November i, 1905.] 



THE INDIA RUBBER WORLD 



59 



NEW CAPITAL OF THE UNITED STATES RUBBER CO. 

 The application of the United States Rubber Co. to have 

 listed on the New Yorlc Stock Exchange their new capital share 

 issues was approved by the governing committee of the Ex- 

 change on October 25, and due notice given. It will be remem- 

 bered that in connection with acquiring control of the Rubber 

 Goods Manufacturing Co. a few months since it was agreed to 

 increase the capitalization of the United States Rubber Co. by 

 $25,000,000, of which $15,000,000 was to be in First preferred 

 stock and $10,000 000 Second preferred stock, the amount of 

 common stock to remain as before at $25,000,000. It appears 

 that there have now been issued 286,403 shares of First pre- 

 ferred stock, of which 235.255 are to be exchanged for the old 

 preferred stock, share for share, and 51,148 for an equal num- 

 ber of shares of preferied stock of the Rubber Goods company. 

 There have been issued 83,873 shares of Second preferred stock, 

 of which CS.^Siyi are to be exchanged for double the number 

 (137,163) of shares of common stock of the Rubber Goods com- 

 pany. Prior to May last the outstanding common stock of the 

 United Slates company amounted to 236.660 shares, which 

 number was increased on May 23 by 13 340 shares of common 

 stock issued for cash at par to the Meyer Rubber Co., a con- 

 stituent company, which brings the issue of common shares up 

 to the total number authorized to be issued. The outstanding 

 issues of the United States company to day compared with the 

 amounts authorized by its charter (together with its amend- 

 ments) are as follows: 



Issued. .Authorized. 



P'irst preferred $28,640,300 $40,000,000 



Second preferred 8,387,300 10,000,000 



Common 25,000,000 25,000,000 



Total |fc2,027,6oo $75,000,000 



The official statement would appear to leave unaccounted for 

 $1,529,150 of the Second preferred shares issued thus far. 



It might be added that the total share capital of the Rubber 

 Goods Manufacturing Co. outstanding at the date of the merger, 

 and the amount of which control has been acquired by the 

 United States Rubber Co., compare as follows : 



Total. Acquired. 



Preferred $ 8,051,400 $ 5,114,800 



Common 16,941,700 13,716,300 



Total $24,903,100 !ji8,83i,ioo 



The United States company also embraces in its statement 



the following : 



Consolidated Income Statemknt i-'or Five Months Endinc Au- 

 gust 31 , 1905. 



Net sales, boots, shoes and miscellaneous $15,954,566.21 



Cost of goods sold 13. 33°. 7^7-01 



Manufacturing profit S 2,623,769.20 



(leneral and selling e.\penses, including interest, freight, 



taxes and insurance 1,234,826.31 



Operating profits. .1:1,388,942.89 



Other income 162,402.97 



Net profit $1,551,345-86 



[NoTR. — It appears fair to assume that statement embraces no results of oper- 

 ations of the Rubber Goods ManufacturinK C'o., the merger of which with the 

 United States company had scarcely been accomplished at the date of the ^report. 

 — The Editor.] 



GENERAL RUBBER CO. 



According to the statement made by the United States Rub- 

 ber Co. in its application to the Stock Exchange, the General 

 Rubber Co. was organized March 29. 1904, under the New Jer- 

 sey laws, for the purpose of buying, selling, and dealing in crude 

 rubber, with an authorized capital of $2,000,000, of which $1,- 

 000,000 was paid in cash. The authorized capital was increased 

 April 29. igoj.to $5,000,000, of which $2,000,000 additional was 



paid in July, making a total cash capital at present of $3,000,- 

 000, of which §2.000.000 is owned by the Meyer Rubber Co, and 

 $1,000,000 by the Rubber Goods Manufacturing Co.. each of 

 these companies being a subsidiary corporation of the United 

 States Rubber Co. The General Rubber Co. on July i, 1905, 

 executed an indenture with the Industrial Trust Co. (Provi- 

 dence, Rhode Island), as trustee, covering an issue of $9,000,- 

 000 ten year gold debentures, bearing interest at 4>i per cent., 

 of which $6,000,000 have since been disposed of, under guar- 

 antee as to principal and interest by the United Slates Rubber 

 and Rubber Goods Manufacturing companies. The paid in 

 capital of the General Rubber Co. and the proceeds of these 

 debentures is employed for buying and carrying crude rubber, 

 practically entirely lor the United States and Rubber Goods 

 companies. 



AFFAIRS OF THE HARDMAN RUBBER CO. 

 An action at law instituted by Cyril Johnson against the 

 Hardman Rubber Co. (Belleville, New Jersey), in which com- 

 pany he is a minor shareholder, was widely reported as a suit 

 for the appointment of a receiver for the company on the 

 hypothesis that entries had been wrongfully made in the com- 

 pany's books with the object of avoiding the payment of divi- 

 dends. The Hardman Rubber Co. advise Thk India Rubber 

 World that no application was ever made to any court for the 

 appointment of a receiver for their company, and the question 

 of the appointment of a receiver has never been opened or dis- 

 cussed before any court or judge. The action brought by Mr, 

 Johnson had for its only object the correction of some credits 

 made on the books of the Hardman Rubber Co. to the Bellville 

 Land and Improvement Co,, to which Mr. Johnson objected, 

 claiming that the credits have been wrongfully made with a view 

 to avoiding the payment of dividends to his injury as a minor 

 shareholder. The vice chancellor has designated January 25 

 the day on which the case is to be heard, and has ordered Mr. 

 Johnson, the complainant, to present proof at that time of his 

 allegation that these items of credit were put wrongfully to the 

 account of the land and improvement company. Bradstreet's 

 reports that the company's statement of the case is believed 

 correct, and authorities regard it as simply a disputed matter, 

 which does not afTect the company's credit. The company 

 further report that their business is very brisk, and that they 

 have at this time more orders for immediate delivery than at 

 any previous time in their history. 



MR. HEYL-DIa'S SYNTHETIC RUBBER. 

 An invitation to witness the manufacture of Synthetic rub- 

 ber is one that most of the trade, whether skeptical or believ- 

 ing, would be inclined to accept, and it was therefore not at all 

 singular that the Editor of this Journal gladly availed himself 

 of the opportunity to see Mr. George E. Heyl-Dia turn a " bas- 

 tard " gum into a true Caoutchouc-like product. The experi- 

 ment took place in the laboratory at the Safety Insulated VViie 

 and Cable Co.'s works at Bayonne, New Jersey. The primary 

 product appeared to be a very cheap gutta mixed with chemi- 

 cals, probably in powder form. They were not to be identified 

 by taste or smell, and there certainly was no true rubber pres- 

 ent in the mass. This prepared slab was put into a jacketed 

 vulcanizer, in a pan, the bottom of which was made of wire rods 

 laid parallel to one another and close together. Steam was 

 then turned on, the pressure gage showing an average of 55 

 pounds. After three hours the heater was opened and the slab 

 had changed into a spongy dark colored product of three times 

 the original volume, and was as elastic in that state as fine Para. 

 When stretched out into thin films it had a curious greenish 

 cast, and smelled not unlike burned sugar. That the experi- 



