New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-27
MEETING CALM|
Minority Representation Reso-
luton Quickly Voted Down.
LARGE EARNINGS SHOWN
Interests Led by Bache & Co.
Claim Credit for I'm
provement.

If the minority stockholders of the Cen
trial Leather Company had prepared any
definite line of attack against the man
agement at the annual meeting yesterday
In Jersey City, this combative spirit dis
appeared OF the publication of the COM
pany's excellent earnings for the year
ended December 81. 4 resolution asking
for minority representation on the board
OF directors vas read, but was tabled by
a vote of 1854 to 1926. The dissenting
interests. represented by j. :. Bache &
Co. gracefully accepted the decision and
pointed with satisfaction TO the results
that have been accomplished for the
minority stock in the last two years
In seconding the resolution II. a.
scheftel, in behalf OF J. s. Bachc & Co.,
said:
when we first took this matter I'D we
stated that we did not wish to be dl-
roctly represented on the board. but later,
on account of certain developments. We
were urged by some of the important
minority holders TO secure such repre-
scntauon. In order TO remove any pos
sible argument against representation Of
the minority stockholders on the board.
We authorized tho chairman of the stock
holders protective committee TO state that
no one connected with our firm would ac-
cept membership on the board. We de-
sire 70 confirm this and to add that We
will be- satisfied with any representative
stockholders selected by the minority.
who are business men. acquainted in a
general way with the affairs Of large
manufacturing corporations. and who will
act for the best interests of the company
ana IT'S stockholders as a whole"
Richard V. landabury. counsel for the
company. protested against the adoption
OF the resolution by quoting from James
j. TIill's testimony before the Puio com
mittec. 10 the effect that it was unwise
Ia give representation on the board 10
minority stockholders. because of the in
jury that might result from their igno-
rance Of the companys affairs.
Answering Mr.. Iindabrry, w. &. Corn
well of the Bachc * 60. faction, eX-
pressed the opinion that the experiment Of
having minority representation should bo
tried for at least one year.
Tho combined gross sales and earnings
of tho company last year were sS5 5i.ii3.
as compared with s5299l.2i0 in 1911. and
$3.50 2s3 I'm 1910. Total net earnings were
1881. an increase Of $751; i2 over the
previous year and 81 lss00l over 1911 The
years balance for dividends was S. 735. ssi.
and after allowing for The s, $50. $40 paid
on the preferred stock tho remainder was
equal to s.57 per cent on the $50, 10i ,o3l
common stock.
AS result Of this good showing the
question of the payment of common
dividends was again brought up by the
minority shareholders. and 4. \. Ilcsly.
secretary Of the COMPANY announced that
disbursements would begin as soon as the
directors thought il prudent.
The fight of tho minority stockholders
against the management Of .he Central
Leather Company began more than two
years ago. AZ that time IT was charged
that officers and directors were receiving
salaries out of proportion TO the COM
panys income. IL was also urged that
the company should publish quarterly
statements of earnings and more de
tailed annual report The company has
given In to the extent OF these items.
but Is still holding out on the questions
Of minority presentation ana dividends
OF the common stock.
Edward .. THEIRS was elected a drec-
tor. 10 succeed Charles 9. Allan.