The sun. [volume] (New York [N.Y.]) 1916-1920, 1917-06-28
COLONEL PAYNE,
STANDARD OIL
PIONEER, DEAD
Former Treasurer, Whose
Holdings Are Estimated at
$90,OOO,OOO, Dies at 70.
BURIAL IN CLEVELAND
Uncle Of Payne Whitney and
Mrs. Straight and One of
Richest Men in I. s.

Col oliver Hazard Payne, son OF
former United States Senator Henry b.
Payne Of Ohio an uncle Of Payne Whit
ney. Harry Payne Whitney and Mrs.
Willard D. Straight, died yesterday
afternoon In his home at s52 Fifth ave-
nue.. He was IS years old.
Arrangements for the funeral have not
been completed, but 1t was announced
last night that it would be private and
that the burial would be in Cleveland.
whore Col. Payne was born and where
he spent the greater part Of his life.
Col. Payne. who was one OF the most
widely known capitalists and nnanciers
in America, was for many years trea-
surer of the Standard OIL Company and
at the time of his death held Standard
securities aggresating about $50. 900, 900.
One Of Americas Richest Men.
Undoubtedly he was one OF the
wealthiest men In the United States. as
his Standard oil holdings. while
enormous, composed only a part OF his
Government began its dissolution suit
against the Standard OIL Col Payne was
credited by the Government authorities
with holding 10000 shares Of par
value OF $4,000 900. and OF value of
$27 1000. 900 at the time the courts entered
the dissolution order. On the basis OF
, $2.O14 a share Col Payne's holdings in
Standard OIL were estimated In Septem-
ber. 1916. at 3s0.560.000. Their value
has advanced to at least $so.o0o.o0o by
this time.
Col Payne went into the company
! with the Rockefellers In 1857 or 1858
and almost Immediately became its
treasurer.
The Standard on properties Of Col
| Pa1ne. which are exceeded only by the
holdings OF John D. Rockefeller. who In
1919 had 347.SS2 shares. the holdings Of
! the estate OF Charles Pratt and the
holdings Of the Hardness family. gave
| him an income Of about 12.500.000 q
year Besides this enormous wealth
| Col Payne was one Of the ten men who
owned so per cent. OF the stock Of the
| American Tobacco Company when II
went through the process Of dissolution.
! He was interested In score Of other
enterprises which have been among the
large money makers Of the country. In
| Guiding the Coal Creek Mining and Man.
ufActurfng Company. the Virginia and
! Southeastern Railroad Company, the
Great Northern Paper Company, the In
ternational Cigar Machinery Company
the International Traction Company. the
International Railway Company. the
American Tobacco Company and the
Havana Tobacco Company.
His Gifts to Charity Large.
For many years Col, Payne was a
familiar figure In Wall Street. To tho
public at large he was known merely al
\ q hnancier and one Of the weathies
men in a street where wealth vas tn,
rule rather than the exception. HI!
friends however, knew quite another
side Of him-the man who was demo
cratic quiet and unassuming In hi
habits and ways, and always ready 4
give assistance to those in need. Hi
gifts to charitable and educational in
stitutions were large so large. In fact
that they have been exceeded by bu
few men In the United States, but man!
Of them never became generally known
Although Col. Payne would never dis
cuss Il, the establishment and main
tenancs Of the nne medical school q
Cornell University was due almos
wholly to his generosity. His last gif
to that institution. 80 far as II known
was made In 1913 and amounted T.
t4,360.000. In all he gave more thar
$4,000. 900 to Cornell. To other institu
tions he also made large contributions.
Col Payne never married and spen
his money freely In advancing the in
terests of his family. His gifts to hi
sisters were frequent and princely an
no has also made large gifts to thei
\ children. To one OF his sisters. Mri
Charles w. Bingham. wife Of Cleve
land hardware merchant he gave
beautiful home In the outskirts of Cleve
land, besides providing for the educa
ton Of her children. To his other sis
ter, Mrs William c. whitney. tn
mother of Payne whitney. Harry Payn
whitney and Mrs. Straight. he gave
, mansion in Fifth avenue. besides NOR
than $1,000 In cash.
Fought in Civil War.
| Col. Payne was a student at Yal
| when the civil war began and imms
{ | diateiy enlisted, obtaining commissio
at First Lieutenant and advancing raI
idly until he became Lieutenant Colon,
} Of the 124th Ohio Infantry. He wa
brevetted Brigadier General Of voiur
teers In 1885 for faithful and meritc
rious services"
He returned to Cleveland at the cloi
Of the war and at once became identifie
with the iron manufacturing and oil n
7 Aning industries, in which no amasse
the greater part OF MS en- fFmOus Wealtl
He removed to New York In 1884. an
> since that time ne had divided his tin
between his winter home In Fifth av
nue. and his summer place In Georgia.
Until the past few years Col. Payr
took an active and effective part In Den
: ocratic politics. though always in Il
n interest of others. He made his broth,
z Mayor OF Cleveland at a time when Il
. city seemed hopelessly Republican. ar
. In 1874 his father, principally throus
n his efforts. was elected to Congress fro
r Ohio and served on the Electoral Cor
% mission. In 1850 Col Payne tried
i make his father the Democratic Pres
o Dental candidate. He failed. but thr
years later succeeded In securing Il
1 elder Payne's election to the Unit,
l. States Senate over George H. Pendl
D. ton. This campaign Is said to have 90
d Col Payne 100000. 1t has also be-
l. said that It was largely in recognize
u of his aid TO the Democratic campaii
q OF 1884 that his brother -in- -law. VILLA
10 c. Whitney, was appointed Secreta
j. Of the Navy under President Clevelan
y Col. Payne's clubs were the MetrOpo
"a tan. KnickeFbocker, University, Ne
70 York Yacht. Manhattan. Riding a
!" Driving. Down Town. Turf and Fiel
}. Suburban Riding and Driving. and Z
% Manufacturers. the latter In Clevelan
II He was also an honorary member Of 4
4 tsotueli lJnfversitv Club