The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1914-03-30
SETS
H||NsELf|AR|GHTi
IN CONGRESS
RETRACTS ERRONEOUS STATE
MENT CONCERNING CONSOLE.
DATI0N COAL COMPANY.
USED ANCIENT HISTORY TO APP:
PLY TO PRESENT DAY CON.
q. DITI0NS.
HIS SPEECH ON FLOOR OF HOUSE
IS Complimentary TO BIG
2 CONCERN.

congressman SlnhlS, ot len n cSSee,
has retracted statement in cons
sress concerning the Consolidation
Coal Company. He sets himself
fright and says some very compli-
mentary things about the big coal
concern. His remarks as recori<tI
, y the eongressiOna, record are as
MIR. simns. Mr.. Chairman, ina
peech | delivered on the 10th of
January last, in opposition to the
proposed increase in freight rates in
'fItelal classification territory, | made
he following statement:
1t is of record that the consolida-
ion Coal Co., a large West Virginia
:nd Kentucky, is much quoted rs
ayoring the increase In rates "be-
'anse the railroads need It," but the
fact that this, company is In reality
| subsidiary of the Baltimore & Ohio
tailroad Co. is not given equal prom
hence.
Mr.. Chairman, my authority for
hat statement was the report of the
Interstate Commerce Commission I'M
Ter the Tiliman-Gillespie resolution,
lated January 25, 1907,
But | am informed by Senator
hilton, of the State, that while the
acts were as stated them to be
rom the report referred to at the
inc 1t was made, that such were not
he facts ut the date of my speech,
md ! take this opportunity to sci
ayself right, and in justice to the
'oal company, by reading the fol.
owing statement of facts given me
~ Senator Chiffon. OF West Wiz.
;inia:
Gu April &c, 1906. Messrs. Clarence
v. Watson. Jerc II. Wheelwright,
nd Fl. Crawford Black bought from
he Baltimore & Ohio Railroad Com
amy all that company's holding OF
took in the Consultation Coal Co.,
IL, 1882 shares out of 1O2.5O0
hares outstanding, or seq per cent,
II the whole.
The shares were transferred to the
Window Trust Co., of New York, as
rustee, to hold us security for the
nyment of the purchasers, subject
ply In interfere by the trustee on
dmplaint of thu. railroad company in
ase the management Of the coal com.
amy diverted tonnage.
or the 53.539 sharcs, $4,000 are
till held by the trustee. In 1903
he purchase agreement was supple.
nented, the purchasers deposing, nd.
itional shares simply MS collateral,
'greeing TO withdraw $4,000 shares
III or before April 30, 1916, and be.
ng accorded the right to withdraw
he balance Of the $4,000 shares a,
he rate of $3.50 shares per year
hereafter.
In May, 1909, the capital stock oil
he company was increased to 200.
100 shares and in October, 1910. was
"rther increased to 100000 shares
# $25,000,0O0 par value, which had
'ecn sold ut par and nil of which is
low outstanding. so that, the $4,000
hares originally purchased from the
baltimore & Ohio Railroad Co. and
Till held by the trustee represent.
nut l7.2 per cent. Of the voting
harcs of the coal company. Til,
baltimore 4 Ohio Co. owns or votes
10 shares whatever.
The operations of htc Consoliday
ion Coal Co. are not confined to
he Baltimore & Ohio system. In
1908 the Consolidation Coal Co.
purchased over $4,000 acres of coal
and OH the. Chesapeake & Ohio
Railroad Co., in Johnson County.
Xy.. known as the Millers Greek coal
ileld. This operation, which is now
large one, is exclusively on the
'hesapeake 4 Ohio Railway.
In 1910 the Consolidation Coal
20. purchased 100000 acres of the