New Britain herald., 1924-02-12
.lEAS;:NI 0F INDIAN
 LANES QUESTIONED
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 (cvA.inuus fam First PaEe) lie
 Mag.e .id Well came to him later aLd ask ss aia.ir the purchase of the paper. Kc tes -ited that at that time he WAS t.zk!ng t.n investigation re- 1ar1ing sNue t'ooded stock, which had beo. skipped to Fall at Three Iifers.
 Ntarr About $1OO,OOO
 .I wirUl the Denver Post but got no ansn e-," he said. Then I wired the Chics go Tribune and they said Fall ,id si.e Id, Edward E. Mclean had shiprAi it. Then rumors reached me about s100,o00 in a suitcase run ming around New Mexico"
 When he sold the paper to Well, ATagee said, he wanted to close the deal in Albuquerque, but it was agreed to deposit the sale agreement ia the larst Trust & Savings bank of
 irago instead. Melvin T. Traylor,
 idcnt of this bank, previously had
 
 hicago bank of the Standard Oil
 any Of Indiana" and that both
 Il the First National bank of Chi
 did business with that company.
 ,lagee said that Well wanted the transaction closed ip Chicago, so that word would not come out fin advance of the sale, as that might harm both sides if the sale was not consummated. He added that he believed the paper was bought by the First National bank people, and that they had asked him to keep the sale secret as he had wanted to keep the paper.
 Asked who owned the Journal with Fall in 1920, Magee said the Chino Copper company. the Fl -paso & Southwestern railroad company, John N. Weeks, present secretary of war, the firm of Coolidge and somebody In Boston. not the presidents layout" and Price Kinney Company of Clcve- land"
 Had Exclusive Story
 RevertinE to testimony previously given by Well, as to the services of M. L. Fox in securing an exclusive story about oil leases for the Journal from Fall, while he was in the cab- met, Senator Bursum, republican, New Mexico. asked what Fox now is doing in Chicago.
 You know, Senator, I don't" re- piled the witness.
 "Is he secretary to Mir. McAdoo?" pursued the senator. You know; tell them; l won't" said Masee. Senator Bursum joined in the laughter.
 Tells of Finances
 Melvin A. Traylor. president of the First Trust and Savings bank Of Chi cago. testified at today's committee session as to the financial arrange ments under which Carl c. Magec sold the Albuquerque, N. M., Morning Journal to Sidney NJ. Well for s200,- 0oo in May 1929. This is the paper Albert E. Fall, former secretary of the | interior. sold to Mageo in 1920.
 Mir. Traylor said well deposited the | agreement of sale with his bank on May IS, 1929. He added that when the | bank began to receive from banks over the country bonds of tho New Mexico Industrial company owning the Journal and drafts in the sumsi specified in the aercement. A draft 1 for s2f,S20 with bonds Attached, was received from the First National bank of Tulsa. The Citizens bank of AL | buquerquc sent for drafts with bonds attached in total of s5S,465. The State National bank of Albuquerque L.. I .I. Q a Al and tho First National bank Of Albu- querquo sent in draft and bonds ag- grcgating siS,29e. Originally tho First National bank Of Chicago deposited s25,00o under the agreement. Traylor said.
 The banker was unable to say why two citizens Of Alburqueque went to Chicago to transact the sale. He said there was excellent banking facilities in the New Mexico town as well ss in other cities closer to it than Chicago. DO yon do business with the Stan dard oil of Indiana7" asked Senator Walsh, democrat, Montana.
 "Yes both the first national and the first trust" said the witness.
 He had explained that the first na- ional and first trust were under the sane management.
 You are really the Chicago bank of the Standard oil Of Indiana2" ask ed Senator Walsh.
 "Yes, sir"
 Edward E. Brown, yice-prcsident of Inc First National Bank of Chicago said in response to question that records of the bank for May. 1929, lid not show any checks for s200,000 pr s25O,0o0 had been drawn by the Oil company of Indiana. He added that he did not know the source of the funds paid to Magee for Inc journol except that the check for s200,00O came from the First Nation- at Bank of Aiburqueque. He added that he saw correspondence which in- 1icated a fight between the bank and Nfagee. and it was his supposition that Inc bank was buying the newspaper. Joshua Reynolds, and his son-in- ! lafs, McNary of Fl Paso, were the , principal owners Of tho First Na- , Ii1nal," he said. tl -ss that McNary the one the presi- dent ecminated for comptroller of inc { asked Senator Walsh. "Yes sir.r Ixplasnlne how he came to pur- sBase tss paper, Well said there was i k tvS .-twcen the First National, i whah owned the afternoon paper, i and As7es's publication. He tekti- ! nsd tSat the community was ''on Z