Daily Kennebec journal., 1908-12-02

hHieIlcdll 20, SHOTlly dItef tnelf elec.
ton year ago. The vice president of
the Standard denied that the resigna-
tions were brought about by the pres
ent government proceedings.
Mr.. Archbold was closely questioned
about many pipe lines and refineries
which had been purchased by the
Standard. He denied that the refin-
cries had been bought that they might
be dismantled. thereby removing COM
petition. They We're secured, said Mr.
Archbold, to succeed to their volume
Of business.
New York, Dec 1.-The thread of
JC hn II. Archbolds narrative of the
building Of the Standard Oil Co.. which
has related in successive steps the
early and competitive oil companies
and the stony of the trust period, car
ried the testimony today through the
liquidation stage and brought it up to
the holding period of the New Jersey
Co. Counsel for Mr.. ArChbcld said they
hcred to be able to>conclude the direct
testimony of the vice president OF the
Standard today. Governments counsel
v i'll probably take several days in the
cross examination of Mr. Archbold,
who will probably be followed OF the
witness stand by VIM. Rockefeller.
Mr.. Archbod read into the evidence
Il statement showing the number of
marketing stations of the Standard
constructed since 1890 together with to-
tai number of marketing stations. He
said that when the Standard Oil Co. of
New Jersey was organized in 1882 it
took over the rcfineries and real estate
IN New Jersey owned by the Standard
II Ohio. The property taken over was
valued at $2,000000 and there was ST.
JOc000 in cash furnished by the trust.
rhe Standard OF Ohio turned over to
thc Standard of New York $500, GOO in
property and $500 in cash.
From 1882 to 1892 Mr. nrchhold said
he was Il trustee and from 1892 the
trust was liquidated in 1899 He was &
liquidating trustee of the period, Mr..
Archbold said:
The principal holders of the trust
certificates constituting q majority of
the shares, turned in their certificates
and received their shares in the 90 sub
sidiary companies A request was made
for the small certificate holders to turn
in their certificates but they did not
toe compelled To do so. Some of the
smaller holders accepted assignments
of legal interests for their certificates.
The small holders wanted their GER
tficates. which had a market value.
There was no market value for the
stocks OF the subsidiary companies at
that time
Some stocks Of the subsidiaries had
never been on the market, said Mr..
Archbold. A statement showing direc-
tors and officers of the 20 subsidiary
companies of the Standard from 1892 to
1899 was placed on the recor'i. Mr..
Archbold said it was a party to the
final liquidation Of the trust in 1889
and to the increase of the capital stock
Of the Standard Oil co. of New Jersey
to $40, 900 900. Mr. Archbold said the
capitalization of the New Jersey Co.
was fixed to take over the trust certi
fcates that had been liquidatcd and al
low little margin over.
Explaining the liquidation process.
Mr. Archbold said he turned in his GER
tificates in the trust and a received as
signment of legal title for which he
received stock in 90 subsidiary COM
panies. These stocks of the subsidiaries
Mr.. Archbold held from 1892 to 1899,
when he turned them into the Standard
of New Jersey, receiving stock in the
same equivalent as his share holdings
in the trust. The Anglo American Co,
said Mr.. Archbold, did business in the
United Kingdom and purchased its
supplies in this country. Mr. Archbold
declared that pipe lines were neces-
Of no
which had outgrown railroad transpor-
tation. Mr.. Arclbold's cross-eXamina-
ton was then begun by Mr.. Kellogg
for the government. The witness was
cuesti med as to his official connections
With the Standard and its various sub
sidiary companies. When asked if he
was a leading official of the Standard,
Mr.. Archbold said he was active"
Mr.. Archbold said he had heard of
the Manhattan Oil Co. of Ohio and that
he knew little of it. Objection was
made by counsel for the defence to
this line of cross examination. The
witness said the company was COM
petitor of the Standard.
do you know anything about the
General Industrial Development Syndi-
cate. Limited. of London?" asked
Frank Kellogg.
Il heard of it since the, hearing be-
gan"
1T is controlled directly or Indirect
ly by the Standard?'
Not to my knowledge"
do you know that the General In
dustrial Syndicate Co. purchased the
Manhattan Oil Coz"
mo, do not"
Mr.. Archbold was asked if it was
not true that the Standard had pur-
chased the tank cars, refineries and
pine lines of the Manhattan from the
London company. The witness said he
lContinued on Page EleVen.)