348 



THE INDIA RUBBER WORLD 



[March 1, 1917. 



4JAX AlTD HACIITE BTTBBEH COMPANIES. 



At the annual meeting of the Ajax Rubber Co., Inc., New 

 York City, held February 13, the following officers were elected : 



Horace De Lisser, chairman of board, New York City; Wil- 

 liam G. Grieb, president, Scarsdale, New York; L. P. Destribats, 

 vice-president, Trenton, New Jersey (in charge of Trenton 

 plant). H. L. McClaren, vice-president, Racine, Wisconsin; 

 Louis T. Vance, vice-president, Racine, Wisconsin (in charge 

 of Racine plant). Harold W. Stimpson, treasurer. New York 

 City; William J. Jackson, secretary, Brooklyn, New York. 



These, together with the following, comprise the directorate: 

 Herbert H. Maass, New York City; Robert A. Patteson, Tarry- 

 town, New York; L. B. Patterson, Chicago, Illinois; Joseph 

 Weissenbach, Chicago, Illinois; Hugh K. Prichitt, New York 

 City; Fred E. Dayton, New York City; H. C. Severance, Racine, 

 Wisconsin; Stuart Webster, Racine, Wisconsin. 



The combined statement of the Ajax Rubber Co. and the 

 Racine Rubber Co. for the period ending December 31, 1916, 

 shows sales to the amount of $10,335,177.70. The balance sheet 

 may be summarized as follows : 



Gross credits $12,584,463.26 



Total debits 9.856.447.25 



Gross profit from trading $ 2,828,016.01 



Total expense 1,559,704.80 



Net profit from trading $ 1,268,311.21 



Assefs * 8,629,061.21 



Liabilities, including capital stock, accounts pay- 

 able, reserves and stock of Racine Rubber Co. 

 in process of redemption $ 8,473,885.42 



Surplus and undivided profits 155,175.79 



$8,629,061.21 



The Ajax company took over the Racine company last De- 

 cember, hence this combined statement. 



At the annual meeting of stockholders of the Racine Rubber 

 Co. held at Racine, Wisconsin, January 30. 1917, the following 

 directors were elected for the ensuing year : W. G. Grieb, H. L. 

 McClaren, L. T. Vance, Stuart Webster, H. C. Severance. Horace 

 DeLisser, Louis P. Destribats. The directors then elected the 

 following officers: H. L. McClaren, president and general man- 

 ager ; L. T. Vance, vice-president and general factory man- 

 ager ; Stuart Webster, treasurer ; H. C. Severance, secretary and 

 general sales manager. 



Quet of The Motor and Accessory Manufacturers, has been ap- 

 pointed chairman of the Banquet Committee. The other mem- 

 bers are: E. H. Broadwell, T. J. Wetzel, James H. Foster and 

 Christian Girl. 



Membership Committee : E. W. Beach, E. H. Broadwell and 

 T. J. Wetzel. Auditing Committee: C. W. Stiger, president; 

 Alfred P. Sloan, Jr., secretary, and L. M. Wainwright, treasurer. 

 .Aeronautic Committee: President Stiger, Vice-President Thomp- 

 son and William M. Sweet. 



UOIOR AKB ACCESSORY MANUFACTURERS COMMITTEES. 



At a meeting of the Motor and Accessory Manufacturers, held 

 early in February, it was decided to admit to membership makers 

 of airplane motors, parts and accessories. .A decision was 

 reached to considerably expand the credit department. Among 

 the subjects discussed were the Administration's $248,000,000 

 Revenue Bill and the pending Morrison Bill regarding regis- 

 tration of designs. 



President C. W^ Stiger of the Motor and Accessory Manu- 

 facturer.s' Association, has just announced the various committees 

 to serve for the ensuing year. As has been the custom of The 

 M. & A. M. for years past. President Stiger will also act as 

 chairman of the Executive Committee. With him are : C. E. 

 Thompson, E. H. Broadwell, James H. Foster, W. O. Ruther- 

 ford, Christian Girl and Alfred P. Sloan, Jr. 



First Vice-President C. E. Thompson has been appointed chair- 

 man of the Finance Committee, which is composed of the 

 same men who constitute the Executive Committee. 



The Show and Allotment Committee : Christian Girl, chair- 

 man ; C. E. Thompson, E. H. Broadwell, J. H. Foster and 

 William C. Rands. 



William M. Sweet, former manager of The M. & A. M., who 

 has for several years so successfully conducted the annual ban- 



THE KELLY-SPRINGFIELD TIRE CO. REPORT. 

 The net sales of tlie Kelly-Springfield Tire Co., New York 

 City, for the year 1916 were $10,883,182.76. This company did 

 no war business during the year. It was this greatly increased 

 demand for its products that caused the directors to determine 

 to build the new and much larger factory at Cumberland, 

 Maryland, previously announced in these pages. 



STATEMENT OF INCOME .\.\D PROFIT AND LOSS. 



Gross profit $3,464,458.77 



I..ess; Operating expenses, including selling, administrative 



and general expenses 1,404,388.26 



Net operating income ._ $2,060,070.51 



Other income, net: Cash discounts, interest and miscellaneous. 57,243.33 



Net income for the year $2,117,313.84 



BALANCE SHEET. 



ASSETS, 



Cash in banks and on hand 



Notes receivable 



Accounts receivable $1,959,816.57 



Less reserve for doubtful debts and discounts. 109,231.51 



983,511.76 

 52,732.19 



Inventories, at cost 



Charges deferred to operations 



Current assets 



Sinking fund for debenture bunds: Cash and debenture 



bonds purchased 



Plant accounts, good will and patent rights, less reserve for 



depreciation 



1,850,585.06 



2,218,141.70 



22,373.81 



$ 5.127,344.52 



147,851.00 



7,887,356.95 



$13,162,552.47 



LIABILITIES. 



Accounts payable 



Reserved for pay roll, taxes, etc 



Dividends and interest payable: 

 Dividends: 



IJ^ per cent on first preferred stock issued. 



due January 3, 1917 $53,899.50 



Interest of 4 per cent on income debenture 



bonds outstanding, due April 1, 1917 10,800.00 



Current liabilities _. 



50-year sinking fund 4 per cent income debenture bonds 



(Cash and debenture bonds purchased, per contra, $147,- 

 851.00) 

 Capital stock: 



6 per cent first preferred $3,593,300.00 



Common 4,907,200.00 



187.910.80 

 98,327.98 



64,699.50 



$ 350,938.28 

 270.000:00 



.Sinking fund for redemption of stock and bonds: 



6 per cent preferred stock $ 75,164.00 



4 per cent income debenture bonds 158,651.00 



8,500,500,00 



Reserve for bonus distribution 



Cumberland plant account, less factory site expense.. 

 Surplus and working capital, per annexed statement. 



233,815.00 



111,731.38 



238,827.81 



3,456,740.00 



$13,162,552.47 



NEW LOS ANGELES BRANCH FOR FIRESTONE. 

 The Firestone Tire & Rubber Co., Akron, Ohio, recently 

 established a tire distributing building at Los Angeles, Cali- 

 fornia, said to be the finest and largest branch service building 

 in that section. It is a three-story, reinforced concrete and 

 stucco structure, decorated with ornamental tile and of Oriental 

 style of architecture. An elaborate celebration marked the open- 

 ing of the new branch, in which 500 Firestone dealers from 

 Southern California, .Arizona and Nevada, and municipal officials 

 and prominent citizens took part. The Firestone officials who 

 spoke were R. J. Firestone, vice-president ; S. G. CarkhufF, sec- 

 retary ; E. W. BeSaw, western district manager, and A. T. 

 Smith, branch manager. 



