The rubber and tire companies are not just now in a very jovial mood. Kelly-Springfield's statement for the year ending Dec. 31, 1923, is, to some extent at least, typical of the industry.
In 1923 gross profits fell from $12,531,379 to $9,559,804, while operating expenses rose from $7,305,176 to $8,797,397. In consequence, profit was reduced from $5,226,203 to $762,407; figuring in "other income," total profits for 1923 were $1,107,537 compared with $5,577,846 the year before. Thus, after interest, depreciation and profit sharing in 1922 are deducted, the net profit of $3,144,549 in 1922 became...
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