The Birmingham age-herald., 1912-09-19
VET ON THE STAND

Attorney Attempts to Prove Dissolu-
 ton of Trust Had No Effect
 on Methods of Doing
 Business
 New York. September s.-Counsel for the Waters Pierce oil company tried long but vainlN today 10 estab- fish whether the Seaboard National bank acting on behalf of the London | Commercial Investment and Trading company, said to be owned by the Standard oil company. helped finance i the Magnolia Petroleum company Of Texas. The latter supposedly Is an in dependent concern having come into life since the oil trust was dissolved The hearing today again failed to bring the desired information from | $. q. Bayne, president of the Seaboard. and resulted in a heated wrangle dur l ing which MT. Bayne refused to pro- duee accounts from his bank and left the room. The Magnolia oil company is an outgrowth of the Security oil company. of which Mir Bayne was president.
 | When Mir. Untermeyer tried to probe into the alleged backing of the Mag nolia company by the Seaboard bank and asked if Mir. Bayne did not know that the London company had remitted to his bank $2,500, 900 to pay for bonds which afterward helped to buy tho Magnolia company, he said he did not lremember.
 1 The witness second In importance in | the afternoons proceedings was Rich ard G. Neit secretary Of the atandard i Dlt compuny Of New IoFs. Mir tn- | termeser attempted to prove from hm that the dissolution of the trust actu- ally had no effect upon the methods of doing business.
 Hutchinson Testifies | N. M. Hutchinson, secretary and treas l urer of the Union Tank Line, testified that the chief business of this concern was leasing cars to the Standard Oil | company.
 DO you ever lease them to any other | company" asked the inqusitor. When we have t surplus" Do you ever have any surplus? ''Yes, now and then"
 Was there any change in the directo- | rate of the company alter the dlssolu- ton decree against the Standard?" Yes, II. C. Folger and two other di- rectors resigned"
 Witness denied that their successors, two of whom were master carbuider and assistant master carbuilder, respectively, of the Union Tank Line, had been chosen at Standard oil iustigation. He denied also that any list of directors had been made up before the election.
 Produces Share List on request he produced a list of shares voted. These included 29S15 by John D. Rockefeller. 97G by William Rock efeller, 752 by John D. Arehbold and many other shares held by men prominently identified with the Standard oil plants. The estate of H. H. Rogers voted 673 shares and the University of Chicago 6l, he said Examination of the witness was conducted by Frederick N. Judson of st. Louis of counsel for the Waters-Pierce interests.
 Samuel Drew. secretary and treasurer of the Chesbrough Manufacturing com- pany, a Standard subsidiary before the dissolution, testified as to the resignation of three directors in order to comply with the decree. On cross continuation he said he did not mean that the company was still under Standard oil dominance r. C. Morrill, secretary and treasurer of the Colonial oil company, formerly rated as a Standard subsidiary. told how he had been elected a director and officer of the Colonial when the Slakeup came He had formerly been a clerk employed by the Standard oil company of New Jersey This witness did not know who made mp the ticket of Colonial oil directors after the dissolution provision.
 w J. Fisher, vice president of the Colonial oil company. and assistant to l. T. Bedford, president of the Corn Prod ucts company. was questioned by counsel for the Waters-Perce company He ad- mitted that he had little 10 do with the management of the Colonial oil company although vice president and director of the company. His one share in the Co., lonial company, he said. was bought with D. T. Bedfords check" Mir. Bedford s president of both the Colonial and the Corn Products company.
 Selling Agent for Standard
 MT. Fisher did not remember who asked him to become a director Of the Colonial company. He said this company praeti- cally was q selling agent for products of the Standard OH company of New Jer- sey. The business of the Colonial com puny was looked after by MT Bedford himself, MT. Fisher declared
 g. G. Bas'ne. president of the seaboard National bank, and president Of the se- curity oil company, was recalled and oQestlored 5N counsel Tor the Waters Pierce company about the London Com mercial. Investment and Trading com pany and asked if it did not have large sums on deposit al different times in the Seaboard National bank, The witness said he thought not but admitted he had not investigated to ascertain.
 Asked regarding s2,500.0oo having come from England to purchase the stock of the Security Oil company, Mir Bayne de- clared he did not believe the money went through the Seaboard National bank The witness said the Gulf National bank was organized for the purpose of purchasing the Security Oil company. Alr. BaHne declined to produce the ac- counts of the Londau Trading company with the Seaboard bank.
 Richard c. Veit. secretary of the Stand ard Oil company of New York; could not recall d case where his company had sold it's products in any place in the United
 (Contiuued op Page Eight.)