May I: 1908.] 



THE INDIA RUBBER WORLD 



257 



Rubber Goods Manufacturing Co.'s Annual 



g 



THE ninth annual meeting of shareholders of the Rubber 

 Goods Manufacturing Co., a corporation of New Jersey, 

 was held at the registered offices of the company in 

 Jersey City, on Thursday, April 9. The annual reports of the 

 officers of the company were read and approved, and are given 

 here in full form: 



PRESIDENT DALE'S REPORT. 



To THE Stockholders of the Rubber Goods Manufacturing 

 Co.: The report of the treasurer showing the business and 

 condition of your company for the ninth year of its existence 

 is herewith respectfully submitted. The figures of this report 

 have been arrived at through the exercise of the most careful 

 conservatism. In connection with these figures and in ac- 

 cordance with the usual practice, it will not be out of place for 

 your president to here add a few remarks of general interest. 



As in several years past, perhaps the first consideration has 

 been given and greatest care exercised in maintaining and in 

 fact appreciating the investment by keeping up the various 

 manufacturing plants to the highest degree of efficiency and 

 augmenting the good will in their commercial product. Addi- 

 tions, replacements and repairs to buildings and machinery have 



BALANCE SHEET. 



ASSETS. 



Mar. 31, '08. Mar. 31, '07. 



Cash $136,632.60 $483,819.92 



Mortgage notes (for property 



sold) 17,500.00 18,000.00 



Accounts and notes receivable 229,538.60 88,709.21 

 Investments, stocks of allied 



companies 27,437,615.48 27,639,722.15 



Total assets $27,821,286.68 $28,230,251.28 



LIABILITIES. 



Mar. 31, '08. Mar. 31, '07. 



Preferred stock $10,351,400.00 $10,351,400.00 



Common stock 16,941,700.00 16,941.700.00 



Working capital 309,548.35 576,065.60 



Bills payable 160,000.00 



Total liabilities $27,602,648.35 $28,029,165.60 



Surplus $218,638.33 $201,085.68 



Income and Disbursements for Year Ending March 31, 1908. 



Surplus at beginning of year $201,085.68 



Income from dividends declared by allied com- 

 panies for year 1,191,794.00 



Total $1,392,879.68 



Less total expenses paid for year 110,809.35 



Net income $1,282,070.33 



Four dividends paid to 



March 31, 1908, Preferred $724,598.00 



Two dividends paid to 



March 31, 1908, Common 338,834.00 1,063,432.00 



Balance, Surplus $218,638.33 



Synopsis of Operations of Allied Companies for Years 

 Ending December 31. 



1907. 1906. 



Sales $21,473,823.28 $19,737,120.81 



Gross earnings 2,371,827.44 2,646,458.85 



Repairs and depreci- 

 ations $306,067.93 



Sinking fund for 



bonds 64.245.91 370,313.84 



in no case been omitted or delayed when their advantage or 

 necessity has been demonstrated ; and this will naturally result 

 in reducing the cost of operation and thus lessen the proportion 

 of overhead expense. 



The high standard of excellence of the various manufactured 

 products — notably hose, belting, packing, tiling, rubber thread, 

 automobile, bicycle and vehicle tires — has been maintained, and 

 unremitting effort expended on them to enhance their intrinsic 

 merit and consequent reputation and good will with the pur- 

 chasing public. Undoubtedly the result will be made evident 

 and bear fruit when normal business conditions shall be re- 

 established. 



Through the ownership of the General Rubber Co. by your 

 company and United States Rubber Co. together, your company 

 has participated to the extent of practically its entire require- 

 ments in the operations of the General Rubber Co. in obtaining 

 supplies of crude rubber and in all the benefits accruing there- 

 from. Wherever feasible, and as promptly as possible, the large 

 selling organizations and numerous avenues of distribution of 

 the United States Rubber Co. have been utilized and put upon 

 a permanent basis when advantage has been shown; so that 

 the opportunities made possible by the ownership of stock in 

 your company by the United States Rubber Co. have been 

 grasped and their benefits acquired by your company. 



The usual dividends of iH per cent, quarterly have been 

 regularly paid during the year on the preferred stock, and 

 two dividends of i per cent, each on the common stock. Re- 

 spectfully, CHARLES H. D.\LE, President. 



Jersey City, New Jersey, April 9, 1908. 



The annual election resulted in the board of directors being 

 continued without change, as follows : 



Charles H. Dale, Ernest Hopkinson, Charles A. Hunter, 

 Frank W. Eddy, Arthur L. Kelley. Samuel P. Colt, 



Anthony N. Brady, Lester Leland, John J. Watson, Jr. 



At a meeting of the board, held later in the day, at No. 42 

 Broadway, New York, the following were reelected officers of 

 the company: Charles H. Dale, president; Lester Leland and 

 Charles A. Hunter, vice presidents; John J. Watson, Jr.. treas- 

 urer; Samuel Norris, secretary, and John D. Carberry and James 

 McGuflfog, each with the title assistant treasurer and assistant 

 secretary. 



The financial reports were audited by Henry T. Bragg, 

 C.P.A. 



A REPORT ON RUSSIAN OLD SHOES. 



Net balance of profit $2,001,513.60 $2,004,484.26 



Dividends declared for year a 1,243,928.00 b 1,276,286.98 



[a — to March 31, 1908. b — to March 31. 1907.] 



■"ro THE Editor of The India Rubber World: Your reports 

 ■^ stating the American market for old rubber to be very 

 dull will probably soon undergo a change, since Russia will no 

 longer ship any old rubber shoes to America, inasmuch as the 

 Russian rubber manufacturers are now paying 4 rubles per pood. 

 After adding the export duty, freight, insurance and other 

 charges, amounting to say 2 rubles per pood, this is equivalent 

 to 6 rubles delivered cost, freight and insurance New York, or 

 to £40 per ton = 854 cents per pound. Moreover, the 

 supply of old rubber shoes is very small. As soon as Russia 

 stops shipping old rubbers to America, }-our rubber manufac- 

 turers will be compelled to pay high prices for American old 

 rubber shoes. Yours very truly, Ji. J. wolpert. 



Odessa, Russia, March 20, 1908. 



[The Russian pood equals 36 pounds, and the ruble 5i;-4 

 cents. Four rubles per pood, therefore, would equal a little more 

 than 5.72 cents a pound, and 6 rubles something more than 8.5 

 cents. — The Editor.] 



