The Barre daily times. (Barre, Vt.) 1897-1959, 1906-05-24
AROUSE
DIRECTORS
Pennsylvania Road to Inyes-
tigate Holding Of
COAL C0MPANY'S STOCK
w. A. Patton, Presidents Assistant, Ac-
cepts Securities of Par Value of
1907 900 COMMITTED Appoint
ed Investigate.

philadelphia, May 2f.---So much crit
icism has been provoked by THE adinis-
siors Of W Al. Patton, assistant to
President Gassatt, and Of other officials
that they have accepted shares of stock
from various coal companies that, at'
ii meeting of the board OF directors 81
the Pennsylvania Railroad held here
Yesterday, committee was appointed To
investigate the whole question OF stock
holding By the roads employees.
1t has been shown at previous hear
lings OF the Interstate Commerce Com
mission, which is investigating the rela-
tions II the Pennsylvania and other
railroads to the coal ami oil companies,
that officers OF tile Pennsylvania road
had accepted large blocks of stocks from
corporations shipping over their line,
but all records on this subject were
broken yesterday. when Mr.. Patton adj
mittcd that he held $50 shares Of
stock IN i dozen coal companies, CLIO
shares OF which, with par yalne of
100000, he had acquired for nothing.
For the remaining 700 shares he mad
paid $4,000.
When these facts had been brought
lont, Commissioner Clements asked the
witness ii he did not think there was
danger of discrimination when railroad
officials held coal company stock. Mr..
Patton admitted that there might he an
element Of danger. He added that the
railroad company had not, in the early
days. discouraged the system Of rail-
road officials joining and organizing
mining companies.
Are they diseouraging the system
nowlv the Witness was At once asked
u can't say, but ! judge SO" he "
Piled
How Is II manifestedf"
No Manifestation Yet.
II have seen no manifestation Of it. y
When the inquiry was resumed yes
terday morning. Mr.. Patton was the
first witness called He enumerated the
various coal companies in which he held
stock, and III regard to the Keystone
Coal Company, $500 shares 81 which
stock are III his name, explained that
he had obtained the stock by purchase.
Mr. Patton proved an unwilling Wit
ness, however. when he was questioned
about his holdings in the Atlantic Crush
ed Coke Company. The examination re.
suited in tilt between the witness and
/ Attorney Glasgow for the commission
ana caused impatient comment BY Com
missioner Cockrell.
( The controversy occurred after re-
lpcated efforts had been made 70 draw
I from the witness positive statement
as to whether he had paid any actual
leash for his 100 shares in the concern.
MIR Patton asserted that he became I'M.
terested III the land purchasing com
/ pany through his brother, y. Howard
! Patton, who represented the interests Of
\ Col. George j. HUI. When the land
was purchased, he said, the investors
but as there had been no losses it was
not necessary to pay in cash.
How do You explain the fact, Mr..
/ Patton" gueried AIR Glasgow, "that you
acquired, principally through George +.
HUFF, such an enormous amount Of
stock ~
MIR Patton replied that he had been
born in western Pennsylvania and had
been d lifelong friend 81 Col. HUFF
Friendship Goes a Good Ways"
Friendship" he continued, goes a
good ways. These stocks were not given
nae for any fayofs might be able to do
the companies. Some years ago the
Pennsylvania Railroad Company had to
encourage the developments OF the solf
coal itnds. Then II was moi considered
crime, as it appears 70 be now. for a
railroad man to hold stock in coal
company | have never attempted to
conceal by ownership Of coal company
stock"
As a result Of the disclosures already
made, minority stockholders of the
Pennsylvania are considering plans to
bring about more thorough probing
through the state legislature. Such an
Investigation would include an inquiry
into the contracts for steel rails en-
gines, ami other equipment made during
thc last five OF six years.
London, May 24.Alexander J. Cas-
satt president of the Pennsylvania Rail.
road Company left london yesterday
for Paris.
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