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THE INDIA RUBBER WORLD 



[February i, 1904. 



NEWS OF THE AMERICAN RUBBER TRADE. 



SALE OF THE WATKINSON SHOE FACTORY. 



A CHANGE has taken place in the control of the Watkin- 

 son rubber shoe factory, at Philadelphia. The details 

 of the bankruptcy of George Watkinson & Co. ap- 

 peared in The India Rubber World February i, 

 1902, including the appointment of the Provident Life and 

 Trust Co., of Philadelphia, as trustee, and T. M. Etting, ref- 

 eree in bankruptcy. By recommendation of the creditors' com- 

 mittee, and under the authority of the court, the trustee, in 

 connection with the Messrs. Watkinson, has since continued 

 the plant in operation. It was thought that this course would 

 best serve the interests of the creditors — not only by avoiding 

 a sacrifice of the raw material and material in process, as well 

 as of the manufactured goods, but, by earning the profits man- 

 ifestly in the business, to save the expense and deterioration of 

 an idle factory. It was also thought important to keep the busi- 

 ness together— its organization, its prestige in the market, its 

 connection with several thousand customers, in short, to pre- 

 serve the good will intact. Most of the salesmen formerly em- 

 ployed were put on the road to solicit orders and the business 

 was conducted very much in the usual manner. Steps were 

 taken by the trustee to recover certain large amounts claimed 

 by the bankrupts to be properly payable by Charles R. Flint, or 

 Flint & Co., of New York, on notes given by the shoe firm for 

 the alleged accommodation of the latter — these obligations 

 having been the cause of the assignment. While it is under- 

 stood that a good business has been done on the whole, in mar- 

 keting the products of the factory, the business was unable to 

 stand the strain of the large indebtedness with which the firm, 

 in spite of all efforts, still found itself burdened, and a crisis in 

 their affairs occured during the past month. 



In pursuance of a call by Mr. Etting, the referee in bank- 

 ruptcy, a meeting of the creditors was held in the United States 

 circuit court room in Philadelphia, on January 13. This meet- 

 ing was called to act upon an offer from an outside party to 

 purchase the entire business. This offer was made by Charles 

 MacVeagh, New York, and was understood to aggregate some 

 $300,000 for the business and plant, without including the cash 

 on hand or accounts receivable. It is understood that, at the 

 same time, the Messrs. Watkinson made an offer of full settle- 

 ment of the claims, by giving a series of notes to mature dur- 

 ing several years. It was decided by the creditors that, before 

 taking final action, a report by expert accountants would be 

 desirable, and an adjournment was taken to January 21. 



At the second meeting it was decided to accept the offer of 

 Mr. MacVeagh, and on the next day application was made be- 

 fore Judge McPherson in the United States district court, by 

 the Provident Life and Trust Co., as trustee, for permission to 

 sell the property. The court granted the permission on the 

 same day — January 22 — since which time the details of making 

 the transfer have been in progress. The published sale price of 

 $135,322 evidently refers to the plant alone. 



Charles MacVeagh is a director in the following corporations: 

 American Steel Hoop Co., Bethlehem Steel Co.. International 

 Traction Co. (also secretary), and National Steel Co. At No. 

 15 Broad street, New York, his name appears on the office door 

 of the legal firm of Stetson, Jennings & Russell, as connected 

 with that firm. Mr. Francis Lynde Stetson, of this firm, by the 

 way, is a director of the United States Rubber Co. When 

 visited by a representative of The India Rubber World, Mr. 

 MacVeagh said : 



" I have no statement to make regarding the business of 

 George Watkinson & Co. You will have to see my attorney, 

 Mr. Samuel Norris, of Nos. 9 15 Murray street." [Mr. Norris is 

 secretary of the United States Rubber Co., at the address 

 given.] 



No statement could be obtained from Mr. Norris, but Presi- 

 dent Samuel P. Colt said to The India Rubber World rei 

 porter, when asked if the United States Rubber Co. had ac- 

 quired control of the Watkinson plant : 



" That is a matter about which I am unprepared to make any 

 statement at the present time. The plant was sold by order of 

 court, on January 22, to Mr. Charles MacVeagh, a lawyer, but 

 the United States Rubber Co. has not acquired the property 

 as yet and whether it will or not remains to be seen." 



" Mr. MacVeagh," it was suggested, " has stated all informa- 

 tion would have to be given out at the office of the United 

 Slates Rubber Co." 



" Quite right ! " exclaimed Colonel Colt ; " but at the present 

 time I can give you no definite information, further than that 

 we know that Mr. MacVeagh has purchased the plant and that 

 the sale has been confirmed by the court." 



" Can you say what the price was, that Mr. MacVeagh paid ?" 



"Well there were many details and various prices in the 

 transaction which could hardly be explained in a brief state- 

 ment, but in round numbers it may be stated that the price 

 was $300,000." 



" Will Mr. Watkinson continue to manage the plant? " 



"Well that is certainly beyond me," replied Colonel Colt. " I 

 know nothing about Mr. Watkinson's plans, or who will man- 

 age the plant." 



Mr. Watkinson also had no statement to make on this point, 

 when seen by The India Rubber World's Philadelphia re- 

 porter. 



BANNER RUBBER CO. (ST. LOUIS). 



A CIRCULAR issued from the office of the Monarch Rubber 

 Co. (St. Louis, Missouri) announces the change in the name of 

 that corporation to the Banner Rubber Co. This was the pio- 

 neer rubber manufacturing company in that region, having be- 

 gun making rubber footwear about March, 1900. The circular 

 sets forth the desirability of a change of name, in order to pre- 

 vent the confusion of their business with that of certain other 

 concerns. A report having got into print that the factory was 

 passing under control of the United States Rubber Co.. Presi- 

 dent Samuel P. Colt, of the latter company, was interviewed on 

 the subject for The India Rubber World. He said : 



" That is a matter about which I can say nothing at all. The 

 United States Rubber Co. has nothing to say concerning the 

 Banner Rubber Co." 



Under date of January 28 the Banner Rubber Co. advised 

 The India Rubber World : 



" There is absolutely no truth in the report. Please publish 

 our unequivocal denial." 



NEW YORK RUBBER CO. — ANNUAL MEETING. 

 The annual meeting of the stockholders of the New York 

 Rubber Co. for the election of trustees was held January 26 at 

 the office of the company, No. 84 Reade street. New York. The . 

 old trustees were reelected and the place on the board made 

 vacant by the death of Charles S. Sanxay was filled by the 

 selection of John Acken, son of President W. H. Acken. The 

 old officers were reelected without change. 



