The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-09-18
SCOTCHMhN MAKES
PEPPERY WITNESS
----.-----------~
'FoRMER HEAD or OIL COMPANY
DECLINES TO ANSWER MANY
QUESTION:
DREW SALARY ONLY
SOLE INTEREST IN CORPORATION.
SAYS BAYNE. WAS TO DRAW
HIS PAY FOR SER
VICES.
DREW SALARY ONLY

Scotcnman with the govt sautrmed
and fumed under Samuel Inter.
myers probe today In the hearing
before Referee Jacobs. on tnae suit OF
the Waters-Pierce Oil company,
brought In Missouri to prevent the
old crowd of Standard Oil magnatss
from resuming control OF the concern.
The witness was s. q. Bayne. presi-
dent of the Seaboard National bank,
In which several Standard OIL mas
tiers are heavy stockholders. Mr..
Bayns came to the hearing in the
afternoon with loose shoe on his
right foot, and limped.
He said that from the inception
4 tsae Security Oh company under
a Texas charter in 1903. until. as a
subsidiary Of the Standard OIL COM
pany, 1t had been dissolved. he had
been its president. but that he had
never attended meeting Of Its board
of directors---in fact, he had never
been within thousand miles of tho
place whefe the board meetings were
held: had never known anything of
its AFFAIRS, but simply had drawn his
salary
THAT was my sole interests In the
company he told MIR. Intermyer,
chief counsel OF the Waters Pierce
company, over and over again. Then
he fiared up at the lawyer and fatty
refused to answer questions pertaining
to other features of the company
Witness Grows Testy.
You are trying to exasperate me,
Mr. T mt srfnycr declared Mr.. Payne.
and I'll not stand for it, MIR. Tn
termyer assured him that all he was
trying TO do WAS TO get from me
man who had been president of the
company for eight years. an account
of his Stewardship, what interests he
had been serving. who had elected
him president, etc.
II suppose the stockholders elect
ed me-" snapped Mr.. Payne.
What did you do for your salary 7"
asked Mr. Entermyer.
We'll. 1 did not look very digni-
fled" the banker started to reply.
when he was interrupted by the law
yer with: Less ievity, please"
rs well then, I'll be as soiemn
az please"
lat did you do for your salary q
pressed Mr.. Untermyef.
4 Nothing at all. very little. any
way was the answer.
What salary did you get %
That's my business" bristled up
the banker once more. ut was ex-
planned to me-" Mr. Bayne added,
that the company needed presi-
dent and / became 1t, with the under
standing that ! would not have to
burden myself with work. wanted
the salary, and that's all, / never
went near the company. and never
was within one Thousand miles of a
directors meeting.
The beard OF directors held Its for
NAL meetings at Beaumont, Tex.
Again Mr.. Bayne became fractions
when Mr.. Untermyer asked him If he
had not been a mere figurehead in
the company. He declared he had
been no more of fgurehead in the
company that Mr.. tnterniyer was at
rhis hearing.
The company had been capitalized
at $1.5o0,000, he said, and bonded
for sa,500,00 These bonds, Mr..
just when he could not renembeT.
within five years, and deposited there
with the London Commercial Invest
rnent and Trading company, which
appears to have been owned by the
Anglo American company. one OF the
Standard OiI's strongest subsidiaries.
Mr.. Bayne said he supposed the
company had had a New York office,
bat ne had never known where It
was.
The witness was then led into a
reluctant discussion OF the connec
ton of Senator Bailey OF Texas. with
the Security Oil company. which had
been driven out of that state because
1T violated the Texas anti-corporation
law. He recalled that Senator Bal
ley had visited him at the Seaboard
Hank and talked about the incorpora-
zion OF the company. but all that he
was that the senator had
rad hard time to find proper name
for the concern. He said he did not
know how much the senator had been
paid for his services. or whether he
was paid by the witness in cash or
by check. He thought Senator Bal
leys fee was $1,000.