August i, 1903.] 



THE INDIA RUBBER WORLD 



395 



plans (or which it was not possible to carry out fully. The 

 Trust Co. of the Republic (New York), of which Mr. Dresser 

 was then president, was also involved, in consequence of which 

 the capital of the trust company has been reduced from $1,000,- 

 000 to $500,000, the remainder being charged against losses. 

 = ^A member of the trade suggests to The India Rr 

 World, but without assuming to speak for Mr. Dresser : " No 

 doubt Mr. Dresser had friends ready to assist him to discharge 

 the debts of Dresser & Co., in full, as promised. But when 

 other financial troubles began to develop, in connection with 

 the shipbuilding deal, his friends advised him to let the firm of 

 Dresser & Co. go through bankruptcy. If they should spend 

 in settling the affairs of this firm the few hundred thousand 

 dollars with which they were ready to assist him, it would 

 leave them less able to assist him in event of possibly more 

 serious embarrassments resulting in other directions." 



THE CONTINENTAL RUBBER WORKS (ERIE, !>A.) 



Tins is a new company, having $200,000 capital subscribed, 

 for the manufacture of mechanical rubber goods. They have 

 purchased the plant of the American Cycle Manufacturing Co. 

 known as the " Tribune " factory, at Erie, Pennsylvania, which 

 is admirably fitted for the purpose to which it is to be put. Ma- 

 chinery has been ordered, with guaranteed delivery during 

 September. The 

 power plant is to 

 be increased by 

 adding two 250 

 HP. boilers and 

 one 250 HP. en- 

 gine. There is 

 plenty of room 

 for additional 

 buildings, if neces- 

 sary. The compa- 

 ny will make sin- 

 gle tube and dou- 

 ble tube automo- 

 bile and bicycle 

 tires, and ageneral 

 line of mechanical 

 goods and molded 

 work. The com- 

 pany are compos- 

 ed principally of 

 Erie people. The 



general manager and superintendent will be Theron R. Palm- 

 er, some time superintendent of the tire department of The 

 B. F. Goodrich Co., and later superintendent of the Pennsyl- 

 vania Rubber Co. The manager of sales will be Charles F. 

 U. Kelly, also formerly with The B. F. Goodrich company 

 and then with the Pennsylvania company in a like capacity. 

 The factory will be equipped entirely with new machinery, 

 good men have been engaged, and the purpose of the com- 

 pany is to make high class goods. The " Tribune " factory was 

 erected in 1893 for a bicycle plant, and at one time gave em- 

 ployment to about 700 workmen. The factory buildings are 

 all of mill construction, with heavy brick walls, erected 

 upon solid stone foundation. The floor space is 102,500 square 

 feet. The power plant includes a 400 Hi'. Brown-Corliss engine- 

 and two dynamos capable of supplying electric lights and 

 power for elevator motors, etc. The directors have elected 

 officers as follows : 



President and Genera! Manager. — THERON R. PALME k. 

 Vice /'resident. — Alexander Jarecki. 



Secretary. — Charles Jarecki. 



Treasurer. — CHARLES S. COLEMAN. 



Application for the charter of a company will be made to the 

 governor of Pennsylvania on August 7. 



HEAVY NEW CABLE IN NEW YORK BAY. 

 A telegraph and telephone cable was laid on July 12 be- 

 tween New York and Ellis Island. This cable, manufactured 

 by The Safety Insulated Wire and Cable Co. (New York), con- 

 sists of 24 conductors, each insulated with a pure Pari rubber 

 compound. Owing to the large number of vessels anchoring 

 in the vicinity, the armor of this cable is exceptional, making it 

 the largest and heaviest submarine cable yet manufactured, 

 weighing 15 pounds per foot [ = 79,200 pounds per statute mile]. 

 The cable was ordered by the United States government for 

 connecting the offices of the bureau of immigration at Ellis 

 Island — the famous landing point for immigrants to the United 

 States — with the mainland. The cable will be used for long 

 distance telephone calls and to accommodate both the Western 

 Union and Postal Telegraph offices on Ellis Island. 

 AFTER A RUBBER MAN'S MONEY ? 

 The banking commissioners of New Jersey recently took 

 charge of the offices in that state (at Jersey City) of the Inter- 

 state Trust Co., as an institution which seemed to merit official 



i n vest ig a t i on. 

 This company ob- 

 tained a New Jer- 

 sey charter Febru- 

 ary 1 1, 1902, to do 

 business in that 

 and other states, 

 the incorporators 

 being reputable 

 financial men in 

 New York, and 

 elaborate offices 

 were opened in 

 this city at No. 25 

 Pine street. One 

 avowed object 

 was the establish- 

 ment of banks in 

 small western 

 towns, where local 

 capital was lack- 



CONTINENTAL RUBBER WORKS (ERIE, PA.). jng , Qr ^ prQper 



development of the country, and the Interstate Trust Co. was 

 to be a holding company for the shares of such banks. It now 

 appears that the New Yorkers referred to speedily withdrew 

 from the enterprise leaving its control to the original promoter, 

 one Leonard Imboden, who is described as a man of engaging 

 personality and hailing from the West, where he is asserted to 

 have left a bad record. The resources of the Interstate Trust 

 Co., it is asserted, consisted of securities of a chain of small 

 financial institutions out of town, said to have been formed and 

 controlled by the same Leonard Imboden, with very little real 

 capital, the whole being a means to securing large credits in 

 the East without any proper basis. It is stated that when the 

 New Jersey officials interfered, the trust company was prepar- 

 ing to announce its capital as $5.000000 and to issue $30,000,- 

 000 in bonds. Imboden appeared some months ago in Provi- 

 dence, Rhode Island, where, he secured certain support, and a 

 financial company was formed in which he was a " silent part- 

 ner," but it is asserted by one of the partners, who withdrew 

 from it very shortly, that the only man who put in any capital 



