The Cairo bulletin., 1912-09-20

tended to line up his INSTITUTION
with the standard Oil Co, and said
'be wouldn't bring before the COM
missioner certain deposit books that
mi ght show such connection.
8ayne's attorney. Herman Aaron
tried 10 sack up his clients attitude.
He was requested to leave the hear
ing room. Both departed like scrappy
ball players moving a few feet al
time, handing back remarks and
making their progress as slow as
possible.
Refuses to Tell of Deposits.
Banker Bayne had been asked
iabout the alleged connection be-
tw cen his bank and the London Com
ID ercial Trading and investment Co..
l.irrited. which is said to be owned
BY the Standard He refused TO say
whether his bank held any deposits
CT the trading concern. Only the
seaboard's books. he declared, could
tell that.
''ven, bring the books tomorrow
Sfnr cur examination, said Attorney
Samuel Cntermyer, who is repre-
,enting the Waters Pierce interests.
You don't get them. I'll not
| bri tg them here!" declared Bayne,
Thcra was a general mix-up, in
which Commissioner Jacobs, Attor-
nay n.ntermyer and Aaron took part
and tire invitation to get out follow
fed B.yne probably will be reported
TO court ior contempt,
The object OF the inquiry was to
show that the Seaboard National
sank helped to finance the Magnolia
Petroleum Co. of Texas, supposedly
Independent concern; but really a
Standard Oil subsidiary which came
into life after the big trust had to
/ dissolve.
I Bayne admitted readily that he
was stakeholder in Standard Oil tc
be extent of nearly half million
| dollars. He could tell just what his
hot dings We're worth
rntermyer tried to dig deeper in
to the alleged backing of the Mag
nolia Petroleum Co, by the STANDARD
Bank, and which acted on behalf OF
| the london Trading
Doesn't Recall $2,500,000 Deal.
Don you. as president, know
chat tho London company remitted
20 your bank $2,500,OO0 to pay fol
bonds that afterward helped TO buy
the Mag rolia?" he was asked
Il haven't the slightest recollec
| ton" said '.Bayne.
| He was as%ed then, about his con
nection with the Gulf National Bani
| an institution said to have been or
eanized for the purpose of financing
oil companies IN which he, his son
Howard, and his nephew, Courtne,
Marshall, were Interested. t
That question is not relevant,
sgid Bayne. Untermyer and Com
missioner Jacobs protested that the
we're the ones to decide.
! "Well, I'll be heard once in
while," asserted Bayne You can
choke me off
81 will report your continuation
conduct to the court, sir declare
the commissioner.
you said that yesterday re
torted Bayne. I'm willing
Standard Secretary Testities.
After the Seaboard presiden
Richard C. Welt, secretary of tn
kStandard Oil co. of New York, test
!. lfed, Through him Attorney Unto
ryer attempted to prove that ii
n dissolution of the trust into con
1 ponent parts last year rad no effe
a Whatever upon the methods OF doir
! business.
j, Besides being secretary Welt
s fmanager of the shipping and liSh
!. erage work of the New York Stan
ard Oil, He could not SATISFACTORY
j. explain that his lighters did al
q different work since the dissolutit
! from that which they did before
e carried oil for independent reiinil
d companies.
Later he recalled that he HI
.erved the Magnolia Petroleum {
with boats. This is the compai
. trntermyer is trying TO prove is
= standard concern with an indepen
ent mask on.
; He then brought out the amou
NJ John d. Rockefeller's present no
:. ings in the Standard Oil Co OF NJ
York alone since the Standard q
q. solution.
) MIR. Rockefeller owns ~ y
N shares" said Veit.
a. This, figured at $ll0o sha
.. makes $40s997,0O0.
ID Secretary Veit then named '
~ inine directors of the Standard OIL