New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-11
THE VOONSOCKET RUBBER TROUBLE.
COLONEL. COLT STATES THE CORPORATIONS SIDE
OF THE LITIGATION WITH ITS
LATE PRESIDENT.

LATE PRESIDENT.
,, ,roooodines in the attachments for 10000
,b,cb Iosenh Banigan a former president Oh inc
Woonsocket Rubber Company, has placed upon 'he
nroperty of that corporation at PROVIDENCE " -
and the counter attachments for SSWVU WHICH
Colonel Samuel p. Colt, now president OF inc Gun
ponv has secured against Mr.. Banigan's property
have been watched with great interest by men IN
the rubber trade In this city. This hght Is rea'y
one between Mr.. Banigan ana the Ohlteu 0'''e'
Rubber Company. commonly known as the hupOer
Trust. Until May 10 Mr.. Banigan was president Vi
the United States company He was then sue
ceeded by Robert d. Evars, OF Boston, VINO repre-
sented an interest in strong opposition to Mr. Ban
gan. The latter. at about the same time was sue
ceeded by Colonel Colt in the presidency OF the
Woonsocket company, one OF the organizations
absorbed by the United States Company
The New-York offices Of the United States COM
pany are at No % Reade-st. Mr.. Evans was
not in town yesterday. The following statement
made by Colonel Colt regarding the situation was
stated to be authentic. however:
The facts in this whole matter are as ioItoW VS.
Woonsocket Rubber Company TO the United states
accounts receivable since that day~May H. 1893
every effort has been made TO collect the accounts
mains uncollected over 200, for which Mr.. Bani-
gan is undoubtedly responsible. In addition there
further amounts due from MT Bahigah 10 inc
amount of over 100000.
While Mr.. Bangan was president OF the Woon-
OF himself for 10000. That note was not regularly
presented for payment on Its due date, ana mas
much as the amounts due from Mr.. Banigan were
considerably greater than the amount OF this note
there was no other for the trustees 10 pur-
sue except to propose a final settlement. In order
TO give no excuse for any action that might he
used for stock jobbng purposes, to the prejudice
of the holders OF rubber stock, offered 10 put IN
possession of Mr. Tilllnghast. Mr. Banigans lawyer.
who is also attorney for the Woonsocket Rubber
COMPANY 100000 I'm cash. to be held by Mr.. TIL
1inghast pending a final settlement. Instead OF
this being done Mr. Banigan offered attachments
levied for the 100000. and instructed our counsel
TO attach the property of Mr.. Banigan TO the
amount of $4,000. 1t will now take time TO adjust
the matter directly or through the courts, when
a final settlement will be arrived at. our com
pany is now amply secured for any amount that
may be due
Henry L. Hotchklss. the president OF the L. Can
tive Committee OF the United States Rubber Com
pany. denies that the report that these companies
have lost money by the failure of G. II. Fargo 81
Co.. of Chicago is true Both companies. he says.
amply secured
Providence, Aug. lO.--Another 100000 defaulted
note against the United States Rubber Company,
made by the Woonsocket Rubber Company and In
AT the Providence Institution for Savings. This
note fell due July 3d. while Mr. Banigan in
Salt Lake city and Treasurer Cook had 1t extended
until Mr. Banigan's return. The bank informed
Mr. Banigan of his obligation. The note was paid
by Frederick Cook treasurer of the Woonsocket
Company. soon after the bank opened this morning.
The bank informed the company on Saturday after
banking hours that Mr. Bahigan had been told he
would be held for payment, and this is said to be
the first nmaton the company had received that
Mr. Bangan had refused to extend his indorse-
ment The funds of the company. shown by the
daily balance this morning. are $4,000.