June i, 1903.] 



THE INDIA RUBBER WORLD 



309 



ANNUAL MEETING OF THE UNITED STATES RUBBER CO. 



THE eleventh annual meeting of the stockholders of the 

 United States Rubber Co. was held at 12 o'clock M., on 

 May 19, at the registered offices of the company in New 

 Jersey, at New Brunswick. The annual reports of the 

 president and treasurer were presented and accepted, and direc- 

 tors elected for the ensuing year. The official reports are given 

 herewith in full : 



president's annual report. 



To the Stockholders of the United States Rubber Co. : The 

 fiscal year of the company ends March 31. Inventories of manufactured 

 goods, stock in process, and materials, are taken as of that date, and 

 the accounts of the company for the year are then closed. Inventories 

 are figured at cost, or market price, whichever may be lowest. 



The past season was what is termed " a good rubber winter," so far 

 as weather is concerned, which is rellected in the volume of business 

 done by the United States Rubber Co. 



PRICES and Competition. — Prices for rubber footwear have ranged 

 about the same as the previous year, when there prevailed the lowest 

 prices for rubbber boots and shoes (the cost of materials being consid- 

 ered) ever known in the history of the trade. 



As an illustration of the low prices for manufactured goods the past 

 two years, it may be mentioned that during that period five companies 

 manufacturing rubber boots and shoes have failed, or have retired from 

 business. 



Quantity of Goods Sold. — The gross sales of goods by the United 

 States Rubber Co. last year were $51,888,756.92, as against $45,917,- 

 536.84 the previous year ; and the net sales (including miscellaneous 

 goods) were $28,276,63058, as against $25,436,150.59 the previous 

 year — being an increase in gross of 13 per cent., and in net of 11. 2 per 

 cent. 



Exi'ORT Trade. — The export trade of our company, although still in 

 its infancy, also shows an increase over the past year. I regret to state 

 that our European manager of sales, Mr. J. W. Knott, died at London 

 during the year. 



Crude Rubber. — We have continued our purchases of crude rubber 

 on substantially the same lines as the previous year — first, through our 

 own importations, and second, through purchases in this market when 

 the prices here were more advantageous than to import direct. 



We were interested in the " Acre concession," so called, granted by 

 the Bolivian government to F. W. Whitridge, Esq., in association with 

 Sir Martin Conway, which, however, owing to complications with Bra- 

 zil, has been abandoned, Brazil paying an indemnity. 



Condition of Manufactories. — The extensive plants of the United 

 States Rubber Co. and its subsidiary companies have been kept in thor- 

 ough repair, the cost thereof, together with that of improvements made, 

 having been charged to expense account. 



Treasurer's Reports. — The treasurer's reports which follow give 

 in detail the " Consolidated General Balance Sheet of the United States 

 Rubber Co. and its Subsidiary Companies." Also, the " Consolidated 

 Income Statement" of the same, for the year ending March 31, 1903. 



The income account for the year shows that the company has earned 

 over and above all expenses of every kind and nature, including all in- 

 terest charges — $1,342,448.32, as against $119,495.60 earnings for the 

 previous year. 



The General Balance Sheet and Income Account of the United States 

 Rubber Co., separated from its subsidiary companies, is omitted this 

 year, owing to the tendency to confusion where both are given. It may 

 be stated, however, that the deficit shown last year in the balance sheet 

 of the United States Rubber Co. taken by itself has been more than over- 

 come by the earnings of this year. 



Funded Indebtedness. — As was statecVlast year, the entire in- 

 debtedness of the United States Rubber Co. and its subsidiary com- 

 panies, other than the Debentures of the Boston Rubber Shoe Co., was 

 funded into $12,000,000, 5 per cent. Funding Notes. 



By the terms of the Debentures of the Boston Rubber Shoe Co. there 

 must at all times be in the treasury of that company tie/ quick assets 

 equal to the full amount of the debentures outstanding, which amount 

 now is $4,800,000. 



There is no mortgage debt of the United States Rubber Co. or of any 

 of its subsidiary companies, and no outstanding notes or debentures of 

 any of said companies oth;r than the Funding Notes and Debentures 

 above mentioned The cash on hand March 31, 1903, as will be seen 

 by the treasurer's report was $4,823,830.91. 



From the earnings of the past year $1,000,000 of the Funding Notes 

 have been purchased by the company and delivered to the Morton Trust 

 Co., trustee, and cancelled. 



Our Method of Selling Goods. — The recommendation made by 

 your president last year, as to the adoption of a more liberal policy in 

 the sale of our very large product, was, after careful consideration by 

 your directors, approved, and the same went into effect on January 1 , 

 1903, with results so far satisfactory. 



The detailed orders received from customers from January 1 to May 

 15, this year, show an increase of 57 per cent, over the same period last 

 year. 



Conclusion. — In concluding, I wish to express the thanks of the ex- 

 ecutive to our heads of departments, superintendents of factories, and 

 employe's, who have during the past year shown much earnestness in 

 their work, evincing a determination to do all in their power for the per- 

 manent success of the United States Rubber Co. 



Respectfully submitted, samuel p. colt, 

 New Brunswick, New Jersey, May 19, 1903. President 



treasurer's reports. 



United States Rubber Co. and Subsidiary Companies. 



Consolidated General Balance Sheet, March ji, 1903. 

 ASSETS. 



Property and plants $47,544,286.10 



Inventories, manufactured goods, and 



materials $11,480,783.18 



Cash 4,823,830.91 



Bills receivable 934,251.27 



Accounts receivable 6,314,301.62 



Securities owned, including " Funding 



Notes " purchased 3,865,374 59 



Miscellaneous assets 755,04407 28,173,58564 



Total assets $75,717,871.74 



LIABILITIES. 



Capital stock, Preferred $23,525,500.00 



Capital stock, Common 23,666,000.00 $47,191,500.00 



Boston Rubber Shoe Co., Debentures. 

 U. S. Rubber Co., Funding Notes. 



Fixed surpluses . 



Loan accounts payable 



Merchandise accounts payable 



1, 122,000.00 

 1,012,644.26 



Deferred liabilities. 

 Surplus 



4,800,000 CO 



12,000,000.00 



8,134,849.37 



2,134,644.26 



72,418 04 

 1,384,460.07 



Total liabilities $75,717,871.74 



United States Rubber, Co. and Subsidiary Companies. 



Consolidated Income Statement, Year Ending March 31, 1903. 



Gross sales, boots and shoes $51,888,756.92 



Net sales, boots and shoes and miscellaneous $28,276,630.58 



Cost of goods sold 24.308,829.70 



Manufacturing profits §3,967,800.88 



Freight, taxes, insurance, general and selling expenses. 1,436,119.64 



Operating profits $2,531,681.24 



Other income 242,716.57 



Total income $2,774,397.81 



