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Updated: June 2, 2025
Blithers was the man to see; he and he alone could bring pressure to bear on the directorates that might result in a reconsideration of the surprising verdict.
It will be a comprehensive but not a radical or unacceptable program and these are its items, the changes which opinion deliberately sanctions and for which business waits: It waits with acquiescence, in the first place, for laws which will effectually prohibit and prevent such interlockings of the personnel of the directorates of great corporations banks and railroads, industrial, commercial, and public service bodies as in effect result in making those who borrow and those who lend practically one and the same, those who sell and those who buy but the same persons trading with one another under different names and in different combinations, and those who affect to compete in fact partners and masters of some whole field of business.
These four could swing directorates controlling the major interests of Consolidated. For this twenty-four hours of cruising, one had come down from Newport, one had delayed his sailing date to Europe and the third, H.A. Harrison, had left the entertainment of his guests at Haverly Lodge in the hands of others. Dinner passed with no reference to business.
The word "trust" had not become a part of their vocabulary; "restraint of trade" was a phrase which only the antiquarian lawyer could have interpreted; "interlocking directorates," "holding companies," "subsidiaries," "underwriting syndicates," and "community of interest" all this jargon of modern business would have signified nothing to our immediate ancestors.
Has pity or gentle courtesy ever yet prevented 'Consolidated' from crucifying a victim? You conceded me my seat at your directorates only because you were compelled to recognize my value there. You lifted me from the ranks to the general staff of finance because of unescapable conviction that I inherently belonged among you; that I should take my place there as an ally or an enemy.
In this respect the Church, the nobility and vested capital have everything in common they want perpetuity and security. They seek safety. All of the big joint-stock companies had in their directorates members of the nobility and the clergy. The bishops held vast estates they were Lords. Robert Owen did not represent either the Church or the nobility.
In 1911 and 1912 a "money trust" investigation was conducted by the Senate and a comfortable entente was revealed between a group of bankers, insurance companies, manufacturers, and other interests, carried on through an elaborate system of interlocking directorates.
She did not approve of women smoking, or of suffrage, but she played a brilliant game of bridge, and did not object to an infinitesimal stake. She belonged to clubs and to their directorates, yet it was her boast that she knew every thought in her children's hearts, and the personal lives and hopes and ambitions of her maids were as an open book to her.
Tavenner established the connection between the preparedness campaign and those who were making profits out of the powder business, the nickel business, the copper business, and the steel business, interlocked through interlocking directorates; then he established the connection between the Navy League and the firm of J. P. Morgan & Co., 23 Wall St., New York.
There are already signs that these combinations are coming, and coming quickly, and in the directorates of these trusts you will eventually find the flower of our American manhood, the men who not only know how to make money, but who accept the great responsibility of administering it wisely.
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