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Show ROCKEFELLER JR. ON THEJARPET I House Mines Committee Calls Him to Explain Interest in Colorado Fuel Iron Co. VAST SUMS INVOLVED Son Outlines Father's Holdings Hold-ings and Dividends Paid in Year 1913. Washington, April G, John D. Rockefeller, Jr. told the house mines committee today that his father fa-ther owns about ,40 per cent of the stock of the Colorado Fuel & Iron company, the central figure In the Industrial In-dustrial strife, wliich has swept the Colorado coal fields. Mr. Rockefeller contended that responsibility for the conduct of corporations lay not only with the stockholders or directors, but with the officers of the company. "In these days when business interests in-terests are so diversified and directors direct-ors are mombors of so many hoards, the best they can do is to appoint officers of-ficers and hold them responsible," said he. "Don't you think the fact that the government has found it necessary to take action would warrant you In taking more than a passing interest in the situation?" asked Chairman Foster. Vast Sums Involved. "I have taken more than a passing interest,"' returned Mr. Rockefeller. "The vast sums of money involved and the great disorder In the field concerned 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, mis-taken, we will immediately remove them. I am one of my father's representatives repre-sentatives in this, as In other ot his personal Investments." Outlines Father's Holdings. Questioned by Representative Byrnes, Mr Rockefeller outlined his father's holdings In .the securities of the Colorado Fuel & Iron company, thus: Common stock 139,807 shares out of 342,355 shares; preferred stocks 7943 shares ' out or 20,000 shares. Bonds: Colorado Industrial company, 5 per cent, $14,450,000 out of. $33,437.000. Other holdings were Colorado Fuel & Iron company general five per cents, $366,000, out of $5,63S.000. Dividends Paid In 1913. Mr. Rockefeller said that, the only dividends paid by the company were in 1913. A cumulative dividend of 8 per cent on the preferred stock had at that time, he said, accumulated to 75 per cent of the capital stock. He said 35 per cent was paid on the accumulated ac-cumulated dividend and 4 per cent on the S per cent dividend due that year. The interest of his father in the concern con-cern was represented, he said, in the directorate by himself. Starr J. Murphy Mur-phy and John D. Green. J. H. Mc-Kenna Mc-Kenna and L. M. Bowers, he said, were "indirect representatives." Representative Byrncis questioned Mr. Rockefeller about endorsing what Mr. Bowers had done in dealing with the strike. The witness said that while Bowers was not personally representing rep-resenting the Rockefeller Interests, he had written to him saying he 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. Called Dummy Director. "You are what is called a dummy director, aren't you?" asked Chairman Chair-man Foster. "Well, we don't call it that," said Mr. Rockefeller. He added that he had no time to look Into conditions in the Colorado field. "Don't you think a 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 time?" "If I thought I were not conscientiously consci-entiously doing my duty, I should, of course, at once resign," said Mr. Rockefeller, "but my conscience, really real-ly acquits me in this case." View of Labor Conditions. Discussing labor conditions, Mr. Rockefeller said he believed "free American citizens should have the right to chooso the employer for whom they shall work and the conditions con-ditions under which they shall work." Ninety per cent of the employes of the Colorado Fuel & Iron company, Mr. Rockefeller said, were non-union men, who had no difficulties with the officers of tho company. He said that he "could see no reason why these men should be forced to join a union and pay union dues by the other ten per cent." "What Ik your opinion as to the relation re-lation of employe and employer?" asked Chairman Foster. "I believe that the employer and the employe are fellow men and should treat each other as such." "As a director of tho Colorado Fuel & Iron company, have you over Investigated In-vestigated these conditions among your employes in Colorado?" Has Not Investigated Conditions. "No. I have been trained to act on the reports of trained and competent com-petent men, who do make investigations. investiga-tions. I have receivod the reports of the men in charge of the work out there, and have made them responsible," respon-sible," said Mr, Rockefeller. "Officers "Offi-cers have reported to mo that by the end of the present year the strike will have cost $1,000,000. I don't know whether any money was spent to import arms and ammunition Into tne striko district. "Rut l tho state authorities wore unable to protest the employes of the company, I should say that the first duty of the officers would be to see that the workers were protected." Chairman Asks Sharp Question. "You have spent $250,000 so Tar in this fight," said Chairman Foster: "you have heard that men, omen and children have been shot and killed out there. Don't you think that as a director you might have made a personal investigation of conditions con-ditions and looked Into things there," rather than rely on the officers who were there?" "We stand ready to lose every cent wc have Invested in that company, rather than that the working men of this country should lose their right to work for whom they please," said Mr. Rockefeller. "You'll do that even if you lose .ill your money and have all your employes em-ployes killed?" asked Mr. Foster. "It's a great principle. It's a national na-tional Issue. And we propose to support sup-port the officers in their course, which Is in support of the working-men working-men themselves and their rlgh't to work for whom they please and how they please," returned the witnessr Representative Austin, at the afternoon af-ternoon session, asked Mr, Rockefeller Rockefel-ler if he could make any recommendations recommen-dations as to national legislation contests con-tests between capital and labor. No Suggestion to Make. "Of course the importance of the question is brought home to all. 1 have no suggestion to malfe. Labor and capita must come to know that the interest of both is the interest ot each," Mr. Rockefeller replied. He added, he believed that labor should be allowed to organize, "but should not be forced to organize." Mr. Rockefeller presented all of his correspondence with the officers of the company in Colorado during the strike. The committee, after looking over the letters, decided that personal references in them made them unavailable un-available for the record. Mr. Rockefeller Rocke-feller was then excused. nn |