The labor world. [volume] (Duluth, Minn.) 1896-current, 1922-04-15

Washington, April 13.-"What
great interests are back Of the mine
owners that are powerful and arro-
CANT enough to defy the government
itself? In other words. who own the
coal mines?" asked Congressman
Browne in a speech in the house.
II will answer" replied the Wis
consin lawmaker. 1.-THE railroads
and the United States steel corpora
ton own over Is per cent Of the coal
mines in the United States, both
anthracite and bituminous, and COM
pletely control the output of coal.
What large financial institutions
| own the stock in these railroads and,
therefore; own these coal mines and
coal railroads? I answer again, they
are owned by the following institu-
tions: =. a..> =.
81. P. Morgan CO. 49,
"First National Bank of New
York. :" III. '~5
Equitable Trust Co. ."
| "Guaranty Trust Co..
Equitable Life Assurance Asso.
Of the United States. =
Mutual Life Insurance. Co. Of
New York. ~ '%<55
American Surety CO. !.
mechanical and Metals National
Bank. x.rs
National, city Bank. =
National Surety Co.
New York Trust co.
~"Chase National Bank.
"United States Steel Corp.
LAS an illustration Of how the
various coal companies doing bust
ness before the public in, their own
names, but in reality are controlled
by one Of the large aggreeations Of
capital mentioned, take the SUnited
States coal and coke company. w..
"All of the stock Of this company
amounting to 100000, Is owned
by the Illinois Steel company (capi-
tai stock $1S,650.600). which is own
| ed by the Federal Steel Co. of New
Jersey capitalization $46,4S4, 800
common and $53,260,900 PREFERRED
All OF the capital stock of the Fed
| eral steel corporation is owned by
the United States steel corporation
! I'm the same way the United
States steel corporation owns the
| Pocahontas coal and coke company,
and going further we find that J.. p.
Morgan Co. and the financial insti-
tuition just named hold a majority
Of stock in the United States steel
corporation.
"A group of Is men control 81
per cent of the country's steam
transportation system, operating
! 211,280 miles of railroad. These rs
men divide between them 1913 direc-
torships. This means that they aver
] age nearly eight directorships apiece
These rs men sit together on the
board Of directors of 80 class 1 rail-
roads. The names Of these rs men
are as follows:
Robert S. Lovett, William Rookie
Teller, H. w. De Forest; A. H. Smith,
G. F. Baker, H. S. Vanderbilt, Sam.
uel Rea, L. P. Loree. "A. J. County,
A. w. Krech, F. N. Davis, Fairfax
Harrison, w. w. Atterbury, j: E.
Reynolds, Charles Steele, Howard
Elliott, M. H. Smith, Charles Hay
den, A. H. Harris, Julius Krutt-
schnitt, Charles E. Ingersoll, E. T.
Stotesbury, E. v. r. Thayer. T. De
Witt Cuyler, H. Walters.
1T should be noted that the first
| eight men referred to all belong to
the inner banking circle, centering
around the house of Morgan and the
National City Bank of New York.
Il have thus shown that the men
THAT have named own coal and our
railroads and control financial in
situations strong enough to donli-
nate our entire banking system. I
will place in the Record g. chart
which will illustrate how our coal
| mines, railroads, and a dozen New
York City banks are practically one
large supercorporation dominating
the Industrial life of the nation
u e