New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-09
MEETING OF CORDAGE MEN.
WHAT THEY WILL SEEK TO ACCOMPLISH
HOW THE NATIONAL COMPANY WAS FORMED

| ITS RISE AND FINAL COLLAPSE.
| The cordage manufacturers OF the country will
meet this morning IN the Offices OF the John Good
| Cordage and Machine Company III inc Morris
Building at Broad and Beaver SIS ana an effort
will be made to combine ell the companies into
one association II is expected that MI food Will
be asked take the presidency II new associa-
ton is formed Yesterday Mr. Good said;
THE first step TO be- taken Will be toward har-
| monizng the interests OF all the companies What
form it will take do not yet Know II will
probably be kind of association or agreement,
and may go further than that
| The National Cordage Company was organized on
July %. 1881. 1t grew out OF TWO oid ropemaking
concerns the proprictors Of which. when they
died left large fortunes to their families. The first
| of these firms WAS that Of l.. Waterbury Co.,
the senior member Of which was the father OF
James NJ Waterbury. the president OF the National
| Cordore Company The other factory owned
! by the father OF T. Berry wall. The two rope
walks owned by these firms were the largest in the
| country and when the combination was accom-
| plished they easily absorbed a large number OF
| the smaller concerns
| The combined firms were Incorporated the
National Cordagc Company, under the laws OF New
Jersey with charter covering a period Of fifty
| years. The authorized capital was S25.Goooo. OF
which 100000 was issued In shares Of common
stock and s. 100000 in shares OF per cent cumu-
pany were: James NJ Waterbury, president:
Frank T. Wall, first vice-president Chauncey
| Marshall second vice-president c. Weaver Lopez,
treasurer and John a. Tucker secretary The
board Of directors included. in addition, +. r.
Brinkerhon, Charles L. Atterbury. John c. Furman
| and Elisha VI. Fulton jr.
The Security Corporation Company was incor-
porated under New-Jersey laws in 1891, for fifty
years. with a capital of $4,000. 1t purchased from
l.. Waterbury & Co. the following concerns: Boston
Cordage Company and Standard Cordage Company
of South Boston, Mass; New Bedford Cordage Com
pany. of New bedford. Mass; Lawrence Rope
Works. of Brooklyn; Field Cordage Company and
Ohio COrdage Company Of Nena. Ohio. and Will
lam Deerng & CO., OF Chicago. These properties
were leased to the National Cordage Company for
twenty years. ending November l. 1911. To pay for
the concerns the Security Corporation Company
created 100000 hrst-mortgage per cent gold
bonds. secured upon all the plant and property Of
the individual companies leased to the National
Cordage Company.
The summer of 1902 witnessed big bull move
ment in National Cordage common stock. which
did not cease until the price had touched $50 Div-
dends were gradually increased until the common
stock paying Il per cent a year. The advance
in price accomplished by "A pool for which
James r. Keene and s. V. White were the princ-
pal operators at the Stock Exchange The officers
| and directors of the Cordage Company
derstood to be heavily Interested in the pool and
their friends in club and social circles adj
vsed TO buy with confidence. The pool was finally dis
solved last January after the advance in price had
represented paper profits Of about lO) points.
Then came the doubling OF the common stock
raising the amount outstanding 70 S0.eOOyJ. Every
holder OF lOJ shares Of the Old stock received 100
shares OF the new stock az a dividend \ bull
pool was organized and the doubled stock was
placed the market at . and sold Up TO -
That marked the apex OF the Cordase boom. and
he price shrunk steadily until the crash came on
May last.
on that date Chancellor McGnl. Of New-Jersey
appointed O. Weaver Lopez. the treasurer OF the
company. and T.. f. 9. Young. president Of the
First National Bank Of Jersey CITY. receivers The
affairs Of the company are stu In the process Of
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