April i, 1903.] 



THE INDIA RUBBER WORLD 



245 



GREAT TIRE PROMISES THAI I AILED. 



THE " wheel and tire manufacturing of the world " do not 

 appear yet to have been monopolized by The Interna- 

 tional Wheel, Tire, and Rubber Manufacturing Co , as was 

 promised in their prospectus, quoted in part in Thk India 

 Rubber World of November 1, 1902 [page 58]. The factory 

 illustrated in their pamphlet, which was that of the New Bruns- 

 wick Rubber Co. (later the New Brunswick Tire Co.), has been 

 taken out of the hands of the company with the long name and 

 restored to the former owners. The gentleman who, it was an- 

 nounced, would be manager at the factory, informs us that the 

 persons making the promise to him " placed the promotion of 

 the concern in the hands of sharpers, and they have been made 

 victims in consequence." 



The gentleman whose name appears as president in the orig- 

 inal prospectus, and who is engaged in the manufacture of ice 

 cream in New York, informs The India Rubber World that 

 on accepting a position on the tire company's board, he made 

 an investment in its shares ; he then attempted to learn what 

 the company was doing, failing in which he resigned and suc- 

 ceeded in getting his money back. The head of a large stove 

 manufacturing company, who invested at the same time, was 

 not able to draw out his money. The ice cream manufacturer 

 states that the promoters first approached him with a proposi- 

 tion to amalgamate the ice cream business in New York, repre- 

 senting that they controlled §1,000,000 for investment, and they 

 obtained options on his and other businesses. The ice cream 

 trust failed to materialize, however, and the promoters next 

 proposed to invest their $1,000,000 in the tire industry. 



The International Wheel. Tire, and Rubber Manufacturing 

 Co. had been incorporated under New Jersey laws, with $3,000,- 

 ooo capital authorized, and the promoters took this up. H. N. 

 Field & Co., " brokers for the company," No. 180 Broadway, 

 New York, advertised the shares ($( par) at 40 cents, guaran- 

 teeing a return of 2 per cent, per week, and are known to have 

 made some sales to ladies out of town. It was announced in 

 the prospectus that " You can borrow upon the certificates of 

 this company as much as you can on real estate," and it now ap- 

 pears that, after the purchasers of stock had begun to get dis- 

 satisfied, another concern appeared, offering to lend money on 

 the shares— a very small proportion of their face value — and 

 that pDSsession of the shares was thus gained by the parties 

 originally selling them. The purchasers are now without any 

 basis upon which to bring suits. 



On March 5 James B. Kellogg, who had been at liberty un- 

 der $40,000 bail, pending an appeal from a sentence of 7% years 

 imprisonment for his part in what is known as " the E. S # 

 Dean swindle," of the "get-rich-quick " class, was arrested in 

 New York, charged with fraudulent use of the mails. One 

 item in the charge was that as " H. N. Field & Co." he un- 

 loaded shares of the International tire company, while as 

 " E. Rice & Co." he obtained possession of the shares again, 

 by lending small amounts on them. Somewhat similar tac- 

 tics were employed in the case of the " Pacific Rubber Co." 

 fraud exposed in these pages last year, and it is not impos- 

 sible that the same operators were engaged in the latter, 

 which purported to be a rubber planting enterprise. 



A hearing in the case of Kellogg, on the affidavit charging 

 him with complicity in the International Wheel. Tire, and 

 Rubber Manufacturing Co. fraud, was set for March 31, in New 

 York. An inquiry made by a representative of this journal, at 

 the former advertised offices of the tire company, was answered 

 by the janitor of the building : " I think all that is abolished 

 now." The office of " H. N. Field & Co." is also closed. 



THE TEXTILE GOODS MARKET. 



MARCH has been an eventful month in textile circles. The 

 Cotton Exchange has been the chief center of attrac- 

 tion, and the goods market has reflected the condition of raw 

 material so sensitively that consumers of cotton cloth have 

 greatly restricted their operations, in the hope of a decline in 

 prices all around. At this writing the iaw material market is 

 off nearly a half cent from the price one month ago, but for a 

 fortnight prices have not advanced or declined materially. 

 The Southern spot markets have been exceedingly firm and 

 daily reports from those quarters have encouraged speculators 

 to favor the bull side. The strong statistical position of the 

 staple is still very much commented upon. Each week reduces 

 the visible supply, as compared with the total a year ago, and 

 the mills are steadily consuming an uncommonly large amount 

 of cotton. Prices have been high enough to draw cotton from 

 the south and it is understood that nearly 30,000 bales of low 

 grade cotton are now en route to New York for delivery on 

 March contracts. Following figures show the price of spot 

 cotton at the various ports at the close of each week in March : 



New York. New Orleans. Liverpool. 



March 7 9 95c. 958c. 5.221/ 



March 14 IOC. 5-3 0</ 



March 21 1040c. 9#C 5-42<i 



March 28 1005c. 5 -,",0, Si^J 



The finished goods division of the market has experienctd 

 its ups and downs also, but there has been no greater purchas- 

 ing factor during the month than the rubber manufacturer. It 

 was not to be expected that the present time would see an ab- 

 normal, or even a normal, demand for cottons from this 

 source, and yet selling agents report a very good volume of 

 trade all through the month. As announced at the outset, the 

 strong position of raw material has wielded a marked influence 

 over goods, and prices for finished cottons have been commen- 

 surately high. This, however, does not affect rubber manu- 

 facturers who contracted for their cloth by the year. 



Prices for light-weight cottons used by the footwear manu- 

 facturers have not changed, but there has been no weakness 

 in evidence. At present sellers show an inclination to re- 

 strict their sales on certain lines on account of the prospective 

 strike at the Lowell mills. Not that any of these goods are 

 made in Lowell, but the shutting out of the market of Lowell 

 products will turn the tide of demand toward other goods and 

 create a scarcity, which is an easy matter when it is considered 

 that the Southern mills are well sold up. 



The hose and belting trades have been making formidable 

 requisitions on the manufacturers of cotton ducks, thus show- 

 ing that the rubber trade is fully up to anticipations. Notwith- 

 standing the duck manufacturers have recently increased their 

 facilities, they are still unable to keep up with the demand. 

 From indications at hand it is believed that the rubber mills 

 are going to exceed the outside limit of consumption. That is 

 to say. that the amount stipulated in their contracts for the 

 year are not going to be sufficient to carry them through the 

 season, and they will, in many cases, go beyond the limit. 



Felt manufacturers have had a fair call from the manufactur- 

 ers of rubber boots, and most of the mills are in possession of 

 sufficient business from this source to keep their machinery go- 

 ing for a number of weeks. Prices have not changed. 



Prices for light-weight cottons, such as are used by the foot- 

 wear manufacturers, are current in this market as follows: 



Forty inch Majestic C. C 6% cents. 



Forty-inch Majestic I>. B. O 6J2 cents. 



Forty-inch Majestic B. B 6J^ cents. 



Forty-inch. Elcaney 5}^ cents. 



Thirty-six inch. India 5?s cents. 



