The Morris County chronicle. [volume] (Morristown, N.J.) 1877-1915, 1910-02-08
ROCKEFELLER MILLIONS
BEHIND BEEF TRUST
Standard Oil Company Controls
Great Packing Companies.
MYSTERY OF FINANCE SOLVED
Phenomenal Business of Swift & GO.
Explained by the Backing OF OIL
Magnate's Money-Rise OF Il. A.
Carton and Samuel McRoberts.

! New York City.--John D. Rookie
feller's millions dominate the Beer
Trust, and the power of Standard OIL
controls both Armous & Co. and Swift
e Co.
For the first time in seventeen
years the mystery surrounding the
vast financial power that has been
behind L. A. Carton, treasurer OF
Swift & Co., is dispelled and the sud
den rise OF Samuel McRoberts from
treasurer of Armour & Co. to presi-
dent of the National City Bank, which
lis practically controlled by the Stand
ard Oil Co., is made plain.
=, The story of how the Standard Oil
entered the Beef Trust dates back to
che panic OF 1898. Swift & Co. at
that time was hard UP for money.
Gustavus e. Swift, founder of the
Business, which was incorporated In
h8S6 with 100000, tried to borrow
from Chicago bankers and failed. L.,
IA. Carton, who was then private
banker in Chicago, went to Swift and
said:
II can get that money for you from
Rockefeller. Let me try"
Carton succeeded in raising So
100000. The capital of Swift & Co.
was increased from $7.500,000 to
100000. Just how much of this
stock was taken up by Rockefeller at
that time is not known; but at the
present time it is known that large
norton of the $5,000,000 bonds OF
Swift & Co. are held by Standard Oil
interests These are First Gold 5s,
dated July /, 1900, due July i, 1914;
but subject to call after July, 1910.
Carton became treasurer of Swift
Il Co.. and ever since Swift C Co.
mas expanded faster than any other
hacking house in the world. In 1899
its capital was increased to 100000
900; in 1902 to $25 1000, 200; in 1904
TO $4,000, 900; in 1906 to $50,0O0,-
900, and on January Z, 1909, to $780,
1000, 900. Ever since 1898 the stock
has paid seven per cent
Swift C Co. and Armour & Co. to-
gether own seventy-seven per cent. of
the stock of the $15, 000,0 900 National
Packing Company. The latter has,
the Federal Grand Jury in Chicago
has proved, control of twenty-five
packing and provision companies
which operate plants and agencies all
over the United States, but in Eng
1and and South America Morris C Co.
own the remaining twenty-three
per cent. of the National stock. The
gross business of the four companies
above named amounted last year to
$500, 100000.
McRoberts, like Carton, was prac-
ideally unheard of before he was
raised to the treasureship of Armour
;& Co. He was born in Malt Bend,
MO, December 20, 1869. He went
ito Chicago to practice law and later
entered the legal department of Arm
our & Co. He studied the financial
side of the great corporation as well
and in 1894 he succeeded P A. Val
.entine as treasurer. Following the
acquisition of the United States
Leather Company from the Rockefel-
ders by the Armour interests, P. A.
Valentine became director of that
company.
In the directorate of the National
Packing Company Carton has been a
member since Incorporation in 1908
AcRoberts resigned as director OF
the National on becoming vice-presi-
dent of the Standard Oil bank.