The sun., 1910-07-16
The Pennsylvania Democratic
Leader Lacks Cash.
ASSETS DOUBLE LIABILITIES
SIS, 100000 Tied Up in Goa
Linds;; Owes $7,0O0,0G0.


Value eT Roy atty On Goal I nj
Ground Placed nj s7O. .0OO OoD
Guney's Carrer In Ou aud PsIiirs
PITrsRrRG. July IS The busln"ss AZ
fairs 81 col James VI Guney. Democratic
leader 81 Pennsylvania. memb,r ui ~
Democratic national committee and on
Of the best known OIL and coal men IN tn
country, were to-day placed in IN" handl
of receiver.
The assets of Col Guiey are est.mL''t
at Sl7. go ,OOo and his liabilities at les th.I
81. .OOO.OO lnabibty 10 rsal4s On hi,
assets. which consist largely Of coal land,
in West Virginia, is said to bs ihe rlason
for Col Guffey's embarrassment.
John H. Galley. one of Mr. Guffey's cred-
itors and former business partner.
went into Common Pleas Court No to-
day and asked for the receiver John H.
Willard of Pittsburg was appointed and
was put under 500 CD bord 10y the court.
the American Surety Company of New
York furnishing the bond.
Late tonight Col Gufey is-red a stats-
ment expressing regret that It hal b,-
come necessary that his ahair- bs placed
ia the hands of a receiver. but u would
AFFORD protection To himself a, well as T.
all % his creditors
MY aSsAts are more than double tbs
amount Of my obligations aud | do not
expact the rscsiVsrzhip to continus for
any great length ~ time. said Mr. Gufisy.
II - set forth in the receivership papers
that GufYey is perhaps the largest holder
of West Virginia coal lands. his unsold
hoIdinKs in that State alone being l38. 7OO
acres. About three years ago. previous
TO the panic. Col. Guffey invested heavily
In cnal lands there and il il thought that
this has IN the main bsen responsible for
his financial troubles. THIS property -
said to be worth at least SIS. .0OJ.OsO and to
contain about 2.OOO. 600. .OoO tons of coal.
At the G,Iffey Offices tonight IL was esti-
mated that profit OF one cent ton on
this coal would give profit Of s2O.OoO,Ooo
20 the Guffey interests.
The receivership bill alleges that Col
Guffey has not the ready money with
which 10 meet the claims of some creditors
who have threatened to sell his collateral
These creditors are understood 20 he banks
IN Pittsburg Philadelphia and other parts
Of Pennsylvania.
Three years ago Col Gufey asked his
bankers for an extension 81 three years
ON some large obligations. which was
granted The three years have not yet
ELAPSED but Il - Understood the receiver
ship will assist in taking care of the ohli
cations soon due.
Col James VI Guffey of Pennsyl-
vania is an oil man by profession, With
the single fad 81 politics. In the first
he has tsen almost invariably sucosssfnl
and has piled up quite a number ~
millions; in the second his luck has been
Ies- constant and smooth running.
although h. ~ to-day the Democratic
boss - P.nnsyl vania. as Senator Penros"
is the Republ ican boss
Col. Guffey started in life in thH
employ % the Louisville and Nashville
Railroad. but soon returned To his native
stat. and sold oil well machinery for a
tim. IL wasn't long before he was leasing
lands IN the oil country and drilling wells.
and from this beginning branched out
into tn. purcha of lands and the laying
81 pipe lines and soon was recognized
as a big man IN the Gal industry
While he was still living IN Clarion
county he wanted the Democratic nomi-
nation for Congress. but didn't get II
His first political aspiration turning out
badly D.. hustled the harder with his
business interests. which he spread tn
the fields Of Kansas of West Virginia.
Ohio and Indiana. and when oil was dis
covered in Texas Gufey was early on
tn. job to get his share.
Guffey wa- a friend and Lieutenant of
the late William A. Wallace and helpei
To elect him United States senator. On
waIlace's retirement he led the faction
Of the party himself But he did not
gain his greatest position In the politics
of the state until isos william =. Harrity.
who had been Grover Cleveland's politi-
cal manager In the campaign Of lss2.
WINS disgllstsd with the nomination of
Bryan for President and declined TO have
anything to do with the campaign Col.
Gufiey saw his opportunity. Bv forming
n coalition with james Kerr he took pos
seasion Of the State convention at Read
ing, ousted HArrity from his place ~
member OF the Democratic national
committee from Pennsylvania and as
suIned the post himself. For two wears
GufYey and Kerr worked In harmony
until at the state oonvention OF lsss at
| Altoona Kerr and his friends put up James
Gay Gordon OF Philahclphia. Gufey
| wanted an older man. named former
CONGRESSMAN George A. jerks and forced
the convention TO his will. jerks was
defeated badly.
There was a truce between the factions
/ I'M ieO7 when ex-0ov. Pattison was re-
nominated. In io0s 0ufey was forced
| 20 nominate the candidate OF Gordon
and Kerr. lewis Emery. Jr.
| On July 4, ie08. Bryan openeh war Ola
| n,,N~v ,.ith n anaarh hs.foFe the penD-
eylVailia delegates ~ Lincoln. He sait
that GuHey had deliberately and VII
| fully conspired 90 defeat what he knew
\ 10 be the expressed will of the Pennsyl
vaniA Democrats and that ouney's pF~'-
| eoce on the national COMMITTEES was q
/ --.,,l.wr....,~nk DstNeN'a own state