New-York tribune., 1921-04-28
International Paper
Common Dividend
Plan Is Rejected
Dodge Intimates Proposition
Will Be Considered; Ma
jority Holders Insist on
Greater Recognition

CORINTH, N. Y, April 27.--Interests
in the international Paper Company
who sought to prevail upon the man
agement to establish the common stock
on a dividend basis were disappointed
at the annual meeting here to-day
Some progress toward this end was
made, however, it was believed when
Philip T. Dodge, president. intimated
that the proposition would be con-
sidered.
The directors were reelected with the
exception of A. M. Burbank, who was
succeeded by Herman Elsas. The final
vote showed ,624, against 1913 1922 for
the opposition ticket. which consisted
of George McAneny. M. G. Chace and
Henry A. Wise. Directors reelected
were Ogden Reid, P. H. jennings,
F. N. B. Close and C. W. Lyman.
Mr. Chace represented 120,750 Of the
19S,503 common shares, in addition to a
substantial amount of preferred, and
in addressing President Dodge, said he
thought he and his associates should
have representation on the board of
directors and to know how the affairs
of the company were being conducted.
He pointed out that he had no crisi-
cism to make in regard to the manage
ment
Mr.. Dodge replied that he had no
authority to speak for the directors,
but he felt that in view of the large
holdings of Mr.. Chace there was con-
siderable justification in his claim for
representation on the board He added
that all of the directors, with the pos
sible exception of Mr.: Reid. who rep
resented newspaper interests, was
Of oh cf II
partment of the company sor in some
other capacity.
Commenting on the possibility of
dividends on the common stock, Presi-
dent Dodge said he wished to go on
record as saying that the present man
agement did not wish to ignore the
claims of the common stock holders and
was not opposed to dividend on the
junior issue, but until it was consid-
cred safe to divert money now neces-
sary for improvements and extensions
no dividend could be paid on the COM
mon.
Mr. Chace insisted that he and his
associates would see that their claims
were not ignored Mr.. Dodge then in
timated that the matter would be taken.
up in the near future.
The International Paper Company
has addressed an open letter to it's
employees setting forth it's labor policy
and expressing the hope that an amic-
able understanding can be arrived at
in regard to new working agreement
to take the place of that which ex-
pires on May I.
The letter reviews the efforts that
have been made during the last month
in a series of conferences between the
manufacturers and representatives of
the papermakers and pulp workers
unions, and says:
"We have no means Of knowing what
our employees may do in the way of
remaining at work or going on strike
on May /. We believe, however, if
they fully understand the situation as
it actually exists they will continue at
their employment, at least until the
company has actually shown it does
not intend to treat them fairly"
Proposals submitted recently to the
unions provided for a reduction, of ap-
proximately 30 per cent in wages and
an increase in working hours were re-
jected by the workers. Other confer
ences are being held between certain
of the mill owners and the employees
in hopes of reaching an agreement be-
fore the present contract terminates.