The Brookings register. [volume] (Brookings, Brookings County, S.D.) 1903-1971, 1911-10-26
their officials of to Jail.
The Steel Trust,

Morgan was spending a few days in
Washington. One report published
widespread was that he liked a par
ticular dentist in the Capital and was
getting his tooth fixed" Another re.
port had to do with his fondness for
the old Arlington Hotel, a splendid
example Of the ulster was" hotel, and
which has for a quarter century been
%financier. The hotel is to be rebuilt,
and J. Pierpont is reported to be a
stock holder. Fish! Facts are Mr..
Morgan was in Washington on a mis-
sion which was intended for
the press, but undoubtedly it had to
do with the steel trust. That great
organization is being investigated to
a finish by Congressman Stanley, of
Kentucky, who sleeps neither night
nor day, and drops off occasionally
for but a few moments, when he
dreams Of the iniquities of this par
ticular trust. OF course there are
other members of the Committee, and
they too are no doubt doing their
part in the work. In the meantime
however, the guiding powers in steel
are discounting the future, and by
to which their organization is heir,
will have been largely cured. Sub
sidiary companies, the control OF rail-
road properties, mining operations and
the like, are being cut loose-a sort
of internal house cleaning and reor-
ganization is being brought about, and
by the time the Democrats who are
investigating steel are ready to re-
port, 1t will not be surprising to learn
that the great masters of finance who
operate in this wonderful commodity
have arranged the conduct Of their
cronies to the entire satisfaction Of
the Department Of Justice, and the
most critical Of the trust busters.
Standard Oil.
Not many years ago it was a popu-
lar pleasure to berate Standard Oil.
Prosecutions were aimed at the in.
stitution from every direction, fines
heretofore unheard of were imposed,
the great magazines carried sensa-
tional stories prepared by the coun-
try's most renowned writer's. Finally
the Supreme Court decreed that
Standard Oil was conducting its af-
fairs in restraint of trade. If there
is a corporation on the face Of Amerl-
can soil that has justified itself in
the eyes of its critics It is Standard
Oil, and now one hears that at is
the best OF all the trusts" Three or
four years ago Standard Oil adopted
a policy entirely different to that they
had previously persued. The veil Of
secrecy was removed, and the affairs
Of the company were thrown open to
all who wished to inquire. The re-
suit was astounding, and restored the
confidence Of the American people in
this great institution. Standard Oil
was so much whittier than anyone ever
suspected that the country decided to
look upon it with some favor, and tell
how oil had been reduced everywhere
through its wonderful systems of dis.
tribution. There has been no fuss
nor feathers about the reorganization
of this concern, to meet the require
ments of the Supreme Court decisions.
Only common stock Of the Standard
Oil enterprises, were ever issued
there we're no preferred issued, no
troublesome bonds. So separate ON
panies are being organized-there may
be the Standard Oil Company Of Iowa,
or Oklahoma, and so on. The same
interests that have long operated with
the Rockefellers will own the stock
in all these separate concerns. The
New Jersey corporation will no longer
act as a holding corporation" but
presto change, the thing is already
nearly done, and no one is rising to
protest that it has not all been done.
Big Business in General.
In following up this story the CORE
spondent of the Register spent sew
eral days in the center Of the great
corporate institutions, in order to
view the effect upon the big business
interests as reflected by Wall street.
The net results OF my observations
was that I find a determination v
before so broadly recognized in the
country, to obey the law, not only in
letter but in spirit. One operator ex-
pressed the whole situation tersely:
1--WE are obliged to walk straight wheth-
er we want to or not, so we have de-
cided that we will have to walk &C
cording to the new order Of things,
and we are trying to be pleasant
about it," Stocks and the market are