The National Cordage Company was formed in New Jersey in 1887,A Cordage Combination, The New York Times, September 3, 1887, pg. 8. 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 National Cordage Company, Wall Street Journal, October 9, 1890, pg. 1. 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, resulted from its inability to acquire enough money to continue.National Cordage's Insolvency, Wall Street Journal, May 5, 1893, pg. 1.
Company history
In 1891 the firm acquired the Boston Cordage Company by means of preferred stock and time notes.National Cordage Co., Wall Street Journal, August 24, 1891, pg. 4. 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.Buying Cordage Works, Wall Street Journal, September 1, 1891, pg. 1.
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.
The company plays a part in the novel "...And Ladies of the Club", one of whose protagonists runs a rival rope company.
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