The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-10-01

No better illustration OF these tenoen'
cies can be. found than In the recent
report Of the stanley Committee on the
United states steel Corporation.
Tho Steel Corporation" the report
states. lis capitalized at $l.745'7z4.-
2s4.4s, but this sum. huge - 1t ID
in no degree determines It's actual
power.
"The influence OF this consolidation
is measured only by the combined
strength and resources OF tho twenty
four directors. who control Its re-
sources and direct its operations
"The steel Corporation Is strength
ened and fortified by combination ana
cooperation with the multitude OF In
dustriaI and financial institutions with
which its directors are identified ana
over which they exercise q greater OF
less degree Of control. These con-
nections. infinitely extended and COM
plicated, reach every department OF
productive industry and accumulated
wealth, permeatins the domain OF
mining. manufacturing and transporta-
ton throughout the country.
zone or more OF the directors OF the
Steel Corporation arc also directors
in terminal. steamship. express ana
telegraph companies. having a total
capitalization of S2.27l.!7s.Ss0; in IN
dustrial corporations having COM
btned Capitalization Of s2.S9S.5o9.S4S;
and in banks and trust companies
having a capital surplus and undi-
vided profits agsregatins ss,Sl4.Sll.1's.
"Of sIS.4l1,l32,23S invested in rail-
ways in the United States. the direc-
tors OF the Steel Corporation have
voice IN the d.rectorates OF or act As
executive officers Of railroad COM
NAMES with q total capitalization and
bonded indebtedness Of $1o.ssS.o7l.s3S.'
The monopoly control exercised by
tho Steel Corporation. through the
corporate relations OF Its directors Is
typical of present day industrial ana
financial conditions. Under the Sher-
man Law tho STANDARD OIL Company
was recently dissolved on tho ground
that II was an organization IN restraint
OF trade. It has now taken the form
of a number OF so-calle6 Independent
corpau.es. But the directors IN each
are practically Identical. and We are
with the astonishing spec
tacle OF a body OF men meeting at 20
broadway and in quick succession re-
solving themse elves into the directorate
Of one Oil company after another and
trsnsacting its business. There mas
been a change in mere corporate form
and name. The old monopoly condi-
lions still remain. There IS a gentle
mans agreement which is made etTec-
i've through the selection Of the same
tirectorates for different corporations.
Colonel Roosevelt would maintain
md perpctuate these conditions by
granting Federal charters to corpora
lions engaged in interstate business
and by creating commission which
would regulate and govern their az
fairs. In other words. he would
recognize monopoly and establish II
under Federal control The idea OF
competition and equality of oppor-
.unity would be abandoned. The only
difference between this policy and
state socialism is that under the
Roosevelt regime certain private In
dividuals who have practically es-
taoiished monopoly conditions would
De permitted 10 enjoy the fruits OF
their enterprise under the kindly dc
tatorshlp OF the Bull Moose candidate
IL is significant that Judge Gary.
chairman Of the executive committee
Of the United States steel Corpora
ton; Geo. = erkius, OF the Interna-
tIoaaI Harvester Co, and recently Of
the banking house OF J. P. Morgan &
Co: Andrew Carnegie, the former
steel master and other prominent hnan-
c.ers and manufacturers are thor
ough-y in accord with Colonel Roose-
veIt's plan fo- regulating competition
and large corporations.
The real issue In this campaign Is.
therefore. whether ws shall continue
to stand for free. but properly reEu-
lated, competition n business and In
dusty. or whether we shall have a
regime Of Federal legislation and con-
troll OF monopoly. 1t is apparent that
the means o: safeguarding competitions
and perpetIat!rg It's benefits have not
been exhausted. The prohibition Of
carrie. owning the stock OF . manu-
featuring concern located along It's
line, OF OF a manufacturing establish
Inenc holding the control Of rail-
road engaged IN general traffic, as
recommended by the Stanley Commit
tee. may be tried and viii accomplish
much JntsrIockiDg directorstes and
the control over credit by the common
ownership Of sank stocks may also be
regulated. Tie evils which have