New-York tribune., 1909-10-10
E. Fl. HARRMAN'S HAND
IN L. S. EMPRESS STOCK.
Frank II. Plaft Tells of Purchase of
po.Ops Shares for the Railroad Man.

frank n Plat a director ~ the United states
Express Company ana son Of ex-senator Plstt.
y-esidenf 81 the company. was examined yesterday
a. the Supreme Court as a witness before trial in
she SUIT brought by Benjamin F. Sprakler, a share
holder who asks for the appointment of a receiver
ara an accounting This action has been brought
ln Cloversville. ~ Y. and is the calendar for
,-4al next Wednesday.
p developed in the course % Mr Plstt's examua-
sser hv Eugene @. Krerner counsel for the plain
rald for snd the owner Of 22G2s shares ot
Tinted states Express Company stock bought by
NJ Platt. and which valued at s. s50,o0o
heinE an asset OF the Hartman estate Mr.. Platt
said that II he knew II 10 be the desire Of any
Nons hde stockholders that ne resign from the cor
rorstion director he would do
NJ Plat said that he was counsel for the United
States Express Company. hut that he always in
dorsed over the checks he receives for compensa-
fior his firm. which does the work. He Is
member Of the firm of O'Brien. Bosrdman. Piatt q
Tfttleton The last named represented his partner
a. the examination yesterday. The witness said
shat there standing his name 22oes shares OF
TIE defendant conpanys stock. but that he did not
own them. He said that he bought the stock for
2 y Hartman. The witness said that ne owned
rs-sonaIIv prior 70 1917 100 shares and that sub
saquertlv he acquired additional shares in the
orer market Mr.. Platt explained that his opera
lions originally for the United States Express
Company. the Adams Express Company I'D other
ro-,panies n the express business. He bought
having first s. .9o5.0o0 and then making a second
sv1ent Of sl0o0 600 The witness added that he held
iitls - the shares for time, but that on the
tssusnoe ~ new shares ne Endorsed them over in
blank 70 M Hartman.
" Plat said that he had received letter
signed BY Albert Il Bannister and Samuel H HIATT
or April s or behalf Of the shareholders COM
r7ittee, representing that they were owners OF
twenty thousand shares and asking him 20 Join
thez1 and other stockholders holding hfty thou
SAND shares Of stock in calling meeting of the
srockholders. 7 did not consider Mr. Bsnnister
represented any interest worth considering. saio
NJ Platt. He added that che United States Ex-
r-ess COMPANY ioined with other companies in op-
-ostrE hiu before the Legislature for annual
elections OF the directors OF Joint stock companies
.7 cid not personally take any part in II, but
think the b.u was not introduced for any proper
purpose" NJ. Platt said
Are YOU now favor % holding annual cleo
tons ~ directors OF joint stock corpanies? asked
NJ Kremer-
That is TOO broad question for me 10 give an
c-haud opinion on" MI Platt said I cannot
sneak win regard al joint stock companies, hui
Z rH-nk such 3 measure with reference 10 tne
T--i-s5 States Express Company would he inef-
fe-ttve
-he witness said that the communication and g
le-ter he had received later we're written upon the
supposed authority o. one Bannster and one HIATT
,-ro -sn-ssenred that between them they controlled
.-e--v thousand shares Of the stock Of the United
states Express Company
50 far as Ne could ascertain" said Mr Plat
.rPsnrie-a- controlled or held eighty-two shares
Of ne stock and HAITI none al all. hence my not
regarding II especially seriously"
Asker next # he approved Of a meeting OF th'
s,oczbol6ers Of the United States Express Com
rsrz- NJ Plat after a number OF euesuons
s,s,ad tbss r The meeting were properly called
,,r6sr The articles n Incorporation he certainly
.,,-,-,e5 ~ such meeting II such a meetins
,1,era rsoYes-ed under proper authority, the Wit
ness said he would do al in his power to see tha'
Fuch meeting vas had
M Plart said, in answer 70 question by couh-
Sc whether he would resign II requested 20 by
-hs-ebolders that he would not remain in any
oNce where he not wanted, and added thaf
II was his opinion that his connection with the
corporation had been for its good and not to It's
6er~f-err Mr.. Littleton announced that he would
se=r-e his examination Of his partner for the trial
n C5loversvtIle
TIE fa-t that M Plat had purchased the lAon
shares each Of United States Express stock held
-- The American ana Adams express compsni :
became public in April. several weeks after the
transaction had been effected II was reported AZ
,7sr time thai Thomas F. Ryan was Mr Platts
r-frcipal in the negotiations. Mr. Hartman was
q prominent figure IN the express field through
h4s dominance Of Wells. Fargo & Co, hut he had
never been identified with the United States TX
r-eSs Company. When the American Express Com
rsn- sold IT'S 10 M shares of United States Ex-
press stork 10 Mr.. Platt, James c. Fargo. presi-
6=-r Of the former company, retired as director
cs the Tinted States Express Company his sue
~ N- rlatt and the holder Of 30 shares Of the
s-ock
TIE FUNDS received by the American company
f-s holdings In the United States company were
7~o-7rrfv reinvesred IN stock OF the Northern Pa
otfo Union Pacific and Great Northern railways