Show llen for 7 jy R Wile Colonel Robert flobert W. W Stewarts Stewart's re reelection reelection re- re election vindication vindication by the stockholders stockholders stockholders stock stock- holders of the Standard Oil on company com corn pany of ot Indiana has given impetus to a movement nt long in progress under un nfl- der th the political political surface at Wash Vash ington The movement alms mt t refining the oil industry by relegating relegating rele rele- gating from its control the tho men Inca who have brought it into popular disrepute during the past five ive years This cannot be accomplished it 1 is acknowledged by any governmental or legislative leg procedure It can only come from within the industry indus indus- industry try Itself l If the plans of certain national leaders to that end are found practicable the housecleaning houseclean Ing hg process will wIH set act et In while the public mind is still agitated ove over the most recent disclosures of oils oil's UnhOly Unholy un Un- holy alliance with high politics I a a The proposition that is undergoing undergo undergo- ing ung consideration h has s in teat trat high finance should take the let leiu in purifying the oil indus industry ry Although Although Al Al- though the magnates magnates lIke like Sinclair Doheny Stewart Nell ONell ct et al are al-are are in dominant control of ot the their various companies they head dependence on powerful banking bankIng bank bank- Ing lag connections is direct and great The he biggest oil oU corporations aro arc in hi the market for fOl money from timo to time like th the humblest tradesmen in the land Their need for credit is more or less constant In this regard public men at Washington I are recalling recalling- the elder J. J Pierpont l Iorg Morgans Morgan's ns n's celebrated rejoinder to Samuel when the house committee on banking and ind currency was conducting the money trust Investigation Morgan testified that he lie loaned mone money both on collateral and without collateral but added that the principal basis for credit ia Ii character Character has to bo be put into the oil on business the proponents of ui the thO project herein mentioned declare if It the industry is not to sink into irretrievable ill iii favor Senator Thomas J. J Walsh Democrat of Montana chief chiet prosecutor of the oil scandals expressed to this writer the keenest disappointment that the Rockefellers did not seizes the opportunity Just afforded them by the Standard of Indiana election to bring about Colonel Stewarts Stewart's re rc i-c- moval from office The rhe lers' lers nominal share interest in the I Indiana dlana corporation is a minority holding But Walsh is convinced that the moral influence they could have wielded would far outstrip out out- strip the Rockefellers Rockefellers' technical voting power Senator Walsh i is de de- de of opinion that by withholding with with- holding the use of ot his shares shu-es against Stewarts Stewart's reelection to tho the pr presidency of ot the Standard of ot In Indiana Indiana In- In diana John D. D Rockefeller Jr tacitly approved of Stewarts Stewart's self self- succession a a On Sunday evening February 1 12 Senator Walsh says sas Mr lr Rockefeller Jr delivered a radio message on Character th the l Foun bOun un elation dation of Successful Business This Thia was his stirring stirring peroration peroratIon Each one of ot us to a certain degree holds In his h hand nd the reputation of or his hlf business associates Tho man who rend renders ers efficient cheerful service brings direct credit upon everyone connected with the company that employs him Where an of whatever rank fails fais to live up I to the time highest standards s In his liLs in individual In- In business life he hc Is bring bring- ing hg discredit upon his his associates and his employers Truly it b. has hai been said that no man can ean live unto himself alone Our lives are too interdependent It is because I b believe lieve so profoundly in ln these principles of business ethics and because I am ant so 80 proud of what wirt many companies arc are doln doing along these lines lints that I covet for business business busi busi- ness generally the best In personal character in ideals as well weIl a as aI I In financial success The ThO American p public lb ic I fancy not fin tint find It easy to reconcile these thee fine tine words with Mr Ir Rockefeller Jr's recent role Ole as a astock stock stockholder of ff the Stac Standard Oil of I I 1 Indiana It looks as 1 If the stockholders stockholders stock stock- holders of the Indiana Standard IncludIng in including including In- In Mr Rockefeller Jr were quite willing to overlook not only Colonel Stewarts Stewart's defiance of the senate committee but his shielding of criminality and worse were willing to consider as a a. matter of or little or no consequence to them theta the methods he lie pursues as long as his management produces divi a a a Senator Sentor Robert B. B How Howell el Republican Republican Republican Re Re- publican Progressive of Nebraska a Is strongly of opinion that it is 15 time for the oil oU Industry Itself or Influences Influences in influences In- In outside of it ft to embark embar upon an oil oU refining and oil purifying program It is beginning beginning begin begin- ning fling to dawn upon the country says Senator Howell that the oil barons of today are comp comporting themselves as the railroad d barons of another era did Then we had the the Goulds Gould the the Jim Fisl s the thc Jim Hills and their Ilk Uk decreeing decreeing- The public be damned They did not all adopt the attitude toward the public but the hat i and the high-hand high were more inure or orless orless orless less common to them Today we have the and the trafficking with cabinet officers for government oil oU leases behind tie the peoples people's back and then when the thelong thelong thelong long arm of the law Jaw finally reaches them we find these magnates defyIng defying defy deC ing tho United States senate tam tam- tampering with federal juries and in deliberate contempt of United States courts courts It was the same sort of thing though It did not manifest manifest mani mani- I fest itself in precisely the same tame way that forced public opinion to demand better beh behavior on the part of railroad magnates a a. quarter ofa ofa of ot ota a century ago o and more I shall miss my guess if public opinion to today today to to- da day does not rouse itself and insist upon a a similar regen regeneration a among nong leaders of ot th the oil industry a a a There is a very strong strong- feeling at Washington that Wall Vall street with Its flung far-flung and powerful all-powerful financial financial fi financial fi- fi ramifications is the quarter quarter quarter ter in which improved conditions must originate Undoubtedly it can put new men at the head of the oil industry if It wants to Oil has al always always al- al always ways been and still is a 3 highly speculative business It has to tobe tobe tobe be prospected for and after its discovery discover theres there's never any certainty certainty how long the supply will last These factors naturally have brought into the petroleum game men of the gambling spirit and account account account ac ac- ac- ac count many authorities think for forthe forthe forthe the somewhat dulled sense of ot honor which pervades them a a a aNo No one denies that the Industry does not already contain many marty e executives ex cx- of unimpeachable integrity and a high sense of ot public duty Nor or is there any Inclination to condemn condemn con con- oil outright as a malefactor tor Industry within the old Roose Roose- meaning Men and women i who are large holders of oil stocks I are today as insistent as anybody that the industry be ruthlessly cl cleaned up They frankly fear that the business already seriously demoralized de demoralized de- de moralized because of sr tion ng and other practices practices tices may be entirely shot hotto to pieces unless there are prompt and sweep sweep- lag ing reforms from front within Copyright 1928 |