Daily press. [volume] (Newport News, Va.) 1896-current, 1908-12-01
6:sET BY COMPETITION, ne SAYS
Monopoiy's Vce-president Declares
That Combination Is Subatan ial
Benefit to Country, Because II Be-
slows Upon America Advantage in
Balance Of Trade.
(By Associated Prcss).

NEW YORK. Nov. 3n.--Thc drr"l-
Cpm y Ct the Standard Oil Company
in foreign II, DIS as subject OF the
GOV. rnmont'S suit 10 di solve the Oh
combination gave John ID. ArChboId.
,icr-prrsidtnr Of the Standard. an op-
portunity as h witness today 10 spread
upon the records some Interesting
features of tn" Stand2rd's buSinc,5
in foreign C0uE;ri s
Or 'he total amount of III mating
oil refined h7 the S al lard In 1905,
Mr.. Archbold stated 63 per cent. was
sold abroad. Export figures Of Other
years further showed that the stand
ard exported the majority in bulk Ut
its Illuminating oil.
Brings Trade Balance.
The line Of testimony, with regard
to the immense foreign trade infi'
Gates that one OF the dcfcEscs OF the
Standard is shat the present combina
ton makes il possible to obtain this
foreign trade. which the company will
rndeayor to show. brings trade bal
ancr in favor OF the United States.
This foreign business. Mr.. Archlrld
said. was S, cured In the face OF the
competition of 400 foreign companies.
He said that products of the Standard
reach every part Of the world and fur-
Their declared that ii was the aim OF
the company to reach direct every
consumer in the Far East. as was
done In this country.
Testimony was given by Mr. Arch
bod that during the period Of the
S andard oil trust the trustees poured
millions CT the conpany's' earnings
back into the trust for the cOnstruc-
ton of now rcfncries and pipe lines.
Reason for the Trust.
Mr.. Archbo.d. in giving the reason
for Tie formation OF the Standard oil
trust, said: Il; was done as a simple
ard Effective form Of holding the
property. We were advised by cOun.
s'l tina; neither the Standard OIL
Company OF Ohio nor any other cor
rcra;ion couI,i effect ua,lr Or safely
p rhaps hold the property which was
widcsNr' ad in many states. whose
laws were restrictive CT the rights OF
corporations. The trusteeship sus-
C'sted a method Cf bringing together
the property and form token OF
owre rship which would have a mar
kR value. and enable the owners u
hate.a more effective administration.
Still the Original Companies.
The witness said that the trustee S
of the Standard Oil trust. after its or
canization. fOrmed the Standard OH
Companies CT New York and Ohio 10
hold properties which had previously
been held by Standard interests. The
witns said the Standard companies
Of New York and New Jersey were
still the same companies as thOc
form d in 1SHc. the capital sock Of
III" STANDARD Oil Company of New
Jersey W. s. .G0o. 900 in 1882, but wa
increased in 1892 10 Slo.o"o."c0 and
in 1899 to Sl1".On0."o". of which sl".-
o"n.ooo was preferred stock. There
were 400 companies competing with
the Standard for the worlds mark l.
Mr. Archho!d said, and Of these the
c2pi;al CT % companies was not
known. The total capitalization o!
49, cap allied foreign companies
Was $27i.9i5.1S5.
State Department Kind.
Mr. ArCGbo d told Of the difficulties
in the Introduction OF rcfrF' OILS
abroad. There Was much competition
from oil interests of the Dutch In
dis. aid Nr. ArchboId and he task
Of maintaining the business in tbs
Orient aaa very dfffcII't.
Our state departm Mt has hc!p"d
MS much" sad Mr.. Archhnld. in fac
We h9v" beer better treated with re
Crcncc % our foreign business thar
with oar business at home"
Tho rc are I27 independent comp"u
live raincrics q oil in the country
aid Mr.. Arckbold
An adjournment was taken mil 10
morrow.