds these men together ?  Does anyone question their vital interest in maintaining their overcapitalization and protecting their stocks and bonds ?  Does anyone doubt their hostility to the declared policies of President Roosevelt, and the progressive movement throughout the country, and their readiness, nay, their determination, to make an end of it at any cost ?  Was this not made abundantly manifest during the summer of 1907 ?  The White House was not far wrong when it gave out the information that a great fund had been pledged to block any third-term possibility.

To get the true perspective of more recent events, let us go back a little.  If we would find the underlying cause for the convulsions that have taken place on the stock exchange, culminating in this demand for emergency currency and the acceptance of railway bonds as a basis for currency issue, follow the operations of these men and the great groups they have formed as traced in Wall street for the last three years.  It is a blending of the control of business and legislation and politics.

In 1904 these financial groups joined in a big bull movement upon the stock markets.  They had forced expansion in business everywhere.  Their reorganization schemes had been repeated until the trading public was intoxicated with speculation.  None of the sensational disclosures through investigations by committees and departments through the Interstate Commerce Commission, and the courts had yet taken place.  Expansion was in the air.  It was “good hunting.”  The times were right for a “great killing.”  The bull movement was carried through 1904 and into 1905 with great success.  The call loans on Wall street collateral, nearly all of which were handled by group banks, reached high-water mark.  But some of the lesser individuals fell into squabbles over the control and spoils of the Equitable Life Insurance Company.  The fight waxed hot and reckless, and the country was startled with the revelations.  The scandal spread.  It involved the Equitable Life, the Mutual Life, the New York Life, the banks of the Morgan group, and banks of the Standard Oil group.  Morgan and his associates made furious effort to suppress investigation, but the public demand forced it upon Governor Higgins, and the Armstrong committee began its work.  It disclosed the relations existing between insurance companies and banks and railroads and industrial organizations, and the use of hundreds of millions of money held in trust upon which the big men of the big groups, bankers and all, were drawing, in violation of every principle of honesty in the administration of trust funds.

The effect of these disclosures upon the stock market could not be averted, though the good offices of the Treasury Department were sought and, to some extent, secured.  There was scurrying to and fro.

Nineteen hundred and six had been ushered in.  President Roosevelt was pressing upon Congress for railway rate legislation, urging that the wrongful aggressions of capital be curbed, urging his Department of Justice to prosecute violators of the law, announcing the novel doctrine that criminal statutes were for the rich as well as the poor, and throughout the country an awakened public conscience demanded an honest administration of the corporations controlling business and a release of the capital and surplus of the nation by the great controlling groups.  The master organizations put forth all their efforts to stay the downward trend in Wall street and to stimulate a lagging market.

This is history, Mr. President.  They forced dividend payments.  They made them extravagant.  The Baltimore and Ohio, the Pennsylvania, the Santa Fe, the New York Central, the Union Pacific, the other companies declared dividends lavishly.  It was not so difficult.  The traffic of the country paid for it all.  The stock market responded and stocks took new high records.  Determined to outface appearances, the groups ordered a new issue of stocks.  In the last half of 1906 not less than $500,000,000 of railway stocks alone were thrown upon the market, dividend issues keeping step with stock issues.  It was designed to betoken a carnival of prosperity.  It was expected that the country investors would respond in the old way and their money be drawn into this financial center to prop it up.  But the public did not come in.  Railroad securities had fallen into disrepute.  Watered when the roads were built, watered when they were merged into systems, watered again when the systems were grouped, railroad stocks and bonds were regarded by the public with a suspicion bordering on contempt.  Morgan and Rockefeller and Harriman and Hill were almost daily making some new move in the great game, but the public had one answer :  “It is water; more water.”

Finally, in the early part of 1907, the foreign markets showing distrust in our securities, the resources of trust companies and banks likewise showing the strain, the deposit bill of March 4, 1907, was crowded through this body in the closing days of the last session, furnishing the money of the Government free of interest to the national banks.  It was not a drop in the bucket.  Stocks had to go down.  The market collapse of March, 1907, came with a smash.  Union Pacific dropped $40,000,000 in a single day.  Reading, Amalgamated Copper, and Steel followed.  Says one financial writer, in two days “stocks traded in on Wall street shrunk more than $1,800,000,000.  What this means may be understood from the fact that it is equal to the value of the entire export trade of the United States in 1906.”

But the country was prosperous.  Its tremendous power of production, distribution, and consumption was again demonstrated.  Credit readjusted itself.  Commercial transactions took their accustomed way.  The banks, engaged in what may well be termed “legitimate banking,” resumed normal relations to commerce and trade.

In the meantime Wall street had been thinking.  The loss of public support was a revelation to its financial bankers, underwriters, promoters, industrial chiefs, and brokers.  But they had learned their lesson.  It was burned into them as with a hot iron that the kind of business which they were conducting had forfeited the confidence of the country;  that there must be new sources of money supply for critical periods in their operations, or their operations must cease.  Not that the stock exchange has not its legitimate function in the business of the country.  That is one thing.  Conscienceless promotion schemes in which are employed the trust funds of banks and insurance companies to consolidate and control the industrial, transportation, and banking business of the country is another.  And it is one of the perils of the high finance which has taken possession of business that once expansion and overcapitalization had been wildly indulged those in control dared not call a halt.  They have climbed too high to hazard a stop or a look back, much less to undertake to reach a solid business basis.

But inflation and speculation must have its money supply.  The country had refused further support.  There was one thing left.  The Public Treasury—the last desperate recourse.  The want of elasticity in the currency system of the country was seized upon as a scapegoat and as a means to an end.

Mr. President, our currency system has its faults.  Want of elasticity is one of them.  But no currency system which any enlightened nation ever provided was invested with an elasticity which would, at the same time, be safe for current commercial demands and meet the inflation of values and the chicanery of financial banking to which the country had been treated for nearly ten years.  Why, sir, in half that time securities were authorized approaching seven thousand millions, nearly one-third of which was authorized in 1907.

But it was necessary to prepare the country for such a scheme as fitted the requirements of the special interests represented in the great central groups of New York banks, trust companies, transportation companies, and independent organizations.  The country must be given a shock.  Country banks must be made to feel the pinch.  The interests were angry.  They had suffered from agitation, from investigation, and were otherwise humiliated.  They had been fined, and other cases were pending.  The President had spoken at Indianapolis, and it was evident that something respecting railway valuation was in his mind.  The situation warranted, nay, demanded, extreme treatment.

Sir, can any sane man doubt the power of a little group of men in whose hands are lodged the control of the railroads and the industries, outside of agriculture, as well as the great banks, insurance, and trust companies of the principal money center of the country, to give commercial banking and general business a shock at will ?  Having the power, did they not have reasons (purely selfish reasons, it is true), but reasons sufficient to cause them to exercise that power in their own interest ?  They could even turn it to their advantage financially.  From 1904 to 1906 the interests had disposed of enough stocks at artificially created prices to make it profitable to drop these same stocks and bonds still lower, taking them in finally at a profit to themselves.  Owning the controlling interest of their own securities, prices are largely a matter of manipulation.  They can be lowered and raised at will, damaging only the outsider who is caught “long” or “short” for the time being.

Taking the general conditions of the country, it is difficult to find any sufficient reason outside of manipulation for the extraordinary panic of October, 1907.  It is true that earthquake and war had destroyed some of the wealth of the world.  But look for a moment at the general business condition of this country.

The agricultural production of 1907 was a little less than 1906, but the prices were better.  The farm value of the total crop of 1907 exceeded that of the previous year by $482,739,929.

The year’s business for the United States Steel Corporation was larger in 1907 than any other year in its history.

The operating railroads of the country reporting to the Interstate Commerce Commission showed an increase in net earnings for 1907 over 1906, amounting to $260,147,835, an increase in net earnings per mile of $239.

The balance of trade was with us.  The excess of exports over 1907 was over $500,000,000.

Five hundred and sixteen national banks were organized for the year ending October 31, 1907, as against 455 for 1906.

The deposits in all banks aggregated $13,099,635,348, an increase over 1906 of $883,867,682.  The gain in deposits of 1907 over 1906 was greater than for 1906 over 1905.

August 22, 1907, the aggregate of national-bank capital was $896,451,314; the highest point ever reached in the history of national banks.

The total amount of cash held by all banks reporting in June, 1906, was in round numbers one thousand million;  in 1907 it was eleven hundred million, a gain for 1907 in round numbers of $100,000,000.

The total number of State, private, national bank, and trust company failures in 1904 was 122;  in 1905, 79;  in 1906, 45;  in 1907, 41.

There were no commercial reasons for a panic.  There were speculative, legislative, and political reasons why a panic might serve special interests.  There were business scores to settle.  There was legislation to be blocked and a currency measure suited to the system to be secured.  There was a third term to be disposed of and policies to be discredited.

A panic came.  I believe that it needs only to be followed step by step to show that it was planned and executed, in so far as such a proceeding is subject to control, after once in motion.  Such a statement without support in facts warranting it would deserve condemnation.  To withhold such a statement, to shrink from plain speech setting forth the facts in so far as they can be uncovered in the discussion of this legislation would be to shirk a plain public duty.

Mr. President, I will join in no denunciation of any honest business, whether conducted in Wall street or elsewhere.  Neither will I forbear to present and discuss facts relative to speculation in Wall street, because it may be criticised as abuse for political reasons.  The operations of Wall street, the greatest banking and money center in the Western Hemisphere which influences national credit, puts the national banking business of the country on the verge of financial demoralization, threatens to stampede Congress and force lopsided emergency legislation, ought to be closely scanned and fairly and fearlessly discussed.

On the one hand, no authority has been able to assign more than vague reasons for a financial panic in October, 1907.  On the other hand, in the midst of general prosperity, increasing bank deposits, increasing bank capitalization, diminishing bank failures, increasing railroad business, increasing production of pig iron, that unfailing barometer of business vitality, Mr. Hill announces that it will soon be necessary for the Government to lend its credit to railway companies;  President Ripley, of the Atchison, predicts approaching business disaster and deprecates investment in States traveled by his lines;  the vice-president of the New York Central declares that “no man of ordinary prudence would for a moment think of investing money in a business (railways) against which every man’s hand from the President’s down seems to be raised.”  This is but a sample of the prophecies of evil which may be gleaned from the pages of midsummer magazines and periodicals.  Newspaper interviews with prominent railway officials designed to intimidate appeared here and there over the country from day to day.  Subordinate railway officials and station agents looked solemn.  Business was good.  Trains were crowded, but something was “wrong.”  From the big manufacturer it reaches the smaller manufacturer.  It began to be felt among the merchants, and commercial travelers were heard denouncing the President and all assaults upon property.  The bank deposits were increasing, but the stock markets were bad.

The panic came.  It had been scheduled to arrive.  The way had been prepared.  Those who were directing it were not the men to miss anything in their way as it advanced.  It is worth while in following the progress of the panic at this point to recall the admonitions of Professor Bullock, Mr. Woodlock, Mr. Pratt, and other economic and financial authorities of the consequences which might result from concentration of banking power coupled with speculation and possible collusion.

For a few years there had been developing a minor financial group, now known as the “Heinze-Morse-Thomas group.”  It consisted of twelve banks and two trust companies, a consolidated steamship company, the Heinze United Copper Company, with his banking connections in New York and Butte, Mont.  Compared with the Standard Oil and Morgan groups it was a small factor.  But its steamship company was encroaching on Morgan’s New York, New Haven and Hartford road in the coastwise traffic, and Heinze in a running fight had forced Standard Oil to buy him off at a cost reported at $10,000,000.  Morgan was ready to show an affectionate interest in Morse, and Standard Oil was quietly lying in wait for Heinze.  It all fitted together like a piece of mosaic.  They could discipline the country, arrest further railway legislation, State and national, discredit Roosevelt, dispose of a third term, prepare Congress for emergency legislation, put Consolidated Shipping out of business, and pick up Heinze and United Copper on the way.  Morse and Heinze were caught between the big groups.

Suddenly, in the first days of October, somebody (to use a Wall street phrase) began to “smash United Copper on the curb.”  The stock broke badly.  Standard Oil was getting under way.  Doubtless, never suspecting the source, Heinze, through his brother, a member of the stock exchange, and through brokers, bought and bought until United Copper went out of sight, carrying down Heinze’s brother, one firm of his brokers, and involving the Morse-Heinze banks in the crash.  Up to this point the panic had been well in hand, but with the revelations following hard upon clearing-house investigations, it slipped its bridle, and the situation assumed a serious aspect.  But not for one moment did Morgan or Standard Oil miss the opportunity offered.  Morse and Heinze were forced out.  They were compelled to reorganize their directorships and substitute semi-dependent Standard Oil men as their successors.  They were forced to sell their stocks for what they could get.  Morgan attacked Morse’s Consolidated Steamship Company stocks and bonds, and Morse was ultimately forced to surrender his steamship company combine, which he did.  They went after the Knickerbocker Trust Company, Charles T. Barney, president, and close ally of Morse’s.  It was charged in New York that the interests deliberately started a run on the Knickerbocker.  Morgan was appealed to for aid.  Morgan, whose plaudits have been sounded here in this Chamber, was in a position to follow carefully every step and phase of this proceeding.  In the first place, Mr. Morgan gave out, as reported in Wall street, that the Knickerbocker would be supported if it met the demands of the depositors who had started a run upon it.  There was nothing in subsequent events to indicate that there was any sincerity in that promise, but an analysis of every step is convincing to the contrary.  Support was not given; it was withheld.  After the company, relying upon that pledge, had paid out millions, it was forced to close its doors, and Barney went to a suicide’s grave.  Barney was likewise a director in the Trust Company of America, a comparatively new institution, with a few System directors, giving the great groups a semi-interest in the institution, though they have not yet taken it over.  The raid on Heinze, Morse, Barnes, et al., and the latter’s directorate connections with the Trust Company of America, caused public suspicion to fall upon it.  A strong run was started.  This was not on the programme, but as the Vanderbilts, allies of the Standard Oil, were represented on the directorate of the Trust Company of America, Standard Oil was bound to offer some assistance.  Though gold and bank notes were ostentatiously piled on the counters to impress depositors, and young Vanderbilt offered as an exhibit of resources and placed at the teller’s window, the excited depositors persisted in demanding their money.  Its distant relationship to the group was sufficient to save it in the end.

Conferences over the inside condition of this trust company, however, gave Morgan, owing to his group connections, information that the control of Tennessee Coal and Iron—stock control and pool stock—had been placed with the Trust Company of America by John W. Gates and his associates.  In a Wall street panic there is always big game to be bagged.  That is one of the uses of a panic.  Morgan seized the opportunity for United States Steel.  Standard Oil interests were identical with Morgan’s interests in this, and he made it a condition of saving the Trust Company of America, that Gates and the Tennessee Coal and Iron pool sell to him at his price or the Trust Company of America should go on the rocks.  The surrender was complete.  United States Steel took over Tennessee Coal and Iron, thereby tightening its grip upon the most precious of all the national resources of the country.  It was bad for the country, but the trust company was saved and Morgan was glorified.

The Westinghouse Company’s experience affords another striking illustration of the useful purposes of a well-managed panic.  Westinghouse was in the way of Standard Oil’s General Electric.  Members of the boards of directors of the Standard Oil banks were in a position to exert some influence at the critical moment most harmful to Westinghouse, and he went to the wall.

The panic was working well.  The stock market had gone to smash.  Harriman was buying back Union Pacific shorts, but still smashing the market.  Morgan was buying in short steel stocks and bonds, but still smashing the market.  The Morse group had been disposed of.  Standard Oil had settled with Heinze.  The Consolidated Steamship Company had surrendered to Morgan, and at the same time the interests were disciplining the people.  The country banks were begging for their balances.  Business was being held up.  It was reported that the President had concluded to revise his message to Congress.  Railway valuation would be “dropped or so modified as to be harmless.”  On the street and in the brokers’ offices the strain of apprehension was intense.  In the midst of a Wall street fight, when fear supersedes reason, it is difficult for those who are in it, but not directing it, to determine how much is real, how much is sham.  Some of the guns are loaded only with blank cartridges to alarm;  some are loaded with powder and ball to kill.  The press set it all forth as it appeared on the surface.  It portrayed the great financiers hurrying to and fro, setting a prop here, a prop there, holding midnight meetings in Morgan’s library, seeking some way to avert the calamity that threatened prosperity and a nation’s honor.  It was a thrilling picture, but it was false.  The reporters were not invited to the conferences of the inner circles where sat the men who controlled not only the great banking organizations of New York, but the transportation and business of the country, the men who were behind the panic and would stay its progress when it had served its purpose.

But the panic must be given a fitting finale, a dramatic finish.  Standard Oil had suffered a series of mortifying experiences and exposures that were beginning to tell upon the iron nerves of the men who for half a lifetime had seemed utterly hardened and indifferent to public condemnation.

Morgan and others had come out of the United States Steel bond- and-stock-conversion-performance, and the insurance scandals, badly scarred.  Both Standard Oil and Morgan were much in need of redemption with the general public.  It would be a great stroke of business to wind this panic up with these gentlemen as the saviors of public credit.  A carefully elaborated climax, with Morgan and the Standard Oilers as the central figures would invest them with a halo of self-sacrifice and public spirit almost sublime.

The floor of the stock exchange was chosen as the scene for the closing act, October 24 the time.

The men who had created the money stringency, who had absorbed the surplus capital of the country with promotions and reorganization schemes, who had deliberately forced a panic and frightened many innocent depositors to aid them by hoarding, who had held up the country banks by lawlessly refusing to return their deposits, never lost sight of one of the chief objects to be attained.  The cause of currency revision was not neglected for one moment.  It was printed day by day in their press;  it passed from mouth to mouth.  The phenomenal interest rates were impressing the public in a way never to be forgotten.  High interest rates should be made to plead for emergency money through the telegraph dispatches of October 24 in every countinghouse, factory, and shop in America.  The banks refused credit to old customers—all business to new customers.  Call loans for money were at last denied at any price.  This put operators caught short or long on the rack.  It spelled ruin.

For the first time since the panic began 11.30 a.m. arrived with everybody on the floor of the stock exchange wildly seeking money at any price.  Interest rates which had for several days ranged from 20 to 50 per cent began to climb higher.  Settlement must be made before 3 o’clock.  Money must be forthcoming, or the close of the business day would see Wall street a mass of ruins and banks and trust companies on the brink of collapse.

How perfect the stage setting !  How real it all seemed !  But back of the scenes Morgan and Stillman were in conference.  They had made their representations at Washington.  They knew when the next installment of aid would reach New York.  They knew just how much it would be.  They awaited its arrival and deposit.  Thereupon they pooled an equal amount.  But they held it.  They waited.  Interest rates soared.  Wall street was driven to a frenzy.  Two o’clock came, and interest rates ran to 150 per cent.  The smashing of the market became terrific.  Still they waited.  Union Pacific declined 104 points in ten sales.  Northern Pacific and other stocks went down in like proportion.  Five minutes passed—ten minutes past 2 o’clock.  Men looked into each other’s ghastly faces.  Then, at precisely 2.15, the curtain went up with Morgan and Standard Oil in the center of the stage with money—real money, twenty-five millions of money—giving it away at 10 per cent.

“ Oh, uncrowned King! ”
“None but himself can be his parallel.”
“ Even to the dullest person standing by,
Who fastened still on him a wondering eye,
He seemed the master spirit of the land.”

And so ended the panic.

How beautifully it all worked out.  They had the whole country terrorized.  They had the money of the deposits of the banks of every State in the Union to the amount of five hundred million, nearly all of which was in the vaults of the big group banks.  This served two purposes—it made the country banks join in the cry for currency revision and it supplied the big operators with money to squeeze out investors and speculators at the very bottom of the decline, taking in the stock at an enormous profit.  In this connection, the operations of Morgan and the Standard Oil furnish additional evidence of the character of this panic.  We have record proof of their utter contempt for commercial interests, not only for the country generally, but for legitimate trade in New York City as well.  Had there been bankers with high ideals, bankers with devotion to commercial interests and patriotism for their country, in control of the centralized banks of New York City, the financial mistress of a continent, with a serious panic on, real in character, which had spread throughout the great business houses of the metropolis and to the centers of trade in the nation, bankers having to deal with that crisis, and pressed on the commercial side for money with which to protect the interests and the commercial honor of the country on the one hand, while the bulls and bears of Wall street clamored for loans to enable them to speculate off of the fears and misfortunes of their fellows on the curb and in the stock exchange—confronted, I say, with that dual appeal from the commerce of the country upon the one hand, and the speculators upon the other, bankers who were commercial bankers and not underwriting bankers, promoting bankers, and operating bankers would have cared first of all for the merchant, the manufacturer, and the commerce of the country.  How was it with Morgan and the Standard Oil banks ?  Did they give aid and support to the distressed merchant and manufacturer ?  Did they say to the bulls and bears, “You shall be denied the funds of our banks to still further stimulate existing excitement ?”  Alas, no.  They pursued the course of the speculating banker.  They ministered to the needs of Wall street, quite deaf to the appeals of commerce.  Their course was that of men who were playing with the credit of the country for a purpose.  They curtailed their commercial loans in every possible way.  They steadily increased their call loans on the street, bestowing favor in a way to promote their own interests, supplying their own private brokers, denying applications and forcing all other brokers to a cash basis wherever it would turn the balance their way.  The increase of call loans on collateral aggregated over fifty millions.  They let great commercial houses, great manufacturing concerns, like the Westinghouse Company, down to ruin and dishonor, while they protected their speculative patrons.  No better evidence could be asked to establish the character of this panic or the character of the men who were in command.  By their fruits ye shall know them !

Mr. President, I find myself unable to conclude to-night what I have to say on the bill, and I ask permission to stop here and resume in the morning.

Mr. CULLOM.  The Senator from Wisconsin has occupied the floor long enough for a man who has only recently been ill.  As he desires to retire for the present, I will ask the Senate to resume consideration of the legislative appropriation bill.

The VICE-PRESIDENT.  Without objection, the unfinished business will be temporarily laid aside.