The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-10-28

Mr.. CULVER. counsel for the REORGANIZATION
Committee. said that these figures should not

Mr. Gulliver. counsel for the Reorganization
Committee, said that these. figures should not
be taken as the basis Of any opinion concern
lug the condition or value OF the property
TIM Ass ets Of the National Corda Ee Company
ceivers on June 10. 1t does not present full
exhibitof tiie'airairs OF that company at this
dales or OF the associated companies which.
ultimately. the reorganization proposes to
For example. so far as the item OF real estate
tsconcerned. the inventory shows only seven
out OF the twenty operated mills OF the COM
panE;, The real estate item does not show the
Mil and tie Suffolk Mil Of Boston. the y Don,
ne nell MIL Of Bath Me-. and the Galveston Mill
makes reference to the stocks Of the COM
panies owning these mills. which stocks are
ssd In whole or In part By the rees i,, Nor
are the Boston Cordsge Company and tho
standard C9rdage Company Of Boston. the
Sass 1hs essnS oS Us Wow %orks Of
Brooklyn. the Field CorIase Company Of
2sn the Sorf f%as OF
lhddletown. q. and William Deerng Co. Of
In addition there are certain other i'm.
portant PROPERTIES which have been acquired
for tho new company. The inventory fixes no
valuation for good will trademarks, patents.
real estate apprnisement is made upon the
theory that the property Is to 10 sold at
forced sale in nar".ls Concerning this ap-
tory:
eerntd tnsrc arc r","S II con-
IRON, IN. MONT OF view solvent corporate owner
ursi", G , " rroIsr,y OF gong e.nssra
they may he appraised on ono OF three Inses;
Firs Man The treory tnat purchaser could DO
AZ an adslnae lrire, With view Of continuing 10 90.
Second upon NO theory that there i. no purchaser
=, an n.eena,e price for The wnoe OF ne property.
MILL. Vii rsc6 bmr h"sr nil. viii. visw
o. containing The corass business there otoe carried
Tn, ae"n S ,n,"ry that the s must be sod
regard TO III. iuiure u.s 10 he maze oi them.
for these can b" nn n ""t 9s ~ s
aesSs asorsS nn.r.s smeh purchase made part
cssn1s ana Storstolers They iherrors do moi feel
vaue ct the mas. pat. AMI machinery upon ihis
The receivers also NJ tho opinion tina, there are
nos snitcient n,nher OF per.ons familiar with de-
tho ah",s tnrorss nov therefore 10 NO. ~" r.rsrI as
apart OF tteir dntl 10 express opinion as Tie
pron-nis, yrn. OF The mills plants and machinery
.oo~ns N 4n T.. shown ne
apnn tho third ,Hsary sboyS .ons "'! Ie Ios my
RssSl. ar. based solely npon what they have
elound apon witch mil, stand and II ersctins and
TS "p. Rss SPsf up s"S x. for as
ton thar pp,oxna,ey these prices could be obtained
sss, on gwen date ami without regard to tho Tact
she. tney nave 'nEe'ler FORMED ono entire manu-
featuring property
While the receivers srs OF the opinion that the
amount OF such at appraisal wond be largely
crs1osd " hAsod unon either tho hrst second Of
theories above enioned, and whilo they also of
the opinion that the rud will OF tho business
sented by these combinSi mills IL owned by
prepsrty managed corpor would he very
one yet as neither OF these ucremenrs OF forms
part OF tho appraisal which u ey understand DO
thssr duty to make. they EXPRESS opinon tho
amount by which their apprasas would be Increased
II these things were taken Into consid Iteration.
The situation Of the affairs of the National
Cordage Company has materially changed in
several respects since juno 80. An actual In
ventory has been made as Of Sept. 30. A state
msnt IL being prepared. upon the basis OF this
inventory. which vii show the condition OF the
company az Of Sept. 81 This will be ready for
ersditora and stock hodsrs In few days An.
other statement Is also being prepared for
them. showing what has been accompli ed
during the process Of reorg Anization, and In
Whist respects the status OF the company, the
valuo OF the property. and the condition OF its
anairs VIII BIO changed II the reorganization
An announcsmsnt by the Reorganization
Committee that majority Of the bondholders
OF the Security Company have agreed to ok
change their bonds for preferred stock In the
new company is expected to-day.
w. e. AndrswA's Reply to G. r. wineh's
Charges.
Charles +. Winoh's application to have re-
ceiver appointed for Wallace c. Andrews's
New York Steam Company was heard by Judge