The Providence news. (Providence [R.I.]) 1891-1906, 1896-10-27
LIFE ALL OVER AGAIN.
Story of James M. Waterbury, the
Cordage King.
He Has Started His Business Life
Anew After Being a Millionaire.

James M. Waterbury, former king of
the Cordage trust and late hero of the
most picturesque case OF supplementary
proceedings in the record of ffe New York
courts, clubman, society leader and fnan-
cial magnate two ycars ago, has begun life
anew In an office in Brooklyn. He opened
an Office for the handling of the commercial
affairs Of small ropewalk located in
North Eighth street.
John Good worked for the Iawrences in
their factory, corner of McKibben street
and Bushwick avenue back in the old days
preceding 1870 He was poor boy. His
mother was a washerwoman, who lived at
the corner of Merrill and Siegel streets.
James Good, however Invented IA machine
which was the most woJalsrful machins
ever introduced into the fopemaking trade.
Ii was called frame, " and 1t did away
with all the tedious process of hacking"
the hemp by hand. Goods mother gave
her son such money as she could afford to
perfect his invention, but IN the end he
was compelled to 60 TO his employers, the
Lawrences, and get them to take out his
patents on a contract of 80 per cent of the
royalties. Young Good, so he claimed, did
not get 80 per cent, however. The Law
rences, who advanced tho necessary money,
took it all, he declared. Mr.. Good went
into the courts 1t was long fight.
Eventually it was decided in his favor.
But meantime his old mother died, and on
her doathbed, according TO the testimony
of any number OF the old residents of tho
ropcmaking districts, she prophesied that
the people who had taken advantage of her
sons inventive ability would eventually
become bankrupt ana that her son would
become wealthy man.
The collapse of the Cordage trust carried
down tho Walls, the Lawronces, the Tuck
ers and the Carriers as we'll as the Water
burys, But John Good had, before the
trustSeme into existence, won in the SUI
prene court his suit against tho Law
rences and had established a factory at
the corner Of Washington street and Park
avenue 1t is an immense factory, and
every rope factory I'm the world pays royal
ties ON the machines manufactured there.
At the time or shortly afterward, of this
institution OF the Cordage trust Good
opened little rope factory In Astoria. He
hired Stevie Burns from Mr. Wallis old
"walk"-whcre incidentally Berry Wall,
"king of the dudes, used to work in the
office for $50 week, as superintendent.
When the trust went TO the wall, the fac
tory In Astoria grew. Today IL is one Of
the largest in the world. And besides it
Stovie Burns, superintendent, makes pc
riodical visits to John Good big rope fac
tories in England and Australia.
Meantime tho old cordage kings have
passed, 10y process Of nature or decree OF
court, into the realms of things that have
beon.
And James NJ. Waterbury, who conceiv-
ed and controlled the great Cordage trust
three years ago, who astonished society
with the magnifence Of his entertain
ments, who made tho whole financial
world stand aghast for time, has begun
his business life anew.
IL looks as II the humble washerwom-
ans prophecy had been fulfilled. .-Cincin-
natl Enquirer.