New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-06-28
financial.
To BOndhOlders of the
UNITED STATES
CORDACE COMPANY.

The Bondho,ders Protective Committee have since
first r. ls3 made such examination
OF the affairs the United States Cordage Company ms
the reports and data submitted them by the courtesy
OF the Companys officials have enabled them 10 make.
has been sufficient for independent invesu-
CATION present situation and the prospects Tor the
future But on the furnished by the Company 10
justify proposal that should exchange your
first mortgage bonds for second income bonds.
giving priority bonds TO be issued for funds fur-
nished by the stockholders Committee already feel
justified in advising you that they are unable 10 discover
any sufficient ground for this REIMBURSEMENT OF your
security.
The statements furnished TO your Committee show;
o. The Companys Balance Sheet. May J. 1879. SHOWS
current liabilities exclusive Of fixed charges and sHeo
amounting to 81 l55 oI3ts and quick assets avalahe
,r tho naveu, thereof amounting 81 $50 500 S. Your
Committee informed that during the month OF MAY
the liabilities reduced by payment OF $+"""o Oh '"S
and notes value Of merchandise ana accounts
receivable on hand June amounted In round numbers
10 g. go O0o besides other small Items OF value
on their own showing Company have abundant as
sets TO pay current liabilities without encroachins al al
on your security
ocl While IT is true tina, the Company started under
serious difficulties arising In part from the Obligations OF
the old COMPANY for which due allowance ought 10 be
made yet had January /. 1894. capital OF si'l'
GA - In cash. ~ In good accounts ana 81
Dol Oh IN mercha:dise aegrec,ting s2'o5ss72: ana SUD
seoueny received sales Of securities *'o4" anu
the ornanys embarrassment for want OF working cap-
tai appears by the statements 10 be attributable 10 'he
business methods pursued by the management ana not
causes affecting the intrinsic worth OF your security
Chief among these the foiio~ine'
Speculation In RAW Materiai-In 1913 year OK
diminished in all lines OF business the COMPANY pu
chased nearly s5Oooc"o pounds Of hemp on d'e'hhs
market on addition G1s7.0c pounds on hanh nj 'he
,i,r - the reorganza,on) and nearly C0o00 pounfs
u rope and Irvine dn addition TO "v"o POUNDS on
hand. They only used 4ds""oo POUNDS OF h'mP !"
manufacture and. after selling on 100000" pouhas my
CARRIED over nearly 90 600 pounds Of hemp BESIDES
ID 81 r0pc
featured goods amounted s. 6Ss"oi their purchases
Of raw material amounted to the cispoporiionae sum Of
s. Gs3 1901.
rno,.ion Of PInnt-In the same year ot dimin-
t1 ,,e with three fourhs mills Idle. they
,uch, the Pearson mill 10000 Of which they paid
sioorO In
Cost of Mnnngemenf.-The 'ohice ana agency *
rses for the year s2ooO3G4S on sales OF 81 400
3s9.01. $780,.
In conclusion. your Committee h"ve o's'oS
.r.a In the r~presentatiOns made by the
Company reason why you "h""i" "acr'"'e
YOUR security in the manner contemplated
~ IN. pInn nut out In the interest OF the
Company's present management They learn
tha. the underlying liens on which stress IL Iad by 'he
Company. attach chiefly 10 hhs winch nave 'o"s pee'
idle and not urgent
,a,oa Number Of bonds have been already deposited
I'm, hoderr are that the general cooperation ~
the bondholders indispensable II they "ond MAINTAIN
the value their bonds and avoid the heavy losses
,hrea,ened by the Companys plan Of reorganization
rn ,.,rr,,,,.e therefore, urge prompt deposit Of
honds with the FARMERS LOAN AND Trust
COMPANY, New York CITY or the bosIoN sAr T.
nEpOsIT AND TRUST COMPANY. Boston. Mass.
ae- IN. terms OF the Committees circular Of June H.
New York. Jure Is. 1880
DUMONT CLARKE,
American Exchange National Bank.
II. NJ. GALLAWAY,
Merchants National Bank
sTUYVESANT FISH.
National Park Bank.
EBENEZER =. MASON.
Bank o New York.
CHARLES A. VIALLE,
National Bank Of the Republic. Boston.
GEORGE RIPLEY.
Vide and Leather National Bank. Boston
prpR1Ii ZABRIsKIE BuRRiII-
Do' Counsel.
JOHN II. RATHBoNE. Secretary.
II Broad Street. New-York.