The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-03-21
Fails TO Show Up at the OIL
Hearing
ADAMS is ON THE STAND
Hadey Brings Out That old Stock
Certificates of Waters-Perce Co.
Were Held BY Trustees
Of the Standard.

st. Louis March 20-The second day Of
the session of the oil hearing in the
custer ease of Missouri against the Stan
dard Republic and Waters Pierce OH
companies was marked by the failure of
Il. Clay Pierce TO appear as witness.
and the sworn testimony of Dr. Bond,
his physician. that Mr.. Pierce was threat
ened with pneumonia and unable to leave
his room. and a severe cross-examina-
ton of Charles NJ Adams. secretary
treasurer of the Waters-Perce company
who was again on the stand, and occupied
most of the day with his testimony
Stock certificates were produced and
read to show that the standard company
held stock in the Waters-P Pierce company
in 1900 when the company was re-organ-
fed Attorney General Hadley today tele-
graphed to Secretary of State Swanger
at Jefferson City asking him not TO per-
nit the Republic Oil company to with
draw from continuing business in Mis-
souri,. Such course, If permitted would
defeat the purposes of the investigation.
Mr.. Hadley explained that during the
taking OF testimony in Cleveland recent
might be a shifting of oil interests in
Missouri and that he had Immediately
written Secretary of State swanger along
that line. requesting that particular care
be taken that this should not be allowed.
Questioned About Ownership.
Mr. Adams questioned closely re-
gardlng the ownership of the Waters
Pierce stock.
Since you left the stand last night,
have you recalled anything regarding the
ownership OF the Waters-Pierce stock
prior TO May ~. 1909, the date OF the
reorganization of the company asked
Attorney General Hadley.
Il have not" Adams replied.
Are you able to state whether or not
the Standard Oil company of New Jersey
owns a majority of the stock of the Wa
ters- Pierce company
Il am not
Did you make out or see the dividend
certificates paid to stockholders Of the
Waters Pierce company
Il cannot remember"
could you name even one of the stock
holders of the company
Yes. myself
You can remember none of the
others?'
Il cannot
who held the stock of the Waters
Pierce company after the re-incorpora-
tion?"
II. Clay Pierce
How much did he hold?"
lie owned 1896 shares following the re-
Incorporation
'Wny can you recall this fact and not
recall who owned the stock of the pre-
ceding day2"
Il cannot answer that question:
What was the purpose of this disin-
corporation and reincorporation on the
same day."
Il cannot say"
Was 1t for the purpose OF securing a
license when the authorities of that state
had refused your company permission to
do business there?"
Il cannot tell YOU
Don't you know that Of the 1896 shares
of stock issued to Pierce 214S shares were
endorsed in blank by Pierce ON September
4, 1902"
IL don't know"
when the dlsincorporation was effected
were the stockholders paid for their
stock?"
II believe the new company bought the
old company"
What officer attended to this trans-
fer?"
Il signed the checks, If that is what
you mean"
'.Nho did you sign the checks for, in
whose favor were they drawn?'
II cannot recall"
"Can you recall having made out any
checks toe the Standard Oil company OF
New jersey
II cannot"
t.-I,s.
you made out checks besides yoursefT'
mo"
"Can you explain why the internal
revenue stamps the certificates OF
stock we're cancelled one day and the as
slgnments not made until four years
later?"
No"
Don't they suggest anything to you?"
NO"
Met w. T. Mckee.
DO YOU know w. I. Mckee the
present secretary of the Republic Oil COM
pany and the man who testified here
Nc nday that while he was employed by
the Standard Oil company he had audit
ed the books of the Waters-Pierce COM
pany?'
Yes. met him in the Waters Piercs
company's Offices.
What was he doing there?'
Tie WIS tuiplo9tu bg OuI tOHlIdHy-
Isn't IL a fact that he was put upon
the payroll to audit the books OF your
company. and that when the auditing
had been completed that his name was
stricken Off the payroll?"
Yes: that's right"
Attorney General Hadley then asked
Mr.. Adams to produce the stock book
OF the dislneorporation of the Waters
Pierce company. Mr.. Hadley also offered
"A summary showing in abbreviated form
the various holdings of stock with the
transfers, II any. of the stock. The sum
mary was accepted by opposing COUNSEL
and was used by Mr.. Hadley In questions
ing the witness.
Certihcate No. of the old concern was
for 1898 sh1res. made out TO the trustees
Of the standard Oil trust. In June Of
la05 the sioS was transferred out and
rev certificates Issued. Nos n aud ;.
II was shown by the hank that certificate
No. 10 was made out for 1897 shares TO the
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