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So on to the Pullman Company and the Baldwin Locomotive Works. Mr. Brandeis points out how “all these concerns patronize one another; they all market their securities through J. P. Morgan and Company, they deposit their funds with J. P. Morgan and Company, and J. P. Morgan and Company use the funds of each in further transactions.”

But Mr. Brandeis stops his story too soon; he ought to show us some of the wider ramifications of these directorates. He ought to picture Mr. Morgan (or a partner) falling ill, and being treated in St. Luke’s Hospital, in which Mr. Morgan (or a partner) is a trustee, and by a physician who is also a trustee, and who was educated in the College of Physicians and Surgeons, of which Mr. Morgan (or a partner) is a trustee. He ought to picture Mr. Morgan dying, and being buried from Trinity Church, in which several of his partners are vestrymen, and having his funeral oration preached by a bishop who is a stockholder in his bank, and reported in newspapers whose bonds repose in his vaults. Mr. Brandeis might say about all these persons and institutions just what he says about the Steel Corporation and the General Electric Company and the Western Union Telegraph Company and the Baldwin Locomotive Works—they all patronize one another and they all deposit their funds with J. P. Morgan and Company.