On the Brink of Confirmation

In a sense, the whole Rockefeller family testified in support of Nelson Rockefeller's vice-presidential nomination before the House Judiciary Committee last week. Not in person, of course. Their surrogate was J. Richardson Dilworth, 58, the family's urbane, understated senior financial adviser. Responding to demands of committee Democrats that he reveal the Rockefellers' total stock holdings, Dilworth used five charts crammed with statistics to try to dispel the notion that the family exercises inordinate behind-the-scenes power. Not only could Rocky's critics not dispute Dilworth's bewildering rush of figures, at times they could hardly keep up with them. "There is no grand design or overall pattern," Dilworth assured the committee. "The family members are simply investors. The aim and hope of the advisers is, in a most difficult and uncertain world, to achieve over time a reasonable total return for our clients."

Dilworth, an investment banker whose uncle was former Philadelphia Mayor Richardson Dilworth, explained that it had not been easy to coax financial details out of the family. "Some felt that this was a terrible invasion of privacy," he said. "Others shrugged their shoulders and figured that something had got started that couldn't be stopped." In the end, Dilworth managed to reach all the family members with the exception of a niece, Eileen Rockefeller, who is "working on a conservation project in darkest Africa."

Today's 84 living Rockefellers, he told the committee, have assets totaling $1,033,988,000, the bulk of them held in two trusts, one established by John D. Rockefeller Jr. in 1934 for his children and one set up in 1952 for his grandchildren. This figure, Dilworth hastened to add, did not include Rockefeller real estate or Rocky's art collection, valued at $33 million. Also outside the scope of Dilworth's estimates were the Rockefeller Foundation and other charitable institutions, whose assets amount to more than $1 billion.

When Dilworth's recitation ended, Democrat George Danielson of California asked him if he was sure he had not omitted listing anything in Rocky's possession that might be worth as much as $500,000. Dilworth said he was sure he had not. At that, Counsel William E. Jackson nudged him and a quick conference ensued. Dilworth then corrected the record. "Counsel says the jewelry belonging to Mrs. Rockefeller might conceivably exceed $500,000."

No Collusion. If any committee members were hoping for some evidence of a suspicious concentration of Rockefeller wealth, they were doomed to disappointment. While the early Rockefellers had invested primarily in oil, Dilworth explained, subsequent generations diversified into a wide range of stocks. Though family members hold $138 million in securities and another $613 million is in the possession of the two trusts, Rockefellers clearly have a controlling interest in three companies:

International Basic Economy Corp., which funnels family investments into Latin America and other developing areas; Coherent Radiation, which manufactures laser systems and optical equipment; and Rockefeller Center. In most of the other 38 companies in which they have invested, their holdings are less than 2%. Members of the family do not coordinate their investments, Dilworth insisted. Because they have sharply differing views on investment and social and environmental policies, they never vote their stock in unison. He said that the last time the family interfered in the management of a company was in 1928, when John D. Sr. and Jr. forced Standard Oil Company (Indiana) to remove a chief executive. Such intervention now, continued Dilworth, is "totally foreign to this family. In the 17 years I've been in this job, I've never seen this family try to push people around. If we don't like the way a company is being run, we take our money and go elsewhere."

Following Dilworth, Nelson's brother Laurance reiterated that the Rockefellers are far from power-hungry: "Collusive power on our part simply does not exist." He did make a partially damaging admission. He revealed that he had made still another loan, in 1961, to a political friend of Nelson's: William Miller, later to be the G.O.P. vice-presidential candidate on the 1964 Goldwater ticket. At the behest of Nelson, he had advanced $30,000 to Miller when he was serving as Republican national chairman. Most of the loan was repaid, but $1,934.50 of it was forgiven in 1964.

Why had it been made? Said Laurance:

"I have no idea, other than to help."

Playing Poker. Testifying for the last time, Nelson supplied more details about the loan. In 1961, Miller was debating whether to give up his New York congressional seat and return to his law practice in order to make more money.

To keep him in public life, Rocky urged the loan. Why then did Rocky not make the loan himself? "Because I was not in the risk-capital field. My brother was in this business." Even though Miller joined Rocky's foe Goldwater, the two remained on cordial terms. Miller supported Rockefeller for the presidency in 1968.

Later Rocky was asked if he would veto legislation imposing a confiscatory tax on inheritance. He gave a noncommittal reply. Said Danielson: "Your ability to couch things in the proper context could stand you in good stead if you were playing high-income-stakes poker in international relations." Replied Rocky: "I would be happy to play poker with you, sir."

It appeared as if Rocky had won the present round with room to spare. With opposition to his confirmation steadily dwindling, only eight solid votes on the committee of 38 are still estimated to be against him--the same number that opposed Gerald Ford's confirmation as Vice President. Rockefeller professed to be satisfied with the hearings. "Even though it's gone on for four months, and even though a lot was leaked, I think the American people probably learned more about me than they could have during a campaign."

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