The times and democrat. [volume] (Orangeburg, S.C.) 1881-current, 1911-06-08
STEEL TRUST
The War Knss Of the Gigantic Corpora
lion Laid Bart Eby Gary
One OF TEDDl'S PETS

While President, Roosevelt Person.
ally Licensed it to Absorb the Tenn
nessee Coal and Iron Company i'm
Open Violation of the Laws of
the United States.
Elbert Fl. Gary, Chairman of the
Board of Directors of the United
States Steel Corporation, told the
House investigating committee re-
Gently that the Bureau Of Corpora
tions had been Investigating the
Steel Trust for five or six years.
Judge Gary said further that 1t had
cost the trust hundreds Of thousands
of dollars to comply with the Dh-
reau's requests for information and
statistics, and that "the bureau must
have a household of facts"
None of these facts has ever been
made public by the Government. The
Bureau of Corporations was one of
Mr.. Hoosevelt's pet hobbies. AS he
said in his first message to Congress
Dec. 2, 1901:
"The first essential in determin-
ing how to deal with the great in
dustrial combinations is knowledge
Of the facts-pubcity in the interest
of the public; the Government should
have the right to examine the work.
ings of tie great corporations en-
gagged in interstate business"
The same thought was expressed
in speech made by Mr. Roosevelt
in Boston August rs, 1902:
1.-THE first thing we want is pub
licity; and I do not mean publicity
IS favor by some corporations-I
mean it as a right from all corpora
tions affected by law"
Again at Wheeling, Sept. 6, 1902,
MI. Roosevelt said:
THE first thing to do would be-
to find out facts. For that purpose
l am absolutely clear that we need
publicity.
Congress yielded to Mr.. Roose-
velt's entreaties and gave him Bu-
reau of Corporations, which was or
ganized Feb. Goth, 1903. The act
creating the bureau upon the Com
missioner of Corporations ns-power
and authority to make, under the
direction and control of the Secre-
tary Of Commerce and Labor, diligent
investigations into the organization
and management Of the business of
any corporation, joint-stock company
or corporate combination engaged in
commerce among the several States
and with foreign nations, excepting
common carriers subject to IAN act
to regulate commerce" approved on
Feb. 4, 1887.
The United States Steel Corpor-
alton is the greatest of all trusts
that control manufacture. AS Judge
Gary said in his testimony the other
day, "the Steel Corporation does abb
solutely no operating. 1t manufac-
lures nothing. 1t gets its income
from the dividends declared by the
subsidiary companies" It's control
of these subsidiary companies is alb
solute, AS Judge Gary's testimony
shows:
"The subsidiary companies have
their own directors and officers and
have the right to act Independently;
but as the Steel Corporation owns
the securities, if the conduct Of sub
sidiary company was antagonistic in
any way it would ony be a question
Of time when the administration Of
that subsidiary company would be
changed"
You mean the parent company
would control the policies of anysub-
sidiary company?'
1T might not for the moment,
or the month, but when the time to
elect officers arrived it would"
Yet Nfter five cE six years Of
"dilligent investigation" of the af-
fairs of this gigantic trust the Bu-
reau of Corporations has been unable
to furnish any publicity in the in
terest of the public" says the New
York World.
One Residential campaign has been
fought-and financed-since the bu-
reaureau began its investigation Of
steel. The tariff has been revised and
preparations are under way for the
arations are under way for another
Presidential campaign, but the facts
collected by the Bureau Of Corpora
tions under two Republican Admins
trations have yet to see the light Of
day.
During the last five or six years
the heavy hand of the United States
Government has been laid upon Ha-
riman. upon Beef, upon Turpentlne,
upon Sugar, upon Standard OIL, upon
Tobacco; but no administrative fin
ger has disturbed the serenity OF the
Great God Steel.
1t has remained immune, and Mr..
Roosevelt as President of the United
States personally licensed the absorp-
tion of the Tennessee Coal and Iron
Company by the United States Steel
Corporation in further recognition
"of the great influence of the Nor
oan interests which have been so