New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-15
BETHLEHEM ACTS
DESPITE PROTEST
OF c. H. VENNER
Stockholders Give APP
proval of Stock Increase
by Double Vote

Stockholders Of the Bethlehem Steel
Corporation at a special meeting helu
in Newark, y. j.. yesterday voted IN
favor of an increase in the common
stock from S3O.OOO,00 TO s75,oOO,Ooo'
but not until after Clarence H. Nenner'
owner of 100 shares, had exercised all
his prerogatives as a holder of stock TO
protest against such action. The meet
ing voted also to amend the articles oil
incorporation to conform TO the eonai-
lions created by the increase in capt.
tai stock.
Argument Oh the application OF the
General Investment Company, OF wnieh
Mr.. Venner is president, for perma-
nent Injunction restraining the stock
increase from becoming effective Will
be heard by Vice-Chancellor Lane a.
Newark. next Saturday forenoon.
Objection No.
Archibald Johnston, vice-president oil
the Steel Corporation. called the meet
ing to order. and said that in the ao-
sence of President Eugene V. Grace ne
Johnston would nominate Charles NJ
Schwsb to preside.
Mr.. Venner asked what the bylaws pro
yided for in the absence OF the pfesl-
dent. After some delay il was ascer-
tanned that the vice-president should
preside. Mr.. Schwab resigned the
chair in favor Of Johnston.
Objection No.
When the rollcall started Mr.. Nenner
asked if the stock books were present
He was informed that they we're not
He claimed that the meeting could not
proceed legally unless the books were
ON hand. lie was told that certified
LIST of stockholders was in the meeting
room. Mr.. Schwab appealed to Mr.
Venner. but he continued to insist that
the books should be in the room. The
transfer book was located in the build
ing. and after fifteen minutes had
ELAPSED it was produced. Mr.. Venner
insisted that this was not sufficient.
Insists on Stock Ledger
The stock ledger was the only book
that would do. This, according TO an
nouncement. was in New York. Mr..
Yenner continued his protests. A con-
ference was held between Chairman
Johnston, Venner and counsel for both
the steel corporation and the Invest
mert company. It was agreed that the
meeting could be organized. but no
vote taken until the arrival OF the
stock ledger. This arrived from New
York shortly before o'clock, and the
vote on the proposed increase Of STOCK
was then taken.
The inspectors at the meeting were
asked by Mr.. Venner if they had seen
the books and had them in their pos
session. They said they had not. Ven
ner then declared that all the proceed
ings were void.
Mr.. Schwsb Feels Hurt
While waiting for the stock ledger
Mr.. Schwab said he would answer any
questions put to MIN concerning the
plan TO increase the stock. lie said the
plan was not Of mis- making. 1t had
been urged on him much TO his dislike
He would prefer the company 70 re-
main as il was, but owing to an en-
larged plant and great extension OF
business il was necessary to obtain
more capital, and after counsel had
been consulted, together with the lArg-
est stockholders, the plan offered was
considered the best Mr.. SchwHb said
he felt hurt that anybody questioned
his position concerning the plan.
Vote Taken Twice
Mr.. Schwab declared that in past
years he had waived from 100000 10
$4,000 900 of dividends on his pre-
ferred stock holdings for the beueft o.
the common stock holders. he said that
he had always acted in the interest OF
the common stock holders. He said
that much Of the prosperity Of the
corporation during the last few years
came through contracts he had made
abroad. The contracts. according 70
Mr. Sehvab. were obtained under the
expressed agreement that the control OF
the corporation would not leave his
hands.
ANY one who does not think this is =
valuable asset makes serious mis-
take" said Mr.. Schwsb 81 could have
sold the corporation for a vast sum OF
money. but | agreed not 70 and won't"
The vote on the proposition 20 in
crease the capital stock OF the corpora
ton was taken twice.