June i, 1901.] 



THE INDIA RUBBER WORLD 



273 



ANNUAL MEETING OF THE UNITED STATES RUBBER CO. 



THE ninth annual meeting of the stockholders of the 

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

 on M?y 21, at the registered othces of the company in 

 New Jersey, at New Brunswick. The follrwing reports 

 by officials of the company were presented and accepted : 



president's report. 



To THE Stockholders of The United States Rubber 

 Co. : Reviewingthe general businessand condition of the Com- 

 pany, in conformity with the by-laws, the president reports 

 as follows : 



The year beginning April i, 1900, found the trade carrying 

 over more than the usual stocks of goods, because of the mild 

 winter. Their orders were, therefore, conservative, and smaller 

 than the average. The last winter, continuing warm and open 

 over great areas, also prevented sales. Our prices— though 

 not considered high by consumers or dealers — carried a profit 

 which enabled competitors to undersell us. 



At the February meeting, the directors decided to make im- 

 portant changes in prices and terms, and, on April 4, issued the 

 following statement for the information of stockholders, viz.: 



"The directors of the United States Rubber Co. deem it inexpedient 

 to make any dividend upon the preferred stock at this time. One mild 

 winter following another has had the effect of curtailing the consump- 

 tion of rubber boots and shoes, and being determined to retain its trade, 

 the directors of the United States Rubber Co. deemed it advisable to 

 reduce prices, and several reductions have so far been made. As rebates 

 to jobbers are given when prices are reduced — notwithstanding the fact 

 that the rebates were found to be less than anticipated — the earnings of 

 the company do not warrant the payment of further dividends for the 

 present. 



" The directors regard the present policy of low prices as a wise pro- 

 vision for the future of the Company, and so far this policy has resulted 

 in there being placed with the Company unusually large orders for 

 goods, thus enabling them to give steady employment to the large num- 

 ber of employees dependent upon the industry." 



This course has been cordially approved by the trade, who, 

 findrng that outside and untried goods were no longer offered 

 at a lower price, preferred to deal in our brands which, by long 

 experience, they have found to be reliable. We have received 

 orders from them to such an extent that we are now doing a 

 much larger proportion of the whole business of the country 

 than ever before. The cost of goods is considerably reduced 

 by our factories having such increased work. 



The factory of the New Brunswick Rubber Co., where bicy- 

 cle tires were made, has been sold on advantageous terms, and 

 this Company has retired from the manufacture of tires. 



The physical condition of all the factories has been kept 

 good and the cost charged'in the several expense accounts. In 

 the matter of claims referred to in previous reports, $100,000 

 has been received this year, and further claims remain to be 

 adjusted. The business of the year has been marked by good 

 collections and freedom from any unusual amount of bad debts. 



The Financial Report of the operations for the year, ending 

 March 31, 1901, is appended. Respectfully submitted, 



FREDERICK M. SHEPARD, 



New Brunswick, N. J., May 21, 1901. President. 



treasurer's report. 



The following balance sheet shows the condition of the com- 

 pany March 31, 1901, together with comparison of sam? vyith 

 previous year : 



ASSETS. 



March 31, 1'joi. 



Cash $ 763,491.41 



Notes and accounts receivable ... 670.155-37 



Merchandise on hand 1.259. 353.31 



Investments 47.323, 355-77 



Total $50,016,355.86 



LIABILITIES. 



Preferred stock $23,525,500.00 



Common stock 23,666,000.00 



Accounts payable 1,648,693.58 



Due companies for goods sold .... 1,151,149.27 



Total $49,991,342.85 



Balance surplus 25,013.01 



Reserved for dividends in April 



and July 



Surplus. 



$25,013.01 



March 31, 1900. 

 $ 628,630.84 

 1,887.506.78 



1,394,011,. 73 

 46,961,836.05 



$50,871,993.40 



$23,525,500.00 



23,666,000.00 



1,417,094.75 



253,015 04 



$48,861,609.79 

 2,010,383.61 



1,177,680.00 



$832,703.61 



Operations of the United States Rubber Co. 

 ENDING March 31, 1901. 



Surplus, March 31, 1900 



Dividends on Preferred Stock : 



Paid October 31, 1900, 2%.... $470,510.00 



Paid January 31, 1901, 1% 235,255.00 



FOR THE Year 



$832,703.61 



Balance of surplus 



Profits from operating plants and 



dividends on investments 



Net income from commissions on 



sales of goods 



Total income 



Less total expenses 



$231,355.01 



34.266.26 



$265,621.27 

 203,015.70 



Balance of income 



Charged for depreciation 

 and losses 



$705,765-00 

 $126,938.61 



62,605.57 



$189,544.18 



164.531. 17 



Surplus $25,013.01 



chas. r. flint. 



Treasurer. 

 The undivided earnings in the treasuries of the manufac- 

 turing companies in which this Company has invest- 

 ments, after charging off for depreciation, are now. . $1,175,495.36 

 [The financial report is certified to by Bragg & Marin, certi- 

 fied public accountants, after an examination of the books and 

 accounts of the company.] 



THE ANNUAL ELECTION. 



Fifteen directors were elected, instead of sixteen as last 

 year. Three of the old board retired — Charles Stewart Smith, 

 George E. Weed, and Samuel M. Williams. Thirteen members 

 of the old board were re-elected, to which number were added 

 Costello C. Converse, a nephew of the Hon. E. C. Converse, 

 and vice president of the Boston Rubber Shoe Co., and E. L. 

 Corning, a director in the Boston Rubber Shoe Co. The by- 

 laws of the United States Rubber Co. since 1899 have provided 

 for nineteen directors, so that there may now be considered to 

 be four vacancies. The board is now constituted as follows, 

 the figures in parenthesis following the names of the directors 

 indicating the number of terms for which each has been elected 

 to date : 



1. Samuel P. Colt, Providence, R. I. [10] 



2. Elisha S. Converse, Boston, Mass, [4] 



3. Costello C. Converse, Boston. Mass. [i] 



4. Henry E. Converse, Boston, Mass. [4] 



5. Ephraim L. Corning, New York city fi] 



6. Charles R. Flint, New York city fioj 



7. James B. Ford, New York city [10] 



8. J. Howard Ford, New York city [lo] 



