The evening times. [volume] (Washington, D.C.) 1895-1902, 1901-07-26
RUBBER COMPANY CHANGES.
Plan for Consolidation Believed
to Be UndeF Way.


NEW YORK. July Z6.-James 3. Ford,
first vice president, and Charles r Flint,
treasurer. of the United States Rubber
Company. have resigned. Mr.. Flint. who
is chairman of the executive committee
and the largest shareholder of the Rub
Der Goods Manufacturing Company. will
now take more active part in the man
agement Of the latter concern. He win
continue as a director OF the United
States Rubber COMPANY. There is no
conflict CT interest between the Two cor
pJrations- The Rubber Goods NanUfact-
UTiug Company makes - ruL1cT boots
or rubber shoes, the GH-Incipal product Of
the United States Rubber Company The
latter company is a shareholder in the
Rubber Goods Manufacturing Company
Costello c Converse. OF Boston, has
been elected first vice president Of the
United States Rubber Company. and
James 2 Ford win succeed Mr.. Flint as
treasurer Mr.. Converse was vice presi-
dent and one OF the largest stockholders
OF the Boston Rubber Company. Of which
Lester Leland. the second vice president
Of The United States Rubber Company. Is
general manager. The Boston Rubber
Company under the Leland
management. has been successful Mr.
Ford has been d director OF the United
States Rubber Company since its incor-
poration. his company, rhe Meyer Rubber
Company. Of New Brunswick, entering
the United States Rubber Company upo1
its organization IN 1892 He is at present
thu largest individual stakeholder Of tie
United States RGsb Der Company
8Ir- Flint said. For some time I have
had only a nominal interest in thu United
States Rubber Company. IN view Of my
Iarg. interest in the Rubber Gods Manu-
featuring Company and the increasing
demands on my time. 1 have thought it
better to make way for some one who
had q large stock interest. and who, from
the point Of view Of policy and time.
could give closer attention 70 the affairs
Of the United States Company
When asked if a plan was under way
to effect consolidation of all the crude
rubber and rubber manufacturing con
Germs Of the country. Mr.. Flint limited
that such was the case He said:
Twenty years experience Ia Industrial
consolidation has convinced M that "a
neutral party Is necessary 10 a successful
consolidation In the consultations with
which have been identified. such as the
American ChicIe Company. the American
Caramel Company. the United States
EbfA4j-BlLl anu -o4A-lLit ''t-A1i.tli+ llit
tional Starch Company and others. ! had
no connection with either Of the com
pauies prior TO the negotiations for con
soIidatIon. I consider that the United
States Steel Corporation typifes the acme
Of scientific business. and I have no doubt
that what has taken place in the steel
industry Will eventually come 10 pass in
the rubber industry
The earnings Of the Rubber Goods Man
Ufacturing Company for the six months
! ended June 30. 1871. were s. 2cg $3.50 or al
| the rate Of : per cent per aunum on the
preferred stock. and more than L per cent
| on the common stock After deductins
| the two quarterly dividends on the prefer
| red stock Of Iai per cent. of March and
| June, and the two quarterly dividends on
| the common stock of l per cent. of April
| Is and July Is. together with the sum OF
| SI20. 600 paid 20 the American Bicycle Com
| nanv. in. consideration OF the cancellation
! Of guarantees given to that company
! there remained surplus OF sitS $50 SO
| which Is at the rate Of more than ) pei
| cent per aunum on the common stock
| 1t was .7Imored that the October dfyi,
| dend on the common stock would be In.
| creased at the rate of at ieas per cent
| ner annum. but Mr.. Flint reIuted the
! story He said that the directors deemed
| II 4 more conservative policy to accUmu
| late a surplus rather than increase TIT
dividend on the common stock.