The sun., 1919-06-21
Patents valued at ~.


Mr.. Lewis then produced the report Of
John A. McMartin of New York, a pub
lie accountant. which showed that in the
inventory OF Bosch properties n lengthy
list OF patents owned by the corporal ton
was valued only at 81. other tangible
assets In the form of stock certificates
were carried at the similar nominal
value OF 81 each. Stock In tho Boonton
Rubber Company was carried at n value
OF $1,000 and the stock of Eisenman Mag
neto Company was listed at sec, 200. Mr..
Lewis indicated to the committee that
later he would 60 into the discussion Of
these low valuations.
Mr.. Lewis then went on to show that
the net annual profits Of the Bosch Mag
neto Company were In the neighborhood
Of 100000 from 1914 to 1919. The
interests Of Robert Bosch In 95 per cent
Of tho stock of the corporation, together
with the Eisenman stock brought at the
sale s5.057.000. Bosch "a a resident Of
Stuttgart. Germany. The company Or
ganiSed by the purchasers has the fol-
lowing officers:
A. T. Murray. president: q. A. Nc
Donald. vice-president, and treasurer !:
A. II. B. Aitree, vice-president; Leon w.
Rosenthal. vice-president. and ]. A. Nc
Martin, assistant secretary and treas
urer. or this group President Murray
and vice-President Mcdonald are Of
ficiais of the Bethlehem Motors Company
of Pennsylvania and are intimates Of
Mr.. Palmer.
Having set these facts before the com
mittee Mr.. Lewis then demanded SUBJ
penas duces tecum providing for the
production of all necessary books and
papers by the officials and by the Office
OF the Alien Property Custodian and
temporarily rested his case.
The reply Of Mr.. Palmer followed at
once.
This sale was passed on, and every
other sale for that matter" Mr.. Palmer
told the committee, by my advisory
committee. composed of Otto T. Barnard
Cleveland H. Dodge. Ralph Stone. George
L. Ingraham and Alexander Griswold
Jr. never signed my name giving the
approval Of this or any other sale with
out the unanimous approval of this COM
mittee."
Turning to Mr.. Lewis, Mr.. Palmer
said:
when you accuse me of selling out
my Government you accuse Otto Ban
nard. Cleveland H. Dodge. Ralph Stone
and the other members Of my advisory
committee. all experts and outstanding
American citizens, of selling out their
Government
The Attorney-General insisted that
the price for which he sold the Bosch
company was reasonable and fair.
in selling the Bosch plant" he said,
Il sold 1t so as to use my power to
strike a blow at the Germans. Mr..
Lewis says we ought to have delayed
the sale for a better market-for a time
when Industrial conditions would be
more settled. I was not going to hunt
the best market to put millions in the
treasury for a lot of Germans to hire
lawyers and come and fight for after the
war.
I'VE did not name the date when they
declared war on US. Why should wait
fer the best market? They started the
war. And I advertised this property
for sale while the war was still on Mr..
Lewis charges some one made money
out of this sale. 1 am glad some Amer
leans made money out of this property"
Mr.. Palmer resented with warmth the
charges that he favored his friends in
disposing Of properties under the juris-
diction of the alien property custodian.
Denies He Helped Friends.
1T has been said here" said Mr..
Palmer. that put groups Of my friends