New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-08-25
Ginanrial.
Observation-Disclosures
Bondholders' Reorganization Committee.

The by the mortgage securing the fnds of
the United States Cordsge Company, 10 the holders OF
majority Of the bonds make extremely uncertain the sue
plan reorganization which is opposed by IN"
jority. While it is competent for minority Of the
bondholdcrs compete for and II they oubid the ma
Jory TO buy in the property in case OF sale under Tore
closure. this would require in addition TO the
funds necessary for the new Company much greater
Of cash than the Plan Of REORGANIZATION adopted
by this Committee with the approval Of the bondhoders
Protective Committee would provide. This plan has at no
time received the adhesion Of majority Of the bonds on
the contrary there been deposited in the
Manhattan Trust Co.. pursuant 10 the Reorganization
Plan promulgated by Mr.. Frank X. Sturgs: MI William
Barbour and Mr.. John J. Waterbury not only large ma
jory OF the bonds but also ninety cent OF the
Capital Stock Of the Cordaee Company 1t is apparent
also that neither Committee carry its plan in the
Of the other without important mod
hca,ons and without proraoed litigation which might be
injurious through loss Of time and than any
gain which could result from the Of either plan
In such 1t seems right that the majority in interest
should control. The undersigned have therefore reuc
family reached the ison that IL II impossible
their plan a result which would be OF a substantial
benefit the bondhoders and that the o.
deposited them SUFFICIENT
them proceeding further accordingly the under
signed in Of the vested in them under
the Of July 18th. 1885, do declare said
agreement abandoned.
With view OF protecting the interests Of all who de-
posted their securities under that agreement has been
arranged with the Committee. consisting OF Messls
Sturgis Barbour Waterbury. above referred that
all receipts issued by Farmers Loan & Trust Com
pany. or by Safe Deposit Trust Company.
may az the option holders. be delivered
Manhattan Trust Company Of New-York. who will
therefor their receipts under the
Reorganization Agreement deposited with IT, No
be required bonds either Withdrawal from the
depositares o, this Committee deposit with the
Manhattan Trust Company. On stock payment
Of the heretofore called in by the
surgis- Ba rbour Waterbury Committee will be required.
but without penalty The assessments heretofore paid
stocks deposited this Committee will be refunded.
The members OF this Committee and Of the Bondholders
Protective Committee have waived fee or compensa
ton for their personal services.
Before asserting the above outlined. your
Messrs sturgs Barbour and Waterbury that they will
conde the Of the recognized Cordage Com
pany Board Of practical men, familiar with the
also offered in the Board Of Drec
leave selection. originally contemplated. the
votes Of the majority in interest.
Your Committee regret that a lack Of sufficient sup
port should frustrated the plan which they
leve be the advantageous: and in concluding
their abors they beg 10 their appreciation Of the
confidence which has been reposed in them and
r rs nsr b nm % nu st 's
expire September 5. 1895.
STVYvEsANT FISH,
GEORGE MOSLE.
CHARLES A. PEABODY. JR..
Committee.
BURRILL. zABRIsKIE. BURRILI.
Counsel.
J. II. RATHBONE Secretary.
NewYork. August 81 1895.