Stewart Out, Childs Out

Rumor, last week, busied itself with the future of big Oilman Robert W. Stewart. He might, thought Rumor, merge brains, experience and personality with Horse & Oilman Harry F. Sinclair, either in the Sinclair Oil Co. or in a to-be-constructed oil combination. Colonel Stewart's future is discussable because his potent past was abruptly closed last week at Whiting, Indiana. There, in a public building, he presided with great cheer at the annual stockholders meeting of the Standard Oil Co. of Indiana, of which he was Chairman. Profits for 1928, said he, were $83,000,000, a fifty million dollar increase over 1927.* But, as everyone could foretell, he was not reelected to the Board, because, after the most famed proxy fight in recent business history, he controlled only 2,954,986 shares whereas Lawyer W. W. Aldrich, brother-in-law of John D. Rockefeller Jr., controlled 5,519,210.

New directors were Dr. William M. Burton, onetime President of Standard of Indiana; Melvin A. Traylor, president of Chicago's First National Bank; Thomas S. Cook and Dr. Gentry S. Cash. President Edward G. Seubert, a Stewart man, retained his position. Indeed, his functions were increased, since no Board Chairman was elected to succeed Col. Stewart.

Also ousted last week was William Childs & Wife & Family from management of the 125-restaurant chain founded by two brothers Childs. To control came William A. Barber with perhaps the backing of certain Delaware du Ponts. On the new Childs directorate are Hollyday S. Meeds Jr., son-in-law of T. Coleman du Pont and Lucius M. Boomer, with whose hotel interests the du Ponts are said to be connected. So little has the Childs Co. remained the child of Childs, that sentimental Brother William appeared to own less than 3% of its stock. Nevertheless he said, on quitting: "This is the child of my efforts .... You cannot tell what will happen when you take this child away."

*This figure does not include deductions for taxes (about six million). It was also swelled by a twenty-one million dollar cash dividend from Midwest Refining Co., Indiana subsidiary.