June 1, 1912.; 



THE INDIA RUBBER WORLD 



439 



LIABILITIES. 



Capital stock, first preferred 40,000.000.00 



Capital stock, second preferred 10,000,000.00 



Capital stock, common 25,000,000.00 75,000,000.00 



Ten-year 6 per cent, collateral trust 



sinking fund gold bonds* $18,500,000.00 



Less bonds in treasury 500,000.00 $18,000,000.00 



Bonds of a subsidiary company 970,000.00 



Loans and notes payable 9,667,063.45 



Merchandise accounts payable 2,049,623.77 



Accrued interest, taxes, etc 489,036.02 



Due General Rubber Co 7,394,919.31 19,600,642.55 



Reserve for dividends 1,200,000.00 



Reserve for redemption of bonds and depreciation 



of plants 570.583.90 



Fixed surpluses (subsidiary companies) 12,005,495.89 



Surplus 9,175,729.89 



Total liabilities $136,522,452.23 



The contingent liabilities for certain guarantees, which are offset by 

 corresponding contingent assets, arc not included. 



•$1,500,000.00 of the original issue of $20,000,000.00 bonds have been 

 cancelled under Sinking Fund provision. 



The Reserve for Contingencies, amounting to $500,000.00, shown in the 

 Consolidated Balance Sheet of March 31, 1911, was used for reduction in 

 value of Manufactured Goods for which purpose it was set up. 



C0NS0LID.\TED IxCO.ME St.MEMENT FOR Ye.XR EnDING M.-\RCH 31, 



1912. 



Net sales, boots and shoes and miscellaneous $36,775,947.58 



Cost of goods sold 29,925,336.56 



Manufacturing profits $6,850,611.02 



Freight, taxes, insurance, general and selling ex- 

 penses 2,315,225.11 



Operating profits $4,535,385.91 



Other income (net), including dividends received 

 on stock of certain other companies owned by 

 U. S. R. Co 2,691,780.75 



Total income $7,227,166.66 



Less : 



Interest on bonds and borrowed 

 money $1,369,437.20 



Interest allowed customers for Pre- 

 payments 421,329.33 1,790,766.53 



Net income $5,436,400.13 



Additions to surplus 75,318.84 



Deductions for bad debts, etc. 



$5,511,718.97 

 135,412.11 



Net profits $5,376,306.86 



Dividends 4,550,000.00 



Surplus for period... 

 Surplus April I. 1911. 



$826,306.86 

 8,349,423.03 



Surplus March 31, 1912 $9,175,729.89 



Respectfully submitted, 



J.^MES B. Ford, Treasurer. 



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

 Sells, certified accountants, accompanies the foregoing statements. 



BUSINESS OF THE COMPANY. 



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 

 compiled from the printed reports of the successive treasurers 

 of the corporation : 



Ye.'^r Ending — Net Profits. Dividends. 



March 31, 1893 I [^ot Published.] 



March 31, 1894 ) '■ ' 



March 31, 1895 $2,716,370.00 $2,056,190.00 



March 31, 1896 2,339,790.60 2,056,190.00 



March 31, 1897 1,999,611.34 1,552,040.00 



March 31, 1898 2,070,750.41 1,164,030.00 



March 31 1899 3,226,513.46 1,882,04000 



March 31, 1900 3,007,887.54 2,828,680.00 



March 31, 1901 62,605.57 705,765.00 



March 31, 1902 deficit none 



March 31, 1903 1,594,908.16 none 



March 31, 1904 1,575,641.29 none 



March 31, 1905 3,761,922.63 1,882,040.00 



March 31, 1906 3,881,270.23 2,846.092.00 



March 31, 1907 4,590.382.72 3,485.956.00 



March 31, 1908 3.553,556.14 3,495,448.00 



March 31 1909 4,507,655.39 3.498,940.00 



March 31, 1910 5,535,163.15 3,574,205.00 



March 31, 1911 4,349,825.73 3,800,000.00 



March 31, 1912 5,376,306.86 4,550,000.00 



THE ANNUAL ELECTION. 



One new director was added to the board of directors, namely, 

 Theodore N. Vail, making twenty-one directors, as follows : 

 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, Theodore N. Vail, 



Francis L. Hine, John D. Vermeule, 



Elisha S. Williams. 

 At a meeting of the board of directors of the United States 

 Rubber Company for organization and other business, held May 

 23, the following officers and executive committee were duly 

 elected for the ensuing year : 



Officers. 

 Samuel P. Colt, president. 

 James B. Ford, vice-president and treasurer. 

 Lester Leland, second vice-president. 

 Samuel Norris, secretary. 

 W. G. Parsons, assistant treasurer. 

 John D. Carberry, assistant secretary. 

 Executive Committee. 

 Samuel P. Colt, James B. Ford, Lester Leland, Walter S. 

 Ballou, Anthony N. Brady, Elisha S. Williams, Homer E. 

 Sawyer. 



PRESIDENT COLT'S ADDRESS AT THE ANNUAL MEETING. 



At the annual meeting of the stockholders of the United 

 States Rubber Co., held in New Brunswick, New Jersey, May 

 21, 1912, President Samuel P. Colt delivered the following 

 address. 

 To THE Stockholders of the United St.\tes Riibber Co. : 



Since the issuance of the president's annual report, my sug- 

 gestion, that the rapid expansion of the business of the company 

 would soon require further financial provision, has been con- 

 firmed by the unexpectedly sudden development of large and 

 combined competition which imposes upon your officers a duty 

 of vigilant and active effort to maintain and extend your bust 

 ness. To this end, considerably increased financial provision 

 is desirable without delay, and I take this earliest opportunity 

 of asking your consideration and advice as to the following 

 plan which the board of directors recommends : 



