May 1, 1914.] 



THE INDIA RUBBER WORLD 



433 



contents of the latex and several other factors. The 

 coagulating cyHnder may now be started revolving, and 

 the time gearing operating the orifice gates set in mo- 

 tion. Successive, thin layers of latex will then be deposited 

 upon the surface of the coagulating cylinder, and cured succes- 

 sively until the operation is stopped at night. The smol<e cham- 

 ber doors are then opened, and the whole thickness (possibly 

 up to a foot thick) of the coagulated rubber is removed from 

 the cylinder. The machine is then ready for the following day's 

 work, except for certain mechanical cleaning and oiling. 



The economic importance and value of the machine can be 

 easily appreciated by the plantation owners, but it will be in- 

 teresting to enumerate some of the beneficial results of its in- 

 stallation and use : 



(1) It will eliminate the enormous loss incurred through pres- 



ent uneconomic coagulation processes. 



(2) It will materially reduce the operating expenses on planta- 



tions, for the machine with only one attendant will con- 

 vert the fresh latex into smoked rubber. 



(3) It would put plantation rubber on a sounder basis in its 



competition with "wild rubber," and thereby increase the 

 value of plantation rubber investments to a material ex- 

 tent. 

 Throughout the work of mechanical development and final 

 design of the present embodiment of the machine, the designers 

 kept the fact in mind that in order to avoid committing serious 

 errors of design it would be necessary to construct a machine 

 which in principle would perform the Brazilian method of 

 coagulation and curing exactly as the Brazilian does it. In 

 the development of the present machine the designers were 

 greatly assisted by their friends in Brazil and the East whose 

 reliable information regarding the Brazilian process and other 

 important conditions of production was found to be necessary 

 to the successful completion of the designs of the machine. 

 The designers were especially careful to verify all the important 

 phases of the process by personal experiments conducted in the 

 laboratories with a quantity of fresh latex sent for that purpose 

 from the Ceylon plantations. All these experiments were per- 

 formed quantitatively, the results being noted very carefully on 

 experimental log-sheets for future reference. 



The construction and operation of the machine are both ex- 

 tremely simple, for the designers realized that next to embody- 

 ing the principle of the Brazilian smoking process the machine 

 must be very simple to operate, and mechanically suited to the 

 conditions existing on plantations. The capacity of the largest 

 practicable machine is about 1J4 tons of latex per day of 10 

 hours continuous operation. Smaller machines with less output, 

 but capable of equally efficient results, can, however, be built to 

 suit the individual demands of the various plantations. 



RUBBER GOODS MANUFACTURING CO.'S FIF- 

 TEENTH ANNUAL MEETING. 



OX April 9, 1914, the Rubber Goods Manufacturing Co. held 

 its fifteenth annual meeting at the registered offices of the 

 company in Jersey City. The president presented the follow- 

 ing report : 



REPORT or PRESIDENT WILLIAMS. 



To THE Stockholders of the Rubber Goods MANUFAcrtmiNG Co. : 



The fiscal year 1913 witnessed a very large decline in prices. 

 This, of course, reduces the value of the goods sold. The quan- 

 tity of goods sold compares ver\' favorably with previous years. 

 The total net sales of our product were $35,640,365 (the tire 

 sales included in this total not being the deliveries of the factories 

 to the United States Tire Co., but a proportion of the United 

 States Tire Co.'s actual sales based on the deliveries). 



The net profits were less than in the year 1912, due to the de- 

 clining market and a very sharp reduction in tire prices. 



As our tire manufacturing subsidiaries required a larger 

 amount of working capital, six per cent, preferred stock of cer- 



tain tire companies was issued during the year to an amount 

 aggregating $1,300,000 the same being subscribed for by the 

 United States Rubber Co. 



The usual policy of maintaining our plants in good repair has 

 been followed. The enlargement of the Morgan and Wright tire 

 plant at Detroit is nearing completion and its capacity is steadily 

 increasing. 



The report of the treasurer appended hereto gives the con- 

 sohdated general balance sheet and consolidated statement of the 

 Rubber Goods Manufacturing Co. and its subsidiary companies 

 for the fiscal year ending December 31, 1913. 

 Respectfully submitted, 



Elisha S. Williams, President. 



treasurer's report. 



Rubber Goods Manuf,\cturixg Co. and Subsidiary Companies. 



Consohdated General Balance Sheet, December 31, 1913. 



Assets. 



Property, plants and investments $31,908,175.92 



Inventories, mf'd goods and materials. $8,109,176.69 



Cash 3,086,753.77 



Bills and accounts receivable 9,958,320.78 21,154,251.24 



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. 

 Miscellaneous assets 



422,541.35 

 432,357.62 



Total assets $55,968,056.68 



Liabilities. 



Capital stock, preferred $10,351,400.00 



Capital stock, common 16,941,700.00 



Capital stock, subsidiary companies. 1,337,500.00 $28,630,600.00 



Bonds of Mechanical Rubber Co. and 



N. Y. Belting and Packing Co 953,000.00 



Reserve for redemption of bonds 382,295.77 



Bills and accounts payable 8,846,747.85 



Accounts payable to General Rubber Co 5,938,105.18 



Reserve for federal income tax 51,853.60 



Reserve for accidents to employes 89,725.69 



Fixed surplus (subsidiary companies) 2,499,218.65 



Surplus .' 8,576,509.94 



Total liabilities $55,968,056.68 



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, 1913. 



Earnings $3,198,597.68 



Income from investments 291,672.50 



$3,490,270.18 

 Less : 



Expenses of home office $114,006.90 



Interest on bonded and floating debt 998,455.24 



Federal income tax, 1913 51,853.60 1,164,315.74 



Net Profits $2,325,954.44 



Surplus and working capital, Jan. 1, 1913 8,728,891.00 



$11,054,845.44 



♦Dividends $2,462,518.00 



Reserve for redemption of bonds... 15,817.50 2,478.335.50 



Surplus and working capital, Dec. 31. 1913 $8,576,509.94 



Respectfully submitted, 



E. J. Hathorne, Treasurer. 



•Includes $43,750 paid minority interests in one subsidiary company. 

 ANNL'AL ELECTION. 



At the annual meeting the following directors were re-elected: 

 Walter S. Ballou, Ernest Hopkinson, 



Nicholas F. Brady, Charles A. Hunter, 



Samuel P. Colt, Lester Leland, 



Frank W. Eddy, Raymond B. Price, 



James B. Ford, Homer E. Sawyer, 



Elisha S. \\'illiams. 



