New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-07-17
A TRUST THAT HAS FAILED.
RECEIVERS FOR THE BIG UMBRELLA
COMPANY.
THE CONCERNS IN IT REQUIRED to sho"
c.rsE WHY IT SHOULD NOT BE DIS
soLvED-wHY THE COMBINATION HAS
NOT SUCCEEDED

NOT SUCCEEDED.
r,aoo C.rae-e.eeve. OF the Superior Court yester-
do, a,,ointed Arthur c. Palmer and Niles Si'
o.pr,o, rocevers of the Umbrella Company u'-
do- ,,btch name the umbrella trust Is known INC
receivers bonds are placed at $"'cJ '"oo'' a.
speIr ir has been appointed referee anu ''ie 81
companies forming the trust are reau'ie" ~ 80
Gilders.eeve's order 10 show cause why "
many should not be dissolved. the oruer 10 MA
t,rnable before the referee on OCTOBER Az
ror,,ol r-n,ermver OF the firm OF Guggenheiiner'
1-r,e-rver & Marshall Of No IS Wall-st' "ho
is the counsel for the company. was asNeu a.
the condition OF the company and the ciuse1 .
,,,, n tho appointment Of receivers MI '"'e'
myer said: -, 100, ,nder
The company was organized IN Junebi i an author
.ne avs 49, % canita; Of 100000 and with power 70
issue 100000 Of debenture soc consolidating into
one COMPANY the leading manntacturers VI smc
bre,,as in The United states Inc eaven Of the
ceeded in acquiring the factories OF n w. cont of
oadnr concerns representing about 90 per cen, Of
ne domestic output. In payment fot o tne S Of de-
srr, p'a siock and it paid about $1,000 Of rs
common stock for the 5000 WIZ ., and common
The balance Of the depen'ure S'o0N
The manufacturers find as result o., 'W yror3 the
bduInning hat The attempt to consolidate pus ",
ness OF The kind Is a failure IL ~ .inp small
capital can go into the business ana ny
attention compete with the largest ~, ~ leaders
,rho uoarl of directors was made up Oh ,ne NJ s1rre
~ me yaro}s concerns and there have been some
differences between the me m on unfortunate pc
roJ AMI the hard times Of the LAST year II he
had deal 70 DO WIN J2c nortes 10 the CON
so.idaon 1t was all placed IN iris, = fr,c,Ion Of
q II c2 S 90 De dshanrcs IS heid outside the orgi
r e yenSors 70 tbc company The debts 81 nos ne
company about $1,000 ap S,c 'T bnr do not ex
@ ,So oo outside this 81 10000 Of debenture &
The assets said 70 amount 10 $500 Of most Of
,b Soldiers Of dcberture stock that tne ovor
IT, genndra5, nf ebenrs stock and in order iha5
there should be doubt on THIS P9n so HE'f have
per cent ~ the holders OF u e sha,l first be
Consented that the genera. cre'''o'7 '"''
10 not therefore think sa the ,S Sqf'ii hey have
@ y"ry Great interest in the outcome 81 w."
present proceedings the fate ,S S1 .conomic Jaws
aga,n i.us.ra W lake care OF ana regulate thsse
C5mbnitions Of capital far ee'ifr ina" combna;i5n
Company can furnish ne product done 20 n sv the
sumer more cheap nan rd ~ II cannot do this
- w surrey fail These combnauons hiUe ak ak IN.
them the mporian, cement OF "a, ,'f have 70 con-
~ I LII ,ba existence Of tina, element In ther
cm?etltion People ne.t neTsr ure or success de-
sanI"I %, whether they eventua..y injure or beneht
two comp,nles forming the trust are Fo'mer'
corr g CO. Of New-York and Phlade phia' NOS
pr,,hers & Hartman Of Lancaster. Penn; EN-
celslor Manufacturing Company. Of New YORK ana
boston Wright Brothers Co. q yrN Fla
xr,nn 3 Co. OF this city White Howari q
Major. Of New York. A.yah Hn' q Co. ,S S' cltv
"a ttsIfer conn & Caw.ey. also " this city
In Nav ias, VI ssrs. Gem Caw.ey w' r,nN,
hu, Heller remained IN the trust g. enh q 1aM-'ss
innsIrte.y formed the firm o. Glenn Ca"."y "
co at No 3s7 Broadway ,.., eat,
ina, bad business competed he appointment oi |
The receivers Mr. Cawley IL In no way coHnrc,,r1si
,y,,h no rus, ami said yesterday that he anNci- |
pated the move made before Judge GiderseeVe'