The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-02-18
since been accumulated, and the road sent

Accounts have been crooked and debts
concealed, and tho character OF the trans
actions have been altogether revolutions
ized."
Chairman Killman-A sort of wreck
ing business
MIR. Smith-Well, wrecking business
certainly.
The witness was then asked number of
questions leading up 70 any expression of
his opinion as TO the ability OF the Reading
company TO pay its enormous debt and the
value Of its securities. lie replied finally:
81 would not own dollars worth OF its
bonds, except the very early ones. The
others are worthless. Tho company can
not, in my opinion, pay its debts.'
When asked further us 10 whether he
thought the road would 90 back into the
hands OF a receiver, he said
"Ycs, and that will happen within a
year, from present Indications"
Mr.. sweigert detailed at length all the
circumstances leading to the strike of the
railroad men in Philadelphia, prior TO tho
miners strike. He claimed that Lee,
Cahill and Sharkey, the leading spirits OF
the labor organization, had broken their
agreements several times aud admitted
that he had violated his part OF the con-
tract in discharging the leaders.
The committee then recalled President
Corbin, OF the Reading Railroad company.
His attention was called to the require
ment OF the charter Of the Reading Rail
road company, which required that its
president should reside in Philadelphia.
Mr.. Corbin said; al live here"
"Where clse?" was asked.
81 have residences in New York, New
Hampshire and Long Island rs we'll"
Mr. Anderson-where do you have your
washing done?
Mr. Corbin Gndienantly)--I think that
it's not pertinent to 10 into my private
affairs.
Dropping this line Of affair, tho commit
tee sought 10 obtain from Mr.. Corbin
something of the history OF the former
financial difficulties OF the Reading Rail
road company. lie said that the last divi-
dend OF the company was paid in 1876.
"And," said Chairman Tillman, at will
be a cold day when il pays another"
Mr.. Corbin objected 10 this sort Of in
quiry, claiming that the committee had no
power TO 60 into possibilities of the future.
81 Supposed" said Mr.. Corbin, testify,
that this was fair investigation. did
mot think you came here 10 personally
abuse everybody connected with the Read
ing Railroad company and 10 call them
thieves and robbers"
The Chairman--I do not do that. I am
gentleman and can answer for what l
Say or do.
''well," said Mr.. Corbin, 81 will answer
such.questions 10 the people who own the
Reading Railroad company, and not TO the
public, who have no business and no in
tercst In IT,"
lie absolutely denied any knowledge
whatever oi any combination now existing,
or that ever did exist, 10 limit the
output and 10 keep up prices. At
this point Chairman Tillman pressed
the witness Tor statement Of the interest
bearing debt OF the company. Mr.. Corbin
grew angry, and retorcd that he would
like 10 know the grounds for n published
report that the chairman had called the
Reading railroad officers robbers and
thieves, and reiterated his statement that
he would hold himself responsible 10 the
owners OF the road. lie denied the right
Of the committee 10 90 into the roads pri-
yate business. lie declined TO say how the
company could gct along without lis coal
business.
After long series Of interrogatoncs Mr..
Tillman drew from thu witness the state
mcnt that the interest charges and the
other fixed charges of the company
amounted 10 sl0,OOO,001 year. and MIR.
Corbin stated in reply 70 further question
ing that without the coal trade the COM
pany could earn lis fixed charges, which
were over S7.0OO,OO0.
"But do YOU expect" was asked, ito
make more than 100000 with your
miners out2'
Mr.. Corbin-No, but our miners viii be
back, aud II your committee will stay here
ten days IL will find them all at work
again.
Judge Chapman said: "Mr. Corbin, Il
IL the belief among the coal miners and has
been stated publicly that II II the interest
Of your company 10 have a strike nj this
time that II may be OF advantage 20 the
company 10 have a strike In view Of the
company's financial condition In order 10
oilcr that m an excuse for IT,"
Mr.. Corbin denied absolutely that thero
was any foundation for such an assumption
and added: 81 wish the committee 10
understand that am rusdy 10 furnish any
information that can Ia reason be eN.
pected 10, but don't acknowledge the
right Of the public 10 know the particulars
Of the financial condition Of the Reading
company"
II think now" said Mr.. Corbln. "the
Roading Railroad company has passed out
OF liz muddy state and-~ill stay out"
Mr.. Tillman-A former president of
the road who testified this morning, didn't
think 10.
Mr.. Corbin-well, ] do, aud ought
| 10 know have q COOL deal Of stock la
Il, aud I believe In Il, or | wouldn't
have II.
The next witness VI. George w. Jones,
the former vicc- c-presidrnt of the Reading
Railroad company. lie couoborated the
statement Of Mr.. Smith that in 1859 the
Reading Railroad company had only a
small debt, was paying interest on iis
earnings, and paying dividends Of 10 per
cent II was the dealing In coal lands, aud
the purchase OF coal lands which could
not be utilized for many years, and In at
tempt n 10 force a small part Of them 10
pay the interest on the whole Investment
which wrecked the company. The wit.
ness related at some length the history OF
the several coal combinations In the past
which had been made n restrict produc.
ton and thus mako hlsh prices, lie said
that the last one did this by mutual agree
mcnt 20 shut down The mines certain
number Of days In the year. Until he bad
heard the testimony Of witness he had
been certain that ibis sort Of a combina
ton existed now and that the Reading
was q party 10 Il, and h. believed u now,
notwithstanding tho tcsdmony before the
committee.
| -
a suicide grauk.