The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1929-03-07

mourning SuOEG Ol d llllL dC1S COulI
the company directorate as dems
AS the meeting began DR..
William Merriam Burton, for
mer president Of the company
and inventor of the patented
process for cracking" crude
oil, was reported to be the
Rockefeller choice to replace
Stewart.
While stockholders were gather
ing. reports were current that Ste
wart was engineering coup that
would keep control of the company
in his hands.
That Stewart will be ousted as
director, which automatically would
bar him from chairmanship, was
said to be certain by Winthrop w.
Aldrich, Rockefeller aid, who claims
I SO per cent of the stock to be voted
favors his side.
Coup Is humOred
Stewards coup, it was said, would
bring his election as president with
the probability that E. G. Seubert.
present president, would be chair
| man.
The Rockefeller method Of pro-
cedure so. far as it is known now Is
to elect three directors to the board
other than the present membership.
The present board is pro-Stewart,
and thus would continue seven
tenths for him after the election.
The president of the company
does not have to be director;
hence it would be simple matter
to give that office to Stewart and
make Seubert chairman. This would
be a stinging defeat for the Rookie
fellers.
The Rockefeller faction made
light Of this possibility indicating
that it would only postpone the
day of reckoning"
Twenty-Five hundred stockholders
and corps of newspaper men,
worthy of a championship prize
fight, were at the scene of the
battle, the Whiting Community Me-
mortal, which was built by Rookie
feller funds.
Spectacular Battle
Six years ago, before there was a
Teapot Dome scandal and before
Rockefeller raised the issue Of
moral fitness" upon which he
hopes to have Colonel Stewart
thrown out of his $125 000-a-year
job, John D. Jr., gave the oil tank
town of Whiting 100000 with
which to build this memorial to the
heroes of the World war.
Today the building the locale of
the most spectacular financial bat
tie in history, with the people of
Whiting-about 90 per cent Of
whose Ioreadwinners are Standard
Oil employees - turned against
Rockefeller.
Long before the meeting was call
ed to order at noon by Colonel
Stewart, stockholders who are to
pass upon Rockefeller's demands,
committees appointed by. both sides
finished checking the proxies in
the Standard Oil building in Chi
cago.
Predict John d. Victory
1t was said to have been deter
mined there in advance of the for
NAL meeting Of shareholders that |
Stewartis fight to retain his high |
position in the face Of Rockefeller |
opposition had been in vain.
Stewart was reported to be ap- |
proumately 100000 proxies, or
shares of Standard Oil stock, short |
of the number required to keep his |
place as chairman Of the board of /
directors.
Wall Street and La Sale street |
sent their keenest minds to the
main street. of Whiting, to support |
one of the other side. Colonel Stew
art came in person to direct his !
battle while Rockefeller sent his /
brother-in -in-law, Winthrop w. AID |
rich, and delegation of approx
mately two hundred big eastern |
stockholders to see that his de-
mand that Stewart be ousted is
carried out
Workers for Stewart
Eligible to the meeting also we're
many of the men who work for 4
wages in the Standard Oil refinery I
here.
About one-third of the 1000 Whit
ing workers have invested in stock 4
since Stewart deserted the role Of /
country lawyer and worked himself |
up TO the head of the billion-dollar
concern.
They have seen the company stock