New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-11
THE SUMMONSES UNSERVED.
CORDAGE OFFICIALS WAITING FOR THEM.

CLOSE OF THE MEETING IN JOHN GOODS OF
BgcE-sATIsFIED WITH THE PROGRESS MADE.
Several officers Of the National Cordage Company
FOR whom summoDses have been issued in criminal
proceedings Instituted by Ernest T.. Balch waited
vanly in their offices yesterday for the service OF
the documents. Up 10 late honr the man win
the summonses had not appeared The officials In
voved are j. NJ Waterbury, president OF the National
Cordage Company: f. NJ. Fulton, sr, the former
treasurer; G.. Weaver Lopez. receiver and F. T.
Mall, director. Ambrose f. Purdy. who is Mr. Balchs
. counsel, said
at have issued the summonses, but they have not
been served vet. / could have Issued warrants. but
that is not my way Of doing business. II they dont
respond, the warrants come next
In his complaint Mr. Balch who Is now In the en-
Yloy of the John Good Cordage and Machine Com
pany, alleges that tile National Cordage Company
doomed Its fictitious value about two years
ago for the purpose Of unloading on unsIspecuhg
persons. lie asserts that he was induced by the
showing the company made to invest, with his two
sisters Catherine ii. and Edith q. Balch. $4,000
cash and to for $4,000 more of the capital
stock OF the Elzabehport Cordage Company which was
merged into National Cordage. He alleges that the
National Cordage Company pretended to be I'm most
prosperous condition. whereas in reality 1t was paying
dividends out y the capital stock.
Mr. Fulton said yesterday:
"ne origin OF this suit Is doubtless personal
1--we years as a tutor and educated my son for col
tege. While ] treasurer Of the Cordage Com
pany / gave him perfunctory kind Of employment
ut the office. Outside OF his duties he had little
knowledge Of the affairs Of The company. His hold
ings Of stock are very small. amounting think only
TO 81 900. lie refused to sell when the stock was
On the rise. and caught in the decline. The
officials OF the company offered TO purchase back the
stock al the price he paid. but he demanded more
and the negotiations stopped"
The meeting of cordage representatives which be-
kan In John Goods office on Wednesday was con
ttnued yesterday Mr.. Good gave out this statement
bf what had been effected
"After perfecng temporary organization To-Day
bf the cordage interests represented NesterdaWa' the
onice of the John Good Cordage and Machine Company
by the election OF John Good president, the meet
ing adjourned meet again at the call OF the pres-
dent for the purpose of making this permanent
org anization. Resolutions were unanimously adopted
expressing great satisfaction the progress already
made looking TO the formation of a permanent or
gapizaton Of this important industry, the object OF
which shall be more harmonious action, both in pur
chase OF raw material and I'm obtaining fairly re-
>nunerative prices for the manufactured product.
at was also unanimously resolved that a cordial
Invitation to attend the next meeting be extended TO
present at the meetings held yesterday and to-day,
SO anss hs n upnn prmanen and solid basis
"John Good explained at length the advantages of
improved machinery recently ny
which will materially reduce the cost of the manu-
facured article and greatly improve its quality. This
will give the new organization another cement Of
strength and although stands entirely Independent
vet IL has the friendly feelings toward the entire
trade and does not propose to foster any spirit OF
anita gonism."
As told in The. Tribune yesterday, the National
CDrdage Company mas had representation in the
meetings at MIR. Goods Office Both sides, however.
continue assert that there Is only good feeling
between the Two fOOwings.
The relation between the Good interests and
Nayor Edwin n. Filter. of Philadelphia. * not even
alleged to be harmonious. Mr. Filter is an influential
man in coriage circles and. previous 10 the meeting
at Mr. Goods Office II given out that Mr.. Filler
was TO preside Phiadelphia's eX-Mayor was not
present. was he represented. and Yesterday Pha-
dephia dispatches quoted him follows: I'VE
don't propose Join any combine formed for the
purpose of purchasing fbres TO protect and sustain
The price of cOrdage What do propose 10 do
Is to buy fbres. make our own prices and
run our business entirely To suit ourselves. The
use of our name in connection with the proposed
Combne has been wholly unwarranted."