The Washington times., 1928-05-10
JOHN D. JR. MAY
FA|L TO GUST
TEWART
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NEW YORK, May 10. The de-
nsand Of John d. Rockefeller, jr.,
that Col. r. w. Stewart resign
from his post as chairman of the
board OF the. standard Oil Com
pany of Indiana, was viewed by
financial leaders in Wall Street to-
day as the first move by the Rock
esellers in campaign to regain the
position Of leadership in companies
formerly dominated by them.
Furthermore, doubts were expressed
that Rockefeller would be able to
Gust Stewart. because the latter
hiss strong following in the street.
In statement issued here. Rock
efeIIer requested Colonel Stewart s
resignation because OF his recent
testimony before the Senate Public
Lands committee in the Teapot
Dome inquiry. The oil magnate de-
clared he 'had lost confidence in
Colonel Stewart's leadership.
Based On Testimony
The request for the resignation
was based on Stewards admission
to the Teapot Dome committee that
he had shared in the Continental
Trading Company's fund to the
extent of $3.50, 900. 's''''.'
An answer by Stewart to Rock
efeller's ultimatum was promised
today at his office in Chicago. AL
though the colonel assured Rock.
efe1Ier several weeks ago that he
would resign il the latter should so
request. it is believed in Wall
Street that Stewart may decide to
let the stockholders in the Indiana
. Company decide the matter.
Not Heavy Owners
The Rockefellers control only 25
per cent of the stock of the
Indiana company.
Such contest would be the first
test Of strength of the Rockefeller
interests since the Standard oil
trust was broken up in 1911. Al
though the Rockefellers do not at.
tempt to dictate to oil companies
IN which they are Interested, resist
ance by Stewards supporters in this
instance probably would incite the
Rockefellers to establish their
dominance over the Indiana com.
pany, In the view of Wall Street.
Asks Resignation
AOCAGLc4ISE statement follows:
'On April 27th wrote Col. Rob.
ert W. Stewart, chairman of the
Standard Oil Company OF Indiana,
the following letter:
Dear Colonel Stewart:
Your recent testimony before
the Senate committee leaves me no
other alternative than to ask you
to make good the promise you vol.
unfairly gave me some weeks ago
that you would resign at my re.
quest. That request I now make.
livery truly. s.
".JOHN D. ROCKEFELLER. JR m
''On April 30. wrote again as
follows:
Dear Colonel Stewart:
Mr.. Seubert has told me that
In the course of the conversation
you had with him after the recent
of my letter to you of the 9th in.
slant, mention was made as to the
possibility of a special meeting OF
the stockholders of the Standard Oil
Company of Indiana being called SO
that they all might have an oppor.
tunity TO express themselves in re-
gard to your suggested resignation.
If this plan is to be followed !
have no doubt you will have the
thirty-day call issued at once and
that you will wish to write me that
this has been done.
"'Very truly,
John D. ROCKEFELLER, JR:'
"I have taken the above action
because ]. have lost confidence in
Colonel Stewards leadership and
believe the interests Of the Standard
OIL Company of Indiana can now