“The Rockefeller bank—the National City Bank—is by itself far and away the biggest bank in the United States. It is exceeded in the world only by the Bank of England and the Bank of France. The deposits average more than one hundred millions a day; and it dominates the call loan market on Wall Street and the stock market. But it is not alone; it is the head of the Rockefeller chain of banks, which includes fourteen banks and trust companies in New York City, and banks of great strength and influence in every large money center in the country. “John D. Rockefeller owns Standard Oil stock worth between four and five hundred millions at the market quotations. He has a hundred millions in the steel trust, almost as much in a single western railway system, half as much in a second, and so on and on and on until the mind wearies of the cataloguing. His income last year was about $100,000,000— it is doubtful if the incomes of all the Rothschilds together make a greater sum. And it is going up by leaps and bounds.*”
Even as late as 1907, it was considered that eleven groups dominated the country, but this number was reduced by the amalgamation of the five railroad groups into a supreme combination of all the railroads. These five groups so amalgamated, along with their financial and political allies, were (1) James J. Hill with his control of the Northwest; (2) the Pennsylvania railway group, Schiff financial manager, with big banking firms of Philadelphia and New York; (3) Harriman, with Frick for counsel and Odell as political lieutenant, controlling the central continental, Southwestern and Southern Pacific Coast lines of transportation; (4) the Gould family railway interests; and (5) Moore, Reid, and Leeds, known as the “Rock Island crowd.” These strong oligarchs arose out of the conflict of competition and travelled the inevitable road toward combination.