The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1906-05-25
OWN MINING STOCK

Continued From First Page
public carrier like the PENNSYLVANIA
railroad TO permit its officials 10 own
STOCK IN these coal ~cOmpanies?" uaer-
jed Mr.. Glasgow.
1t is not our policy" replied Cap
tain Green. Il might say here that
our board Of directors today referred
the matter to a competent committee
for investigation. Conditions have
changed in recent years, and the pTac-
tice of officials acquiring stock in coal
companies might be different row
than was the case twenty or thirty
years ago..
In view of the immense develop
ment of the soft coai field and tbs
growth of the private a system, 40
you not think that railroad officials n
the coal companies might be tempted
to discriminate in the distribution Of
cars?" asked Mr.. Clements.
Our company has been compelled 10
permit the use of private cars b. the
growth Of the soft coal developments s,
replied the witness. I'VE don't wan
private cars"
do you not think that it would be
for the best interests for the public
and the railroad if the temptation arts
ing from the association of railroad
officials with the coal companies could
be ~removed?" Commissioner Glenn
ents asked.
That matter is in the hands Of the
committee appointed today by the
board of directors
Co-pTo1 poa thi~1 y-iao Drcci1prr of
the PENNSYLVANIA railroad, followed
ment to the commission concerning his
stockkholdings. 1t was in part as TO-
lows:
MY name having been mentioned in
the proceedings before the interstate
commerce commission in connection
with the stock of the Greenwich Coal
and Coke Company calls for an eX2la-
nation. in 1902, Colonel George r.
Huff and associates optioned some H.
GEO acres Of coal lands near Cherry
town, Pa, in which syndicate | COM
mitted myself to a $4,000 interest,
agreeing hat upon maturity OF the
options the syndicate would either pay
for the lands and hold the same as IN
investment or part with them as IN
the judgment of Colonel Huff was
deemed best for the syndicate. OF my
commitment Of $4,000 only $4,000 was
called up and paid by me in June,
1902. The Greenwich Coal and Coke
Company was at that time contrOIed
by Pittsburg parties and owned about
$500 acres of coal lands, and Colonel
Huff sold to it about Is 1000 Of said Op-
toned lands, payment therefor being
made in stocks and bonds, the remain
der of said bonds being still held by
the syndicate, and I received On &C
count Of my participation in said syn
dictate 1000 shares of Greenwich Coal
and Coke Company stock, par value
$50 per share, and still have an inter
est in the unsold lands"
II have always understood he de-
clared, that as an Individual dircc-
tor or officer l was not debarred from
ownership in such properties"
In answer to questions by Mr.. Glas-
gov the witness said other railroad in
terests were entering the soft coal
territory occupied by the Pennsylvania
railroad and he considered it proper
for Pennsylvania interests to secure
the land. Asked if other officials
knew of his stockholdings, Mr.. Rea
said he believed they did as he made
no attempt to conceal them
G.. A. Buch, manager of n Columbia
Coal Company, a selling company for
the Henrietta, Latrobe-Connellsviiie,
Alton and formerly the Alexandria
Coal companies testified to discrimina-
ton in car distribution He said that
owing to lack of cars the Columbia
company was compelled to sell the
Alexandria company and that they
were almost driven out of business.
He said it was the general belief in
the region that the Berwind-White
Company and the keystone Coal and
Coke Company were favored by the
railroad in the distribution of cars.