\l'HII 



I903] 



THE INDIA RUBbER WORLD 



239 



the above mentioned sale of machinery and tire material, it was 

 agreed between the National and the Rubber Goods companies 

 that the former should sell the tires, and work up the material 

 on hand, and continue thereafter to make and sell tires for the 

 account of the defendant corporation. The National company 

 worked under this arrangement, it alleges, until instructed to 

 stop, at which time the expenses incurred, in excess of receipts 

 from the sale of tires or otherwise, had amounted to $31,893.78. 

 The amount claimed as damages in this suit is .$60,000. 



FAILURE IN THE ELASTIC WEBBING TRADE. 



Dresser & Co., doing a wholesale commission business in 

 hosiery, silks, and webbings, Nos. 15-17 Greene street, New 

 York, made a general assignment on March 7, and later in the 

 day a petition in bankruptcy was filed against the firm by an 

 attorney for several creditors. The liabilities were stated at 

 $1,250,000, and the nominal assets at $750,000. with actual as- 

 sets much smaller. The head of the firm is Daniel Le Roy 

 Dresser, until lately president of the Trust Co. of the Republic 

 and the Merchants' Association of New York. Mr. Dresser's 

 first business venture was made as selling agent in New York 

 for the E. Read Goodridge Manulacturing Co. (Newport. R. [.). 

 makers of elastic webbing. In 189: he organized the firm of 

 Nealon, Goodridge & Dresser, succeeded in 1894 by Dresser & 

 Goodridge. which dissolved in 1896 after the Goodridge factory 

 was closed by the sheriff (May 19), under attachments from 

 creditors, including Dresser & Goodridge, claiming $1 50,000 for 

 advances on goods. At a sheriff's sale the stock and fixtures 

 at Newport were bought by Mr. Dresser for $50,000. Early in 

 1897 the Naragansett Web Co. was organized in Newport, and 

 lias since been engaged successfully in operating the plant re- 

 ferred to. Mr. Dresser is a director in the Naragansett com- 

 pany, and also in the American Tubing and Webbing Co. (Pro- 

 vidence). Mr. Dresser for a while had another rubber goods ac- 

 count, beginning in 1896, when he was selling agent for the 

 Goodyear Vulcanite Co.'s combs. Mr. Dresser's partner (since 

 1897), Charles E. Riess. said : " This failure did not result from 

 any decline in the firm's business. We have been making a net 

 profit right along of $60,000 to $80,000 a year. Naturally, I was 

 surprised to learn that it was necessary for us to make an as- 

 signment." It is understood that the firm's inability to meet 

 its obligations was due to its bank credits becoming impaired 

 on account of some of Mr. Dresser's outside business ventures. 

 He was, for instance, interested in the underwriting of the 

 United States Shipbuilding Co. — an undertaking not altogether 

 successful. Judge Holt, of the United States district court, in 

 New York, on March 1 1, signed an order in the case of Dresser 

 & Co., authorizing the receivers to continue the business, not 

 exceeding forty-five days. There are large orders in hand for 

 goods to be made, including orders amounting to $100,000 to 

 be filled by the American Tubing and Webbing Co. 



The American Tubing and WebbingCo. (Providence, Rhode 

 Island) on March 9 was placed in the hands of a temporary 

 receiver, on application of Maurice H. Cook, a stockholder. 

 The temporary receiver was Lorin M. Cook, father of the peti- 

 tioner. On March 14 Lorin M. Cook and Willard C. Perkins 

 were appointed receivers. It is alleged that the treasurer of 

 the corporation issued drafts drawn on Dresser & Co., which 

 were accepted by the latter for their accommodation, and not 

 for the business of the corporation, which drafts are now ma- 

 turing, and by reason of which it is alleged that the corpora- 

 tion is insolvent while the business is prosperous. The appoint- 

 ment of receivers was for the purpose of allowing the business 

 to be conducted without liability of attachment. The capital 

 of the concern is $276,000. The assets are reported at $i 1 5,596 

 over the liabilities. The factory has been employing 250 hands. 



BICYCLE REORGANIZATI* 

 Papers of incorporation for the Pope Manufacturing Co. 

 were filed under the laws of New Jersey on February 27, the ob- 

 ject of the company being the manufacture of bicycles. The 

 capital stock is $22,500 — of which $2500 in 6 per cent, cumulative 

 first preferred shares and $10,000 each in 5 per cent, non-cumu- 

 lative second preferred and common shares. The incorporators 

 are Mountford Mills, George E. Hargrave, and Dunlevy Mil- 

 bank, but it is understood that the leading spirit in the enter- 

 prise is Colonel Albert Augustus Pope, the foremost figure in 

 the American bicycle industry. It is assumed in the trade that 

 the new company will acquire the assets of the American Bi- 

 cycle Co. and its subsidiary, the American Cycle Manufacturing 

 Co., when details have been arranged so that the property can 

 be transferred from the receivers to the new organization. It 

 is common report that Colonel Pope, who had large holdings in 

 the American Bicycle Co., practically dictated the reorganiza- 

 tion plans now being carried out, and that he is confident that 

 room exists for a successful bicycle industry. It is pointed out 

 that in the year before the combination of the bicjcle industry 

 as the American Bicycle Co., the Pope interest made a net profit 

 of more than $700,000. Colonel Pope for a number of years 

 owned the Hartford Rubber Works, first for supplying single 

 tube tires for his " Columbia '' bicycles, and later for supplying 

 tires to the trade as well. He parted with this holding in con- 

 nection with the sale of his bicycle interest to the bicycle trust. 

 THE COMMERCIAL CABLE CO. 

 The unissued capital stock, amounting to $1,666,700, has been 

 issued lately (to be applied towards the company's investment 

 in the Commercial Pacific Cable Co.), and on March 3 was 

 listed on the New York Stock Exchange, making the total 

 amount of capital issued and listed $15,000,000. The report 

 presented at the annual meeting of shareholders in New York 

 on March 2 showed gross earnings for 1902 from the Atlantic 

 cable and land line (Postal Telegraph) systems, of $10,208,292.71. 

 Interest on 4 per cent, debentures amounted to $800,000; divi- 

 dends (8 per cent.), $1,066,664; added to reserve fund, $350,000 

 (raising it to $4,934,510.23) ; added to reserve for insurance of 

 stations, apparatus, etc., $150,000 (raising the fund to $860,- 

 209.60) ; balance of revenue account, $147,529.19. There was 

 expended during the year, for land line reconstruction, repairs, 

 and reserve for extensions, $1,806,015.06. The new stock will 

 share in the dividend for the first quarter of 1903. President 

 Charles H. Mackay said, in submitting the report : " After the 

 completion of the Commercial Pacific Cable it is expected that 

 the earnings of the company will be materially increased. "■== 

 At a special meeting of the shareholders, also held on March 3, 

 a proposition to increase the capital stock from $15,000,000 to 

 $25,000,000 was approved. = = Dividend No. 55— a quarterly 

 dividend of 2 per cent. — will be due on April 1 to stockholders 

 of record on March 20. 



PITTSBURG ASBESTOS REDUCTION CO. 

 This company was incorporated on January 29, under Penn- 

 sylvania laws, with $1000 capital, to control a process for the 

 treatment of asbestos invented by John F. Green, lately of 

 Baltimore, and its application to the electrical industry. Mr. 

 Green advises tAe India Rubber World :" We have made 

 many admixtures of rubberand asbestos for insulating purposes, 

 and are enabled to get results with our purified asbestos greater 

 in every respect than the admixtures heretofore made with the 

 articles named. We claim that after we have processed our 

 asbestos, and have removed the metallic oxides, a large percent- 

 age of lime and magnesia, we have a new product, commer- 

 cially, in asbestos. As we get a larger percentage in any given 

 quantity of asbestos because of the removal of foreign matter, 



