Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1911-10-27

Z
tended to a point never before reached
in the history of the world.
InterIocking Directorates.
OF these directorates the petition
says
Tn addition to pools a more euphoni-
GUS, refined. but lone the less descrip-
tive, method came into vogue Condi-
lions had so changed as to make t. D
way for the new procedure easy.
When the iron and steel products were
made by independent concerns, which,
in their desire for. business, broke out
from time to time In sharp competl-
ton, the only method of restraint was
an agreement or pool. and this was
not always effective, for they frequent
ly played false to such combinations.
Under the policies of the steel cor
poration there grew up a community
Of interests and a power to influence
action to a common purpose never eX-
ceeded in the commercial history of the
world.
There came into existence q system
Of interlacing of dlrectorates which en-
braced almost the entire commercial
Inc financial powers of the country.
This has been a constant, growing sys-
tenn since the creation of the corpora
tion and, therefore,, the personnel and
alliances vary for the several years
since 1901. but the system and the
power achieved by 1t have been practi-
cally the same down to the present
time"
Mentioned Specifically.
In a schedule annexed to the petition
are shown the various corporations in
which the officers and directors of the
steel corporation are also directors
G. F. Baker Is shown to be a director
in ifty-six other companies. among
them being trust companies, seven
banks. eighteen railroad companies, the
Pullman company and the International
Harvester Company.
Edmund c. Converse is a director In
twenty-eight other companies. includ-
ing many which are large consumers
of iron and steel, william b. Corey
was a director in t~hirty-two other COM
panies and Joh F. Dryden in three
large trust companies and two banks.
]. P. Morgan was a director In fifty
one other companies, including the
Pullman company and Western Union
Telegraph Company. Other directors
are shown to rave had connections
with many corporations interested in
the steel and iron business or powerful
in the world of finance.
/. Concluding Petition.
The petition concludes with a prayer,
in which the court Is specifically asked:
al. To order, ndjudge and decree that
A. - ura - /
mOnopolizRtiOn of trade and commerce,
h~ereinbefOrc described, are unlawful,
and that all the nets done or to be done
to carry out the same or any part
thereof are in violation of the net of
Congress of July 2. 1890, entitled IAN
Act to Protect Trade and Commerce
Against Unlawful Restraints and Mo-
nOpolies.'
az. That the defendants each and
every one Of them and the officers, d.
rectors, stockholders and agents of the
defendant corporations, and of each and
every one If them, he perpetuaIIy en-
Joined from doing any act in pursuance
of or for the purpose of carrying out
the snme.
"3. That the United states Steel Cor
poration, in and of itself, as well ms
each and all of the elements composing
1t, whether separate or Individual,
whether considered collectively or sepa-
u ~ W nv - hAh ~ 1
restraint OF trade and an attempt to mo-
nOp0lize and a mOnopoIization within
the first and second sections of said act
of Congrerr of July 2, 1900, and that 1T
be dissolved.
81. That each and all of the said con-
stituent or subordinate companies
shown, as aforesaid, to have been COM
bined in restraint of trade and COM
merce and in monopOIizntion of trade
and commerce within the meaning of
the ANTITRUST net, each and of itself, ms
well as. each and all the elements COM
prising each. respectively, whether con-
sidered collectively or separately, be de-
creed TO be illegal and in restraint of
trade and as an attempt to monopoIize
and a monOpOIiSation within the first
and second sections OF said act. and
tina each be dissolved.
"5. That the holdings of stock by
any one of these defendant corpora
lions In another of the defendant GER
pOrationa under the circumstances
shown be declared Illegal and that each
of them be enjoined from continuing to
hold or own such shares and from exer-
cising any right In connection there
with,
'6. That these said several defendant
corporations shown as aforesaid TO he
constituents or subsidiaries of the
United States Steel Corporation be en-
Joined and prohibited from declaring or
paying any dividends to the said United
States Steel Corporation or TO any per-
son or corporation for Its use.
"7. hat II be decreed that the sew
eral Individual defendants combined
each with the other persons and cor
p0ratiOns to restrain trade and conn
lmerce and attempt TO m~onopoiiEe and
'1n monopolizing within the first and !