■170 



THE INDIA RUBBER WORLD 



[June 1, 1913. 



leather. This has been done for several seasons in shoes in- 

 tended for golf players, and having been found to work well, 

 has been adopted in walking shoes, thus insuring the soft easy 

 tread, yet protecting the most vulnerable point from undue wear 

 or accident. In golf shoes this leather forepart is studded with 

 hob-nails to secure footing while making the stroke, but of course 

 these are omitted in walking shoes. 



Some English shoes have the soles cemented on, and present 

 to the eye a plain unbroken surface, but American manufacturers 

 all prefer to supplement the cementing with stitching, and on the 

 finer shoes the Goodyear machine stitch is used, though, as i-^ 

 mentioned above, the number of stitches to the inch is far few'er 

 than in leather shoes. 



These soles are of white, grey or red rubber, and various 

 finishes — smooth, corrugated, checkered, or with deep holes, 

 which tend to form vacuums when the wearer walks over a 

 smooth wet surface, like the deck of a yacht. One rubber com- 

 pany manufactures a widely diversified line of these soles, vary- 

 ing in price from thirty cents to three dollars per pair. Some 

 have the sole and a solid rubber heel of the same shape as com- 

 mon leather heels. Others have the heels separate, and some 

 place two "lifts" of leather above the thinner rubber heel. Most 

 of the shoes now made in these lines, however, have the "wedge" 

 heels such as are shown in the illustrations. 



Great care is taken in the choice of the inner-soles and linings 

 of these shoes, to mitigate or overcome the tendency of rubber 

 to "draw" the feet. Where these are properly chosen, the shoes 

 can be worn with the same comfort and ease as leather shoes, 

 with the added advantage of silent tread and freedom from 

 slipping. 



A tan Russia calf blucher Oxford for all-around summer wear 

 has a sole of red rubber, stitched to a leather welt. This is a 

 specially stylish and serviceable shoe. 



The outing Oxford of white buck with russet trimmings, made 

 on a narrow toe last, is a striking style, to be worn with outing 

 costume or morning dress. 



The shoes shown here are made by the fine shoe manufacturers 

 in New England and retail at from $4.50 to $6.00. English made 

 shoes, quite similar in style and quality, are shown in some of the 

 finer retail shoe stores in New York, Philadelphia. Boston and 

 Chicago at $6.00 to $10.00 a pair. 



Many manufacturers number among their samples canvas 

 shoes in white and brown, some reinforced with leather, while 

 among women's shoes there are combinations and colors as 

 varied as are customary with leather-soled outing shoes. 



This development of the use of rubber soles is not an 

 ephemeral fad. The style is likely to standardize itself, and the 

 use is likely to grow with each recurring season, and thus more 

 and more demand will be nc>ted in the consumption of rubber, 

 which is already very large, in the shoe industry. 



RUBBER GOODS MANUFACTURING CO.'S FOUR- 

 TEENTH ANNUAL REPORT. 



OX May 21, 1913, the Rubber Goods Manufacturing Co. held 

 its fourteenth annual meeting at the registered ofifices of 

 the company in Jersey City. The president presented the follow- 

 ing report : 



REPORT OF PRESIDENT WILLIAMS. 



To THE Stockholders of the Ruhuer Goods M.\nuf.\cturing Co. : 

 The report of the treasurer, apiiendcd hereto, gives the Con- 

 solidated General Balance Sheet and the Consolidated Inconie 

 Statement of the Rubber Goods Manufacturing Co. and of its 

 subsidiary companies, for the fiscal year ending December 31. 1912. 

 The net sales of the year are approximately the same as those 

 of the previous year. The net profits, however, arc less, owing 

 principally to the sharp competition in tires, which has prevailed 

 during the year. 



The iilants of the company have been maintained in good 



repair and in certain instances enlarged — the Morgan & Wright 

 plant at Detroit being in process of enlargement to more than 

 double its former capacity. 



The selling organization of tires, conducted by the United 

 States Tire Co.. has been further developed until now it has 

 reached great efficiency. 



Respectfully submitted, 



EusHA S. Willi.»lMS, President. 



TREASURER'S REPORT. 



RntBKR Goons M.\nuk.\ctl'kin(; Co. and Subsidiary Companies. 



Consolidated General Balance Sheet, December 31, 1912. 



Assets. 



Property, Plants and Investments. . . $29,541,886.27 



Inventories, Mf'd. Goods and Ma- 

 terials $8,636,293.89 



Cash 2.407,332.36 



Bills and Accounts Receivable 12,634,719.90 23,678,346.15 



Stock owned in General Rubber Co. 1.666,700.00 



Securities Owned 384,030.55 2,050,730.55 



Sinking Fund Cash in hands of 



Trustee 382,759.61 



Miscellaneous Assets 444,396.21 



Total Assets $56,098,118.79 



Liabilities. 



Capital Stock. Preferred $10,351,400.00 



Capital Stock, Common 16.941,700.00 $27,293,100.00 



Bonds of Mechanical Rubber Co. 



and N. Y. Belting & Packing Co. 1,005,500.00 



Reserve for Redemption of Bonds. . 423.348.87 



Bills and Accounts Payable 8,354.395.10 



Accounts Payable to General Rubber 



Co 7.752.724.70 



Reserve for accidents to employees. 40.940.47 



Fixed Surplus (.Subsidiarv Com- 

 panies) .' 2.499,218.65 



Surplus 8,728,891.00 



Total Liabilities $56,098,118.79 



Respectfully submitted, 



Edward J. Hathorne, Treasurer. 



Of the above "Assets" and "Surplus" $197,126.13 represents the ratable 

 interest therein of minority stockholders in a Subsidiary Company, of the 

 Rubber Goods Manufacturing Co. 



Contingent liabilities for certain guarantees, which are offset by corre- 

 sponding contingent assets, are not included. 



Consolidated Summary of Income and Profit and Loss for 



Year Ended December 31, 1912. 

 Net Sales $36,147,332.34 



Earnings 2,885.883.27 



Income frum Investments 100,002.00 



$2,985,885.27 

 Less : 

 Expenses of Home Office 221.396.78 



Net Profits $2,764,488.49 



*Dividends $2,280,601.00 



Reserve for Redemption of Bonds. 15.873.75 2,296,474.75 



Surplus for the Period $468,013.74 



Surplus and Working Capital, January 1, 1912.... 8,260,877.26 



Surplus and Working Capital, December 31. 1912. . $8,728,891.00 



Respectfully submitted. 



Edward J. Hathorne, Treasurer. 



•IncUules $31,250.00 paid minority interests in one Subsidiary Company. 

 ANNUAL ELECTION. 



At the annual meeting, on May 21, the following directors 

 were reelected : 



Walter S. Ballou Ernest Hopkinson 



Anthony N. Brady Charles A. Hunter 



Samuel P. Colt Lester Leland 



Frank W. Eddy Raymond P.. Price 



James B. Ford Homer E. Sawyer 

 Elisha S. Williams 



