296 



THE INDIA RUBBER WORLD 



[JUNF. 



1902 



manufactured goods and of materials and supplies have all been taken 

 at low valuations. 



Mktiioi) of Selling Goods. — Your president feels that the policy 

 of the company which has prevailed for some years in the sale of its 

 goods should be broadened to meet present conditions, and he recom- 

 mends an enlarged policy in the marketing of our great product. Al- 

 though close economies, and a curtailment of expenses, may without 

 danger be introduced in the purchasing and manufacturing departments, 

 they should be employed with caution in the selling department. For 

 some years our goods have been sold under what is called the " contract 

 system." While this system possesses many advantages, and reduces 

 the labors of the selling department, the company in the opinion of your 

 president has outgrown the system. Its maintenance is also open to the 

 objection of giving undue advantage to competing companies selling di- 

 rectly to the retail trade. 



It is therefore recommended that the subject receive the careful con- 

 sideration of the board of directors in determining the policy of the 

 company that shall prevail another year in the sale of its goods. 



Conclusion. — Much that is preparatory to financial success has been 

 done the past year, and good results should follow. The company is 

 now on a solid foundation with ample working capital, and with the 

 plans for concentration and economies in purchasing and manufacturing, 

 and the broad policy in sales recommended by your management to fol- 

 low the large volume of business already secured, there is every reason 

 to believe that in the future the business of this company can be made as 

 profitable as the rubber boot and shoe business in the United States has 

 been for the past half century. Respectfully submitted, 



SAMUEL p. COLT, 



President. 



treasurer's reports. 



United States Rubber Co. 



Income ani> Profit and Loss Accounts for Year Enuint, March 31, 190a. 

 Surplus March 31, 1901 $25,013.01 



Income from operating 

 plants and income from 



investments $ 115,802.44 



Commissions on goods sold $ 740,403 05 



Total income S 856,205,49 



Less expenses • 



SeUing ■1477.553-93 



General 320,271.01 797,82494 



Operating profits. $ 58.38055 



Less Interest : 



On borrowed money. . $394,519.36 



Allowed customers .. . 81,969.32 476,48868 



Deficit for period $ 418,108.13 



Amounts charged off applic - 

 able to business prior to 



March 31, 1901 717,249.03 



Deficit to surplus f i, 135.357. 16 



Deficit per general balance 



sheet $ 1,110,344.15 



General Balance Sheet, March 31, 1902. 



ASSETS. 



Property, plants, and in- 

 vestments $48,645,870.07 



Cash $1,418,972.28 



Bills receivable 208,676.72 



Accounts receivable 4,710,618.83 



Inventory, manufactured 



goods, and materials ... . 1,137,633,65 $7,475,901.48 



Deficit i,iio,344.-l5 



Total $57,232,015.70 



LIABILITIES. 



Capital Stock Preferred . .. $23,525,500.00 



Capital Stock, Common. . .. 23, 666, 000, oo$47, 191, 500.00 



Bills payable $3,345,00000 



Loans payable 2,780,356.48 



Accounts payable 419,188.33 6,544,544.81 



Due subsidiary companies. $ 3. 435, 197.07 



Rebates, etc., not yet due. . 60,773.82 3,495,970.89 



Total $57,232,015.70 



United States Rubuer Co. and Subsidiary Companies. 



CONSOLIIIATED InCOMB STATEMENT FOR YeAR EnDINC. MaRCH 31, iSqs. 



Gross sales, boots and shoes $45,917,536.84 



/.f.t.r .■ 

 Discounts, rebates, allowances and returns 24,721,107.03 



Net sales, boots and shoes $21,196,429.81 



Miscellaneous net sales 4,239.720.78 



Total net sales $25,436,150 59 



Cost of goods sold $23,105,8x4 70 



Manufacturing expenses and taxes 632,670.55 23,738,485.25 



Manufacturing profits $1,697,665.34 



Selling and general expenses 1,223,196.35 



Operating profits $474,468.99 



Other income 708, 1 26.40 



Net profits $1,182,595.39 



Less : 



Interest on borrowed money $620,709.20 



Interest on Boston Rubber Shoe Co. de- 

 bentures 240,000.00 



Interest allowed customers 202,390.59 1,063,099.79 



Surplus for period $119,495 60 



Consolidated General Balance Sheet, March 31, 1902. 

 assets. 



Property and plants $46,293,839.46 



Inventories, manufactured goods, and ma- 

 terials 13,642,883.48 



Cash $ 3,387, 5Q9-25 



Bills receivable 500,125,43 



Accounts receivable 5,800,936.47 9,688,661.15 



Securities owned 3,333,656.93 



Miscellaneous assets 172,195.08 



Total assets $73,131,236.10 



L I A li I L I T I E S . 



Capital stock. Preferred $23,525,500.00 



Capital stock. Common 23, 666, 000. oo$47, 191,500. 00 



Boston Rubber Shoe Co. debentures 4,800,000.00 



Fixed surpluses 6,939,505.74 



Bills payable $9,892,25700 



Loans payable 2,829,192.83 



Accounts payable 1,196,077.96 13,917,527.79 



Deferred liabilities 211,339.70 



Reserved for doubtful accounts 29,351.12 



Surplus 42,011.75 



Total liabilities $73,131,236.10 



JAMES B. FORD, 



Treasurer. 



THE ,\NNUAL ELECTION. 



Fifteen directors were elected — the same number as last 

 year — though the by laws since 1899 have provided for nineteen 

 directors. During the year four vacancies had occurred in 

 the board, by death and resignation, which had been filled by 

 the remaining directors. The board as it existed just prior to 

 the annual meeting was reelected without change. There had 

 been some expectation of a contest for control, owing to the 

 fact that the firm of Talbot J. Taylor & Co. had sent out re- 

 quests for proxies. Only one ticket was presented, however, 

 for which 298.912 shares were voted, except that 87,189 addi- 

 tional shares — being those for which the Messrs. Taylor's rep- 

 resentatives held proxies — were voted for M. S. Burrill. The 

 board is now constituted as follows, the figures in parenthe- 

 sis following the names of the directors indicating the num- 

 ber of full terms for which each has been elected to date : 



[NoTF,. — The positions held by these gentlemen in the various rubber shoe man- 

 ufacturing companies are indicated in another place,] 



Elias C. Benedict, No. 80 Broad street. New York, [i] - 



Of E, C, Benedict & Co., brokers. 

 Vice Presidftit : Indianapolis Gas Co. 

 Director: Kern Incandescent Light Co. 



Middleton S. Burrill, No. 49 Wall street. New York, fi) 



Of Zabriskie, Burrill &. Murray, lawyers. 

 Director ; Rubber Goods Manufacturing Co. 



