Iowa state bystander. [volume] (Des Moines, Iowa) 1894-1916, 1908-11-27
ARCRBOLD IS HEARD
vlcE.PREslDENT OF STANDARD
Is PUT ON THE STAND.
ROCKEFELLER ENDS STORY
Testifies That When the Combine
Was Effected He Owned Nearly
one-Third Of the Com.
; pany's Stock.

| New York.--John d. Rockeser r
was replaced on the stand Dy
Vice-President John d. Archbold of
the Standard Oil Company late Ties.
day afternoon in the governments suit
to dissolve that organization.
Mr.. Archbold beamed with sat.sfac.
ton In telling of the Standards early
history. His clear blue eyes twlnkled
when he told of the industrial fights,
saying that he kept careful watch on
his competitor and then tried to beat
him"
After telling of his earlier exper-
riences in the oil industry, Mr.. Arch
bold said the Introduction of refined
oil for domestic use was most difficult
because of opposition of the public as
result of its odor and burning quail
ties. From 1870 to 1875 the multiple
cation OF refineries brought about q
surplus which caused wide fuctua.
tons of prices of oil. There were no
systems of reserve or storage, he add
ed. Speculation in oil stocks was
rampant. and even the price Of oil
was speculated in, which demoralized
the business and made it hazardous
for the manufacturer. The manage
ment of gathering lines was very bad,
said Mr.. Archbold
Tells Of Stock Ownership.
Mr.. Rockefeller testified that
at the time of the organization
of the Standard Oil Company Of New
Jersey in 1889 he owned 256,S54 shares
of its stock out of a total issue of
9S3,3s3 shares.
For the first time since he has been
on the witness stand at this hearing
Mr.. Rockefeller was a little late in
arriving Tuesday. Frank B. Kellogg,
the governments special assistant at
torney.general, resumed his cross-ex
animation, taking up the organization
of the Standard Oil Company of New
Jersey where he ended it Monday. Mr..
Kellogg read what he said was list
of stocks obtained by that company
in 1899 for which it had exchanged its
own shares. He said that 442,797 out
of a total of 9S3,3S3 shares first issued
were in the name of John D. Rookie
Teller.
Mr.. Rockefeller said he did not own
80 much stock as that but did own
256,854 shares of the Standard Oil
Company of New Jersey at that time
and that he accepted the other stock
and distributed it to the proper stock
holders. He added that frequently
holders of certificates of the Standard
Oil trust exchanged them for stock in
the Standard Oil Company of New
Jersey rather than accept shares Of
the various subsidiary companies.
s* Il turned over my trust certificates
to the liquidating trustees" said Mr..
Rockefeller, "and obtained a paper
on which I secured shares in the con.
stituent companies, which turned in
to the Standard Oil Company of New
Jersey" ...,-
Mr.. Rockefeller declared that he
never acted as an attorney for any
one in this process of liquidation.
Trust Not John D.'s Idea.
New York. - Credit for the Gre
alton of the Standard Oil trust,
which counsel for the federal govern
ment claim still exists as the Stand
ard Oil Company of New Jersey, was
given by John D. Rockefeller, as wit
ness Monday under cross-examination
in the federal suit to dissolve the
Standard, to two men-Henry M. Flag.
Ter and Samuel C. T. Todd.
To these two master architects of
the oil combine Mr.. Rockefeller gave
full credit. saying that he was sure it
%as not himself as he did not possess
the ability for so progressive move.
q. Mr.. Rockefeller spent an arduous
day on the stand under the incessant
questioning of Frank B. Kellogg, the
government counsel. and when ad-
journment was taken he gave every
evidence of delight that the day was
done. ',.r