The herald and news. [volume] (Newberry S.C.) 1903-1937, 1908-03-27
LAFOLLETTE FLAYs BILL.
wisconsin Senator Back up Assertion
that Less Than One Hundred Men
Control Industries Of the
Nation With List Of
Names.

81 49, NPoli LS
conclusion of Senator LaFollette's
| speech on the Aldrich currency bill
In the senate today a plan was decid-
ed upon by which Senator Aldrich
Will tomorrow move to take up the
bill and continue its consideration un-
til it has been disposed Of. Mn. AID
rich also asked for unanimous con-
sent to take up the bill tomorrow and
to dispose Of it before adjournment
Thursday, but to that proposition
Senator LaFollette objected on the
ground that he feared debate would be
eurtailed by such a procedure.
The colloquy which resulted in this
announcement followed the %conclu-
sion Of the third and last instalment
Of Senator LaFollcttc's speech in OPP
position TO The Aldrich bill. He
spoke for two hours. Rcsuming his
speech. Mr.. LaFollcttc declared that
his statement that the industries Of
this country were controlled by less
than one hundred men had been at
tackled as sensational. D~eclarin" that
such was not the case, he said that
he had been too conservative, and
that in fact a much smaller number
Of men dominate the industries.
"Along with this enormous in
crease in trust power mas gone a
steady process Of Capitalization in
the control Of that power until now
the entire situation is dominated by
the Standard Oil-Morgan combina-
ton" he declared. "The old fight be-
tween these two great powers have
been laid aside. Mr.. Morgan's pic
tura adorns the wall Of the inner room
Of the Rockefeller Office, at 26 Broad
way. In combination today they are
working together to gather in the
smaller powers. Mr.. Hill has been
taught that he must not oppose the
big ones. STANDARD Oil got in on the
Great Northern ore deal. The Gould
interest are being swallowed up by
the combine. Morse and Heinze were
neatly pocketed during The recent
panic. The smaller trust was given
a drubbing and started in the same
direction. The Vanderbilts can no
longer retain their important control
and themselves sec the handwriting
on the wall.'
The senator quoted John Moody to
show an enormous growth in trust
consolidation and capitalization in
four years. In 1904 Mr.. Moody plac-
ed the capitalization Of The industrial
franchises and railroad trusts at over
twenty billion dollars. That amount
had increased more than $l1 ,000, 000,-
600. or more than SIS per cent. The
$31 GOO, 600 900, he said, did not rep
resent the financial combinations,
banks, trusts and insurance compan-
les.
Nh. LAFollcttc read several lists
of eminent financiers to whom he ac-
corded various degrees Of power in
the control Of industries. He inclui-
ed Senator Dcpew, Of New York, as
among those who exercised large pow
er and held many dircctorships in the
form of delegated power exercised by
them in a mere representative capa-
city. Mr.. Depew was in his scat and
general laughter followed.
Mr.. EaFollettc named as next after
Morgan and the Rockefellers a group
Of fifteen men, who, he said. wera
big operators and men of large power
ah6 interests in their own rights.
"These men," he said, "fnd their
best interests in working in harmony
with Morgan and Standard Oil. No
combination which they could form
among themselves or others could
cope with that power,' he declared.
In this list Of fourteen he placed the
following men: W. X. Vanderbilt,
August Belmont, frederick W. Yer
hauser, Henry C. Prick, j. Ogden Ar
mour, George J. Gould, Jacob Schiff,
f.. Fl. Hartman, Thomas r. Bryan,
Louis S. Swift. John Jacob Astor,
James Speyer, James j. Hill and W.
IT. Moore.
A second class Of men in the list
we're tne "stars Of lesser magnitude"
but men Of wealth and power, who
were in with the combine and a few
Of the higher rank Of attorneys and
bank presidents of the system. This
group follows: C. Fl. Dodge. G. Fl.
Mccormick, Stephen S. Palmer,
Brayton Ives, G. A. Peabody, G. r.
D1.. IL D.l. c. Do,, TT