Las Vegas optic. (East Las Vegas, N.M.) 1908-1921, 1914-04-06
OFFICERS ARE RESPONSIBLE
MILLIONAIRE AND HIS SON HAVE.
NOTHING TO DO WITH
MANAGEMENT
INTERESTED IN THE STRIKE
LABOR TROUBLE, 1T IS ADMITTED,
HAD EFFECT ON PocKs
ETBooKs

Washington, April 6.-John D. Rock
efeller. Jr., told the house mines com
mittee today that his father owns
about 40 per cent Of the stock of the
Colorado Fuel and Iron company, the
central figure in the industrial strike
which has swept the Colorado coal
fields. Mr.. Rockefeller contended that
responsibility for the conduct Of the
corporation lay not only with the
stockholders or directors, but with the
officers of the company.
In these days when business in
terests are so diversified and directors,
are members of so many boards, the
best they can do is to appoint officers
and hold them responsible said ne.
Don't you think the fact that the
government has found it necessary to
take action would warrant you in TAX
ing more than passing interest in the
situation?' asked Chairman Foster.
Il have taken more than passing
interest" said Mr.. Rockefeller. "The
vast sums of money involved and the
great disorder in the field concerned
me closely. But have done all that
/ could have done. The officers Of
the company have been held RESPONSE
BILE and if we are at any time con-
yinced their policies are mistaken we
will Immediately remove them. am
one of my, fathers representatives in
this, as in other of his personal in
Vestments."
When questioned by Representative
Byrnes Mr.. Rockefeller outlined his
fathers holdings in the securities of
the Colorado Fuel and Iron company
thus: Common stock, 139,S0O shares
out of S42,S55 shares; preferred stock,
7,943 shares out of 10000 shares;
bonds, Colorado Industrial company s
per cent, $14,550,OOO out ,of $33,437,O 900.
Other holdings were Colorado Fuel
and Iron company general five per
cent $S66,OOO, out or S5.6SS,OOO.
Mr.. Rockefeller said that the only
dividends paid by the company were
IN 1918. A cumulative dividend of
eight per cent on the pref lfegrEed stock
had, at that time. he said accumulat-
ed to rs per cent Of the capital stock
during that year. He said S5 per
,eesnt was paid on the accumulated
dividend and four per cent on the
reightper cent dividend due that year.
The interest of his father in the con-
Germ was represented, he said, in
the directorate by himself. Starr ].
Murphy and John D. Green. J. H.
McISenna and L. M. Bowers, he said,
were indirect representatives.
Representative Byrnes questioned
Rockefeller about endorsing what
Mr.. Bowers had done in dealing with
the strikers.
The witness said that while Bow
ers was not personally representing
the Rockefeller interests, he had writ
ten to him saying ne would Stand
by what had been done in Colorado.
Mr. 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 your" asked Chair
man Foster.
"WeU, we don't call it that. Mr..
Rockefeller said.
He added that he had not time to
look into conditions in the Colorado
fields.
Don't you think director Of a
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 timer"
IF thought I were not conscien-
tiously doing my duty, I should, Of
course, at once resign said Rocke.