New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-09-18
Waters.Pierce Co. President
Won't Tell Amount Of Salary.
SAM. G. BAYNE HAS A TIFF
Says Untermyer Is "Belittling
Him"-Can't Recall $4,000
Check to Joe" Bailey.

| ~ the country is controlled by the same
aroup Of men who directed the Standard
on COMPANY from No Is Broadway be-
fore It's dissolution by the government
almost brought two witnesses into con-
/ tumacy yesterday. They were d. ). Bush
nell, president Of the Waters-Pierce III
Company, which owns the Northern pipe
! lines that convey oil To the Standard vi
| Company from Griffith. Ind, to Union
vile. y. Y. and Samuel G.. Bayne, presi-
| dent of the Seaboard National Bank, al
: 30. IS Broadway.
Mr.. Bushnell defed Referee Jacobs VINO
! is conducting hearing in the Missouri
suit for control Of the Waters-Pierce OIL
| Company. to make him tell the amount OF
| his salary. Mr.. Bayne, after testifylng
that he agreed TO be made president OF
| the Securities oil Company Of Texas,
which afterward became the Magnolia OH
! Company simply because there was a
good salary attached 70 the Office, re-
fused TO answer Samuel Cntermyer, VINO
conducted the examination, when he asked
Mr.. Bayne II he were not "hgurehead.
You arc trying to belittle me, MI
| Untermyer!" complained the aged bank
president
Il want the facts" said Mr.. Untermyer.
I've been through that fsurehead busi-
ness with you once, and think you are
Just about as much OF dgurehead here
| as I am. You have asked me two or
three times, and I've refused to answer.
Nov. we've done. with It," snapped Mr.
| Bayne-
Mr.. Bayne, you'll have TO keep order
! hcrew said Referee Jacobs, bristling up In
! his chair
He has tried 10 hclittle me, and I'm
! getting back at him.. shouted Mr.. Bsyne.
He is not belittling you. You will take
your instructions from me-" replied the
referee.
81 won't take any instructions from
your cried Mr. Bsyne.
Il think. Mr.. Untermyer." ssid Mr..
Jacobs. his face reddening furiously. that
| II will be Just as we'll. II this witness Is
| going to be fractions, to certify these
questions and the witness, II necessary, 10
the court now as well as any other time.
| You will answer the questions as they
arc put TO you. and conduct yourself as a
witness ought 10 under my instructions
"Will YOU have tho same care In brid-
ling the tongue OF Mr. Untermycr as you
will have In mine?" Mr.. Bayne demanded.
The referee replied that he would pro-
tect Mr.. Bayne TO the best OF his ability.
But as far a. you have gone" no said 10
the bank president. you have gone out Of
your sphere, and that We cannot permit
II will have 10 come back into II again
I suppose observed Nr. Bayne. some
what modified. Nevertheless. Mr.. Inter
myer did not succeed IN getting Mr..
Bayn. 10 admit that he was only figure
head
All Were STANDARD Oil Employees.
In the morning Mr.. Bushnell admitted
that the directors OF companies were all
employees Of tho Standard OIL before their
election. Most Of them. he said. perform
the same duties now as then. but their
salaries have increased. None OF Thorn.
he said Was q stockholder. except In
states where II was necessary for direct
ors 10 hold qualifying shares
Under cross-examinstion Mr.. Bushnell
admitted that the Indiana Company did
not enter into the Oklahoma Geld, because
II did not wish TO compete with IT. He adj
mitted that the Prairie Oil Company was
"a subsidiary Of the Standard Oil Com
pany. with production Of 1000 barrels
a day.
In the afternoon President Bayne of
the Seaboard Bank holly resented Mr.
Untermyer's insinuations that stockholi-
on
stockholders in the Scaboard.
Wasn't Fl. II. Rogers big depositor?"
Never" exclaimed Mr.. Bayne.
Didn't he deposit under the name OF
Miss Harrison. his, secretary?'
She had an account"
Amounting TO many mllions," sus-
gested MIR. Untermyer.
Quite a large account We have many
depositors. and don't know about all Of
them" Mr.. Bsyne replied.
Mr.. Bsyne finally admitted that John d.
Archbold, Of the oil leaders, was a stock
holder. He denied that purchasing agents
OF the Standard OIL Company were stock
holders, but said Mr.. Moffat had done
some business there.
Il want TO know whether other agents
have accounts I'm the Seaboard Bank, "
said Mr.. Untermyer Mr. Bsyne said he'd
look that up and answer the question to-
day.
Mr.. Bsyne said he WAS one OF the or
ganizers OF the Securities OH Company IN
1916 at the request Of George 4. Burt, a
Virginia railroad man; +. W. Weller aud
Courtenay Marshall, Of Beaumont. Tex.
His son, Howard Bayne. he said. held
some ONCE now In the Magnolia Oil Com
pany which was the outgrowth OF the Sc
curities company.
Forget About $2,50o, 1000.
Nine years ago, Mr. Bayne said, he took
f2.5OoOoo OF the 10000 authorized capital
stock TO London for Budd, johnson K JeX
London solicitors for the London Com
mercial. trading and Investing COMPANY.
Mr.. Bayne couldn't remember any part OF
the transaction except the fact that he
got a receipt for the certificates.
He couldn't tell whether the London
Commercial Trading and Investing Com