Rubber into One

George Taylor Bishop, 67, president of Continental Shares, Inc., gave a luncheon party in Manhattan last week for rubbermen and bankers. Cyrus Stephen Eaton, founder of Continental Shares, was not among the 32 guests but had he been he would have approved of everything that was done.

Chief result of the luncheon was a virtual agreement to place control of the rubber industry in the hands of one man. As was expected, the one man picked was Mr. Bishop. His qualifications are long banking associations with the industry (onetime director of Cleveland Trust) and his position (through Continental) as one of the biggest rubber investors. When Continental made its rubber investments it was adhering to its policy of buying only into basic industries. Founder Eaton is believed to have had some ultimate plan of co-operation among the rubber rivals similar to that started last week. In its last annual report Continental valued its rubber investments at five million dollars. ; The largest investment was in Firestone; other holdings were in Goodyear, Goodrich and U. S. Rubber.

The woes of the rubber industry are many and complicated. The decline in crude rubber to a new low of 3-c- per Ib. has caused many large inventory losses. Shipments of tires have fallen sharply. In 1931 total shipments were 6.7% below 1930, 27.9% below 1929. In January they were off 13.1% from January 1931. Problems of marketing have been complex, sales to chain stores and service stations being made at prices often considered unfair by independent dealers.

Quiet, with great bushy eyebrows, Mr. Bishop emerged from semi-retirement when a new president was needed for Continental. Long a friend of Mr. Eaton, with a somewhat fatherly interest in the spectacular Eaton career, Mr. Bishop confers with his predecessor from time to time, keeps the Eaton exile from being as complete as it seems.

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