The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1922-12-21
Petroleum Greatest
Industry in America
President Teagle of Standard,
of New Jersey, Denies
Affiliation With the
standard Group"

WASHINGTON-The Standard OIL
Company of New Jersey. constituting the
supreme courts dissolution decree by
which il was cut off from its former cor.
porate holdings as "a final expression
of the public will on the subject of mo.
nopolistic control has conducted its
business. ''under the conditions OF free
and active competition" w. &. Teagle,
president OF the company declared in
Il statement prepared for submission to
the senate manufacturers committee
today on resumption of lis inyestiga
ton of the oil industry.
Going eXhaustively into conditions
which have arisen in the industry. since
whose business and organization he re-
viewed at length. Mr.. Teagle declared
his company had observed the decree
lin sood faith both in letter and in spir-
it. adding:
Il want to say with all emphasis that
the Standard Oil company of New der.
sey is not a party to any combination,
agreement or arrangement to fix or
maintain the selling prices of its pro-
duets
Not in standard Group"
Mr.. Teagle said he wanted to pro.
test agains. the Characterization of this
company as one Of the STANDARD oil
group as if the old ASSOCIATION Of Stan.
dard Oil companies existed today on as
If this company constituted . part of
any group of companies subject to com.
mon control"
Discussing competitive conditions in
the industry today, Mr.. Teagle stated
that the Strategic location" i'm respect
tn transportation facilities which every
Standard oil plant was given in the
economic development of the original
company was now the barrier TO gen.
eral competition among the separated
units"
Geographical considerations, he said,
limited the extent to which the ma.
jor company may compete with its for.
mer subsidiaries. The competition open
TO his company, with its former subsi.
diaries, Mr. Teagle said. wa limited by
the factor Of transportation &c three
companies-the Standard Oil company
Of New York. the Atlantic Refining
company. and the Standard Oil mpan
of Kentucky.
Mid.C0ntinent Importance
In regards to prices on refined pro.
ducts, Mr.. Teaglc gave II as his opin-
ion that the dominant factor in the
domestic marketing situation was the
shipments Of refiners i'm the mid cont.
nent producing field-Oklahoma. Kan.
sas and Texas. This production. he said
constituted an enormous floating sup.
ply which was not tied to any market
but shipped To territories where local
prices would yield the best return. 1t
was this competition he said, .th which
every one engaged in marketing gaso.
line must reckon.
our domestic marketing at all points
is conducted under conditions OF the
keenest competition locally" Mr.. Teagle
said. as In addition TO the largo mum.
her Of jobbers drawing their supplies
from time 10 time from the cheapest
source. the Gulf. Texas, and other large
companies maintain and operate extern.
sive marketing and distributing facili.
ties in the states in which we are op.
Grating" -
Turning to profits Of the New Jersey
company, Mr.. Teagle testified that its
earnings, including those of subsidiary
companies, during the years 1920 ana
1921, and the first six months OF the
present year were at the rate OF sc
per cent per annum on met assets. -
and aggregated s213, 72O. 2l3.
The dividend return to stockholders
Of the company, the committee vas told
has not changed since the dissolution
and the business since then has paid
them an average Of ~ per tent per
annum on the net assets. In the two
and one-half years ended last June 30,
Mr.. Teagle said, common dividends AK.
gregating $40, 72S, Sl9.5O or an average