New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-06


~ was rcportcd 10 night that several large notes
Of the company had gone to protest; Is that so''
Vcyy likely, although have no knowledge OF any
| having been protested. The chances are That many
Of will 60 10 protest in the next lew naSS
hut the fact that the company Is IN the hands oil
receiver makes such protests OF no effect against
us The company will be reorganzed and the re-
ccvers are now considering the best method OF such
"A generalization. The factories of the company are
running rs usual, and In this vicinity alone ''o'o
opea tivcs will be paid their full wages tomorrow
Appleton sturgs OF the Cortage Company, Sa'd
last night that he had heard that several notes Oh
the company had gone TO protest. but that srrh an
action the part of those who held the notes wouin
have effect the affairs Of the company since
it in the hands Of receiver. Mr.. Stur1s sniu
that he thought the amount OF outstanding notes
against the company ~, 100000. THE tro'inic
with The Cortage Company said Mr.. sturg1N, rs
that II has accepted too notes from customers
| instead OF cash payments. The notes We're given TO
| the banks unler cur Endorsement. and the present
! stringency OF the money market has made II lmpos
sible for meet them. For the last few months
| the company has been financially embarrassed, ana
! Mr. Waterbury and ilr. Wall have lent 1t large
amounts. Their Resources now in such ccndi-
ton that they can no longer in justice to themselves
| advance funds, and so we were forced to apply 10
the for protection against our creditors. y
| statement will probably he ready in ten days.
W. O. Iianllin. the assignee of Henry Allen & Co..
faid yesterday afternoon Il was nj The meeting OF
| the National Cordagc directors. They gave me To
under stand that the affairs Of the company lo3k
great deal letter than was expected. We look for =
speedy adjustment and Il satisfactory outcome Of our
claims against Them
| The greater pat Of the Cordaec Company's paper
has been handled by Plat d WOODWARD commercial
paper brokers. OF No. Il Finest This paper l. he'll
Principally by country bankers. and LARGE amount
If it j. now outstanding. About slO00CoO Of the
PAPER Is held by Boston bankers. Mr. Platt sad
to Il Tribune reporter yesterday that he had handled
the paper Of Cordagc people for the Last
year. ard that the company had never fail d 10
meet It's obligations Their failure a great sur
prise me-" he added.
Drcxol, Morgan q Co.,. who represent rtu'cro.Is
creditors OF the Coragc Company. and who
are themselves creditors 10 ars' amount saIi yes
tcrday that their individual claim against ia" company
WAS fully secured. Receivers for tie company In a."
other STATES Will be- appointed 10 day. Deputy
sheriff james Young received an attachment against
The National Corlagc Comp,ny yesterday morning for
sJ-. 1853 49, IN favor Of Paul /. Thclaud ard other.
Copies Of the attachment were served Oh numbc. Of
banking house.
The receivers appointed for the Cordncr Company In
Newrcrs,y were named 10 take charge of II, property
IN tfs Yesterday by Judge Wallac" IN the United
States Circuit Corri The application was made by
William Il. HoInbow'r. ns counsel for Augustus '. IL.
EMS, representing some Of the stockholders. Mr..
Ellis declared that on Thursday the company refused
10 pay a debt Of $4,000 w.Ich due. brciusc Il
had no funds. Other debts Of $4,000 wcr' dn'
Yesterday. and n"tc- for several hundred thousand
dollars would BE- presented for payment ~ few
days. Altogether, debts Of -l.O00.0O0 would inll
due this month ana 81 =, 900 900 from juno 10
September. The a-,,ts If ia" company wcte val.
rable, the application said but they could not l.,
realized on Immediately. They consisted u MILLS In
various states stock In hand and bills receivable.
which were all nk,y to be attached.
Charles /. Aucrbury AMI John l.. Cadwaladcr
counsel FOR The c>npiny. do mol oppose IA" applca
lion, 50 Judge wallace appointed T. r. e. Young
and &. Weaver Lopez receivers. Tsry Wiz Ne their
bonds In day two.
The following list Of all Tho corfasc companlc,
owned and controlled hy re National Cordagc Com
pany and Of all ihe cordagc companies In the United
states outside OF the National Cor,age COMPANY. to
gcthrr with the notes about them furnished 10
a Tribune reporter yesterday by excellent au
tlority
Th. National Cordise COMPANY al The time II was
formed owned the following companies. upon The
sets Of which It issued it, original $ij,ooO0O0 OF
stock: l.. Waterbury & CO.. Erooklvn: Tucker !.
Carter Cordagc COMPANY. Broohlyn; william WALL
sons Brroalyn: the Enzabethpor, Cordace Com
pany, Eflabcf port. " ]. These known the
"Mg four and all had mills of TIE first class. the
cla,s'.s bong determined by the capital. The output
ana The trade position 81 the milk. The Eliyahc,h-
p0rf mill burned about two years ago and about
;foo.WO cash wa REALIZED the Insurance.
The smaller mill, originally bcloneng TO the VA
tiomal Corlaee Company those Of the Vie
tona Corla-r Company Cincinnati. Ohio; J.
Rincks sons. Pcnnsylvania: Xrni Cprdagc Com.
pany. Xenia. ohio: Ncw-yorIt Cordagc Company:
II. Il. Levi, 4 Company, Fhiladclphl Atlas toriaGe
Company. ORLEANS; Beverly Cordasc Company.
Beverly Mass: Hing am cordaec Company. Mas
sachu,ctt,: The lat Of these dlsmanllei
apf the machinery taken TO other mills: Akron
furd,g Lrou AZ mi ham
for sijO.OcO I'm trust certificates and sold back
afcrward 10 tie original owner for $4,000 In casa.
Poole, Cprdncc Company. Buffalo. y. y. which was
shut down. aud the George Bradley mill. OF
DAYTON. ohio.
The following mills were afcrwari secured on
which security bond, 10 TIE extent Of sG!o000Oo
issued: Boston Corhage Company: Standard
Cordagr Company, Boston; Ncw Eciford Goriage
Company: William Dccrinf q Company Chicago:
Mddctown COrdagc Company. Ohio al these
mills Of the first class Lawrence Corlage COMPANY.
Brooklyn; Field Cordagc Company. XcnIa. Ohio and
Ohio C0riagc Company. Xenia. Olio.
The remaining cortagc companies owned or con
trOllcd BIZ the National Cordngc Company were the
Donncll Cordagc Company. Maine; Chelsea Cordage
Company. boston; sewal ~. Day Corlagc Company.
Eost.n; bay COrlagc Company, Boston American
CoIdaee Company Brooklyn, two cortagc companies
Miamisburg Ohio: Peru Cordagc Company. In.
diana; Galveston COrdagc Company. Texas Hanover
tO?tag" company, lcnlsNN.lnl anu H. Aliens sons.
Iro0kyn. OF these the sewall & Day Company was
the only Of the first class.
The companies which refused 10 join the trust and
though not Organized together have been wording IN
opposition against it the John Good Cordaee an1
Machine Company. capital S7ODOOOO Edwin H.
Filter a Co.. Philadelphia. Plymouth C0lyage Com
pany Plymolth Mass: Pearson Cordasc COMPANY
Boston: Hoover a Allison Cordagc COMPANY
Xenia Ohio. al Grst-class mills New Beverly Cordugc
Company Ncw-Jrrsey. Ludlow Corlagc Company
Mas chusets Tubbs CoIdagc Company san Fran.
cisco: Columbia Coriage Company. and the Travcrs
brothers Cordagr Company Auburn. y. Y The san
Francisco Coriagc Company not recognized a. n
factor In the opposition as the transportation rates
were 80 high that its product not sold I'm the
East.
The National Cordlcc Company owned or controlled
about thrccfOurths # the manufacturing power but
owing to the sharp competition It's selling power was
only about onc.haf Of the total. The COMPANY I'm