On the question of interlocking directorates the majority of the Stanley Committee expressed their grave apprehension of its menace to the country and pointed out that the Corporation, through its directors, had representation on the boards of railroads capitalized at $10,265,000,000; banks and trust companies whose capital, surplus, and undivided profits aggregated $3,315,000,000; industrial concerns capitalized at $2,803,509,000; and express, steamship, and terminal companies capitalized at $2,272,000,000. Finally, the committee demanded that the railroads owned by the Steel Corporation be segregated from it as a matter of public necessity, the ownership of these roads giving the Corporation a great advantage over competitors. A minority report, signed by Augustus P. Gardner, Henry G. Danforth, and H. O. Young, concurred with the main report in some particulars but suggested that the majority had singled out incidents to bolster up its arguments without regard to their relative unimportance, the result being an overdrawn picture of the iniquities claimed to have been perpetrated by the Corporation. While the second report unequivocally condemned the organization of the Corporation as an attempt by the Morgan interests to eliminate competition against the steel companies in which they were concerned and to do away with the ever-present menace that Andrew Carnegie was supposed to be, it said that the actual control of the actions of the great combine had been put into the hands of “exceedingly competent, although perhaps not altruistic, managers who have subsequently made it a success.” The minority report also pointed out that significant fact that the price of steel, as based on a representative list of products, had declined from $38.80 a ton before the Corporation was formed to $36.11 in 1911. Finally, the minority members did not favor the dissolution of the Corporation, merely contenting themselves with the suggestion that it be put under Federal control. Incidentally, such control over all corporate activities has been frequently urged by Judge Gary, head of the Corporation. This did not end the list or reports as Representatives Young and Littleton each appended his personal views, both of which were favorable to the Steel Corporation in many respects.