Stockholding Employees Attend Meeting That Elects Firestone Directors

Stockholding Employees Attend Meeting That Elects Firestone Directors

Several thousand stockholders gathered in a most largely attended meeting of stockholders at the annual meeting of the Firestone Tire & Rubber Co., held in Akron on December 15th. More than 95 per cent, of the stockholders present were officers and employees of the company. The meeting elected directors of the company for the ensuing fiscal year and transacted other business. This was one of the most impressive and significant business sessions ever held by the stockholders and placed the stamp of success upon a plan original and broad in its co-operative spirit which was adopted a year ago. The tire factory stopped, the offices suspended business, while several thousands of employee-stockholders marched from the main building to the Firestone clubhouse, with their executives and other stockholders, to elect the company’s governing board for the coming year. The large auditorium was the scene of the meeting, but when thousands of interested stockholders had filled this room the overflow of nearly another thousand gathered in the dining-room below. President H. S. Firestone spoke of his satisfaction over such a successful culmination of his plan of co-operative ownership and expressed his appreciation of the deep interest in, and broad understanding of his aims and purposes, as demonstrated by so full an attendance.

“I am glad indeed,” said Mr. Firestone, “that the Firestone salesmen from all over the country, 500 strong, are here with us. It will be an inspiration to them to see you all here and to realize that it is these stockholders who are building the tires that they sell.” The treasurer’s report was loudly applauded. The total assets stand at $51,633,697.43, the total surplus $26,122,824.83.

In Mr. Firestone’s report he announced sales last year of $61,587,219.29, an increase of 71 per cent, over sales of the previous year. Also, that it was his opinion that even in these troublesome times the company, if not too hampered by transportation and other facilities, can operate the factory to the point of full production.

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