Document 6Bamr2y4DGqz9qLD4RKmKDMvR

OCTOBER 1951 FIKAL BALANCE SHEETS '* >- '-y&: > : - a /V :v;v: r . > .*.* : vVvV$*,vh;V.. # .. . f . ' f. ' .< . i .. ' - . ; - ' . >': - ' ^-.vT GLD01A550 ''- : '* * \>> -r ,r- > r ft THe Gl id d e n Co mp a n y ia->&iLS uCQUtt l-V*"U5 CLEVELAND, OHIO December 31, 1931 TO THE SHAREHOLDERS: On behalf of the Board of Directors, I present herewith the Annual Report of the Company and its subsi diaries as of the close of business October 31, 1931. It is gratifying to report that after all charges the Company has been able to show a substantial improve ment in profit over the previous year. In analyzing the Balance Sheet, attention is directed to the good liquid position, the relation of Current Assets to Current Liabilities being in the proportion of approximately fifteen to one. The total sales for the fiscal year, not including in tcr-company and subsidiary sales and transfers, amounted to $2S.505,172.66. While it is true that in line with the general curtailment in business activities the Com pany's sales for the period show a decline in dollar value, it should be understood that due to lower prices, the units of output show a much smaller decline. The Company has not only succeeded in maintaining its place in the business world but has strengthened its position greatly by the addition of new customers and new sources of output, therefore with any upturn in busi ness it can reasonably be expected that a greatly increased sales volume will follow. j The decline in the price of commodities and raw materials currently purchased and entering into our manu I facturing operations continued throughout out whole fiscal year so that it was necessary for the Company to absorb heavy losses against these operations, especially on vegetable oils and on metals, of which very large f; quantities are used in its operations. This penalty against profits amounted to over one million dollars. The total of inventories show a large reduction as compared with the previous year and were taken at the lowc-r of cost or market. Commodity markets are so low at this time that it can reasonably be expected that there will be no additional losses along this line. Throughout the year a well devised plan was followed for absorbing all known losses and prospective losses against the operations and during the year a substantial nonrecurring charge for advertising was also absorbed. The plants and manufacturing facilities of your Company have been maintained in excellent condition, and despite the liberal charge-oif for depreciation, all expenditures for maintenance and repairs have been included in our operations. Recognizing the "changing commercial conditions of the present economic era, your Directors have striven to keep this Company in a sound financial condition and very careful attention has been given to effecting reduc tions in expenses and in conducting all operations on the soundest and most economical basis. At the same time we have continued the wprk in our Research Laboratories and have developed several new products of outstand ing merit which we will place on the market with the return of better business conditions. The Company's policy of diversifying its products has proven to be sound and it is apparent that if business conditions become reasonably stable that the Company should enjoy greatly increased profits even though the volume of dollar sales should be no greater the next fiscal year than for the previous year. During the year the Company has taken advantage of the low market prices for its securities and has made purchases in the open market in varying amounts of the respective issues. These securities have either been held in the Treasury or have been retired as reflected in the report. Since the close of the fiscal year, additional purchases of the Company's debentures have been made and these will be retired shortly. The organization has 1 very efficient personnel and the officers at all tiroes have the dose cooperation of all the employees. At this time the Officers and Directors wish to express their appreciation of this cooperation in meeting the unusual conditions during the past year. Yours truly, ADRIAN D. JOYCE, President. GL001A551 GLD014551 THE GLIDEBN COMPANY CHANGES IN FINANCIAL POSITION DURING THE FISCAL YEAS ENDED OCTOBER 31, 1931 nt Assets October 31, 1930 at liabilities NET nt Assets October 31, 1931 nt Liabilities NET Decrease in Net Current Assets 14,587,284.06 1,729,253.75 12,858,030.31 12,637,043.81 856.059,03 11,780.984.78 1,077,045.53 rofit During Period fsre for Depreciation tion - Ore Lands and Leases red Charges TOTAL 201,380.34 606,776.21 22,864.22 118.265.10 949,285.87 2,026,331.40 snds Paid - Glidden Prior Preference snds Paid - Metals Refining Preferred Additions fcn Prior Preference purchased Comon Stock " Gold Bonds " al & Pigment Co., 6$ Bonds # y Bonds - deposited State of Pennsylvania lurrender Value of Life Insurance e to California glnc Co. ION TO REDUCE ASSETS IN CANADA TO OCT. 31 EXCHANGE NOTES AND ACCOUNTS . 506.138.50 29,130.00 302.109.65 397.828.65 312,965.95 279.037.50 35.000.00 15.000.00 * 28,468.25 43,924.91 53,989.57 22.738.42 2,026,331.40 GLD01A552 GLD014552 Ik* Sllddea Co., Cleveland n.e Si i-iStr. C:- . A'ew ?rr>: Pte Midden Cf -, Chicago forest City Pr int & Ynr. Cc. Cleveland Ldsas & Biting Coapeny Chicago loath a&Ullgsn Hfg, Co. Chicago Bahian paint A Varnish Co. Chicego i. ffllhcle Cccyany Reeding tierican Paint iforio Tt. Orleans Capbn Paint A Vamieh Co. St. Louie |^e 01 laden ^...Minneapolis 4 Clidden Co.,Limited Toronto j?he CUdden Co. of California San Francisco F l Olldden Co. of Maeeachusetts Boston. etnil St-:reB(Per DeUiUd Report) iedaoing Canadian lct *refit to TJ. S. Money 1 t o t a l pi.me & y a r u is h d iv is io n s -izi.Ziv-.-jl 2C3J57.o4 i 2.nc; 2.3J1,237.:7. bl,5-U."o 9M& 1.074 6177 23, ^7*7U 'I.53U..7:. `*16.3634! 519,2^o.cc g'55 260,816.63 3^7. 165-1S 4.0.043,13 5?,etc.50 7('6,64l-i4 93=.Oc5.?4 18,043 4u >. 52- 55 4^,703.63 71> "73 w 7k.V}-77 9cl..;?b 11 164,119.28 it- liP-ltS 2,004/^,73 1 oUc-.sU:-; 0,7 U4i.V03.39 -?b,;0',:,C.> 8:8 646,95?*22 239,S?7t3U wm 4o.32S.55 45.335-77 535.723-45 &3c,75l'fc'6 25.0S3.4l 44,614.60 100,313.05 371.223,93 133,5.57.3s 14b,247,12 1,631,130.55 1,781,031,05 SS9.i9S.3O 1,147,356.51 12,076,715.31 it t c ea -.r jl,, 1551 20.7'V fcl : c ^r* 2 xlu '**>.>. -v.*;" r-i. ;i = -j-~oO " Z't 2 33.1*34.5!. `j. ;\r19;;?; ;? * Cf - 17*0 32.81 30 '-5. r-?. 5* i'* J? 3> 37, 35 : 5=; 17c ,2-3" 37 .0']..27 4l 44 37 J; 23-`;.. c.c-'.;? 32 23 r*-; Sc.So'i-ii 33 30 1C; Uo `-5 3i *5 <50,2l?-6')' 20.i;e*= 19 75 h.. tr '.71*:1*-- ) 20^ 7'-57bS6 7:. 73 7ct? 32 75 (25.3c**.;:-l5 0=5d ' it: ,.+ 1 '*.* i!> tCl,70i.i7 25.97 i\l -ilv.* U:' t: w 20,4j? 63 ?s=6i ' .* - ' L3 33 aC3?,76 tr ^,*7 - T' -' ' ^ ^if t ** -3 3; 705! 3.85.36 t.C. '"i -*r-3 u;.= ."v 3:. 0,1* 43.-333.74: 55. ? 9 i 1; V-3i 17 ';l ; 4-j .553.62 4c - >": i **C "s'- j "w 33,0=: ^5ri`3--} 75=04 ll. 504 .-j? po ?i. 1 =2.851,80 34.43 'ti" ;; 5U 45 ,2,134..3 , 57 =.cc (12, ill. y ^ j : J :6) 236.475-23 36-53 C "1 . 24.53 ' -L* *. 0 j .V*j vo-37 30,117-73 237.-S44.53 5650--7924 -3 33 -3 (136.63) (=J4>(2? o**ij..43)( 61-5) :7,n*.:*3 31=27 p-c 24.35 9,724=32 11,338=09 55,943.53 1 ,> *. ; i ' ; p 43,2-2.61 49.:?54.74 618,153.23 c73i S34.03 38.77 25=33 3f.95 34=57 34=55 5!|..12 36,77 37 = 83 i 1. : ; : ; 1 31.306 57 76,7)o.G6 6?5=633--t"0 667 ,060 3b" 25.3C2 C* '* 2 b-3 7? j'-4i 7=T,1: 77? c; ),263.03 ij? 643= pfc 24V f7l.?5 7.647.-.S 7 9g(,446.&>) i"**: 23;637,i; pc- '<4 2-6,017 2t 11,0S9*2S 197 334,03 S''551. VV; 3, b.?7,03 i *-i .n j 62,77:'-9= 25.045=03 vfi'sifcs is ?r-6 7'c 0: 6*594,56 j -, :'. : c 11 K2.16; ,3r 3rs>3* .7c,77 l4f3ly=18 IP.7=3 45 4yS .57 167.'V ;6,6i3-76 32.579 17 221,647-59 %7i(;S!? ';7 i .r,c;i->5S ?C 11^7.^,= 26[c 5S=23 37c ,1=5) =6s 21,lbs,26 7,1-15-43 265.303 8S 301 ,31-20 13.?73,67 12,1^2-13 li'-5*lll,07 135,0:0,4? 72,640.10 77=S66.C7 7"3,355.ep 715,125.31 2?=0b 37 i5 JZ'-jZ f; rV -i.13 40 33 Si 35 -IS 31 7a 30 3C 37 =8* ?' ,0b 37=/** 29 42 31 clcL5 7 fe I U4,cg p16=33 ^" ::.=95 17-70 lacu.<* . 5,: 0cr* 20.64 ' !j 1.tj ; J--V+ 3=-?i l;U.. XC 50 3>.3 5- =3 61.5? y '75 3: = >;j j?> \ 71.03 : 37=33 i iCyv.!?`'!i 1 aO.-'lT 49*43 1*3.32 i 54-91 ! 27=22 1 te. 32 36,38 l 5?=05 j 53.24 , 44. 40.05 ty.732.5fi) U ,355=1*2) (3=.-5?o-33) C-' ''? 11) u ; Trij rig M ' V ?;i) (1C.76) (4 :*) V1.S9) (l,4i);. f>97 1 (17 =91}' 92,307=35 2,000.07 7,810,92 9,5^0=46 (463,04) 335-S7 79.yV.7s'': (7 263=3*?) (23.n5.fcil (30,381.65) 5 671.02 (18 c3?-02) (56.331-05/ (i,\.?7 5? *>,, 658.89 :!-i 10 4o,-220.7s 'ui? j :` 6^5=25) (r? (6,51) U .60 15.77 ; 5-51 j. , 9 = 63 I ' a,S3 ! (s.vo)' (3,3*) 3,55?.4o 1,184,1+4 231.89 120.20 1*15.33 (52,766,25) (1311*38-50) 4,6^8=89 3',S"-S 10 41.475-f! (7. s>9 ,0**) {-11 =47) (li053i"^4) : (4.44) 7.052.-0! : , 2-03 ; . : (5s.45ii.s-) (147.23) 5, *+ :? = 6s ; 12=31! {56,922 =38) (11=49) 373-69 , , 5^1. ! 62,575.43 j i*iS 23 I 3,073.32 , (n,2i?.a) 7.807,1a 3.620.59 6.635.91 (?3.s4g=66) 10,51*1* 3r, : 1 lK f 3 6,1*50.22) (S02.01? (if ,727-07) .(39-13): (?5.645.s6) (a.61) ('"4,7^-*) 11.505,66 . * r* '!r: 1?3..>.21-50 157 2 (6 .3,1 157,003,74 I, <7 L ; : (6 24). 22=31 : J.6.63 | Its.55 ! 95 67 : ?C.**J 37-. o;5,se , 1E- j 266.154 5-1 : 17 63 ' 36.732,18 115=15 ! (3,- 5c2 69) (26=51)1 14,419,85 4.l6 , (15*37?=97) : (3=71); 10.166.27 30.3s * 6.155 ?3 1 1 (2,205.71) I (.5?)' (1.76c 25) ! (.41)1 } 35"4'S I '.'60. 3O) (124.23)1 1U,?27.70 j 2.29 (12.62.6 27) ! H.50) 23,960.02 j 4l,!*7 , 16,214,?7 |2(*.e4; a, 376.30 1 I'll! 44,455 75 ! 4.93! (a ,254.95) (52.78)! (55*453.31) (122=32)! ,(37,495.S3) (18.16); '132,125=35) *1* 97)! 1,005-13 ; ?2.80 ! (20 = 55) ' 4.331.06 350-05 . 22.593--4 1 -CC-3=50 4,536-50 . 335 (113,901.49) '.7: rj 1.963.07 . -.(125.,786454.9573) ! j 16? is ! 1,246.21 , 1 174.6? ! (5.742.U) 3"-22 393.70 S7 = 2 (19.025.19) - 359-30 170.06 , 325.64 v 7,9*4? .22) , 1,421.20 i (442.34) ! .... 3.131.22 j 597-75 . 70.50 ! 658.26 ! __ 1,200.25 1 12-.150.c1 (36*37.'=42> ^3 2- 7^7 (31I314.S0) Villi fcl'7 39*305.io 1 b, 3C:-_ ' }<? 127,908=30 lp7. =12-23 43:107.?5 `;;-=7r'5= *5 33:^61.55 -icr lg O-O.547.25 (9.4m)* -21) 15,666.06 (l4,PC'4 2C) 4,423=56 6,192.50 (1,513=01) (,9,-4=4742,-562s3S)) (45,301 =29 i 4,,997 *76 (n.'-co.t3) lo,012.80 ' ^ 7 695=47 21-433.4, 4?, 646=97 . (20,287.20) (55,*3S5 (5'.82? .63^ (130,534.95* (4'.0iw.35)' (16.14) - 199.94 (3,|d!9*4i> ' (7^.09). (i.69) 1-Il1363.55- g-J 390.54) (46.l62.lb) (15.37) : 1,186.'25- (44,975.89) (5,246-67). (1.411) .729V23 1_-(4.517._44)_. (24,337.49) Kl7.47)| 2,259*43- (22,128.06) . (27.971.33). (125,197", 57 [1(9*t12l) ^i-k2.l0tJs7.4L5- (107,454:30' (40,291.22) -(23.5S4.JS) (2,196.93) '(2,196.935" | CLD0U553 (2,196.93) "(2,196^ j '-iU 'C'57-.Mi 1+7.71 : 35',7c' 51.27 v, -:'i, i'r'^0 3!('3I 3i5.y3.30 Li|7 7gU..vO 35 =,25 !). 03 : 99.547.53 (S3.C-56,6) ic5=iS i U7-76) -30 i 1 .<** I 16,574=53 ,5.366=41 * 45,65?.35 : 1*U > <?=: t * 'ii6a22'-l'6``' ! (7-), 65c 1*5) 8-r*-5*r?' *et. *--?*'*6>* 1 __ GLD014553A October Jl,, i| Glidden Co. Cleveland Olldden Co < o Hen Tork OUddett Co-0 Chicago Jbreet City Feint A Varnish Co. t Cleveland. j *v at'& Siting Csrr.pany t Chicago J 12;',46So 3 i 35.U3C.l6 :27S0 1 a3jr75?.ci [ 62,257.31 ' 30,56 ic53ioS^=J5 ; 603.782.42.31.25 21S91,2'?7.l7_i SS9.193.50 '30.75 j " '6l,73S."37~ lS.7Ug.i3 ;30.37 | 105.926,65 2$,U50,9S : 27.80 ! S65.095.hl 275,7U6,jU ;31=2S 1,074,617.47 3_65tS02^23_i3U.0U I 23;54774' "ilcS9'ScS5 ;Uo,!7 i , 71,%1. i 436.303a? ; si9.2i3.U6 "20,291.63 27,101.42 37.<56 : 172,315.95 4i =9J 1 302s110i26_ J6.SS J. 6,496.03 32.01 I 2S,o67<46 ! .... 9,xgs35-!3e.io 1 26o,ssU.ao | S7,U02.6i ;33=50 3U7.166.18_I _11J c 534 .,4$_j3?-.12. "3U.527.31 ! n, 216.12 32,4s p.u U76-50 | ...JL7,165.SS_!31 751,125=32 251,331.65 |33 !pT: ifh'A Uilllgtm Kfg. Co. s'Chicago in.Paint A Varnish Co. ^Chicago Vilhelm Company Heading nricaa Feint Works ji^Hew Orleans yjjgf.v jj&eil'Faint A Varnish Co. J5t. Louis Co,, Uinneapolie glidden Co..Limited jj=teronto Ridden Co, of California Francisco j j `S3S^Aea Co.of Maosschusette I Mm*? . if f aVH Storea(Per Detailed Report} I--.....................................' J- p- : 17,532.08 3a.e39.35 i 42.192.31 i ,,..71S.13?.,17-'- 52,927.73 j 7U,Sb3-50-.741,573-77 ! -.i61.976.ll_L166,535.67 I 17U.U23.47- L. 2,007,071.12 j 1.35U-5S9 56..L 32.067.54 I 35.S26.45i- 347,160,70 ! --M3,JC5,01 .1 33,540,65 | 33.534,53 ! 441,476. ; . 427,100.55 : 27.003.32 j jst796.S5-f 646.392=22 ...5J-l..s6s,79,,J_ 57,77.1 -57 73. 703,387, R `5,455 = $8. 535,46s. HI _ 6-i5Pj75=99 ..............25o"0S3,,fi Us,64s-35 300,313^5 140.025.44 l4b,3H x 1,6,31,602,91 1,721.102.31 2,410.60 H3.75 9,294.49-i 23,30 ! 129.479=71 i29=28 | .127^.792=06--26.I5J. 17,99801 134.01 vSSStfSHtf _329,S4Sj '21-J34--_; 50,976.44 '30.a j 3s.651.59 ??-'6 J 570,503,91 28.44 !: 474.353,44 igU.27. 9,575-82 129^87 _li,69S.5S '32.66107,445,,70 30.95 _lU2cCS0.S7. .34,38. 10,967.81 :32=70 _ .n,206._jj*4jL 138,106.22 31=23 .140,278-38 ; 32.-54- 7,612,92 ,26.19 7-,255-OJ is.JO217,694=08 33 =6 -261,262.16 i31-03J 21,838,54 -.27,026-26 04.S7 269.12J.07 i38=-r - 334,S95--9 6--' 37=4_ 13,422.^3 123-63 177J5J.C2 ,33=80 6,838.63 j 27'.?6 i . 13.13?'03 ,30,79. 96.06j.EU :,31.99 J,li^75j35^5S,05C-."Hs ,37=17 56,-49 o p 133 ,55 6?ic956ao 136=99 bi-.4gg.37 '33.21 I 4L PA 1ST A V4RB1SH DIVISIONS l .*. _Yt..f T v 1M* V*ar 865;il6:iT 273,865.1s 31.65 .V.l Yf.if 1.161,335-15 .368,956.23. 31.76 ru. 12,072,633.12 15,133,504.23 >,008,868.40 4,374,1)10.66 33=15 32.a FPMPPiippiRiRgpBi v; ti xi* '+?33 9.356.20 3U 34 6"i,:?.4.4S 33-26 3c,-0r3il.03 --75 52,y46.66 53-57 *`5.>3^i57 42.79 352.-UCXS 40,?4 330 Uy.,44 .35-41. 9.4U?,6i 74 ,47 0, u?j,,b7 25-53 134.232=82 32.24 ft?.* Cs**>s 23 66 sc 667.32 42,71 7,630,99 30-93 SS (J 66.. 59 35, ie O - <3 25,204,, 22 73-26 25,337=53 47=43 293,376.89 39-06 97.213,08 31-76 17,262=66 98.46 25.671.00 73.17 203.527.U1 45 03 .36 210.70 J3.210.7C ... 25.91U.59 167,360.63 15s. 151.26 25-597.7U 32. 9 24.96 35-95 22.57 sir - ft) i5*Ci 3C,^-c.l3 17.33 323,7,35 13 16.13 . 326,033.,63 16,68 9,457.17 23,49 13,OaU,U3 53-30 129,36,38 37=3,6 155,202,00 37J55 15,399=45 45-61 11,333-87 33.95 154,810.SU 35=06 i4s.351.37 H20,101,02 25,933,10 :6'-9 ?25,li'ij4,,g5 34.80 256;9=2.00 ' 30-52 1S,6U3,,4i 32:2s 25,0-72.76 38J30 ?6stOl6.66 3S.10 .34,2,2. 27,51-6.95 MS 268,436x1 50.14 3021357.72 ^3 - 39 _ ll.74s.4l 111 12.lOS.Ug 28.39 143 .X85. SI .47,765 3 35.02c.73 '36.57 65J995-1** 47,lj' 70.U5-, 78 .1? 16 736.7il.i3 43.. SI 705, ',?1X2 39.58 -c/rjT .\n : %8S?1 (3-78) (12,610.74) j (17,999-93)! (;sr?ccxS; (2,01). 27, S:`ic = 4g . 1=00 i (97=7.67=17> J`77Jf609=54_) (lUoi98.53) {23-001 361.12 %3L2J (14=59), ; (S.36)1 (iu,6s7.a) Ld-37) 2.451.24 I S"3: 6.677,75 , !. 3=33! 3s.os3.j3 9-15 53.141-74 7=22' (2,171=29) (10=70) 32?-56 ! 1.17! ... .. 335,.?7. 4.3S9-56 4.348=61 1,184.44 __231=89 95=20 4l5=39-J 6*677.75_ 39,267.57 -SSxJZIafiL. (2,076.09) (l?0O63X3) : (4=62) 354.69 .. _ 3 =303.43 !- 2=39 -- ...--754*31- (14,078=10) (40=78) (12,834.27) {3,671.45) ,(15=9) (9.551.77)- (42.045=24) I (5*60) (72,336.3s) (11,709.2?) 9J0i3_-24_ (25,912=37? .. (15,223=S>) (114,381 = 62) 1.525 75~ !- - .17- (1.4,.23k,.871 _(l2,7C9l2) ClU.352=06) (84=71) 72.SO (14,779=26) (16,376=51) (45=87) .... (20=59)- (lJbls=J39977J=Ll6Q))L_ (74.047.70) ,(16=75) 4,331.06 (69,716.^) . (la 441 .T) ; (; ?4). ____350.65- (U.SXjL-SS?- 4,737-61 i 5-05 (5.909=34) (1,13,73) S..-T9-40 : iSJis.L . . SC2.00- ___ 9,621.-40- 116,303-75 1 15=68; (23,326=28) 92,477.47 IJl.sSo 55. :..i|=|3J.. .-19-.231-.21_ i5c.52Jf.l6_ 24.978-70 15=00; 3,425 36 4-5-3 7c59S.51 2,739-84 32.577=21 11,165.70 247,008=78 ! iMl 123,463 X7 370,471.85 3 43, 20U *1 : 7.5s! .. 86,563.98- -23-U,76'-..7j 9_ 121.65 ; =1*8 I 160.07 281.72 (7C334 85) .(20 < 64 ) 34-48. .. J7..36O.37 )... (22.250,68) I (6.4l) 17,251.21 (4,999*47) . (13=111-11). l (3-17). 1.040_=o8_ - (12^0.70=45)- (4,331.64) ,(12-9D 2,202.62 (2:i29=C27 < 177=66) | j -53) .52.-27- ( 125.39) (16,70L 62) ! (3 7?) s.339-03 (s;365.59) (8X73-53) I (1.59) __ -S2.-.67. .J ,(7.,99PX2).__ `-U.4ss.10) ,(46=25) (18=734.07)- (43.23). 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Pi p o o | t4 H a a mo C> .. * <rt - r* O v* to **: ;s & o A slkA* ft* O o o f*: : S *3 * i = a 3 '*%% p IWHp ' ** K ftj ^ *fcJ- / a 4 t? 6 Cl fc v o </ ti w 4* r1 j O rt r ft sf a?4*8 8-w V r`^ I- H * IQ 14 :}*< > . 3 |0 4* r* 3 * s^6VO0 Gte K. 4-* rir`\p; ii osO 8?S Oc- ff0* GLD014558 o C: ?f-OFIT & LOSS OK DISPOSAL OF CAFITAL ASSETS (S50WISS AJJPSTtEKT OF PLAOT ACCOUTOS) a 85 5g5'8S885 88R88S8S SO WOQNlAW .' * M 3 k j S 8858 KlN CU IT> ir\ty i*\ h8i j s- 355S-38asaRr8 S-mirwo (VIH N CO C\tfNCO w h-ftj VD ssja vo ir\r**o f-4-vo o\ KNKNVO05,t OVO - H J?H 3 o 8PMftO WW O VO CO Ov,KKUUffVV J - ------ *- eg r! 888 0,0 8 8 8 8 8 8 STAS'S MinOQKNWQM Wflvtg)fll\Of^< vovnvo uSeo co to co to o n o s i/n k n c o r *H o OVOvO o O KV60 UN o O uNCO O 3Sr< CO ON So RiRiE5'vo soffit? n*'2~ 2S f4 Sm 8 ^8^8 fI acsu-flBV iSr-.=^f KN 8 588 K%CU .. 8 . 58 Lo ir>vol ps .|K1. *- 8 8 8 8 8 88 8 sv a co { m o4| Spl tfNf ONf 3>g 83 a S! * co r--co 4-HH __ __ KNKN^PNKNh- . -IfNftJ Q P-IOV tOWrtKN IO* to KN * sa rS! r-i-i J r-* 5 vo o j K> vO EiS CO ON o KN ftl 1R5 3. 5^ vo S3 8f8 VOVO r- O O rtH N(<V^ IfNlfN ITMTMTV r#a-*iS*ka-cNsWinsgfilv'KvsoNoKsreSs* v"KuoVf>tuf^t*jd\rwP--od --OvtopOvo&\OrvSWc3gvoWpn pf--UtwW--v?.cH.m.S.Hk.p.nH..oq.O>.v.5.Jo.!an-*&uto3hk n8ho8tH-8\Ed*r-kf,t#n.cf.to#^ftl 1T\ tT\VO VO VD VO VO VO VO N-h-t*-p-h - - --c o--to--*w-- oNOoggogooo I*-** r-4 CVI <M I-- 3 OoOOOp iH iH H ri rH H H JT i-fVOj* r4 H KNKNKNVO r-l ONVOJ*^ OVjO W rd* ft HNHNOO^ ltf\ r-i Jt ft# #H -C -* ft3 ^ r4 . ^SJ WrfjHfftfil KN C^ftJ^h^t VO ,H IT\ KNCO CO ft# ftj C\J CO O^t QVO tfN Q H ONr4 fH KM*--UMT\ r--*-| ONCO ft#OOft#^4-lftJr4 H r-4 ftj H 0# KNCJ ft| K\?S HHti-C-4CUr-ICVjHft#ftJft# ft# $ t I Pt 4> OO CO o rt (\) H r ft#;K\ftJ KNftl KN r GLD014559