April 1. 1914.] 



THE INDIA RUBBER WORLD 



375 



THE SCRAP BVBBEB XBASE OF 1913 AND 1914. 1 • r .t. r .l t -.,„„„,„ 



exclusive of the earnings of the sub-companies— at $300,000 to 



Some waste dealers who had studied the question recog- $350,000, and it is proposed from these earnings to pay off the 

 nized the fact early in 1913 that in view of the larger produc- indebtedness as well as preferred dividends, 

 tion of crude rubber the supply would exceed the demand, The plan has met with some opposition, circulars bearing the 

 with tile result tliat scrap rubber would have to follow the signatures of Clare H. Draper, Edward L. Belding and John C. 

 general decline. While they accordingly reduced their stocks, Heyer, Protective Committee; .Alfred VV. Anthony, J. Eugene 

 their example was not generally followed, so that other deal- Osgood and Michael J. Houlihan, Stockholders' Committee, hav- 

 ers who held their scrap during the early decline had at a ing been sent out which contain the following paragraph: 

 later date to take lower prices. "We do not believe the proposed plan is practicable, and we 



According to the opinion of the trade, present conditions deem it our duty to notify all the stockholders that it does not 



differ from all past experience. Unless reclaimers can secure command our approval or support. We believe in reorganiza- 



scrap at prices in proportion to the value of crude rubber tion of the company if the creditors are willing to assist. We 



they cannot operate. Some of the less prominent dealers do may recommend the stockholders to put in new money. We 



not recognize this fact, and therefore are holding their stock propose to send the stockholders, within a short time, further 



in the expectation of a reaction. In this connection the suggestions as to a plan of reorganization which we deem 



opinion has been expressed that unless some new uses are feasible." 



discovered for the increased supply of rubber the present Mr. Metzler, in referring to the opposition, makes this state- 

 accumulations of waste will sooner or later have to be sold ment: 



to make room for the large quantities of tire scrap, which "About one-third of all stockholders have already sent signed 



will be offered at lower market rates than are now current. agreements to me and have pledged their hearty co-operation. 



Instead of holding on to their stocks, they are advised to We shall go on with our plan notwithstanding the letter, as it is ■ 



sell out at today's figures and to buy further scrap at current the desire of many stockholders to have it go through." 



prices. This turning over would relieve the accumulation a dividend of 4 per cent, to creditors whose claims have 



which now clogs the trade. already been allowed (amounting to about $700,000) has been 



Reports of business since the opening of the year show a authorized by the court, $60,000 to be set aside for this purpose 



more or less improved demand for the products of reclaimers. and for the payment of a dividend on claims yet to be allowed. 

 This fact has brought about an advance in the market for 



3(.j.jp HETAIL PUECHASES OF BUBBER GOODS NOT EXCHANGEABLE. 



In the words of a leading member of the trade speaking '" many departments of retail stores notices are displayed 

 of the future, it is to be anticipated that the end of the de- which state that purchases will not be received for either credit or 

 pression has been reached and that we have begun a year of exchange, and a certain druggist, of Springfield, Ohio, has in- 

 renewed confidence and expansion in all lines of trade. One eluded in his list of non-returnable goods all hot water bottles, 

 of the notable events of 1913 was the formation of the Na- syringes and surgical rubber goods. Customers for these articles 

 tional Association of Waste Material Dealers, which has ^''S requested to make careful selections, and each purchase 

 placed the trade in a position it had not previously occupied, 's accompanied by a card warning against the loan of the article 

 „, „,„ „ _ and calling attention to the fact that while any goods defective 



PLANS FOB ORGANIZATION TO TAKE OVER WALPOLE COMPANY. . , , , , , . 



in material or workmanship will be replaced, interest in pro- 



A plan for the organization of a new company, under the laws ^^^^i„g j,^g customer against contagious diseases-the germs of 



of Massachusetts, to take over the business of the Walpole Tire ^^,1,;^,, ^^^ ^^^^ ^^^^-^^ ^^^ ^^^^-^^ ^^ ^^^ ^^,^^ ^^jj,^^_ ^^^_.^ 



& Rubber Co has been submitted in circular form to the stock- ^,,^ ^^^^^^^ ^^^ ^^^^^^1 ^^ ^^^^ ^^^^ ^^^j^ ^^^j^,^^ 

 holders of that company by Curtis G. Metzler, the company 

 attorney. The plan provides that the new company shall have an 



authorized capitalization of $3,500,000— of which $2,000,000 is to COMPARISON OF CRUDE AND WASTE RUBBER 



be 7 per cent, preferred and the balance common stock of a par IMPORTS FOR 1911, 1912 AND 1913. 



value of $100— the initial issue to consist of $1,813,000 preferred 



and $1,500,000 common (an amount equal to the outstanding --nHE most recent statistical record of imports deals with the 



stock of the present company). All assets of the old company 1 calendar years 1911, 1912 and 1913, and is reproduced 



are to be purchased by the Reorganization Committee and below. It shows the quantities of crude rubber imported for the 



present stockholders are to be given an opportunity to subscribe three years as 82,851,725, 118,058,284 and 115,880,641 pounds. The 



for new stock to the amount of their holdings, an allowance of effect of the recent fall is illustrated by the fact that while in 



$75 to be made for each share of preferred and $87.50 for each 1913 t^g quantity fell off about 2 per cent., the value receded 



share of common ; the balance — $25 and $12.50, respectively — to about 23 per cent. 



be paid in cash. Should all stockholders take advantage of this i„ guayule both quantity and amount have fallen off about two- 

 opportunity it would result in payments to the amount of $640,- thirds as compared with 1911, while waste has maintained in 1913 

 750, which, applied to the present liabilities of approximately ^^^ g^jn ^f nearly 100 per cent, in both quantity and value made 

 $1,100,000, would reduce these to about $459,250. The auditors j^ 59,2, The grand totals of unmanufactured rubber for the 

 employed by the receivers estimate the net earnings for 1914— three years are 168,878,163, 217,076,312 and 196,291,283 pounds. 



UNMANUFACTURED RUBBER IMPORTS FOR LAST THREE CALENDAR YEARS. 



, 1911 > . 1912 . , 1913 > 



India rubber, etc., and substitutes for, unmanufactured : Pounds. Value. Pounds. Value. Pounds. Value. 



Balata 1,705,158 $1,170,074 1,114,513 $667,767 1.508,946 $792,543 



Guayule gum 16,659,948 8,138,801 12.834,214 5,624,882 4,870,203 2.129,681 



Gutta-jelutong 46,594,697 2,292,6(W 48,053,634 2,214.643 36,420,921 1,765,816 



Gutta-percha 1,886,214 398,779 661,571 157,341 872,595 199,808 



India rubber 82,851,725 74,410,550 1 18.058,284 99,567,071 1 15,880,641 76.820.739 



India rubber scrap or refuse, fit only for remanufacture 19,180,521 1,530,530 36.354,096 2,973,311 36,737,977 3,193,003 



Total unmanufactured 168,878,163 $87,941,338 217,076,312 $111,205,015 196,291,283 $84,901,590 



