National Cordage Company
Encyclopedia
The National Cordage Company was formed in New Jersey
in 1887, for the importation of hemp
and the manufacture and sale of
cordage. It is noteworthy because of its expansion at the beginning of the 1890s
and its initial public offering
of $5,000,000 of 8% cumulative preferred stock
. The
corporation sought to decrease the cost of production and distribution of their products. It issued a prospectus on August 1, 1887 and quickly sought to dominate the market in raw materials.
The sudden insolvency of the business, in 1893, had to do with its inability to acquire enough money to continue, rather than being a result of mismanagement.
The company plays a part in the novel And Ladies of the Club
, one of whose protagonists runs a rival rope company.
Cordage Company by means of preferred stock and time notes.
The corporation also acquired the Sewell-Day Cordage Company and the Day Cordage Company in 1891. The latter was a small business located in Cambridge, Massachusetts
.
The immediate cause of the failure of the National Cordage Company was an attempt to acquire a $50,000 loan. G. Weaver Loper and E.F.C. Young, respectively treasurer and president of the First National Bank of New Jersey, were appointed receivers of the National Cordage Company, on the night of May 4, 1893.
New Jersey
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
in 1887, for the importation of hemp
Hemp
Hemp is mostly used as a name for low tetrahydrocannabinol strains of the plant Cannabis sativa, of fiber and/or oilseed varieties. In modern times, hemp has been used for industrial purposes including paper, textiles, biodegradable plastics, construction, health food and fuel with modest...
and the manufacture and sale of
cordage. It is noteworthy because of its expansion at the beginning of the 1890s
1890s
The 1890s were sometimes referred to as the "Mauve Decade" - because William Henry Perkin's aniline dye allowed the widespread use of that colour in fashion - and also as the "Gay Nineties", under the then-current usage of the word "gay" which referred simply to merriment and frivolity, with no...
and its initial public offering
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
of $5,000,000 of 8% cumulative preferred stock
Preferred stock
Preferred stock, also called preferred shares, preference shares, or simply preferreds, is a special equity security that has properties of both an equity and a debt instrument and is generally considered a hybrid instrument...
. The
corporation sought to decrease the cost of production and distribution of their products. It issued a prospectus on August 1, 1887 and quickly sought to dominate the market in raw materials.
The sudden insolvency of the business, in 1893, had to do with its inability to acquire enough money to continue, rather than being a result of mismanagement.
The company plays a part in the novel And Ladies of the Club
And Ladies of the Club
"...And Ladies of the Club" is a novel, written by Helen Hooven Santmyer, about a group of women in the fictional town of Waynesboro, Ohio who begin a study club, which evolves through the years into a significant community service organization in the town.The book, which looks at the club as it...
, one of whose protagonists runs a rival rope company.
Company history
In 1891 the firm acquired the BostonCordage Company by means of preferred stock and time notes.
The corporation also acquired the Sewell-Day Cordage Company and the Day Cordage Company in 1891. The latter was a small business located in Cambridge, Massachusetts
Cambridge, Massachusetts
Cambridge is a city in Middlesex County, Massachusetts, United States, in the Greater Boston area. It was named in honor of the University of Cambridge in England, an important center of the Puritan theology embraced by the town's founders. Cambridge is home to two of the world's most prominent...
.
The immediate cause of the failure of the National Cordage Company was an attempt to acquire a $50,000 loan. G. Weaver Loper and E.F.C. Young, respectively treasurer and president of the First National Bank of New Jersey, were appointed receivers of the National Cordage Company, on the night of May 4, 1893.