Show CORDAGE TRUST III IH TROUBLE receivers Hec civers appointed rind and a r cor an proposed new york tork june 3 justice ingram ingrain in the special term ot of the supreme court today to day appointed john 1 I waterbury va and william E strong sirons receivers of 0 tote the national cordage e company under a bond of ilO OOOO the receivership Is the result of the proceedings oll rigs by E B morse trenton 1 N J june julie S chancellor mcgill has appointed john 1 I waterbury receiver of the united states slates cordage company on application of 0 B rollins moise aloise morses application Is supplemented by affidavits of president sturgis and vice president lane that the company has defaulted in payment ot of for or hemp and that the corn com party has obligations coming due this mouth month to the extent of 0 with little ca M to meet the same ame the applicator cation for the appointment t ment of 0 receivers wits due to use lie fact that the company has not sufficient funds to cairy cai ry on the business busl anil and wore were unable to arrange tor for time to meet the requirements requirement of the occasion A receivership became prank sturgis ls william barbour ind and john 1 I who have agreed to not act as a protective committee under the reorganization of the company have issued n a circular in which they say eay that the condi conditions tiona require an immediate introduction of new c capital to be represented by new first mortgage bonds bonda which shall bo be applied appl leil to take lake up underlying loans and as nn an increased wording cap capital ital they submit a plan of reorganization including the I etue vue of first mortgage 6 per cent eltty year gold bonds antl and of consolidated mortgage five per cent fifty year gold bonds aith voting vo t power |