New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-09
QUIET IN WALL STREET.
RECOVERING FROM THE CORDAGE CRASH.
A DEFECT IN THE RECElvERsHIP PAPERS-S. v.
WHITE TO MAKE PARTIAL PAY
Mr\TS TO-DAY.

MENTS TO-DAY.
Whatever anxiety may have been felt in Wall
Street yesterday morning as TO the outcome OF
the settlements made necessary by last weeks fau-
ures was dissipated when it became known that
all the coarances between Stock Exchange MEN,
bcrs had been made, and no new failures had re-
suited in consequence The only hitch arose from
the discovery that the papers submitted to Cham
cellor McGill asking for the appointment of re-
ceivers for the National Cordage Company had
bnen faulty, il that they Ind contained a clause
restraining bo officers and receivers from making
any transfer d the corporations stock
This caused halt in the settlements at the
Stock Exchange, and the receivers were at first
severely criticised for what was supposed to bc
their arbitrary action in refusing either to give
certificates In place of old ones left for trans
fer last week to return the originals The
Security Committee was Immediately called to-
gether to take action in the matter, but the true
state Of affairs explained to them by Ileir
counsel, w. G. Lrdyari, who said that the attitude
of the receivers was made necessary by the terms
of the order under which they were appointed.
Proceedings we're taken to have the Chancellor
modify the order in this particular. and it is
thought that he will willingly do so. which will
hoavc the field free for final transfers and settle
mcnts to-day
The stock market seemed to have recovered
largely from the excitement and disaster of the
last few days, and the net result Of the DAYS
trading was general advance in prices During
the first hour there natural weakness and
uncertainty apparent until the Clearing House re-
port was made but after that healthier tone
prevailed and fhe belief was generally expressed
that the ei.d Of the markets troubles, growing
ont of the Cordage crash, had been seen.
Tho money marke; also easier. rates fuc-
tuating between II and per cent. bu. in spite
OF this ard Of tho fact that there was little or no
buying for London account which was ons
of the best features of Thursdays and Fridays
markets, no gold engaged for export
The affairs of the Cortlage Company seemel to
be little improved The receivers were at work
on the books. and a conference was held between
the directors and representative of DreXel, Nor
gan ~ Co. 1t reported that at the confer
assistance had been Offered the Corcage COM
pany by certain firms represented by the DreAels
and that il had been accepted No confirmation
of the report could be obtained. The Plan OF re-
organization. which is now beirg prepared, is said
To involyF assessment on the stock OF the COM
pany. Appleton Sturgis said that no statement
would be issued for several days. He said that
he could state definitely that none of the officers
of the company or the firm of L. Waterbury &
Co. had made assignments or contemplated such
action.
There We're many callers during the day at the
Offices in Front->t Most OF them we're stock
holders or represented cicdi ors. EX-Secretary of
tie Navy Tracy wa, among them. lie told Iri0.
une reporter that he represented certain creditors
He said that while he was not authorized to
sneak for ANYBODY connected with the company
he did not think that j. NJ Waterbury or any
one in the directory of the company would make
personal assignments. The amount of paper the
company has out is estimated 10 be S-,ooo'oVV'
or this $500. 900 probably is held by cHy palhs
V. White sent this notice 10 the STOCK EN'
change Yesterday morning: TO the president Ok
the New-Yor Stock Exchange Please announces
10 the member, of the Exchange tha' hare cIl-
ino business for me sufficient balances 50 tnai
am abb, To pay - per cent Of my adjusted ulIeI'
ences To members who are my CREDITORS, II my ui'y
send statements 10 my othce to-hlorloW H'o'"ins
| will ,end checks above. ,,,
A. Mr. Whites office il was sad tnit ne wohiu
nroh,ll ly resume business by the end of this wees;
mi. impli,, of course that settlement III luiA
viii b, cfcctcd Mr.. White asserts that his as,
.cst. are sufficient 10 meet his obligations. ana
that he only requires tlmc - rtIiIe Oh 'n,ni. .
Henry Allen. of Henry Allen X Co. stated m rhao
rho liai little, of his firm were S6'O,OO0 lhas
i. the debt of the Corlage pool "a us, he SAID.
" and thcrr is nothing for Ms 10 40 nut wait ,u.1r
some indication of probable Developments. "o
are assured that everything possible Il p,ing u9ne
IN str,uhten ont the affairs of the pool, Dut oe.
vond that we know nothing. II Is not true fIas
we .pecu lated and lost on Our own account we
did strict commission business. and VIII De a0le
IN resume il as soon as IN" Cor la9e people make
Good their debt to They owed US Si1o,ooO
l.. foro ,,n agreed to carry 100000 margins Tor
them, on their pledge 10 lay 1t before lOIo on
Thursday morning