398 



THE INDIA RUBBER WORLD 



[August i, 1903. 



state that the business is in a prosperous condition. Among 

 the creditors o( Dresser & Co. who have asked leave of the 

 United States district court to join in the petition in bank- 

 ruptcy is the Manufacturers' Trust Co., of Providence, which 

 holds an assigned claim of the Tubing and Webbing company 

 for $29,112. The company's product consists of flexible tubing 

 for gas stoves, drop lights, etc., elastic webbing for suspenders, 

 garters, and the like, of both silk and cotton weaves, hat elas- 

 tics, elastic braids to order, and similar products. The com- 

 pany are not consumers of crude rubber, but large purchasers 

 of rubber thread. 



RUBBER GOODS MANUFACTURING CO. 



It is understood that the company's total sales for the first 

 six months of 1903 amounted to about $9,000,000, while the 

 largest sales in any entire previous year had been only $14,- 

 000,000. This was in spite of the loss of one of the company's 

 factories by fire in March, and the fact that a strike existed in 

 two other factories at the beginning of the year. It is under- 

 stood also that the litigation in which the company has been 

 engaged for some time is about to be settled satisfactorily. 

 The quarterly dividend of \}i per cent, on the preferred 

 stock, on July 16, represented a disbursement of $140,899.50. 

 ==During the past month the quotations for the company's 

 shares, on the New York Stock Exchange, were the lowest of 

 the year, but this decline was simultaneous with a " slump " in 

 all listed securities, the reason for which remains to be learned. 

 The lowest prices for the month, however— until after the 

 Taylor failure on July 24 — were still several points above the 

 lowest prices in 1902, when sales of preferred were made at 

 63 and common at 17'+ • The record for a month past follows : 



Apparently the company will be affected in no way by the 

 assignment, reported on July 24, of the important stock brok- 

 erage firm of Talbot J. Taylor & Co. (New York), although the 

 head of the firm as first vice president, and his partner and 

 brother, James B. Taylor, is treasurer of the company. Talbot 

 J. Taylor is the son in law of James R. Keene, whose holdings 

 of Rubber Goods shares were sufficient to enable Taylor & Co., 

 in 1902, to control the organization of the company. Taylor & 

 Co. have been credited with immense speculative deals in rail- 

 way shares, the failure of which forced their suspension. 

 Though the failure was one of the largest in recent Wall street 

 annals, it did not precipitate a panic, but instead was followed by 

 a general rise in stocks, the explanation being that the market 

 had become depressed in part through rumors of the weakness 

 of some important brokerage firm, and when the Taylor assign- 

 ment came, an element of uncertainty was removed. Charles 

 H. Dale, president of the Rubber Goods Manufacturing Co., 

 said : 



" The failure of Talbot J. Taylor & Co. will have absolutely 

 no effect on this company. The company was never in a more 

 flourishing condition. We owe nobody and nobody owes us, 

 except in the trade circles, and there is money in the treasury. 

 Talbot J. Taylor & Co. do not own a controlling share of the 

 stock of this company, as a matter of record. Of course, as 

 stock brokers I do not know how much stock they carried be- 

 longing to others. Talbot J. Taylor & Co. handled proxies 



around elections of the company and had a lot to do with the 

 reorganization of the company, but the failure won't touch us." 

 It is currently reported in Wall street that all but one of the 

 financial institutions holding collateral for loans made to Tal- 

 bot J. Taylor & Co. agreed to wait a reasonable time before 

 marketing it. The one firm, however, threw upon the market 

 on the morning following the failure, all its Taylor collateral, 

 including large blocks of Rubber Goods stocks, and this action 

 explains the heavy decline in these issues noted in the above 

 table. The selling of Rubber Goods shares on July 25 was as 

 follows : 



PREFERRED. 



Shares 

 IIOO. 



200. 

 I too 



200 

 500. 

 400. 

 100 



50- 



loo. 



33- 



45- 



300 



.60 



.63 

 .60 

 .61 

 .60 

 .Oi 

 .60J2 

 .61 

 ,6i# 

 61 



.61 



COM Mi IN 



Shares. 



IOO 



IOO 



IOO 



400 



300 



200 



200 



I OO 



IOO 



IIOO 13 



10 



IOO 



■33/ 

 i3'A 



13H 



*3% 

 I3H 

 13% 

 13^ 

 13% 



13 



PREFERRED. 



Shares, 

 IOO 63 



COMMON, 



Shares. 



7000 12 



2000 I 2 ' .,' 



3O0 12^ 



3O0O ... 12 



IOO 123^ 



200 13 



200 I3J4 



IOO \3 X A. 



4CO ..-.3 



Later in the month Preferred shares sold up to 68 and Com- 

 mon to 14. 



NEW INCORPORATIONS. 



The India Rubber Co. of New Jersey, July 1, 1903. under 

 New Jersey laws, to manufacture India-rubber goods; capital, 

 §500,000. Incorporators: Kenneth K. McLaren, Joseph M. 

 Mitchell, L. B. Dailey, H. O. Coughlan, W. N. Akers, B. B. 

 Lewis, and Oscar N. Coohcan. Registered office in New Jer- 

 sey : Corporation Trust Co., No. 15 Exchange place, Jersey 

 City. This is the company referred to in the last India Rub- 

 ber World as being formed under the control of the Rubber 

 Goods Manufacturing Co., to operate a factory owned by the 

 latter at New Brunswick, N. J., and to succeed to the business 

 of the India Rubber Co. of Akron, Ohio. There has not yet 

 been an election of officers. 



= The Dayton Rubber Manufacturing Co., July 7, 1903, under 

 New Jersey laws, to manufacture mechanical goods at Dayton, 

 Ohio ; capital $250,000, of which $100,000 in 8 per cent, cumu- 

 lative preferred stock, and $150,000 in common stock. Incor- 

 porators: W. S. Huffman, Boston, Mass. ; Harrie N. Reynolds 

 and Oscar F. Davidson, Dayton, Ohio ; William H. Speer, 

 Jersey City, N. J. Mr. Huffman i, widely known in connection 

 with the sale of rubber vehicle tires, in which business he has 

 been engaged for ten years, besides which he is the patentee of 

 a new rubber tire. 



= The Foster Rubber Co. (Boston), July 21, 1903, under 

 Maine laws, to deal in rubber goods ; capital, $100,000, in shares 

 of $25. Frederick J. Morrison, president ; Daniel S. Pratt, 

 treasurer. Offices : No. 370 Atlantic avenue, Boston. Organ- 

 ized to buy and control the Foster patents 011 improved rubber 

 treads, being the " friction plug " as applied to rubber heels dnd 

 soles, heels of rubber boots, crutch and cane tips, automobile 

 tires, horseshoe pads, and rubber mats and matting. The 

 Elastic Tip Co. (Boston i will be the company's selling agents 

 on rubber heels and soles and crutch tips. 



= Pettie Tire Co., July 9, 1903. under New York laws; to 

 manufacture rubber tires ; capital, $50 .000. Incorporators : Ed- 

 win H. Ensell, William H. Connell, Emma C. Pettie, all of 

 Brooklyn, New York. 



= Randolph Rubber Manufacturing Co. (No. 620 Atlantic 

 avenue, Boston), incorporated under the laws of the District of 

 Columbia ; authorized capital, $1,000,000. The object is to ac- 

 quire a factory and make rubber goods generally, but the inten- 



