New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-07

depend upon uevVopmentS NlS week Oh
probematical character
-
THE CoRDAGE RECEIVERS AT WORK.
THEY EXPECT TO ISSUE STATEMENT IN
FEW DAYS.
There were no developments IN the Affairs OF the
National Cor.age Company yesterday. Tie receivers
were at work the greater part OF tic day Win Tue
books Of the company. and the directors mud omcers
In conference In the morning. Appleton s'u's's
told Tribune reporter that statement BY the COM
psny would not be ready for week or ten DAYS.
ain ,ime.n said Mr.. s,rrsis. The aHsrs CT
the company will be usual. All the factories
will turi; out the regular amount OF soods tno same
number of orders will come In. ana the company
will make money as usual. The only d'nerchcc is
that the company will be under the charge OF the
receivers instead or the officers Mr.. Sturets en-
phaticaiy depied that competition with ths John
Good Coriaee Company the cause OF tue present
difficulties. IL have read the statement made py
MIR. Good that the National Cordsge Company had
been selling goods below cost TO ruin the John Coon
Company and all that can say Is that MIR. Good
is talking through q hole in his hat. The Cordage
COMPANY went INTO the hands OF receiver as a
natural consequence Of its inability 10 get money
nom sources which heretofore had assisted It,"
Mr. Sturgis would not say whether or not The
report that notes made by Mr.. Waterbury had gone
to protest true ~ will say he added, "that
We expect that, OF course. for nothing else couh be
done under the present condition OF things
Mr. Waterbury Was at his. ofhcs most Of yesterday,
but he refused TO reporters. Mr.. Atterbnry' MS
counsel said that there was nothing In the personal
affairs OF Mr. Waterbury 10 warrant an assignment.
John Good who asserts that the downfall OF the
Cerdage Company due to the fight 1t was making
against the John Good Cordage Company said yes
teNiay afternoon that the latter company was IN
position TO help the National Cordase Company IL
that company would agree to the terms the John
Good Company might dictate
A REORGANIZATION committee for the CordaSe Com
pany will be appointed early this week. T. r. u
Young one Of the receivers said yesterday mat nc
was making careful examination OF the books OF the
company and that he might be able 10 give state
ment in the early part Of this week A prominent
Wall Street man. I'm speaking OF the troubles of the
Cordage Company, said that nearly every member ioi
the Westchestcr Country Club was interested IN
Cordace and that their losses would run 10 hieh
hcure. A good many Of The Westchester men have
chilled at the Office in Frontst In the last two days.
but Mr. Waterbury has refused to see any OF them
The trading In National Cordage was not active yes
ferdsy Several thousand shares changed hands
II opcned nj 81 IL and closed at 20 is. Tito net
chang. In this stock since last Monday IS 81 IL
points.
NO STATEMENTS FOR THE SUSPENDED FIRMS.
only three Of the six firms that were forced TO
suspend business on Thursday and Friday or last
week owing TO the slump In Wall street, turned
their affairs over 10 assignee. These firms were
Henry Allen a. Company, the first TO 60 under, owing
10 the failure OF the National COrdage people 10 Keep
I'D their margins; Ferris & kimball and William
L. Patton Co. 5 Y. White who suspended opera
lions on Friday. and 3. L. smyth & Co. and Schuyler
walden, who gave up Thursday did not turn their
affairs over TO an assignee. The assignces OF ahe
three firms who did their help we're not ready
yesterday 10 say anything about the financial con-
diuon Of those firms whose affairs they have peeh
called upon 10 straghten out.
W. 0. Iian,lin the assignee OF Henry Allen u
Co., the popular firm Of brokers who lay their fall
uro TO the fact that certain men in the NATIONAL
CorSdage Combination did not keep their agreement
to cover a considerable amount In margins que 10
this firm for Carrying cordagc stock. said yesterday
fhst he still was working the books OF the com
pany but that no statement would be gwen out
before tomorrow o. Tuesday. II was expected that
q statement would be made not later than yesterday
and the delay has led many Wall Street men 10 De-
lieyc that the failure has been a more serious one
Than first WAS supposed 1t Is known that certam
men for whom they carrying National coruae-
ove them over 5000 600 alone on margins that 'hey
fsu.d IN cover The firm an extremely popular
ons and some of its friends may keep to their
rromises OF last Thursday TO come forward ana nep
them out.
William P. Dixon. OF the law firm Of Miller. Peck
- a NIXON OF No 50 Broadway. was with Mr..
Ferris for q long time yesterday "orhihR oh 'he
books OF that concern
the affairs OF William Patton Co.. the last firm TO
20 under owing TO the break, would enlghtcn any
one Yesterday as Ia the prospects OF this nrm event
uslly paying It's creditors and resum'ng business.