The Globe-republican., 1906-09-13
PIERCE ON STAND
The Much Sought Oil Magnate APP
pears at St Louis and
TeStifes.
MAKES FRANK ADMISSION.
Standard Oil Company Owns COT-
trolling Interest in Wnters-Piercc
Company and They Divide the
Territory Between Them.


st. Louis, Sept. 11.-Attorne,
General Hadley secured the much
wan'ed testimony of II. Clay Pierce
in ST. Louis Monday, when upon The
witness stand the Waters-Pierce mag
nate admitted that Standard Oil was
IN control Of his company.
MI IL. Clay Pi,rce appeared before
Judge r. A. Anthony special supreme
court commissioner, at the Southern
hotel, as a witness in the custer pro-
ceedings instituted by the state OF
Missouri against the Standard, RepuD-
lie and WatersP Pierce Oil companies
Ii vas 1880 O'Clock when Mr.
Pierce arrived with Mr.. Priest, one
Of his attorneys Judge Priest at once
put Mr.. Pierce on the witness stanC
as witness for the defense in the
.StanutId Oil case MI Pierce ties
tilted that he was 81 years old, is a
stocbholder in the Waters-Pierce Oil
company, that he was never share
holder in the Standard Oil company OF
Indiana, the Standard Oil company OF
New Jersey, the Republic Oil com
pany of the "so.called Standard Oil
Trust"
Does the Standard Oil company of
New Jersey own any stock in the
Waters-Pierce Oil company"
Il understand that certain shares
of stock in the Waters-Pierce Oil
company standing on our books as
belonging to NJ. NJ. Van Buren, have
been admitted in this case to be the
property of the Standard Oil COM
pany. | believe the number OF shares
is 2,74G. own 1850 shares.
Please explain the relations be.
tween the Waters-Pierce company
and the Standard Oil company of
New Jersey"
Mr. Pierce read from memoranda
statement that in the winter oil
1877 he had organized the original
Waters-Pierce Oil company of which
Waters and Pierce owned 40 per
cent, The other 60 per cent were
owned by Cress, Carley & Co., of
Louisville, William P. Thompson and
Horace A. Hutchings, who have been
proved to be- connected with tho
Standard Oil company. The 60 per
cent was afterward transferred to the
Standard Oil trust He refused to
transfer the 40 per cent belonging
to Waters and Pierce, refused to do so
although majority of the stock
was in the trust He stated that it
was agreed at that time that he,
Pierce, should control and direct the
policy Of the WatersPerce company.
He did SO up to February, 1900, when
he retired from the presidency and
his brother-in-law, Andrew NJ. Find
ley, was president.
! Afer the reorganization in 1900
until the spring Of 1904, the Standard
Oil company made no attempt to inter
fere with my control or management
Of the Waters-Pierce company At
that time the STANDARD Oil company
transferred the 2,745 shares of stock
held in my name to NJ. NJ. VanBuren
and began in many ways to dictate
the policy of the Waters-Pierce com,
pany. | protested vigorously against
this Interference"
After frequent interviews and dis
cussion3 of this point" continued Mr.
Pierce, the management and control
OF the company were again commit.
ted to my direction and my son, Clay
Arthur Pierce, is now president of
the company and conducting it as an
Independent business"
After explaining the agreement
with the Standard Oil company re-
garding the division of territory, he
was asked:
Has there been any change in
that territory since it was then es-
tablished?"
There has not"
From what sources did the Waters
Pierce Oil company obtain its supply
of refined oils at that timer"
Almost exclusively from the Stand
ard Oil company"
And from what sources has it
since that time obtained its supplies
of refined oils?'
Almost exclusively from the Stand
ard Oil company and its allied inter
ests.'