364 



THE INDIA RUBBER WORLD 



[April 1, 1914. 



both as director .. the executive committee, 



was most active and liclpiul in pruniotiiig the business of the 

 company for the past ten years. These vacancies upon the board 

 were filled by the election of Mr. Brady's two sons, Mr. Nicholas 

 F. Brady and Mr. James C. Brady. 



We also most deeply regret to announce the sudden death on 

 March 2 of Mr. J. Howard Ford, who was closely identified 

 with the various interests of our company, and who served it 

 most conscientiously as a director from the time of its incor- 

 poration. Kespectfully submitted, 



.S.-\.\iL'Ei. P. Colt, President. 



treasuker's report. 



United St.vtes Ribber Co. .\nd Sl'bsiui.\ry Co.mp.\nies. 

 .\SSETS. 

 Propertv, plants and investments, 



including rubber plantations.. $118,882,026.92 



Inventories, manufactured goods 



and material $36,343,324.28 



Cash 9,990,158.91 



Notes and loans receivable 1.676.469.34 



Accounts receivable 22,926,827.53 



Securities, including stock of U. S. 



Rubber Co. held by subsidiary 



companies 6.584,180.77 



Sinking fund cash in hands of 



trustees 422,541.35 



Miscellaneous 2,213,242.41 80,156,744.59 



Total assets 



$199,038,771.51 



l.I.MilLITIKS. 



Capital stock, first preferred $59,330.900.(X) 



Capital stock, second preferred .... 622.800.00 



Capital stock, common 36,000,00000 $95,953,700.00 



Minoritv Rubber Goods Mfg. Co. 

 stock, preferred $1,556,300.00, 

 common $60,000.00, subsidiary 

 of Rubber Goods Co., 

 $37,500.00 1.653.800.00 



Minority Canadian Consolidated 

 Rubber Co., Ltd.. stock, pre- 

 ferred $285,880.00. common 

 $219,420.00, subsidiary of Can- 

 adian Co. $9,200 514,500.00 



Ten-Year 6% Collateral Trust 

 Sinking Fund Gold Bonds, 

 U. S. R. Co 



Ten-Year Al/iVc debentures. Gen- 

 eral Rubber Co 



Ten-Year 5'< debentures. Eureka 

 Fire Hose Mfg. Co 



Forty-Year 6% Collateral Trust 

 Gold Bonds, Canadian 

 Consolidated Rubber Co.. 



Ltd $2,590,800.00 



Less owned bv 



subsidiarv co....'. 203,000.00 



2,168,300.00 



17.300.000.00 



Mechanical Rubber Co. and 

 N. Y. Belting & Pack- 

 ing Co. Bonds 



9.000.000.00 

 970,000.00 



2.387.800.00 



953,000.00 



Notes and loans payable 



.'\cceptances for importations of 



crude rubber 2.275.430.63 



Merchandise accounts payable... 3.274.340.44 

 Accrued interest, taxes, etc 551.608.80 



Reserve for dividends 



Reserve for redemption of bonds. 



Insurance fund reserve 



Employers' accident fund 



1.736.040.00 

 382,295.77 

 619,570.49 

 150,463.53 



Reserve for depreciation 



Fixed surpluses (subsidiary com- 

 panies) 



*Surplus 



Total liabilities 



13,310,800.00 

 19,905,837.00 



6.101.379.87 



2,888,369.79 



7.000.000.00 



15.080,880.78 

 19,129,504.07 



$199,038,771.51 



Consolidated Income St.\tement for Nine Months* Ending 



Dec. 31, 1913. 

 Net sales, footwear, tires, mechanical and misc.. $87,349,692.30 



Deduct : 

 Cost of manufacture, selling, general expenses and 



taxes 76,662,081.90 



Operating profits $10,687,610.40 



Other income, (net) 97,141.69 



Total income $10,784,752.09 



Less: 

 Cash discount allowed customers 



for prepayment (net) $624,241.14 



Deductions for bad debts 311,875.31 



Federal income tax 1913 171,102.83 1,107,219.28 



Net income prior to interest charges. $9,677,532.81 



Interest on funded and floating debt. 2,537,407.80 



Net profits $7,140,125.01 



Dividends— United States Rubber Co. $5,138,092.00 

 Dividends to minority stockholders 



R. G. M. Co. and subsidiary 



Co.'s and Canadian Consolidated 



Rubber Co. and subsidiary Co. 190,764.50 5,328,856.50 



**Surplus for period $l,811j^6J^.51 



Additions to surplus — capital gain , 



in conversion of second pre- ""'^ 



ferred into first preferred 



stock 89,600.00 



Surpluses of subsidiary com- 

 panies not heretofore consoli- 

 dated and adjustment due to 

 change of fiscal year to close 

 December 31st (net) 492,898.76 582,498.76 



$2,393,767.27 

 Surplus, beginning of period 16,735,736.80 



Surplus, December 31, 1913 $19,129,504.07 



Respectfully submitted, 



W. G. Parsons, Treasurer. 



*Certain subsidiaries twelve months. 

 *"Of this surplus $10,939.98 is applicable to minority stock interests. 



combination of asbestos companies. 

 The Mid-West -Asbestos Co., formed February 24 at Den- 

 ver, Colorado, with a capital stock of $8,000,000, has taken 

 over the interests of four other large concerns, viz.: The 

 International Asbestos Mills & Power Co. (capital $5,000,- 

 000); the Northwestern Asbestos Mills Co. (capital $5.0(X),- 

 000); the North American Asbestos Co. (capital $10,000,000), 

 and the Wyoming Consolidated Asbestos Co. (capital $5,- 

 000,000). The area controlled by the combined companies 

 comprises 2,260 acres of what is said to be the richest as- 

 bestos land in the w'orld and to be the best field of its kind 

 in the United States. It is located in Natrona county, 

 Wyoming. Some of the properties have been worked for 

 several j'ears and are now shipping to eastern manufacturers, 

 but much more extensive operations are contemplated, in- 

 cluding the erection of a plant at Denver, new factories in 

 Kansas City and on the Pacific Coast, besides aerial trams 

 and railroad construction. The officers of the new company- 

 are: W. E. Bates, president; Louie F. Spratlen. first vice- 

 president; H. P. Waterman, second vice-president, and C. H. 

 Poole, secretary — all of Denver. 



•Of this surplus $350,156.15 pertains to minority stock interests. 



Raw asbestos to the value of $61,216 was exported from British 

 .South Africa during the first nine months of 1913. Exports of 

 this mineral for the same period of 1912 reached a value 

 of $68,141. 



.Asbestos exports from the island of Cyprus started in 1906 

 with 43.000 pounds, increased to 1,000,0(X) pounds in 1910. and to 

 1.750,000 pounds in 1912. 



