FINAL WARNING: Financial Background
Robert M. LaFollette, Sr., in a speech to the Senate in March, 1908, said
that fewer than 100 men controlled the business interests of the
country. However, a few years later, through an analysis of the
Directory of Directors, it was discovered that through interlocking
directorates, less than a dozen men controlled the country’s business
interests. Most notable were Rockefeller and Morgan.In March, 1910, Sen. Nelson Aldrich of Rhode Island, introduced a Bill
of Incorporation for the Rockefeller Foundation, but it came at a time
when there was an antitrust suit against Standard Oil, and the Bill was
withdrawn. On May 15, 1911, Standard Oil was found to be in violation
of the Sherman Antitrust Act of 1890, and the U.S. Supreme Court
ordered, in a 20,000 word decision, the breakup of Standard Oil of New
Jersey. The Court said that Standard Oil wanted to establish a
monopoly in order “to drive others from the field and exclude them
from their right to trade,” and that “seven men and a corporate
machine have conspired against their fellow citizens. For the safety of
the Republic, we now decree that the dangerous conspiracy must be
ended...”Standard Oil was forced to dissolve into 38 separate companies,
including Standard Oil of Indiana (Amoco), Standard Oil of Ohio
(Sohio), Standard Oil of Louisiana, Standard Oil of New Jersey (Exxon,
which is one of the largest corporations in the world, controlling 321
other companies, including Humble Oil and Venezuela’s Creole Oil),
Standard Oil of New York (Socony or Mobil); and others such as
Continental Oil (Conoco), Atlantic-Richfield (Arco), Gulf, Phillips 66,
Texaco, and Marathon Oil, which were also Rockefeller-controlled
companies. Rockefeller owned 25% of Standard Oil of New Jersey,
which meant that he now owned 25% of all 38 Standard Oil
subsidiaries. In 1914, the Congressional Record referred to Standard
Oil as the “shadow government” and as the extent of its holdings
became known, its value tripled.In May, 1913, after three years of Congressional opposition, the New
York State Legislature voted to establish the Rockefeller Foundation
(which was located in the Time-Life Building), “to promote the well-
being of mankind throughout the world.” However, a 1946 report stated
that the “challenge of the future is to make this one world.” The