Word: oiling
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Dates: during 1920-1929
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...clash is to determine whether or not Col. Stewart shall be re-elected as chairman of the board of directors of Standard Oil Co. of Indiana, at the annual meeting of stockholders in Whiting, Ind., on March 7. Stockholders of record of Feb. 5 will be entitled to vote or send proxies. Standard Oil Co. of Indiana has issued 9,160,000 shares of capital stock, which are now held by some 58,000 persons or companies...
Round 1. Col. Stewart testified before the U. S. Senate Committee on Public Lands concerning the oil scandals. At first he said: "I never had anything to do with the distribution of any bonds [of the Continental Trading Co.] . . . I don't know anything about it." Later he said: "I know about the disposition of $759,500 of these bonds." The Senate charged Col. Stewart with perjury and contempt. He was acquitted of both charges, in jury trials last year...
Round 2. Mr. Rockefeller Jr., a minority stockholder in Standard Oil Co. of Indiana, examined Col. Stewart's testimony, talked with him, asked him to resign as chairman of the board. According to Mr. Rockefeller Jr., Col. Stewart promised to comply with this request. Nine months passed and Col. Stewart did not resign, in fact refused to resign. Mr. Rockefeller Jr. sailed for Egypt last fortnight, but left behind him a letter to stockholders, expressing loss of confidence in Col. Stewart and asking for proxies to oust him. In Chicago, Col. Stewart replied: "If the Rockefellers want to fight...
Round 3. President Edward G. Seubert and the directors of Standard Oil Co. of Indiana voted unanimously to support Col. Stewart, asked stockholders to do the same. The majority of employe-stock-holders are supporting Col. Stewart, either because they feel that he has made the company prosper or because they fear for their jobs. Standard Oil of Indiana profits for 1928 were estimated at $80,000,000, or about $9 a share. At the end of this round, Col. Stewart was a 2 to 1 betting favorite...
Interlude. On the New York Curb, Standard Oil of Indiana stock jumped to a new high of 103½, partly because of ill-founded rumors that Mr. Rockefeller Jr. and Col. Stewart were buying. Actually, the total turnover on the Curb was only one per cent of Standard Oil of Indiana stock; and the big warriors were not bothering with that tiny fraction. The stock dropped to 95 at the end of the week...