Morning journal and courier., 1886-03-23
oAsExYo,1Ne ON rzE sTAND.
The Secretary of The PRn-Electrfc Company Tells Something of Hts History.

The Secretary of The Pan-EIectric Company Tells Something of Hts
 History.
 WASHINGTON, March 22.-Colonel Casey Young upon the meeting of the special com mittee Investigating Pan-Electric affairs con- tinued his testimony to-day. He exhibited the books of the company which he as its secretary and treasurer kept and told of the persons who had secured stock, the amounts and what they paid for it. This does not differ materially from the statements by Dr. Rogers. The stock had all been disposed of by Dr. Rogers except that which was secured by Senator Vest, Dr. Harlan and two ladies who came in later. About $24, 900 had been distributed among the stockholders as divi- dends from stock sold. The whole amount received was $35, ,002 from all sources. Sale of stock, franchises, etc., etc., were includ ed. There is in the treasury about $3,5OO. The balance of the receipts was expended in prosecuting the company's suits and enter prises. Witness said he never was paid anything but his travelling expenses for what he had done as secretary and treasurer. Colonel Young stated that he was tte only Congressman who had had anything to do with the company. Neither he nor anyone authorized to act for the Pan-Elec- tric company had tried to dispose of stock to Congress men. He did not think they were good class of men to sell to and believed them an undesirable class to have in any business en- terprise. He did not think of giving away stock to Congressmen or other public men. sfI was not so fluent in that direction," said he, tas was Dr. Rogers. A Congressman or politician was of no account to us. We want ed no legislation and had no use for them. A great many public men spoke to me of Congressmen-but the conversations were only casual. I did not try to sell any stock to these men and some who spoke of buying the stock were advised not to till the litiga- t1on the company was engaged in was dis posed of, because the stock under the circum- stances was not good for speculation. There was never any secrecy made of any of the meetings of stockholders, the proceedings, or as to who were officers, or as to who were in any way interested in the company. 1 have always thought the company and all of it's acts and intentions were perfectly legiti- mate, and I have no apology to make for anything the company has ever done. The
 
 or any improper action by the off cials of the government interested in the company. Now a good deal has been said about the Pan-Electric company having had bill introduced to enable the Attorney General to bring suit in the name of the government to annul patents. This bill (exhibiting it) was first introduced by Mir. Vance, of North Carolina, on June g, 1880, nearly three years before the Pan Electric company existed and it has been introduced in each Congress since. When I was ia Congress, the last Congress, I first heard of the bill Then it was read from the clerks desk, and singular as it may seem, was the only man in the House who opposed it's passage. It struck me at the first glance that it was a dangerous bill as it might be construed to deprive all others than the Attorney Gene ral of the right to bring suits to annul pat ents."
 Adjourned until Wednesday,