New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-06
RECEITERS TAKE CHARGE.
NATIONAL CORDAGE GOES no LOWER.
DIRECTORS IN CONFERENCE ALL DAY-A LARGE
AMOUNT OF PAPER OUT. 8.

DIRECTORS IN CONFERENCE ALL DAh-A hAh"i'
.. AMOUNT OF PAPER OUT.
The fact that the National Cordage Trust passed.
into the hands OF receivers on Thursday night had
little effect on that stock yesterday. IL opened NJ
10 "a fell 10 I5I-c and closed at 81 Ia. slightly
higher than Thursdays closing figures. The bones
for the receives. Edward +. {. Young and GEORGE
W. Lopez qualified in Jersey City yesterday morning
They are George +. Perkins Of Perkins Gordon ~
Co.. OF this city John Nullins, OF Jersey Ciy' ana
William p Whitlock. Of Elizabeth. Each Of the bonds
men qualified in the sum OF S2OO,ODo. me r'ceN'ra
took charge OF the company Immediately AFTER 'he'
bondsmens action. The majority Of the directors OF
the company and the receivers met mt the Once NJ"
1871 Front-st Yesterday afternoon and were IN con
ference until the close Of The day. Those oi the
directors who We're present were James VI wafer
bury. g. Weaver Lopez John c. Furman Frank /.
Wall, John A. Tucker Charles l.. Atf"rbury Chahhc'y
Marshall and Elisha VI. Fulton. Appleton sihreH' Z"
The company. said after the meeting that no s'a'"
ment was ready. and that 1t would be- several DAYS
before one would be given ont. He would not say
II plans for the reor ganzaon OF the company had
been discussed at the conference Mr. stnrelS Sain'
however that reorganization would probably be dis
cussed when all The branches had been hcard lTohi
Mr. Sturgis was asked il he would make reply 10
the statement issued ly Mr. Norton OF Henry Allen
a. CO.. 10 tile effect that that house had failed because
the Cor,iace Company had not kept It's pledges. lie
replIed that the statement OF Mr.. Norton spoke OF
individuals as having broken promises not the COM
pany and of the personal business Of the members
be had nothing TO say.
Yesterday morning Mr.. Atterbnry. the attorney Tor
the company sent ont The following statement; " Mr.
Waterbury OF the National Cordagc Company has not
applied for Il receiver. Mr. Waterways Affairs have
become somewhat embarrassed through loans which
he made TO the Cordage Company. well as nj
tennis 10 support the stock The rccciNcrshp Tor
the COMPANY will In a measure relieve him, as wei
as his associate, Mr.. Wall Of tssure from the Coiddse
obi legations
Mr. Aticrbury informed Tribune reporter Iasi
night that the report that James VI. Waterbury hai
mad. an assignment untrue Mr.. Waterbury
mas been very much embarrassed by the failure u III"
Corfaec Company said Mr. Attcr,,ury. but he has
made no assignment. | cannot say Whether he VIII
make "A personal 'igrmcnt bat think lie VIII get
ont OF his present difficulties all right. He hao bee"
backing the Cofdagc Company for the la>t few months
and IL was. only account OF his personal Interest
mat he ,iopped. There one else to aIplv -.
and AS the company was unable to meet the notes held
~ the banks II WIS forced 90 into the han!S OF re
ceivers After a careful dclibcration the part 81
tn. directors Of the company. IL Wa dccii"d hl III
or:er TO protect itself such course wa necessary
Attachments may now be gotten ont against Tn" com
rany lit they will have no effect mill The receiver,
der,d what the. financial cOEdion Of the company IS
the r.ason II the fur,. Of the C,dagc Company was
the sringcncy If The money market. HE Cori1s"
cou;pany lad been in the habit OF taking note, for
merchandise ard the banks excepted them on the
,counany,s Endorsements Lately the company