New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-03-07
LAST OF THE CORDAGE TRUST
AN ECHO OF THE BIG FAILURE IN lhN
UNITED STATES COURT.
WATERBURY, & MARSHALL FILE PETITION ~
BANKRUPTCY THROUGH THEIR COO"'''"
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WATERBURY
BANKRUPTCY THROUGH THEIR COUNSEL
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ASSETS NOMINAL.
r..,or,,,rr G. Marshall formerly members OF the
Coroare Trust which went to pieces seNeral Se"iS
eso. Yesterday. through their counsel berEeh ~
Dvkman took advantage or the feue'"' ~
runtcv act and filed petition OF bahKrup'og ~
,ba United States District Court. inc scheu"e
ACCOMMODATING their petition puts the" m"p'', ol
-. s,q 600 600 with nominal assets. The Iiin
lTames NJ Waterbury and Chauncoy MarsH"'' .".
offices IN Front-st New-York. with a l'''o'' ~"
warehouse in Brooklyn statement was 49,
ont bv the counsel which says. IN part Una. VI.
orod,,ors of the firm feel kindly toward INC n'n'
and have urged them repeatedly " '
OF the bankruptcy statute - .,,o,.
Counsel say that the firm surrendered an W.
had TO tho Reorganization Committee OF 'nc 'a
,,onal Cordage Company. and labored incessan'S
10 promote the reorganization OF inc '''i'''
Continuing the statement says; 49,,
.,rro I-nitod States Cordage Company was the
successor Of the National Cordage Company. ana II
this company had been succesSiui ''e 81 49,
syndicate creditors would have been paiu' anu Wv
waterbury & Marshall Company would nave re-
ceiyed the balance remaining IN inc HanuS 20 ""
,rustees for the syndicate creditors Inc laIu'e
- ,ho I-nited States Cordage Company maze I'M
possibe tho payment OF the syndicate creuito' ,,
and serio,jsly crippled the Waterbury q MarS"a''
Company. ,,,.,. IMAM
IL Waterbury & Co. were nominaly Hapie "l''
accommodation paper as makers or indorserS e'Ne"
for the benefit OF tho National Cordage COMPANY
IN tho amount OF S21s5 600. They believe that
hos. oblgations Of the National Cordage company
have been taken care OF by the Reorganization
Committed those creditors receiving IN eXchahBe
Tor those claims stocks bonds and other securities
OF the rcorganizcd company.
AS 10 the secured claims. the larger part OF
! those are known as syndicate Obligations Io'
which creditors hold bonds OF the security corpo-
rot,on These bonds were exchanged by the crep-
rors in whole or in part for guaranteed STOCK anu
other securities Of the United States Cordage Com"
many The failure Of that company resulted i'll n
denreclation Of the value Of those securities ana
| 70 that extent these creditors are sun uhsdtlSe"
! As TO these syndicate obligations Messfs' N"'e'-
! hurry and Marshall claim that their LIABILITY WIS
! satisfied and discharged by the creditors appr"-
| nriatlon OF securities. and by an agreement then
| made. ,,. .o,~osor, {, -
debtedness OF l. waterbury " o., u. III, 49, g"
| nv etock of the Waterbury & Marshall company. ,
| THE assets OF the petitioners are nominal anu
this IS explained by the laCi thal u, I,'f -
/ surrendered everything 10 thor creditors Sh'r,
/ which time Mr. Waterbury has hecn an onlcet 81
! tho Waterbury Rope Company. ana MI NaiS""H
/ OF the William Marshall Paper Company. , ,
According to the schedules filed Inc uhSecuIeu
claims amount to So $4,000 All OF these are us
| intel bv Waterbury q Marshall. They are in me
! nature OF speculative claims. Inc onN "hse'"i ~
claim Of the firm Of L. Waterbury q 60: oulslagu-
Ing that is recognized as valid Is one OF $l"-'"'''