New-York tribune., 1912-02-29

for the year Of more than EVllw' was
submitted to the stockholders. bot cilt-
cism Of the management that had brought
about such a result was INDUCED In by
number Of the minority stockholders VINO
introduced resolutions asking for change OF
management, investigation Of the company
and the appointment of committee, 10 in
clude representatives of the minority hold
ers, TO examine the company's books. The
MANAGEMENT promptly got its steam roller
into action, however. and these resolutions
were tabled.
Wonan Asks for a Probe.
Henry Wollman, counsel for the common
stockholders' protective committee, eN-
plained that, as owners of tho company, 1t
was not the desire of the common stock
holders to tear down or destroy the value
of it in any way, but that they wanted
committee appointed 10 make an invcstsGl-
ton Of conditions and submit report to
the stockholders. and, If it was found nee
essary, TO suggest change Of manage
lnent He said that the stockholders did
not disbeHeve statements made by the COM
pany. but that it would appear from the
100000 deficit that there had been consid-
cradle mismanagement somewhere.
o. Ha of the Central Leather Company, re-
Piled that the first nine months Of the last
year were disastrous in the leather trade.
and that it would have been impossible for
any management to have pulled the COM
pauy through in better condition than was
shown in the report.
This did not satisfy Mr.. Wollman, how
ever, and ne introduced a resolution call
ing for the appointment of a committee of
non-members Of the board Of directors 10
make an investigation Of the business and
management Of the company.
This was objected to by Richard Y.
-Lindabury special counsel for the com
pany, who said that such action would be
= spicidal, and that the management of the
company should be left to the directors.
The resolution Vas then put to vote and
lost
William 1wen. Of j. s Bache &
Co. the So -lchange firm that has tax
en- a leading Fart in the fight against 1he
leather coulpanys management, then got
the floor and declared that there were wide
discrepancies between the report Of the
company for the year ended December 81,
1910 as submitted 10 the stockholders by
the company, and the report issued by the
United States Internal Revenue Depart
nsnt at Washington. re offered q resolu-
tion calling for the appointment Of com
mttee TO investigate whether or not there
was any real difference between these re-
ports, and if So what they were.
Opposition FIsttened Out.
The steam roller, with its $50 900 votes,
again got into action, and this resolution
was lost, as was also a resolution intro
duced by H. A. Scheftel, Of the Bache firm,
asking that a committee Of three be ap-
pointed to investigate the relations between
the Central Leather Company to the pack
ing interests
Mr.. Scheftel said he understood that
some years ago the packing interests, par
tieplarly Armour & Co, had been friendly TO
: The Central Leather Company. but that for
some reason this friendship had ceased to
exist Mr.. Krauthoh, speaking for the
management, said that Mr. Armour had
withdrawn from the hoard of directors Of
the Central Leather Company because he
had become competitor through the manu-
facture Of leather as a byproduct Of his
packing business.
y rapid fire OF questions by individual
stockholders regarding the conduct OF the
companys affairs followed. They kept the
which proved satisfactory TO the minority,
however, until the close of the meeting.
One stockholder wanted to know why the
.l, company had moved from its old headquar-
ters, in the centre OF the leather district,
10 expensive Offices in No. II Battery Place,
which was the centre of nothing in paTtic-
ular Z. A. Valentine. chairman Of tho
bord of directors of the Central Leather
Company, replied that II had been done to
save expense, although he was unable to
recall what the saving amounted to- The
stockhoder asked Mr.. Valentine II 1t was
true that he was a director in the United
States Realty Company, and IL that COM
pany did not own the building at No. II
Battery Place. Mr. Valentine nodded his
head in assent, but yOuchsafed no further
reply.
Presidents Salary Cut to $4,000.
~ 'r8,e question of the amount Of salaries
pasd to various officers and directors Of the
company then came up. Mr.. Krauthoff
sad that the reports that seven Of the
directors OF the company received salaries
OF $1,000 each year were incorrect.
The president Of this company, L. c.
Hoyt, did. until recently" he said. receive
salary Of $4,000 a year. and four other
executive officers, who happened to be
members of the executive committee. re-
cvirro Sa.VV a year each, but this has
been reduced to $4,000 year for the pres
ident and $4,000 each for the other OFF,
GERS"
one Of the stockholders remarked that
thcy had no objection to the officers re-
cciying salaries OF $1,000, or $1,000, or even
}e9eoJ, II profits we're being reported but
& that from the management's own state
ment. which showed that the company
s vas doing a losing business, IL would APP
? pear there were too many $50 Ooo-a-year sal
aries in the company.
The companye report for the year ended
December 81 shows total net earnings OF
G,So4e49, compared with SSs7.ssO In the
preceding year. and balance. after inter-
~ charges, Of 500, ,ls2, a decrease OF sl'lSs'-
s2l from 1910 Dividend payments OF Sz'SSO,-
Fs left deficit OF S2,055,74S, against sur
li,s III the year before Of sSS6'EI
The companys general balance shes.
shows Investments OF $ssliiS' compared
----zlll- ss5O.22s IN 1910; inventories, Ao'B'oss
compared with s5s.sn.sss in 1910; cash.