Harvey S. Firestone, Jr. Says Company
In ^Excellent Position for New Year’
More Than 75 Per Cent of Tire Production Now of Tubeless Type
All Directors Re-elected
j^ORE THAN 75 PER CENT of Firestone’s domestic passenger car
tire production is now, of the tubeless type, Harvey S. Firestone, Jr.,
told stockholders of the Company at their annual meeting in Akron on
15 when he reported net sales of $916,047,040 and profits of
^40,509,944. The Company Chairman also stated that the Company had
carried out during the past fiscal year the largest program of moderniza-
lon and expansion it had ever undertaken, spending more than $43,000,000
additions to and improvements of plants and equipment.
“Our Company is in an excellent position for the new year," he said,
yur production facilities are equipped to turn out more and better products
With greater economy and efficiency than ever before.
“During the coming year there will be two million more cars and
^ucks in use than in 1954, and the number of vehicles requiring replace
ment tires will be the largest in history. It is anticipated that the production
01 new cars, trucks, tractors and farm implements in 1955 will exceed that
1954, creating an expanded market for the sale of original equipment
Sales opportunities for our home and auto supplies, foamed rubber,
^^uustrial rubber products, plastics, chemicals, rims and other metal
Products appear to be greater during the coming year. Consequently, we
looking ahead to 1955 with confidence and enthusiasm."
At the stockholders’ meeting all members of the Board of Directors
Were re-elected and a resolution was adopted amending the Company’s
^I'ticles of Incorporation effecting a two-for-one stock split for stockholders
Record January 25, 1955. The Board of Directors at a later meeting
^'elected all principal officers.
j Directors re-elected by the stockholders were: Harvey S. Firestone, Jr.,
R. Jackson, John J. Shea, James E. Trainer, Harvey H. Hollinger,
eonard K. Firestone, Raymond C. Firestone, Roger S. Firestone and
At a meeting of the Board of Directors following the annual meeting
stockholders, officers re-elected were: Harvey S. Firestone, Jr., Chair-
Lee R. Jackson, President; Raymond C. Firestone, Executive Vice-
^^sident; James E. Trainer, Executive Vice-President; John J. Shea,
ice-President; Harold D. Tompkins, Vice-President; Harold M. Taylor,
ice-President; Harvey H. Hollinger, Treasurer; Joseph Thomas, Secretary
General Counsel; Claude A. Pauley, Comptroller; Elton H. Schulenberg,
ssistant Treasurer; William D. Zahrt, Assistant Treasurer; Henry S.
^ainard, Assistant Secretary, and Laurence A. Frese, Assistant Comp-
^oller. Robert P. Beasley was elected Assistant Comptroller to fill the
Position held by Timothy F. Doyle, who recently retired.
* * *
J ^HE COMPLETE TEXT of Mr. Firestone’s address to the stockholders
On behalf of the Board of Directors, it is my pleasure to report to you
^ progress of The Firestone Tire & Rubber Company for the fiscal year
SATURDAY EVENING POST —O
A JVewDay Is
THIS NEW TIRE WILL BE STANDARD EQUIPMENT ON 1955
AND CONSTRUCTION SINCE FIRESTONE INTRODUCED THE
OF SAFETY, RIDING COMFORT, MILEAGE AND SILENCE-YOU
Dawning for the
CARS-IT IS THE FIRST TIRE COMPLETELY NEW IN DESIGN
BALLOON TIRE IN 1922-SETS ENTIRELY NEW STANDARDS
CAN PUT A SET ON YOUR PRESENT CAR AT NO EXTRA COST!
And ihejr (gund *hi
Come In and See the NEW
1 UMJMIiLiMIi1 Irtlilj You Can Them
on the New 1955 Cars
on Your 1^'sent Car
All domestic tire plants and some in other countries were equipped
FOR THE MANUFACTURE OF TUBELESS TIRES. THE AUTOMOBILE INDUSTRY
HAS ENTERED A NEW ERA, THAT OF THE TUBELESS TIRE, AND THIS TIRE
HAS BEEN ADOPTED AS STANDARD EQUIPMENT ON 1955 MODEL PASSENGER
CARS. The above advertisement appeared in many leading NATIONAL
ended October 31, 1954. Our net sales amounted to $916,047,040 compared
with $1,029,402,035 for the previous year. Net income amounted to
$40,509,944, equal to $10.04 per share of common stock, compared with
$46,748,971, equal to $11.77 per share in the preceding year. The decline
in sales and profits resulted from lower production of passenger cars,
trucks and tractors which reduced the demand for original equipment
tires, cut-backs in defense production, and a Company-wide strike which
began on August 13 and ended on September 7.
Profits of foreign subsidiaries were $13,610,420 from which we
provided a reserve of $1,599,615 for profits which could not be remitted
during the year because of exchange shortages. Devaluation of foreign
assets resulted in a charge of $2,629,453 to a reserve provided from income
in prior years.
Federal, state and foreign taxes totaled $98,119,426 of which income
and excess profits taxes were $41,000,000; excise taxes $44,933,579; social
security taxes $5,150,586 and other taxes $7,035,261.
Firestone gave his annual report to stockholders at their annual meeting on January 15 in Akron. Facing the stockholders are the directors,
^'*’To right, Roger S. Firestone, Harvey H. Hollinger, John J. Shea, Joseph Thomas, Harvey S. Firestone, Jr., Lee R. Jackson, James E. Trainer,
Leonard K. Firestone and Raymond C. Firestone.