July 1, 1912.] 



THE INDIA RUBBER WORLD 



505 



News of the American Rubber Trade. 



THE TTNITED STATES RUBBER CO.'S PLAN APPROVED. 



COL. SAMUEL P. COLT, president of the United States Rub- 

 ber Co., presided at the special meeting of the stockholders 

 held June 18 to act upon the financial plan proposed at the 

 annual meeting of stockholders in May. No opposition developed 

 and it was approved by more than the necessary two-thirds vote of 

 every class of stock. The plan was approved by the following 

 vote : First preferred, 273,955 ; second preferred, 79,384, and 

 common, 225,027. 



The Board of Directors declared the regular quarterly dividends 

 of 2 per cent, on the first preferred stock, lyi per cent, on the 

 second preferred stock and 1 per cent, on the common stock, 

 payable, without closing of transfer books, on July 31 to holders 

 of record at 12 m. on July 6 (not including the holders of the 

 $5,000,000 new common stock issuable July 8, as hereinafter 

 mentioned). 



Pursuant to the financial plan recently approved by the stock- 

 holders, the Board also declared a common stock dividend of 

 20 per cent, payable in such stock on July 8 to the holders of 

 record of the common stock at the opening of business on that 

 day. 



To cover fractions of shares the usual interim scrip will be 

 issued, which will be exchangeable for stock certificates, when 

 surrendered in amounts aggregating one or more full shares, but 

 which will not be entitled to receive any cash dividend declared 

 or subscription rights prior to the date of exchange. 



Also in pursuance of the financial plan, the Board authorized 

 the offer to the holders of record at 3 p. m. on July 12, 1912, of 

 all the stock of the company of all classes then issued (thus 

 including the holders of the new common stock issued as a 

 dividend on July 8) of the right ratably to subscribe for 

 $10,000,000 of first preferred stock to the extent of 12^ per cent, 

 of their holdings. Subscription warrants will be issued upon 

 which payment must be made on August 15, 1912. Payments for 

 stock on that date will entitle the holders to interest at the rate 

 of 8 per cent, per annum until October 1, 1912, being the same 

 rate as the regular cash dividend now being paid on the first 

 preferred shares. The interest from August 15 to October 1 will 

 be equivalent to 1 per cent, on the par value of the stock sub- 

 scribed for. The new stock will carry dividends for the quarterly 

 period beginning on the latter date, and the stock certificates will 

 be deliverable as soon as practicable after the closing of the 

 books for the October dividend, together with checks for the 

 interest on the subscription warrants. 



The transfer books of the company will be closed from the 

 close of business July 12 to 10 a. m. July 17, 1912. 



SCRAP RUBBER DEALERS FORM A CXUB, 



In the reviews of trade in old material during the year ending 

 December 31, 1911, which were published in January, many 

 writers deplored that there was not in existence some organiza- 

 tion which would correct the abuses existing in the trade, and 

 which would take the lead in standardizing merchandize, appear 

 before railroad commissions when they make up their classifica- 

 tions, and when they fix minimum weights of carloads; which also 

 would appear before our legislators when the tariff is under re- 

 vision, and do many things which could be accomplished only 

 through organized, concerted effort. 



A step in the right direction has at last been taken by some of 

 the leading dealers in scrap rubber, who have formed the Scrap 

 Rubber Dealers' Club. The object of this club is to meet socially, 

 thereby promoting a more friendly feeling, and to discuss sub- 

 jects of interest to the trade in general. Several meetings have 

 already been held, and fair progress has been made. Not only 



has good fellowship been promoted, but among the practical 

 results of the discussions will be a uniform contract for buying 

 goods, and a circular describing what shall constitute good 

 delivery of the different grades of scrap rubber. 



The larger dealers have for some time past been guided by 

 circulars which they receive from the manufacturers, but the 

 dealers who do not sell direct to the manufacturers were sub- 

 jected to much annoyance because they had no circular to guide 

 them. A great deal of unpleasantness will be avoided when 

 each dealer in scrap rubber will receive a circular describing the 

 different grades of goods, so that he will know how the different 

 grades should be assorted. 



It is hoped that later the question of arbitration in cases of 

 disputes among dealers will be solved similar to the manner in 

 which now arbitration committees of the different chambers of 

 commerce settle disputes without litigation. 



It is also hoped that some steps may be taken to have some 

 correction made of glaring errors which exist in the tariff, and 

 which hinder the importation of goods from abroad. The dealers 

 in these goods recognize the mistakes much easier than the 

 legislators do, and it will be necessary only to bring it properly 

 before the committees which have charge of the revision of the 

 tariff to have the injustice corrected. 



When it is considered that the value of old scrap metal handled 

 in the United States during 1911, according to published sta- 

 tistics, amounted to fifty-two million dollars, that the value of 

 scrap rubber at a moderate estimate amounted to probably not 

 less than twenty-five million dollars, and t''^ the value of rag 

 and paper stock amounted to a great many milhon dollars, it 

 must be admitted that the men who gather and handle this 

 material help in the conservation of the country's resources. 

 Few people realize how great a factor the dealer in scrap ma- 

 terial IS in the economy of the country; if they did they would 

 treat the junk dealer with the greatest respect. It is surprising 

 that the old material trade has lagged behind in regard to trade 

 organizations, while in other lines of business so much has been 

 accomplished through combined effort. 



The scrap rubber dealers have set an example which should 

 be followed by the dealers in other branches in the old material 

 trade. The business should be raised to the dignity which it 

 deserves. 



ARTHUR T. HOPKINS GOES TO CLEVELAND. 



Arthur T. Hopkins, who had been with the Boston Woven 

 Hose and Rubber Co. for the last thirteen years— the first seven 

 years as assistant superintendent and the last six years as 

 superintendent of their factory at Cambridge, Massachusetts^ 

 has resigned to take the management of the factory of the 

 Mechanical Rubber Co., Cleveland, Ohio. His successor at the 

 factory of the Boston Woven Hose Company is J. W. Fellows, 

 who has been with the company for a number of years. 



"PARAGOL" A VULCANIZED CORN OIL. 



The Corn Products Refining Co., of New York city, has suc- 

 ceeded in producing a material by vulcanizing corn oil that is 

 interesting a great many rubber manufacturers. It has not quite 

 the resiliency of rubber, but still, it has a great deal of resiliency, 

 and what is more to the point, it seems to. keep it indefinitely. 

 It is being used quite extensively in the manufacture of small 

 rubber articles, and it has in fact been used with success in such 

 important articles as belts and tires. It is also used in some of 

 the harder kinds of rubber. This product comes in three dif- 

 ferent grades — soft, medium and hard. It might be stated that 

 there are no minerals added to increase its weight or bulk. 



