New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-10
NATIONAL CORDAGE REPRESENTATIONS.
A REPORT THAT BONDS TO THE AMOUNT Oh
Ga ooo ooo ARE TO BE AUTHORIZED, AND

A
"a 600 900 ARE TO BE AUTHORIZED AND
THE STOCK TO BIZ ASSESSED.
rA orcor,,o,,on plan OF the National Cordage
Comnanv was not given out officially yesterday, ana
nrobabv will not be until Monday, but an outline
which was published in Wall Street yesterday was
said M the office of Ladenburg Thalman d Co. TO be
as nearly accurate an unofhcal statement co"lu
be- According this outline, the issue OF bonus "
the amount OF So Is to be authorized OF which
al 600 600 are to be reserved. The $50OOOOO are to
be issued at S5 and will be underwri''en by
creditors at 30. A cash assessment OF ~ per cent
will be made the preferred STOCK ana ~ per GEM
on common stock, for which new preferred S'oeh
will be given Stockholders will have the option OF
surrenderng 80 per cent OF their STOCK IN lieu oi 'he
cash assessment or contribution
The bond issue will b. ample provision lot out
standing obligations and the 83,O0O,O0O desired from
the assessments will furnish working capi'ai. IL Is
said that the lease OF the Security Corporation Is 10
be pledged part Of the security Tor the issue Vi
Cordage bonds. but the mortgages OF the security
Corporation will be disturbed by the PROVISIONS
OF the plan The interest charges OF Si2oooo year
will be reduced 10 100000.
No consolidation with the John Good interest is
provided for in the plan as thus given out "hen
this called to the attention OF Mr. Good last
evening he only said: Well, that's their rsht'
that's their right
An erroneous statement was made current yesier-
day that the receivers OF the Cordage Company had
applied for and received an extension Of time for the
filing OF their report. This probably arose from the
following notice sent in accordance with the laws %
New-Jersey, to the creditors OF the National Corcage
Company. under date Of June }:
Take notice tia, In pursuance OF orders mace py
the Court Of Chancery Of the state OF NewJersey on
the 9TH day Of May the 5th day OF June. 1S!'3,
you required to bring In and present IN writing
u the subscribers receivers OF the National Cordase
Company, your several claims and demands and make
proof thereof upon oath 10 the satisfaction OF the re-
ceivers on before the 3lst OF August. 1s93 ~
default whereof viii be deharred from phriici-
Mating In any dividend distribution Of the assfts
OF the said corporation which may be- made by sad
receivers
DIAMOND DEALERS MAKE AN ASSIGNMENT.
Edward F. sanford and william T. Coombs. com
pos,ng the firm OF Edward +. sanford Co.. dealers
in diamonds, ETC., AT No. IA J0hn-s'. and No. ~
Union Square made assignment yesterday TO Will
lam C. Demorest without preferences. The latter AT
once filed bond for 10000 with the Lawyers
surety Company bondstnan. Mr.. Sanford started
the business In August 1886, sanford Cook who
were succeeded by the present firm on January 23
1892. The firm did principally jobbng business
ana few months ago opened retail store at No. 30
Union SQUARE II rented the entire builiIns and II
vns said gave years rent In advance. The failure
n largely attributed to shutting down on commercial
paper by the banks and dull trade. The liabilities