The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-06-11
ADMITS OWNERSHIP OF
SOME COAL STOCK
President of Pennsylvania Re-
plies to Queries of lives
tigating Committee.

PHILADELPHIA, June 1o.-Tho special In"
vestsatlng committee appointed by the board
of directors OF the Pennsylvania Railroad COM
pany. and acting for oll tho lines of tho
Pennsylvania system, tonight made public the
answers OF President Cassatt TO the qucs-
tons pronoundcd by the committee In one
of It's circulars sent to all officers and thou
sands OF employees OF the various lines. Mr
Cassatt. IN reply to the query TO whether
he has any interest In any coal company or
other enterprise located tho companys
lince since January l. 1900. says
Owns No Coal Stock.
II do not ut rrcsent own any stock in any
or whose coal is shipped over the lines OF
the Pcnnsyvonio railroad system.
'Until the Slst of December. last, 1 owned
$50 Of tho 1000 shares or the Millwood Coal
and Coke company tpar 500. stock which
l subscribed for when the company was
formed about 1872 and paid for at the sub
scrption price, which, to the best of my recol
lection. par There Mos no market for
this stock. IT only paid paid dividends at
nude for all the stock by the owners OF the
adjoining land and my stock was sold with
the rest.
Has Some Other Stock
II own s2s Of the 5000 shares OF tho common
stock OF tho Union Switch & Signal COM
1854 at tho then market price which. os nearly
as can reeollect, was S2S per share.
I IS OF the 25O0 shares of stock of
tho United States Metallic Packing company
tpor 5000. which 1 bought about 1856 at tho
then market price. at which 1 think
about $50 per share.
Says He Bought His Stock.
II e2a6 OF tho 1856 600 shares OF the pre-
fcrrcd stock OF the Pennsylvania Steel COM
pany (par 5000. This stock l purchased
various times my FIRST purchase having been
the acquisition by the Pennsylvania company
OF majority OF the shares OF tho capital
MY last purchase was mode on the 9th OF
May OF this year. Tho average price paid by
me 1919.
Il own 1000 of tho 10000 shares of stock
of the Cambria Steel company Cpar 500,
which purchased at cost OF 50 per share,
on tho second day OF MAY, 1906 These shares
replaced lGc0 shares OF other stock OF the said
company all of which were bought by me
aftor the Pennsylvania company had acquired
a majority OF the shares OF tho Cambria
Steel company, but which l had subsequently
sold"
Rendered No Direct Service.
Mr. Cassatt said he had not directly per
formed any service In connection with the
receipt transportation delivery OF any
freight shipped by or consigned to any OF
tho companies above named Ho said he
had not performed any duties in connection
with the distribution or allotment of cars or
the furnishing of sIdings. equipment motive
powor docknge or other accommodations for
President Cassatt says he has never received
any commission, compensation, gift or erntuIty
OF any kind from any shipper on tho Penn
sylvonia's lines, any of the Ave companies
ne mentioned In his first answer.
These Companies In the Game.
In reply TO tho question as to ghe,hcr he
Ia pecunlarily interested in any corporations
association or individual doing work for or
sylvania system. he says that the Ave com
panics mentioned in his first answer make
sales TO the Pennsylvania Railroad company
and with tho exception of these companies he
is not interested or concerned In corporations
or individuals referred to in the query
Question of Services.
He says he has not performed and is not
now performing any Eervice In connection with
work done for or the purchase or receipt Of
materials or supplies by the Pennsylvania
railroad system. excepting that he hos in nc
co!donce with established custom, purchased
the steel rails for tho entire system. These
purchases arc reported TO the board OF directors
After concluding his answers President Cas-
satt makes tho following statement to the
special committee:
Makes Explanation.
You Will observe that the only coal stock
owned by inc since becoming president OF
the Pennsylvania Railroad company is 1eO
shares OF the Milwood Cunl and Coke company,
which stock has been sold. but in view OF the
reputed rumors OF my being holder OF stocks
OF the Keystone Coal and Coke company the
Berwnd- White Coal Mining company. and the
tercsted in the firm OF Cassatt G Co. / think
II proper TO state that / never owned had
any Interest In the stocks OF tho Keystone
Coal and Coke company or Of the Henrietta
Coal company, or I ever had any Interest in
the firm Of Cassatt & Co.
Denies Stock Ownership.
Il never owned any stock os the Bery,nd-
White Coal Mining company while mn oficer
OF the Pennsylvania Railroad company either
during my former connection with the COM
pany. which Terminated by my. resignation
OF tho Vice presidency in the fall OF 1852 or
since | became president in 1899 but when
In les5 Mr.. Charles ]. Bcrwlnd, then head
OF the partnership OF Borwind- White & Com
pany. formed the pre5cnt Berwind- White Conl
Mining company 10 take over the business OF
that nrm. / purchased 400 shares OF the stock
OF the company and paid for It at the then
market price. which 25 per cent OF Ills
par value sold this stock in 1891 You
VIII observe that II was purchased four yenr,
aiter ceased TO be an officer of the company
ana VAS sold eight wears before I was elected
10 the presidency I never had any Interest
In the partnership OF BerwInd- White g. ~, 20