Читать книгу The Goose-step: A Study of American Education онлайн

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Mr. J. P. Morgan (or a partner), a director of the New York, New Haven and Hartford Railroad, causes that company to sell to J. P. Morgan and Company an issue of bonds. J. P. Morgan and Company borrow the money with which to pay for those bonds from the Guaranty Trust Company, of which Mr. Morgan (or a partner) is a director. J. P. Morgan and Company sell the bonds to the Penn Mutual Life Insurance Company, of which Mr. Morgan (or a partner) is a director. The New Haven spends the proceeds of the bonds in purchasing steel from the United States Steel Corporation, of which Mr. Morgan (or a partner) is a director. The United States Steel Corporation spends the proceeds of the rails in purchasing electrical supplies from the General Electric Company, of which Mr. Morgan (or a partner) is a director. The General Electric Company sells the supplies to the Western Union Telegraph Company, a subsidiary of the American Telephone and Telegraph Company, and in both Mr. Morgan (or a partner) is director. The Telegraph Company has a special wire contract with the Reading, in which Mr. Morgan (or a partner) is a director—