CHAPTER 12

FDR and the Corporate Socialists

At the first meeting of the Cabinet after the President took office in 1933, the financier and adviser to Roosevelt, Bernard Baruch, and Baruch's friend General Hugh Johnson, who was to become the head of the National Recovery Administration, came in with a copy of a book by Gentile, the Italian Fascist theoretician, for each member of the Cabinet, and we all read it with great care.
Mrs. Frances Perkins, Secretary of Labor under FDR.

It is worth recalling at this point the epigraph to Chapter 1, that Franklin D. Roosevelt privately believed that the U.S. government was owned by a financial élite. There is, of course, nothing notably original about this observation: it was commonplace in the 19th century. In modern times, it has been averred by such dissimilar writers as Robert Welch and William Domhoff that America is controlled by a financial elite based in New York. The Soviets, who are not always altogether inaccurate, have used this theme in their propaganda for decades, and it was a Marxist theme before Lenin came along.1

1. It may be superfluous to record this literature, but for the sake of completeness and the benefit of the innocent reader, a few titles may be included: William Domhoff, Who Rules America? (Englewood Cliffs, N.J.: Prentice-Hall, 1967); Ferdinand Lundberg, The Rich and the Superrich (New York: Lyle Stuart, 1968), and Gary Allen, None Dare Call It Conspiracy (Seal Beach, Calif.: Concord Press, 1972).

It was under Roosevelt that quaint Keynesian notions—the modern versions of John Laws' con game with paper money—were introduced to Washington, and so the seeds of our present economic chaos were laid in the early 1930s under Roosevelt. Contemporary double digit inflation, a bankrupt Social Security system, bumbling state bureaucracy, rising unemployment—all this and more can be traced to Franklin Delano Roosevelt and his legislative whirlwind.
But while we now pay the price for these unsound and irresponsible policies, so pervasive is prevailing misinformation that even the identity of the originators of Roosevelt's New Deal and their reasons have been forgotten. While our economists cover their blackboards with meaningless static equations, a dynamic looting operation of the economy has been in progress by the authentic formulators of the liberal New Deal. While the bleeding heart social engineers have screamed at capitalism as the cause of the world's misery, they have been blissfully unaware that their own social formulas in part emanated from—and have certainly been quietly subsidized by—these same so-called capitalists. The tunnel vision of our academic world is hard to beat and equalled only by their avarice for a piece of the action.
What we do find is that government intervention into the economy is the root of our present problems; that a Wall Street cotérie has substantive, if subtle, muscle within this government structure to obtain legislation beneficial to itself; and that a prime example of this self-seeking legislation to establish legal monopoly under big business control was FDR's New Deal and, in particular, the National Recovery Administration.
The name Franklin Delano Roosevelt should suggest, but rarely does, a link with Wall Street. Both Delano and Roosevelt are prominent names in the history of American financial institutions.
Who was Franklin Delano Roosevelt?
Roosevelt's prepolitical career can be described only as that of financier. Both his family and career before 1928 and his election as Governor of New York were in the business world, more specifically the financial world. Between 1921 and 1928 Roosevelt was a director of 11 corporations headquartered in the Wall Street golden circle and president of a major trade association. The American Construction Council.

Certainly, if sheer weight of printed paper has any influence, the power of any financial élite should have collapsed long ago. The establishment does appear to have considerable endurance, but nowhere near as much influence as many believe. The most important leg sustaining the credibility and so the power of the élite is the academic community. This group has, in large part, swapped truth and integrity for a piece of the political power and the financial action. Apparently academics can be bought—and you don't have to pay overly much!

Furthermore, Roosevelt was not only president of United European Investors, Ltd., formed to take pecuniary advantage of the misery of German hyperinflation, but was one of the organizers of American Investigation Corporation, a high-powered financial syndicate. Roosevelts formed the financial firm Roosevelt & Son in the late 18th century, and Delanos operated in the financial arena from at least the mid19th century. Roosevelts and Delanos may not have reaped the great wealth of Morgans and Rockefellers, but they were known and respected names in the halls of international finance. Even in the 1920s we find Uncle Frederic Delano on the Federal Reserve Board, and George Emlen Roosevelt as a director of Guaranty Trust, the bête noire of the Street if there ever was one.
It is also reliably recorded that Theodore Roosevelt's Progressive Party, the first step to the modern welfare-warfare state, was financed by the J.P. Morgan interests; consequently, it should not surprise us to find Wall Street backing Roosevelt in 1928, 1930, and 1932.
In brief, we have shown that Roosevelt was a Wall Streeter, descended from prominent Wall Street families and backed financially by Wall Street. The policies implemented by the Roosevelt régime were precisely those required by the world of international finance. It should not be news to us that international bankers influence policy. What appears to have been neglected in the history of the Roosevelt era is that, not only did FDR reflect their objectives, but was more inclined to do so than the so-called reactionary Herbert Hoover. In fact, Hoover lost in 1932 because, in his own words, he was unwilling to accept the Swope Plan, alias NRA, which he termed, not incorrectly, "a fascist measure."
We cannot say that Wall Streeter Roosevelt was always a highly ethical promoter in his financial flotations. Buyers of his promotions lost money, and substantial money, as the following brief table based on the data presented suggests:

How Investors Fared With FDR at the Helm

Company Associated with FDR Issue Price of Stock Subsequent Price History
United European Investors, Ltd 10,000 marks (about $13) Company wound up, stock-holders offered $7.50
International Germanic Trust Company, Inc. $170 Went to $257 in 1928, liquidated in 1930 at $19 a share

Loss of stockholders' funds, however, can be an accident or mismanagement. Many honest financiers have stumbled. However, association with persons of known ill repute such as Roberts and Gould in United European Investors, Ltd. was not accidental.
FDR's association with the American Construction Council brings to mind Adam Smith's obita dicta that the law ". . . cannot hinder people of the same trade from sometimes assembling together, but it ought to do nothing to facilitate such assemblies, much less to render them necessary."2 Why not? Because the American Construction Council was in the interests of the construction industry, not in those of the consumer of construction services.
The New York bonding business was made to order for FDR. As vice president of the Fidelity & Deposit Company of Maryland, FDR knew precisely how to operate in the world of politicized business, where price and product quality in the market place are replaced by "Whom do you know?" and "What are your politics?"
The United European Investors caper was an attempt to take advantage of the misery of German 1921-23 hyperinflation. The firm operated under a Canadian charter, no doubt because Canadian registration requirements were more lenient at that time. The most conspicuous observation concerns FDR's associates at U.E.I., including John von Berenberg Gossler, a HAPAG codirector of German Chancellor Cuno, who was responsible for the inflation! Then there was William Schall, FDR's New York associate, who had only a few years earlier been involved with German espionage in the United States—at 120 Broadway. The Roberts-Gould element in United European Investors was under criminal investigation; FDR knew they were under investigation, but continued his business associations.
Then we found that the background of the New Deal was speckled with prominent financiers. The economic recovery part of the New Deal was a creation of Wall Street—specifically Bernard Baruch and Gerard Swope of General Electric—in the form of the Swope Plan. So in Chapter 5 we expanded upon the idea of the politicization of business and formulated the thesis of corporate socialism: that the political way of running an economy is more attractive to big business because it avoids the rigors and the imposed efficiency of a market system. Further, through business control or influence in regulatory agencies and the police power of the state, the political system is an effective way to gain a monopoly, and a legal monopoly always leads to wealth. Consequently, Wall Street is intensely interested in the political arena

2. Adam Smith, An Inquiry Into the Nature and Causes of the Wealth of Nations (London: George Routledge n.d.), p. 102.

and supports those political candidates able to maximize the amount of political decision-making under whatever label and minimize the degree to which economic decisions in society are made in the market place. In brief. Wall Street has a vested interest in politics because through politics it can make society go to work for Wall Street. It can also thus avoid the penalties and risks of the market place.
We examined an early version of this idea: Clinton Roosevelt's planned society, published in 1841. We then briefly discussed Bernard Baruch's 1917 economic dictatorship and his declared intent to follow the course of a planned economy in peacetime and traced Baruch and his economic assistant Hugh Johnson to the very core of the National Recovery Administration. Some attention was then given to the Federal Reserve System as the most prominent example of private legal monopoly and to the role of the Warburgs through the International Acceptance Bank and the manner in which the bank was able to get society to go to work for Wall Street. In a final look at the years before FDR's New Deal we reviewed the operation of the American Construction Council, a trade association, the concept of which originated with Herbert Hoover, but with FDR as its president. The council had, as its stated objectives, limitation of production and regulation of industry, a euphemism for industry control for maximization of its own profits.
Then we examined the financial contributions of the 1928, 1930, and 1932 elections on the ground that such contributions are a very accurate measure of political inclinations. In 1928, an extraordinary percentage of the larger contributions, those over $25,000, came from Wall Street's golden circle. Such large sums are important because their contributors are more than likely to be identifiable after the election when they ask favors in return for their earlier subsidies. We found that no less than 78.83 per cent of the over $1000 contributions to the Al Smith for President campaign came from a one-mile circle centered on 120 Broadway. Similarly 51.4 per cent, a lesser but still significant figure, of Hoover's contributions came from within this same area. Then we demonstrated that, after his election, Herbert Hoover was given an ultimatum by Wall Street: either accept the Swope Plan (the NRA) or the money and influence of Wall Street would go to FDR who was willing to sponsor that scheme. To his eternal credit, Herbert Hoover refused to introduce such planning on the ground that it was equivalent to Mussolini's fascist state. FDR was not so fussy.
In FDR's 1930 campaign for Governor of New York, we identified a major Wall Street influence. There was an extraordinary flow of funds via the County Trust Company, and John J. Raskob of Du Pont and General Motors emerged as Chairman of the Democratic Campaign Committee and a power behind the scenes in the election of FDR.

Seventy-eight per cent of the pre-convention "early-bird" contributions for FDR's 1932 Presidential bid came from Wall Street.
The Swope Plan was a scheme to force American industry into compulsory trade associations and provide exemption from the anti-trust laws. It was baited with a massive welfare carrot to quiet the misgivings of labor and other groups. The administrator of the National Recovery Administration, which developed from the Swope Plan, was Baruch's assistant. General Hugh Johnson. The three musketeers, Johnson's circle of assistants, comprised Gerard Swope of General Electric, Walter Teagle, of Standard Oil of New Jersey, and Louis Kirstein of Filene's of Boston. Adherence to the NRA codes was compulsory for all firms with more than 50 employees. The Swope NRA Plan was greeted favorably by such socialists as Norman Thomas, whose main objection was only that they, the orthodox socialists, were not to run the plan.
Fortunately, NRA failed. Big business attempted to oppress the little man. The codes were riddled with abuses and inconsistencies. It was put out of its misery by the Supreme Court in the Schechter Poultry decision of 1935, although its failure was evident long before the Supreme Court decision. Because of failure of NRA, the so-called 1934 Butler Affair becomes of peculiar interest. According to General Smedley Butler's testimony to Congress, supported by independent witnesses, there was a plan to install a dictator in the White House. President Roosevelt was to be kicked upstairs and a new General Secretary— General Butler was offered the post—was to take over the economy on behalf of Wall Street. Far-fetched as this accusation may seem, we can isolate three major statements of fact:
1. There was independent confirmation of General Butler's statements and in some measure unwilling confirmation by one of the plotters.
2. There existed a motive for Wall Street to initiate such a desperate gamble: the NRA-Swope proposal was foundering.
3. The alleged identity of the men behind the scenes is the same as those identified in the Bolshevik Revolution and in the political promotion of FDR.
Unfortunately, and to its lasting shame. Congress suppressed the core of the Butler testimony. Further, The New York Times first reported the story fairly, but then buried and distorted its coverage, even to the extent of incomplete indexing. We are left with the definite possibility that failure of the Baruch-Swope-Johnson NRA plan was to be followed by a more covert, coercive take-over of American industry. This occurrence deserves the fullest attention that unbiased scholars can bring to it. Obviously, the full story has yet to emerge.

Once again, as in the earlier volume, we found a remarkable concentration of persons, firms and events at a single address—120 Broadway, New York City. This was FDR's office address as president of Fidelity & Deposit Company. It was Bernard Baruch's address and the address of Gerard Swope. The three main promoters of the National Recovery Administration—FDR, Baruch, and Swope—were located at the same address through the 1920s. Most disturbing of all, it was found that the original meeting for the Butler Affair was held in 1926 at the Bankers Club, also located at 120 Broadway.
No explanation is yet offered for this remarkable concentration of talent and ideas at a single address. Quite obviously, it is an observation that must be accounted for sooner or later. We also found a concentration of directors of American International Corporation, the vehicle for Wall Street involvement in the Bolshevik revolution, and heavy contributors to the Roosevelt campaign.
Can we look at this story in any wider perspective? The ideas behind the Roosevelt New Deal were not really those of Wall Street; they actually go back to Roman times. From 49 to 44 B.C. Julius Caesar had his new deal public works projects; in 91 A.D. Domitian had his equivalent of the American Construction Council to stop overproduction. The ultimate fall of Rome reflected all the elements we recognize today: extravagant government spending, rapid inflation, and a crushing taxation, all coupled with totalitarian state regulation.3
Under Woodrow Wilson Wall Street achieved a central banking monopoly, the Federal Reserve System. The significance of the International Acceptance Bank, controlled by the financial establishment in Wall Street, was that the Federal Reserve banks used the police power of the state to create for themselves a perpetual money-making machine: the ability to create money with a stroke of a pen or the push of a computer key. The Warburgs, key figures in the International Acceptance Bank—an overseas money-making machine—were advisers to the Roosevelt administration and its monetary policies. Gold was declared a "barbaric relic," opening the way to worthless paper money in the United States. In 1975, as we go to press, the fiat inconvertible dollar is obviously on the way to ultimate depreciation.
Did Wall Street recognize the result of removing gold as backing for currency? Of course it did! Witness Paul Warburg to a Congressional Committee:

Abandonment of the gold standard means wildly fluctuating foreign exchanges and, therefore, the destruction of the free inflow of foreign capi-

3. H. J. Haskell, The New Deal in Old Rome: How Government in the Ancient World Tried to Deal with Modern Problems (New York: Knopf, 1947), pp. 239–40.

tal and business. Weak countries will repudiate—or, to use the more polite expression, "fund their debts"—but there will be no general demonetization of gold. Gold at the end of the war will not be worth less but more.4

The inevitable conclusion forced upon us by the evidence is that there may indeed exist a financial élite, as pointed out by Franklin D. Roosevelt, and that the objective of this élite is monopoly acquisition of wealth. We have termed this élite advocates of corporate socialism. It thrives on the political process, and it would fade away if it were exposed to the activity of a free market. The great paradox is that the influential world socialist movement, which views itself as an enemy of this élite, is in fact the generator of precisely that politicization of economic activity that keeps the monopoly in power and that its great hero, Franklin D. Roosevelt, was its self-admitted instrument.

4. United States Senate, Hearings, Munitions Industry, Part 25, op. cit., p. 8105. Appendix A The Swope Plan

Appendix A The Swope Plan

1. All industrial and commercial companies (including subsidiaries) with 50 or more employees, and doing an interstate business, may form a trade association which shall be under the supervision of a federal body referred to later.
2. These trade associations may outline trade practices, business ethics, methods of standard accounting and cost practice, standard forms of balance sheet and earnings statement, etc., and may collect and distribute information on volume of business transacted, inventories of merchandise on hand, simplification and standardization of products, stabilization of prices, and all matters which may arise from time to time relating to the growth and development of industry and commerce in order to promote stabilization of employment and give the best service to the public. Much of this sort of exchange of information and data is already being carried on by trade associations now in existence. A great deal more valuable work of this character is possible.
3. The public interest shall be protected by the supervision of companies and trade associations by the Federal Trade Commission or by a bureau of the Department of Commerce or by some federal supervisory body specially constituted.

4. All companies within the scope of this plan shall be required to adopt standard accounting and cost systems and standardized forms of balance sheet and earnings statement. These systems and forms may differ for the different industries, but will follow a uniform plan for each industry as adopted by the trade association and approved by the federal supervisory body.
5. All companies with participants or stockholders numbering 25 or more, and living in more than one state, shall send to its participants or stockholders and to the supervisory body at least once each quarter a statement of their business and earnings in the prescribed form. At least once each year they shall send to the participants or stockholders and to the supervisory body a complete balance sheet and earnings statement in the prescribed form. In this way the owners will be kept informed of the conditions of the business in such detail that there may be no criticism of irregularity or infrequency of statements or methods of presentation.
6. The federal supervisory body shall cooperate with the Internal Revenue Department and the trade associations in developing for each industry standardized forms of balance sheet and income statement, depending upon the character of the business, for the purpose of reconciling methods of reporting assets and income with the basis of values and income calculated for federal tax purposes.
7. All of the companies of the character described herein may immediately adopt the provisions of this plan but shall be required to do so within 3 years unless the time is extended by the federal supervisory body. Similar companies formed after the plan becomes effective may come in at once but shall be required to come in before the expiration of 3 years from the date of their organization unless the time is extended by the federal supervisory body.
8. For the protection of employees, the following plans shall be adopted by all of these companies:
(A) A WORKMEN'S COMPENSATION ACT, which is part of the legislation necessary under this plan, shall, after careful study, be modeled after the best features of the laws which have been enacted by the several states.
(B) LIFE AND DISABILITY INSURANCE. All employees of companies included in this plan may, after two years' service with such companies, and shall, before the expiration of five years of service, be covered by life and disability insurance.
(1) The form of policy shall be determined by the association of which the Company is a member and approved by the federal supervisory body. The policy will belong to the employee and

may be retained by him and kept in full force when he changes his employment or otherwise discontinues particular service as outlined later.
(2) The face value of a policy shall be for an amount approximately equal to one year's pay, but not more than $5,000, with the exception that the employee may, if he desires, increase at his own cost the amount of insurance carried, subject to the approval of the Board of Administrators, later defined.
(3) The cost of this life and disability insurance shall be paid onehalf by the employee and one-half by the company for which he works, with the following exception: the company's cost shall be determined on the basis of premiums at actual age of employees less than 35 years old and on the basis of 35 years of age for all employees 35 or over and shall be a face value of approximately one-half a year's pay but limited to a maximum premium for $2,500 of insurance. An employee taking out insurance at age 35 or over will pay the excess premium over the amount based upon age 35. This will remove the necessity for restriction against engaging employees or transferring them from one company to another because of advanced age, as it will place no undue burden of high premiums upon the company.
(4) The life and disability insurance may be carried by a life insurance company selected by the trade association and approved by the federal supervisory body or may be carried by a company organized by the trade association and approved by the federal supervisory body, or a single company may be formed to serve all associations.
(5) The administration of the insurance plan for each company shall be under the direction of a Board of Administrators consisting of representatives, one-half elected by the employee members. The powers and duties of the Board for each company will be to formulate general rules relating to eligibility of employees, etc., but such rules shall be in consonance with the general plan laid down by the General Board of Administration of the trade association of which the company is a member, and approved by the federal supervisory body.
(6) Provision for the continuation of a policy after an employee leaves one company and goes to another in the same association, or goes to a company in another trade association; continuance of the policy after retirement on pension; provisions with regard to beneficiaries; total or partial disability; method of payment of premiums by payroll deductions or otherwise, weekly, monthly

or annually, shall be embodied in the plan formulated by the trade association, with the approval of the federal supervisory body.
(7) If an employee leaves a company to go with one which is not a member of the trade association; if he engages in business for himself; or if he withdraws from industrial or commercial occupation, he may elect to retain the portion of the policy for which he has paid, in whole, or in part, by the continued payment of the proportional full premium costs, or he may receive a paid up policy, or be paid the cash surrender value for the part for which he has been paying the premiums. The cash surrender value of that portion of the policy paid for by the company will be paid to the company which paid the premiums.
(C) PENSIONS. All employees of companies included in this plan shall be covered by old age pension plans which will be adopted by the trade associations and approved by the federal supervisory body. The principal provisions will be as follows:
(1) All employees may, after two years of service with a company coming within the scope of this plan, and shall, before the expiration of five years of service, be covered by the old age pension plan.
(2) All employees after two years' service may, and after five years' service shall be required to, put aside a minimum of one per cent of earnings, but not more than $50 per year, for the pension fund. The employee may, if he desires, put aside a larger amount, subject to the approval of the Board of Administrators.
(3) The Company shall be required to put aside an amount equal to the minimum stated above, namely one per cent of earnings of employees, but not more than $50 per year per employee.
(4) The above minimum percentage shall be the same for all employees who are less than 35 years of age when payments begin and the minimum percentage for these employees shall remain the same thereafter. The percentage to be set aside by employees coming into the pension plan at 35 years of age or over shall be so determined that it will provide a retiring allowance at age 70 the same as though they had begun one per cent payments at the age of 35. These provisions enable employees to go from one company to another in the same association or to different associations at any age with provision for retiring allowances which will be not less than the minimum rate of an employee who entered the pension plan at age 35.
(5) The amounts set aside by the employee and the company with

interest compounded semiannually at five per cent until retirement at age 70, for a typical average employee, would provide an annuity of approximately one-half pay.
(6) The administration of the pension plan for each company shall be under the direction of a Board of Administrators, consisting of representatives, one-half appointed by the management and onehalf elected by the employee members. The powers and duties of the Board for each company will be to formulate general rules relating to eligibility of employees, conditions of retirement, etc., but such rules shall be in consonance with the general plan laid down by the General Board of Administration of the trade association of which the company is a member, and approved by the federal supervisory body.
(7) The amounts collected from the employees and the companies shall be placed with the pension trust organized by the association, the management of which shall be under the direction of the General Board of Administration referred to hereafter. In no case shall such funds be left under the control of an individual company.
(8) The Pension trust shall invest all funds and place them to the credit of the individual employees, including the income earned by the trust. If an employee goes from one company to another in the same association, the funds accumulated to his credit shall be continued to his credit with proper record of transfer. If an employee goes to a company in another association, the funds accumulated to his credit shall be transferred to his credit in the pension trust of the association to which he goes. If an employee goes to a company which does not come under these provisions or which is not a member of a trade association; goes into business for himself; or withdraws from an industrial or commercial occupation, the amount of his payments plus the interest at the average rate earned by the funds shall be given to him. If an employee dies before reaching retirement age, his beneficiary will receive the amount of his payments plus interest at the average rate earned by the funds. When an employee reaches retirement age, the entire amount accumulated to his credit, including his own payments and those of the company, plus accumulated interest, will be given to him in the form of an annuity. If an employee goes to a company which does not come under these provisions or which is not a member of a trade association; goes into business for himself; or withdraws from industrial or commercial occupation, he may elect to let the amount to his credit (namely, his own payments plus those of the company and the

accumulated interest) remain with the pension trust for transfer, if he should return to the employ of any company coming within the provisions of this plan. If he does not return to the employ of a company coming under these provisions, he may at any time thereafter withdraw the amount of his own payments plus interest at the average rate earned by the funds up to that time. Company contributions and accumulated interest credited to employees who die, or for reasons indicated above, receive or withdraw their own contributions and interest, shall be returned to the employer or employers who made the contributions.
(9) The rules governing the payments of pensions on retirement and all other rules governing its continuance shall be made by the trade association, approved by the federal supervisory body, and observed by the General Board of Administration and the Boards of Administration of the member companies.
(D) UNEMPLOYMENT INSURANCE. All employees on piece work, hourly work daily, weekly, or monthly work, with normal pay of $5,000 per year or less (approximately $96.15 per week) shall be covered by unemployment insurance.
(1) All such employees may, after two years of service with a company coming within the provisions of this plan, and shall, after five years of service, be each required to put aside a minimum of one per cent of earnings, but not more than $50 per year for an unemployment insurance fund.
(2) The company shall be required to put aside an amount equal to that put aside by the employees, as set forth above, namely one per cent of the earnings of each employee, but not more than $50 per year for each such employee.
(3) If a company regularizes and guarantees employment for at least 50 per cent of the normal wage paid each year to such employees, the company assesment for employees covered by such guarantee need not be made, but the employees will pay in a minimum of one per cent of earnings, but not more than $50 per year, into a special fund for their own benefit.
If such an employee leaves the company, dies or retires on pension, the amount to his credit in the special fund plus interest at the average rate earned by the special fund, shall be given to him or to his beneficiaries or added to his pension.
(4) If a company so plans its work that it is able to reduce unemployment, when the amount of such company's credit in the normal unemployment fund is equal to but not less than 5 per cent of the normal annual earnings of the employees covered, the company may cease making payment to the fund. Employees' payments

will continue. The company will resume payments when its credit in the normal unemployment fund falls below 5 per cent of normal annual earnings of the employees covered.
(5) When the weekly payments made from the fund for unemployment benefits amount to 2 per cent or more of the average weekly earnings of participating employees, the company shall declare an unemployment emergency, and normal payments by the employees and the company shall cease. Thereafter all employees of the company (including the highest officers) receiving 50 per cent or more of their average full-time earnings shall pay 1 per cent of their current earnings to the unemployment fund. A similar amount shall be paid into the fund by the company. The unemployment emergency shall continue until normal conditions are restored, which shall be determined by the Board of Administrators of each company. Thereupon normal payments will be resumed.
(6) The main provisions for the distribution of the funds shall follow along these lines, unless modified by the Board of Administrators as set forth in Section D, paragraph 7 hereof. A certain small percentage of the normal payments of the employees and the company may be considered as available for helping participating employees in need. A larger percentage of such normal payments may be considered as available for loans to participating employees in amounts not exceeding $200 each, with or without interest as may be determined by the Board. The balance of the funds shall be available for unemployment payments. Unemployment payments shall begin after the first two weeks of unemployment and shall amount to approximately 50 per cent of the participating employee's average weekly or monthly earnings for full time, but in no case more than $20 per week. Such payments to individual employees shall continue for no longer than ten weeks in any twelve consecutive months unless extended by the Board. When a participating employee is working part-time because of lack of work and receiving less than 50 per cent of his average weekly or monthly earnings for full time, he shall be eligible for payments to be made from the fund, amounting to the difference between the amount he is receiving as wages from the company and the maximum he may be entitled to as outlined above.
(7) The custody and investment of funds and administration of the unemployment insurance plan for each company shall be under the direction of a Board of Administrators consisting of representatives, one-half appointed by the management and one-half

elected by the employee members. The powers and duties of the Board shall be to formulate general rules relating to eligibility of employees, the waiting period before benefits are paid, amounts of benefits and how long they shall continue in any year, whether loans shall be made in time of unemployment or need, whether a portion of the funds shall be placed at the disposal of the Board for relief from need arising from causes other than unemployment, etc., but such rules shall be in consonance with the general plan laid down by the General Board of Administration of the trade association of which the company is a member, and approved by the federal supervisory body.
(8) If an employee leaves the company and goes to work for another company coming within the provisions of this plan, the proportionate amount remaining of his normal contributions, plus interest at the average rate earned by the funds, shall be transferred to such company and to his credit. If he leaves for other reasons, dies or retires on pension, the proportionate amount remaining of his normal payment, plus interest at the average rate earned by the funds, shall be given to him, or to his beneficiary, or added to his pension. When such employee's credit is transferred to another company, or paid to the employee or to his beneficiary under this provision, an equal amount shall be paid to the cooperating company.
GENERAL ADMINISTRATION. Each trade association will form a General Board of Administration which shall consist of nine members, three to be elected or appointed by the association, three to be elected by the employees of the member companies, and three, representing the public, to be appointed by the federal supervisory body. The members of the General Board, except employee representatives, shall serve without compensation. The employee representatives shall be paid their regular rates of pay for time devoted to Board work, and all members shall be paid traveling expenses, all of which shall be borne by the trade association. The powers and duties of this General Board shall be to interpret the life and disability insurance, pension and unemployment insurance plans adopted by the trade association and approved by the federal supervisory body, supervise the individual company Boards of Administration, form and direct a pension trust for the custody, investment, and disbursements of the pension funds, and in general supervise and direct all activities connected with life and disability insurance, pension and unemployment insurance plans.

Appendix B
Sponsors of Plans Presented for Economic
Planning in the United States at April 1932.1

American Engineering Council, New York.
American Federation of Labor, Washington.
Associated General Contractors, Washington.
Charles A. Beard, New Milford, Conn.
Ralph Borsodi, author and economist. New York.
Chamber of Commerce of the United States, Washington.
Stuart Chase, author and economist. Labor Bureau, New York.
Wallace B. Donham, Dean, Harvard School of Business.
Fraternal Order of Eagles (Ludlow bill).
Jay Franklin, author, The Forum.
Guy Greer, economist, The Outlook.
Otto Kahn, banker. New York.
Senator Robert M. La Follette, U.S. Senate.
Lewis L. Lorwin, economist, Brookings Institute, Washington.
Paul M. Mazur, investment banker. New York.
McGraw-HiIl Publishing Co., New York.
New England Council, Boston.
Progressive Conference (La Follette bill).
P. Redmond, economist, Schenectady, N.Y.
Sumner Slichter, economist and author, Madison Wis.
George Soule, editor, The New Republic.
C. R. Stevenson, of Stevenson, Jordan, and Harrison, New York.
Gerard Swope, president, General Electric Co.
Wisconsin Regional Plan, State Legislature, Madison, Wis.
National Civic Federation, New York.

1. List Compiled by U.S. Dept. of Commerce.

Selected Bibliography

Unpublished Sources
Franklin D. Roosevelt archives at Hyde Park, New York

Published Sources
Archer, Jules The Plot to Seize the White House, (New York: Hawthorn Books, 1973)
Baruch, Bernard M., Baruch, The Public Years, (New York: Holt, Rinehart and Winston, 1960)
Bennett, Edward W., Germany and the Diplomacy of the Financial Crisis, 1931, (Cambridge: Harvard University Press, 1962)
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Davis, Kenneth S., FDR, The Beckoning of Destiny 1882-1928, A History, (New York: G.P. Putnam's Sons, 1971)
Dilling, Elizabeth, The Roosevelt Red Record and Its Background, (Illinois: by the Author, 1936)
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Filene, Edward A., The Way Out, A Forecast of Coming Changes in American Business and Industry, (New York: Doubleday, Page & Company, 1924)
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Index

Adams, John Quincy, 19, 85
Addams, Jane, 126
Advisory Commission to the Council of National Defense, 88
Advisory Council of the Federal Reserve Board, 93
Aetna Casualty & Surety Co., 35
Agfa Ansco Corp., 96
Agricultural Adjustment Administration, 73
Alien Property Custodian, 53, 57, 58, 60– 63, 72
Allegheny Steel, 138
Allen, Gary, 170
Allgemeine Elektrizitäts Gesellschaft, (German General Electric), 39, 44, 48, 126, also see: General Electric Company, Young, Owen D.
Allied Machinery, 165
Altschul, Frank, 165
Aluminium, Ltd., 66
Aluminum Co. of America, 56
American & Continental Corp., 93
American Acceptance Council, 93
American Bankers Association, 104
American Bank Note Company, 20
American Car & Foundry, 121, 141
American Colonial Bank of Puerto Rico, 41
American Construction Council, 18, 72, 101–103, 105, 115, 171–174, 176
American Engineering Council, 186
American Express Co., 96
American Federation of Labor, 132, 186
American Federation of Labor Plan, 131
American IG Chemical Corp., 93
American International Corporation, 41, 96, 162–165, 176
American Investigation Corporation, 17– 18, 52–53, 56, 58–63, 172
American Legion, 144
American Liberty League, 153–154
American Locomotive, 141
American Metals Company of New Mexico, 56
American Radiator & Standard Sanitary, 141
American Red Cross, 168

American Reserve Insurance Co., 168
American Rolling Mill, 138
American Savings Bank, 121
American Smelting and Refining, 89, 163
American Steel Construction Association, 92
American Sugar Refining Co., 96
American Surety Co., 35
American Telegraph and Cable Co., 96
American Telephone & Telegraph, 66, 148
American Trust Co., 95
American Zinc, 89
Amsinck & Company of New York, 41, 43
Archer, Jules, 143, 146, 153
Armour & Co., 163
Aron, Harold G., 49
Associated General Contractors of America, 131–132, 186
Astor, Vincent, 113, 117
Atlantic Coast Line Railroad, 20
Aviation Corporation, 20, 96
Bach, F.A., 32
Bailie, Earle, 168
Baker, Charles W., 89
Baker, George F., Jr., 137–138
Baker, George F., 137–138
Baker, John Stewart, 95
Baker, Newton D., 73
Baldwin Locomotive, 141, 163
Ballin, 48
Baltimore and Ohio Railroad, 88, 140
Bank for Savings in New York, 24
Bank of Manhattan Trust Co., 95
Bank of New York, 22, 117, 121
Bank of the Manhattan Company, 93, 95
Bank of the United States, 13, 16
Bankers Club, 50, 161, 166, 176
Bankers Trust Co., 107, 140, 165
Banque Russe Pour Ie Commerce Etranger, 92
Barnsdall Corporation, 165
Baruch, Bernard, 16, 19, 72, 76, 83–92, 101, 106–110, 112, 115, 118, 120, 125– 129, 132, 134, 161, 163, 167, 169, 170, 173–176
Bastiat, Frederic, 71, 75
Beard, Charles A., 132, 186
Beard, Charles Plan, 132
Beha, James, 34, 49
Bell System, 148
Berenberg Gossler, John von, see Gossler, Berenberg von
Berle, Adolph, 118
Bernstorff, Count von, 41
Berres, Secretary, 30
Bertron, Griscom & Co., 52–56
Bertron, S.E., 52–53, 55
Bethlehem Steel, 101, 137–139, 147
Better Business Bureau of New York, 34–35
Bingham, Robert W., 121
Birch, Stephen, 89
Black, John D., 54
Black, Van-Lear, 28, 34, 111
Blackwood Brothers, 58
Boeing, W.E., 55
Boeing Airplane Co., 55
Booth, Willis, H., 104
Borah, Senator, 136
Borsodi, Ralph, 186
Botts, Fred, 66
Boulevard Bridge Bank, 54
Brennan, George, 31
Bresciani-Turroni, Constantino, 38
Bronx County Safe Deposit Co., 117, 121
Brookings Institution, 77, 93, 108, 186
Brookings, Robert S., 77–79, 86, 89
Brough, James, 20
Brown, Elliott, 102
Brown Brothers & Co., 20
Brown Brothers, Harriman & Co., 20
Brush, Edward W., 89
Brush, Matthew C., 164–165
Buffalo, Rochester and Pittsburgh Railway Company, 29
Buren, Martin Van, 19
Butler Affair, 128, 158–159, 162, 166–167, 169, 175–176
Butler, Major General Smedley D., 64, 66, 143–149, 150, 152, 154, 156–159, 160, 165–167, 175
Butler, Nicholas Murray, 79
Byrd, Admiral, R.R., 58
Byrne, James, 111
Caesar, Julius, 176
Callaway, Cason, J., 66
Callaway, Congressman, 155–156
Callaway Mills, Inc. of New York, 66
Camp J.A. de, 64
Carey E.F., 54
Carlton, Newcomb, 95–96
Carnegie Corp., 96
Carpenter, Arthur, 66
Carter, Ledyard and Milburn, 23
Carter, Martindell & Co., 149
Case, J.I., 140
Central Hanover Bank, 152
Central Los Canos, 41

Central Trust Co., 121
Chamber of Commerce of the United States, 186
Champlain Transportation Co., 23
Chase National Bank of New York, 66–67, 95, 165
Chase, Stuart, 132, 186
Chase, Stuart Plan, 131
Chatfield-Taylor, H.C., 54
Chemical National Bank, 24
Chicago, Burlington and Quincy Railroad, 20
Chicago, Indianapolis and Louisville Railway, 20
Christmas, Mr., 152–153, 166–167
Chrysler Corp., 139
Churchill, Winston, 20
Civil Aeronautics Board, 74–75
City Savings Bank, 29
Clark, Edward & Co., 47
Clark, Edward H., 55
Clark, Harold T., 89
Clark, Herbert, 47
Clark, Robert S., 112, 145, 150–153, 157– 158, 160, 163, 166–167
Clarkson, Grosvenor, B., 89
Coffin, Howard, E., 88
Coit, Margaret L., 88, 89
Colonial Bank of Puerto Rico, 41
Columbia Casualty Company, 32
Committee for a Sound Dollar, 150–151
Committee on Continuity of Business and Employment, 115
Commission on Regional Planning, 21
Commissioner of the Port of New York, 116
Committee on Work Periods in Industry, 116
Consolidated Automatic Merchandizing Corporation, (CAMCO), 18, 52, 64
Conboy, Martin, 168
Consolidation Coal, 140
Consolidated Coal Company of Maryland, 23
Continental Steel, 138
Cooperative League, 81
Copp, A.B., 42
Corn Exchange Bank & Trust Co., 151
Corporation Trust Co., 163
Coudert Brothers, 168
Council on Foreign Relations, 81, 93
County Trust Co., 107, 114, 116–117, 174
Couzens, James, 139
Crane Company, 141
Cravath, de Gersdorff, Swaine & Wood, 168
Croix de Feu, 145
Cromwell, William Nelson, 114
Crowell, Benedict, 17, 55–56
Crowell & Little Construction Co., 55–56
Crowther, Samuel, 82
Crucible Steel, 138
Cuban Cane Products Co., 20, 41
Cullen, Vic, 34–35
Cullman, Howard S., 113, 116–117
Cumberland & Pennsylvania Railroad, 23
Cuno, Chancellor Wilhelm, 40, 43, 48–49, 173
Currie, Laughlin, 21
Curtis, Mr., 59
Dandridge, Martha, 19
Daniels, Josephus, 18
Davis, 14
Davis, Arthur V., 56
Davis, John W., 66, 145, 147, 154–155, 157
Davis, Norman H., 168
Davison, E.C., 29
Dawes, General Charles G., 38
Deere & Co., 140
Delano, Daniel W., Jr., 19–20
Delano family, 13, 19
Delano, Frederic Adrian, 20–22, 97
Delano, Lyman, 20
Delano, Moreau, 20
Delano, Warren, 23
Delaware & Huston Canal Co., 23
Democratic National Committee, 33
Democratic Party, 34
Deutsche Bank, 39
Deutsche, Felix, 39
Deutsche-Maschinen A.G., 44
Dick & Merle-Smith, 23
Dickstein, Congressman Samuel, 152, 154 –155, 157
Dillon, Clarence, 89
Dillon, Read & Co., 89
Dinsmore, Herman, 155
Diskontogesellschaft, 39
Dodge, Cleveland, 117
Domhoff, William, 170
Donham, Dean Wallace, B., 186
Doyle, Bill, 144–145, 148
Dulles, Allen, 56
Dunham, L.L., 56
Dunn, Gano, 104
Du Pont, 16, 33, 64, 80, 107, 111–112, 140, 153–156, 158, 165, 167, 169, 174
Du Pont, Pierre S., 165
Du Pont family, 15
Ebert, Friedrich, 48

Empire Trust Co., 163, 165
Equitable Building Association, 56
Equitable Life Assurance, 96
Equitable Office Building, 161–162
Equitable Office Corporation, 165
Equitable Trust Company, 67, 114
Erzberger, Matthias, 48
Ezekiel, Mordecai, 21
Empire Trust Company, 117
Fahnestock & Company, 56
Fahnestock, Gibson, 56
Fahnestock, Snowden, 55–56, 59, 60
Fahnestock, Stanley, 54
Fahnestock, William, 56
Farben, I.G., 49, 93, 96
Farley, James A., 121
Farrell, James A., 138
Federal International Investment Trust, 18, 37
Federal Mining & Smelting Co., 163
Federal Reserve Bank of New York, 67, 117, 162–163, 165
Federal Reserve Bank of Richmond, Virginia, 21
Federal Reserve System, 20, 43, 72, 75, 83– 84, 88, 92, 94–98, 114, 120, 131–132, 162, 172, 174, 176
Federal Reserve System Advisory Board, 40
Federal Trade Commission, 130, 178
Ferguson, Homer, 32
Fidelity & Casualty Co., 111
Fidelity and Deposit Company of Maryland, 30, 103
Fidelity & Casualty Company of New York, 17, 27–29, 31, 35, 53, 56, 71, 117, 134, 161, 173, 176
Fidelity Trust Co., 163
Field, Marshall, 55–56
Filene, Edward, 80, 86, 135
Filene's Sons Co., William, in Boston, 80– 81, 83, 127, 134–135, 175
First National Bank, 95, 140
First National Bank of Boston, 96
Fisk & Sons, Harvey, 42
Fitzgerald, William J., 113
Flynn, John T., 118
Flynn, Edward J., 117, 121
Ford, Edsel B., 55, 65
Ford, Henry, 63, 139–140
Foreign Policy Association, 81
Forum, 186
Franklin, Jay, 186
Fraternal Order of Eagles, 186
Freeman, Halstead G., 165
Frew, Walter E., 151
Freidel, 14, 16–17, 28, 102, 116, 120, 161
French, Paul Comley, 148–154, 166
Fulton Savings Bank, 111
Fusfield, Daniel, 100
Galbraith, J. Kenneth, 129–130
Garraty, John A., 79
Gary, Judge, 104
Gelsenkirchen Mining Co., Ltd., 39
General Accounting Office, 75
General Air Service, 17
General Electric Company (G.E.), 15, 38–39, 48, 52–53, 55–56, 71, 88–89, 96, 116, 125–127, 130, 133–135, 140–141, 161, 163, 169, 173, 175, 186 also see: Allgemeine Elektrizitäts Gesellschaft (German General Electric) Young, Owen D.
General Motors, 16, 33, 80, 107, 111, 127, 139–140, 165, 174
General Munitions Board, 88
General Trust Company, 18
George, David Lloyd, 162
Georgia Warm Springs Foundation, 18, 64–66, 167–169
Georgian Manganese Company, 165
Gerrard, Julian, 50–51, 118, 120
Gillilland, Whitney, 75
Girard Trust Co., 96
Glazier, Captain Samuel, 149, 150, 152, 159, 166–168
Goebels, 159
Goethals, General George W., 126
Gold Dust Corporation, 56
Goodhue F. Abbot, 95
Goodrich, B.F. Company, 56
Goodrich, David, 56
Goodyear Tire and Rubber Company, 116
Gore, Thomas P., Senator, 125, 136–137
Goslit, 159
Gossler, Berenberg, Senator John von, 40, 43, 48–49, 173
Gould, Charles L., 42, 46–47, 173
Grant, Ulysses, 19
Greer, Guy, 186
Griffin, John, 31
Guaranty Trust Company, 24, 41, 96, 104, 137, 145, 147–149, 153, 156–157, 172
Guggenheim family, 114, 117
Guggenheim, Murry W., 89
Guggenheim, Untermeyer & Marshall, 121
Gulf Oil Co., 56, 135

Haber, Paul, 41

Hackett, Mayor, 29
Hallgarten, George W.F., 39
Hamburg-America Line (HAPAG), 40, 43, 48–49, 173
Hanway, John, 41, 46
Harbord, James G., 157
Hardesty, Fred S., 53, 57, 59–62
Harriman & Co., 20, 49
Harriman, E. Roland, 49
Harriman, Henry I., 115–116
Harriman, W. Averell, 20, 96, 111, 156
Harriman, W.A. & Co., 49
Harris, Forbes & Co., 41, 46
Harrison, Benjamin, 19
Harrison, William Henry, 19
Harvard School of Business, 186
Harvard Law School, 23
Haskell, H.J., 176
Heckscher, August, 117
Helvering, Guy P., 118, 120
Henderson, Leon, 21
Herr, E.M., 56
Hines, Edward, 54
Hitler, Adolph, 26, 38, 40, 74, 77, 85, 93, 145, 150
Homestake Mining Co., 55
Hoopingarner, Dwight L., 105
Hoover, Herbert, 14, 17, 19, 72, 74, 78, 85, 92, 99, 101–103, 106, 108–110, 114–116, 127, 137–138, 163, 165, 169, 172, 174
Hopkins, Johns University, 108
House, Colonel Edward Mandell, 13–15, 25, 120
Houston, David Franklin, 96
Howe, Frederick Clemson, 73, 91, 93, 169
Howe, Louis, 30, 32, 45–47, 50, 58, 60, 62, 76
Hudson, Lieutenant, 18
Hull House Settlement, 126
Hurley, Edward, 54
Hyman & McCall, 31
Igoe, M.L., 31
Industrial Committee of the National Resources Planning Board, 21
Inland Steel, 13
Inspiration Copper Company, 147
Intercontinental Rubber Co., 147
International Acceptance Bank, Inc., 93, 95–96, 163, 165, 174, 176
International Acceptance Trust Co, 93, 163
International Association of Boilermakers, 30
International Association of Machinists, 29
International Banking Corporation, 117, 165
International Business Machines, 141
International General Electric Company, 126
International Germanic Company, 1
International Germanic Trust, Inc., 18, 37–38, 49–50, 71, 172
International Harvester Corporation, 24, 89, 140
International Manhattan Co., Inc., 95, 163
International Molder's Union of North America, 30
International Power Securities Co., 96, 126
Interstate Commerce Commission, 74, 115
Irving Trust Co., 96
Jackson, Andrew, 13–14, 25
Jennings, Sidney J., 89
Joey, Jim, 31
Johnson, General Hugh S., 83–84, 87, 89, 92, 106, 108, 118, 120, 125, 127, 129, 134–135, 144, 153, 155, 157–159, 161, 167, 169, 170, 174–175
Johnson, President Lyndon, 74
Jones and Laughlin, 138
Jones, Jesse, 111, 168
Jones, Nathan S., 117
Jones, Sullivan W., 34
Josephson, Emanuel J., 85
Joyce, William B., 56
Julian, William A., 121
Kahn, Otto, 76, 79, 3, 85–86, 114, 186
Kastl, L., 39
Kennecott Copper Corp., 89, 163
Kennedy, President John, 74
Kennedy, Joseph P., 117, 120
Kenny, William F., 111, 113, 117
Kellock, Harold, 95
Kelly, Edward J., 113
Kirstein, Louis, 83, 127, 134–135, 175
Kissinger, Henry, 81
Knickerbocker, Boyd D., 105
Kolko, Gabriel, 24
Krupp Nirosta, 96
Kuhn, Loeb & Co., 76, 92, 95
Labor Bureau, 186
La Follette, Senator Robert M., 186
Laidler, Harry W., 135
Lake George Steamboat Co., 23
Lamont, R.P., 54

Lamont, Thomas, 23, 39, 83, 85, 137, 157
Land, Commander E.S., 58–59
Larner, John B., 104
Lattman, Senator August, 43
Laughton, Gerard, Bowen & Halpin, 120
Laws, John, 171
League of Industrial Democracy, 76
League of Nations International Committee, 21
Legge, Alexander, 89, 140
Le Hand, Missy, 45, 47
Lehman, Alfred, 117
Lehman, Arthur, 113, 165
Lehman Brothers, 117, 128–129, 165
Lehman, Edith A., 112
Lehman, Herbert H., 17, 111–112
Lehme, C. Bai, 54
Lenin, 170
Levine, Dr. Samuel A., 20
Link-Belt Company, 54, 66
List, Frederick, 77
Litchfield Committee, 116
Litchfield, P.W., 116
Long, Huey P., 127
Lorwin, Lewis L., 186
Loth, David, 126
Louisville, New Albany & Chicago Railroad, 23
Lovejoy, J.R., 56
Lublin, Isador, 21
Lundberg, Ferdinand, 15, 170

McCall, John A., 80
McCarthy, Leighton, 66
McCune, John R., 56
McGraw-Hill Publishing Co., 186
McIntyre, M.C., 60
McKee, Joseph V., 168
McKeesport Tin Plate, 138
McKinley, President, 24
McRoberts, Samuel, 56
MacGuire, Gerald C., 144–146, 148, 150– 154, 158, 160, 166–167
MacNider, Hanford, 157
McCormack-Dickstein Committee, 148– 149, 151, 158
McCormack, Congressman, John W., 143, 146, 157, 166
McCormick, C.K., 24
McCormick, Medill, 24
McCormick, Katherine, 24
McCormick, A.A., 24
McCormick, Chauncey, 54–55
McCormick, Colonel Robert R., 55
Macy, R.H. & Co., 121
Madison, James, 19
Mather, Congressman, J.A., 27, 30
Malone, Major General, 149–150
Manhattan Trust Co., 95
Mankiewitz, 39
Mantacal Oil Corporation, 18
Maritime Canal Company of Nicaragua, 23
Martindell, Jackson, 149, 150, 152, 155– 156, 163, 167
Marvin, Hooker & Roosevelt, 18
Marx, Karl, 24, 77–78, 91, 99, 132, 134, 170
Massachusetts State Recovery Board, 81
Matchette, F.J., 117
Mazur, Paul M., 186
Meehan, M.J., 111, 113
Melchior, C., 39
Mellon National Bank, 56, 114
Mellon, R.B., 56, 114, 135, 140
Mellon, W.L., 56
Mercedes Benz Co., 96
Merchants Association of New York, 35
Metal Trades Department, A.F. of L., 30
Metal & Thermit Corp., 163
Metropolitan Life Insurance Co., 95, 107–108
Metropolitan Planning Commission of Boston, 81
Metz, Herman A., 49
Meyer, Erwin F., 99
Meyer, Eugene, 114
Meyer, Levy, 54
Midvale Steel and Ordnance Company, 59
Milbank, Jeremiah, 66–67
Miller, Charles R., 31, 35
Mises, Ludwig von, 74, 129, 132–133
Mitchell, Charles E., 163
Moffett, James A., 66
Moley, Raymond, 118, 120, 128–129
Montague, Samuel & Co., 92
Mooney, David J., 113
Morgan & Company, J.P., 21, 85
Morgan, J. Pierpont, 15, 23–24, 39, 41, 72, 83, 95–96, 101–102, 104, 108, 126, 135, 137–138, 140, 142, 144–145, 147–148, 153–156, 158–159, 162, 164, 172
Morgan, Junius S., Jr., 140
Morgan, Keith, 66
Morgan partners, 23
Morgenthau, Henry Jr., 64
Morgenthau, Henry S., 117, 120
Morris, Dave H., 118, 121
Morrow, Dwight, 104, 162
Moses, Senator Robert, 16
Motion Picture Producers & Distributors of America, 118, 121
Muller, Adam, 77
Muller, Carl, 41

Muller, George W., 44–45
Muller, Schall & Company, 41
Murphy & Co., 144
Murphy, Charlie, 32
Murphy, Charles F., Jr., 31
Murphy, Grayson M-P, 137, 147–148, 151, 153, 155–158, 163, 167
Mussolini, Benito, 74, 76, 85, 116, 125, 145, 148, 150, 159, 174
Mutual Life Insurance, 80, 96, 148

National Aviation Corporation, 147
National City Bank, 56, 117, 126, 154, 165
National Civic Federation, 131–132, 186
National Dairy Products Corp., 163
National Economic Council, 130–132
National Electrical Manufacturers Association (NEMA), 135
National Industry Recovery Act, (N.I.R.A.) 15, 23, 86, 110, 116, 127, 169
National Park Commission, 21
National Park Bank of New York, 50
National Recovery Administration (NRA) 34, 66, 74, 80, 82–83, 85–88, 91–92, 96– 97, 99, 108, 125, 127–129, 134–136, 138– 142, 144, 153, 159, 161, 170, 172, 175– 176
National Resources Planning Board, 21, 97
National Steel, 138
National Surety Company, 29, 32, 35, 56
Naumberg, George W., 64
Neagle, J. Pickens, 58–60
New England Council, 186
New England Fuel & Transportation Co., 120
New England Fuel Oil Corp., 168
Newport News Shipbuilding Company, 32
New Republic, 186
New York & Canada Railroad Co., 23
New York Evening Post, 148
New York Life Insurance, 79–80, 121
New York Times, 143–144, 149, 153, 156– 160, 175
New York Times Index, 158
New York Title and Mortgage Co., 95
New York Trust Company, 147
Nixon, President Richard, 74
Nobel Dynamite, 44
Norwell, Saunders, 64
Northwestern and Southwestern Bell, 66
Northwestern Life Insurance of Chicago, 20

O'Connell Brothers & Corning, 28
O'Connell, Daniel P., 28–29
O'Connor, Basil, 50–51, 66, 121, 167–169
Oliver, Fred S., 24
Oppenheim, 92
Orwell, George, 85
Otis Elevator, 141
Outlook, 186
Overacker, Louise, 80, 111
P & O Steamship Lines, 20
Pan American Airways, 20
Parker, E.B., 89
Palmer, Marjorie, 37
Palmer, Potter, 54
Pavenstedt, Adolph von, 41
Pavenstedt, Edmund, 41
Payne, Edmund S., 41, 44
Peabody Coal, 55
Peabody, Frank S., 55
Peabody, George Foster, 65–67
Peek, 127
Perkins, Frances Mrs., 170
Perkins, George W., 79, 83, 154
Perkins, Thomas N., 39
Pfizer, Charles, 149
Philadelphia Record, 159
Philippines Air Lines, 75
Photomaton, 18, 52
Pierce, James H., 24
Piez, Charles, 54
Pittsburgh Coal, 140
Plant, Thomas, 24
Pope, Henry, 66
Pratt, Theodore, 56
Prentice & Townsend, 168
Price, F.A., 31
Progressive Conference, 186
Progressive Party, 24, 115, 172
Proudfoot's Mercantile Agency, 45–46, 71
Public Works Administration, 129
Pulitzer, Ralph, 117
RCA, 135
Radcliffe, George L., 33
Raskob, John J., 15–16, 19, 33–34, 80, 107– 108, 110–113, 115, 117, 127, 165, 174
Rathenau Plan, 126
Rathenau, Walter, 48, 126
Reading Railroad, 140
Reconstruction Finance Corporation, 168
Red Cross, 81
Redmond, P., 186
Remington Arms Company, 64, 117, 121, 153–154, 156, 165, 167, 169
Rentschler, Gordon, 117

Republic Steel, 138
Richberg, Donald R., 129
Rice, Edwin, 126
Riordan, Dan, 117
Riordan, James J., 113
Robbins, Lionel, 38
Roberts, A.R., 42, 45–47, 173
Roberts and Gould, 42
Robertson, F.Y., 89
Robinson, Douglas, 24
Rockefeller, John D., 15, 41, 67, 72–73, 83, 95–96, 107, 114, 135–137, 139–140, 142, 155, 162, 164–165, 167, 169, 172
Rockefeller, John D., Jr., 163
Rockefeller, Percy A., 163, 165
Roos, Charles, 128
Roosevelt & O'Connor, 18, 134, 168
Roosevelt & Son, 22–23, 29, 172
Roosevelt & Weigold, 23
Roosevelt, Clinton, 24–25, 72, 84–85, 87– 89, 91, 125, 174
Roosevelt, Eleanor, 65
Roosevelt, Elliott, 20, 23
Roosevelt family, 96
Roosevelt, President Franklin Delano, 13– 20, 23, 25–33, 35–37, 39–42, 44–56, 58– 67, 71–75, 80–86, 91–92, 94, 96, 99–105, 108, 111, 116–118, 120, 125, 127–128, 134–135, 137, 141–149, 155, 158, 161, 163, 165–167, 169–172, 174–177
Roosevelt, George Emlen, 22–23, 29, 41, 172
Roosevelt, G. Hall, 55
Roosevelt, Isaac, 25
Roosevelt, James, 22–23, 25, 96
Roosevelt, Mrs. James, 65
Roosevelt, Mary Aspinwall, 19
Roosevelt, Nicholas, 24–25
Roosevelt, Robert Barnwell, 25
Roosevelt, Sara Delano, 118, 121
Roosevelt, President Theodore, 19, 23–25, 85, 115, 172
Roosevelt, Theodore Jr., 25
Roosevelt, W. Emlen, 24, 28–29
Root, Clark, Buckner & Ballantine, 168
Root, Frank C., 66
Rosenwald, Julius, 55
Rothbard, Murray N., 93, 94, 115
Rounds, Hatch, Dillingham & Debevoise, 41
Royal Dutch, 135
Ruml, Beardsley, 21
Ryan, John D., 112
Sach, A.J., 64
Sachs, Alexander, 128–129
Sands, William Franklin, 162
Sanitary Postage Service Corporation, 18, 52, 64
Schacht, Hjalmar, 39
Schall, William, 40, 42, 45–47, 173
Schall, William & Co., 41
Schiff, Mortimer, 114
Schlesinger, Arthur M., Jr., 15–17
Schrenk, Otto V., 96
Schuette, Johann, 57, 61–62
Schuette-Lanz Company, 56
Schuette-Lanz patents, 58, 60, 63
Schurz, Carl Memorial Foundation, 93
Sears, Roebuck, 55
Seger, Charles Bonson, 96
Seldes, George, 26, 144, 146, 154
Seligman & Company, J & W., 168
Sharon Steel Hoop, 138
Shermack, Joseph I., 63–64
Siemens, Carl Friedrich von, 39
Sims, Admiral William S., 157
Sinclair, Harry F., 89
Sinclair Refining Co., 89
Skinner, William, 96
Slichter, Sumner, 186
Sloan, Alfred P., 127
Smith, Adam, 77, 99, 136, 173
Smith, Alfred E. (Al), 15, 19, 33–34, 106– 108, 110–114, 117, 148
Soule, George, 186
Sound Money Committee, 152
South Puerto Rico Sugar Company, 41
Southern Railway Security Company, 23
Spang-Chalfant, 138
Spivak, John L., 153–155
Spreckels, Rudolph, 111
Stadtler, Dr. Eduard, 39
Stalin, 85, 125
Standard Oil Building, 49–50
Standard Oil of California, 139
Standard Oil of Indiana, 139
Standard Oil Company of New Jersey, 18, 56, 66, 80, 82–83, 114, 116, 127, 134– 135, 139, 175
Standard Oil of New York, 139
Starr, Ellen Gates, 126
Steffens, Lincoln, 73
Steinam, Edward S., 64
Steinhardt, Lawrence A., 117, 121
Steiwer Committee, 110–111
Stevenson, C.R., 186
Stevenson, Jordan and Harrison, 186
Stevenson, Lewis, 54–55
Stillman, 162, 164
Stinnes, Hugo, 39
Stock, Philip, 96
Stotesbury, E.T., 140

Stone & Webster, 20, 104, 149, 156, 163
Stone & Webster & Blodget, Inc., 149, 163
Stone, Charles A., 96
Straight, Willard, 24
Straus, Jesse I., 121
Streeter & Holmes, 168
Strong, Benjamin, 20–21
Sullivan, A.P., 149
Sullivan & Cromwell, 168
Susquehanna Railroad Co., 23
Sutton, Antony C., 13, 67, 73, 85, 96, 147
Swift, Charles, 54
Swope, Gerard, 15, 89, 116, 125–127, 129– 130, 133–135, 140, 161, 163, 169, 173, 175–176, 186
Swope, Herbert Bayard, 89, 126
Swope, Isaac, 126
Swope Plan, 107, 116, 126–127, 132–134, 141, 169, 172–175, 178
Tatnall, Henry, 96
Taylor, Myron C., 82, 86, 137–138
Taylor, Raymond H., 167
Taft, William Howard, 19
Taylor, Zachary, 19
Teagle, Walter, 66, 80, 82–83, 116, 127, 134–135, 139, 175
Thomas, Norman, 133, 145, 175
Thompson, William Boyce, 162
Time Magazine, 153, 156
Towner, R.H., 34
Treaty of Versailles, 38
Tugwell, Texford G., 118, 120, 128–129
Twentieth Century Fund, 81
U.S. & Foreign Securities, 147
U.S. Bureau of Mines, 56
U.S. Chamber of Commerce, 81, 115–116, 130, 132, 178
U.S. Dept. of Commerce, 186
U.S. Fidelity & Casualty Co., 35
U.S. Food and Fuel Administration, 120
U.S. Navy Bureau of Aeronautics, 58
U.S. Navy Department, 60, 63, 72
U.S. Navy News Bureau, 60
U.S. Senate, Committee on Naval Affairs, 19
U.S. Senate, Finance Committee, 125
U.S. Senate, Naval Affairs Committee, 18
U.S. Rubber Co., 148
U.S. Shipping Board, 120
Underwood-Elliott-Fisher, 117, 120
Union National Bank, 56
Union Square Savings Bank, 96
United Americans, 147
United European Investors, Ltd., 18, 37– 38, 40–43, 45–48, 71, 172–173
United Reserve Bank of the United States, 92
United States Metals Refining Co., 89
United States Smelting, Refining and Mining Co., 89
United States Steel Company, 82, 96, 101, 104, 137–139
Untermeyer & Marshall, 117
Valentine, Joseph F., 30
Van Buren, President Martin, 85
Vanderblue, Homer B., 44
Veterans of Foreign Wars, 145
Voegler, Albert, 39
W.I.A., 89
Wabash Railroad, 20
Wagner, Senator, 136–137
Walker, Frank C., 117
Walker, Jimmie, 32
Warburg, James Paul, 93, 95–97
Warburg family, 76, 83, 93–95, 97, 117, 174, 176
Warburg, Felix, 93, 95
Warburg, Max, 40, 43, 92
Warburg & Co., M.M., 92
Warburg, Paul, 40, 43, 84, 92–96, 176
Warder, Frank, 50
Wardwell, Gardner & Reed, 147
Warner, Harry M., 118, 121
War Industries Board, 84, 86, 88–90, 101, 109, 120, 131–132
War Policies Commission, 89
War Trade Board, 120
Washington, George, 19
Watergate Investigation, 160
Welch, Robert, 170
Welty, Frank, M., 41
Western Electric, 66, 126
Western Union, 56
West Indies Sugar Corp., 168
Westinghouse Electric & Mfg. Co., 56, 135, 141
Wheeling & Lake Erie Railroad, 20
Wheeling Steel, 138
White, J.G. Engineering Corporation, 104
White, William Allen, 25
Whiting, Lawrence, 54
Whitney, Caspar, 117
Whitney, George, 140
Whitney, Harry Payne, 112
Wiggin, Albert H., 163, 165
Willard, Daniel, 88

Williams, Harrison, 89
Wilson, Eugene S., 66
Wilson, President Woodrow, 17, 20, 54, 73, 84, 88, 92, 97, 176
Winston & Company, 54
Winston, B.M., 54
Winston, Hampton, 54
Winthrop, Beekman, 165
Winthrop, Bronson, 96
Wirth, Karl, 48
Wisconsin Regional Plan, 186
Wisconsin Telephone Company, 66
Wrigley, William Co., 56
Wolfskill, George, 143
Woodin, William H., 66–67, 97, 112, 117, 121, 141
Woolley, Clarence M., 163
Wrigley, Philip N., 54–56
Young, Owen D., 17, 38–39, 48, 52–53, 55, 56, 140, 163, also see General Electric Company
Youngstown Sheet & Tube, 138
Yukon Gold Co., 163