New-York tribune., 1911-02-24
.ENJO|N LEATHER COMPANY
Court Order Stops Suuabble a,
Central Meeting.
DIRECTORS FILL VACANCY
Bache Firm Denies Statement
Issued That It Held Bor-
rowed Stock.

7, looked as ~ light might be struck
az tbs annual meeting Of the stockholders
Of the Central Leather Company, in Jer-
sew City Yesterday, until counsel for J. s
Racbs 6 Co. brokers, called the attention
Of /. c. Krauthoff. second vice-president,
who presided, 10 the existence OF an in
junction restraining the holding Of the
Meeting for any purpose but adjournment
OF course Mr. Krauthof knew beforehand
of the existence of this injunction. obtained
by Bache & CO. from Vice Chancellor How
Ell in the Court of Chancery. He took oc-
casIon. however. before adjournment was
had. 10 let the hundred or more stockhold-
ers present know that Secretary Frederick
L. Knapp, Of the company, held proxies for
100000 shares Of stock
W. J. Wellman. Of the Bache firm which
is conducting the fight for the minority
stockholders openly doubted the accuracy
OF this, contending that q representation OF
more than so per cent Of the outstanding
stock ct the annual meeting Of a corpora
tion was practically unprecedented. that
his firm held proxies for over 100000
shares, and that with the 100000 shares
claimed by the majority interest this con-
stituted over 90 per cent Of the 10000
shares Of both common and preferred out
standing.
The scene was rather more dramatic than
Is usually the case in meetings Of the kind.
In the first place. It was TO have been the
elimination Of q months struggle for con-
trol Of the board between the minority
stockholders, represented by Jules S. Bachs
& Co. and the ma tority interest represented
l.. ,,T he lost l-cr
company. 4 hundred or more stock and
proxy holders crowded the two little com
n1ittee rooms in the offices Of the Corpora
ton Trust Company, No. Is Exchange
Place. Jersey City. They had come Tor
blood. but the Injunction spoiled that.
It was In effect a bloodless victory for
the minority. providing that the annual
election Of officers could not proceed until
the court had appointed a nnster in chan
Gerry 10 preside over the meeting. H. n.
wellman, counsel for Jules s. Bache
Co. had requested this on the ground that
as the directors would come up for re-elec-
ton they could not be depended upon 20
appoint impartial election inspectors. Mr..
Wellman contended furthermore that fifty
thousand Of the shares for which the pres
ent directorate claimed proxies had been
borrowed d dsv before the books had been
closed and o.. Irned the day aftervard, and
that the books had been closed thirty days
before the date set for the election, where
as they should never have been closed at
all
Following the adjournrnent Of the meet
ing the leather company issued the follow
ing statement at its New York offices, No.
i5 John street:
The meeting was called 70 order. and IN
order to ascertain whether a quorum was
present inquiry was made Of the secre-
tary as to the number OF shares present
and represented. The secretary reported
that stockholders representing in all 10000
shares had submitted their names and
proxies to him. These were apparently the
proxies held by Messrs. Hoyt, Garritt ana
Lapham. This being very much more than
a majority of the 10000 shares OF the out
standing stock Of the company, a quorum
was declared, ana in deferenee to the re-
strainine order Of Vice-Chancellor HoWeH
the meeting was adjourned until Thursday
March 2. at z o'clock, at the registered
Office o. the company, No. u Exchange
Place, Jersey City.
The bill aied by Messrs. j. :. Bache <
Co challenges the validity Of proxies rep
resenting 5000 shares Of this stock and
claims that the ccmpiainants and their
control stock and proxies
10000 shares OF the stock. The
suit brought before Vice-Chahceilor Howell
Is on the theory that the voting or ex-
clusion Of these 5000 shares would affect
the result Of the election. If the conten-
ton in reference 70 any part OF these shares
is sustained, borrow ed stock which may
be included IN the proxies or Messrs. J. ;.
Bache & Co. will. OF course, be also ex-
cluded
Upon reading this statement member
OF Bache & Co. denied absolutely that his
firm held "ten cents worth" OF borrowed
stock.
The board Of directors met yesterday az
ternoon and filed the last remaining va
caney in their body by electing George d.
Hanock manager OF the New York oftice
Of Kidder. Peabody & Co. Mr.. Hallock is
not q stockholder Of record, according TO
the list of stockholders possessed by Bache
81 Co