The Birmingham age-herald., 1911-02-25
EXPENSE CAUSED BY STEEL CORPORATION Representative Stanley In-
 trOduces a Bill LIMIT DIRECTORSHlP Would Prohibit Persons Engaged in Steel Manufacture From Being
 Connected in Any Way
 With a Railroad
LIMIT DIRECTORSHIP

Washington. February 94.-(Special) corporation through its control of the
 directorate of the important railroad system of the country Is responsible for the enormous expenses of the rail-
 roads, Representative Stanley of Kentucky tonight introduced in the
 House a bill prohibiting persons en- gaged In the manufacture and sale of railroads cars, locomotives and railroa d rails or structural steel. or In the min- , ing and sale of coal from becoming directors or other officers or employees
 of railroads engaged in interstate com | merce
 Following the decision of the inter-
 state commerce commission against the
 proposed increase of freight rates by
 the railroads. MT. Stanley, in view of the opinion of the commission, seeks a
 solution of the railroad problem by di- vorcing those in control of them iron,
 those who make and supply them. It Is the opinion of Mir. Stanley that
 through an interlocking of boards of directors of railroads and the board of
 directors of the steel corporation the
 former buy from themselves hundreds
 of millions of dollars worth annually of railroad supplies and equipment at monopoly prices and this takes from the treasuries of the railroad com
 panies enormous amounts of monev which should legitimately be saved to 'he stockholders of the railroads and
 not used. as Mir. Stanley alleges to
 fatten the steel monopoly and then with depleted treasuries compel the
 railroads to attempt to raise rates on the public. -Jl +ll- 0'-i
 In discussing his bill tonight MT Stanley said: Tn addition to the intolerable condi
 .iohs uescriped In the interstate commerce commisslon's decision, one need only Iool,
 over the list of railroad companies wbosa
 boards Of directors are dominated and
 cntrolled by the ruling 1S' of the United otates steel corporation board of direc
 tors to understand how enormously tbs
 expenses of the railroads are increased
 every year through the vicious system of example: The ruling 1S of the Steel trust board
 or directors consist of the following men l: Henry c. Prick, George F. Baker. Perci val Roberts. Jr.. Clement A. Griscom fienry Walters, Norman B. Ream, VII idil IT. Moore. Daniel G. Reid, J. Pier
 pont Morgan. J. Pierpont Morgan, Jr..
 Charles Steele. George W. Perkins and Samuel Mather
 These men carry on system of in- ter-corporate conspiracies by which the
 railroad and banking business, steel an thrac1te and bituminous coal industries
 are all erected into and conducted as
 monopolies. Through their control of the
 boards of directors of the railroads they
 are able to Dllv from, T.
 rcctors of the Steel trust and the coal
 trust hundreds of millions of dollars
 worth anpally of railroad supplies and equipment at monopoly prices, which take from the treasuries of the railroad com
 ranies scores of millions of dollars every
 year which should legitimately be saved to the stockholders of the companies and
 not used as they now are to fatten the steel monopoly and as an excuse for rais- ing rates.
 The list of railroads whose boards of
 directors are dominated and whose finances are controlled by the 13' of tho Steel trust directors comprise over 20 of the largest roads in the country.