Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-10
MAGNATE SEEKING
STEWART DEFEAT
Rockefeller Asks Proxies to
Gust Chairman of Stand
ard of Indiana.
Continued From First Page

had corralled 81 per cent of the stock
of the $500 000, 900 oil corporation. Mr..
Rockefeller Is now en- route to Egypt.
Letter Is Quoted.
The complete text Of Mr.. Rockefel-
ler's letter follows:
lat the annual meeting of the stock
holders of the Standard Oil Co. of
Indiana to be held March 7, 1929, men,
bers of the board of directors to serve
until the annual meeting in 1880 will be
elected. I understand that Col. Robert
w. Stewart, now member of the board
for reelection.
"On April 81, 1928, I wrote Col. Stew
art as follows
"'Your recent testimony before the
Senate committee leaves me no alter
native other than to ask you to make
good the promise you voluntarily gave
me some weeks ago that you would re-
sign at my request. That request now
make.
Asks Stockholders to Aid.
AT the same time I stated publicly
that this letter had been written be-
cause of my loss of confidence in Col
Stewards leadership and my belief that
the interests of the Standard Oil Co. of
Indiana would best be served by his
resignation. More than eight months
have passed and Col. Stewart has not
replied to my letter. I am, therefore,
asking the stockholders Of the COM
pany to join me in opposing his re-
election.
Under the loyal and devoted leader
ship of the president of the company,
Mr.. E. G. Schubert, who has been with the
company for more than 80 years,
backed by the whole-hearted support
of the other members of the board, most
of whom have also been connected with
the company for many years, the inter-
ests of the company will be fully pro-
| tected and its business well handled
without Col. Stewart.
Definite assurance has already been
given me by stockholders representing
| a substantial amount of the stock of
the company that they are opposed to
| Col. Stewards reelection. If this is
your position, please sign the enclosed
proxy running to John D. Rockefeller,
| jr., Winthrop w. Aldritch and /or Will
| liam Roberts and send it promptly to
Mr.. Lyman Rhoades, in care of the
Equitable Trust Co., IL Broad street,
New York City, in the enclosed stamped
envelope.
Good For Year.
"This proxy will automatically super
sede any other proxy you may have al
ready given this meeting. 1t will be
voted for the purpose of terminating
Col. Stewards connection with the COM
pany, and insofar as may be compatible
with that result for the reelection OF
, all Of the present directors except Col.
| Stewart" st
A postscript pointed out that the
proxy also covers any other meeting
which may be held in 1929 for the
election or removal Of directors.
Testifying before the Senate Teapot
Dome committee on February II. 1928,
Mr.. Rockefeller said that of 100000
common shares of the company's stock
| outstanding, he owned personally 402,-
$50 shares, while the Rockefeller founda-
ton owned 460.760 shares, and the
University of Chicago. 10000 shares.
In addition, he said, there were little
over 100000 shares held IN trusts set
up for his two sisters. The total hold
ings of the Rockefeller interests were
given as slightly under Is per cent of
the stock outstanding.