New Britain herald., 1914-04-06
JOHN D., R., OUTLINES
 FATHERS HOLDINGS
fiDanCicT'S Son TcStihes Before
 House Mines Committee.
QUESTIONED CONCERNING STRIKE
MT. Rockefeller Owns Forty Per Cent. of Colorado Fuel and Iron Company's Stock.-Oficers of Con- cern Held Responsible.

Washington. April 6.-John D. Rockefeller, Jr., told the house mines committee today that his fa- ther owns about forty per cent. of the stock of the Colorado Fuel and Iron company, the central figure in the industrial strife which has swept feller continued that responsibili- ty for the conduct of corporations lay not only with the stockholders or directors, but with the officers of the company.
 '1n these days when business in- terests are so diversified and direc- tors are members of so many boards, the best they can do is to appoint officers and hold them responsible" said he.
 Don't you think that the fact that the government has found 1t neces- sary to take action, warrants you in taking more than passing interest in the situation?" asked Chairman Foster.
 Is Closely Concerned. 'T have taken more than a passing interest" returned MT. Rockefeller. ''The vast sums of money involved
 
 concerns me closely. But I have done all that I could have done. The officers of the company have been held responsible and if we are at any time convinced their policies are mistaken we will immediately re- move them. I am one of my fa- ther's representatives in this, as in others of his personal investments.'
 OuaStiopod bv Represeptaffye Byrnes MT. Rockefeller outlined his fathers holdings in the securities of the Colorado Fuel and Iron company thus; common stock, 139,S07 out of 342.355 shares; preferred stock, 7,- 943 shares out of 10000 shares. Bonds: Colorado Industrial com pany five per cent, $14 4,450,000 out of $33,437,000.
 Other holdings were Colorado Fuel and Iron company general five per cents, $36B,000 out of $5,638,000.
 Dividends Paid in 1918.
 MT. Rockefeller said that the only dividends paid by the company were in 1913. A cumulative dividend of eight per cent on the preferred stock at that time, he said, had ac- cumulated to seventy-five per cent. or the CaplJdl SlOCk. I1e Sdlu lHlTLy- five per cent. was paid on the accum- ulated dividend and four per cent. on the eight per cent. dividend due that year. The interest of his father in the concern was represented, he said, in the directorate by himself. Starr J. Murphy and John D. Green. J. H. McKenna and |, M. Bowers, he said, were indirect representatives.
 Representative Byrnes questioned MT Rockefeller about endorsing what MT. Bowers had done in dealing with the strike. The witness said that while Bowers was not personally representing the Rockefeller inter- ests, he had written to him saying he would stand by'' what had been done in Colorado.
 Bowers Highly Qualified.
 MT. Bowers is known to us as an able and upright business man, and an officer of the company. We trust him in the conduct of the business" he said
 You are what is called a dummy director, aren't you?' asked Chair man Foster.
 Well, we don't call it that said MT. Rockefeller. He added that he had no time to look into conditions in the Colorado field.
 Don't you think a director of company ought to know these things?" asked the chairman. Don't you think if he hasn't time he ought to put some one in his place who would have time?'
 eff I thought I were not conscien- tiously doing my duty, I should, of course, at once resign said MT. Rockefeller, 'fbut my conscience en- tirely acquits me in this case.'