India rubber world . the RhodeIsland bar. The present situation is that of awaiting the con-summation, on July 7, of the offer of settlement made by Dresser& Co. [See The India Rubber World, May 1.] The appoint-ment of receivers was made on the motion of Maurice H. Cook, astockholder and son of Lorin H. Cook. He set forth that in a fi-nancial statement of December 31, 1902, the American Tubingand Webbing Co. showed a surplus over liabilities of $i ,but that said statement did not embrace certain liabilities in-curred through the issue by the treasurer of the company ofdrafts against D
India rubber world . the RhodeIsland bar. The present situation is that of awaiting the con-summation, on July 7, of the offer of settlement made by Dresser& Co. [See The India Rubber World, May 1.] The appoint-ment of receivers was made on the motion of Maurice H. Cook, astockholder and son of Lorin H. Cook. He set forth that in a fi-nancial statement of December 31, 1902, the American Tubingand Webbing Co. showed a surplus over liabilities of $i ,but that said statement did not embrace certain liabilities in-curred through the issue by the treasurer of the company ofdrafts against Dresser & Co., and which were accepted by Dres-ser & Co., the same being for the accommodation of the latterfirm and not for the legitimate running of the American Tub-ing and Webbing Co., which corporation received no consider-ation on account of said drafts. The petitioner alleged thatthe amount of these drafts exceeded the capital of the Tubingand Webbing company, and as certain of them would mature on. EMPLOYES BAND OF THE B. F. GOODRICH CO. (AKRON, OHIO). July i, 1903 ] THE INDIA RUBBER WORLD 355 March 9, and as Dresser & Co. had become insolvent, the ap-pointment of receivers was asked for, as a means of preventingthe shutting down of the business, which was in a prosperouscondition. The amount of the drafts referred to has not been111 ide known. President Caldwell states that their issue hadbeen going on for some time, being practically the loan of thecompanys name to Mr. Dresser, who for three years had beenthe principal shareholder of the company and its financial back-er and New Vork agent. The company is capitalized at $276,-000. The shareholders are L. M. Cook, James M. Ripley, Cook, D. Roy Dresser, Alfred Caldwell, and G. M. Thur-low. Mr. Caldwell is president and Mr. Thurlow Thurlow was general manager of the Narragansett WebCo. (Newport, Rhode Island), prior to the purchase of thatbusiness by the American Tubing and Webbing in e
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