Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-05-06

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sell the product and thon stop operations
Young reversed this mode OF procedure n
the Dixon case and repeated II in The
coriAgc. He mAie up his mind Il would be
folly TO wind up the concofn. II that were
demo tho creditors would only Hct from
forty to sixty per cent OF their claims, tho
mimrroua enterprises Interested would 10
sacrificed aud one OF the great arteries OF
trade would stop flowing. tic advised that
manufacture DO continued ard that tho me-
tire project bc kept IN business and allowed
TO grow and expand. lho ehaiicoluf follow
cd HIS suggestion, although Ito took u br
risk. II shows tho regard the chancellor had
for Mr.. Youngs Judgment that no permitted
his wishes TO 30 carried out simply upon
tho iatter's request aud without any personal
examination Of the matter.
The creditors wero at nrst Indignant and
surprised at the receivers course aud thcn,
amused AZ his firmness, they gradually be-
came converts to his plan. They all sisned
documents concurrlng In his methods and
FROM that time on the task was comparatively
easy. Mr.. Young says he spent day amor
day conversing with the various creditors.
Many OF them Threatened him, others argued
With him. and still othera begged him TO
desist. To all Of thcn he was pleasant.
but dlgnihed and determined. lie outlined
his scheme and refused TO sweryc nom u.
lilo told tho creditors II they waited and were
patient and accommodating, they would
come out ahead. II thoy baked and refused
TO assst, thoy would be lucky 4 they got half
Of what wns duo thom. After he had CON
quored the creditors, MIR. Young started with
tho reorganization prolcct. magnificent
set Of men were selected by tho creditors to
undertake the work---most OF them wero
hank prcnidents. Young declined TO accept
tho mon selected. lio declined, not because
they were unacceptable, for they wore all
rninently satisfactory, but because he said
II the public learned that heads OF large
banks were intcroatcd II would AZ once con-
cludo something was wrong, and another
panlo would cnsuo right OF Top OF the one
that prevailed last summer. Tho bank men
agreed with him. and the reorganization COM
mi,tce finally ohosen consisted OF members
Of banking firms and business men.
II Ia mattor Of recent history how well
this committee did ha work. Tho stock
holders were nssesscd, new company was
organized 10 u,ke over tho old, aud new sot
OF securities was iaauod. Tho creditors
claims were arranged Tor at part, no much In
honda. so much ia stock aud tho balance In
what wors termed liquidation certificates.
These latter certificates are payable from the
slow asaota Of tho coucon. II VIII take
some time to pay them OH, but they are per-
tcctly good. 10 show how long II takes TO
fix up rocolycrshlp VI this kind, II needs to
DO stated that II will probably require two
years TO redeom ihc liquidation certificates,
Z and until they aro redeemed Mcssrs. Young
Z and l.ozor will remain as receivers. Mr.,
' Young sold the old National coriago 90. 10
: tho now corporation, known ~ tho United
States Cordage Co.. but he ntlll II engaged u.
" winding up tho former company.
!, IL " usually tho custom for rereiyef, whom
u ho has finished his work. 10 make up u de-
tailed statement and present II TO the court
y II It il satisfactory, tho court releases tn,
!. bondsmon OF tho rocclver and discharges The
" receiver from further duty. II tho work has
. boon especially well done the court often a.
I, lows m extra compensation TO tho receiver
' In the ease Of tho Dixon Crucblo Company
= lion. Theodore hunyon, the present Untef
= sti,,es ambassador 20 Germany, was chnncel
Tor OF New Jersey. aud 40 pleased wns III
~ with MIR. Younes statement TINT he pralant
~ him In the highest terms from tho bench an,
" ordered that he bc paid nm extra amount pc
:, annum Tor every year he served IL required
- a number OF years 10 get TINT business on u
" feet. Young took II when Il was PRACTICAL
u wreck, and when he turned It back. throng
y tho court, 10 the stockholders, 1t was earnin
,, q dividend OF ton per cont. IN tho casc Of til
- Cordage recoyorship the settlement viii b
W made between the receivers and tho reorgnr
" lgAtlon committee. and the court will praeti
cAlly have nothing 10 do with H.
w Following tho Illustration 10 tho end, II ma
AZ DO told that Mr. L14er IL constantly in atten
= dance at tho compapye oiIicc In Now fori
lie superylaos all the doiI.ils OF tho business
, Mr.. Young generally spcnda several hohrs
Nv day at the onioe, arriving shortly before moo
and leaving about three O'Clock. Ho conduct
~ tho big transactions. All chooks are slgne
on by tho receivers Jointly. They make payment
~ ~ aud when they choose They have no on
W. TO conault aud no one can orlticlHs their ~
'u tons. Thoy are auiocrais In thoir position
10 They have right to pay themselves for sol
u, vices ON account OF tho total amount Above
~ thom or course, In case like that OF cor'
", ago, the largest manufacturing failure, so NJ
81 Iozcr snys, that Now York ever knew, u
ne lawyers have great deal 70 do. The recei'
w ers consult .hom at evcry stop. Hecelyel
Hs Young and Lover hayo two very prominei
" counsel 10 assist them and they pay the
llbarally. They are John l.. Cadwslader,
Now York, and William II. Corbin. OF Jers'
City. -