Daily press. [volume] (Newport News, Va.) 1896-current, 1908-11-26
ADJOURNMENT TAKEN TILL lolllI
Under Interrogation BY Friendly
Counsel. Combinations vleePress.'
dent Gives Facts and Figures With
Regard to Standards Developments
Didn't Foresee Possibilities.

(By Associated Press.)

NEW YORK. Nov. % Detailod'
Information on III" magnitude and dt.s
vcrsi,y OF tn" business of the STAND.
ard Oil Company was given by Johns
D. Archbold. vicr-president Of the
company on the resumption OF his
Testimony today, in the hearing o.:
combination.
Mr.. Archhold asserted that 1t was
the Standard which, by eliminating
IN" johhers and retailers. stepped tn
ana greatly reduced The price Of oil;
to the consumer
The hearings were adjourned today
after 4 brief session. until next Mon.
day. when Mr. Archbold will resume
his testimony
Sold Out Prematureiy.
That even those closely identified:
with the Standard In its early days
did not recognize IT'S future pOsets
bilties. was brought out today when
Mr.. ArChbold said that in the eighties
ru.Eors were spread that the supply
OF crude oil would be depleted anu
shat accordingly. he parted witt
snme of his trust shares at 20 a14
SO cents on the dollar. 81
Much Of the day was spent u
spreading upon the records 6GW
showing the production and consumt
ton OF oil in the period between lvy1'
and the present time.
Got Closer to Consumer.
Moritz Rosenthel. Of counsel tori
the Standard Oil Company DEVELOPS
from Mr.. AfrfD6ld that the tObb6r
and retailer excited extOrtionafe prufs
its in the early DAYS which caused
complaint and the Standard tried 10
get closer to the consumer.
Oil was taken in tulk cars, inste0dl
OF barrels. to the marketing centerM
where it was distributed to the, coz
sumer in wagons. This method, 10;
said. not only increased the oil trad
but cheapened the cost to the conr
s,lmer
Mr. Archbold said the productto05
Of crude oil in PENNSYLVANIA was ~
2GO.74 barrels in 1870 and that tn
maximum OF production was reaches;
in 1891 with 336iO.OiO barrels. N
Wrsi Virginia the maximum Of crudos
oil produced was 16.19s.657 barrels
Since that time there has been -
l,secning OF crude oil production n
these states
The mid Continent field. which n
cludes Kansas. Oklahoma, and cos.S
iiguous states. said Mr.. Archbolas
showed a constantly increasing pro-
duction.
Started Purchasing In 1881. Is
The Standard started PURCHASERS
producing properties in 1899, wheA
the shut in movement started.
The witness said that in 1906 tn
total crude production in he Untte4
States was l26.493,936 barrels, ~
which the Standard produced 14,051>
I13 barrels.
In 1906 the total consumption q
oil by the Standard Oil Company Wa;
G4.95S.30I barrels.
Mr. Archb0Id said that he had NJ.
tie opinion of the production capacity
Os the midcon:inent field when =
was firsi discovered and said: -
said AZ the time that I would under.
take to drink all the oil that was pro-
duced in that section"
Bio Increase In Value.
The value Of the rehneries that
wont into tine Standard Oil Trust n
1882 was s17.00O. 600. said Mr.. Arch
bold. and the value in 1906 Of tie
rrfireries in the company. inciudang
manufactures. was $57 SIS. $50.
An adjournment Until next Mooday-
was hen taken. -