June 1, 1911.1 



THE INDIA RUBBER WORLD 



315 



Rubber Goods Manufacturing Co.'s Twelfth Annual. 



N APRIL 13, 1911, the Rubber Goods Manufacturing Co. 



Oheld its twelfth annual meeting, at the registered offices 

 of the company, in Jersey City. The president presented 

 the following report : 



In submitting the twelfth annual report of the com- 

 pany, your president would call attention to the fact 

 that during the past fiscal year we have had to con- 

 tend with most trying conditions in the crude rubber 

 market, due to the unprecedented range in prices. 



In January, 1910, Upriver fine Para rubber was $1.75 

 per pound. During the year 1910 it sold as high as 

 $3 per pound, with frequent and marked intervening 

 fluctuations. Finally at the end of our fiscal year, De- 

 cember, 1910, it had declined to $1.35 per pound. These 

 conditions made business operations unusually difficult. 

 Nevertheless, our volume of trade greatly increased. 

 Indeed, it surpassed all previous years. The net earn- 

 ings would undoubtedly have increased in proportion 

 but for the great shrinkage in inventoried values due to ' 

 the comparatively low price of crude rubber in December, 

 1910, and our action based upon our feeling that a con- 

 servative policy required a very considerable mark- 

 down in our inventory of raw material and manufac- 

 tured goods. 



During the past year much thought has been given 

 to the subject of how most economically and effectively 

 to manufacture and market the large product of our 

 four tire companies, which resulted in the organization 

 of the "United States Tire Co.," through which 

 new company, on March 1, 1911, we commenced to sell 

 the entire production of "Continental," "G. & J.," "Hart- 

 ford" and "Morgan & Wright" tires. Much progress is 

 being made on similar lines in factory operations, and 

 it is anticipated that great benefits will be derived from 

 this action in the near future. Our entire sales force 

 is enthusiastically promoting the sale of all brands of 

 tires of our manufacture, and a large and healthy increase 

 in business may be expected from this concentration of 

 the tire sales department. 



Particular care and attention has been given to main- 

 taining the plants in a condition of highest efficiency; 

 extensive improvements having been made at several of 

 our factories during the past year. 



The treasurer's report of the financial condition of 

 the company and of the operations for the fiscal year is 

 appended. 



Respectfully submitted, 



EUSH.\ S. WlLLI.\MS, 



President. 



TEEASTJRERS KEPORT. 

 CONSOUDATED GENERAL BALANCE ShEET, DECEMBER 31, 1910. 



I.IARII.ITIES. 



Capital stock, preferred $10,351.40000 



Capital stock, conniion 16.941,700.00 



Bonds of Mechanical Rubber Co. and 



N. Y. Belting & Packing Co. (less 



amount owned) 980.010.00 



Sinking fund cash in hands of Trustee 206.005.62 



ASSETS. 



Property, plants and investments.... 



Patents and trademarks 



Inventories, mf'd goods and materials, $13,844,877.63 



Cash 1,938,094.27 



Bills and accounts receivable 3,853,620.23 



Securities owned $6,780.00 



Stock owned in General Rubber Co.. . 1,000,000.00 



Reserve for redemption of bonds. . . . 



Bills and accounts payable 



Reserve for new construction and 



plant repairs 



Reserve for Federal excise tax 



Fixed surplus (subsidiary companies) 

 Surplus 



Total liabilities 



27,293,100.00 



774,004.38 



661,979.84 

 10,666,068.54 



231,000.00 

 22,337.01 



2,499,218.65 

 6,558,531.67 



$48,706,240.09 



Of the above "surplus," $135,767.89 would represent the ratable interest 

 therein of minority stockholders as comjiared with that of the Rubber 

 Goods Manufacturing Co. 



Contingent liabilities for certain guarantees which are offset by corres- 

 ponding contingent assets, are not included. 



Consolidated Summary of Income and Profit 

 Year Ended December. 31. 1910. 

 Net sales 



Earnings of subsidiary companies 

 Income from investments 



Expenses of Home Office 



Less: 



AND Loss FOR 



$35,188,295.40 



$2,169,326.22 

 100,000.00 



$2,269,326.22 



147,078.60 



Net profits '. 



Dividends $989,994.00 



Added to reserve for redemption of 



bonds . 73,431.31 



Adjustment of reserves for deprecia- 

 tion 2.157.87 



Surplus for the period 



Surplus and working capital Januarv 1. 

 1910 



$2,122,247.62 



1,065,583.18 



$1,056,664.44 



5,501,867.23 



Miscellaneous assets 

 Total assets 



$25,449,285.63 

 2,312,121.32 



19,636,592.13 



1,006,780.00 



301,461.01 



$48,706,240.09 



Surplus and working capital December 



31, 1910 $6,558,531.67 



Respectfully submitted, 



Edward J. Hawthorne, 

 Treasurer. 

 The following directors were elected for the current year : 

 Elisha S. Williams, Ernest Hopkinson, 



Anthony N. Brady, Charles A. Hunter, 



Samuel P. Colt, Arthur L. Kelley, 



Frank W. Eddy, Lester Leland, 



James B. Ford, Homer E. Sawyer, 



After organization, the board elected last years' officers, as 

 follows : 



President. — Elisha S. Williams. 



Vice Presidents. — Lester Leland and Charles A. Hunter. 



Treasurer. — E. J. Hathorne. 



Assistant Treasurer. — John D. Carberrv. 



Secretary. — Sam uel Norris. 



Assistant .Secretary. — John D. Carberrv. 



E.vcculive Committee. — Elisha S. Williams, Lester Leland, 

 Anthony N. Brady, Samuel P. Colt, Ernest Hopkinson, Charles 

 A. Hunter, and Homer E. Sawyer. 



The following record of the volume of net sales by the 

 Rubber Goods .Manufacturing Co. and the subsidiary companies 

 is compiled from the successive annual reports as published : 

 1900 $13,364,090.00 1906 $19,737,120.81 



1901 14.348,046.00 



1902 13,999,329.00 



1903 14.310,752.00 



1904 14,556,289.00 



1905 17,662,453.00 



1907 21,473,823.28 



1908 18,491,987.90 



1909 25,629,592.71 



1910 35,188,295.40 



