In August 1974, Richard Nixon resigned as President of the United States of America and Vice President Gerald Ford ascended to that position. One of Ford’s earliest responsibilities was to nominate a new Vice President of the country: and he named Nelson Rockefeller. This led to a series of hearings in the Congress, before his ultimate confirmation.

Those Congressional hearings provided a significant opportunity for public exploration of an old philosophical question: What is the true and proper role of private family wealth in this avowedly democratic nation?  None could be more relevant than the family of the Rockefellers. The original John D. Rockefeller, a business genius active from the late 1800’s to the early 1900’s, created the (in)famous Standard Oil Company and became the icon of American capitalism, to be revered or damned by later generations.

When the confirmation hearings reached the House (the Senate having proceeded quickly), two professors from the University of  California were invited to present their study on the extent of the Rockefeller family’s ongoing influence in America’s economic life at this later epoch. Their report, “Probing the Rockefeller Fortune”, was summarized and discussed in the official transcript of the Hearings [“Nomination of Nelson A. Rockefeller to be Vice President of the United States,” Hearings before the Committee on the Judiciary, House of Representatives, Ninety-Third Congress, Second Session, December 2, 1974, (Serial No. 45) pages 717-772]; but, somehow, the text itself was not reproduced in those archives.  Here is a copy of that original report.

 [e-version by C. Schwartz, January 2007.]


A Report Prepared for Members of the United States Congress
November 1974


     Evidence collected from a variety of public documents indicates that the Rockefeller fortune, although nominally distributed among many individual members of the Family, is actually coordinated under a central management.  We have identified a number of persons, who, as employees of the Rockefellers, not only advise the Family on its personal investments but also represent its collective interests on the Boards of Directors of dozens of major corporations.  This coordination of capital resources also appears to include moneys held in trust funds, moneys held by tax-exempt philanthropies set up by the Family, and even some moneys of non-Family institutions.

     The picture of an enormous concentration of economic power, which follows from this evidence,  stands in sharp contradiction to the usual public image - and the recent Congressional testimony - which the Rockefellers have presented.  It is hoped that many questions raised by this report will be taken up in continuing investigations by the Congress.
Inside Cover ... Authors & Preface
Page 1 ......... Index to Significant Findings
Page 3 ......... Overview and Some Questions
Page 13 ........ Detailed Information

- Inside Cover -

G. William Domhoff, Associate Professor of Psychology, Cowell College, University of California, Santa Cruz, CA.

He has published three books on topics relevant to this report:
"Who Rules America?" Prentice Hall (1967)
"The Higher Circles" Random House (1970)
"The Bohemian Grove and Other Retreats" Harper & Row (1974).

Charles L. Schwartz, Professor of Physics, University of California, Berkeley, CA.

His writings on science and public affairs have been published in "The Bulletin of the Atomic Scientists", "The Nation" and by Scientists and Engineers for Social and Political Action.


     Along with many other people, both in and out of academic circles, we have been interested in how economic and political power really work in present day America.  The occasion of Nelson Rockefeller's nomination to be Vice-President - with the careful Congressional investigation that has been promised - provides a unique opportunity to learn more about the usually hidden facts governing large personal and family fortunes.  Quite apart from the question of whether Mr.  Rockefeller is finally confirmed for this high office, we thought that we should take every advantage of these Congressional hearings to try to achieve some useful public education on the realities of large concentrations of money.

     A fruitful investigation by the Congress needs the very best in background research and preparation.  Our intention is that this report may be a useful supplement to the efforts that Congressional staff have already put into this enterprise.

     Our sources of information are all in the public library. We have collected many bits of information about the Rockefeller Family financial activities and have tried to assemble them into a meaningful picture.  We believe that much of what we have assembled here is both new and important, when compared to any existing writings on this subject that we are aware of.  Anyone reading this report will find a great many questions to ask about the full and true scope of the picture whose bits and pieces we have tried to assemble here.  We invite you to join in the search for some answers.

Index to Significant Findings

The Rockefeller Family fortune is managed out of the headquarters on the 56th floor of 30 Rockefeller Plaza, New York City. (page 14)

Fifteen employees of the Family, working out of this office, have been identified on the boards of directors of nearly 100 corporations over a number of years. (pages 15-18)

These include many of the advanced technology ventures usually associated with brother Laurance, but there are also many large, well established corporations.  Their combined assets add up to 70 billion dollars.  (page 20)

Nelson Rockefeller is personally associated with this Family office and he has participated as a partner in Laurance's investments. (pages 21-23)

Nelson Rockefeller's own investment portfolio is managed by the same employee who manages other Rockefeller Family investments; and his trust funds are held at the Chase Manhattan Bank, on whose board of directors sit both his brother David and also this same chief money manager for the Family. (page 25)

Trust funds set up for Nelson's children are under the control of these same intimate Family employees and money managers. (pages 26, 27)

Some of these Family employees serve both as advisers on the Family's business investments and also as officers of its tax-exempt philanthropies.  Some evidence points toward a coordination of investments between these separate reservoirs of capital. (pages 29-31)

Further evidence suggests that investments of Yale University's endowment funds (supervised by the Rockefeller Family's chief investment manager) may have been coordinated with the Family's private investments. (page 32)

A tabulation of corporate director interlocks has been carried out, yielding a staggering image of the Family's deep penetration into the whole of the country's corporate economy. (pages 35-37)


By G. William Domhoff

     Last December, during a CBS television special on the Rockefeller family, Nelson A. Rockefeller told the nation that his family does not own more than "one or two percent of any company", and thus has "no controlling interest of any substance except in Rockefeller Center."[1]  On the opening day of the recent Senate hearings preliminary to his possible confirmation to the Vice Presidency, he claimed there is a "myth or misconception about the extent of the family's control over the economy of this country," adding that he hoped the myth or misconception "will be totally brought out and exposed and dissipated."[2]

     Rockefeller's assertions about his family's alleged lack of economic power raise a number of important issues about ownership and control in the United States economy that are usually shrouded in a great deal of secrecy and confusion.  His testimony before the Senate and House Committees in November would be an ideal opportunity to remove some of the mystery about the involvement of wealthy people in the American economy.  By detailed questioning on family investments, family foundations, family trust funds, and Wall Street "street names," it might be possible to learn whether or not Nelson A. Rockefeller and his family are as economically powerless as he repeatedly claims them to be.

Rockefeller Family & Associates
     One good place to begin careful questioning of Nelson A. Rockefeller concerning his economic influence is with the family investment agency of which he is a part, Rockefeller Family & Associates.  Very little is
     [1] CBS Reports, "The Rockefellers", December 28, 1973.
     [2] Linda Charlton, "Rockefeller Lists Total Holdings at $218 Million," The New York Times, September 24, 1974, page 1.

known about the size, budget, and functions of this family organization, but we do know that it is one of Nelson's business addresses (and thus an area of legitimate concern); that Nelson participates in many of its investment ventures; that the head of the organization manages Nelson's stock portfolio; and that many of its major employees sit on dozens of corporation boards (including some of the largest companies in the country) as explicit representatives of the Rockefeller family.[3]

     That Nelson  A. Rockefeller and his family may exert a coordinated influence on major corporations through Rockefeller Family & Associates is suggested by the example of how the Rockefellers became involoved in Chrysler Motors.  Jules Abels, in his adulatory book on The Rockefeller Billions, tells the story as follows:
Its (Rockefeller Family & Associates') security analysts make recommendations upon which each Rockefeller may act differently, or possibly they may act in concert.  Such a recommendation that was adopted by them was the investment in Chrysler in the spring of 1962, when it was selling for a fraction of its present market value.[4]

     The notion of the Rockefeller family exerting influence on Chrysler Motors is supported by the fact that the hired employee who manages Rockefeller Family & Associates, J. Richardson Dilworth, became a member of the Chrysler board of directors after the Rockefellers purchased their stock.  Says Abels:
The cumulative investment was large enough to enable them to put the president of Rockefeller Brothers, Inc. (the former incarnation of the the present Rockefeller Family & Associates), J. Richardson Dilworth, on the board of directors of Chrysler.[5]

     Since it takes a substantial stock position (which may be as small as a few percent in today's economy) for a stockholder or stockholding group to be invited onto the board of a large company, it would seem an important question to find out just how much the Rockefellers
[3] For further information on Rockefeller Family & Associates, and detailed findings on the corporate connections of the Rockefeller family employees, see the accompanying report by Charles L. Schwartz.
[4] Jules Abels, The Rockefeller Billions, Macmillan, 1965, p.344.
[5] Ibid., pages 344-345.

own in this company, and how J. Richardson Dilworth became a part of its board of directors, for Nelson A. Rockefeller is part of a family organization that may have substantial influence on Chrysler policies.

     Following the same line of reasoning as seems to be clear in the Chrysler case, it also would be essential to look into the role of Rockefeller Family & Associates in the following companies, for J. Richardson Dilworth is among the directors in each case: International Basic Economy Corporation, Chase Manhattan Bank, R. H. Macy & Co., Selected Risk Investments, S.A., and Omega Fund, Inc.

     Moreover, the exact amount of Rockefeller family involvement in many other companies should be scrutinized, for several other employees of the family sit on dozens of corporate boards.  In addition to the already-mentioned Chase Manhattan Bank, Chrysler Motors and R.H. Macy & Co., the following are in the big-business category in terms of assets or sales: S.S. Kresge, C.I.T. Financial, Bendix, American Motors, I.B.M., Crum & Forster, Eastern Airlines, Lincoln First Banks.

     After determining Rockefeller Family & Associates involvement in each of these companies, it would be useful to determine the involvement of each of the companies with the others.  It might be discovered thereby that some of the companies own a significant amount of stock in some of the others, thereby concentrating even more stock voting power in the hands of employees of the Rockefeller family.

Foundations and Universities
     However, it would not be enough to question Nelson Rockefeller about the direct involvement of Rockefeller Family & Associates in these many businesses, and about the connections of these companies with each other.  To gain further insight into the family's possible role, it would be necessary to inquire about the stockholdings of various non-profit organizations which the Rockefeller family has created, in order to see if these organizations also hold significant amounts of stock in companies where the family has direct holdings as well.  In this line of questioning it would be essential to find out the persons in the non-

profit organizations who have voting rights on these stockholdings.

     One place to start such questioning would be with the stock portfolios of the non-profit, Rockefeller-financed organizations where the aforementioned J. Richardson Dilworth is a member of the board of trustees.  These oganizations are Rockefeller University and Colonial Williamsburg.[6]

     The investment portfolios of two foundations bearinmg the Rockefeller name should be studied.  They are the Rockefeller Brothers Fund, which operates out of the offices of Rockefeller Family & Associates, and the Rockefeller Foundation. In the case of the Rockefeller Foundation, the persons in control of voting the foundation's stock should be ascertained, for this foundation has many trustees who are not Rockefellers or Rockefeller employees, and could not be assumed automatically to be under the control of the Rockefeller family despite its origins.

     If the holding of these various profit and non-profit organizations directly related to the Rockefeller family were totaled, a pattern might begin to emerge as to the extent of Rockefeller influence in the economy.  We ight begin to see the kind of picture that was suggested in a 1963 House study by Wright Patman which showed the following top stockholders in Chase Manhattan Bank:
David Rockefeller                 1.03%
Rockefeller Bros. Fund           .73%
Rockefeller Center                  .62%
Total Rockefeller Holdings   2.38% [7]
[6] Mr. Dilworth also holds top positions in non-profit institutions that were not created by Rockefellers.  He is chairman of the finance committee at Yale University, where he manages a $500-plus million endowment along with John Hay Whitney and William Scranton.  He is president of the Institute for Advanced Study, Princeton, and vice president of the Metropolitan Museum of Art.
[7] Fifteen of the other top stockholders at Chase were "street names" that organize trust funds and other assets at major banks.  The problems presented by street names will be raised shortly.  See Wright Patman, Chain Banking: Stockholder and Loan Links of 200 Largest Member Banks, Washington, 1963.

     The possible picture that might emerge is even clearer in another Patman report, which lists Mobil Oil assets held by Rockefeller-related organizations as of 1966:[8]

Mobil Oil Shares
Market Value
Rockefeller Foundation
Rockefeller Bros. Fund  404,832
Sealantic Fund, Inc.      3,601
Sleepy Hollow Restorations    34,000
Colonial Williamsburg  142,000
China Medical Board of N.Y.    17,000
Rockefeller Institute      1,090

      That the Rockefellers use these family-controlled institutions in an organized, concerted way is suggested in a story on the recent problems of a struggling young company, BioMedical Sciences, Inc., where an "informal committee" of major debtholders has ousted the company's founder and major stockholder as chairman, president, and chief executive officer.  Among the noteholders listed as part of the informal committee represented by a major Wall Street law firm are "Investment vehicles of various Rockefeller interests, including several unidentified members of the Rockefeller family, and Rockefeller University, Rockefeller Center, Inc., Rockefeller Brothers Thrift Plan Trust, and Colonial Williamsburg Special Contingencies ..."[9]

Personal Holdings and Trust Funds
     Unfortunately, an understanding of Rockefeller economic power would remain incomplete even if it were shown that the seeming dispersal of stock in certain corporations was a dispersal among various profit and non-profit organizations controlled by members of the family and their employees.  This is because we are not permitted by banks to know the exact size or the controlling ownership of the large trust funds in their possession.

[8] U.S. House of Representatives, Select Committee on Small Business. Subcommittee Chairman's Report. Tax Exempt Foundations and Charitable Trusts: Their Impact on Our Economy.  Washington, 1968.
[9] Barry Kramer, "Bio-Medical Sciences Fires Its Chairman Under Pressure by Noteholders, 4 Rebels," Wall Street Journal, October 21, 1974, page 8.  For further evidence of coordination among Rockefeller institutions, see the accompanying report by Charles L. Schwartz.

     Because trust funds render the ownership of major corporations to the realm of speculation, questioning of Nelson A. Rockefeller about his and his family's trust funds should be detailed and precise.  It could begin with the case of International Basic Economy Corporation, one of the large companies mentioned earlier as having on its board J. Richardson Dilworth of Rockefeller Family & Associates.

     The International Basic Economy Corporation was founded in 1947 by Nelson Rockefeller to make investments in a variety of South American enterprises, including poultry raising, supermarkets, housing, agribusiness, and textiles.  Beginning with a mere $3 million from the Rockefeller brothers, and $21 million from Standard Oil companies, IBEC today is a multinational conglomerate worth several hundred million dollars.  It now has interests in the United States, Canada, Western Europe, Africa, and Asia as well as South America.

     J. Richardson Dilworth is chairman of IBEC. Rodman Rockefeller, Nelson's son, is the president.  Among its directors are Robert Purcell, a Rockefeller family employee, and Louise Boyer, a special assistant to Nelson Rockefeller. Members of the Rockefeller family own a majority of the common stock. It would thus be of interest to learn why Nelson Rockefeller would claim that the only company where his family has strong economic influence is the Rockefeller Center.

     Even more important than this possible oversight on Mr. Rockefeller's part is the nature of his relationship to IBEC.  He is listed by the company as an owner of a very considerable minority of the common stock, but he disclaims any controlling relationship to it.  Questioning about the three different trust arrangements for his stock might lead to insight into the relationship of ownership and control in large corporations, for here is a "Rockefeller" company if there ever was one, and yet Nelson Rockefeller, its founder, disclaims any influence within it.[10]
[10] For further information on personal holdings and trust funds held by the Rockefellers, see the accompanying report by Charles L. Schwartz.

     Pehaps the most intriguing of Mr. Rockefeller's IBEC trusts is the large IBEC stock trust beneficially owned by him but held "of record" by Chase Manhattan Bank.  This trust links Nelson Rockefeller and IBEC directly to the financial policies of the Chase Manhattan Bank, and thus opens the Chase as an even more immediate area of concern in considering the economic power of Nelson Rockefeller than did the already-cited involvement of Rockefeller Family & Associates, Rockefeller Center, Rockefeller Brothers Fund, and David Rockefeller in this giant, world-wide banking concern.

Chase Manhattan Bank -- Trust Funds and "Street Names"
     Trust funds such as those held by Nelson Rockefeller and his family in IBEC make the ownership and control of large corporations very difficult to ascertain with any certainty.  More is leaked out about the CIA, the National Security Council, and even Watergate than usually is known about who owns and controls the largest blocks of stock in most major corporations.

     The problems that trust accounts create are made clear in the case of the Chase Manhattan Bank.  The bank will admit to having voting rights over about half of its $16.6 billion in trust aassets, but it is reluctant to reveal the size of its holdings in specific companies or the names of the beneficial owners who have voting rights over stock the bank has in its custody. Thus, the board of directors of Chase Manhattan Bank will tell us only the 20 largest holdings of the bank's trust department without revealing the size of these holdings.  Nor will the directors report how much of the voting power vested in these stocks is held by the bank, by the beneficial owners, or a combination of the two.

     Four of Chase's ten largest holdings are in Exxon (second largest holding), Mobil Oil (third largest), Standard Oil of California (seventh largest), and Standard Oil of Indiana (10th largest). Since these four oil companies are the major part of John D. Rockefeller's original Standard Oil Trust, it might be very pertinent to know how much of the holdings in each of these companies are voted by Chase Manhattan Bank (a. for members of the Rockefeller family; b. for pension funds;

c. for other persons and organizations); Rockefeller Family & Associates, Rockefeller Foundation, Rockefeller Brothers Fund, Rockefeller University, Rockefeller Center, Rockefeller family lawyers (as spokesmen for trusts), and Rockefeller family members.

     Although Chase Manhattan Bank has been hesitant until very recently to reveal the exact size of its holdings in major companies, many corporations regulated by the government have been required to divulge the names of their top 30 stockholders.  In a geat many cases these large holdings are found to be in Chase Manhattan Bank under such "owners" as Cudd & Company, Kane & Company, and Eggers & Company.  These little-known, strange-sounding organizations are the "street names" or "nominees' under which the banks organize the stocks and other assets that they hold for beneficial owners.  Some banks have 20 to 30 street names in which they hold various accounts -- Chase is one of the largest with 25 street names.

     Bankers insist that street names are used for purely administrative purposes, but such street names nonetheless cut the public off from any understanding of the actual ownership and control of large corporations.  Thus, the 8.3% of American Airlines stock held by Chase Manhattan in 1972 is listed as being held by Kane & Co., 1,175,257 shares; Gooss & Co., 306,600 shares; Cudd & Co., 251,856 shares.

     In short, Rockefeller economic power in a number of corporations may be buried in street name accounts at the Chase Manhattan and other banks.  It therefore might be fruitful to pursue a line of questioning that revealed the cumulative impact of Rockefeller family trust funds.  First, it would be necessary to learn Rockefeller voting rights for any company in which Chase Manhattan Bank's trust department holds more than 1% of the stock.[11]

     We should know for such companies (and there are dozens), just how much of the stock is voted by people and organizations listed above.
[11] This includes the Chase Manhattan Bank itself. Who owns the stock in the street names that held several percent of Chase stock in 1962 ?

     Second, it might be useful to find out more about how street names are used in relation to trust funds.  Most importantly, now that government investigators working with Senator Lee Metcalf have learned that some street names relate to a few major accounts, it would be interesting to know if Rockefeller family trusts are organized under a few street names.  Specifically, it could be ascertained:
     a. if the Rockefeller family as a whole or any of its members use any Chase Manhattan street names for their stockholdings;
     b. if the Rockefeller family as a whole or any of its members use street names at any other banks or financial institutions for their holdings;
     c. if any of the previously-mentioned Rockefeller-affiliated organizations use specific street names at Chase Manhattan and/or other banks to organize their stockholdings.

     If these various lines of questioning were followed, it might be possible to piece together the actual economic power of the Rockefeller family.  Then it could be determined if the cumulative effect of various trust funds and family-related organizations is of significant impact on Chase Manhattan Bank and various large corporations.

     The possible results of such an investigation can be highlighted in a series of propositions:
     1. If Rockefeller Famly & Associates functions as we think it does, then Rockefeller economic influence is large;
     2. If Rockefeller family holdings and the holdings of Rockefeller-related organizations are as influential in Chase Manhattan Bank as they seem to be, then Rockefeller economic influence is very large;
     3. If Chase Manhattan Bank has the vast power over corporations, through control over credit as well as control over stock, that is suggested in the reports produced by Wright Patman and Lee Metcalf, then Rockefeller economic power is enormous.[12]
[12] For a discussion of the means by which Chase Manhattan Bank exercises considerable control over the airlines industry, see the statement by Reuben B. Robertson III and Mimi Cutler in Corporate Disclosure, Part I, March 21, 26, and 28, 1974, pages 197-216.  This is the report of Hearings before the Subcommittee on Budgeting, Management, and Expenditures and the Subcommittee on Intergovernmental Relations of the Committee on Government Operations, United States Senate.

     In any case, it is necessary, as Nelson A. Rockefeller himself has suggested, that any "myth or misconception" about the extent of his family's control over the economy should be "brought out and exposed and dissipated."  Such an exposure would be of far greater value than the ephemeral details of Rockefeller loans to political subordinates and Rockefeller-financed books about political opponents, for it would reveal the enduring basis from which such examples of Rockefeller power and influence have sprung for three generations.


by Charles Schwartz

I.     Rockefeller Family & Associates
II.    Personal Holdings and Trust Funds
III.   Foundations and Universities
IV.   Corporate Interlocks

I. Rockefeller Family & Associates

     Anyone who has an opportunity to look through the annual reports of a number of major corporations may find an individual on the Board of Directors who bears the identification, "Rockefeller Family & Associates". (RF&A for short)  That is how I became involved in this study.  As a professional scientist and someone who has become interested in exploring the ways in which science is tied into other aspects of American life, I recently started looking at some of the business corporations which are known as leaders in advanced technology.  I quickly discovered two representatives of RF&A who sat on the Boards of Directors of a few such companies.  Looking up the listings for these two men in "Who's Who" I was able to collect a sizeable list of corporations which they directed.  I also found the business address for Rockefeller Family & Associates - 30 Rockefeller Plaza, New York, N.Y. 10020 - and so I sent them a letter of general inquiry early this year.  The reply I received is reproduced below.

30 Rockefeller Plaza
New York, N. Y. 10020
Room 5600    CIrcle 7-3700

April 19, 1974

Professor Charles Schwartz
Department of Physics
University of California, Berkeley
Berkeley, California 94720

Dear Professor Schwartz:

     In your letter of April 3rd you requested information concerning this office.

     Established by John D. Rockefeller, Jr. to provide personal services and advice to members of his family, this office is not a corporate entity but a group of privately employed individuals.  The staff provides legal, investment, management, philanthropic, accounting and a number of other services to family members and certain other organizations.

     Published information concerning the office is not available, but should you have a specific interest in mind perhaps I can be of further help.

Yours truly,
Edward H. Burdick
Rockefeller Family & Associates

     Accepting this invitation to further inquiry I wrote back to Mr. Burdick, describing my findings about the two RF&A representatives already mentioned and going on to describe my interest as follows. "My (scientific) curiosity was thus caught with the suggestion that there may be some substantial overlap, coordination or intercommunication among a number of technologically involved businesses at the top management level; and I am seeking information which might indicate how extensive this overlap is.  Thus, the sort of information which I would be very happy to obtain from you would be data on what other individuals work parallel to the two gentlemen I mentioned above, what other companies are thus connected with your office, etc."  This second letter was never answered.

     By conducting a rather extensive library search I have been able to identify fifteen representatives of the Rockefeller family - employees working out of the office, "Room 5600", at 30 Rockefeller Plaza - and the large number of corporate Boards of Directors they have sat on over a number of years.  These findings are listed below.

     (Sources: Marquis' Who's Who, over many years; Dunn & Bradstreet's Million Dollar Directory; Standard & Poors Register and other business reports; Moody's business manuals; The Wall Street Journal; The New York Times; Annual reports and stock prospectuses by various corporations; various newspaper, magazine, or other articles, found by chance, which give clues to what names one should search for in the abovementioned sources.)

Representatives of the Rockefeller Family and the
Corporate Directorships They Have Held Over Many Years

Louise A. Boyer: Director of International Basic Economy Corp. (IBEC) since 1953. This company was founded by Nelson Rockefeller and Ms. Boyer's principal occupation is listed by the company as "Assistant to Nelson A. Rockefeller."

Reginald G. Coombe: A Director (through 1966) of
National Bank of Westchester
U.S. Borax & Chemicals
First New Haven National Bank

Peter O. Crisp
: Identified with RF&A since early 1960's; a Director of
International Basic Economy Corp.
New England Nuclear Corp.
Crum & Forster
Clarcan Petroleum

J. Richardson Dilworth: Identified with RF&A since 1958; a Director of
Rockefeller Center
R.H. Macy
International Basic Economy Corp.
Chase Manhattan Bank
Diamond Shamrock
Selected Risk Investments, S.A., Luxembourg
Omage Fund
Youngstown Sheet & Tube
Carbon Limestone
United Nuclear
Picklands Mather
Rockwell Mfg.
Commonwealth & European Investment Trust
Provident Loan Society
Trans America Overseas Finance

Dilworth was President of Rockefeller Brothers, Inc., the predecessor organization to RF&A, and is described in some current newspaper articles as the head of RF&A.

George L. Hinman:  Identified as special counsel to the Rockefeller brothers since the early 1960's; a Director of
International Business Machines Corp.
New York Telephone Company
Lincoln First Banks
First City National Bank of Binghamton, N.Y.
Security Mutual Life Insurance
IBM World Trade Corp.

Warren T. Lindquist: Identified with Rockefeller & Associates and also as David Rockefeller's aide, as executive vice president of the Downtown-Lower Manhattan Association, Inc., in 1967; also a Director of Laboratory for Electronics in 1963.

John E. Lockwood:  Identified as the close personal and legal adviser to the Rockefeller brothers; a partner in the law firm of Milbank, Tweed, Hadley & McCloy; also a Director of
Greenwich Savings Bank
Rockefeller Center
Rockefeller Brothers, Inc.
National Bank of Westchester
International Basic Economy Corp.

Randolph B. Marston
: Identified with RF&A since late 1950's. Deceased 1970. Was a Director of
Scantlin Electronics
Aircraft Radio
Stavid Engineering

Robert W. Purcell: Identified as "Consultant" to RF&A since late 1950's; A Director of
C.I.T. Financial Corp.
International Minerals & Chemicals
Investors Group
Investors Mutual Fund of Canada
Investors International Mutual Fund, Ltd.
Manhattan Fund
Agricultural Insurance Co.
Caneel Bay Plantations
Seabord World Airlines
S.S. Kresge
International Basic Economy Corp.
Industrial & Mining Development Bank of Iran
Pakistan Industrial Credit & Investment
Investors Syndicate of Canada
Hemisphere Fund
Basic Resources International, S.A.
Mauna Kea Beach Hotel Corp.

Carl E. Siegesmund: Identified as a representative of the Rockefeller family on the Board of a bank in 1960; a Director of
National Bank of Westchester
Merchants Fire Assurance of N.Y.
Merchants Indemnity Corp.

Charles B. Smith:  Identified with RF&A since 1961; a Director of
AVX Ceramics
Thermo Electron
Electronic Specialty
Coherent Radiation

M. Frederik Smith: Identified with RF&A since 1965; a Director of
Mallinkrodt Chemical Works
Howard Johnson
Perini Corp.
American Motors
Americal Capital Life Insurance
Scantlin Electronics

Theodore C. Streibert: Identified as a member of the business staff of Nelson and Laurance Rockefeller 1957-60; during which time he was a Director of Ward Baking Co.

Theodore F, Walkowicz: Identified with RF&A since 1952; a Director of
Evans & Sutherland Computer Corp.
GCA Corp.
National Aviation
Riverside Research Institute
Scantlin Electronics (Quotron Systems)
Poccantico Oil & Gas
FMA Corp.
Mithras, Inc.
Thiokol Chemical
United Nuclear
U.S. Borax & Chemical
Safetran Systems
Airborne Instruments Laboratory, Inc.
Vertol Aircraft
Cornell Aeronautical Laboratory

Harper Woodward:  Identified with Laurance S. Rockefeller and with RF&A since 1946; a Director of
Eastern Airlines
GCA Corp.
General Applied Science Laboratories
James Talcott, Inc.
Mithras, Inc.
Thermo Electron Engineering Corp.
Flight Refueling Corp.
Nuclear Development Corp. of America
Dorado Beach Hotel Corp.
Airborne Instruments Laboratory, Inc.
Aircraft Radio, Corp.
Stavid Engineering
Vertol Aircraft

     This list adds up to 118 Directorships in 97 different companies.  There may of course be other people and other companies tied to RF&A which were not discovered in this search; there are indications that at least some of the Family's representatives keep their "Rockefeller" label obscured from general view.

     Thus, T.F. Walkowicz is listed on the Board of The Mitre Corp. as President of National Aviation Corp.  M. Frederick Smith is listed as a Director in the annual reports of American Motors Corp., with only the identification, "Business Consultant, New York, New York."  George L. Hinman joined the Board of Directors of IBM Corp. in 1963 and the company's annual report for that year contains the statement that he is "special counsel to the Rockefeller brothers"; however, ever since that year he is listed in the company's annual reports simply as being with the law firm of Hinman, Howard & Kattall in Binghamton, New York.  This appears to be especially disingenuous in view of Mr. Hinman's recent disclosure that in 1960 he "closed his law practice to become Rockefeller family counsel, which remains his sole source of livelihood today." (Article published in the San Francisco Chronicle, October 28, 1974  page 8.)

     In the course of this research a number of other people, not on the above list, were found who could plausibly be guessed to have acted as Rockefeller representatives on some corporate Boards.  These people were members of law firms, investment houses, and individuals with a history of close association with Rockefeller affairs.  However, lacking any documentary evidence that these people were in fact representatives or employees of the Family, they have not been listed here.

     From the entire list of corporations above, on which we have identified Rockefeller Family representatives on the Board of Directors, there are about 40 which are current. (By "current" we mean as of 1972 or 1973, reflecting data contained in the most recently published business reference books.) This current set includes many very large corporations:

Corporations with over $1 billion in assets or annual sales (as tabulated by
FORTUNE magazine for 1973) with an RF&A representative on the Board

American Motors
Eastern Airlines
I. B. M.
Chase Manhattan Bank
S. S. Kresge
Lincoln First Banks
C. I. T. Financial
R. H. Macy
Crum & Forster

The combined assets of all these corporations is about $ 70 billion.  This picture of Rockefeller Family's active presence in the world of big business is quite different from that which is most commonly projected -- namely, that brother David is the Chairman of the Chase Manhattan Bank and the other brothers have their own hobbies, rather unconnected to the arena of high finance.

     A large number of the companies listed as having RF&A representation may be described as medium-sized (a few millions, occasionally reaching into the hundred million dollar class) and involved in advanced technology of one sort or another.  Laurance Rockefeller is usually described as the brother whose interest in "gadgets" has led him to invest in a number of such companies as they were developing new products.  (We shall see shortly that he did not undertake these investments alone but was joined by other Family members.)  Some insight into this "venture capital" activity of the Rockefellers can be found in the following remarks delivered in a lecture by RF&A associate Charles B. Smith. (Published in the Proceedings of the second annual management seminar at Boston College, May 28-29, 1970, entitled "Venture Capital and Management")

"  We are a relatively loosely organized group of a few people who attempt to invest some of the personal funds of a wealthy family in high risk and potentially high reward companies ordinarily included within the loose, current meaning of venture capital.  We concentrate on advanced technologies, generally in the early life of companies, including start-ups.  We are primarily equity investors."
"  Our goal like everybody else's, is to make wads and wads of money for the family."
"  We are known, I guess, as relatively hard dealers for our dollars in that we don't like to give them away.  We feel that it is not only cheating our employers but is also unfair to the entrepreneur.  When we invest, we really think our money is the cheapest; it's

no strings, generally.  Afterwards, we are generous with the management's incentives."
"  In 1960 (but no longer, thanks to Mr. McNamara), you could finance a technological company on government supplied R&D contracts. You could also build up your capital equipment portfolio because the government would do that, too."

Mr. Smith told that the Rockefellers had attempted to establish a similar venture capital activity in Europe in 1960; but that failed. One reason he gave was the lack of "enlightened attitudes of the governments toward the scientists" which is described above.  Other problems had to do with the style of management found there as compared to this country.

"...there is no lust for the jugular ..."
"  Also, we use in this country the incentive of the stock options - making every man a millionaire.  We were absolutely unable to really get the message across to even the most educated of the people we ran into (in Europe), what 'equity ownership' was; it was absolutely meaningless to them."

Nelson Rockefeller's Connection :

     The basis for the present Congressional investigation into Mr. Rockefeller's finances is his nomination to the Vice-Presidency.  We can anticipate the claim that his personal finances are the only proper subject of inquiry at this time and that questions about the finances of other members of the Family would be an improper invasion of their privacy.  What is the connection of Nelson Rockefeller to Room 5600 and to the activities of RF&A ?

     The New York City - Manhattan telephone directories (for 1972-73 and 1973-74) contain the following listings.

Rockefeller Family & Assocs          30 Rokfelr Plz          CI 7-3700
Rockefeller John D 3d         b          30 Rokfelr Plz          CI 7-3700
Rockefeller Laurance S       b          30 Rokfelr Plz          CI 7-3700
Rockefeller Nelson A          b          30 Rokfelr Plz          CI 7-3700
                                       (b means business)

Also listed at this same address and phone number are Messrs. Dilworth, Hinman, Lindquist, Lockwood, Purcell, Siegesmund, Walkowicz, Woodward.

     Certainly, it does not follow that Nelson Rockefeller is personally involved in all Family financial affairs; but it is certainly true that he is not totally disconnected from them.  Here are two examples we have turned up of Family members investing collectively in "Laurance's ventures."

     In April, 1965, The Marquardt Corp. acquired the assets of General Applied Science Laboratories, Inc. (GASL).  Both were high technology ventures financed by the Rockefellers.  In the prospectus for stock issuance in this transaction there is a list (page 21 of Listing Application A-22482 to the New York Stock Exchange, April 27, 1965) of major GASL shareholders and the number of shares - 2/7 of their total holdings - each will donate in the transaction:

A.R. Mauze
D. Rockefeller  2,343
J.D. Rockefeller III 1,172
L.S. Rockefeller 22,843
N.A. Rockefeller  1,172

Also included in this list of shareholders were several RF&A representatives: Dilworth, Marston, Walkowicz, Woodward.

     A similar situation was found in a prospectus, dated May 31, 1967, offering shares in New England Nuclear Corporation. A list of shareholders includes:

Abby R. Mauze
David Rockefeller
John D. Rockefeller III
Laurance S. Rockefeller

and also the same four RF&A people mentioned above.

     Looking at the numbers of shares listed in each case for the various family members, one sees some numerical regularities.  (Abby, John D.III and Nelson all hold identical amounts in GASL, while David holds almost exactly twice as much; Abby and John D.III hold identical amounts in New England Nuclear.)  This suggests that they were not independent investors.  Most likely, these numbers suggest that Family members had some kind of standing agreement to invest collectively.

     At the outset of the hearings before the Senate Rules Committee Mr. Rockefeller released a list of the securities holdings of himself and his family, including both personal holdings and trust funds.  The list (see Wall Street Journal 9/24/74 page 22) includes a good many of the companies we have listed as having an RF&A representative on the Board. (Aside from the well known Family enterprises - Chase, IBEC, Rockefeller Center - these include five companies listed in the billion dollar class and eight of the technological ventures.  Several of these companies appear in more than one portfolio.)


Scope of Activities of RF&A:

     The letter received from Mr, Burdick of RF&A, reproduced earlier, stated that the office in Room 5600 at 30 Rockefeller Plaza had been established "to provide personal services and advice" to members of the Family. The information presented above gives some indication of the scope of those personal services; but we do not know what fraction of the whole picture we have so far succeeded in uncovering.  Just how big is Room 5600 and how broad is the scope of its financial management on behalf of the Family ?

     Here is one more small clue we have turned up.  The New York Society of Security Analysts has its membership listed in the annual directory of the Financial Analysts Federation.  The 1973 directory includes a listing of members by firm affiliation; and under Rockefeller Family and Associates there are six people listed.  (These six people are all different from the fifteen RF&A representatives we have identified; they presumably do lower level work than those who get to sit as Directors of the companies that are chosen for Family investment.)  Is six security analysts a lot ? In the same directory Merill Lynch & Co. has 103 people listed, but of course they have many thousands of clients to serve with investment advice. The listing just after RF&A is for the Rockefeller Foundation: they have only one security analyst registered (who turns out to be the Treasurer of the Foundation.)  According to their 1973 annual report, the Rockefeller

Foundation holds total assets of $840 million.  It would be extremely simplistic to multiply $840 million by six and arrive at an estimate of $ 5 billion as the size of the investment aggregate managed by RF&A for members of the Family.  Since Nelson Rockefeller has promised a full disclosure of his finances, he should be asked to give a full accounting of the activities of the RF&A office - or, if he is not sufficiently familiar with all the details, Mr. Dilworth, or whoever else is in charge, should be asked to give this accounting.

II. Personal Holdings and Trust Funds

     Following Nelson Rockefeller's disclosure of his and his immediate family's stockholdings, several interesting bits of information were found in a newspaper article published by the San Francisco Chronicle on September 30, 1974, page 52.  (The article is credited to the New York Times but I could not find it published by that paper.)
Alleged was,
1. Trusts No. 1 and 2 for Nelson Rockefeller are managed by the Chase Investors Management Corp., a subsidiary of the Chase Manhattan Bank of which Nelson's brother David is chairman.
2. His and his wife's outright holdings as well as Mrs. Rockefeller's trusts are managed by Rockefeller Family and Associates, under the supervision of J. Richardson Dilworth, the family's senior financial adviser.
3. The trusts for the children are managed by the Fidelity Union Trust Co. of Newark, N.J.

     It will be important to get Mr. Rockefeller's confirmation of these statements, since they strongly confirm the picture of centralized management of nominally separate portions of the family's fortune.  In particular, it will be important to ask what is meant by a bank's "management" of some trust fund: Does the bank control the trust fund or is it merely acting as a custodian? Who actually decides on the investments and who has the voting rights for the stock held in the trusts ?

     According to an article in NEWSWEEK magazine, September 2, 1974 (p.21) much of the Family fortune is distributed in "well over 100 and perhaps 200 individual Rockefeller trusts."  In the CBS News special report on the Rockefellers (broadcast 12/28/73) commentator Walter Cronkite said,
" There are now nine sons and fourteen daughters in the Rockefeller family.  They are known as the Cousins.  There are 37 grandchildren, and this sizable group (inheritors of an illustrious name) will inherit the family fortune, which will inevitably be critically subdivided.  For them, less wealth may mean less power. "
(Quotation from the transcript supplied by CBS News)

     The substantial question to be asked is whether much of this great fortune, nominally divided into many individual trust funds, is in actuality managed as a whole.

     Some new and pertinent information on this question has been found in a document we have obtained:  the Notice of Annual Meeting of Stockholders of the International Basic Economy Corporation (IBEC), May 15, 1972.  "Descendants of John D. Rockefeller, Jr. and members of their families own beneficially, as of May 1, 1972, all of the 428,960 outstanding shares of Common Stock-Class 10 and 2,414,219 shares (65.08% of the outstanding shares, after deducting treasury shares) of the Common Stock."  (In the election of Directors of the company, each share of Class 10 stock is entitled to 10 votes while each share of regular common stock has only one vote.)  A table on page 5 lists the holdings of the principal stockholders in IBEC.  In summary:

a) 12,255 shares Common, owned beneficially and of record by Mrs. Nelson A. Rockefeller.
b) 409,900 shares Common, held of record by the Chase Manhattan Bank, N.A., as trustees of a trust of which Nelson A. Rockefeller is the life beneficiary.
c) 181,047 shares Common and 168,972 shares Class 10, owned outright by Rodman C. Rockefeller and Steven C. Rockefeller (Nelson's children) and including stock held of record by them as trustees for the benefit of their minor children.
d) 1,388,000 shares Common and 178,788 shares Class 10, held of record by trustees for the benefit of Nelson A. Rockefeller's children - and possibly other beneficiaries - in various trusts.
 These numbers can be compared with those given in Mr. Rockefeller's disclosure statement to the Senate in September; they agree exactly in some categories, vary closely in others.

     The most interesting information here concerns supervision of the trust funds referred to.  First, we confirm that Nelson's Trust fund is held by the Chase Manhattan Bank.  Second, and this is most revealing, the names of the trustees for his childrens' trust funds are given:
J. Richardson Dilworth, John E. Lockwood and Laurance S. Rockefeller, trustees of trusts for the benefit of Nelson A. Rockefeller's minor children.        and,

John E. Lockwood, Rodman C. Rockefeller and Louise A. Boyer, trustees of various trusts, including some of which Rodman and Steven are beneficiaries.

     Thus we learn that Nelson's children's trust funds are under the control of (the IBEC stocks are "Held of record by") trustees who are intimately involved with the Family's business activities -- Dilworth, Lockwood and Boyer, along with Laurance and Rodman.

     Notice that item 3. in the newspaper story mentioned earlier located the children's trust funds as being under management by a New Jersey bank, while the IBEC report states that these intimates of the Family are holders of record of this stock.  Some clarification is called for here.  (In our study of corporate interlocks, reported in Part IV of this report, we found two Directors of the holding company of that New Jersey bank who have multiple overlapping directorships personally with J. Richardson Dilworth.)

     Mr. Dilworth emerges as the central figure in coordinating the financial activity of the Family.  He is head of the RF&A office, he sits as a director of several major corporations (Chase, Chrysler, R.H. Macy the best known among them), he personally manages Nelson's own stock investments, Mrs, Rockefeller's trust fund, and at least some of the children's trust funds.  The question waiting for an answer is, How many other Family members' personal and trust funds are also under the common management of Mr. Dilworth and RF&A ?

III. Foundations and Universities

     The Rockefeller Family is famous for its philanthropies. Large parts of the Family fortune have been given over to tax-exempt foundations and universities.  Legally, these moneys no longer belong to the Family; these endowments are supposed to belong to the individual foundation or university, to be invested solely in the interests of that institution.  We shall present here some evidence that there is an effective coordination between the financial activities of these institutions and those of the Family.

     This situation, if proved true for the Rockefellers, is not unique to them.  Consider the following colloquy between Senator Lee Metcalf and industrialist Norton Simon - recorded in the Hearings before the Subcommittee on Budgeting, Management, and Expenditures and the Subcommittee on Intergovernmental Relations of the Committee on Government Operations, United States Senate, March 21, 1974. page 25

Senator Metcalf.  "Well, now, you have a foundation which is the source of your many varied philanthropies.  The money in that foundation is invested in various stocks.  Who votes that stock ?"
Mr. Simon.  "The foundation."
Senator Metcalf.  "Who on the foundation then makes the decision ?"
Mr. Simon.  "I do. "
Senator Metcalf.  "You make the decision ?"
Mr. Simon.  "Yes."

The Rockefeller Foundation:

     This is the largest and best known of the Rockefeller philanthropies and the one which appears to be least closely tied to the Family. (John D. Rockefeller III is Honorary Chairman of the Board of Trustees and there are no other identified RF&A peopole found there.)  The one specific claim we have to present comes from the book, "Managers and Millionaires" by S. Menshikov (Progress Publishers, English translation, Moscow 1969).  The author was an exchange scholar visiting this country in 1962-63 who claims to have interviewed many important U.S. business leaders as part of his research.  In discussing the Rockefeller Foundation, he

states that in addition to there being a Finance Committee of the Foundation's Trustees, the Foundation's holdings are administered by the Chase Manhattan Bank, and "Rockefeller lawyers - Eli W. Debevoise and others - have the final say on stock voting." (page 260.)

     If this claim is proved to be true, it will have extraordinary implications.  It will mean that the Rockefeller's were able to give away hundreds of millions of dollars into tax-exempt institutions without losing the economic power which ownership of that money implies.

     Concerning Mr. Debevoise, identified by Menshikov as a Rockefeller lawyer: He was legal counsel to the Rockefeller Foundation from 1959 to 1965 (annual reports of the Foundation.)  His father, Thomas M. Debevoise, was legal counsel to the Foundation until his retirement in 1948 and was earlier a Director on a number of corporations closely identified with the Rockefellers (Who's Who 1930-1958); and upon his death the New York Times described him as "personal counsel for many years to John D. Rockefeller, Jr. ... He had been regarded as the principal lawyer and spokesman for Mr. Rockefeller on a wide range of matters related to the family's business, civic and personal activities." (NYT 12/22/58 page 2)  Eli Whitney Debevoise has been a Trustee of Rockefeller University for many years and has been connected with other activities closely associated with the Rockefellers, as have been some other partners in the law firm of Debevoise, Plimpton, Lyons & Gates - Oscar M. Ruebhausen and Roswell B. Perkins in particular. (Who's Who over several years)

Rockefeller Brothers Fund:

     Our information about this tax-exempt foundation, established by the brothers in 1940, comes from their annual reports.  According to the most recent one available (for 1972) 15 persons are listed as trustees and more than half of these are members of the Family; 12 persons are listed as officers of the fund of whom only two - the chairman and vice chairman - are in the Family, but three other officers are already identified as employees of RF&A: John E. Lockwood, who has been legal counsel to the Fund for many years; Carl E. Siegesmund,

who was Assistant Treasurer of the Fund until May 23, 1973; and Edward H. Burdick, Assistant Treasurer of the Fund since that date.  (Mr. Burdick wrote me that original letter about RF&A.)

     The address of the Fund is 30 Rockefeller Plaza, New York City, but its headquarters is not on the 56th floor and it has a different telephone number.  Nevertheless, the addresses listed by the Fund for the three officers mentioned above and also for the Treasurer, David G. Fernald, is "Room 5600, 30 Rockefeller Plaza." If the same people are involved in managing investments for the Family and for the Fund, it seems natural that there will be some coordination of their investment policies.  We have found a hint of this.

     The total market value of the assets of the Rockefeller Brothers Fund is reported as $ 268 million in 1972.  The largest holdings in their portfolio are Exxon, Mobil, Standard Oil of California, Chase Manhattan Bank and Rockefeller Center -- all well known businesses of the Family, historically if not presently.  The Fund's annual reports include a listing of the portfolio only since 1964; and we found that the next largest single item in their holdings, after the ones mentioned above, was Chrysler Corporation:

1964:  110,800 shares of Chrysler common stock, valued at $ 6.7 million
1965:  120,829 shares of Chrysler common stock
1966 through 1970: 80,000 shares of Chrysler common stock plus $ 1.6 million in notes of Chrysler Financial and Realty Corporations.

What makes this so interesting is that J. Richardson Dilworth is a Director of Chrysler, having been put on the Board and on the Finance Committee of that corporation in June of 1962 after the Rockefeller family had taken a stock position in the company.  (Chrysler annual report and Wall Street Journal 6/15/62 page 11)

     A search for Chrysler holdings in the annual reports of several other major foundations over those years was conducted. Of Rockefeller, Ford, A.P. Sloan, Russell Sage, China Medical Board and the Carnegie Corp., only the last one was found holding any Chrysler stock - 25,000 shares - and that only for one year - 1966.

Rockefeller University:

     This University in New York City, formerly the Rockefeller Institute for Medical Research, was endowed by John D. Rockefeller in 1901 with a gift of $ 60 million. Its present investment portfolio is thought to be in excess of $ 200 million.  David Rockefeller is chairman of the Board of Trustees; other Trustees are J. Richardson Dilworth and Eli Whitney Debevoise; John E. Lockwood was Secretary of the Trustees for many years.

     A former staff member at the University has stated that during a student protest involving the University's investment policies Mr. Rockefeller and Mr. Dilworth appeared as the spokesmen to say how the stocks would be voted. (private communication)

     An article in a student-staff newspaper produced at Rockefeller University discussed the matter of Mr. Dilworth's position on the Board of Directors of Chrysler Corporation, which we have mentioned above. ("The Newspaper" January 1969)  The article states,

" A check of the University financial report for the period ending June 30, 1962, shows the appearance of 10,000 shares, worth half a million dollars, of Chrysler where there had been none the previous year.  The Chrysler holdings of R.U. have since increased."

Yale University:

     J. Richardson Dilworth is, among other things, a Trustee of Yale University and has been, since 1962, Chairman of their Finance Committee.  Dilworth is a Yale graduate but otherwise there was no connection we were aware of between Rockefellers and Yale.  Copies of the Treasurer's Report on the Yale University endowment funds were obtained for the years 1966-1969 and some fascinating facts emerged.

     The total value of the endowment funds was about $ 500 million.

 As of 6/30/68 (the earliest listing that includes the detailed portfolio of stock holdings) they held 205,000 shares of Chrysler common stock, with a market value of nearly $ 13 million.

As of 6/30/69 they held 386,766 shares of Chrysler common stock, with a market value of nearly $ 18 million.

In each case the Chrysler holding was the second largest single item in the portfolio.  (I.B.M. was the largest.)

The 1967 report states, "The investment of endowment funds of institutions of higher education has been traditionally a function in which trustees, at Yale and elsewhere, have taken to some extent a direct administrative role rather than merely a general  supervisory one.  There have been at Yale a succession of devoted Chairmen of the Finance Committee, all of them eminent New York financiers.  They have spent untold hours on Yale's investments and finances. "

The 1967 report then goes on to describe a new arrangement in which Yale will set up a private firm - Endowment Management and Research Corporation, in Boston - to handle its endowment investments. The management firm is owned half by Yale and half by its own officers, and it is free to take on other investment management business besides Yale's.  The final selection of people to run this new business came after "the men on the final lists were interviewed by the Chairman of the Finance Committee." "The new firm has authority to give instructions directly to Yale's custodian.  There is a list of approved securities, and regular telephone communication between the Firm and the Chairman of the Finance Committee."  The Board of Directors of this management firm was to be composed of members of Yale's Finance Committee along with the firm's top managers.

     There is yet one more piece of information to decorate this story.  One of the corporations of which Dilworth is a Director is The Omega Fund.  According to Moody's Bank and Finance Manual, this is an open end investment fund; Endowment Management and Research Corp.  handles the Fund's investments and the two organizations share the same address and company officers.  The other outside Directors of Omega Fund, in addition to Dilworth, are J..P. Grace, D.B. Smiley (Chairman of the Board of R.H. Macy Co., where Dilworth is also a Director) and Karl Kaysen (Director of the Institute for Advanced Studies, where Dilworth is President of the Board of Trustees.)

     Omega Fund was launched in 1968 and their assets in that first year reached over $ 100 million.  According to the latest reports, their assets have dropped in value to only $ 25 million.  (We do not know how Yale's endowment has fared.)

IV. Corporate Interlocks

     During some recent investigations by a Senate subcommittee which was looking into the ownership and control of the airline industries the name "Rockefeller Family and Associates" came up.  (Harper Woodward of RF&A is a Director of Eastern Airlines.) The Committee's Counsel, whose staff had been unable to find this organization listed in any reference books, asked,

"  Do you have any way of telling us what ownership Rockefeller Family and Associates have and how they interlock with other companies in the United States ?"

The witness, an official of the Civil Aeronautics Board, replied,

"We do not have that information."
(Hearings before Senator Metcalf's subcommittee, cited earlier, June 10, 1971, entitled, "Advisory Committees" page 31)

     With the list given in Part I of this report, showing a large number of corporations on whose boards of directors there sits an identified representative of RF&A, it is now possible to tabulate their interlocks with other companies.  The task is a tedious one but we have done it, focussing our attention on the most recent year for which reference books are available - nominally 1973.  (Dunn & Bradstreet Million Dollar Directory 1974 has the most complete index of corporate directors by name; Standard & Poors Register 1973 was useful as a back-up; occasionally Moody's Bank and Finance Manual 1973 was used for a company not listed in these other books; and in a couple of cases we had to refer back to Dunn & Bradstreet's book for 1973; where available, we started out with Directors as listed in each corporation's annual report - for 1972 but usually issued early in 1973.)  For each company with an RF&A representative on the Board, each other Director was looked up in these reference books (and sometimes in Who's Who as well) and a record was made of every other corporation on whose Board of Directors he also sat at that same time.

     The gross result of this research is a list of over 1000 corporate interlocks for Rockefeller Family and Associates.  The list is so huge that we refrain from publishing it in its raw form for fear of simply drowning the reader.  We sought, instead, some way of choosing and representing the essence of this tabulation without all of its detail.

     It is, of course, arguable just what a corporate interlock, or a list of corporate interlocks means. It certainly doesn't mean that Rockefeller owns or controls some company just because of an interlock with it.  At a minimum, it probably does mean that Rockefeller agents are in effective communication with those businesses interlocked with them.  The hard question - one which we cannot hope to answer by looking in library books - concerns measuring the degree of influence which the collective Rockefeller financial network, acting through RF&A, and possibly other more submerged allies, exerts on these other companies it is interlocked with.

     We have chosen the simple formula of selecting out only those companies for which we found more than one interlock with RF&A.  This choice should lessen the criticism that an interlock can occur sort of by accident if representatives of two companies really having no connection with each other happen to sit jointly on the Board of some third company.  The resulting list of multiple interlocking companies was further distilled by selecting only the larger companies -- we have used the lists published by FORTUNE magazine (May and July issues 1974) for this selection: The 500 Largest Industrials, The 50 Largest Commercial Banking, Life-Insurance, Diversified Financial, Retailing, Transportation and Utility Companies in the U.S.

     The following table contains the results of this tabulation.  The companies are ranked in the order given by FORTUNE and the numbers in parenthesis give the number of interlocks which each company has with representatives of the Rockefeller Family sitting on Boards of Directors.

     For example, the first entry in the table reads "General Motors (2)."  This means that we have found two cases of a director of General Motors Corp. who also a director of a company that has a Rockefeller Family representative on its board.  (These two interlocks with General Motors happen to be with Chase Manhattan Bank and with S.S. Kresge Co.) Another entry in the table reads "Chrysler (RF&A +1)".  This means that  Chrysler Corp. is one of the companies that has a Rockefeller Family representative on its board of directors (J.R. Dilworth) and there is also one other interlock between Chrysler's board and the board of directors of another company with a Rockefeller Family representative on its board. (In this case this additional interlock is provided by William R. Hewlett, who is a director of both Chrysler and Chase Manhattan Bank.)

     The list of corporations contained in this table of multiple interlocking directorates with the Rockefeller Family represents an immense portion of the entire economic apparatus of this country.  This table includes

6 of the top 10 Industrial Corporations listed by FORTUNE
6 of the top 10 Commercial Banking "    "     "     "
5 of the top 10 Life Insurance            "    "     "     "
and 2 or 3 of the top 10 corporations in the other four categories listed by FORTUNE.

     The combined assets of all the companies listed here add up to  $ 640,000,000,000.


Diamond Shamrock (RF&A)

Cerro (2)
General Motors (2)
Universal Oil Products (2)
Exxon (3)
Airco (2) 
Chrysler (RF&A +1)
Int'l. Minerals & Chemicals (RF&A)
General Electric (2)
Cluett, Peabody (3)
Mobil Oil (3)
Harris-Intertype (2)
I. B. M. (RF&A +4)
Carborundum (2)
U.S. Steel (3)
Sybron (4)
RCA (2)
Texasgulf (2)
Eastman Kodak (2)
Gannett (3)
Union Carbide (2)
Ceco (2)
Caterpillar Tractor (2)

Xerox (4)

W.R. Grace (4)
Commercial Banking Companies
General Foods (5)

Singer (2)
First National City Corp. (3)
Ralston Purina (2)
Chase Manhattan Corp. (David + RF&A + 3)
Honeywell (2)
Manufacturers Hanover Corp. (5)
Bendix (RF&A +2)
Chemical New York Corp. (4)
Colgate-Palmolive (4)
Bankers Trust New York Corp. (4)
American Can (2)
First Chicago Corp. (3)
TRW (3)
Marine Midland Banks, Inc. (3)
National Steel (3)
Wells Fargo & Co. (2)
Uniroyal (4)
Charter New York Corp. (2)
Republic Steel (2)
Mellon National Corp. (3)
American Motors (RF&A)
First National Boston Corp. (3)
FMC (2)
National Detroit Corp. (5)
Warner-Lambert (2)
Bank of New York Co. (2)
Allied Chemical (2)
Cleveland Trust Co. (2)
U.S. Industries (3)
Detroitbank Corp. (3)
Raytheon (2)
Lincoln First Banks, Inc. (RF&A)
Eaton (2)
Southeast Banking Corp. (3)
Standard Oil, Ohio (2)

Teledyne (2)

Nabisco (2)
Life-Insurance Companies
Kennecott Copper (4)

Bristol-Myers (2)
Prudential (5)
Burroughs (3)
Metropolitan (5)
Illinois Central Inds. (2)
Equitable Life Assurance (3)
Studebaker-Worthington (2)
New York Life (2)
Amer. Smelting & Refining (2)
Massachusetts Mutual (2)
Eli Lilly (2)
Mutual of New York (5)
Corning Glass (3)
New England Mutual (2)
Emerson Electric (2)
Mutual Benefit (2)
Scott Paper (4)

Carrier (3)

Avco (2)

Hewlett-Packard (2)

Diversified Financial Companies
Retailing Companies

American Express (6)
Great Atlantic & Pacific Tea (2)
Continental Corp. (4)
S. S. Kresge (RF&A +1)
C. I. T. Financial (RF&A)
Federated Department Stores (3)
Crum & Forster (RF&A)
Winn-Dixie Stores (2)

May Department Stores (2)

R. H. Macy (RF&A +4)
Marriott (2)

American Tel. & Tel. (5)

Consolidated Edison (2)
Transportation Companies
Detroit Edison (3)

Pan American World Airways (4)

Eastern Air Lines (RF&A +3)

The following are sizeable companies not included in the listing by FORTUNE

U.S. Trust Co., New York (5)
Canadian Corporations
Fidelity Union Bankcorp, N.J. (4)

J. Henry Schroder Banking Corp. (3)
Investors Group (RF&A)
Bowery Savings Bank (3)
Royal Bank of Canada (3)
Greenwich Savings Bank (RF&A +3)
Investors Growth Fund (3)
Maccabees Mutual Life (2)
Investors Mutual of Canada (3)
Liberty Mutual Life (2)
Great-Western Life Assurance (4)
Reliance Insurance (2)
Montreal Trust Co. (2)

Canadian Pacific Ltd. (2)

International Nickel (2)