The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-05-24

6noen cnaj companies, CLIO shores of
witch with n par value of sS01,oOO, he
had acquired without payment. In nddi-
ton, he owned 100 shares which mad been
paid for.
i1i"TIow do yoti explain the FACE, Mr.
Patton" queried NV. Glasgow, that YOU
acuuired principally through George =:
Hun. such an enormous amount OF
stock?" II y
Mr.. Patton said he was born IN western
Pennsylvania and had been lifelong
friend OF Colonel Hun.
s5s5 r>l:.,1,. C,cc,++ K,otys
i. $500, 49,. !, yood
Frlendship. ne SUD ,,,ro, mo
ways. The stocks were NO ~ .i,n
for any favors lhlsh1 pe u.'' ~ ponn-
companies. some years nso ~ 20 on
syiVanla hai, ,l'a, 1917, - ,be soft coal
sonrase INC aev y was not considered
crime MS II appears to be now, for u
railrond man to hold stock in coal
5,n,,,,any 7 have never attempted 10
f,n,,nenl my ownership of coal company
stocl. "
AN'.,1yare ,.o,r superior officers aware that
-, o,,,od this stock?" asked Mr. Glns-
80
so .m ,,,,,,, NJ Roberts and Mr.. Thomp-
. ..,m
s"..Ana M Cassntt?"
..T ,,,dnn so. Il was generally known"
,s,nne,. Clements asked the wit
u - iis IT, Ala pot think there was danger
lie discrimination when railroad officials
o. d,scri,n'''a .'I' ,,nol, 10 admitted
I I1 u ~. ,,'i,rl,t 10 M element of dan
ti'hl t,,eie -. ~ r,iirn.d COMPANY did
seet',,, ~ aar,v DAYS discourage the sys-
nov III 'lle , 800 nr,c,als ioininp and or
le'li " .,,i,j,,s comnonics
so.'..,i's ~. aiscoura,,,nr the system
arc 'nes
now ~. ,,a,o so"
,,1, 80 90 ,,,,,ifostnd9
HoW is - y. Standardization of to-
nave steii Nv ,,,,.ia, h, CHAIRMAN
IN ms ~, NJ po+,on snid Il had been the
n rannrpl Gus custom in the soft coal region,
to organize companies by U.S. u.s., t'' - .,e
the stock ana PAYING io' ~ wy "
profits. ol
@ Purchasing agent OH olailu'
40 6 Newhall. purchasing agent Of the
pan,s,,,v,,io Railroad, testified that lie
sola eighty shares of stock in the La
trobe- Conncllsvile Coal Company, when
hn received in exchange for stock OF inc
r,,,or,nr Con, Company, twenty shares In
.ha valley Coal Company and twenty
.hanos. a., TIN 17roeport Coal Company.
Tha stock was originally acquired with
,,,a,,o,, 10 borrowed and by agreeing to
shorn IN tho nrotits and losses.
Thaodorn n Ely. chief of motive power
nf IA
on,nad stock in several companies when
he Maid for at par
Rv continued questioning Mr.. Glasgow
deve,oned the fact that Mr.. PurVlance
held nc shares, valued at S3S,5OO LOT
which he paid no cash.
The witness said that, through Mr..
Patton and Colonel Huff, he acquired
stock when the companies We're organ
lied by helping TO promte them. lie
-
his share of the losses
j. N Purviance, chief clerk to Wlillam
A. Patton, testified that he neld l,loo
shares Of coal stock.
Vice-PreSident TeStlheS.
c,, :,
FIRST vice ires'oI I,,i,, su,,,' When mes
,nne 5e nv Nv GLASGOW emphatically dis
claimed any interest In coal lands, coal
companies or oil companies.
"What interest has the Pennsylvania
Railroad Company in the Susauehanna
Coal Aompany?"
"It owns it,
Captain Green aud Attorney Glasgow
then entered into discussion as 10 the
propriety of Il railroad officials promoting
a, coal company.
Captain Green took the posltloh tha ma
there could be no Improperly IN ran
road official connecting himself with a
coal company w cNatt'S Wv 7"'HN ''
rs all other stockholders. The railroad
man. lc said, committed admselt 20
the same obligations as the others VINO
acquired stock in a new company, ana
the entire transaction must be regarded
as purely business venture in which
all of the interested parties took the
same risk. Mr.. Green explained further
that when the soft coal field was in pro
cess of early development, J. Edgar
Thomson, then president of the rail
road, 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 lea1
TO abuses the witness said Mr. Thorn
son asserted that the Pennsylvania Rail-
road would protect itself,
IT. M,Le Tnvec+;o.+;or
Niah '''oi.
10 you MINK u soon Poiiuy LOT
pupnc carrier ,'Nt ~ aesylVa", n s i.,
In these coal companies?" louercd Mr..
GLASGOW.