On the recordDecember 29, 1920
It waits with acquiescence, in the first place, for laws which will effectively prohibit and prevent such interlocking 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.
Source
presidency.ucsb.edu
