June i, 1901.] 



THE INDIA RUBBER WORLD 



269 



RUBBER GOODS" ON THE STOCK EXCHANGE. 



THE stoclis of the Rubber Goods Manufacturing Co. were 

 on May i admitted to quotation in the unlisted depart- 

 ment of the New York Stock Exchange, The amount 

 of stock outstanding on that date was — 



Preferred, So. 5 14 shares $8,051,400 



Common, 109,417 shares. .. . 16,941,700 



Total $24,993,100 



The distinction between 'Misted" and "unlisted" stocks is 

 almost without a diflterence. When the stock of a corporation 

 has been " listed," the issue cannot be increased — If the stock 

 is to continue on the list— without the approval of the author- 

 ities of the Stock Exchange, involving certain formalities, and 

 possibly delay. The Rubber Goods Manufacturing Co., under 

 their New Jersey charter, are authorized to issue $50,000,000 in 

 shares, and as they probably expect to acquire additional prop- 

 erties, for which new stock will have to be issued, they will 

 be saved some trouble by not being "on the list." They can 

 make application to have the stock listed when the enterprise 

 has been fully developed. The same course was pursued by 

 the United States Rubber Co., which had issued not more than 

 one-fourth of their authorized capital of $50,000,000 when, on 

 November 18, 1892, their stock was admitted to the unlisted 

 department of the Stock Exchange. Subsequently, when there 

 had been further issues, this became a " listed " stock. The 

 same has been the history of the American Sugar Refining Co., 

 the National Lead Co., the American Tobacco Co., and so on. 

 There is involved no discrimination whatever against the "un- 

 listed " stocks. 



In making application to be admitted to quotation on the 

 Stock Exchange, the officers of the Rubber Goods Manufactur- 

 ing Co. made a statement of the condition of the business of 

 the company, in which the following details appear : 



The properties controlled are not owned in fee by the Rub- 

 ber Goods Manufacturing Co., except as hereinafter specified, 

 but are held through the stocks of the respective companies 

 Seventy-five per cent, of Morgan & Wright and the entire cap- 

 ital stocks of the other companies named below are owned by 

 the Rubber Goods Manufacturing Co., with the exception of 

 a few shares of the Mechanical Rubber Co. and such other 

 shares as are necessary to qualify directors, on which options 

 are held. 



NAME AND LOCATION Ol PLANTS. 



Capitai-. 



The Mechanical Rubber Co $4,843,275 



Owning the FaUaiving Proptrtifs, 

 The CliicaRc) Rubber Works (I hicago. Ill ) 

 The Cleveland KubherCo. (Cleveland. Ohic) 



[Both acquired in fee simple by the IVIecliaiiical Rubber Co.] 

 The New York Beltine and Packing Co , Limited, (Passaic, N. 

 J., and Sandy Hook, Conn). (Japital outstanding j£426,ooo 

 (=$2,130,000.) 

 The I'abric Fire Hose Co, (Warwick, N. Y.) Capital outstand- 

 ing $100.0"0. 



The Sinughton Rubber Co. (Sloughton, Mass.) Capital out. 

 standing $.;(,n,oo'>. 



Morgan & Wright, I ncorporated (Chicago) 500,000 



The I'cerless Rubber Manufacturing Co, (New Durham, N. J.). 1,000,000 



The India Rubber Co. (Akron, Ohio). 



The Hartford Rubber Works Co. (Hartford, Conn ). . . 



The Indianapolis Rubber Co. (Indianapolis, Ind.) 



The American Dunlop Tire Co. (Belleville, N.J.) 



The New Brunswick Tire Co (New Brunswick, N. J). . . 

 [Occupies property owned in fee by the R. (i. Mfg. Co.] 



The Sawyer Belting Co. (Kast Cambridge. Mass.) 



[Occupies leased property.] 



lOG.OOO 



200,000 

 25,000 



77.300 



250,000 



35,000 



BONDED INDEBTEDNESS. 



The Rubber Goods Manufacturing Co. has no bonded In- 

 debtedness. The bonded Indebtedness In companies in which 

 It has an interest Is shown below : 



The Mechanical Rubber Co % 845,500 



Tot^l bond issue to March 8, 1901 $1,040,500 



Less bonds cancelled 95<ooo 



The New York Belting and Packing Co., Limited 552,415 



Total bonds issued ... $1,091,250 



Less bonds cancelled $235,710 



Less bonds held by trustee against equal 

 number of bonds of Mechanical Rub- 

 ber Co 3°3i'25 538,835 



The American Dunlop Tire Co. (mortgage) 19,000 



Total bonded indebtedness $1,416,915 



The statement from which these details are quoted embraces 

 the balance sheet showing the condition of the Rubber Goods 

 Manufacturing Co. on Febuary i, 1901, the same being a part 

 of the treasurer's annual report [see The India Rubber 

 World, March i, 1901— page 175.] Also, the statement of 

 dividends paid since that date. The statement continues : 



" At this date unentered liabilities exist in the form ol guar- 

 anties upon 4270 shares of preferred and 1357 shares of common 

 stock Issued as a part of the consideration paid for certain 

 properties acquired by this company. The difference between 

 the amount guaranteed to be realized upon the said stock and 

 the present market value of the shares, taken at 85 for the pre- 

 ferred and 35 for the common, amounts to about the sum of 

 $67,000, The above are the only guarantees of this company 

 outstanding, as those which were given to the American \\\- 

 cycle Co. have been cancelled by the payment of $120,000 In 

 cash." 



The latter statement recalls that in August, 1900, the Ameri- 

 can Bicycle Co. offered for sale to Its stockholders 1 1 ,500 shares 

 of the preferred and 23,000 shares of the common stock of the 

 Rubber Goods Manufacturing Co., at the rate of 80 for the pre- 

 ferred and 30 for the common shares. These shares were un- 

 derstood to represent. In part at least, the purchase price of 

 the Hartford Rubber Works Co. and other tire manufactur- 

 ing properties bought several months before by the Rubber 

 Goods Manufacturing Co. from the American Bicycle Co. 

 The call for subscriptions for these shares said : 



We have an agreement with the Rubber Goods Manufacturing Co. by 

 which they agree to pay us par for the preferred stock at any time, at 

 their option, within two years from November 9, 1899. 



At the saine time President Coleman, of the American Bi- 

 cycle Co., was reported by the Wall Street fottrnal as follows : 



The Rubber Coods Manufacturing Co. is obliged to redeem the pre- 

 ferred .stock which we took in part payment in November, icjoi, at par, 

 while it was guaranteed to pay 4 per cent, annually, or the equivalent, 

 on the 23,000 shares of common stock for a period of five years, the 

 guarantee being subject to conditions upon transfer of the stock. 



The following is a record of transactions In Rubber Goods 

 shares on the New York Stock Exchange : 



Total capital outstanding $8,030,575 



The first quotations published, February 25, 1899, '" 'he re- 

 ports of curbstone trading In New York, were : Rubber Goods 

 Manufacturing, 30 bid ; 31 asked. Preferred, 80 bid ; 81 asked. 



