Now review the company's set-up. It has as a subsidiary, the Anaconda Wire & Cable Co. of Delaware. It has as another subsidiary the Anaconda Wire & Cable Co. of California and the Chile Copper Co. of Delware, the Chile Exploration Co. of New Jersey, the International Smelting & Refining Co. of Montana, the Walker Mining Co. of Arizona, the Silesian Holding Co. of Delaware. The stock of the latter company is deposited under a voting-trust agreement with the Guaranty Trust Co. of New York. Then there is the American Brass Co. of Connecticut, the American Brass Co. of Illinois, the Anaconda Sales Co. of Delaware, the Anaconda Lead Products Co. of Delaware. More interesting than any I have thus far cited is another subsidiary, a corporation chartered in New Jersey on April 27, 1901, of which the Anaconda owns 99.43 percent of the stock; another subsidiary of this international empire. It is called the Butte Water Co., and its only function is to supply water to inhabitants of the little city of Butte, Mont. So the Anaconda Co., which extends from Anaconda in Montana, where the ore was first discovered after the Civil War, across the ocean into Europe, down into South America, is in the business of supplying water to the city of Butte, Mont., through a New Jersey corporation. I shall insert at this point a statement giving a list of Anaconda subsidiaries to indicate just a little more clearly the vast extent of the economic empire which has grown under a State charter. SUBSIDIARIES OF ANACONDA COPPER MINING CO., WITH DATES AND PLACES OF INCOR PORATION AND PERCENTAGE OF STOCK OWNED BY ANACONDA COPPER MINING CO., ALSO OFFICERS AND DIRECTORS Anaconda Copper Mining Co., Montana, June 18, 1895: Officers.-C. F. Kelley, president; J. R. Hobbins, vice president; R. E. Dwyer, vice president and treasurer; D. B. Hennessy, secretary and assistant treasurer; James Dickson, general auditor; K. B. Frazer, assistant secretary. Directors.-C. F. Kelley, A. J. Miller, W. C. Potter, J. H. Perkins, J. A. Coe, H. C. Bellinger, J. R. Hobbins, G. M.-P. Murphy, R. E. Dwyer, W. D. Thornton. Anaconda Wire & Cable Co., Delaware, February 20, 1929 (66.03 percent): Officers.-H. D. Keresey, president; H. V. Engh, vice president; W. E. Sprackling, vice president; F. L. Meeske, vice president; W. K. Daly, secretary and treasurer. Directors.-H. D. Keresey, H. V. Engh, W. E. Sprackling, F. L. Meeske, R. E. Dwyer, James Dickson, W. K. Daly, C. F. Kelley, J. R. Hobbins. Anaconda Wire & Cable Co. of California (100 percent): Andes Copper Mining Co., Delaware, January 20, 1916 (97.77 percent, of which 14.50 percent is owned by Andes Exploration Co. (Delaware), a wholly owned subsidiary): Officers.-C. F. Kelley, president; William Wraith, vice president; D. B. Hennessy, secretary and treasurer; James Dickson, general auditor; W. K. Daly, assistant secretary-treasurer. Directors.-C. F. Kelley, William Wraith, J. R. Hobbins, R. E. Dwyer, A. J. Miller, G. M.-P. Murphy. Chile Copper Co., Delaware, April 16, 1913 (98.50 percent): Officers.-C. F. Kelley, president; H. C. Bellinger, vice president; R. E. Dwyer, vice president; C. W. Welch, secretary and treasurer. Directors.-C. F. Kelley, H. C. Bellinger, G. M.-P. Murphy, A. J. Miller, R. E. Dwyer, J. R. Hobbins, E. J. Craig. Chile Exploration Co., New Jersey (100 percent). Greene Cananea Copper Co., Minnesota, December 26, 1906 (98.34 percent): Officers.-W. D. Thornton, president; William Wraith, vice president; L. D. Ricketts, vice president; J. W. Allen, secretary and treasurer; H. I. Carson, assistant secretary and assistant treasurer; J. B. Cotton, general counsel. Directors.-L. D. Ricketts, William Wraith, W. D. Thornton, J. B. Cotton, J. W. Allen, C. F. Kelley, R. E. Dwyer. International Smelting and Refining Co., Montana, May 12, 1914 (100 percent). North Lily Mining Co., Utah (53.04 percent): Officers.-J. O. Elton, president; A. D. Hunter, vice president and treasurer; A. B. Hardwick, secretary; Rom Warburton, assistant secretary. Directors.-J. O. Elton, H. A. Geisendorfer, B. R. Howell, A. D. Hunter, J. W. Knight. Walker Mining Co., Arizona, November 15, 1913 (50.42 percent): Officers.-J. R. Walker, president; R. E. Dwyer, vice president; J. O. Elton, vice president; J. B. Whitehill, secretary-treasurer. Directors.-J. R. Walker, E. L. May, H. A. Geisendorfer, J. O. Elton, J. B. Whitehill, B. R. Howell, R. E. Dwyer. Silesian-Holding Co., Delaware (65 percent). All stock is deposited under a voting trust agreement. Depository, Guaranty Trust Co., New York: Trustees.--W. A. Harriman, C. F. Kelley, W. C. Potter. Silesian-American Corporation, Delaware, July 7, 1926 (58.33 percent preferred, 51 percent common): Officers.-C. F. Kelley, president; G. S. Brooks, vice president; R. E. Dwyer, vice president; Frederick Laist, vice president; E. O. Sowerwine, secretary and treasurer; D. P. Hennessy, assistant treasurer and assistant secretary. Directors.-Ray Morris, C. F. Kelley, E. O. Sowerwine, G. H. Walker, C. R. Ganter, George Murname, Konrad von Ilberg. Giesche Spolka Akcyjna (Giesche Co.) Poland (100 percent). Officers.-J. A. Coe, president; E. L. Frisbie, vice president; C. F. Hollister, treasurer; M. W. Judge, assistant treasurer; S. B. Terry, assistant treasurer; E. H. Yates, secretary. Directors.-C. F. Kelley, B. B. Thayer, E. L. Frisbie, J. A. Coe, C. F. Hollister, E. H. Yates, C. S. Judd. American Brass Co. of Illinois (100 percent). Anaconda Sales Co., Delaware, June 9, 1922 (100 percent). Anaconda Lead Products Co., Delaware, July 1, 1919 (89.01 percent). Butte Water Co., New Jersey, April 27, 1901 (99.43 percent): Officers.-J. R. Hobbins, president; Eugene Carroll, vice president; R. E. Dwyer, vice president; James Dickson, secretary and treasurer. Directors.-J. R. Hobbins, Eugene Carroll, R. E. Dwyer, James Dickson, C. F. Kelley. Butte Anaconda & Pacific Railway Co., Montana, October 1, 1892 (100 percent): Officers.-C. F. Kelley, president; J. R. Hobbins, vice president; D. B. Hennessy, secretary and treasurer. Directors.-C. F. Kelley, J. R. Hobbins, R. E. Dwyer, D. B. Hennessy, H. A. Gallwey. Tooele Valley Railway Co., Utah, November 18, 1908 (100 percent). Diamond Coal & Coke Co., Utah, April 19, 1894 (100 percent). Montana Hardware Co. Montana, February 26, 1917 (100 percent). Interstate Lumber Co. Montana, June 2, 1911 (100 percent). Mines Investment Corporation. Delaware, February 15, 1923 (100 percent). Blackfoot Land Development Co. Montana, July 12, 1913 (100 percent). Deer Lodge Valley Farms Co. Montana, October 9, 1913 (100 percent). Andes Exploration Co. (Del.). Delaware, May 29, 1914 (100 percent). Andes Exploration Co. of Maine. Maine, September 30, 1916 (100 percent). Santiago Mining Co. Delaware, October 24, 1917 (99.21 percent of which 20.70 is owned directly by Anaconda Copper Mining Co.). Positions of officers and directors in subsidiaries: C. F. Kelley.-Anaconda Copper Mining Co., president and director; Butte, Anaconda & Pacific R. Co., president and director; Miner Investment Corporation, president and director; Chile Copper Co., president and director; Chile Exploration Co., president and director; Silesian American Corporation, president and director; Silesian Holding Co., president and director; Giesche Spolka Acyjna, chairman of board and director; Santiago Mining Co., president and director: Andes Copper Mining Co., president and director; Andes Copper Exploration Co. of Maine, director; Butte Water Co., director; Andes Exploration Co. of Delaware, director; American Lead Products Co.. director: Anaconda Sales Co., president and director; Anaconda Wire & Cable Co., director: Montana Power Co., Director; Blackfoot Land Development Co., director; Greene Cananea Co., director; Deer Lodge Valley Farm Co., president and director; International Smelting & Refining Co., president and director. J. R. Hobbins.-Anaconda Copper Mining Co., vice president and director; American Brass Co., director; Butte Water Co., president and director; Diamond Coal & Coke Co., president and director; Butte, Anaconda & Pacific Ry Co., vice president and director; Blackfoot Land Development Co., president and director; Montana Hardware Co., president and director; Anaconda Wire & Cable Co., director; Anaconda Sales Co., director. K. E. Dwyer.—Anaconda Copper Mining Co., vice president, treasurer, and director; Chile Copper Co., director; Andes Copper Mining Co., director; Walker Mining Co., vice president and director; Anaconda Lead Products Co., president and director; Anaconda Wire & Cable Co., director; Chile Exploration Co., director; American Brass Co., director; Greene Cananea Copper Co., director; International Smelting & Refining Co., director. James Dickson.—Anaconda Copper Mining Co., general auditor; Andes Copper Mining Co., general auditor and director; International Smelting & Refining Co., general auditor; Santiago Mining Co., general auditor; Diamond Coal & Coke Co., treasurer and director; Andes Exploration Co. of Maine, general auditor and director; Butte Water Co., secretary and treasurer. Andrew J. Miller (partner, Hallgarten & Co., 44 Pine Street, New York City).--Anaconda Copper Mining Co., director; Chile Copper Co., director; Chile Exploration Co., director. William C. Potter (chairman of board and director, Guaranty Trust Co.).— Silesian Holding Co., director; Anaconda Copper Mining Co., director. James H. Perkins (chairman of board and director, National City Bank).— Anaconda Copper Mining Co., director. John A. Coe.-The American Brass Co., president and director; Anaconda Copper Mining Co., director; Anaconda American Brass Ltd., president and director. H. C. Bellinger.-Chile Exploration Co., vice president and director; Anaconda Copper Mining Co., director; Chile Copper Co., vice president and director. Grayson M.-P. Murphy (partner, G. M. Murphy & Co., 52 Broadway, New York City).-Anaconda Copper Mining Co., director: Andes Copper Mining Co., director; Chile Copper Co., director; Chile Exploration Co., director. William D. Thornton.-Greene Cananea Copper Co., president and director; Anaconda Copper Mining Co., director; Santiago Mining Co., director. Every lawyer who has studied this question of commerce and corporate control will agree, I think, with the statement that the general attitude of Congress and of the Government has been, as Senator Austin indicated a little while ago, to allow commerce to be free. If Congress did not act with respect to a particular phase of commerce among the States, then the holdings of the courts were to the effect that Congress intended that there should be no sort of regulation of that particular phase. These rulings were made at a time when most commerce was conducted by natural persons. Now, however, we know such is not the case. Business is not conducted by citizens within the States, but by huge interstate corporations which do practically what they please without any effective public control. Now the alternative of Federal supervision has been suggested. I do not like to use the word "regulation", because it gives the unfortunate connotation to which Senator Austin referred a moment ago, and because I do not believe in the regulation of business by Government officials. The principle upon which I am acting would not have been better stated than it was by Senator John Sharp Williams, in a letter which he wrote on September 27, 1911. I will take the liberty of reading this quotation from that letter: I can imagine nothing more dangerous to the American Republic than control of great corporations by a Federal bureau subject, in its turn, to a political administration of either party, excluding or admitting participation in business |