The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1900-01-12
IRAVERS MUST ACCOUNT
The Cordage Trust Has In
stituted a Suit Against
Former President.
Especial to "rhe Jersey city News."1

Especial 10 ',Ine Jersey City news.
TRENTON, Jan. 12 1s00-The cordage
trust has instituted suit in Chancery
against its former President, Vincent P.
Travers, asking that he may be directed
to render an accounting of his official acts
as President Travers is charged with
having run the trust for his own benefit.
The suit was instituted two weeks ago
but the bill was only made public yester-
day, the papers having been held back
at the request of the trusts counsel,
Messrs. Lindabury, Depue and FNaulks.
The corporate title of the trust is the
Standard Rope and Twine Company, and
it is capitalized at s12,000,000. 1t sue
ceeded the United States Cordage Com
pany. which in turn succeeded the Ma
tional Cordage Company, the latter hav-
ing gobbled up about all of the cordage
concerns in the country
In the bill of complaint, which makes
Travers and Charles Efros and the Efros
Company of Bayonne defendants. to the
suit, the charge is made that they are
equally liable to the Standard Rope and
Twine Company for conSpiring against
it. The suit is brought to recover a large
sum of money, as well as the title TO
valuable machinery and patented devices.
Travers, when the National Cordage
Company failed and the Standard Rope
and Twine Company assumed control of
dent of the new concern. The bill says
that the reorganization committee select
ed Travers because he had been highly
recommended for the wide knowledge OF
the business and his conservatism in the
expenditure of money. He was induced
to become president of the new trust at a
salary of $500 a year.
The bill charges that shortly after his
election as president, Travers made
proposition to the Standard Rope and
Twine Company ITO transfer to 1t secret
process for the coating and treatment of
binder twine with a solution of oil and
other material. HE was to have the
process patented. the bill sets out, and to
give to the trust the exclusive use sf it,
except that right. to use it in their own
business should be reserved by Travers
Brothers of New York, of which firm he
was a member. In return Travers was
to receive . per cent. Of the profits de-
rived from the use of the patented pro-
cesses, formula being agreed upon for
determining the profits. An agreement
to this effect was entered into in 1888.
1t is set out in the bill that Travers
represented that the necessary machinery
for the adoption of the process could be
put into the various plants I Of f. the COM
it is alleged, Travers represented that it
would be cheaper to place this machinery
in factory. at Bayonne than to have It
established in all the company's plants:
The bill says that the company allowed
Travers to select a site at Bayonne.
Instead of building a factory flr
caused the Charles Efros Company to be
organized, and for this company bought
a site, erected mill and supplied 1t
with the necessary machinery. rsysrs
Efros Company, except one-third, which
was transferred to Charles Efres. Ira
vers, 1t is further claimed, pretending to
act for the Standard Rope and IT, inc
Company, caused to be expended for ma
chinery at the companys various mills
s11S,65S of which $54, l52 was expended at
the Bayonne mill and Sl5,e5o addi1tonal
in floating disbursements connected with
the Bayonne mills.
The other officers of the company, the
bill AYERS, We're not apprised OF these ex-
is alleged, were made with the connsvance
of Efros, for the sole benefit OF himself
and Travers and with the design OF after
ward claiming title to the machinery, pro-
ceses and apparatus. Travers ana
Efros, it is charged permitted large ex-
penditures of money on the Bayonne fac-
ficient to supply the factory of Travers
Brothers Company, and with view of
ultimately supplying. the trade on their
Travers caused large quantities of mate
rails to be purchased and manufactured
into compound which he sold at cost price
to Travers Brothers, to their great profit.
but to the fire at loss of the Standard
Rope and Twine Company
Travers shipped the compound to the
company's works from the Bayonne plant,
L g
they could use with the result that much
of the material was wasted. For royal
ties up to December, 1889, when Travers
was retired as president, he received from
the Standard Rope and Twine Company
$50 900, and he still claims that the COM
pany is indebted to him for royalties in
the sum of $500 900. Travers and Efros
Company claim title to the Bayonne mill,
which the Cordage Trust claims belongs
to it.
In speaking of Travers. the bill says
that "the quality of the virtue was such
that he was unable to resist the strain
OF opportunity and to resist of availing
OF the chance of benefitting himself at
the expense of the complainants. Con-
tinuing. it says that after Travers began
building the Bayonne plant he ceased to
act with any. fairness. to the Standard
Company, and gradually began to act
more and more In violation OF his duty
An accounting is prayed for In the bin
to determine the amount which, 1t Is
charged, Travers and Efros have wrong
fully obtained. as well as the ownership
Of the secret processes. ,