Utilizing teleseismic P residuals, we have detected a column of high P velocity material extending from within 10 km of the surface below the summit of Newberry Volcano, Oregon to midcrustal depths near 25 km. We interpret this column to be the expression of a swarm of predominantly subsolidus gabbroic sills and dikes which were intruded as the volcano was built. The high P velocities observed below the volcano severely limit the size of magma chambers which could presently exist in the crust below Newberry Volcano. Those possible include a few percent of partial melt distributed through large volumes of a mafic intrusion zone in the midcrust; a few smaller, higher melt fraction zones in the midcrust with dimensions less than 6 km and whose aggregate volume is only a few percent of enclosing volumes of 200 km3; small magma bodies with dimensions of a few kilometers located within the upper 10 km of the crust; or a mafic, crystal-rich magma of arbitrary dimensions located in the upper few km. The low P velocities detected in the upper 4 km beneath the center of the summit caldera may be partially caused by a magma chamber in the second of these catagories.