474 



THE INDIA RUBBER WORLD 



[May 1, 1917. 



LEE RUBBER AND TIRE CORPORATION REPORT. 



In presenting the first annual report of the Lee Rubber & Tire 

 Corp., Conshohocken, Pennsylvania, A. A. Garthwaite, president, 

 stated that the discontinuance of dividends at the January meet- 

 ing was due to the high cost of materials and additions to the 

 plant and equipment, which will result in benefit to the stock- 

 holders. 



The treasurer's report follows : 



CONSOLIDATED BALANCE SHEET. 



December 31, 1916. 



Asset."!. 



Cash $258,560.45 



Accounts receivable 349,777.42 



Notes receivable 8,414.85 



Lee Tire Sales Co., Inc., N. Y., current account. 112,312.83 



Inventories 1,601,442.70 $2,330,508.25 



Charges deferred to future operations 28,540.90 



Investment— stock of Lee Tire Sales Co., Inc., N. Y 500.00 



Plant and equipment 1,206,229.11 



Patents, trademarks, etc 400,300.00 



$3,966,078.26 



Liabilities. 



Accounts payable and accruals $75,814.37 



Notes payable 1,000,000.00 $1,075,814.37 



Reserves: 



Depreciation of plant and eqviipment $191,661.35 



Adjustment of lire claims 38,633.19 



Income tax 9,982.87 240,277.41 



Declared capital, in accordance with the Stock 



Corporation Law of the State of New York... $750,000.00 



Stock — Authorized 150,000 shares 



Unissued 50,000 " 



Outstanding 100,000 " 



Working capital, being cash and actual book 

 value of securities owned in excess of required 

 declared capital 1,883,591.09 2,633,591.09 



Surplus 16,395.39 



$3,966,078.26 

 CONSOHDATED PROFIT AND LOSS AND SURPLUS ACCOUNT. 

 For the Year ended December 31, 1916. 



Net sales $3,587,761.29 



Cost of goods sold, including freight, selling, administrative 

 and general expenses 3,340,860.29 



Gross operating profit $246,901.00 



Income from rentals, etc 4,16246 



$251,063.16 

 Deduct: 



Reserve for income tax $9,982.87 



Interest and discount — net 3,743.29 13,726.16 



Net profit for year $237,337.00 



Less dividends paid 225,000.00 



Surplus for year $12,337.00 



Add adjusted surplus January 1, 1916 4,058.39 



Surplus December 31, 1916 S16.395.39 



Horace C. Coleman, Treasurer. 



The recently elected officers and directors of this company are 

 as follows: John J. Watson, Jr., president; A. A. Garthwaite, 

 vice-president and treasurer; D. W. Pinney, assistant treasurer 

 and assistant secretary; Henry Hopkins, Jr., secretary. Di- 

 rectors : John J. Watson, Jr., J. W. Prentiss, G. M. P. Murphy, 

 Stephen B. Fleming, Samuel H. Miller, all of New York City; 

 Jos. Wayne, Jr., Philadelphia, Pennsylvania; J. W. Johnson, 

 New Brunswick, New Jersey; Horace C. Coleinan, Norristown, 

 Pennsylvania; A. A. Garthwaite, Conshohocken, Pennsylvania. 



PROGRESS OF CROWU TIRE & RUBBER CO. 



The Crown Tire & Rubber Co., now located in temporary 

 quarters in Ralston, Nebraska, a manufacturing suburb of 

 Omaha, expects to occupy its new plant by July 1. The new 

 building will be 130 by 60 feet, three stories high, with a separate 

 boiler house about 30 feet square. This will afford a daily 

 capacity of 500 automobile tires and tubes, and the company 

 will also manufacture motor cycle tires, tire accessories, and. 

 eventually, mechanical rubber goods. H. A. Reichenbach is 

 president and general manager, and E. A. Miller, formerly of 

 Akron, Ohio, superintendent. 



THE RUBBER TRADE IN AKRON. 



By Our Regular Correspondent. 

 A VALUABLE contribution to the industrial progress is em- 

 ^^^ bodied in the recent establishment by several Akron rubber 

 factories of 30 scholarships in the engineering college of the 

 Municipal University of Akron. The candidates will be chosen 

 from high school graduates and the scholarships will cover all 

 tuition, incidental and laboratory fees. The course will be on a 

 cooperative basis, including alternate two-week periods in factory 

 and college, thus bringing the student into practical relation with 

 the various problems in every department of the industrial or- 

 ganization. Each student will receive from the company employ- 

 ing him, $37.50 for each two-week period of work, and at the end 

 of the four-year course will have the opportunity of a permanent 

 position ill the organization in which he has been trained. 

 * * * 

 The proposed trebling of capacity in the plant of the Mason 

 Tire & Rubber Co., at Kent, to 1,500 tires per day necessitates 

 additional working capital and an increase from $1,000,000 to 

 $3,000,000 was ratified at the stockholders' meeting on the fifth 



P*^*¥^ 









fjSf 





M.-vsoN Tire & Rubber Co. Pl.\nt with Proposed Enl.'Vrgement. 



of last month. The company started manufacturing tires in 

 October, 1916, and its growth has been remarkably rapid. Over 

 200 distributers and dealers in the United States now handle 

 Mason tires and tubes, and three direct factory branches are 

 maintained in New York City, Cleveland, Ohio, and Kansas City, 

 Missouri. A large warehouse is now under construction at the 

 home plant, a modern office building will be erected this summer, 

 and the main plant extensions will begin in the early fall. The 

 architects' drawing of the completed factory is shown in the 

 accompanying illustration. 



* * * 



The B. F. Goodrich Rubber Co. has recently been organized as 

 the selling organization of The B. F. Goodrich Co. The Good- 

 rich products will henceforth be identified with the new name, 

 the original company, however, remaining as the owning and 

 operating concern. 



Several officials of the Goodrich company, acting as individ- 

 nals, have solved the high cost of living problem by fitting up a 

 club house with accommodations for 50 men. The name of the 

 new club is the "Chelsea" and its present members, numbering 

 20, find the cooperative plan of living more economical and also 

 more enjoyable. The club house is three stories high, with ten 

 large rooms and a dormitory occupying the entire third floor. 

 It is reported that the Chelsea Club is the pioneer in a series of 

 similar experiments for single men employes. 



* * * 



The metric system for determining weights and measures, 

 standard in all European countries, has now been adopted by The 



