We shall begin, as before, by investigating those who run it; and straightway we shall get a shock. We shall find not merely the interlocking directorate—the princes, and the dukes, and the barons; we shall find the emperor himself, none other than J. Pierpont Morgan! I was puzzled when I studied the affairs of Columbia, for I knew that the elder Morgan had been on the board until his death, and I could not imagine how President Butler managed to overlook his son and heir. When I came to study Harvard I discovered the reason; the younger Morgan was graduated from Harvard in 1889. The purpose of such interchanges of royalty is, of course, to cement the bonds of empire. The house of J. P. Morgan & Company is closely allied with the Boston banking house of Lee, Higginson & Company. Mr. Morgan was reelected to the Harvard board in 1917, along with Francis Lee Higginson, Jr., of Lee, Higginson & Company; Eliot Wadsworth, representative of Stone & Webster, an allied banking house; Howard Elliott, then president and now chairman of the New Haven, a Morgan railroad; and, finally, a prominent corporation lawyer in San Francisco, representing the interlocking directorate in that city. In his discussion of the Pujo report Justice Brandeis wrote that “Concentration of banking capital has proceeded even farther in Boston than in New York.” He goes on to tell of three great banking concerns, with their interlocking directorates, controlling ninety-two per cent of Boston’s money resources. These concerns competed in minor and local matters, said Mr. Brandeis, but they were all allied with Morgan. “Financial concentration seems to have found its highest exemplification in Boston.” And exactly the same thing is true of the concentration of control of Harvard University and the Massachusetts Institute of Technology, and the group of smaller colleges located in Eastern Massachusetts. They are all “State Street”—this being the Boston equivalent of “Wall Street.” In 1916 the New York Evening Post, at that time in rebellion against the House of Morgan, published an interesting study of the financial connections of the governing board of Harvard. There are six members of the Harvard corporation, known as the “fellows,” and these are appointed for life. In addition, there are thirty “overseers,” elected by the whole body of graduates. The New York “Evening Post” examined these latter, and found eleven capitalists and seven lawyers, a generous majority for the plutocracy. Nor was there much danger to the plutocracy from some of the others; those classified as “public men” including Senator Lodge and F. A. Delano, ex-president of several railroads.