New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-18
SAYS OIL TRUST HELD
SWAY AFTER DISSOLUTION
]. q. Mofett Testifies He ana
Others Picked Directors and
Officers of Subsidiaries.
MO MINUTES WERE KEPT
r M. Stewart, Waters PIERCE
Head, Indignantly Denies ne
Has Anything to Do
with the Standard.

IN eoft unhesitating tones ana IN th7
most matter-of- fact manner james ~
loffett. vice president and director W
tho Standard oil Company admitted vi
u,o u.itnoss stand yesterday AFTERNOON
.,,o. ,ftar the United States supreme
Court ordered the dissolution oI tn'
Standard Oil he and several other ol l,S
dtractors at various unofficial meet
,,,,s" docided who would bc the ofncers
and directors of the thirty -four SUD
isid,arios which would have to eAis'
,,,.rooftor as separate corporations.
Samuel Untermyer, counsel LOT '"'
Waters Pierce oil Company. in us &C
,ion to prevent what is alleged 70 DE an
effort on the part Of the Stahddrp VII
Iroropany 70 resume control of the tor-
NOR feigred surprise at the response OF
I,bo Witness lie displayed equal sur
,riso when Mr.. Moffett. in answer 10
Iorotber question. said that the dalIF
unofficial meetings q the directors OF
1.-The Standard oil Company had contlnued
Iuninterruptedly since the decree OF as
solution.
Mr. Nofett. who was not called to the
stand until after / o'clock. came as
welcome relief to both SIR. tntermyer
land Abraham l.. Jacobs. the United
ctates Commissioner who is presiding ~
the hearing All morning and during all
tho afternoon up 10 the tine that NV
NIorfett was sworn as witness Ihe
library Of Mr.. Untermyer, where VIC
hearing is being held. was more IKE
bear pit than anything else
This was due 20 the ursine attitude oil
Robert NJ. Stewart, Of Chicago, formerly
one Of the counsel for the Standard on
Companv of Indiana whose election as
nrosident ~ the Waters Pierce Oil Com
many last winter led 10 the present &C
i,ior Stewart took the position during
his four or five hours on the stand that
he was being baited by the New YORK
LAWYER. and fought with him almost
every minute Of the time
Stewart Slated for Presidency
Stewart told on the stand that when
no visited the Offices Of the standard
OH companv AZ No rs Broadway. last
December or some time during the
month Of January. Mofett called him
into his Office and told him that he in
tended to make him president "I me
Waters Pierce oil Company.
The first question asked Mr. Monett
was n by virtue ~ his Standard on
holdings he had received stock in all the
subsidiaries ~ the Standard on after
the dissolution had been made. He said
ne had
and YOU voted at every election Of
the former subsidiaries asked Mr..
Untcrmyer
That's right" replied the witness.
Didn't you and your associates man
these subsidiaries with officers"
We'll. | don't think II fair 10 put II
that way" replied the Standard oil di-
rector, pulling his chin
Then put II In your own way said
the lawyer in his most dulcet voice. The
, witness explained that he and several 81
the directors. some Of the nine who met
al the daily unofficial meetings" had
discussed who would bc the best mon for
tn" work
"Who were these directors?'
We'll. there were nine Of them who
met at the three or four meetings held
annually The other six were honorary
and never attended"
who were the honorary directors who
never attended,"
Mr.. Flagler. William Rockefeller
Walter Jennings-but | can't recall their
names just now"
Names Men Who Met Daily.
well. let us see who were the men
that met daily. Perhaps We can get At
Il in that way"
But Mr. Moffett could remember only
six Of them-John ID. Archbold, a. G.
Bedford, H. c. Folger. W. g. Teagle, c.
NJ. Pratt and the witness.
1t Is at these daily unofficial meetings
that the business OF the Standard oil Is
conducted?" suddenly asked Mr.. Inter
myer taking a new tack
Yes" answered the witness.
80 that no minute books are kept
showing the Hldllti III "lll'i' WV ''N'''iN
ard OH Company and It's subsidiaries are
Conducted?'
"Oh. yes; there are minutes kept
"Of these daily meetings."
NO. OF the three or four directors
meetings held annually"
But at these meetings you refer to
lust now only dividends are declared
and real estate conveyances are ordered,
isn't that true?"
Yes"
80 that there are no minutes kept OF
the meetings-the daily unofficial meet
ings-at which the affairs or the Stand
ard OIL are considered?'
After some fencing the witness finally
admitted this was the truth.
q And these daily meetings are still be-
ing held the same as before the dissolu-
tom"
Yes, sir.
When Mr.. Stewart was called to the
stand he was asked:
Stewart Consulted About Suit.
Were YOU ever consulted about this
suit after the last election OF the waters
Pierce Company"
Not until arrived In New York he
answered Il think that was the first
time something was said. At that time
7 went down to the Standard oil Com
pany's offices to see Mr.. Elliott and ran