590 



THE INDIA RUBBER WORLD 



May 1, 1921 



of land previously owned and by further purchases at favorable 

 prices. 



INCREASE IK NtJMBER OF STOCKHOLDEKS 



The following tabulation shows the number of stockholders of 

 the company as of Januao' 15, 1919, and January 15, 1921, re- 

 spectively : 



J^innary 15, 1919 January 15, 1921 



Common slnckhcldTS 4,009 11.878 



Preforrfd stockholders 15,030 17.35o 



^""'= "^ ll^ 



Increase 10,19- 



OUTLOOK FOR 1921 



The policy of the company for the coming year will be a con- 

 tinuance of' the conservatism exercised in the past. It is not 

 proposed to extend its business by any plan involving new con- 

 struction or otherwise requiring the outlay of further capital, 

 but with the completion of the much needed enlargement of the 

 capacity of its tire plants it is intended to confine the business of 

 the company within its present facilities and to conserve its assets 

 in conformity with the times. Your chairman feels that adherence 

 to this policy will not only insure safety, but that it may rea- 

 sonably be expected that the profits of the business will be ade- 

 quate to meet all charges and also provide satisfactory earnings 

 upon the capital stock. 



During the year 1920 we lost by death three of our valuable 

 directors: Harry E. Converse, who succeeded his father. Elisha 

 S. Converse, as president of the Boston Rubber Shoe Co.. one 

 of our large subsidiaries ; Elisha S. Williams, who came to us 

 when we acquired the Revere Rubber Co., and who was a vice- 

 president of our company, and Theodore N. Vail, president of 

 the .\merican Telephone & Telegraph Co., who was an active 

 member of our board, manifesting in every_ way a deep interest 

 in the affairs of our company and showing every confidence 

 in its future prosperity ; also Francis Lynde Stetson, our 

 general counsel for nearly twenty years and one time member of 

 our board. We deeply deplore the losses thus sustained. 



It gives me pleasure to refer again to the continued fidelity and 

 ability shown by the officers, heads of departments, our far east- 

 ern and foreign staffs, and other employes of the company and its 

 subsidiaries under the somewhat trying conditions of the past year. 



Respectfully submitted, 



Samuel P. Colt, Chairman. 



MANAGEMENT 



The management of the United States Rubber Co. is in the 

 following competent hands : 



DIRECTORS 



James S. Alexander, Walter S. Ballon, James G. Brady, Nich- 

 olas F. Brady, Middleton S. Burrill, Samuel P. Colt, George R. 

 Deshler, Sir Mortimer B. Davis, James Deshler, James B. 

 Ford, James Newton Gunn, Francis L. Hine, Ernest Hopkinson, 

 Henry L. Hotchkiss, Lester Leland, John W. Davis, Samuel M. 

 Nicholson, Raymond B. Price, Homer E. Sawyer, Charles B. 

 Seger, William H. Truesdale, Frank A. Vanderlip. 



The Board of Directors of the United States Rubber Co. met 

 April 21, 1921, for organization and elected the following officers. 

 Executive Committee and Operating Council for the ensuing year, 

 namely : 



OFFICERS 



Samuel P. Colt, chairman; Lester Leland, vice-chairman; 

 Charles B. Seger, president ; James B. Ford, vice-president. Foot- 

 wear, mechanical goods and miscellaneous : Homer E. Sawyer, 

 vice-president in general charge; Edward J. Coughlin, second 

 vice-president in charge of manufacturing ; George H. Mayo, 

 second vice-president in charge of sales. Development and pat- 

 ent departments; Ernest Hopkinson, vice-president in general 

 charge. Tires and accessories: J. Newton Gunn, vice-president 

 in general charge; Charles J. Butler, second vice-president in 

 charge of manufacturing; Samuel Norris, secretary; John D. 

 Carberry, assistant secretary and assistant treasurer. Treasury 

 and accounting: W. G. Parsons, vice-president in general 

 charge; W. H. Blackwell, treasurer; Sherwood S. Green and 

 H. H. Nance, assistant treasurers ; William O. Cutter, comp- 

 troller; Harold B. Grouse and Herbert M. James, assistant 



comptrollers; Henry B. Hubbard, linancial manager of sales. 

 Purchasing, stores and transportation : Ra)Tnond S. Willis, 

 second vice-president in general charge ; George E. Smith, audi- 

 tor; John W. Davis, general counsel; Richard V. Lindabury, 

 New Jersey counsel. 



EXECXTTIVE COMMITTEE 



Samuel P. Colt, chairman ; Lester Leland, Charles B. Seger, 

 James B. Ford, Walter S. Ballon, Nicholas F. Brady, James S. 

 Alexander. 



OPERATING COUNCIL 



Charles B. Seger, chairman; Homer E. Sawyer, J. Newton 

 Gunn, Ernest Hopkinson, W. G. Parsons, R. S. Willis and W. O. 

 Cutter. 



THE COMPTROLLER'S REPORT 



UNITED STATES RUBBER CO. AND SUBSIDIARY COMPANIES 



Consolidated General Balance Sheet. December 31. 1920 



ASSETS 



Cash $14,534,846.15 



-Accounts receivable 46.329.738.62 



Notes and loans receivable 2.760.589.82 



Finished Roods 77,353,921.59 



Material and supplies, including goods in 



princess 46,149.108.89 



Total crireut assets $187,128,205.07 



Notes receivable of employes given for pur- 

 chtTse of common stock and secured by such 

 stork $7.430. :07. 04 



ConMnnn stock of United States Rubber Co. 



held under service coi^tracts and agreements 2,427.705.49 



.Securities owned anrl held in insurance fund. . 2,486.920.05 



Securities owned, ircluding stock of I'nitcil 

 States Rubber Co. held by a subsidiary 

 conir>any 7.167,536.14 



Platits. properties, and investments, including 



rubber plantations 177.227.137.18 



Prepaid and deferred assets 5,384,985.94 202,124,491.84 



Total assets $389,252,696.91 



LIABILITIES. RESERVES AND CAPITAL 



Accounts payable, including acceptances payable for im- 

 portation of crude rubber $14,094,388.83 



-Accrued liabilities 3,874.158-18 



Notes and loans payable 49,405,000.00 



Total current liabilities $67,373,547.03 



United States Rubber Co., first and refunding 



mortgage gold bonds, due 1947 ($67,426,800 



5 per cent and $25.1)00,000 6 per cent) $92.426.8tK>.0O 



Less treasp.ry bonds deifosiled as 



security ifor: United States 



Rubber Co. 5-year 7 per cent 



secured gold notes $9,000,000.00 



United States Rubber Co. lOyear 



71/2 per cent secured gold 



notes 25,000,000.00 34,000,000.00 



$58,426,800.00 

 United States Rubber Co. 5-vear 7 per cent 



secured gold notes due December 1. 1923.. 6,000.000.00 

 United Slates Rubbei Co. lO-year 7 '4 per cent 



secured gold notes, due -August I, 1930... 20.000,000.00 

 Canadian Consolidated Rubber Co., Limited, 6 



per cent rold bonds, d,-,e 1946 2,600,000.00 87,026,800.00 



Total liabilities $154,400,347.03 



Reserve for depreciation of property and plant $16,648,727.19 



General operating reserves 8,022.615.10 



Reserves fi^r insi'.rance 2,855,277.88 



Reserve for federal taxes and other contingent 



payments 4,093,874.53 



Reserve for dividends on preferred and com- 

 mon stocks, payable January 31, 1921 2,920,000.00 



Total reserve.^ $34,540,494.70 



Capital st,;ck— preferred $65,000,000-00 



Capital .^tock— conunon 81,000,000.00 



Minority — Canadian Consolidated Rubber Co., 



Limit'ed, stock 277,200.00 



Total capital stock $146,277,200.00 



Fixed surpluses — subsidiary companies $6,709,275.22 



Surplus - - ■• . . 47,325,379.96 



Total surpluses $54,034,655.18 



Total capital stock and surpluses 200.311,855.13 



Toiil liabilities, reserve.' and capital - $389,252,696.91 



Respectfully submitted. 



William O. Cutter, Comptroller. 



