Decemhfr 1, 1919; 



THE INDIA RUBBER WORLD 



News of the American Rubber Industry. 



FINANCIAL NOTES. their capital stock issues outstanding. The stockholder has no 



TP HE Mason Tire & Rubber Co., Kent, Ohio, has increased its means of telling how much of this amount represents paid-in 



capital stock to $7,500,000, having begun with an initial value. For this reason it is becoming a common practice at the 



allotment of only $250,000 four years ago. present time to issue stocks of no par value. While for balance 



The net profits of The B. F. Goodrich Co., Akron, Ohio, for sheet purposes a value must be placed on the shares, the public 



the si.x months ended June 30, 1919, before deducting Federal is not misled by this to the same extent as it would be by the old 



ta.xes, were $7,700,000; at the rate they have been going since, it practice of putting in the par value. 



is probable that they will exceed $8,700,000 for the last six months, A few investors seem to be mystified by the new practice, how- 

 making a total for the year of $16,400,000, the greatest in the his- ever, and for the benefit of these it may be stated that the value 

 tory of the company, .\fter deductini; preferred dividends, the of a share of stock with no par value, may be readily estimated 

 balance available for the $60,000,000 common stock would be $24 by dividing the profit and loss surplus by the number of shares 

 a share. The company has increased its capital from $27,000,000 outstanding, adding to the surplus, of course, any value which 

 at the end of December, 1915. to $43,500,000 at the end of 1918, may be set against capital stock. ("The Magazine of Wall- 

 and may increase the common dividend rate. In four years the Street.") 



Goodrich company has actually added to its common stock a DIVIDENDS 



value of $70 a share. ^he Aja.x Rubber Co., Inc., New York City, has declared it^' 



It seems likely that the sales of The Goodyear Tire & Rubber quarterly dividend of one and one-half per cent, payable Decern' 



Co., Akron, Ohio, for 1920 will exceed $200,000,000. The sales ber 15 on stock of record November 29, 1919. 



for the fiscal year ended October 31, 1919, made a total of The Archer Tire & Rubber Co., Minneapolis, Minnesota, at i 



$167,315,000, those for October alone being the highest in the meeting of its directors held October 25, 1919, resolved to put 



company's history, $20,000,000. The year's sales in 1915-16 were its stock on a six per cent cash dividend basis' beginning Janu- 



less than $64,000,000; in 1910-11 they were only a little over ary 15, 1920. 



$13,000,000, and in 1907-08 they were just over $2,000,000. The The Boston Woven Hose & Rubber Co., Cambridge, Massa- 



company's business has increased a hundred-fold in twelve years. diusetts, has declared its regular semi-annual dividend 'of three 



The stockholders of the Goodyear company have approved the per cent on its preferred stock and its regular quarterly dividend 



increase of $100,000,000 in capitalization, bringing the total au- of $3 per share on its common stock, both payable December IS 



thorized capital to $200,000,000. 1919. 



The directors of Lee Rubber & Tire Corp., Conshohocken, The Fisk Rubber Co., Chicopee Falls, Massachusetts, has de- 

 Pennsylvania, have decided to increase the capital from 100,000 clared its regular quarterly dividend of one and three-quarters 

 shares to 150,000 shares. Of the 50,000 new shares. 40,000 are per cent, payable December 15 on its second preferred stock of 

 offered first to stockholders at $33 a share; the other 10,000 record December 1, 1919. 



will be offered to employes on a profit-sharing plan. The sale The General Electric Co., Schenectady, New York, has de- 



of the additional shares will give the company $1,200,000 with clared a cash dividend of $2 per share, and a stock dividend of 



which to expand its business and it is expected that the output two per cent, both payable January 15. 1920, on stock of record 



by next spring will be 4,000 tires a day. December 6, 1919. 



The statement of the corporation for the eight months ended The B. F. Goodrich Co., Akron, Ohio, has declared its regular 



August 31, 1919, shows net profits of $396,375, before deducting quarterly dividend of $1.75 per share, payable January 1, 1920, 



Federal taxes. Net sales amounted to $3,345,067; the cost of on preferred stock of record December 21, 1919. 



goods sold to $2,956,541, and the operating profit was $1,388,526. The Kelly-Springfield Tire Co., New York City, has declared 



The Boston Woven Hose & Rubber Co., Cambridge, Massa- ''^ quarterly dividend of $1.50 per share, payable January 2, 



chusetts. has filed with the Massachusetts Secretary of State a ^^-^^ '^" six per cent preferred stock of record December 15, 



statement of its financial condition, dated August 31, 1919, which ^^1^- 



we compare with that for 1918. The New Jersey Zinc Co., New York City, has declared an 



Assets. ^^""^ dividend of two per cent, payable December 10 on stock 



1919. 1918. of record November 29, 1919 



Real estate $1,502,090 $1,558,981 -nu u j r j- r , ^ . 



Machinery and equipment 943,493 981,414 ^ "6 board of directors of the Overland Tire Co., Newark, 



Merchandise, material, stock in proc 2,675,255 3,038,106 Vp,,- T*irc*>ir r^non^irr Tmta^ ♦« ^-,,. j;,.*j„ j .11 r. 



C^h and debts recei'vabble. . . . 1,809,190 2;o22:89i T^^^^ Jersey, recently voted to pay dividends quarterly hereafter 



Patent rights, trade-marks, etc ,,„,,' 1 instead of monthly. Action on the ne.xt dividend will be taken 



Investments 410,376 , . -r^ u 



Total 7.340.409 7,607,394 late in December. 



, Liabilities. ,„.„„„„ ,,00,. "^^^ Pennsylvania Rubber Co., Jeannette, Pennsvlvania. has 



Capital stock 3.850.000 3.789.700 j 1 j -^ 1 ,,■■,, r ><»iim. 



Accounts payable 1,460,025 333.498 Qeclared Its regular quarterly dividends of one and three-quarters 



su%'iuf ^^.. :::::::::::::::::::::::::::::::: 2.o'3o.i8i I'ill'?^ p" ""' °" preferred stock and one and one-hau per cent on 



Toul 7,340,409 7,607'.394 common stock, payable December 30 on stock of record Decem- 



The Hodgman Rubber Co., Tuckahoe, New York, has in- ber 15, 1919. 



creased its capital stock by the authorization of $1,000,000 eight The Plymouth Rubber Co.. Canton, Massachusetts, has de- 



per cent preferred stock, $100 par value, and 50,000 shares of clared its regular quarterly dividend of one and three-quarters 



common stock of no par value. Of the new preferred stocl P^"" cent, payable December 1 on preferred stock. 



$197,500 is to provide for the retirement of an equal amount of 



the old preferred, and the balance has been sold. Of the com- The Robertson process metal is a preparation- that does 



mon stock there are 12,100 shares now outstanding. ""' rust and that resists the action of gases and weather condi- 



tions. It is a steel sheet protected first by a coating of asphalt 



EXPLAINING STOCK OF NO PAR VALUE. on which asbestos is laid and over that a heavy waterproofing 



It is a common practice of corporations to show at the head covering. It is turned out in various shapes and is used for 



of the liability side of their balance sheets the full par value of rnofinR and siding. 



