New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-23
BICYCLE TRUST BROKEN UP
EXTENSION OF TIME REFUSED BY ONE
OF THE MANUFACTURERS.
THE SCHEME WAS TO CONTROL THE OUTPUT
or MOST OF THE LARGE FACTORIES
AND TO Cheaper THE COST

OF MOST OF THE LARGE FACTORIES
AND TO Cheaper THE COST
OF PRODUCTION.
c.,,or., bicvcIe manufacturers seen yesterday
said thev were convinced that the proposed bicycle
trust with It's capital OF s30.0ocCo, was tnng Oh
the past and that the scheme could not no" oe
carried out The announcement that eiganuc
bcycIe syndicate had been formed TO controi the
industry In this country created sensation mere
and caused lively comment on the other side or the
Atlantic Ocean .
The svndicate was formed Of we-to-do Wall
street capitalists who selected A. G.. Spading to
act as their representative and to arrange TOT the
consummaton Of the deal. Appraisers were at
once sent out to look over the plants OF most OIL
the large manufacturers OF the country win IN
structions to report at their earliest oppor'un'ty'
II was said that practically all OF the makers VINO
were approached set a price on their plants ana
gave an option 10 the syndicate The option IN
most cases expired April s, and when the makers
were asked continue the option TOT seVerai weeks
longer, in order 10 give the appraisers "ioie "'e'
they readily acquesced.
7, vas said Yesterday ttat one OF the makers had
learned that the original proposal to pay cash for
the plants would not be lived up TO- ana tnat IN
consequence when he was asked 10 continue the
option further he absolutely refused. ana some
people after reading the correspondence, might
think refused rather curtly The proposed trust
did not include the tire and automobile end or the
industry When the scheme was 6rst suggested II
was said that the syndicate was prepared TO pay
cash for the plants. Subsequently those VINO man.
aged the arrangements decided to pay for the
plants with stock in the trust. II was SAID. Inis
did not meet the Endorsement OF at least some OF
the makers, and that Is the reason given TOT the
bursting OF the proposed trust.
When seen the other day. A. G. Spalding said
that nothing had been done at that time whicn
warranted publicity but from the tone Of his re-
marks tho writer was left to infer that the syn
dictate was making favorable progress, and that
there was little doubt Of It's FINAL consummation
r. Lindsay Coleman OF the Western Wheel Works
and A. Featherstone. another prominent maker
said that they have been in consultation frequently
regarding the proposed trust The time orisina ny
a an op, RS we Was from March TO April
said last ns bs s Il h no m sn aq the S
it's consummation would be an impossbllity Mr
WSnss al ,f %e and
sven a. e compel the confidence Of the followers
The t9swpE + coy Coleman Of ssS e. gSasns
Mr.. spal I'll letter to Mr. Coleman was dated
"New-York. April a." and was as follows In IooK
from the different manufacturers find that they
all terminate on the same date w, June l. , ISSs
March g. which would make IT April g. That we
may have uniformity In all these options, may a.
termination Of the same is extended TO June l. 1899
few of the first options received including Ames
and Frost terminated before June /, but since they
have all been extended to Junei ! would Ike very
much TO have yours conform to the others. The
appraisers and accountants are now on the ROAD
and they promise to have their work completed In
q very short time" .
Mr. Coeman's reply was follows "A. @, spald-
ing. Waldorf Astoria. Dear Sir: Yours OF the 4h
inst. received during my absence. We vii, not re-
new the option which gave you on March r.
which expired April 9. have to-day written 10
the auditor Mr.. Simpson requesting him to return
10 me all papers and memorandum which were de-
llvered him as auditor the supposed syndicate
Yours truly, r. /. Coleman.