The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-10-04
Application for Injunction
Modification Is Dis.
missed by Court.
AGREEMENT TERMS GIVEN
Provides for Vote by Defendant
Company's Stockholders on
Proposed $SO,OOO.OOO Con.
sOlidation With Central
Corporations Interests.

Application for a modification Of the
injunction resting against the United
States Leather Company enjo.ning It
from consolidating with the Central
Leather Company was made today to
vice-C Chancellor Emery by R. V. Lin
dabury and Attorney General Robert
H. McCarter. of this city. and Edward
NJ. Shepard, L. c. Krauthof and Will
lam E. Harkney, of New York city,
counsel representing the two big
leather corporations. 1t was dismissed
without prejudice this afternoon. With
the application was filed a supple
mental answer to the bills filed by
James C. Colgate and Robert L. john
son, minority holders, respectively. of
the common and preferred stock, whose
suit resulted in the existing Injunction
Chauncey G.. Parker, John r. Hardin,
A. T. Skinner. of this city. and Louis
l.. Delafield, Francis C. Huntington and
Thomas N. Rhinelander, of New York
city, appeared for the protestant stock
holders.
The supplemental bill embodied the
| text of a new agreement adopted by
the directors of the defendant COM
panies August q last, and likewise the
text of resolutions approved the same
day resembling the merger agreement
of December IS, 1906, the consun1ns
tion of which was checked by the IN
function. The third para graph 8f sE5 TIC,
Resolutions reads as follows:
"The counsel of the said United States
! Leather Company be and they hereby are
/ authorized. in the two suits now pending
against this compan., and the Central
cery ts@''t Of the State Of New jersey. in one
| whereof James c. Colgate and others are
| complainants and in >the other Robert L.
] johnson and others are compainants. 70
/ submit the new agreement hereby author
| lied to the said court. and apply to the
said court for leave to submit the same to
| the stockholders of this company for their
action thereon, and In connection there
with by amendment Of the answer OF the
United States Leather Company in said
suits or by other proper. proceedings by
way of amendment supplement- or other
wise. to Withdraw any claim of the United
States Leather Company to consolidate
with the Central Leather Company under
said agreement of December 1S 1906, set up
in the bills Of complaint in the said suits.
and to claim the right to consolidate under
the agreement this day authorized
The other sections of the resolution
authorize the president or vice-presi-
dent of the defendant United States
Company to call meeting of stock
holders. in the event of the courts ac-
quiescence. at the office of the COM
pany, Is Exchange place. Jersey City.
for the purpose of voting upon the new
agreement of consolidation.
The text of the new merger plan as
detailed in the agreement is as follows:
Article l., of the agreement says that the
name of the new consolidated corporauon
shall be "The Central Leather Company.
Article IL names the first board OF dlrec-
tors and specifies their number as seven
teen. The officers set forth in this article
FfoaI II,r daraff xtif those
control of the old corporation. Article IL
says that the capital stock of the new COM
shares of which 100000 shares shall be
per cent. cumula tive preferred stock and
100000 common stock The rights, terms ttal5
De. respectively, the same as those or the
present Central Leather Company. now
outstanding Article ~. defines the method
of converting the capital stock of the
United States Company into the capital
stock of the Central Leather Company.
Brief1v stated. these conditions are as fol
lows Each and every outstanding share
of stock Of the United States Company
convertible into the securities OF the Cen
tral Leather Company in the same proper
holders of the stock of the United States
Company under the agreement of Decen1-
Der H. 1904, to wit. each holder OF one
share of preferred stock of the United
States Company upon the surrender of the
certificate thereof TO the Central Leather
Company, duly indorsed for transfer. shall
receive the following securities of tho
Central Leather Company: 500 in par value
of first lien twenty-year per cent. gola
cumulative preferred stock $3.50 in par
value of common stock, provided, how
sSsi Shares '"S Of said sale preferred stock of the
United States Company may al his option,
within sixty days, produce TO me Centrai
of said share or shares, of $50 in par value
of said gold bonds Of the Central
stock of the Central Leather Company