June 1, 1911.] 



THE INDIA RUBBER WORLD 



313 



live policy will result to the best interests of ALL the stock- 

 holders. 



"It is to be desired that in industrial properties there shall be 

 established stability and regularity of dividends, such as ob- 

 tain in the best railway properties. . . . Upon such consid- 

 erations, it has seemed conservative and just to defer divi- 

 dends upon the common stock at least until sucli time as the 

 management shall be reasonably satisfied that, liaving begun 

 their payment, the same can be maintained, although — even 

 witliout present dividends in cash, the common stock, by en- 

 hancement of value through accumulation of surplus, will have 

 shared in the prosperity of the company." 



The report of 1910 contained the following : 



"The earnings of the company the past year, considered by 

 themselves, would seem to warrant some di\ision to the com- 

 mon stockholders, and were it not for the abnormally high price 

 of crude rubber existing, and the consequent requirement of a 

 much larger sum of money to purchase and carry the same. 

 3'our president would feel waranted in recommending a dividend 

 upon the common stock at the present time." 



Had the conditions of business and profits at the close of 

 this last year been as flattering as at the close of the preceding 

 year, and if uncertainties affecting the legal status of consolida- 

 tions had been dissipated, your president would have had no 

 hesitancy now, with the present lower level of crude rubber, in 

 recommending a dividend upon the common stock, and he be- 

 lieves that the day cannot be far distant when all the condi- 

 tions will be such as to warrant some material . recognition of 

 our common stockholders. Respectfully submitted, 



Samuel P. Colt, President. 



TREASURER'S .REPORT. 



UNITED STATES RUBBER CO. .\.\"D SUBSIDIARY COMPANIES. 



[Not including Assets or Liabilities of Rubber Goods Manufacturing Co. 

 and certain other Companies owned in part by United States Rubber Co.] 



COJJSOLID.VTED GENERAL BALANCE SHEET, MaRCH 31, 1911. 



AS.SETS. 



Property and plants ( including shares of R. G. !\L 

 Co., Canadian Consolidated Rubber Co., Ltd., 

 and Re^•ere Rubber Co. ) .' $84,622,399.07 



Inventories, manufactured goods and 

 materials $17,474,148.40 



Cash 3.244.947.0? 



Bills and Loans receivable 1.755,996.28 



Accoimts receivable 11,052,140.18 



Stock owned in General Rubber Co. 2,000,000.00 



Securities, including stock of U. S. R. 



Co., held by a subsidary company. 3,031.939.90 



Miscellaneous assets 119,850.12 



$38,679,021.95 



Total assets $123,301,421.02 



LIABILITIES. 



Capital stock, first preferred $40,000,000.00 



Capital stock, second preferred lO.OOO.OIX) 00 



Capital stock, common 25,000,000.00 



$75,000,000.00 



Ten-year 6 per cent, collateral trust sinking fund 



gold bonds* ■ $19,000,000,00 



Loans and notes payable $4,917,877.55 



Merchandise accounts payable 837.335.18 



.Accrued interest, taxes, etc 400.213.34 



Due General Rubber Company 5,211,722.55 



$11,367,148.62 



Reserve for contingencies .500.000.00 



Rese<:ve for dividends 950,000.00 



Fixed surpluses (subsidiary companies) 8,134,849.37 



Surplus 8.349.423.03 



Total liabilities $123,301,421.02 



The contingent liabilities for certain guarantees, which are offset by cor- 

 responding contingent assets, are not included. 



•1,000.000 of the original issue of $20,000,000 bonds have been can- 

 celled under Sinking Fund provision. 



Consolidated Income Statement for Year Ending March 



31, 1911. 

 Gross sales, boots and shoes and miscellaneous.. $54,751,939.13 



Net sales, boots and shoes and miscellaneous.... $40,888,724.25 

 Cost of goods sold 33,685,139.55 



Manufacturing profits $7,203,584.70 



Freight, taxes, insurance, general and selling ex- 

 penses 2,091,742.19 



Operating profits $5,111,842.51 



Other income (net), including divideiids received 

 on stock of certain other companies owned by 

 U. S. R. Co 1,485,846.66 



Total income $6,597,689.17 



Less : 

 Interest on lionds and borrowed 



money $1,261,381.30 



Interest allowed customers for pre- 

 payments 552,033.61 



1,813,414.91 



Net income $4,784,274.26 



Deductions for bad debts, etc 47,623.67 



Profits '. .' $4,736,650.59 



Depreciation of merchandise 386,824.86 



Net profits $4,349,825.73 



Dividends 3,800,000.00 



Surplus for period $549,825.73 



Surphis April 1, 1910 7,799,597.30 



Surplus .March 31, 1911 $8,349,423.03 



Respectfully submitted, 



James B. Ford, Treasurer. 



The certificate of audit of the company's accounts, signed by Haskens & 

 Sells, certitied accountants, _ £ccompanies the foregoing statements. 



THE ANNUAL ELECTION. 



There was no change made in the directorate of the com- 

 pany, the board being re-elected and consisting, as last year, of 

 the following members : 



Walter S. Ballou, Henry L. Hotchkiss, 



E. C. Benedict, Arthur L. Kelley, 



Anthony N. Brady, Lester Leland, 



Samuel P. Colt, D. Lome McGibbon, 



Harry E. Converse, Edward R. Rice, 



James Deshler, Homer E. Sawyer, 



James B. Ford, . Frederick M. Shepard, 



J. Howard Ford, William H. Truesdale, 



Frank S. Hastings, John D. Vermeule, 



Francis L. Hine, Elisha S. Williams. 



The board of directors at a subsequent meeting, organized 

 and re-elected last year's officers, as follows : 



President — Samuel P. Colt, 



Vice President — Ja.mes B. Ford, 



Second Vice President — Lester Leland, 



Treasurer — James B. Ford, 



Assistant Treasurer — W. G. Parsons, 



Secretary — Samuel Norris, 



Assistant Secretary — John D. Carberry, 



General Manager — Homer E. Sawyer. 



ILxccutive Coinniittce — Samuel B. Colt, James B. Ford, Lester 

 Leland, E. C. Benedict. Walter S. Ballou, Anthony N. Brady 

 and John Watson, Jr. 



BUSINESS OF THE COJIPANY, 



The following table, showing the amount of net profits of 

 the United States Rubber Co. and the amounts disbursed in 

 dividends since the organization of the company, has been 



