The Twin Falls times. [volume] (Twin Falls, Idaho) 1905-1916, 1916-03-03
ROCKEFELLER'S PLEA.

of a pamphlet sent out by John d.
Rockefeller, Jr., with his compliments,
to the press. containing the Indus
trial Constitution" and agreement for
employees representation. entered in
to between the Colorado Fuel and Iron
company, of which he is the most
prominent stakeholder, and the work
men in the service of that company.
The pamphlet contains an article
from the Atlantic monthly written by
Mr.. Rockefeller, two addresses made
by him in Colorado, besides a copy of
the plan and the final agreement. The
plan itself includes the open shop
without discrimination against either
union or non-union men, and, over
and above this, provision for a local
organization in which all the employees
are included, through which delegates
to confer with the company and pre-
sent grievances are to be selected.
Provision is made for the carrying of
any grievance by any employe, to the
president of the company if necessary.
Mr. Rockefeller is evidently right in
saying that the success of the plan
will depend on the good faith display
ed by both sides in carrying its terms
into effect
While the plan should be considered
ON its merits, and time will be neces-
,lot nd
while Mr. Rockefeller appears to de-
sire to let bygones be bygones, part
of the pamphlet is in a measure an
attempted justification of his course
and the course Of his father in the
past lie naturally speaks in terms of
warm appreciation of his father and
this is no doubt sincere In his eff
fort to put the Colorado Fuel and Iron
company in a good light before the
people he falls into an ambiguity
which if cleared would either place
him in better light than he places
himself or would leave a suspicion
that he was trying to indulge in So
phistry Evidently trying to create the
impression that the company stock
holders had not made any profit dur
ing the IA years that he held stock
he declared in his address to the min
ers that there had been mot one cent
for the common stock" The circum-
stances under which the declaration
was made left the impression that all
the profits had gone to the workmen.
the directors and the officers Of the
company.
Six days later in an address before
the Denver Chamber of Commerce he
said, speaking of his father, During
the IA years since he made his first
investment except for one payment
made on preferred stock on account
of an accumulation of dividends. there
has not come back to him or the COM
mon stockholders one single cent Of
return" AS in his previous speech he
had illustrated the division of the pro-
ceeds of the company by sweeping it
into three corners representing re-
spectively the worlImen, the directors
and the officers, and saying that there
was nothing left for the Colorado Fuel
and Iron company corner, the pay
ment to preferred stockholders not
previously mentioned of accumulated
dividends makes some difference. Still
as only one such payment was made
the inference which he still intended
to be drawn was that there was prac-
tically nothing left for the stockhOld-
ers, directly or indirectly. If such
was not his intention, his address had
no purpose Now the thing required
10 make the whole matter clear, was
statement as to whether the COM
pany instead of declaring a dividend
to common stockholders, turned back
a large annual profit into the business,
thereby increasing the value of its
holdings and the market value of its
stock If it made no profit for IA
years it was indeed a poor business,
and this fact should be taken into
consideration by all who attempt to
discuss the subject But If the bust
ness did pay and the stockholders in
stead of getting a money dividend, got
increased market value for stock, then
Mr.. Rockefeller's plea was a piece of
impudent sophistry, the more repre-
hensible because unnecessary. If
there was no profit for capital invest
ed in the business, then it is a pity
that this fact was not made clear for
the sake of Mr.. Rockefeller, no less
than for other reasons.