New-York tribune., 1911-03-05
MINORITY LOSES FIGHT
Outyoted at Central Leather
Company's Annual Meeting.
REPORT REVEALS DEFICIT
President, Giving Reasons for
Unsatisfactory Year, Thinks
Future Is Brighter.

! The annual meeting OF the stockholders
OF the Central Leather Company. originally
set for February p and twice adjourned
| IN consequence OF the legal proce edings IN
stituted by the minority interests was
called 10 order yesterday at the company 5
principal Office" in Jersey City. There
was a large attendance and plenty OF eX-
citemenf. Several motions were made in
/ the interest OF the minority stock holders
I but were defeated. the show OF strength
being about $500 shares for the minority
against about $4,000 for the management,
exclusive OF tine 5000 shares Of stock bor-
rowed in the interest OF the latter.
| A series of questions bearing on the ad-
ninistra ton of the company, its finances
and it's business policy was submitted by
Henry Wollman counsel for j. : Bache &
| Co, who have been the leaders of the
minority in the contest for greater pub
licity. representation for the minority OF
the board Of directors and dividend returns
on the commcn stock; but IL vas decided
/ TO defer consideration Of these questions
urtil after the election Of the new board
Of directors, which will De made tomorrow
further adjournment until that day be-
Inc ordered because of the inability Of the
inspectors Of election TO pass upon all or
the proxies until late in the afternoon.
The prospect Of a dividend in the near
future on the common stock vanished with
the presenta tion OF the annual report
which showed a deficit for the year ended
December 81 OF 'S}5427, after payment OF
the preferred dividend. comparing with a
surplus for the preceding year Of &,O3,Ve5
The poor showing Of the annual report was
/ followed by a decline oc li2 points each in
the common and preferred shares on the
Stock Exchange.
| The first resolution was offered by Henry
/ Vollman. providing that the presidents re-
! port he referred TO a committee consisting
/ OF Henry Clews. Henry r. Ickelhemer and
! Harry F. Worries. with power TO investigate
/ the ccmpany's books and affairs. This mo-
/ ton was lost by "A stock vote. as was an
other offered by Mr.. Wollman instructing
+ the directors TO call special meeting OF
/ the stockholders TO vote upon the question
whether or not the company should I'm the
| future election OF directors have the sys-
! tenn OF cumulative voting. Under cumula-
tive voting the minority, II OF any con-
rectors.
Mr. Wollman then presented resolution
requesting the directors TO issue quarterly
statements and annual reports as nearly as
possible according to the forms used by
the United States Steel Corporation. THIS
resolution was laid on the table on motion
/ Of r. Y. Lindabury counsel for the COM
pany. but resolution that the annual re-
port be modelled upon that OF the Steel Cor
poration was unanimously carried.
Questions Submitted to Company.
The representatives Of J. 6. Bache & Co.
submitted the following list Of questions:
Total expenses OF every department for
I the year just closed.
The amount OF salary paid to each and
every officer for the year just closed
Salaries paid TO members of the executive
committee for the year just closed:
What compensation. II any. is paid TO the
officers OF the company or 10 the members
of the executive board in addition 20 their
salaries from the Central Leather COM
pany.
II the officers of the company or mem
bers Of its executive board have received
from the company any compensation IN
addition 10 their salaries. what unusual oI
extraordinary service have they performed
for such compensation
Have the officers Of the Central Leather
Company or members OF the executive
, board received salaries or any other com
pensaton from any OF the underlying com
panes controlled by the Central Leather
Company since 1903?
If so. who received such compensation
: what were the amounts and what were the
/ services performed?
What amount each director receives al
such meeting: and. II any other compensa
tion is paid 10 the directors during the
+ year. whether by the Central Leather Com
pany or By any OF the underlying com
panies controlled nv II. what is the amount
Of such compensation and what is IL for?
/ What were the legal expenses OF all tie
companies from July, 1905. TO December 81,
1910. oy the year?
Are anv of the directors or officers Of the
/ Central Leather Company connected in any
way with any lumber company which buys
or has bought lumber from the Central
b Leather Company?
; What were the total sales OF merchan-
disc each year for 1910. 1909 1905? This in
. formation the Bache representatives de-
| clared has been withheld from the COM
pany's annual reports.
i Please furnish q statement OF profit and
. loss OF each OF the underlying companies
I contrOllel BY the Central Leather Company
What amount has been charged off on all
companies since July I. 1905 (the statement
dated February ., 1910. shows undistriouted
surplus from operation OF all companies
from Juiv l. 1905. but does not state what
| amount IL any. was charged on