September 1, 1919.] 



THE INDIA RUBBER WORLD 



709 



News of the American Rubber Industry. 



DIVIDENDS. 



THE American Zinc. Lead & Smelling Co.. St. Louis, Missoiiri, 

 and New York City, declared its regular quarterly dividend 

 of $1.50 per share, payable August 1, 1919, on preferred 

 capital stock of record July 28, 1919. 



The Brunswick-Balke-Collender Co., Chicago, Illinois, de- 

 clared its regular quarterly dividend of one and three-quarters 

 per cent, payable August 15 on stock of record July 25, 1919. 



E. I. du Pont de Nemours & Co., Wilmington, Delaware, 

 declared a dividend of one and one-half per cent, payable July 25 

 on its debenture stock of record July 10, 1919. 



The General Electric Co., Schenectady, New York, has de- 

 clared its quarterly dividend of two per cent, payable October 

 15 on stock of record September 15, 1919. 



The B. F. Goodrich Co., Akron, Ohio, declared a quarterly divi- 

 dent of $1.75 per share, payable October 1 on preferred stock 

 of record September 19, 1919. 



The Goodyear Tire & Rubber Co., Akron, Ohio, declared its 

 quarterly dividend of three per cent, payable September 1 on 

 stock of record August 15, 1919. 



The Hood Rubber Co., Watertown, Massachusetts, declared 

 a quarterly dividend of $1.75 per share, payable August 1 on 

 preferred stock of record July 21, 1919. 



The Manufactured Rubber Co., Philadelphia, Pennsylvania, 

 declared its quarterly dividend of one and one-half per cent, 

 payable July 28 on stock of record July 23, 1919. 



FINANCIAL NOTES. 



The B. F. Goodrich Co. has more than doubled the asset 

 value of its common stock in three years, entirely from earnings. 

 On December 31, 1918, total assets amounted to $107,916,441. De- 

 ducting $57,798,001 for good will and patents, $16,770,900 current 

 liabilities, $8,347,540 reserves, etc., and $25,000,000 preferred stock 

 there remained $33,321,986 balance of assets behind the common 

 or more than $55 a share. At the close of 1915 total assets were 

 $94,722,634. Good will and patents were then carried at $58,219,- 

 992, current liabilities $4,402,642, reserves, etc., $4,100,000 and 

 preferred stock $28,000,000. Deducting these items there remained 

 $12,363,598 or about $20 a share as the asset value of the $60,- 

 000,000 common outstanding. 



For the six months ended June 30 last, net profits after all 

 charges but before federal taxes were $7,700,000. For the cor- 

 responding period last year net profits before taxes were $7,150,- 

 000. .At the current rate, earnings for the full year would ap- 

 proximate $15,500,000, which after preferred dividends would be 

 equal to more than $21 a share on common before taxes. 



Firestone Tire & Rubber Co. is expected to show gross sales 

 for the fiscal year ending October 31, 1919, of upwards of 

 $90,000,000, which would compare with $75,801,000 for the 1917- 

 1918 year. 



Net profits after depreciation, but before Federal taxes, will 

 probably approximate $10,000,000, which would be equal to about 

 $27 a share on the 350,000 shares of common stock after pre- 

 ferred dividends. Firestone sales have come up from $7,462,000 

 in 1910-1911. 



The listing last month of The Fisk Rubber Co.'s shares on the 

 New York Stock Exchange is a testimonial to the rapid advance 

 in financial and industrial power of the Springfield company. 

 Four years ago Fisk produced 1,000,000 tires and lubes a year. 

 This year the production will be 2,000,000. In 1915 sales were 

 $16,203,283 and net profits $1,791,579. Estimated sales for 1919 

 are $45,000,000 and net profits, $4,250,000. Including sales of the 



F'ederal Rubber Co., subsidiary, the Fisk system should turn over 

 $60,000,000 this year. 



Net earnings of the United States Rubber Co. for the six 

 months from January 1st to June 30th, 1919, after deducting all 

 interest charges and after allowing for depreciation. Federal 

 taxes and reserves, were $10,815,750.33. 



Erunswick-Balke-Collender Co. reports sales for six months 

 ended June 30, of $10,061,375, against $5,327,136 a year ago. 



The Miller Rubber Co., Akron, Ohio, has just sold $1,000,000 

 worth of preferred stock, and its directors recently passed a 

 resolution approving the sale of approximately $800,000 worth 

 of common stock. This makes the total capitalization of the 

 company as follows; First preferred, $7,500,000; second pre- 

 ferred. $3,000,000; and common, $10000,000. 



MADISON TIRE AND RUBBER CO., INC. 



The authorized capitalization of the Madison Tire & Rubber 

 Co. will be $2,000,000 eight per cent preferred stock (par value 

 $100) and 120,000 shares of common stock (of no par value). 

 Of this there will presently be issued all of the preferred stock 

 and 86,600 shares of the common. The preferred stock shares 

 are convertible at option of the holder at any time until July 1, 

 1929. into common stock shares of the company, share for share. 

 at par. 



The company starts business with net assets of $3,500.{XX) 

 and plant capacity daily of 1,200 tires and 2,000 tubes. 



In the distribution of its product the company will be rep- 

 resented in practically all important cities in the country. 



The officers are: Rudolph A. Low, president; Theo. W. Bas- 

 sett, vice-president; Max Loewenlhal, treasurer; and Clarence 

 H. Low, secretary. 



RUBBER COMPANY SHARE QUOTATIONS. 



The following rubber stock quotations on August 20, 1919, 

 are furnished by John Burnham & Co., 41 South La Salle street, 

 Chicago, Illinois: 



„ ,, ^ Bid. Asked. 



Ajax Rubber Co lOOJ-i 10254 



Fuestoiie Tire & Rubber Co., common 165 I7S 



Fiiestone Tire & Rubber Co., preferred 99 I0H4 



Fisk Rubber Co., The, common 44 46 



Fisk Rubber Co., The (new), 1st orcferred 99 101 



Fisk Rubber Co., The, 2nd preferred 160 17S 



Goodrich Co., The B. F., common 76J4 77J4 



Goodrich Co., The B. F., preferred 102M lOAH 



Goodyear Tiic & Rubber Co.. The, common 335 345 



Goodycai Tire & Rubber Co., The, 1st preferred 105 107 



Goodyear Tire & Rubber Co., The, 2nd preferred 106U 108 



Kelly-Springficld Tire Co., common 125 127 



ivelly-Springfield Tire Co., preferred 9S 97 



Lee Tire & Rubber Co 29V4 ^nvC 



Marathon Tire & Rubber Co SS 



.Vliller Rubber Co., The, common 214 222 



Milier Rubber Co., The, preferred 103 106 



Rubber Products Co 145 151 



Portage Rubber Co., common 143 i4g 



Swineha.i Tire & Rubber Co .::::;.:. 85 90 



Lnitcd Stales Rubber Co., common 128M 129K 



Lnileo Stales Rubber Co., preferred 116!i 117J4 



FOUR YEARS OF INDUSTRIAL EXPANSION 



During the four-year period from December 31, 1914, to De- 

 cember 31, 1918, the 104 leading American industrial companies, 

 despite heavy expenditures for new construction and acquisi- 

 tions, and record-breaking dividends, added a total of nearly 

 $2,0(X),000,(XX) to their working capital, most of it from surplus 

 earnings. 



This explains in large measure the material appreciation in 

 the market value of industrial securities, yet many are still seU- 



