New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-08-22
financial.
UnitedStateS COrdage co.
Bondhofders' Reorganization Committee.
lon Committee.

The powers given by the securing the bonds Of
the United states CorIage Company the holders ~
majority ~ the bonds extremely uncertain The sue
cess ~ any plan for reorganization which II opposed by the
majority While II Ia competent for minority ~ the
bondhoders to compete for and n they outbl the ma
Jointly TO buy In the In Of sale under fore
closure yet hla would require In addition to the
funds necessary for the Company much greater
amount N cash than the Plan Of Reorganization adopted
by this Committee with the approval ~ the bondholdefs
Protective would provide This plan has ut
time received the adhesion Of majority II the bonds; on
III" contrary there have now been deposited In tho
Manhattan Trust CO.. pursuant TO the Reorganization
Plan promulgated by Mr. Frank X. Sturgis Mr.. william
Harbour and Mr. John l. Waterbury. only a large
ioriy ~ the bonds but also ninety cent Of tho
capital Stock ~ Tho rordagr Company II IL apparent
also that neither Committee carry out is plan In tho
face ~ the opposition Of Tho other without important mod
nc,iions AMI without protraoied litigation which might he
more Injurious through loss ~ time and than any
gain which could result from the ~ either plan
III such caso HeenH right that the majority in interest
should control Tho undersigned have therefore reuc
family reached the isioh that II II impossible carry
on their plan 10 isrul, which would bc Of substantial
ben"ht 10 tho bondh0l1efp and that the amount
cufeH deposited with them Ia not SUFFICIENT 10 warrant
them In proceeding further and accordingly the under
signed IN pursuance ~ tho vested IN them under
tho asreemon, ~ July i7h. ihp5. do declare said
agreement abandoned,
win Wow OF protecting the Interests of all who de-
posted their securities under that agreement has been
arranged Win the Committee, consisting ~ Messis
surgis Barbour Waterbury, above referred to- that
all receipts issued by the Farmers Loan 4 Trust Com
pany. by the Boston Safe Deposit & Trust Company
may at the option Of the holders, be delivered to the
Manhattan Trust Company Of New-York. who WIN
In exchange therefor their receipts under the
Reorganization deposited with 1t. No payment
will be required bonds either withdrawal from the
depositares this Committee deposit with the
Manhattan Trust Company. On stock payment
Of the assessments heretofore called In by the
-n.r lour ".
but without penalty The assessments heretofore paid
stocks deposited this Committee will be refunded
The members THIS Committee and Of the Bondhoders
Protective Committee have waived fee or compensa
ton for their personal services
Before asserting the above outlined your
Committee received the most positive assurance from
Messrs. Stusgs Barbour and Waterbury that they will
conhdc the Of the recognized cordaSe Com
pany a Board Of practical men. familiar with the
Manufacture. sale and distribution Of Cordage They
representation in the Board Of Direc
Of the Company but declined IT, believing it best
It's selection originally contemplated. to the
votes Of the majority in interest
Your Committee regret that lack Of sufficient
port should have frustrated the plan which they be-
licve to he the advantageous and in concluding
confidence which has been reposed them. and TO ad
wise their constituents that the time for depositing their
receipts with the Manhattan Trust tOmp"n! VIII
expire september D. $50
STtlVESANT FISH.
GEORGE MOSLE.
CHARLES A. PEABODY. JR..
Committee.
RURRII.I. IABRIsk1E & BURRiIL.
Counsel.
j. II. RATHBONE. Secretary.