New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-07-10
THE CORDAGE REORGANIZiTION

WITHDRAWAL. or DrMONT CLARKE FROM THE
noNDHOIDERs' COMMITTEE.
At n meeting OF the Rondhodcre Protective Com
mittee of the United States Cordage Company. held
Yesterday. Dumont Clarke. president OF the Amer
lean Exchange National Bank. withdrew from tho
committee having disagreed with the other mem
bers in regard TO the advsability OF further OPP
posing the reorganization OF tho company on the
lines proposed by the Reorganization Committee.
consisting OF Frank *. Sturgis, william Barbour
and John l. Waterbury,
The remaining members OF the Bondholicrs' Pro-
tectlve Committee. X. VI. Galloway. OF the Mcr-
chants National Bank Stuyvesant Fish. Of the Ma
ional Park Bank. fbcnczcr S Mason OF the Bank Of
New-York: Charlie, 4. Vale. OF the National Bank
Of the Republic, Boston, and George Ripley. OF the
Hide and Leather National Bank. Boston. issued.
after the meeting. a formal settlement TO the bond
holders Of the Corlage Company forccastng the
nomination OF a second and rival committee Of re-
organization.
This statement Gays the present condition OF
affairs is due largely TO acknowledgement and mex
rerience and that the plan OF reorganization which
IA proposed affords no reasonable prospect OF I'm
p-oycmcnt In the management OF the business
Your bonds" the statement continues were
iseued and taken as first mortgage bonds. ana us
security is worth much now as II was when the
bonds were issued. although possibly OF less value
than was then supposed; and no sufficient reason
annears why YOU should not make the most OF your
security rather than submit be deprived OF for
the benefit OF other interests. such proceedings
should taken Will lead t. foreclosure OF the
mortgage when the bondholders can buy In the
nroperty for their own benefit. rcorganIze the
property In connection with the stockholders upon
such terms as may be mutually acceptable.
The bonds already deposited with the committee.
although as yet less than "A majority the committee
says are sufficient In amount to protect the bohn-
holders rights and prevent action by others preju-
dicial to their interests Further deposits sole
tied The statement ends as follows "A committee
of reorganization will be nominated to carry out he
principles now recommended upon a formal plan
and In which opportunity VIII be given to the stoch
holders 10 participate on equitable terms. 80
Dumont Clarke. when seen IN regard to ms WIFI
After having given the matter long and thought.
full consideration. am forced to the conclusion IN.
1t would be best TO give up all IDEA or opposing the
plan OF reorganization which Is already before the
public, for the following reasons After considerable
and expensive advertising. we md ourselves made.
uuateiy supported by the bondhoders only about
onethlrd OF the bonds having answered to our call
We have been abe TO unite upon any definite
plan that would meet with general approval. None
OF our committee Is willing to give the large amount
OF time which would be required to carry out any
plan that might be proposed with any prospect 81
success After considering the plan propos ID by the
Reorganization Committee while not approving OF
lis pacng a lien over the bonds which wo hold, yet
II being a vital matter 10 retain the organization
with ali It's rights intact i seems best to accept
compelling the company TO go into liquidation;
which would seem inevitable in case OF two disputed
In regard 10 Mr. Clarke's statements stuyvesant
Fish. speaking for the Protective Committee. said
give the time to the carrying OF their
Recommendation II will not do to allow scheme
posed TO go through without determined opposition.
II was understood In Wall Street yesterday TIA!
SSna ho e s SNsu.,
the Sturgis rbour-Waterbury plan