New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-09-21
IS TABLE A TRUSTS LAIR?
Untermyer Tries to Show oII
Luncheons Still Go On.
CROWD ABOUT THE SAME
In Good Old Days Midday Gath :
erings Resounded with Hilar-
ity, Secretary Testifies.

A long table ut which John ID. Arch
bold. Percy Rockefeller, j. y. Moitett'
! 4. C. Bedford. II. G. Foger. jr.. II. H.
Pratt. Waiter Jennings. W. {. TeagI'
and Mr. Elliott. the chief counsel were
accustomed 10 sit with other high men
of the old Standard oil Company of New
Jersey. was ono Of the subjects taxed
about Yesterday at the STANDARD oil hear
inc Of a suit brought by tho Waters
Pierce people to keep their company ont
I ~ tho rrasp of the old Standard OIL
crowd.
Samuel Untermyer counsei Tor '''
plaintiffs. tried 10 get Richard 1. ven
10 admit that the same crowd sun 50,
IT the big table and regulated siahdli'
OIL I'm the same old way The tame -
one Of four In luncheon room al no. %
/ Broadway.
MIR. Veit. who is secretary of tho Stands
ard oil Company Of New York. testified
,bet thirty of the trust chiefs used TO SIT
about and laugh and joke.
{
asked Mr.. Untermyer.
40. they have charged quite httle'
answered the witness.
But he could mention only one man
who is not present Observation-Disclosures
n. Towle. u. NJ. kirby. the oil trust
attorney. objected 10 the line Of question
Ing. saving that such questions were IT.
relevant and unwarrartcd and made only
for the purpose OF delaying the hearing
This nettled Mr. Untermycr, who said:
These questions are entirely proper
and made for the purpose OF showing
what n perfect sham and humbug this
pretended dissolution was. They show
| that these men meet to-day at mat lun' n
table and talk over the affairs OF the SUD
sidiary companies OF the Standard OH
Just ne they did before December. 1911.
No more material evidence has been
brought out In this hearing. II IL evil
dence which think no court VIII be TOO
blind 10 misunderstood.
Mr.. Welt said he did not occupy scat
NJ tho favored table. but could hear the
Laughter At FIRST he said business was
not discussed. but when Mr.. Unterrnyer
asked him ~ he knew II 10 be- fact
that the incn ~ tho table lid not tax
about their affairs az luncheon he changed
his answer and said be dld 10; know.
lie sald that Young John -. Rockefeller
sat NJ the officers table. a. II vas called.
and 90 did ~ H. Rogers before his death.
There was a good deal OF testimony
ahou, the boa, ssrvic. Of the various
Standard companict. Mr.. Welt said each
company operated its own service and
charged other companies FOR l.gh,erage.
lie said the New York company Was
building SD steamers and eight or nine
harg.s ard the Jersey company very
large fleet in Germany. all Tor foreign
service
H. l.. Pratt. v,cs-prcsident and a di-
rector OF the New York company. was eN-
amincd IN rcsp,ct 90 the reorganization
committee which had the W'atcrs-P.ercc
company IN charge
The bonds Of the Security Oh Com
pary OF Texas" ho said. which was
formed six or seven years ago. were held
by the London Trading and Investment
Company This company was succeeded
by tue American Petroleum Company. "A
london organization, NlAcn oN'u con-
siderable money 10 the Standard on Com
pauy OF New York Tho American Pc
troleum Company turned over these bonds
TO tho Standard OIL Company OF New
York in payment OF the debt. The Mag
nola Petroleum Company WAS organized
to succeed the Security OIL Company
the bonds were transferred TO the Mag
nola company. and Blair * 60. bought
the whole issue In April OF this year"
Did Blair a CO. pay cash for the
bouds?" asked 5. ". Fordyce. Ir.. coun-
sci for tile Waters Pierce company.
Yes" replied Mr.. Pratt. and the
Standard oil Company OF New York now
holds no bonds OF the Magnolia Petroleum
Company"
Slr. Pratt said the bonds OF the Security
concern 10 tho amount OF 10000 were
exchanged or substituted for Magnolia
bonds on such terms that the Indebted
ness and interest were wiped out.
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