New-York tribune., 1911-02-19
LEATHER FIGHT NEAR HEAD.
Pointed Questions To Be Asked
at CentraIs Meeting.
MINORITY HOLDERS UNITED
Want to Know if Exorbitant Sal
aries Are Paid, While Common
Stock Gets No Return.

Among the pointed questions that VIII oe
asked Of the management Of the Cen'r''
leather Company at the annual meetns
oil Thursday by the minority holders VINO
are seeking voice In the affairs of tue
| company will he whether report that one
cr more members 81 the executive commit
toe. not officers of the corporation, nave
received 100000 wear for services Is V"e'
I This information the COMPANY hss re-
! fused N give At tho request ~ j. 3 Ba'be
Co. tho New York stock Exchange irn'
that for the last month has been activeN
! engaged in soliciting proxies from inc
! stockholders Of the Central Leather COM
pany for use al the annual meeting Be
sides holding large amount of the capital
stock ~ the company in It's own name the
Bache firm has already received tho proxies
Of upward of sixteen hundred of the other
stockholders and expects 10 he in position
10 eject number of the directors az the
| meeting on THURSDAY
! W J Wollman one NJ the members NJ
the Rache finn, was informed recently that
at least one member Of the executive COM
nittee Of the leather company. who was
not an officer. was receiving $4,000 yoar
| from the corporation for his services on the
committee. and he was led 70 believe that
the other members ri the committee, who
are sal to number six in all, were receiving
the same SUM although some NJ them are
officers Of the company and are drawing
salaries as such.
Inasmuch as the company Is not paying
anv dividends on its common stock, which
is one Of the things that the minority hold
ers are fghting for ! s Bache & co. de-
termined to find out II possible II Mr. Woll-
man had been correctly informed. The
firm sent two letters 10 Edward c. iHoyt,
president of the Central Leather Company.
asking II the information was correct, but
received no satisfaction.
hot fight is looked for az the annual
meeting on Thursday between tho minority
interests and the present management.
There are approximately 1896 shares OF
the capital stock outstanding. of which
about 70 per cent is expected to be voted
at the meeting. j. s. Bache & co. have
already received proxies for about 9o,W
shares. and judging by the rate they con-
tinue 10 come i'm tho firm expects 10 be In
a position to have on important voice in the
I 'IrN'i'l W piN'Nyi0t II ~ HH~N ~
actual control.
The present hoard of directors Of the cor
poration consists of the following: Edward
c. Hoyt. A. Augustus Healy, Walter u.
Garritt. p. A. Valentine, Nathan Allen, Cu-
gene Harlan, Samuel +. Dsvidge, John j.
Lapham, Robert l.. Paine, Lewis II. lap
ham, L. C. Krauthoff George w. Childs.
Charles W. Allen. Van \. Wallin and Frank
w. Simmons.
1t Is said that among them these direc-
tors hold only 1908 shares of the S32,H9D
shares of common stock outstanding, on
which no dividends have ever been paid.
They are understood. however. to be large
holders OF the preferred stock.s OF which
there are 396.996 shares outstanding, on
which regular dividends at the rate Of I
per cent year have been paid since Octo-
Der, 1905.
The management has persistently refused
TO make any payments on the common
stock, although frequently requested 10 do
so by large holders of the issue, who de-
clare that the earnings warrant placing
the common stock on dividend basis. The
last financial statement Of the Central
Leather Company shows that it had cash
in bank amounting to s5,7i1.995 and sur
plus OF quick assets over liabilities Of ap-
proximately s5lep.g0.