June i, 1904.] 



THE INDIA RUBBER WORLD 



307 



tensive improvements in others. All of our inventories this year are 

 taken very much below cost, and had they been taken at cost a much 

 larger profit would have been shown. 



Future Outlook. — The continued and permanent prosperity of the 

 United States Rubber Co. seems assured. The property of the com- 

 pany comprises the finest rubber plants in the world. The difficulties 

 which confronted the management three years ago have been overcome. 

 The underlying conditions all point to the continued and permanent 

 prosperity of the company. Not only have we regained our lost trade, 

 but our output has assumed proportions far beyond our expectations. 

 We produce a staple and necessary product, the consumption of which 

 increases, and will continue to increase with the growth of our country. 

 Our production for the year has been over 48,000,000 pairs of rubber 

 boots and shoes. Our credit is the best. Our indebtedness is compara- 

 tively small and decreasing. Our mills are maintained at the highest 

 degree of efficiency. Our employe's are loyal, and interested in the work 

 of promoting the success of the company. During the past year, as 

 already pointed out, we have introduced important improvements and 

 economies into our manufacturing, purchasing, sales, and accounting 

 departments. These, and other advantages which we possess, will, we 

 feel confident, enable the company to continue low prices, and still to 

 make a fair margin of profit. We believe this policy is wise and con- 

 servative, and that it will secure to the company permanently the great 

 volume of business it now enjoys. 



As bearing upon the future, I would call special attention to the fact 

 that notwithstanding our very large business of last year, the detailed 

 orders for the first three months [of this year show a marked increase 

 over the same period of last year. 



Our net profits of the past year of about $1,500,000 would have been 

 double that amount had it not been for the extraordinary and unlooked 

 for advance in prices of crude rubber and other materials after the prices 

 for goods had been fixed at the beginning of the year. This year we 

 have advanced prices to correspond with the advance in materials. 



After the most careful and conservative consideration of the subject, 

 your directors last month determined that they were safe in resuming 

 dividends upon our preferred stock, and declared the first dividend of 

 rj^ per cent, payable June 15, the books closing for this dividend May 

 31. This step was not taken without the firm conviction on the part of 

 your directors that the company would be able to continue quarterly div- 

 idends hereafter, and at the same time gradually to reduce its indebted- 

 ness until it is entirely wiped out. We believe the resumption of divi- 

 dends has come to remain, and we see no reason why, without abandon- 

 ing the policy of low prices for its goods, the net profits of the company 

 should not from the present continue year by year to increase, and there- 

 by give the fullest satisfaction to all classes of our stockholders. 

 Respectfully submitted, samuel p. COLT, 



President. 



THE ANNUAL ELECTION. 

 FIFTEEN directors were elected, the same as for three years 

 past, though the by-laws since 1899 have provided for nineteen 

 directors. The only change in the list is the substitution of 

 Anthony N. Brady for Ephraim L. Corning, who for some 

 time past has resided in Europe. The board is constituted as 

 follows, the figures in parenthesis indicating the number of 

 full terms for which each member of the board has been elected 

 to date : 



Walter S. Ballou, Providence, Rhode Island. [2] 



E. C. Benedict, Greenwich, Connecticut. [3] 



Anthony N. Brady, New York city. [1] 



Samuel P. Colt, Providence, Rhode Island. [13] 



E. S. Converse. Boston, Massachusetts. |7] 



H. E. Converse, Boston Massachusetts. [7] 



Costello C Converse, Boston, Massachusetts. [4] 



James B. Ford. New York city. [13] 



J. Howard Ford, New York city. [13] 



Francis L. Hine, New York city. [2] 



Henry L. Hotchkiss, New Haven, Connecticut. [13] 



Lester Leland, Boston, Massachusetts. [6] 



Frederick M. Shepard, East Orange, New Jersey. [13] 



Francis Lynde Stetson, New York city. [3] 



John D. Vermeulk, New York city. [8] 



The newly elected board met in New York on May 20 and 

 after organizing, elected the following officers and Executive 

 Committee for the ensuing year : 



President— Samuel P. Colt. 



First Vice President — James B. Ford (succeeding Costello C. Con- 

 verse). 



Second Vice President— Lester Leland. 



Treasurer — John J. Watson. Jr. (succeeding James B. Ford). 



Assistant Treasurer — W. G. Parsons (succeeding John J. Watson, 



Jr.) 



Secretary — Samuel Norris. 



Assistant Secretary— John D. Carberry. 



The Executive Committee consists of Samuel P. Colt, Lester 

 Leland, James B. Ford, Walter S. Ballou (succeeding Costello 

 C. Converse), and E. C. Benedict. 



The rubber importing business referred to in President Colt's 

 report will be carried on by a separate corporation under the 

 name General Rubber Co., of which more will be said in another 

 place in this issue. 



RUBBER MEN ON THE METRIC SYSTEM. 



THE National Association of Manufacturers has been se- 

 curing opinions from its members in regard to the pro- 

 posed law for the compulsory use of the metric system in all 

 transactions with any department of the United States govern- 

 ment requiring the use of weights and measures ; also as to the 

 desirability of the metric system as a basis for factory work, 

 and its advantages, if any, in connection with foreign trade. 

 The answers obtained, and printed in the Association's organ 

 American Industries (New York, April 15), are overwhelmingly 

 opposed to the proposed law, opposed to the use of the metric 

 system in the factory work in which the members are inter- 

 ested, and of the opinion that the system would be of little 

 benefit in the extension of export trade. Many members write 

 that the enactment of the proposed law by congress would 

 cause them to cease to bid for government work, for the reason 

 that the adoption of the new system would involve so great an 

 expense in equipping their factories with new standards. 



Thirteen rubber manufacturers responded to the Associa- 

 tion's circular of inquiries, including the Boston Belting Co., 

 Hamilton Rubber Manufacturing Co., and the Fisk Rubber 

 Co., the other concerns not being named. The purport of 

 their answers is summarized by the Association as follows; 

 many firms not answering all the questions: 



Q. 1.— Is there a call for the system in foreign trade ? A — Yes, 2 

 answers ; small, 2 ; none, 9. 



Q, 2 — Proportion of factory work now done on metric system ? A. — 

 Small, 1 ; none, 12. 



Q, 3. — Proportion of work done for government on metric system ? 

 A.— Five per cent, and over, 1 ; small, 6 ; none, 2. 



Q. 4. — Is it practicable to use the metric system for government work 

 alone, retaining present standards for other work 1—A— Yes, 4 ; no, 5 



q 5.— Would the use of double systems increase the cost of work for 

 the government ? A —No, 1. 



Q m 6.— Would such a law as proposed lead to withdrawal from govern- 

 ment work? A. — Yes, I ; no, 8. 



Q. 7.— Estimated loss from abandoning present standards and adopt- 

 ing the metric system generally? A.— None, 1; large, 7 [the Fisk 

 Rubber Co. mentioned $5000 to $10,000 as cost of change]. 



(O. 8. — Would there be any appreciable advantage from adoption of 

 metric system ? A.— Yes, 4 ; no, 9. 



(7. 9.— Would such advantages offset cost of chaDge? .J.— Yes, 3 ; 



no, I. 



q. 10.— Should congress enact the proposed law? A.— Yes, 2 ; non 



committal, 2 ; no, 9. 



Q. 11.— Should the metric system be made the legal standard of the 

 country? A. — Yes, 3 ; non committal, 1 ; no, 9. 



