The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-08-10
PERJURY AND MISCONDUCT.
CRIMINAL PROCEEDINGS AGAINST
NATIONAL CORDAGE OFFICERS.

| Summonses Issued from Jefferson Market
for Mcssrs. Waterbury, Fulton. Lopez,
and Observation-Disclosures of Cordapo to
Form n Mutual Protective Association.
Police Justice Grady issued summonses VS.
tcrday afternoon for ]. NJ. Waterbury. T. NJ.
Fulton. ST.. G. Weaver Loper and i. r. Wall.
to appear in tho jefferson Market Court
at ten o'clock next Monday morning in answer
to charges OF perjury and violation OF tho stat
utes relating to corporations. Tho summonses
were put In the hands OF court ofllcer.
Tho four persons against whom these charges
arc made were officers and large stockholders
OF the National Cordage Company.
These criminal proceedings were instituted
by L D. Balch. stakeholder Of the company.
who is also connected with the John Good
Cordago and Machine COMPANY. Application
for the summonses was made by Lawyer AM
brose II. Purdy. who appeared for Mr. Balch.
In consideration OF tho social and business
positions OF tho four persons named. Mr..
Purdy requested the Justice to issue sum-
monses instead Of warrants OF arrest
The charge Of violation OF the statutes relat-
Inc to corporations is based upon section 504
OF the Penal Code. which declares that q mis-
demeanor Is committed by director Of n
stock corporation who concurs in any vote or
act of the directors OF such corporation, or any
Of them. by which it lie intended to make a
dividend except from the profits arising from
the business of the corporation and in the
cases and manner allowed by law
The complainant, +. B. Balch. rectes that for
the year beginning October. 1870 the books Of
tho National Cordage Company show that q
dividend of ST. 4O6.2l347 was declared on the
capital stock of the company. and that n sur
plus of S1O6,il3 was carried over Mr.. Balch
alleges that tho dividends had not been earn ed
for that period. Upon that allegation the
charge OF misdemeanor Is based. and as tho
financial statement which showed an earned
dividend was sworn to. the charge OF perjury
follows.
Before the failure OF the Cordngo Company
Mr.. Balch appealed to the Chancellors Court in
NewJersey foran order directing the company's
officials to exhibit their books to him. but
failed to get the order. After the failure Mr..
Balch applied to Chancellor McGil for an
ordor directing the receiver Of the trust to
permit Mr. Balch to examine the books. and
the order was granted Mr.. Baloh went to the
otilce of the company and examined the books.
day spent two hours over the books. aided by
an expert accountant. He had no further op-
order WAS revoked ut the request OF some OF
the con. puny's officers.
CoRDAGE MAKERS COMBINE.
A resolution to form Mutual Protective
Association" was tine result Of the meeting OF
cordage manufacturers yesterday in the oilice
OF the John Good Cordage and Machine Com
p91ny ia the Morris s, building. Broad street;
a few days ago. the following met in his office
spencer ii. Janney. Harry B. Hammell. Frank
Hammeil. John Hopkins. Nathan b. Cart
wright :r ir.: Of the ,rennsylYnna C9rdase Com;
tho Bridsewater Cordage Company. John
Good. Henry q. Brown. Frank Cannon. S. d.
holloweli, j. q. Jenkins, Jr.. James D. Leary
Harrison OF Hooven. Allison d Co. Xenia O.:
N adrck S tho eI se c cSrass
Comnany. f .. Metcalf. George Underwood Of
james j., Hughes. Of tho Miamisburs. o.
a ae5 Il Twns Snd SSSraS9 Al
nan son and LEWIS s o MeF Of akron la6co COM
Good. The question, lie said, lis: sLali
OF this interest and the benefit Of tho country
ut large. or shall We ourselves operate its de-
our He s the orn
pSrated the nature Of IN" %hl tas0 he
Zach member should flo a suitable bond.
or make DEPOSIT Of q certain amount Of his
members should be anpointed, receiving sala-
ries; each member men OF the board to give a suita-
ciHde the regulation Of the price and purchase
OF nll fibre: FIX the price OF all manufactured
products and provide such system OF sale as to
exclude the cutting OF prices and the giving Of
rebates. The Board shall have power to i'm
pose penalties for violation OF constitution
denim raw material or manufactured products.
ana insist unon standard 81 excellence
OF our manufactured proIucts
Neither the Board nor the assocl ation have
Power to limit the product or to aid directly or
manufacturer beyond fixing prices and classi-
tying goods. Tho duty Of the association shall
for the enactment of measures and laws to
meet IT'S ends and t. promote ITS harmony and
peTlty to the great industry Of the country"
Tie meeting then organized ty the election
following. which was unanimously adopted:
M'nrsd That the coTdnge manufacturers rresentto
association.
Mr.. George Underwood. representing the
Columbia CordaRe Company OF Auburn. offer
cd this resolution, which was also adopted:
he.Ip'd. That in view OF the dsorgauized condition
o. the eordage trade il is Tie sense q this nesting
If's @R$1 %%Io stable ara pIoSi.be Ss.s s"a tGa
action in the trade "1mttsS bs appointsG To- de-.
nd to % s"b re s"es . 10! nss
ssn M In a. s sy SH ns sh
Chairman.
A letter was read from Comptroller Myers
who is storkholder in the john GOOD Com
pHHS mn .WEo Wih " INC ucct-
ing. Mr.. Myers wrote. in part:
=, The point has now been reached when
those in possession Of the present market
must decide whether they intend to retain
control OF it or allow Il to slip from their grasp
into the hands Of others. A crisis has been |
reached when to stand at.ll means to retro |
grade Those now in tossess:on Of
the substitutes for c0rdage obtain g nrmer
ioothuld, and lest dissensiUnS and differences |
make new and outside competitions possible. |
Shall rhe cordaGe interests combine and form
OF tina SllpcnSAful and prOffa bla In. |
dustrles in the country. or shall they be actu- |
ated by the small motives OF petty retail sales
men, and thus place themselves at the mercy |
Of the growers OF tho raw material and the |
OF tho ilnislio goods In point OF |
price. credits, and all else that liz essential to
The proper conduct OF u great bnsinessY'
At an afternoon session 1t was determined to !
proceed actively and at once with tho forma- |
lion Of tho association. and another meeting |
was calod for the purpose. which will he hold |
IN tho same oiliceg at 10 o'clock this morning.
BIEY IN H SEWER.
Itcs NV rLe an |