New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-09-22
4 YEAR or RECONSTRUCTION.
THE DIRECTORS OF THE STANDARD ROPE AND
TWINE COMPANY REPORT SATISFACTORY
PROGRESS IN REORGANIZ1NG
THE CORDAGE TEl'ST

TW1NE COMPANY REPORT SATISFACTORY
PROGRESS IN DEORGANlZ1NG
THE coRpAGE TEI'sT.
Elizabeth y j.. Sept 81 (Spe 'iaD-The Standard
Rope and Irvine COMPANY of New-York. the sue
ccssor to The Cordage Trust which failed about
two years ago. held its annual meeting to-day Inc
election resulted in the choice OF J. y. Kenney'
Sumner r. Stone and a. l.. Haviland az directors
The company. in It's annual report says
To concentrate as much possible tho manu-
facture, and to meet all possible REQUIRE me i
tons 10 existing machinery nave been necessary.
These expenditures amount u S1i2l2 o. Al oIuc,
10 reduce the cost OF manufacture to the iowest
point. the administration has pursued the ponCy
OF running the mills Of the COMPANY run. ms ms
fected has resulted in a great reduction In the
manufacturing cost. and the administration Is a.,
recting It's attention TO this matter win proSPe0'S
OF still further economies.
The necessity of broadening the field of operation
in the sale of the company's products was brought
TO the attention of the directors at an early date
and, after due consideration. 1t was deemed adVlSa-
bic to institute a and somewhat radical de-
parture from previous methods. by establishing
branches in the company's own naipe IN an lead
being to bring the actual consumer in as close
touch with the company as possible. The results
have already demonstrated the wisdom of this
change the number of customers accounts on the
books of the company having increased from l.S,2
to 4755 within year The total sales OF MANI manu-
featured goods during the year have been s35o0Oo
pounds. the amount OF goods manufactured by the
@ pongds The e exeeas Of goods sold over the
amount manufactured is represented by sales from
goods on hand August !, 1896.
The market for manila fibre has been constant
~ receding one, owing to the instruction IN the
Philippine Islands and 10 the heavy ran IN me
gold price of silver. followed by corresponding
decline I'm the rate OF sterling exchange at Manila
These combined have depressed gold prices
manila below anything before expert
enced. This shrinkage IL estimated TO be {lfO.VU
The fall in sterling exchange al Manila during the
year has been % per cent $3.50
The last year has been one OF keen competition
in the manuf9 "ture and sale of cordage and twine
New cOmpetit mills have been started, and the
pressure to dis butte goods manufactured has been
greater than before In the history Of the trade
resulting in constant reduction OF prices obtanable
these prices having fallen about ~ per cent below
those ruling in 1894.
While this company has not led in any reduction
Of price. il has all times met the market and
has retained and extended its trade Your directors
regard with disfavor any OF the merely temporary
eXpedents for influencing prices, familiar In the
history of the predecessors of the company. and
have therefore, discountenanced isolated and I'M
important attempts in this direction.
The period covered by the accounts presented has
been largely of organization and reconstruction
of the business, and tho effect of two receiver
ships in the cOmpany's predecessors has been felt
In every direction. confidence and credit have been
difficult to establish, and have eXacted from the adj
yond what Is ordinarily demanded After survey
OF the entire industry your directors feel satisfied
that in economy of manufacture administ ra ton
and general expense this company during the last
year has been placed in n situation as favorable
as II was possible to create and that the future
will justify their action in your interests during the
period under review.
The assets Of the company placed nj 81 lol.-
22i %. an excess over the liabilities OF $l3sol 40