Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1908-12-01
ARCBBOLD IGNORANT
UNDER CROSS.F|R[
When Kellogg Begins Examina-
ton Standard Vice President
Grows Forgettul
LloulDATlNe THE BIG TRUST
LloulDATlNe THE BIG TRUST
Archt Id Tells >Under Direct Examina-
tion Details of Organization Of
1 Standard of New Jersey-severaI
z Days Will Be Consumed in kelloss's
Cross Examination.

New York, Dec. 1.-The thread Of
John D. Archbold's narrative of the
building up Of the Standard Oil COM
pany, which has been related in the
successive steps Of the early and COM
petitive, oil companies and the story
Of the trust period, carried his testi-
mony today thru the liquidation stage
and brought it up to the holding period
of the New, Jersey company. Counsel
for Archbold said they hoped to be
.able to conclude his direct testimony
today. Governments counsel will take
several days in the cross examination
of Archbold.
From 1882 to 1892, Archbold said, he
was trustee, and from 1892 until the
trust was liquidated in 1899 he was
lquidating the trust. OF the liquidat-
ing period Archbold said: "The princi-
pal holders of trust certificates, con-
stituting a majority of shares, turned
in their certificates and received their
shares in twenty subsidiary companies.
Request was made Of the small certifi-
cata holders to turn in their certifi-
Gates, but they did not, and there was
no way in which they could be COM
PEELED to do so. Some of the smaller
holders accepted the assignments of
legal interest for their certificates, and
some holders wanted their certificates,
which had market value. There was
no-Inarket value for the stocks of the
subsidiary companies at that time"
Archbold said he was a party to the
final liquidation Of the trust in 1899.
and to the increase of the capital stock
Of the Standard Oil company Of New
Jersey to. $11O, ,000, 600 He stated the
capitalization Of the New Jersey COM
certificates and allow little margin
over. The capitalization was large
enough to take over all the stocks Of
the subsidiary companies held by the
owners, who had liquidated these trust
certificates.
Grows Foreetful.
In explanation Of the modus operandi
Of the liquidation A1'chbold said he
turned in his certificates in the trust
and received assignments of legal IT,
tie for which heb received stock In
twenty subsidiary companies These
stocks of the subsidiaries Archbold
held from 1892 to 1899, when he turned
them into the Standard Of New Jer-
4 sey, receiving stock In the same equiv
alent as his share Of holdings in the
trust.
Archbold was cross examined by Mr..
Kellogg for the government Ques-
toned regarding the loans of s2,700,oOo
which the Anglo-American company
: had made to James Mcdonald, its for
mer manager, Archbold said he knew
nothing about them"
About this time the General Indus
trial company bought the Manhattan
, Oil company. "Was the Mcdonald loan
for that purpose?"
II don't know" said Archbold.
Why Did He Quit Anglo?
swill you produce the London books
Of the Anglo-American company?
II don't think have the power.
am not director now"
"The list furnished by your company
shows you were elected a director OF
the Anfilo in June. 1907"
81 think I resigned shortly after
that"
'Did you resign as the result Of this
Investigations"
81 should not say did,"
Archbold was asked to produce list
Of the directors Of the Anglo company
at this time.