The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1914-04-06
Son of Richest Man Admits
Father Owns 40 per cent of
Stock in Colorado Fuel and
Iron Company.
BELIEVES MINE OWNERS
ARE RIGHT IN STAND
Strike in Colorado Fields to
Date has Cost More than a
Million Dollars he Tells Con-
gressional Committee.
my Leased Wire 20 Evening ncraId.i

ny Leased Wire 40 Evening ucrald.l
Washington, April G-John y.
Rockefeller, JH., told The house mines
committee today that his father owns
about forty per cent OF the stock OF
tho Colorado Fuel and Iron company,
the central figure In b industrial
strife which has swept the Colorado
i coal neldF. Mr.. Rockefeller contend
ed that responsibility for the conduct
Of tho corporation lay not only with
the stockholders or directors, but with
the officers OF the company.
I'm these days when business inter-
csts arc 40 diversified and directors
are members Of 80 many boards, the
best they can do Is 10 appoint officers
and hold them responsible said he.
Don't you think the fact that the
government has found it necessary 10
take action would warrant sou In TAX
Ing more than a passing interest IN
the situation ?" asked Chairman FoH-
ter.
~ have taken more than a passing
interest" said MIR. Rockefeller. The
vast sums Of money involved and the
great disorder in the field concerned
me closely but l have lone All hat |
could have done, The officers Of tho
company have been acid responsible
and if We are at any time convinced
their policies are mistaken. W Will
Immediately remove them I am one
OF my fathers representatives Ia this,
as in other OF his personal invest
ments.'
Questioned by Representative
Byrnos, MIR Rockefeller outlined his
fathers holdings In the securities OF
the Colorado Fuel and Iron company.
thus: Common stock i3g,S07 shares
out OF 3f2,2aa shares. preferred
%stocks. 7.9ai shares out of 90. 900
shares. Bonds. Colorado Industrial
company ave per cents, $ii.l50,000
out OF s53~.i3T.0O0.
other holdings were Colorado Fuel
and iron company general ave 1ar
cent, $3.50, 900 out OF S5,53S,000.
, Mir. Rock Teller snid The only div
idonds paid BY the company were IN
1913.
A cumulative dividend of eight per
q cent ON the preferred stock had 1
l that time. he said. accumulated to "a
per cent OF the capital stock during
that year He said 80 per cent was
paid on the accumulated dividend aad
< 4 per cent on the 5 per cent dividend
due that year. The interest," Of mi,
father In the concern was represented
e he said, In the directorate by him.
self, Starr j. Murphy and John y
Green.
g j. II. McKenua and l.. N. Bowers
I he said. we're indirect representatives
narw.a.WN.Hasr. Bguu.a ..s.aFfuuAf
Nr. Rockefeller about endorsing VIVA.
Air. Bowers had lone In dealing viii
r. the strike. The Witness said tina
+ Bowers was not personally represent
& ing the Rockefeller interests. He ha,
A written to him say Ing he would "stau,
G by'i what had been o IN colorad .
"Mr. Bowers Is Known To ms as ~
4 able and upright business man aa'
e officer ot the company. We trust hin
Is IN the conduct OF p business ~
D. said,
"You are what is called a DUNN.
director aren't you" asked Chair
ID man Foster.
We'll We don't an 1t that, NJ,
Rockefeller said.
.el He added tina d. had no time q
Hook into condition in the colorod
o. field.
lt Don't you think a director ~
,e company ought 70 know these things ?
N asked the chairman
All Don't you think 10 ne hasn't tim
,a ne ought 90 pat someone ln his plat
Re who would have timef"
az I thought I were aot %conscien
O. ~tiously doing my duty, I should,
10 course, at once resign. said NJ
~ Rockefeller "but my conscience CT
Al tireiy acqults me In his ease.
be Discussing labor conditions Al
Id Rockefeller said he believed fr'
American citizens should have N
right To chooFe the employer q
whom they shah work and the cond
o. tions under which they shall Wor.
aI Ninety per cent of the employees
o. The Colorado Fuel and iron compan
Rockefeller said, we're n%on-uui'
an men, who had no dlilculties Nith q
In officers uf the company. Re said
ne could see no reason Why these ms
~. should be forced a. toln a union an
pay union dues by he ten per cent
what Il your opinion an 10 the r
r. iation Of empioye and employer
al asked Chairman Foster.
,is ~ bolleve tina he employer IA
m. employe are fellow men a shnu
fnn.tlnura nm Pace TsVol