The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-07-18
COLLAPSE OF CYCLE TRUST.
COULD NOT RAISE MONEY TO BUY
IN THE PLANTS FOR CASH.


have been listed as members OF the trust came
to town yesterday. and what was expected to
be secret session was held in the board room
OF the United States Mortgage and Trust Com
pany. 90 Cedar street. There was pow-wow
that lasted until after o'clock. and then an ad-
journment until to- day was taken. In the course
OF the session there were n couple OF recesses
In which Mr.. Lane of Lee. HiRgnson Il Co.
and Mr.. Young OF the United States Mortgage
and Trust Company went out OF the building.
What their movements were IL told later.
During these interims various makers who
were In attendance sauntered into tho corri-
doris. where they were so surprised at meet
ing newspaper reporter that they were
next to speeches.. 1t was learned that while
they were idng they were waiting to hear
from some committee that had adjourned
1t was quite apparent that the makers in
attendance were almost II not quite as much
In the air about what was to be done and what
was being done az those who asked questions.
Among the prominent concerns represented
we're:
srfd bs POP"
mully Jefery Manufacturing Company, by R.
co b S'i' HoP a,s y asor
Saddle Company. by A. l.. Garford; crawford Man.
Wheel WSrEs S% K. Il I!nd:s2 c i MSnsieR
CSnIs oTm bS by 4 Ii kSeE Indian" ySe
b Al Fe1 Nn Each i SGlss
Company, by c. s. DkemAn.
What the meeting was about aud what was
done could be gathered only By patching M
sosfP sro Gm yaOa Ss a. tie G
secretary. said that he knew Of no meeting to
be held IN the afternoon. and when the rerorterr
hurt. HS uttered the regulation assurance
t sSas h all might SVo wn G trust 10 s 9S
out in the evening As he was leaving
the. meeting room the secretary said
tSt seTS had lad been es H hDS a
merely discussion, that he had nothing to
give out. and that he did not know when there
was to be learned from the head promoter;
The heads Of different concerns present agreed
one and another it was Cleaned that there
would be meeting to-day and every day until
something was done.
porter of The Sun obtained some posi- tive in
formation directly from some OF the PRINCIPALS
interested. although they naturally requested
that while any negotiations were yet pending
their names should not be- used. Tn" facts
seem to be that the Cycle Trust as. originally
formulated, with a capitaizat Of SNu0UO.-
600 is dead. 1t has been found impractlcable
to buy IN the Ss pants for eSsn Il
Is known that three Of the largest concerns In
terested have considered the trust dead for n
week. and attended the meeting yesterday be-
cause besought to do 10 in order to listen to
new proposition. This was learned from the
to be Indispensable factors The President OF
one large company said:
The scheme was launched immaturely ana
able 10 start 1t OF in different way with
smaller amount Of cash"
Yesterday went. appears to be = redistribution
Of the common and nreterIed stock and ~ al, an
cent. in stock and 80 per cent. in cash. AS
Originally plann"t there was to be sa2 "33 "04
"A
day 6 torGiS b brsssnsGd to shHw
was reduced and he took hall his pay in stock
instead Of wholly in cash. 1t was plain that no
agreement was reached Several Of those who
ing that they will sell for spot cash only The
options on the plants expire on Aug |. and
some agreement must be reached before that
time.
Concerning the reasons why the capital has
not been forthcoming. T. is curious how many
straws blow in the direction Of Charles Il.
Flint. He is not nominally Interested in the
TRUST in any way. The underwriters, through
were Lee. HigGnson 4 Co. aud the United
states sl9rtGage and Trust Contrary. -
ns s h ,y yrs Of Tn va N
went to the Offices oi Charles X. Flint to ask
some questions; Flint would say NOTHING ., cx,
offices. however, It was learned what the re-
cesses OF the trust makers meant, and whore
went. for they were seen entering Fllnt's office
rs the reporter lett. Flint coutrols in one way
al ra Sof His u%"c S1 ii the "I ""nca World
might easily enable him to seriously interfere
with the Capitalization of an industrial COM
hiue such as the American Bicycle Company.
Flint organized and is tn" President of the
Rubber Goods Manufacturing Company. which
In the bicycle trust the Hartford Rubber
Works and the INDIANAPOLIS ltnbher COMPANY
are Two S S h tnT %om s F y rho o
trust These two concerns are not in Flint's
company. With tn" two pi4Mts the trust would
bne. These facts have led TO their natural
differences Those who have studied the. stu
capital unless these two tire companies are
excluded, The trouble is, that. tho leaving
0Mt Of int the hnt0rd ,b RnFeer M"ks Womb
sSs w the bc % IN f the War;
Fry cPmpa9y coN Mj'h be- t6e.S iG%s No sue
not strictly, on the inside. but who, have
watched and listened. consider these to be the
two horns OF the dilemma presented to tho
With regard to what may happen II the trust
scheme utterly collapses there Is some exceed
prom nent makers has suggested pool Of the
biggest manufacturers; In the seee-sawing Of
| funct Board OF Trade; There are. the same
cques working, together and in rivalry with
fed with the trade Tor many years. after dis
cussing these points, remarked:
| Has 1t occurred to you what has been OBJ
tanned after oil this fuss All the books OF
the, small and middlHG big concerns. at frs.
invited to enter and subsequently, turned
erng three years. What, will DO done with
this information. I wonder2 1t was worth
a great deal OF money to any ono to get
it. ;, The big makers know, nov pretty
will also show how. strong the smaller
men are. II the trust falls through and pool
q the big makers is formed, should think
| that such n pool might be much stronger
than the old Board OF Trade and that the big
| ones would have an easy time freezing out the
| little ones. 1t strikes me that there have been
many interesting moves made in all this trus,
| commotion."
Ava and Nymph to Sail tho Best Two Oui
| of Three Races.
NEWPORT. July 17.-Messrs. 7. l.. Arnold ant
j. L. Fletcher. owners of the sloops Ava anC
| Nymph. have made n match race between
the two boats for purse, the conditions 10 bt
the best two out OF three. The first race will b,
sailed of here tomorrow. the start to be made
| in the Outar hnrbor and the course prOhn bly Il