August 1, 1919.] 



THE INDIA RUBBER WORLD 



643 



News of the American Rubber Industry. 



DIVIDENDS. 



THE American Chicle Co., New York City, declared a divi- 

 dend of one per cent, payable .August 1, on stock of record 

 July 21, 1919. 



The Eagle-Picher Lead Co., Chicago, Illinois, declared a quar- 

 terly dividend of one and one-half per cent, payable July 15, 

 on preferred stock of record June 5, 1919. 



The B. F. Goodrich Co., Akron, Ohio, has declared its quar- 

 'erly dividend of $1 per share, payable -August 15, on stock of 

 record August 5, 1919. 



The Kelly-Springfield Tire Co., New York City, declared a 

 quarterly cash dividend of $1 per share and a quarterly dividend 

 of three per cent, payable in common stock, both payable August 

 1, i;n common stock of record July 17, 1919. 



The Keystone Tire and Rubber Co., Inc., New York City, has 

 declared a stock dividend of fifteen per cent, payable September 

 IS, on stock of record September 2, 1919. 



The McLean Tire and Rubber Co., East Liverpool, Ohio, de- 

 clared a dividend of two per cent, payable on preferred stock 

 as of July 1, 1919. 



The Needham Tire Co., Charles River, Massachusetts, has de- 

 clared its regular semi-annual dividend of three and one-half 

 per cent, payable August 1 on issued and outstanding preferred 

 capital stock of record July IS, 1919. 



The New Jersey Zinc Co., New York City, declared a quar- 

 terly dividend of four per cent, payable August 9, on stock 

 of record July 31, and an extra dividend of two per cent, payable 

 July 10, on stock of record June 30, 1919. 



The Pan-American Rubber Co., Milwaukee, Wisconsin, de- 

 clared a dividend of three and one-half per cent, payable in 

 July on preferred stock of record June 30, 1919. 



The Portage Rubber Co., Akron, Ohio, has declared a quar- 

 terly dividend of three per cent, payable .August IS, on common 

 stock of record August 5, 1919. 



The Sewell Cushion Wheel Co., Detroit, Michigan, on June 

 1, 1919, declared and paid a dividend of seven per cent, on 

 both common and preferred stock of record on that date. 



The United States Rubber Co., New York City, declared 

 a quarterly dividend of two per cent, payable July 31, on its 

 first preferred stock of record July IS, 1919. 



The van der Linde Rubber Co., Limited, Toronto, Ontario, has 

 declared its regular semi-annual dividend of three and one-half 

 per cent, payable August 1, 1919. 



FINANCIAL NOTES. 



The B. F. Goodrich Co., New York City, at a special meeting 

 of its stockholders, held Thursday, June 26, 1919, authorized the 

 increase of its capital stock from $84,600,000 to $109,600,000, the 

 additional $25,000,000 to consist of 7 per cent cumulative preferred 

 stock like the present issue of outstanding preferred stock. Of 

 this new issue, $15,000,000, is to be offered pro rata to present 

 stockholders, both common and preferred, at $102 per share, plus 

 accrued dividends at 7 per cent, dating from July 1. 1919. 



The Keystone Tire and Rubber Co., Inc., New York City, has 

 authorized the issuance of additional common capital stock of the 

 company to stockholders of record July 21, 1919, at $40 per 

 share, in the ratio of one new share for each three shares 

 already held. The company reports gross sales of $5,570,120 

 for six months ended June 30, 1919, against $3,0(X).672 for the 

 same period in 1918 and $1,658,494 in 1917. Gross business for the 

 first half of this year is almost equal to total sales of $6,172,291 

 of 1918. Before allowance for Federal taxes the net profits for 

 the first si.x months of this year were $725,935, compared with 



$442,404 for the corresponding period in 1918 and $317,788 

 for 1917. 



The recent offering of $1,000,000 Hood Rubber Co. preferred 

 slock was oversubscribed by about 25 per cent. This stock wa^ 

 the remainder of the $5,000,000 preferred authorized in 1917, of 

 which $4,000,000 was issued in that year. The additional $1,000,- 

 OOO was recently offered to preferred stockholders at the rate of 

 one share for every four held by them, and an opportunity was 

 given the common stockholders to subscribe for any balance not 

 taken by the preferred shareholders. 



The New A'ork Stock Exchange has admitted to dealings : 

 Kelly Springfield Tire & Rubber Co. common and preferred rights 

 and Keystone Tire & Rubber Co. rights. 



The Fisk Rubber Co. of New York will redeem all of its 

 outstanding first preferred and first preferred convertible stocks 

 on the first day of August, 1919. Payment will be made upon 

 said stocks at the office of the New England Trust Company, 

 Boston, ]\Iassachusetfs, at the rate of $120 a share for the first 

 oreferred stock and at the rate of $110 a share for the first pre- 

 ferred convertible stock. 



There will be shortly offered $600,000 worth of 7 per cent pre- 

 ferred stock of the Needham Tire Co., a Massachusetts corpora- 

 tion, at $90 per share. This preferred stock is convertible into 

 common stock at any time, par for par. The stock was offered 

 to the public abo;it the middle of July. 



The Kelly-Springfield Tire Co., 15 Exchange Place, Jersey 

 Cily, which was chartered in New Jersey in 1899, has filed a 

 certificate at Trenton, New Jersey, showing that at a meeting 

 of the majority of the stockholders of the concern it was de- 

 cided to increase the capital stock from $12,900,000 to $20,900,- 

 000, of which $3,900,300 will be 39,003 shares of 6 per cent cumu- 

 lative preferred stock, par value, $100; $7,000,000 in 70,000 

 shares of 8 per cent preferred stock, par value $100 and $10,- 

 000,000 in 400,000 shares of common stock, par value, $100. 



The Hamilton Rubber Manufacturing Co.. Trenton, New 

 Jersey, has filed an amended certificate with the Secretary of 

 State increasing its capital stock from $300,000 to $1,000,000. 

 The increase was authorized at a meeting of the board of di- 

 rectors of the company held on July 9. George R. Cook is presi- 

 dent and A. Boyd Cornell is secretary of the company. 



THE REMEDY FOR PRICE-CUTTING. 



In renewing its call upon Congress for the prompt passage 

 of the Stephens Standard Price Bill, as amenc.ed. the Federal 

 Trade Commission has shown a keen sense of the situation 

 created by the Colgate decision of the Supreme Court. 



The Colgate decision can be effective only in controlling re- 

 tailers who buy directly from manufacturers. If a manufac- 

 turer sells to jobbers there is nothing to prevent the price- 

 cutting retailer from securing goods through jobbers and 

 continuing to snap his fingers at the manufacturer's standard 

 price policy. The difficulties of manufacturers dealing exclu- 

 sively with the jobbing trade are really increased by the 

 decision because of the advantage which it gives to producers 

 selling exclusively through retailers. 



In offering to large manufacturers the tempting certainty of 

 stabilizing their market by confining their distribution to re- 

 tailers, the Colgate decision is a serious menace to every small 

 manufacturer and wholesaler which can be removed only by 

 remedial legislation such as the Stephens Bill which furnishes 

 the machinery by which smaller manufacturers can secure the 

 good will of distributors, wholesale and retail, and assure them 

 a living profit. 



