• In Part One of this series we dealt with the names of men who gained control of the Harvard Corporation in the early 1800's--whose self-appointed successors still maintain control of the funds of that institution today. We showed how those men made their family fortunes by trading in slaves and drugs (opium). We also showed how they purchased respectability by donating enough money to Harvard to allow them to continue their control of the university management, a position which makes their status as "drug dealers" almost impossible to be believed by the average American. The drug syndicate was first set up to smuggle the narcotic opium into China, alongside the British East India Company's smugglers, who defied the laws of the Chinese emperor and then got the British government to fight two wars under the banner of "free trade" in order to sell the lucrative drug to the Chinese people. The American syndicate was operated from Newburyport, Massachusetts, and London, England, and was initially financed--as was the East India Company--by Britain's Baring Bank. This commercial enterprise, smuggling chiefly Turkish opium, provided the bulk of the y fortunes for the Cabots and other prominent ``blue-blood'' Boston families.

  • In Part Two we showed that the same Harvard men in Massachusetts who made their wealth from transporting drugs were connected by family and business relationships to the board of the Yale Corporation. The various families who began the "industry" cashed out by allowing a consolidation of the Perkins, Sturgis and Forbes companies into Russell & Company--which started Skull and Bones at Yale. But the Harvard control was still intact through Russell & Co.'s Warren Delano, Jr., whose family included Franklin Delano Roosevelt, who served as U.S. President from 1933 until his death in 1945.

This final chapter, Part Three, has two primary goals: 
  • First to show that the successors of the opium smuggling companies in America quickly established a system to use their dirty profits as "venture capital" for direct investment into the most advanced technology of their day and
  • Second, that profits from the drug trade were funneled as "charitable" donations into educational institutions in order to use the huge tax-exempt endowments of the universities and, at the same time, to give the profiteers a mask of respectability and philanthropy to hide the true nature of their character and the source of their funds.


Robert Bennet Forbes--whose father Ralph Bennet Forbes was married to Margaret Perkins, a sister of Thomas Handasyd Perkins--became the foreign affairs manager for a merchant named Houqua, who had himself been made responsible for all of China's foreign relations with the West by the Chinese Emperor. The other son, John Murray Forbes, took over managing Houqua and China's foreign relations, after Robert's death, and amassed a great fortune. Profits made in China by the family firm were invested in the newest technology of that day (the telephone) invented by Alexander Graham Bell. John Murray Forbes' son, William Hathaway Forbes, was before long elected president of the consolidated companies incorporated as American Bell Telephone Company. William married the daughter of Transcendalist author, Ralph Waldo Emerson, and they had a son named Ralph Emerson Forbes, who married a cousin, Elise Cabot, daughter of Walter Channing Cabot (1829-1904). Ralph and Elise were the parents of Ruth Forbes Paine, whose son Michael and daughter-in-law Ruth Hyde Paine, were often mentioned in connection with Marina Oswald in the JFK assassination. Ruth's first husband (Michael's father) was George Lyman Paine, Jr., a descendant of a signer of the Declaration of Independence.

(The Forbes family history appears in Minor Musings at Forbes Clan and Unititled Aristocracy. Here we will take a look at the Cabot family into which Elise was born.)

There was an almost endless stream of Samuel Cabots, thus making it difficult to keep one generation separate from another. The first of note was Samuel Cabot (born in 1785), who married Eliza Perkins, a daughter of Thomas Handasyd Perkins (thus making China traders Robert Bennet and John Murray Forbes her first cousins). Samuel joined his wife's family's shipping firm--J. and T. H. Perkins. Their son, known as Dr. Samuel Cabot, was born in 1815 and became  a physician after graduation from Harvard Medical School in 1839. He then married Hannah Lowell Jackson.

A son named Samuel Cabot, born to them in 1850, studied at Massachusetts Institute of Technology (MIT) and Switzerland's Zurich Polytechnicum. Cabot's papers, including account books, letters, books, and travel diaries are on microfilm in the Massachusetts Historical Society series. There is a wealth of correspondence from Cabot and Perkins family members to other prominent traders and members of Boston's economic elite as well as vivid descriptions of travel accounts concerning the lucrative opium trade in which these families were heavily involved. Trade with China was one of the largest growth segments of the Boston mercantile establishment during the late 18th and early 19th centuries. This collection provides insight into the two Boston families that were the most powerful China merchants:

  • Samuel Cabot, Jr. and his wife's father
  • Thomas Handasyd Perkins.


Elise Cabot Forbes, mentioned above, was also Sam and Eliza's daughter. Their son who was also called Samuel Cabot, was born in 1850, graduated M.I.T. in 1872, and then studied chemistry in Zurich, Switzerland and explored chemical factories in Germany. He returned to Chelsea, Massachusetts, where he set up a laboratory.

Sam and his brother, Godfrey Cabot (Harvard 1882) bought a plant in Worthington, Pennsylvania to process coal tar into paints and other products. Godfrey also spent a year studying in Zurich and two years traveling in other parts of Europe. After his return the brothers built a plant in West Virginia. Their biggest customer would come to be Standard Oil.

In 1896, Godfrey went back to Europe and also visited Russia. Back in the U.S. in time for the new century, he became fascinated with airplanes and became a pilot before World War I, after which he founded the National Aeronautic Association in Washington, D.C. This group would form the base on which the National Aeronautic and Space Administration (NASA) was founded, using technology gleaned from Operation Paperclip Nazi scientists rescued from war crimes prosecution in Germany.

Godfrey Cabot's wife was Maria Moors (daughter of John Farwell Moors), and one of their sons, Thomas Dudley Cabot,  born in 1897, received his bachelor's degree in engineering from Harvard in 1919. Their Cabot Corporation became the major producer of carbon black with nine plants in Texas and Oklahoma--establishing an inroad into synthetic rubber production and the manufacturing of paints and other chemicals. Thomas' son, Louis W. Cabot, also a Harvard graduate, was sent to England to build a carbon black plant in Stanlow, using technology the British had taken from the Germans after World War II ended.

Thomas Dudley Cabot, his brother, John Moors Cabot, and another relative, Kermit Roosevelt--all graduates of Harvard--were involved in the coup in Guatemala in the 1950s. John Moors Cabot, born in 1901, a 1923 Harvard graduate, was a vice consul in  Peru 1927-28, in the Dominican Republic from 1929-31, Mexico 1931-32, Brazil 1932-35, then to the Netherlands until 1938 and Sweden in 1939. From 1939-41 he was in Guatemala, becoming the chief of the division of Caribbean and Central American affairs in 1944. He was thereafter stationed in Argentina, Yugoslavia and Shanghai, China, before becoming minister to Finland, then Ambassador to Pakistan, Ambassador to Colombia (1957-59); Ambassador to Brazil (1959-61); and Ambassador to Poland (1962-65). In 1953 he was the Assistant Secretary of State for Inter-American Affairs (all according to Who's Who in America 1954-55).

(An article by Dan Russell, as well as a list of the papers of Ambassador John Moors Cabot in the JFK Library, can be viewed online.)


The Boston Fruit Company had been incorporated in 1885 to raise capital for its ship-captain owner, Lorenzo Dow Baker, and his partners in Boston. Demand for  bananas they imported from the Caribbean had increased so much by 1898 that the Bostonians merged with their chief rival, Minor Cooper Keith of New York, who owned a great deal of land in Costa Rica, as well as the Intercontinental Railways of Central America. The new corporation was organized in 1899 by Thomas Jefferson Coolidge and took the name United Fruit. In 1930 United  Fruit bought out the competing banana company of Sam Zemurray in New Orleans who had plantations in Honduras and Guatemala--giving him stock in the new company and making him its largest shareholder. In 1936 Zemurray demanded to have a part in the management, and at the same time the company formalized an agreement to operate Keith's railroad system. But the company's only concern was making a bigger and bigger profit--a goal which set them at odds with the interests of Guatemala's people and its leaders.

T.J. Coolidge, who represented the interest of the Boston Concern's investment in United Fruit after 1899, was the son of Joseph Coolidge, Jr. a man who, in 1836 had been hired by the Scottish investment firm, Jardine Matheson Company, to run opium past the Chinese police. The Chinese, in an effort to stop the British from flooding China with opium, forbade Jardine Matheson ships from docking in Chinese ports. Coolidge's clipper ships from Boston did the job for a mere $10 million from Jardine, giving him and his financiers a fortune to reinvest in legitimate enterprise.

During 1873 these venture capitalists, formerly known as the "Boston Concern," including John Murray Forbes and Thomas Jefferson Coolidge, started expansion of the Atchison, Topeka and Santa Fe Railroad, which suddenly began building across Kansas to Colorado. Their securities were marketed by the Baring Brothers bank in England, sponsor of the world narcotics traffic throughout the nineteenth century.

Baring's American agent for many years was T.W. Ward, who was followed by his sons Samuel G. Ward and George Cabot Ward. Although the bank was based in England, it had originated in Bremen, Germany, prior to its move to Exeter, England in 1717. By the end of that century, the bank had two American partners--Joshua Bates and Russell Sturgis--who were closely connected to the opium trade. [Source:  Dorothy R. Adler, British Investment in American Railways, 1834-1898].


The leaders of the Santa Fe Railroad throughout the 1870's attempted to prevent the construction of the competing Denver & Rio Grande Railroad from expanding its line into Mexico.  In March 1875 another railroad had been chartered by the Corpus Christi, San Diego and Rio Grande Narrow Gauge Railroad Company.

The railroad was promoted by Uriah Lott--with the financial support of Richard King and Mifflin Kennedy (ship captains during  the Mexican War, who had built a fortune by blockade running, using their profits to acquire the world's biggest ranch in South Texas. Their partner was Charles Stillman whose son James Stillman used his profit to set up National City Bank of New York and marry off two of his daughters to William Rockefeller's sons).

In 1881 Lott and Kennedy exchanged the stock in their railroad for stock in a new company called the Texas Mexican Railway Company, and completed the remaining 110 miles to Laredo in September 1881 with money derived from the new infusion of capital from T.J. Coolidge's backers, Jardine, Matheson, the leading British firm in the China trade. [Source: Economist, SL (July 8, 1882), p. 848].

The committee which issued the bonds in 1882, in addition to Matheson,  included  Robert Fleming and Dillwyn Parrish, both of whom were associated with Scottish investment trusts.  These same trusts would later steer much of their U.S.  venture capital investments through the investment bank of Brown Brothers Harriman--including companies set up by George H.W. Bush.

The Texas Mexican absorbed the Texas Mexican Northern Railway Company in 1906 and in 1930 acquired the San Diego and Gulf Railway Company. It is an interesting side note (maybe more relevant than we realize) that one of the residents of San Diego, Texas in 1882 was infant William Frank Buckley--father of William F. Buckley, Jr.--whose father John Buckley was a merchant along the railroad line between Laredo and Corpus Christi. [Source:  W.F.B.--An Appreciation, privately printed by the Buckley family in 1959].

Incidentally, W.F. Buckley, Sr. and his brother grew up in tiny San Diego and were educated at the University of Texas Law School where they were acquainted with many of the men who would become executives of oil companies in Dallas and Houston. Both Buckley brothers spent years in Mexico during the oil boom at the same time The Pearson interests from England were operating the Mexican Eagle there. The Buckleys created their own oil company called Pantipec, which would later employ a number of men who have been connected to the CIA and to the assassination of John F. Kennedy.

The railroads competed viciously for a route through Texas which would give the central interior of the U.S. quick access to the Gulf of Mexico, and from there to China.  Laredo is now the major port of entry for railroad traffic between the United States and Mexico, and the Texas Mexican presently handles international traffic through Laredo for the Southern Pacific line--now merged with the Union Pacific. The Tex Mex became part of the Kansas City Southern (the old Kansas City, Mexico & Orient Railway) system in 1995 when KCSI acquired 49 percent of the Tex Mex from Mexican partner Transportacion Maritima Mexicana (TMM)--a company repeatedly accused of drug smuggling, and its associated banks with money laundering. [See article "Family Affairs," Insight on the News, March 29, 1999 by Jamie Dettmer. Also see Al Giordano Narco News Bulletin.]


Another railroad into which drug money was poured was the Chicago, Burlington & Quincy Railroad Co., stretching to Burlington, Iowa, and Quincy, Illinois, on the Mississippi River. Dominated by John Murray Forbes of Boston, who was in turn assisted by Charles Perkins, president of the company from 1881 to 1901, the railroad eventually reached Denver, its western terminus, and reached east to the Chicago, Kansas City and St. Louis gateways. CB&Q lines also went to Omaha, Nebraska, and St. Joseph, Missouri.

By 1910 the rail line from Corpus Christi had not been connected to Colorado, but the Santa Fe encouraged that expansion by men such as Sam Lazarus and B.F. Yoakum, who got financing in St. Louis through the firm of G.H. Walker & Co. in 1912, only seven years before Walker left St. Louis to set up the Harrimans' investment bank. Given the fact that the Atchison, Topeka and Santa Fe Railroad was based in St. Louis, it is highly likely that Walker had worked closely with its owners in handling financing of the various shorter lines which eventually were acquired by the ATSF. In so doing, he would have come in contact with with Thomas Jefferson Coolidge, of Boston, who in 1880 was chosen president of the Atchison, Topeka & Santa Fe railroad company and all its branches.

Another railroad which made up a part of the ATSF system was Gulf, Colorado and Santa Fe Railway, purchased in 1879 by the Sealy banking family of Galveston. In 1911 George Sealy II, then manager of the line, bought several oil properties which he used to found Magnolia Petroleum Company (which he named for his wife Manolia Willis Sealy). Magnolia was absorbed by Standard Oil Company of New York (SOCONY) in 1925 and is today part of Exxon-Mobil. The Texas assets, many drilled on land grants given to the railroad absorbed by the ATSF, were transferred to Magnolia Petroleum Company.

The Magnolia Pipe Line Company was also organized in November 1925 as a transporting subsidiary of the petroleum company. In 1931, when the Standard Oil Company of New York and the Vacuum Oil Company merged to form Socony­Vacuum Oil Company, Magnolia became an affiliate of the new company. In 1949 all of Magnolia Pipeline's shares were owned by Socony­Vacuum except for qualifying shares owned by members of the board of directors. General offices were in Dallas in 1949. The Magnolia Petroleum Company merged with Socony Mobil Oil Company on September 30,1959.

More research needs to be done to determine what mineral rights were owned in these lands by the various interests. It is very possible that the rights were split among the Coolidge faction from Boston, the G.H. Walker group including Bush and the Rockefeller group. The pipeline company would thus have been closely involved with Dresser Industries, which controlled the patent on the coupling joint used in all petroleum pipelines. Dresser's stock was purchased in 1911 by W.A. Harriman & Company, Inc., supposedly with the intention of reselling, but apart from subsequent stock flotations, the investment bank (Brown Brothers, Harriman) continued to control  what became Dresser Industries, Inc. in 1944. The initial stock issue in 1928 was underwritten by Roland (Bunny) Harriman and Prescott Bush while G.H. Walker was president of the W.A. Harriman firm. Prescott Bush served on the board of directors continuously until he went to the U.S. Senate in 1953. It is very interesting that Magnolia moved its headquarters to Dallas at about the same time that Dresser moved there.


Thomas Jefferson Coolidge (a descendant of Thomas Jefferson) was, of course, a large donor to Harvard--one gift being the memorial Jefferson Laboratory.

A generation later, Archibald Cary Coolidge, a Harvard history professor who merged the American Institute of International Affairs (the sister organization of the British Royal Institute for Inter-national Affairs) with the New York Council on Foreign Relations--now called the Council on Foreign Relations--became the first editor of CRF's magazine, Foreign Affairs. Archibald Coolidge would initiate the world wide scope of Widener Library's collections by his gifts to Harvard.

A few years later, Archibald's nephew, John Phillips Coolidge, chose to attend graduate school in 1936 at New York University where a small group of scholars from Nazi Germany were among the refugees making radical changes in the study of art history on this continent--one of the first importations of German intellectuals and scientists Nazi Germany--a forerunner to Operation Paperclip.

NYU's fine arts director, Walter William Spencer Cook, often boasted: "Hitler shook the tree and I picked up the apples." The fruit thus gathered from the Nazi's tree was choice: Erwin Panofsky, Karl Lehman, Richard Krautheimer, Walter Friedländer, and John Philip Coolidge had studied with all of them. In so doing, he was following the example of his uncle Archibald Coolidge, who, in 1914, with an old Boston China Trade fortune behind him, had repaid his hospitality debts in Germany, where he had taken his doctorate, by giving a formal dinner for 100 at a famous hotel in Berlin. He proclaimed that he would oppose any Harvard appointment relating to European history if the candidate did not have a working command of at least French, German and Russian. Possibly some of the Germans who taught his nephew at NYU during the peak of Hitler's influence were his own friends.


  • Paine Webber was founded in 1879 by Charles Cabot Jackson and Laurence Curtis, both members of the Boston Stock and Exchange Board. Their partnership, known as Jackson & Curtis, also included Charles' brother Frank Jackson--the sons of Charles and Fanny Cabot Jackson. Their sister, also named Fanny, married Charles Cushing Paine, and they had nine children, including Gen. Charles Jackson Paine and William Cushing Paine, who had taken a small amount of shares in the ATSF Railroad and doubled them. The Paine Webber partners acquired an interest in some of the assets of the collapsed Van Sweringen railroad empire through foreclosure, including the Kansas City Southern.

  • Moors & Cabot, Inc. was founded in 1890 by John Farwell Moors and Charles Cabot. Moors was the maternal grandfather of diplomat John Moors Cabot, and his partner was named for an uncle, Charles Codman Cabot, a 1922 graduate of Harvard, and a director of the Old Colony Trust. His brother, Henry Bromfield Cabot, born in 1894, who was an investor and Harvard trustee, had a son named Henry B. Cabot, Jr. Another brother,Paul Codman Cabot, born in 1898 (Harvard 1921), worked for the First National Bank of Boston and helped to found State Street Research Investment Trust. He became treasurer of the Harvard Corporation in 1948. Moors & Cabot was intended to handle the family investments of the two founders and their friends, but the firm grew like Topsy, branching into dozens of offices and a hunded or more registered representatives nationwide. Headquartered in Boston's financial district,  it is the oldest independent member of the Boston Stock Exchange and one of the nation's oldest independent members of the New York Stock Exchange--participating in both retail sale of stocks and bonds to individuals and institutional sales to other Boston money management firms.

  • Paul Codman Cabot (1898-1994) was a legendary figure in the investment world. Persuading two friends to join him in 1924 to establish a mutual fund, only the second ever incorporated, he became a pioneer of growth stock investing. Cabot's approach to investing was "finding all the facts, then facing the facts"  and "fundamental values" was his watchword, and he emphasized good management, good products, and good prospects in the marketplace--principles that continue to guide State Street Research money management today. Mr. Cabot managed State Street Research Investment Trust for many years, continuing to lead and enrich State Street Research and the industry into his mid-nineties.

  • Richard Saltonstall (1897-1982) a Paul Cabot friend, shared an interest in common stocks. In 1923, as young men doing similar work in large banks, they began to meet weekly to discuss their investments and subsequently formed a stock pool with a third partner, Richard Paine. Saltonstall eventually became a partner in State Street Research, where he was active for over fifty years. His brother was Sen. Leverett Saltonstall of Massachusetts.

  • Richard Cushing Paine (1893-1966) was a cousin and close friend of Paul Cabot, and the third founding partner of State Street Research. The three partners began investing in companies with the understanding that they could withdraw their interest at market value any time they wanted--a revolutionary idea in that era. They ran this investment pool for a few months, and then incorporated the mutual fund that launched State Street Research and Management Company. Mr. Paine went on to serve as vice-president and director of the company he helped create.


Ralph and Elise Cabot Forbes' daughter was Ruth Forbes, who first married the son of a minister, George Lyman Paine, and had one son named Michael Paine. Ruth's brother, William Cameron Forbes, was an American business executive and diplomat, born in Milton, Mass. in 1870, but spent much of his career in the Far East. He entered the mercantile house of his grandfather, John Murray Forbes, in Boston, becoming a partner there, after the end of Teddy Roosevelt's "splendid little war," in 1899.

Teddy appointed him in 1904 to the Philippine Commission, and he held several administrative posts in the islands before he served (1909-13) as governor-general and as a member of the Wood-Forbes Mission sent in 1921 by President Harding to the Philippines. Chairman in 1930 of a commission to study conditions in Haiti, he then went as ambassador to Japan during the Manchurian crisis, and in 1935 led an economic mission to East Asia.

Concurrently with these events, in 1902 Clarence Barron, representing Boston's powerful State Street, purchased Dow Jones & Company for $130,000. At the time of the purchase, Barron was publishing business bulletins in Boston and Philadelphia, which were merged into Dow Jones & Co. In 1907, the step-daughter of Clarence Barron, Jane Waldron Barron, married Hugh Bancroft, son of General William A. Bancroft (Harvard 1878), who was first elected mayor of Cambridge, Mass. in 1893 and reelected three times. He was chairman of the Brahmin-owned Boston Elevated Railway, and was a member of the Board of Overseers of Harvard University from 1893 to 1903. Hugh Bancroft also attended Harvard, where he was admitted to the elite Hasty Pudding Club. In 1912, Bancroft was made treasurer of Dow Jones, the holding company of the Journal. He became president in 1928, upon Clarence Barron's death. By that time, Bancroft and his family controlled the majority of Dow Jones & Company's shares. The Bancroft descendants have continued among the most significant shareholders of Dow Jones and the Wall Street Journal.


Michael Paine, sixth in descent from Robert Treat Paine, a signer of  the Declaration of Independence, was also a great-great-grandson of Ralph Waldo Emerson. His mother's grandfather William Hathaway Forbes, was the first president of the American Bell Telephone Company after the company consolidated a number of local telephone networks. His son, Ralph Emerson Forbes, left an estate of $2.5 million in 1937, in which Ruth had a share. Ralph's brother, Ruth's "Uncle Cam," (Harvard 1892), had started his career as a clerk with Jackson & Curtis, before moving to work as a partner in John Murray Forbes & Co. He was elected a director of AT&T, United Fruit, and Stone & Webster, Inc. in order to look after the family's large holdings in those companies. He was also appointed to the Philippine Commission and as vice governor of the Islands until 1913.  After that he was a receiver of a Brazilian railway, and a presidential appointee to "study conditions" in the Philippines and in Haiti. He served as an Overseer of Harvard during 1914-20, then became a life member of MIT Corporation. From 1930-32 he was Ambassador to Japan. [Who's Who in America, 1954-55].

Michael Paine was descended from the Cabots on both his father's and his mother's side; he was thus a second cousin once removed of Thomas Dudley Cabot and a cousin of  Alexander Cochrane Forbes, who married a daughter of Warren Delano Robbins (FDR's cousin) and served as a director of United Fruit and trustee of Cabot, Cabot and Forbes.

Paul F.Hellmuth (among the first Catholic laymen to serve on the board of Notre Dame), and a vice-president of Cabot, Cabot and Forbes was a trustee of the J. Frederick Brown Foundation, a CIA "conduit", along with G.C. Cabot. Thus the Paine family [had] links with the blue-blood intelligence circles of  the OSS and CIA,  In the summer of 1963 it was Ruth (Michael's wife), rather than Michael Paine, who maintained close relations with the patrician Paine and Forbes families, traveling east in July to stay with her mother-in-law at the traditional Forbes clan retreat of Naushon Island near Wood's Hole, Massachusetts (CE 416, 17 H 119). [Source:  Peter Dale Scott, The Dallas Conspiracy, ch. IV, pp. 2-4, as quoted in websites linked above]. Hellmuth's name would appear in 1974 in Jack Anderson's column as the law partner of Richard Nixon's impeachment attorney, allegedly involved in an industrial security company that was "wholly owned" by the CIA and used to shred documents to maintain secrecy.


When George H.W. Bush arrived in Texas after graduation from Yale, his career began with an interview with Neil Mallon, president of Dresser Industries in Dallas. Dresser, which owned the patent for the coupling joint used in laying petroleum pipelines, was a corporation wholly owned by the investment bank Brown Brothers, Harriman.  Prescott Bush was a director of Dresser for decades, as well as being a partner in Brown Brothers Harriman--which had resulted from the merger of the bank set up by Prescott's father-in-law, George Herbert Walker, at the request of the sons of Union Pacific Railroad tycoon E.H. Harriman. Walker had previously had his own investment bank in St. Louis where he financed railroads which eventually became part of the system known as the Atchison, Topeka and Santa Fe. An investment bank still exists in St. Louis under the operation of the Walker side of the family, but that city is also the home of George H.W. Bush's brother, William H.T. "Bucky" Bush, who is a past Missouri GOP state finance chairman.

Neil Mallon had been hired as Dresser's first president after it was purchased from the Dresser heirs by Brown Brothers Harriman. It was his first real job after he completed his education, plus at least six months in the European Alps, where it might be worth noting that Allen Dulles had been stationed from 1942 until after the end of World War II.  The Mallon family had strong ties to the Tafts, who had been involved in the formation of the Russell Trust (eventually to become known as Skull and Bones). Mallon gave George his first job after graduation from the same university and as a member of the same secret society--an elite group to which George Walker, Prescott Bush and both Harriman sons belonged.

When Mallon went to work for Dresser, the company was based in Cleveland, Ohio, where he was very active in the Council on World Affairs, which had been organized in the mid-1930s by Brooks Emeny. The Council on Foreign Relations, set up in New York in 1921, was quickly imitated by the Chicago Council on Foreign Relations in 1922.

Dresser relocated its headquarters to Dallas in 1950, and Mallon helped to organize another Council on World Affairs in that city. Its operation was his "chief outside interest." [Source:  Darwin Payne, Initiative in Energy, pp. 248-49.]  One of the employees Mallon hired was Hans Bernd Gisevius, given the assignment of working on a worldwide economic development program called the "Institute on Technical Cooperation." [Source: Richard Bartholomew, "Possible Discovery of an Automobile Used in the JFK Conspiracy"--published online, p. 48; and Bruce Campbell Adamson, "Oswald's Closest Friend: The George DeMohrenschildt Story"--unpublished manuscripts, 1993)--Bush chapter, p. 31. Adamson accused Mallon of using Dresser as a cover for CIA activities.]

Gisevius was a German Abwehr (German Intelligence) agent whose diplomatic cover was vice-consul at the German consulate in Zurich while Allen Dulles was there as the head of U.S. intelligence.  While in Switzerland Dulles began a long-lasting love affair with a woman named Mary Bancroft. Mary's mother's adopted father was Clarence W. Barron, then publisher of the Wall Street Journal, which he purchased in 1902. In 1907, Jane Barron, whose mother Jessie Waldron had married C.W. Barron in 1900, became Mary's stepmother by marrying Hugh Bancroft. Bancrofts were among the first settler families that, in 1632, founded Lynn, Massachusetts in Essex County. During the next 50 years, the family was the sole exporter for the Massachusetts Bay Colony, of sugar and tobacco, a trade that made it immensely wealthy.

In 1943 Dulles asked Mary Bancroft, who was working as a spy in Zurich, and who was also having an affair with Dulles, to translate a book written by Gisevius about the Third Reich. Gisevius and some of his fascist Abwehr associates had been the planners of the July 20th plot to kill Hitler with the idea of forming an alliance with Britain and the U.S. against Russia. [Source: Mary Bancroft, Autobiography of a Spy (New York:  William Morrow, 1983), pp. 187-88.]

According to Bancroft: "I told Allen it all made sense to me. Difficult as it might be to believe, the conspirators actually hoped that if they got rid of Hitler they would be able to take over the whole country and to negotiate peace with the Anglo-Americans. Their hopes went even further: They envisaged the western Allies joining them in a crusade against Russia -- and communism. Gisevius had been sent to Switzerland to get in touch with the western Allies. Other emissaries were making similar contacts in Sweden and elsewhere."  [Source:  Bancroft, Autobiography..., pp. 161, 168-170.]  Mary Bancroft's report back to Dulles reminds us of what eventually did occur in Operation Paperclip, when Dulles helped certain Nazis avoid prosecution for war crimes, transfer Nazi assets into U.S. corporations, and set up the military-industrial infrastructure within the United States.

Mary Bancroft's first husband, Sherwin Badger, was a Harvard graduate whose first job had been in the head office of United Fruit in Cuba.  After a year in Cuba he became a journalist in Boston, later moving to the Wall Street Journal and Barron's in New York, both of which were published by Mary's step-grandfather, Clarence Walker Barron. Mary also had a long friendship with the Trotsky follower, architect George Lyman Paine, and his wife Ruth Forbes Paine, whose son Michael Paine and his wife Ruth befriended Marina Oswald the year prior to John Kennedy's assassination.

Michael Paine's uncle, Eric Schroeder, was a friend and investment associate of geologist Everette DeGolyer, a long-time Dresser Industries director, who served on the Dresser board with Prescott Bush. Schroeder was a cousin of Alexander "Sandy" Forbes, former director of United Fruit who "belonged to the elite Tryall Golf Club retreat in Jamaica with ... Paul Raigorodsky." [Source:  Richard Bartholomew, "Possible Discovery," p. 38.  See also Mary Bancroft, Autobiography of a Spy (New York:  William Morrow, 1983). DeGolyer was an advisor to the University of Texas Board of Regents and its chairman, Harry Huntt Ransom, and was also a business partner of Lewis MacNaughton in the Dallas oil exploration firm DeGolyer and MacNaughton. MacNaughton had many CIA contacts and his personal accountant, George Bouhe, was one of Oswald's chief Russian guardians in Dallas in 1962. See Lon Tinkle, Mr. De: A Biography of Everette Lee DeGolyer, (Boston, MA: Little, Brown, 1970), pp. 224, 239 and Peter Dale Scott, The Dallas Conspiracy, ch. III, p. 6. Bartholomew also cites as a source: Peter Dale Scott, "Government Documents and the Kennedy Assassination," (unpublished manuscript), ch. II, p. 4, and states: "Note: The St. Nicholas Parish was a CIA-subsidized Russian Orthodox church Outside Russia, restricted to aristocratic anti-Bolshevik Russians who had been 'checked, rechecked, and double checked' by the CIA-subsidized Tolstoy Foundation. (9 H 5, 7, cited in Scott, Government Documents..., ch. II, p. 1.)"]

Everett DeGolyer became a famous geologist from Oklahoma, who spent virtually his entire career working for the Pearson oil companies controlled by the same titled family that owned both the media conglomerate and Lazard Brothers investment bank. He was a long-time Dresser director in Dallas where he was a geophysical consultant for all the oil companies. His work as a geologist got a boost when as a young man he was employed by the Mexican Eagle Oil Co., owned by Sir Weetman Pearson, who called him to London in 1918 and asked him to sell Mexican Eagle to Royal Dutch Shell. The proceeds from the sale were invested by Pearson in the creation of a new oil company founded and operated by De Golyer in 1919 called Amerada (which some years later merged into Amerada Hess), a big percentage of which was owned by the British government. DeGolyer maintained offices in Houston as well as Dallas and was well-known in the Houston and Dallas petroleum clubs frequented by George Bush and the Liedtkes.

One of DeGolyer's daughters married George C. McGhee, a U.S. State Department official, who was present in May 1954 at the first Bilderberg meeting with George Ball, David Rockefeller, Prince Bernhard of Holland and Dr. Joseph Retinger. [Source: William Engdahl, A Century of War, p. 149.] McGhee later served as a trustee of the Aspen Institute for Humanistic Studies, set up to shape the "limits to growth" agenda.  [Source:  Engdahl, p. 160.]  By that time McGhee had left the State Department to become a director of Mobil Oil, the company which absorbed Magnolia Oil Company, a Rockefeller company which was initially founded by Galveston banking interests involved in constructing a railroad from the Galveston-Houston area to St. Louis, which came to be part of the Atchison, Topeka and Santa Fe Railroad financed by G. H. Walker & Co.

Genealogy chartsof interlocking families can be found in book by Carol Bundy, The Nature of Sacrifice: A Biography of Charles Russell Lowell, Jr., 1835-64

Paul Codman Cabot
King of the 'Junkies'

"For Cabot, the work on his alma mater's portfolio is a labor of love. A descendant of George Cabot (1752-1823), a Federalist leader and one of Massachusetts' first U.S. Senators, Paul Cabot naturally entered Harvard and received an M.B.A. from the business school, before he went into investing.  Cabot collected so much scrap metal as salvage director of the War Production Board that his friend Douglas Dillon called him 'the king of the junkies.' "

Quoted in
Time, 1965:
VERITAS Means Truth
Protect the DRUG TRADE?

© 2002 by LINDA MINOR (updated)
PART 3 --The MASK of Money
"...[I]n 1948 Harvard became the first major university to seek professional money management when it entrusted its portfolio to the State Street Research and Management company in Boston. Since then, Harvard has had an incestuous relationship with its money managers; until July 1973, Harvard's treasurer managed the endowment in his triple capacity as principal financial officer, fellow of the Harvard Corporation..., and president of the State Street firm, which also manages $1.2 billion in other funds."
"Harvard and Yale and Their Money,"
Change ©1973 Heldref Publications
Follow the money!!

  • Opium profits
  • Donations to "charitable institutions"
  • Investing the endowment in cutting edge technology or other new ventures
T.H. Perkins
"About 79 years ago," said Godfrey Cabot one day in 1950, "my father told me that man is going to fly, and when he flies he will fly farther and faster than the birds. My father was a very farseeing man."

Quoted in Time,
Nov. 09, 1962
Samuel Cabot
But who owned Gibraltar Steamship?

Walter G. Lohr, of Baltimore, who said he was a stockholder, identified the president of Gibraltar as Thomas Dudley Cabot, of Weston, Massachusetts, a banker and the former president of the United Fruit Company, and the director, in 1951, of the State Department Office of International Security Affairs.

Appropriately, considering his new capacity, Cabot was also president and director of Godfrey L. Cabot, Inc., the world's largest producer of carbon black.

Invisible Govt © 1964,
by David Wise and Thomas B. Ross
T. J. Coolidge
A.C. Coolidge
"Coolidge moved to New York in order to study architecture at Columbia University; however, he switched to architectural history believing he lacked talent for design. He entered New York University in 1936 in order to study with the newly arrived émigrés from Nazi Germany that NYU had hired."

Dictionary of Art Historians
William Hathaway Forbes
Paul C. Cabot, courtesy Boston Globe
Richard Saltonstall
courtesy of Peabody Essex Museum
Passion for Reality at Amazon.com
"The use of front foundations to handle CIA money is an old technique."
Feb. 24, 1967
Hans Bernd Gisevius
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