June 1. 1912; 



THE INDIA RUBBER WORLD 



435 



positions of trust and responsibility in tlie new combination. 



According to a statement made by B. G. Work, there are to 

 be no radical changes in the management of the Goodrich com- 

 pany after the Diamond company is taken over, ".^t present, 

 no change is contemplated in the selling organization. This 

 applies to both the Diamond and Goodrich plants. We will still 

 maintain the branches of both companies as in the past, bnt 

 eventually they will be amalgamated in each city into one. The 

 name 'Diamond' will continue as before, as a trade mark, and 

 also that of "Goodrich.' Both Goodrich and Diamond tires will 

 be marketed as in the past. The Goodrich will not make any 

 special change in reorganization, but its marketing force will be 

 doubled. The office force of the Diamond company will be re- 

 tained." 



The stockholders, at their meeting on May 27, ratified the 

 action of the directors. 



GOODYEAR TIRE AND RUBBER COMPAXY. 



The stockholders of The Goodyear Tire and Rubber Co. will 

 vote on May 28 to increase the company's capital stock from five 

 million to ten million common, and from one million to five mil- 

 lion preferred, C. W. Seiberling, vice-president of this company, 

 states that the five million preferred will be issued at once. 

 Instead of being redeemable at 105 as is the present preferred, 

 the new stock will be redeemable at 120 at the company's option 

 after January 1. 1915, the holders of the present one million 

 preferred having agreed to exchange their stock, share for share, 

 for new preferred. The balance of the new preferred, four mil- 

 lion, will be offered to common stockholders at par. The new 

 plan is wholly separate from the transaction completed some 

 weeks ago, in which the common stockholders received 100 per 

 cent, stock dividend and rights to take $340,000 treasury com- 

 mon stock at par. 



THE RUBBER TRADE IN RHODE ISLAND. 



By ci Resident Correspondent. 

 7MPORTAXT happenings have followed one another in rapid 

 * succession in the rubber trade in Rhode Island during the 

 past month. The Revere Rubber Co. lost more than $500,000 

 worth of tires in a fire, the Phillips Insulated Wire Co. applied 

 for permission to increase its capitalization by $500,000, and the 

 reorganization of the Consumers' Rubber Co. and the reopening 

 of its plant were finally eflfected. 



^ * * 



The Revere Rubber Co., which is the Providence plant of the 

 United States Tire Co., lost practically every tire that it had 

 finished up to the time of the beginning of the blaze on May 7. 

 Two firemen were killed during the conflagration. 



The company is already rushing preparations for a new store- 

 house opposite its plant on Eagle street, Providence. Plans for 

 a big brick building will be accepted soon. It will be connected 

 with the manufacturing buildings by a bridge over the street, 

 permission for which was granted at the last session of the State 

 Legislature. It is understood that this building will be made as 

 nearly fireproof as it is possible to have a structure of the kind, 

 and that its capacity will be much larger than the old plant of 

 the Monahan Vehicle Co., which, up to the time of the fire, was 

 used for the storage of tires. 



The plant has been running day and night for a long time, so it 

 will be practically impossible to increase the output. 



The new storehouse will be five stories 300 x 75 feet. In the 

 meantime several wooden sheds are being erected on the Valley 

 street side of the plant for storage purposes, and many other 

 improvements are being made to various buildings. 

 * * * 



An increase of $500,000 in the capitalization of the Phillips 

 Insulated W'ire Co. was followed almost immediately, early in the 

 month, by the commencement of work on a new brick office build- 

 ing west of the plant on Freeman street, Pawtucket, Rhode 

 Island. This structure will be one story and a basement, and of 

 artistic design. 



When the office building has been finished workmen will start 

 on the destruction of a large wooden building fronting on Central 

 avenue on the north side of the plant. With this structure out 

 of the way, the company, which already owns the land, all of 

 -which has a frontage on the India Point Branch of the New York, 



New Haven & Hartford Railroad, will have several acres on 

 which it will erect a large addition to its plant during the summer. 

 The removal of the offices from the main building of the plant 

 and the lengthening of it to Central avenue will give the company 

 several thousand feet of additional floor space for manufacturing 

 purposes — something that has been needed for a long time as a 

 result of increasing business. 



* * * 



The reorganization of the Consumers' Rubber Co., Bfistol, was 

 completed in the early part of May. A new Rhode Island com- 

 pany of the same name was organized to take over the property 

 of the old, which went into the hands of a receiver in December 

 of last year. The new concern is controlled by the Walpole 

 Rubber Co., which intends to manufacture rubber shoes. 



The officers are : President, F. J. Gleason ; vice-president, 

 Terrence McCarty; treasurer, A. T. Baldwin; secretary. P. W. 

 Gardner. Mr. Gleason is vice-president of the Walpole Rubber 

 Co.; A. T. Baldwin is its treasurer, and Mr. Gardner is its at- 

 torney. Terrence McCarty was head of the old Consumers' 

 company and will be retained as manager of the new. His sys- 

 tem of management is considered e.Kcellent, but the faults of his 

 financial system will be removed by the application of the system 

 in vogue at the Walpole plant. 



The plan of reorganization was worked out by Percy W. Gard- 

 ner, representing creditors whose claims totaled $300,000, and 

 J. F. Dunbar, a well-known Boston rubber man. It was accepted 

 by the receiver, Robert S. Emerson, and later ratified by the 

 Superior Court. 



Fully 90 per cent, of the creditors came in under the agreement, 

 agreeing to take stock in the new concern in payment of their 

 claims. Those who did not agree were allowed 17 cents on the 

 dollar by the court, and the cash for this payment was provided 

 by the Walpole Rubber Co. 



The plant was closed on April 30 for stock-taking and was re- 

 opened on May 13. with about 300 hands employed. The in- 

 ventory was complete and the machinery was started in good 

 condition, with enough orders on hand to insure operations in 



full for an indefinite period. 



* * * 



The American Electrical Works, at Phillipsdale, Rhode Island, 

 began to run overtime about May 1 until 8 :30 in the evening. 

 This was the first time in many months that business warranted 

 such long shifts. The arrangement has been continued. The 

 chief product of this concern is insulated wire. 



A financial statement issued by the \\"oonsocket Rubber Co. 

 early in May showed that the total assets on March 30 were 

 $5,243,063 against $5,700,970 a year ago at that time. The detailed 

 statement will be found in another column. 



* * * 



George F. Kelley, of Providence, son of Arthur L. Kelley, 

 president of the Mechanical Fabric Co.. was married at St. 

 Bartholomew's Church, New York. Saturday. May 4. A recep- 

 tion was held in the ballroom of the Hotel Gotham following the 

 ceremony. Mr. and Airs. Kelley will reside in Providence. 



* * * 



Charles J. Davol. president and treasurer of the Davol Rubber 

 Co.. has just become the owner of a new 90-foot power cruiser 

 type of >-acht which will be one of the handsomest craft of the 

 kind on Narragansett Bay. The design carries out his ideas. 

 She is equipped with bulkheads and other improvements which 

 arc almost as complete as in an ocean liner. 



* * * 



Numerous alterations are being made to the hose room of the 

 National India Rubber Co.'s plant. Bristol, for the purpose of 

 transforming it into a foundry for the manufacture of copper 

 wire. The room, which is 200 feet x 40 feet, will be ready for 

 the new work in about a month. 



The reconstruction consists of building foundation piers for 



