Document 2No92x7a66RNvZDZYkaMbLaE5

THK SHCmWtN-WHJUAMS CO. OIONQK A. MARTIN To Th Stockholders We present the Annual Report for the fiscal year ending August 31, 1929, consisting of a .Certified Bal ance Sheet, Statement of Consolidated Income, and an Analysis of the Consolidated Surplus Account. From che Balance Sheet you will note that the Company had on hand 96,493,080.34 in cash and United States Government Securities, and no indebtedness to banks. This is the strongest cash position the Com pany has ever enjoyed. Its cash resources alone ex ceeded by a million and a half dollars all its liabilities. Total Sales exceeded those of any previous year, amounting to 978,778,071.70, an increase of 913,361,' 313.49 over 962,416,788.21 reported last year. Net Profits for the year, 96,019,475.17, are the larg est in the history of the business. The amount earned on the outstanding Common Stock as of August 31, 1929, was 98.28 per share. This Net Profit compares with 94,901,840.83 for the previous year, or 96.99 per share on the Common Stock. 0007-SWP-000005539 Inventories have been priced, as usual, on the basis of cost'or market, whichever was the lower, and in our opinion are in a very hcslthy and clean condi tion. The properties of the Company have been kept up to the standard of the highest operating efficiency, and new additions were made where they would prove profitable to the business. During May of this year the Company acquired The Lows Brothers Company, Dayton, Ohio, an old established institution with an excellent organization and splendid earning record extending over a period of many years. Its success has been based on the man ufacturing and merchandising of the highest quality products, and so fits in perfectly with our organiza tion. In addition to yielding a satisfactory profit from its own operations, it will also contribute substantially to the earningsof the Institution through the auxiliary units, whose products of raw materials and intermedi ates will be used wherever practical in its factories. We are very fortunate in the wide diversification of our business, covering, as it doss, not only Paint, VsrnishSs and Lacquers, but also Insecticides, Coal Tar Products, White Lead, Leaded Zinc Pigments, Lithopone, Acetic Add, linseed Oil, Dyes, Intermedi ates, Chemicals and Tin Cans. It Is due largely to this diversification, together with the large volume as in- 0007-SWP-0000 05540 dicated by ch tales figures, chat the showing this year was made possible, rather than to any increased profit from the Paint and Varnish business. The prices of Paints and Varnishes sold to dealers were lower this year, whereas raw material costs were slightly higher. Again it'is a joy to report to the Stockholders that the organisation in all sections has proved faithful and loyal and given its best, and the writer takes ad vantage of this opportunity to again express to each and every employee of the Institution his appreciation for the whole-hearted support and interest which has been so liberally rendered during the year. The results shown for the first month of our new fiscal year, and the conditions which govern our busi ness arc such as cause us to look forward to another prosperous year. Yours very truly. / I &' , fe sfifth ? 2 1 $i iiss 0007-SWP-000005542 0007-SWP-000005543 0007-SWP-000005544 Th e Sh e r w in -Wil l ia ms Co . 601 Canal Road. N. W. ------u h "..levclapd, Ohio V Manufacturers of Paints. Varnishes, Colors, Stains, Enamels, Lacquers. Load Products, Dyes, Chemicals, Lithopone, Litharge, Dry Colors, Insecticides, Coal Tar Products, Disinfect ants, Cleaners, Polishes. Main Plants Cleveland - Chicago - Dayton - Detroit - Newark Oakland - Bound Brook - Lincoln - Dallas Loe Angeles - Boston SUw Mm aas Wanhwes la MmW CMOS Directors C G. BULL a y HAIN W. K COTTINGHAM C P. JARDBN HABB1S CRBBCH GBO. A. MARTIN CYRUS BATON Z. B. MARTIN L. W. WOLCOTT . M.RICHARDSON L. a SCHROSDSR a D. WHTTTLESSY B. M. WILLIAMS Officers WALTBB a COTTINGHAM, Oudnoea ef the Bears GBO. A. MARTIN, heldiM a D. WHITTLBaBY. Vice Proa L. a SCHROSDSR, Treaa a J. DOUGLAS. See'y Transfer Agents CLSVBLAND TRUST COMPANY BANRBRS TRUST COMPANY CUmIs s A, OMe New York. N. Y. Registrars UNION TRUST COMPANY GUARANTY TRUST COMPANY OwSwil! Ohio New Yeefc, a Y.