New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-09-20
s2O,0OO,OO0 UNTRACED.
Wouldn't Know Where Assets
Went, Says Standard Official.
MEMORY is UNCERTAIN
Positive Feature of Hearing Is
Announcement Waters Pierce
Action Begins October 8.

Despite persistent examination by SAM
uel Untermyer. as counsel for the Waters
Pierce OH Company. no light was thrown
YESTERDAY on the deal by which the Stand
ard Oil Company OF New York trans
ferred the little item Of 100000 Of it's
assets ar the time Of the dissolution OF
the Standard Oil trust.
Richard g. Veit secretary and treasur-
er OF the Standard Oil Company Of New
York said he did not know, and the other
witnesses, officers Of former subsidiaries
of the trust. who we're called before A. L.
Jacobs. referee In the suit OF the Stand
ard OH Company against the Waters
Pierce COMPANY had no information on
this point and appeared 20 be unable 10
throw much light upon the business az
fairs of their own concerns.
The one positive announcement made IN
the course Of the hearing Yesterday was
that the present examination would con
tinue until Wednesday. and that the trial
OF the case which the Waters-Pierce in
terests alleged was brought about through
an attempt OF the Standard OIL crowd TO
obtain control over them would begin on
October :
Tie memory OF Mr. veit proved unce--
tain as 10 the assets and the surplus OF
his company as reported 20 the Masss-
chusetts authorities on January J, 1912 He
said he did not remember whether the
assets had been go. "a and the surplus
S.i0l.i2l.
do you know anything OF the s2O'oc'-
o00 worth OF stock transferred from your
company about the first Of the year?
Where vac Il transferred asked NJ.
Untsrmyer.
II do not know that" was the answer.
Although you are a director. you don't
know persisted the lawyer.
II know nothing about IL, replied A-.
Veit
Similar answers were given by Mr. Neit
70 Mr. Uutermyer's queries vhy the
Standard OIL Company OF New York ex-
ported oil 10 Japan but not 70 Honolulu.
and why the Standard Oil Company OF
California did not export oil 70 Japan but
did to Hawaii
Asked about the annual meeting Of the
officers Of his company. Ar. Neit said
the meeting was held OF February p, 1877,
and that OF the 1000 shares OF stock us.-
"a were voted b. proxies sent IN through
the mails Besides the members OF the
board OF directors there were only TWO
stockholders present. and neither OF them
voted more than ten shares. Az the same
meeting John ID. Rockefeller voted b!
proxy g. 40 shares
-
the company Mr. Welt had little informa-
ton 70 offer. although Mr.. Unternyer
seemed eager 10 ge, all the details. Sir.
V.it said he did not know By whom the
officers had been selected. and none OF
the present directors and officers had been
mentioned az a possibility before Decem-
Der s. 1911 when the old board resigned
and the new one took charge The new
board was then ratified at the annual
meeting In February.
Mr. Yeit declared that MS company Wa
seeking business in the territory COM
monty accepted a. being covered by the
Standard OH Company OF Ohio and that
OF Indiana. but he could not tell what
had been done TO get any business there
Henry \ Niece a director OF the
Standard oil Company 81 New York since
December. could not recall who had sug-
gested him as d director. but said he
thought a clerk had informed HIM OF the
fact that he was wanted as a director
tie could not give the clerk name
\ list OF companies furnished with cars
by the Union Tank Line Company was
then furnished by ". NJ. Hutchinson. sec-
rotary OF the company. Re protested
against being compelled 10 produce that
making money prior 70 the dissolution OF
the trust. a. It had oeen used as a con-
yenience merely Now. ne added. things
were improving. and after the adoption or
new scale OF prices ne expected that
the payment OF dividends veuld be re-
sumed after lapse OF hft.er years