The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1929-03-07
BITTER PROXY Fight
ENDS DISASYROUSLY
FOR STANDARD HEAD
z. G. Schubert Is Elected Chair.
man Of Board by q Vote Of
s,465,27e to 1854, ,ss6
COLONEL F0RESAW DEFEAT
Despite Tremendous EARNINGS
Shown by Company, Stock.
holders Back John b. Jr. !,

/ VvVvO0s0 . 00VN OVvvuu Ns ~ 4,
whiting, Ind, March 7.-(R-
Col. Robert w. Stewart was de.
posed ~ chairman Of the boaf6
Of the STANDARD OIL Company q
Indiana today 1t the annual
stockholders' meeting climaxing
the bitter proxy hattie between
himself and John D. Rockefelles,
jr. who instituted the proceedings
10 oust Stewart.
II took but three hours 20 con.
duct the meeting to complete the
business In hand and 10 deter.
+! mine the result or the ballotlng.
The vote for Colonel Stewart was
2,SSl.006 shares while the vote foe
E. G. Schubert. president, was
S,l6S,276.
Whiting, Ind, March 7-(AP)-
Colonel Robert w. Stewart gave his
first intimation today during the
meeting Of the stockholders that he
was beaten in the fight to retain
the chairmanship of the Standard
Oil Company Of Indiana. His ad-
mission came during 4 discussion
over resolution from the floor op-
posed by the forces of John D. Rock
efeller. Jr.
Il am afraid. my friends, that tho
noes have it, if the vote is taken by
shares" he said chuckling deeply, o
he pointed toward the Rockefeller
group.
Net earnings OF $s3,437, 1866 In
1928 established a new record tor
the Standard Oil Company Of m
diana, the annual report showed TO-
day.
Surplus and earnings per share,
also established new high maxks,
said Colonel Stewart, chairman q
the board.
The net earnings were $5o, ,239. .710
greeter thar, Tor 1927. amounting to
$S.33 = share as compared to 1926
for 1927. This represented . profit
Of 1916 pcr cent on capital invest
ed which, 1T the close Of 1928 was
$46l ,462, ,304, as compared with
$4O7, $50, ,379 at the end of 1927. To-
tai assets, including investments in
subsidiary and affiliated corpora
tions were listed at $49s, s,371 ,64l.
Earnings Increase
The net earnings after deduction
for taxes were ST ,337 1856 for 1928,
an increase Of $47,204,710, while the
sales department marketed, 36,232,.
806 barrels, as compared to $751;
975 barrels in 1927.
Thu rAvAanay@~, AvNAaA %k> ~snav, NTH
. surplus Of $156,476,9l7. m In
crease Of $l9,939,717 over 1927, cash
dividends amounted to $32.A16,E2S
paid on 9,2S4,668 shares Of stock.
According to law the meeting had
to be called to order on the COM
pany's property.
A note on an outside door request
ed stockholders to present their Gre
dentials at the community house and
wait for the meeting to open there
in the afternoon.
Creets His Enemies
Barely a dozen men followed the
six foot, broad shouldered Col. Stew
art into Z small room to open the m.
nual session. He greeted winthrop
W. AlOAICus UIVbuC1.HIs10W VI SVuu
D. Rockefeller, Jr., who has led the
fight to oust him, and also shook
hands with others Of the Rockefeller
group.
The meeting was Immediately ad-
journed to the community house. '
The auditorium was filled % the
colonel and members of the board Of
directors filed onto the stage. In .
few minutes Felix Graham, secre.
tary of the committee, appeared and
read his call. Routine motions were
quickly dispensed with and Colonel
Stewart told the meeting to rest at
ease until the inspectors Of election
were prepared to make their report
on the balloting for the directors.
Whiting, Ind, March 7-(AP)-
A 5000, ,O00, 900 corporation today
painted on Whiting canvas, m epic
in oil.
It was . picture made BY the
proxies Of the IS 900 shareholders of
the Standard Oil company Of lndi-
ana; Z picture Of Col. Robert ~.
Stewart, it's executive head, fighting
with pointed lance the foreee
Of the younger John p. Rocksfellers
similarly armed.
The best information available ~
fore the ANNUAL maeting of stcct-S
holders. was. called to craar At nocn
today was that COL Stewart, farm
boy-lawyer-politieiqn.r Iidor qn9
62-year-old chairman of The CO.
pany's board, was whipped; that IN
lRnnIAHnHl~e &rsenA~ ann1sa ehfenD E&6l