The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-05-24
PAID NOTHING
FOR STOCK NOW
WORTH s307,000||.0 D
Admission Wrung From
Reluctant Witness
BY Glasgow.
GREEN PROMISES
| THOROUGH INQUIRY
Committee Appointed by Direc-6
tors of Pennsylvania to sS
Make Investigation.
HIGH OFFICIALS OF
ROAD PUT ON STAND '.Nll[|'l
Assistant to President Expresses
Belief That Cassatt Knew otS5.@ 81
Interest in Coal Companies,
No Use Beating About 4.
Bush, cockrell
Advises.
HIGH OFFICIALS OF
ROAD PUT ON STAND. Nd
NJ 4 ssocIatetl Press.l

(By Associated Press0
PHILADELPHIA, May @3. - t'urtner.s tst'
ravs,nti,ns concerning stockholdnss m 4
soft coal mining companies by olilclalsS meg.
Of the Pennsylvania Railroad were maae$ oes
TODAY when the Interstate Soil,lnt., S, y
Commission resumed its investlsa tloi'# o.
into the alleged discrimination by RAJ al
roads in the distribution OF cars.
Three high officials of the railroad-T.4
vice president John p. Green, Ihhird
vice President Samuel era. and WllliaH
& patten assistant to the president az
Philadclphia-wer the important WY.
nesses OF the day. MT. ration Fattoo8 We
,,ndera examination the greater part ~ 4
the morning and was an uilw''.l"s ,,N,
ness. trhe persistent questioning OF ~. ~ Il:
torney Glasgow for the commission. how
ever brought out the fact that Mr. Fat--s
ION had acquired stock. the par value u
Of which is sS07 ,0O0 in various con
companies, without cost to himself " &
explaincd however, that he had slgnen
notes obligatlng himself for his share 4olSaa u
the losses and declared his bellef u fl ~
lit was proper for him TO accep tssgs shl th hess
stock under those conditions, gsSi 3
Company to I,lvestiga ate. s,
Vice President Isca read q statement -
to the commissions. in which he e,Spl;. ilt::sSS
cd all OF his, stock transactions, stating
that he did not believe he was de-
barred from sucl, ownership because of
his connection with the railroad COM
pany Mr.. Rca said that most OF ahls
stock was acquired through his associai-2
tions with land-purchasing syndicates,SS
which took up the coal properties for 4
development.
Vice President Green said that twenty
or thirty years ago 1t was not considered ,
improper for an official of the railroad to
own coal company stock. but that cons
ditlons had changed. and such holdings
might not now be regarded In the same Z
light as formerly. He Informed the COM
mission that the board of directors OF
the Pennsylvania Railroad acting upon
the information that had been brought
out at the hearings, had to-day app
pointed a committee of five directors to a
make an investigation into the connec-&
ton of it's officials with coal companies.
Mr.. Green said he did not own a dol-
lars worth OF coa company stock
Other witnesses testified to stock own
ershlp and to discrimination IN the dis
tribution Of cars.
Testimony of Patton.
Chairman Knapp, former Senator
Cockrell and Judson G.. Clements con-
Quoted the hearing. Tho entire commits
sion sat for to-days hearings. Tho first
II
sIstant to President Cassatt, at Philn-
dclphia. He was asked to tell what in-
tercst he had In coal companies. TAX
Ing a list from his pocket, he enumerated
the various companies In which he held
stock Concerning the keystone Coal
Company shares, Of which $500 were In
his name, he said he got the stock by
purchase and through the merging with
the keystone Company of smaller COM
III, l,.,. ,y..I
hundred of the shares, lie said, belonged
to his brother. J. Howard Patton. who Is
Interested in coal properties In Western
Pennsylvania. Mr. Patton explained thar
he held stock in five companies, which
were consolidated with the Keystone and
through that transaction secured his
holdings IN the keystone Company,
After repeated efforts had been made
by Mr., Glasgow, counsel for the >m-'
mission, to draw from the witness pos
itiyc statement as to whether lie had paid Z
any actual cash for his 100 shares In the
company Mr.. Patton nlAde an eNplana-
ton to tho effect that he became inter-
ested In the land purchasing company
through j. Howard Patton, who repre-
scntcd the interests of Colonel Gcorga
j. Hun. When the land was purchased,
he said, the investors We're obligated 10
pay their pro rata share, but AS there
llaN ptti ll' ''S7'' ~ Nt''' h'N'S'uiS ~ {
pay in cash
Were you required to pay anything
toward the purchase Of land?''
81 stood to lose, and had il been ncc-
essary would have paid my share
Beating About Bush.
Former Senator Cockrell here inter-
rupted, saving
"It seems to me to be an easy matter
for you to say you went into snecu-
latiyc deal; that none Of you paid any
cash and that the corporation WAS res
sponsiblc for tho purchase price. ! don't
see the necessity OF beating about the
BUSH
Concerning The Huron Coal Company,
Mir. Patton said he thought he had 800
shares. but MAS not certain, These
shares he acquired in the sane ugnner
as his holdings in the Atlantic Crushed
Coke Company lie was asked II he eyer
held stock In the Columbia Coal Conn
pany lie said he had at it's organiza-
'tion. hut It became a selling company
Instead OF an operating company, and
he sold mis- stock 10 a Greensbufgs pa.
banking company
In the Greenwich Company Mr., Pat.
ton said he had 1000 shares, He said
he was obligated by nota 10 the amount
~ S?o,0v for the purchase OF the Lana