The Washington times., 1929-01-19
JOHN D. HAS
EDGE ON
STEWART
BY w. 8. COUSINS


Big block stockholders Of Indiana
Standard Oil probably viii hold the
balance of power in the now famous
fight between young John D. Rookie
Teller and Col. Robert W. stewart,
chairman of the board Of the famous
Organization. This seemed to be the
unanimous opinion Of Wall Street
observers today
The little fellows holders OF
just a few shares OF the outstand-
ing 1896 0O0--won't count Is very
much when it comes to the actual
battle Of proxies OH March III next.
Stewart In Danger
1t has always been known that
comparatively few banks. trust
companies and large estates hold
Standard Oil Of Indiana in large
blocks On the face of things now
Rockefeller appears to have the
edge. 1t fs generally believed that
Stewart has the sympathy Of the
little fellows
Stewart, big of frame, rudy Of
face and confident in his manner,
mad spent strenuous "a hours iii
New York and planned TO return
to Chicago today. his said.
He talked freely but denied EN-.
phatically that he had told anyone
he was able to beat Rockefeller.
4 am keeping personalities out
Of this. he remarked. tdy trio
to New York was solely in the in
terest of important internal affairs
OF the company, and in no way con.
nected with the canvass OF proxies. .
While Stewart himself would not
say so, the general impression I'm
Wall Street is that Stewards trip
made it apparent that this Is the
first time that the house of Rookie.
Teller has, ever been challenged.
5S,000 Stockholders
There are $4,000 stockholders of
the STANDARD OIL Company " IN
diana, scattered in every state iii
the Union, as well as in fereign
lands. 1T will be their votes that
viii decide whether or not young
Roc x efeIIer can Gust Colonel
Stewart
/ The Stewart and Rockefeller fac.
tons are n1obilizing taei. factions.
Admittedly, they both have power
fun backing In their own names
they hold or control thousands Of
shares Of the s,23s,0 shares OUT
standing
Th IL frietds and business associ-
ates control thousands more. More
than million shares are locked
up in the Ezfety deposit boxes cG
banks, Insurance. companies ana
other institutions. and 1t ii right
here that the balance Of power of
the big oil concern directly rests.
The battle of the proxies Is
being waged around these shares
Which side win corral sufficient
to swing the stockholders meeting
on March u That is where the
fight hinges today, and ii viii be
a m nth or more before either side
knows its position definitely enough
to make q statement that viii hold
water.
solidIy Back Him
81 am not at all interested III
the Wall Street side Of this cam
paign, nor am / bus ing share
of stock Of the Standard Oil Com
pany Of Indiana, said the colonel,
when reports of large scale buy
ing Of the stock were brought to
MS atIention.
st Is very gratifying that all
who are associated with me ii
business way are solidIy behind me
at this ETHICAL time and their sub
stantial backing means 4 great deal
to me.
He would not hazard a guess as
to how the opposing forces are
lined up ait this time. II viii re-
quire few weeks at least to can
vasa the results or the requests for
proxies and the colonel viii have
something to say along that line
when this work is completed.
Het has received assurances Of
support from thousands OF small
stockholders in the territory served
by the Indiana Company, many OF
these stockholders having put their
life's savings of considerable in
crease in market value. as well as
the regular annual dividends.
Colonel Stewart wanted one
thing plain. He said he had read
in newspaper that John D.
Rockefeller, sr.. is opposed to him.
II don't believe it," he declared.
@Ahd I won't believe it until /
see positive proof. I have been as
ISOLATED with the elder Mr.. Rookie.
Teller for rs years and have given
him loyal support He has never
lntimated to me that he was dis
satisfied with my conduct, and
don't believe he ever will.