The Marion daily mirror. (Marion, Ohio) 1892-1912, 1910-07-16


While Liabilities viii Not Exceed
O,ooo,0oo, but Failure to Realize on
West Virginia Land Holdings Gre
ates Financial Pinch-Has Long
Been Prominent as Democratic
"Anse" In state Politics.
Pittsburg, July 16.-The business
AFFAIRS Of Colonel James M. Guffey,
Democratic leader of Pennsylvania,
member OF the national committee
and one of the best known oil and
coal men Of the entire country, were
placed In the hands of receiver.
The assets OF Colonel Guffey are esti.
mated at s17,000,000, his liabilities at
less than s7000,000. Inability to
realize on his assets. which consist
largely OF coal lands In West Vir.
ginia, is said to be the reason for
Mr.. Guffey's embarrassment. The
matter, when made public, caused
something of a sensation. John s.
Willard Of Pittsburg was appointed
receiver under 100000 bonds by the
court, the American Surety company
OF New York furnishing the bond.
Colonel Guffey issued a statement
expressing regret that II had become
necessary that his affairs be placed
In the hands of receiver, but II
would afford protection to himself as
well az to all of his creditors. Col
onel Guffey Is probably the largest
holder Of West Virginia coal lands,
his unsold holdings amounting to
136,70o acres.
The recevership bill filed alleges
that Colonel Guffey has not the
ready money with which to meet the
claims OF some creditors, who have
threatened to sell his collateral.
These creditors are understood to be
banks in Pittsburg, Philadelphia and
other parts Of Pennsylvania.
Politics have played perhaps as
much Of a hand in the financial EN-
barrassment Of Colonel Guffey as
have his investments in coal lands.
The Pittsburg man, who began as a
very poor boy took hand in Penn
sylvania politics quite early IN life,
and for many years has been ac-
knowledged as the leader Of the De-
mocracy In this state His pocket
book was long and always open to
both state and national causes of De-
mocracy. Seemingly a natural lead.
er, he came into national prominence
In politics in 1897 when he was elect
ed Democratic national committee.
man from Pennsylvania, replacing
William +. Harrity. Guney came into
the national political game as Bry-
an man. which made his quarrel with
Colonel Bryan three years ago all the
more spectacular It was two years
ago at the Denver national conven-
tion that Guffey was practically read
from the Democratic party by Colonel
Bryan, who had Colonel James Kerr
made national committeeman in his
place. Kerr died soon after his elec-
tion and Colonel Guffey was again
made member Of the national com.
mitee by his Democratic constitu.
ency in Pennsylvania, position
which he yet holds.
II is asserted that there has not
been a political Democratic campaign
In years in Pennsylvania that has not
been financed by him. He was the
most aggressive of all oil pioneers,
opening up the Texas fields, the Ok
lahoma oil fields and the oil fields of
Kansas and West Virginia. The
drilling In of the Matthews well at
Mcdonald. Pa. by Colonel Guffey
years ago uncovered the great oil
pool of modern times and made the
fortunes of many men. Those who
knew the Pittsburg oil king best de.
clare he has always been a mark"
that In his life he has given away
not less than $5.OO0OO0 without hope
OF ever getting cent Of 1t back.