New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-06-29
COTTAGE LO0TERS SCRANTON BANKS
FREED; CHILDREN TAKE CONTROL OF
NOT CRIMINALS |. c. 5. BOOK co.
No Dividends for Years
Bonds Turned Over
to Cover Loan.
fRy Telegraph 70 ne Tribune. J

Scranton. Penn, June 2S.-About one
lundred and fifty Of the eight thou
sand or more stockholders Of the Inter-
national Textbook Company learned to-
day at the annual meeting OF stock
holders in the company's Offices here
that there is no prospect they will re-
ceive dividends again for several years.
The stockholders also learned that
several Scranton bankers had consent
ed to loan the textbook company $780,
900, taking in exchange not only notes
of the company. repayable at the rate
of $4,000 a month after next Febru-
ary. but so the entire bond issue OF
81 900 900, which the stockholders VINO
were not present joined in authorizing
by their proxies. Until this dept Is re-
paid, under the arrangement with the
bankers no dividend can be paid Inc
banks will hold as security for the loan
all the company's assets
Other things which the stocKhoioers
who were present learned were these:
That of the amount of supposed as
sets of the international textbook
Companv. stated at more than Sl6,-
600 600 in the annual report submitted
by Thomas J. Foster. president OF the
company and founder of the lnterna-
,ional Correspondence Schools, which
the text book company owns, only S49,-
600 was in actual cash.
That. in order to conserve the prop
ertv and also secure the 100000 loan,
! II had been decided that the financial
management Of the company must be
turned over to other hands than those
of Foster and his associates
New Directors Chosen.
In accordance with this llan, six
Scranton bankers and business men
who have arranged for the s5OO,0 loan
were elected directors OF the lnterna-
tional Textbook Company, giving them
n majority control of the corporation
| board Of directors. =,
/ In furtherance of this, W. l.. Conneli,
! X. Griffith, c. d. Simpson and 4, A
! Seitz were dropped from the board OF
! directors, and in their places local men
were elected. On the new board oil
: directors are Thomas J. Foster, founder
! Of the school: Rufus J. Foster, vice.
president; f. II. laval treasurer;
/ Thomas Z. Jones, a wealthy coal oper-
] EtOr, ana T.. ID. hdbaibVS P"fN'
ufacturer. These men are all members
of the old board. The new members
who will have majority, are c. 5
Woolworth, Of the Peoples Bank;
George S. Brooks, Of the Merchants
and Mechanics Bank; J. J: Jermyn, OF
the Traders National Bank; Mortimer
B. Fuller, president of the lnterna..
tionsl Salt Company and director OF
the Scranton Savings and Dime Bank;
James A. Linen, il, Of the. First Ma
tionsl Bank, and David Boies, OF the
Scranton Trust Company, all men
prominent in business affairs here and
connected with the Scranton Board oi
/ Trade.
The reasons that prompted these
men 70 come to the aid Of the Inter.
national Correspondence School and
the textbook company were twofold
First, that many OF their depositors
and other affiliations were directly
interested in the stock Of this com
pany, of which sl0,oO0,ooo has been
sold to the public, and. second thai
the closing up OF the schools or
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