New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-05-24
HOLD MUCH COAL STOCK.
Continued from Hrst page.

Madison Coal Company and that Mr. Patton
had given him 100 shares.
Mr Glasgow developed the fact that MT
Purvianee held 40 shares valued at SSs'oUV TOT
which he paid no cash. The witness said that
through Mr.. Patton and Colonel Huff he ac-
ouired stock when the companies were organ
ized by helping to promote them
DEFENDS PROMOTING COMPANIES.
First vice-President John P Green dis
claimed any interest in coal lands. coal COM
NAMES or oil companies He entered into dis
cussion with Mr. Glasgow to the propriety
OF n railroad official promoting a coal company
MI Green held that there could be no inn
propriety in a railroad official connecting him
self with coal company on exactly the same
basis as other stockholders. The railroad man.
he said, committed himself to the same obi
cations as the others who acquired stock in
new company, and the whole transaction must
be regarded as purely a business venture in
which all of those interested took the same risk
Mr.. Green explained further that when the
soft coal field was in process of early develop
ment ]. Edgar Thompson, then president of the
railroad. advised the officials to take stock in
the coal mining companies that were in process
of formation. When it was pointed out that this
policy might lead to abuses, the witness said Mr.
Thompson asserted that the Pennsylvania Rail-
road would protect itself
do you think ii good policy for public car
rier like the Pennsylvania Railroad to permit its
officials to own stock in these coal cOmpanies?'
asked Mr.. Glasgow
1T is not our policy" replied Captain Green
Il might say here that our board of directors to-
day referred the matter to a competent COM
mittee for investigation. Conditions have
changed in recent years. and the practice of
be regarded differently than the case
twenty thirty years ago"
Twenty or thirty years ago." interpolated
Commissioner Clements. when there were no
private cars the railroad was able to furnish all
the cars that the comparatively few operations
required, I suppose"
That was probably So" responded Captain
Green.
EXPLAINS HIS STOCK HOLDINGS.
Samuel Rea. third vice-president, followed
Captain Green. He read statement to the
commission concerning his stock holdings. It
was, In part follows:
NY Ny name having been mentioned in the proceed
in connection with the stock of the Greenwich Coal
ana Coke iS I C3mpaIny calls for an explanation
optioned some fifteen thousand acres of coal lands
NEAR 1fed ShSFTy of Tree en- 6 IN which syndicate com
upon maturity Of the options the syndicate would
Of Colonel Hun was deemed best for the syndicate
up and was paid by me in June, 1902 The Green
%ch o Goal and Coke Company was at that time
thirty eight hundred acres OF coal lands Colo
OF said optioned lands. payment therefor being
made IN stock and bonds the remainder of said
ceived account Of my participation in said syn
dicate one thousand shares Of Greenwich Coal and
COKE company stock, par value $50 share, and
stlll have an equity in the unsold lands.
Mr.. Rea explainedsfurther that he owned seven
hundred shares in other coal companies. rail-
Of which he either paid his syndicate subscrip-
ton down committed himself for a participa-
ton subject to call. These holdings. he said, he
had transferred to his son as a wedding present
Il have always understood he declared that
as an individual. director or officer. was not
debarred from ownership in such properties"
Mr. Rea said also that he had stock in the
Sewickly Coal Gas Company. which he ex-
changed for stock in the Keystone Coal and Coke
Company. These shares he sold to r. K Cas-
satt.
c. A. Buch, manager of the Columbia Coal
Company. a selling company for the Henrietta,
obe-ConnellsVille, Alton and formerly the
Alexandria coal companies testified to discrim-
ination in car distribution. He said that owing
TO lack Of cars the Columbia company was COM
PEELED to sell the Alexandria company, and that
1t 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. When his company
was rated at thirty or forty cars. he declared, it
was supplied with four Mr.. Glasgow read a
telegram from General Superintendent Creighton
to Division Superintendent Long, ordering a
special assignment of cars to the Berwind- White
Company and further order of 225 to be
kept in readiness for that company. The tee-
gram was dated June A. 1908.
while those cars were being held for that
company" said Mr.. Buch I'VE begging
for cars"