New Britain herald., 1929-03-07

holders was called to order at noon today was that Col. Stewart. farm boy-lawyer-poiitician rough rider and 62-year-oid chairman Of the board. was whipped: tha, the Rockefeller forces. assaulting hia moral fitness." had more than proxies to end his II years 
 Col. Stewards business report fol lowed the reading of the minutes and was 2 glowing account of the activities in 1928. Col Stewert reported net earnings for 1928. before taxes, of 3S3,437.16s cS with 333,1s745s in 1921 an increase of $b0.2ss,71O.
 He proceeded with the long list of figures with no show Of exulta- ton.
 The chairman said that after re. serve of $6.1OO.000 for taxes, the net earning for 1928 were t77,s37.- 166 as compared with y3o.132,456 in 1927. an increase of $47.20471o.
 Net earnings for the company for 1928 included an extra cash divi- dend from the Midwest Refining company of $21.S21.S70.
 When Col. Stewart finished read ing his report. the entire audience rose with a storm of applause. There were shouts of Hail. Hail!" Tha colonel flushed and smiled.
 He waited for the demonstration to subside and then took up the matter of the third stock purchainG plan for employees. Allan Jackson, vice president, made a motion that the plan be adopted by exclamation effective April l. 1929.
 Aldrich Seconds Motion
 Winthrop Aldrich seconded the motion. The vote was unanimous.
 Colonel Stewart said that while he was placed in an embarrassing situation inasmuch as his name was among those directors up for re- election. he would consent to serve as presiding officer as provided for by the company's bylaws. He said that since g. group of New York men there was quite interested in the meeting he would be glad to have one of them cone to the platform and assist him. -aE
 Stewart Is NOncommittal
 This Col. Stewart would not ad- init: nor would he make advance claims of victory. as did his antag- onists. He said he had made an en- ergetic campaign for support: that he had majority of stockholders behind him. though they might not represent a majority of the stock; i; that his fellow directors had given him their endorsement.
 Quite generally Col. Stewart was regarded as the sentimental favor- ite." but sentiment was no deter- todty. Proxies were; and Mir. field leader-Winthrop w. Aldrich of New York-went to today's meeting with the announce ment that the Rockefeller faction held control
 At the last minute the talk had turned not to who would win but to how great an advantage the Rocke- feller group would possess. The esti- mates ran from a million to a mill lion and a half votes. as votes are counted in shares of the company's stock. The Rockefeller forces claim ed control of 59 per cent of the com. pany's $9,000,000 votable shares. The claim was made after check of all proxies had been made.
 To these advance statements of victory there was no answer from the Stewart camp. Col. Stewart him. self said he was too busy to talk 10 newspapermen yesterday. His associates would offer no comment. Whatever the preliminary check of proxies may have shown. Col Stew art made clear that he had no in- .ention of lowing before the votes were cast, and that he would be present and active at today's meet ng.
 Should Col. Stewart lose, there would be three vacancies on the di- 'ectorate to be filled. It was under stood that the Rockefeller leaders pad decided that these vacancies should be filled by the election of pr. William NJ. Burton. former pres- dent; Thomas s. Cooke, now in charge of manufacturing for the Petroleum Transpor- .ation Corporation, subsidiary: md Dr. G. Cash, manager of the Whiting refinery.
 Early predictions that Ed. c. seubert, president of Standard Oil of Indiana, would succeed Stewart as chairman should the election go fla 'orably for the Rockefeller group, were regarded today as erroneous. The best information was that Seu- pert, who has been supporting Col. Stewart, would remain as president md executive officer. but that Dr. Burton would be named chairman with final authority.
 48O,OOO, ,OOO in Profits
 Col. Stewards valedictory-if 1t ,hould be that-was his annual re- port showing that in 1928 the com oany under his direction made profits in excess of eighty million lollars.
 The procedure for today's meeting vas:
 The meeting to be called to order II noon in the company's office here tnd then transferred to the Com nunity house. which is equipped 10 handle the unusually large number If stockholders and other attract d to the meeting by the Stewart Rockefeller battle.
 Col. Stewart then was to read his Lnnual report.
 Miscellaneous business was to 'ome up for decision. this including n employees stock purchasing plan.
 Then two slates of directors were o be submitted. The slates were dentical except for one name-Col. ;tewart's.