Document 8O7yjBq5M6dbLLwNqoe53jyKa

-*T- -"1 nD c3 3 2 C 3 Dh a o O M 0cH0sI CO 0WA4 U51 UUi a aU) Ho<4 0004* 0 o Z H p4 O o cHs o, H ww c4 *5*i* <Q 2 2 fa^swSsi 2 < Jn -ew ON f*Va*** 00 (N N if OS r~- CN <N M (N (N ot a. ^ z u H Z o u 'A o O 2 w 3 G Cl- !/5 o -J 33 oj &- ar G" C *3 :s -2 s .2 2 |Q o 3C _ &0 % 5 fa 2 c/3 au, o o4 "g S o U * C "* u 3W '0 c <w *c ^s | O- c Ec * tImo O 3 3 !S <sZ S SO ^ jg 2 a -oa3 o fa U fa < H 03 _Q -G Cro--^N- <<c*uJ CO s>, ^-j c rt *3 cc S ' Js it.ss <A ' ^rt O t5->l 3h^ Gi 0,-3 C ^ c6 W 0-V *J5 ">C, o*C-ou > 0 u w u3Q1H -_cSCv3=->JO,_3Uo5P =3 ' O2S- -->N ^3 1 H Vk-i jy Ot C oEo .3 W * - o *-*- I'S*-* OO,Ju3 -c3 V<3) -1 .ssoUs iU e 2 oQ ^GO O3rv"- *"U! *H H * S 0000-NLI-000018389 w VO a < C/3 C/3 W s C/3 H w Q C/3 w OS 0. W s H c T3 c3 OJ oo E "0 S Ut o 0 CU E V *G 3 o 4-> O s <L ^G >S i TJ >> s1 C/3 l_4 _-Ce C* *-' -gCO t^- GV O G3 B *> </) ? 4VI <L> w aj G Ou Lri I >s CX o u a cO Cu d "o-3 3 Vi G aj cu &<3S 00 o <Tl o_ O <J -o c xr r*n> cK -G 4J >3 M o ITN HD ^pH *"3n < 2: as 00 G W g VO fN ** o <L3JJ G 3 O s ovr\ CJ Ui Cs <4-1 r^ o XJ*" W GCJ ** E c>is Si OJ CU *H ON CN <4-1 -C C 'G 3 l) -o G -a CJ O0 G V3 dCu OpHN "O G G H U2 o -a w -a ** tn <& cu < XX o o < o a W -1 cu -1 u ^ 5 2 < os as 5* H O 3 OS W aS ao cq ^> QS %< Z -i OH 3^ a. TM s> a cu aS w 5X 14 H H3 6 Sz OH U as us < >2 5S O X CO as < & P Z < 2 os aS U4 WZ -i u H OS oS D P CO s X 2< <Q cu Q hU r>--i *s cj r 5< ^<Q os Ol--S3 OS >>- as ui --CHJ 0 C4 > H D U u O 2 H oS < *^S3 2 C/3 k* <: a. X a. w co 0 <2 Q< X oS > fiS u <uZ Vi Q X Q c0/ -i 3vU a V u > >c >OS QS < cu X X u OS K 2 cr cu 3U x"C- 4. X 0"-3 *4 rCOj j>c kSTt Uj Z Q Vu -J "3 oe u U >. aS as C X z z ij < 32 --% a. ao u G c/3 <> w z -u o >< V Z2 z uMr u 2 -X O > *O3<9 - 4/ 2 o(N z < so 1 ca s "O O a <su z" -j a u aS a < Z o p *s < aS Hi 2 z ccou < O H D Q H UOSJ 3X 14 O as OS CO ^X7 cu a . w h ; X ^r 3 w 22 < as cu H ^< CQ .2 os C/3 Cl* C/3 "* 2 cu h H as < X u CO < o X H cu X ttj a <ao as O cu O * <0 ^ o 0000-NLI-000018390 oc co -o V 2 Gt W_H a, CQ SO vs 3 ^ a _G4J 5 0 > '3 uu. _2i'3 -G ^3 -O OT\ -C GCj S2 cu ^ <irN\ -V$ ra *3 Gcj > .c *c3 cj ~ 1/1 U^ *CU o cCiU ^s--ij >/s c '" 2 2 Vu *<G3 E cu oun O 0wJ tj <uU <uQSJ,) J-SE2 S t*. ou 4-1 ^ 2 1t-Jr u Qu-<j o0 0c0 "E OoJo -c-l --4* S' odn uU* ou o "3 OJ ir\ u- CU fN O Jj o "? -2r5- -Vcq3>5 O CQ GO <j j *3 OJ c o E oLm 1 E o u c ^ - 2 G -o c s | S2*3> o ON ccClU so S Eo So U (J V o * o c Cu 04 s V 5-i rt * Cn Vi c o >> r> 'u od O* .2;o 3 -S '3 oo s Vi c <n 4-J O tu c o- a* x a> ^ 4> V *- <wU so 1s soVi s r ow s s'Vi CeJ u >, "O -S 3 o "3 G 3 s4u>. 5 > c f1 Q-. 4J Q3^* &0 -- 1 "c3 I" G O ou u G <- yj G -T3 1yUlMj/ C rt Oh u D d -G *-M ao Vb4 ti 0 to 3J u> 3 'G o d G O 3 CN "G r- T3 .G3 a> U ` cGj -^3 1s *o rG c GO 3 * ' 4- t^o CG 4i *3 rt ^ an., *c5i Oj Q OJ s--2 U T3 4_* 4/ cc* "2c *cL 2_ CJ wai o Vi O a- 5: a; <44 2 O yi G L<44 Q oo oUi 04 U4 U On JVi O `>s <4-4 GO Oh 2 3J o6 u 00 uVi -C * -5 to g o tou ^ cd 3 G G d s <rt TJ G aj O G Vi <TJ u 4-1 G OJ gSi `04 <* <44 O G O J3 u 3 O O O. H 5/j G rt 04 -a TJ G cd *G 4/ CU > V TJ 4J > JG 3 '3 G--4 aVji r45u-t4/ tG uX -a S w Bo u 3 tuQoJ 3 -s \3 3 >a cj ^ o' Gn CN q c<d 3 r-- o<uQO y> CN 0 S 43 *G 4VJi ^<wu u cct-o1 u G CN s CO S 60 G S ofa G 13 "g Vd ^ ^ CN 3 o C o S -43JJ C^M S ow OjO ^ M i- CO 2 r^ v m S 00 oo ^ 5-4 0/ 4^ <7* X V5 _G G vi H `3 -. fcjQ rrr 4-t ej co OG S .2 >s Cd 2 to -o *3 0/ uh 3 i-s .S '-H c cd * sG 5<-u4 3 CN uu v/-\ ed Vi w-C 3 CN CN &d o' 3 CO `0O\ -O CM J! o u rt cw <n 3 1 11 8 3u OO tA _4J J4 ~p 4J U4 -J < *?3 Vi <44 O 21 "H y uO 3 O Ou V *G *f> $ .3 ^ - g VO > r^ E PU "G2 rf<t-N 5s 3 - vo Z-o^ VO 0000-NLI-000018392 The m ajor p o rtio n o f the increase took place in federal taxes on income. N e t earnings before federal taxes increased $33,366,220, necessitating a proportionately larger accrual fo r taxes. Likewise reflected in the 1950 figures is the upw ard revision in tax rates enacted late in that year. s # TJ 03 JG C*dOQ* -w Uv r-. ct 5 '3 2 -Qo> -J UJ Q Z z T0J3 -C03 o C/) ^ o H .p; Pi d vi o LJ c j'2* *v5 03 w Vi -- > 0U3i 03 - ^ U Q3g H X 0X3 d d D U jl W it JG 3 * X TcJ od v-\ CN 13 c d -D33 O >> otj c Qc 3 9 9 c- so o J5 c l C? 03 -Q G d *" 8 3s s o JG d c .2 a. S *_2 3 Od O u ^U VO kui c oP U 3 JG -r2rf >^ Oui 5s cs o^ cj o > Vfc- c- JG "OD d C V5 03 V) 03 It 60 - G~ d JG C .2 tH d -o JG d -Qcl G d cX3 T 03 d 60 G CN00 8 <L> -Tco3u * V) S -T <2 OG CL O TJ ^ 03 e 03 JG op o e It c .c3 3 03 U 6 . c3 U a5 o -*c3 ^ s s<J3 C ^ JG .s 00 o3 d 13 O C3 -G ^ . _>, i3 o>n> JZ * 03 v3> 15 15 G 2 k3 0 V) JG 03 E 03 "3 s03 oc JS o3 03 <-u> o >s OG U " *3 E03 G o l06u3 1033 1333 t3?3 03 *33 "c5 SUt Oc .03 rt G JOcZ < V) ' 0c 4u G03 G 03 6d0 ccl 5? _03 "a. '_uG `C CL _G c3j -C4XO^ 03 5 o O3>ws 03 ecVSI 03 -Qcs -Ul 3 O 1u5 cG c` -2 -C03 H 33 * W r\ Cs 00 "33 33 aJ 15 iu 2 L 03 Ui O on 03 a, a rt G G 03 on *5 _c "n ou Ui 8^ 8a cu Ut V) 3 CL --. "3 rz: c ^3 "2 S V} cu o= 133 w O (A VI 60 hc O* 1* G 3 \T\ O ^ 60 'CL 13 C 3 ' V) rt C BS -- c$ CL "O 'C G OU o -OuGD 2 X ?* >> O -C03 o .5c e 03 "S -G 3 Scj ' 13 "033 G CXL 03 sH VD W > . ^H Z< -J CU 3 8 Gs 03 c G cS X 03 3 CL i o U 03 TJ G .t/' .5 1 Cl > *4 3 13 "O g O U 'a, VJ OGv> 33 ? oo *6 "3 2o -3 v> *3 O hJ C30 03 JG 4^ 13 Gc3 ^ o 03 15 G 03 ^W03 .G- COL C3r VI tZ G 0O3 cj O - O 59 >s ts vo33i JG 03 Co '2 3 1O3 CL ,, P CL Co 00 c .2 JG 13 P 03 3 U0U3i -w 03 cc; G 00/53 </> o wc 03 60 C OC rWoi 1 d JG V) t5 1ouo3. G1O33 G 03 03 jQ ^ a. ^ Si oC o 1CC33 a, 5; r- u G 03 2 H ' 3 -oa c cci u V) c3r Gcj S ^ 03 ZG' -T3 -QaJ "G 03 O u JG -C03 2 srt . fl 03 \0 ^ ^ C/3 cU .3 ^00 ^* * ir\ 13 33 33 G ro 33 ^133 "G0 G J2 cl JG H V5 1G3 03 03 V5 3C3 e o> g ^3 c .2 G333 03 o cr>ts -ts u-i CL 13 Od 3 u ^ !g H- 3 ^ -ft c .-- c ^ 0 t; < d CL 03 CL u3 V5 CL TJ C 03 d 60 Gw O ^>s V) 3 G UL O d CL X V) 3 . 03 C 03 G c Ou 0000-NLI-000018393 >s > -Q tj -3 <0U, Q aa T? rt -T3 <-$ jQ |'"G t3 a a v I1 ^Oc-Hu <1M1/>1 60 G o*-* Uq^l CJ </> -G 5 3 CJ *S -Q . <r3 GP3 U as t tcQsj>J 2 qj 5*s G T? / G<73 1<2u c .0 ' V) G QJ > X OJ a C v 3 -G rt -G .SV5i 5 C* $ o 11 I uV a; G 'U <uu ^o4- o G <t 3 >-, 4-1 Gc 2CU _GQ 3 o </1 Uo o u -a o G O V >s JZ rsMO aU4J;. > tS 3a> S> eo <73 H > JS - .2 U TO>J u ' a <c73 -G>s "3 G<r^ t: < C 'Go c <73 JC S 'ove</ii UG o GU 4 * <73 .5tcJ^ --TrwwJt JZ 1-* >> ^ >s jj .b > Jo3> c - G O G .2 -w 2 C -3 o .2 > 3 W s S 4-1 Pc>rs V o SaS 5a2 11* c e * - * ^ >* 5 C w *5 *e k fiQ > c S3 "3 "d O -T3 3! -= O vi US 3 <* as d > G 3 -E ^ o d 3 S = u 'w * o uo CU 0 d --d o --Q XD --Gw Jo4 U G * O 'Is-' ' < .to 'j-. bl_) o O *D S3 o d _3 U v> CU _^J _* Vj S3 d U, 'a. o G <O to O G cu d U a >1 ' Sl * r* > D D OS d J^ o so J3 S3 | bh* t_> D3 -G D O "3 G JG C G O u o d O Un *3 G D ^T. ~. .a G <-o GO D *r\ Sup d j_i U CU u d E al CO G C\ o 3 4j O ^ -Q O tr\ C\ G O b. js o D *0- E the rne 3C 0 tr"o -G Sl `>-N G D jC fc'- i -3 d u-- CU O a Sl oD ud 3 Ou< to G "3 G d d u 33 <3 d x: -Q ^ 6 du d Q Un u a^ a- - 5f G O a a '3 d D Sl D G> s .2 .a i_i D d -Q C D G d C! )U Sl Du> G CU a aG D i/~\ Cn Du La d _G r* 3 <D--; C Db fT\ b4 D Ui D U| di "3 d D 37 D 3 s I e *a = .u> *- do C 3 t44 C ii S3 Cj O c o a, JG w o a 1c?u ^c ^3 SjQ C X O <0 G r* 3^ -3 C O Sl 8H S S3 -O D 0 G OU C<DJ >> a DU-i 3 ^3 d D X ao "-Og C r- s^>> o 3-* d GD Ou U .S <L> _ -G G _C cu G d 8 ,!j a d vn D c '-C dD &0 d Du D uo c G D _G HG cd D O O _o S3 d D G D 37 CU D u o O o. >rC X CyQ C G % '> 3si 3 '> J3 s3> Q- &JQ D aw QC ^G dDO G JG O rA 3 O 60 rt -3 D bM o Si D d c CO c 37 &0 C Gd "3 '5 to ^3 c >5 to o to f1 QD > ^ Q D ^ ab c r3 u 3 -O D C oo c Sl D z o X c d c s 1" "y? 3 u D > Dd a, Z ty E. Dw .ad V) c O3 aU > "6 6 'S-s S * -ss ^ 55 u t2 32 U D) ^ .V ^ S -3 g.s a gp -2S "* 2 ^* .8? i u &* s .2 3 * 5 0000-NLI-000018395 tG - & . .> GO Q .2 3 3 C/3 -2 3^ o -S _C ^ *1_? C/3 u '>W Cc/3J "O C * `g S3 S g o4 c/3 .2 CQ * U 3 *> a 3 H Ji *o oL CU M 2 -6 <4-i 1) o3 oS r*. O --5 JG '3 O *& 3 _D "3 VI C '" g .t2 < T3 >, S & 3 S3 4>?;^ -o a ~a `0 * c I a i 6Q as C & ^gf aS O cu o 3z 3 - Is <-> 2 3 e .S SO -3 G > c n cu 2 o U 3 "O OUm cu 4i/3) . $ 15 T3 -2 0, "S i= -G CL, o rt o SC a. Oh ci * -o 00 S . G- c/3 o GU 4> 3 GO C '>-> o JL O SlS-- rS CU ^K G k4 v -rXt C'S .r2> c/3 G> e$ ^ Oh o OE U$ go ^ ts j < `5 -B a2 r- w O >* u GO T3 G ?<S 5s Q -3 fl.i CC3 HD 1- `C 4_ g, J-t G -Gi u rG V5 _s -O ^ S ^ CJ 3 J& <Sl C/5 -^4 O TZ a, ^ -a CU cu 3 o _c c GO T3 rt OJ M Vi U *o Ji 2 zss s m -a3 S a, s - *3 O 6 5S 5 s*4-, GO S- O 4G> 3*3 2 N c CL, 4> rt _ 3 CL. e u r ou<J o 4"k->4> 6 5 co E 2 -Q O ^ G cd Cu T? 4> 11 .32 o^ yS*j ^ <- -C e3 a* o "2 B U Cl , ua oc<CUuU -"-S- X 4 QG 3G O GO in o 4r-1t JU3 G cd .2 6OJ 2G G O SG 2 8.OJ CU o Jj 8* V GG 4> 3 4O-1 i/3 H3 1 1 -S ei/^ -o 3 G\ GO 2 3 8-SG G .2 cu e Q~a u 4 3 -3 -- OL -3 Cl , O _C u 1 -SE S-.H.S2p -Q O c OJ E GO rt CU U-. O c O 4 o s. Loi .ti '5 3 1, G "04 "3 G O u<i/3u < CGTJ > TJ < G .Q2 a, o T7 <LU> E y T? a "43) tj a2 C/3 Cl t >< iT\ " "n3 0 V 12 B r(sj V3 -rt $3 CV5U -'U2 ^ CU O H3 ri .tVs5 rt "3 <L> 3 tJ 3 "3 O 04 4 Lc -*>S ua 4> c !?3 CU X 3 w *43-. "3 G "to 3 -O g (L -w -Q 2 Js3 -o c in 4# GO 4h-14 o JG Vi E ao c CU -C H rt C%U ^ C/3 'G S 2 .2 .`C2 GJ 1 | O >4-1 o rE -8 rG n n C/3 CO2 `.c2: ^In Va3 G 44> S -c ^ g E c ^ .ti 2 U wC4. U 3 00 .5 rt s -Q c>l JG 4J TJ 4^ (-. -4 s GS U O O 4 CL. -C tM *-> U5 8^8 -G 3^S -o 3 v*-, >s V> CO 4> 3 33 GO C 4 33 < cr T3 3> c .S V3 >v a/ s s s 4'-G - S & to 3 -o c <4_ O Br' 2 3 G 4- -V323 ol ^ U < ti rz E u o O GO V c s 4> w 4> _C t5 . 4G 3 _ UGccS - 5s G rt CU 2 o jS qi O 3 T3 2 cu o G S K 4-. G 42 CU --, 4\ E GC4 .*t4i o 0 33eG c>l C o >* i 3 T3 C zj 43 ^ c .4t-i. uf ptyQ --. 3L> 3 of TJ > 4 -3 >> B V3 -o c rt 4) m -o G V) G _o rUi O 4) 3 3 o3 e5 3" S C CXU ^ C/3 >> 3 Su 3 CJ u3 "D 3 G O 3 2" *S 3u QJ 3 oH CU "B cL3/a3 3rv. 7>>" "33 > ?3 GO C `35 4L>. 0000-NLI-000018396 w ar, s s ib lc an , 1951 O rd e r o f the B o a rd o f D ire cto rs, Si ~r5 1j rG t O ^ I- s0 ^ 0 sd> X C s < Cs 0 Cv ^ O d> "0 X 0 G " 3 o d> cu =0 G *3 *0 Si d> t; C/} X -2 X 0u 0Ih tH. o_ X it 2I 5 O si X x3 3Vi X " rt '_J '-0 0 c _c 5o ^ c^ CO 3 T3 3 C D Xs xd> c O C 3 c so E o U -2 S * 2 cs H 3 GO v> O d -G rs 5. | a o -3 ui O <-v G OU 3 > r: X X JG cl 3 >* - 3 3 CU oo vs {J CN X- d X d ++ XX 'sJ iSi -* dX 2 Cm G G3 O - Cu u -C G O O^ -d4 u, cl d X 3 ccs -2 x o c cs GO Si C X d 'uT>l 3" d d G dG , V5 c dd = 5 -C c3 r ^ c du d r!. gj 33 g -a C -G E o 2 " d -O d wu ce > Q2 3d3> > JMG C 2, 5* >> c Cm 4- g S'! .2P i L ^ s cs o xU u" d d JG go Gc 13 OwJ 'Uqj g O u CJ >> fx G 3 a- -2 U* (_ GO o .s u d __, tsO d > d -G o "3 -2> ? ~ a. vo 5B GO . d0 Xd G c ._ ^ O cS d 18.1 3 ?T3 co 3 d >n w "3 d d CS .3 O J2 -3 _. d o 1 5 c cs G o go c d u u -J52 G d 3 G d cq - r5. Cm d> -3 GO 3 C CS o 2% e* GO -5 C/5 G cS 33 dd X VC t5 V3 =--XH d> 33 'O "3 C o 2 "H d> ^ O tic IS 3 C/3 d> ? C- d> r<J GO 3 _G d >N O <L> d> rt "3 c2 O XX c^ o^ V5 -o *w GO c >> -C H E *3 d> it/j3 G t-- vJ dJ 3 CO X ri di du> d> O d> Ow c\ x (N d =S -Q ON d> Ui 3 3 S' -S ^ S d> _Q -G - O 3 l C -C d> > C/) d X dr> u cs d> ' ) d> GO G 3 g d> X d> O d "S, X 15 X X X w G d> 0 s CS CJ /) Si dt 'Si Si G o; 3 Si .2 Si si V 3 C C C1 <n a- d( >J X1-- '> u 3 <Sl O tj u G< C -X ^ G^ o j ^ o U: 33 to O C c1 U c CJ C- -C Oa- E e r GO O go A rt U S cs a d> c- a. Cm d> O QJ OG u *-. G jG ^ b* Cj G GO 3 <D G 3 cs d d> X GO _Q 1 2 V5 T" d> a> O c< a0 _ C "* " d> 5X o o <3 3 ^ *n H >s CQ d> X Vw 0 G O 3 G O X CU O * G d> qj X w, V X -w u O 'Si Ui V U 3 0Uri O. 3 "Si 3 2 rt X ,^t/) >% d> 3 33 O u> 3 d) GX CS d> 0G . Cu G cj GO CU 'G vj u X 'st c eg 50 d> G QJ o j Cm "3 L> o X C >N .o2 3 'g -a ti 2 i{S 2o a* v) d> cj x a o X "3 G 3 < Si 2 37 O *3 o *3 C G> GO X .0 o 33 G OJ X 3 O ' 33 V -3 -- C d> XI G O d> X 33 cj p X 2C rt d X ^ >. G 1) X ri D CU 33 - 3J C rt aS 00 -3 *5 S uO w 2? o a> T> si oj *5 d> 3 Si _o P S! '3 o 3J v m e t j 3 C O jy .i; o S G Si .2 QJ GO ^ G 3 <*- E 3 CJ ' D d 4J X t-i 3 0 p ^ -5 3 C cu 2 cs OU o'Si $ g 3 o V s a i; 'H <0 Xx GO X X 3 X a- -45`j CJ X dV>) s Ui d OX Uu X 3 u -- .c x ,,G o 'I a. X otM G o3 *^X ci X V ^ 3 G G Cs O^ a 3 0c/i 0000-NLI-000018397 tO 1 A r- ^ o U Q 2 < > t p r-. CN rA Tp CN X Tp A ^ _ A Cn tp o' rA rA T-r ON GN X CN GN ^ X GN lA a' CN *% * p^* --1 A rA <N X Tp A rA P*- _ A- a wS rl o rA CN GN fA (A CN rA GN TT * *+ X* " rA A Tp TP rA X X rA A CN A rA T'"' " Tp" c" a " Gn in a x -- 'rr ^ _ g n '`T CN Tp CN GN A A TT pX Tp" CN TTTPXX -- X A' A rA CN P^ rA A r^l " * o' \0 Gn CN Tp X X p- Tp sq^ ^ Tp" CN t p " rA A f--i TP P'1 rA TP^ A CN ** _ pl" rA Tp" (N r^pl' (N rA " O O ^ P^ pl pl* CN rA rA Tp` o" (N c -- A Tp A a p cr CN A A CN pl rA CN rA A (N CN Tp A AJ A ON _ CN pl t t " Cn -- rA Tp CN *% O A A A P' P- . \ ^ o" * c n " rA p^ Tp _ rA rA rA x" X* rA GN cn" * * X pl rA X X X o A p_ __ (N --r CN GN GN o TP Tp TT AJ CS rA rA 00 00 -m M % & X Tp AJ CN p X Cn ^ X X <N TT_ -- CN o" *s wS Cn p- p- TP X Tf TT_ CN X _ rA Tp" pl GN w" CN r--l CN %% X < Od Ui CO s w r, u 'O UJ Q c o -o .c , aj "3 ' r3c G3 O* " -O o -3 <2- c JJ o ^ s _Q c9 U O to |7 C- .. a ^c > C LQ o vi .5 o o SS > of.'5 C s; v55jb-tsUJSOg, o U 5 ~ qj .2: 3 (7j a. 3 -*- P9 A o .5 o lls *3 <A c qj <- . S r? o*"**j** s^o Cu * /--s lit GJ 3 OC ,, to Tp " G\ a *"* CN C\ p" _23 TrAT 'n O 3j -2 fO o OJ 3 '"- .. -C Tp _r a i <N C 1--` 13 t o <> CQ > -- > w a s s 3W _ w aOJj !< .'i Ifl fl J J2 c l J2 c l % .. nU 'w'--- nu \--<- -- is -2 X *7 Cl C * vl U -o Js 73 -5C O qj M S-Sq w _ TM u2o" W -3 ^ u u (N Ha i/*\ tj CN l qcl T C OJ i2 ! .2 3 M CLCL ? u C3L --O 5 sz 'o l O w ?a G _ 3C3T->Q5 4t<oi ' ?y CGeL-NCi : Pi w rr\ CM & l! 3 3 0 m <N (N \r\ TP A rA r^ rA rA rA rA TP L4 NO _ CN Tf r-4 p>- GN GN NO Cn TT (N CN rs fA CN AA 00 TP CN GN fA Gi-N^ Cn * rA X* GN TP X " 9</5 o U o C3 U o > c o doX * r3 Z NO h- GO A p' CN TJ* CN A A X pv rA rA CN V*N TP P*. TP X GN i-N Cn > <* ir\ CN o" r rA " pl Tp" " s TP P- CN A CN AJ 0 TP " A r-4 rA AX TP (N A x" 1--1 GN CN CN rA Tp Q < w H w C/2 C/2 < e QC LL 33 s W u w Q o " 73 < cl, cl JtSo 6 3 u g t/T C ^ C -w (L C G t> f h S1 a "a g"Z o wrt aO c^ Is -oo 8 <- 2 3 *5 CL IT 5 <toL L> rr> *- CN iA *4 (N os S5 Cn S 0\ ii r\ oo u- O'. ^rt CCNN ^... u~\ r\ TCPN u 2f> <tMu to u o Z />"s <ttfoLoi> CN o "g<UUu|i zs--/ 3 (4OJ Ho OC H c >O *u Xrr^-* o Grt y cA C* ai tA 00 to *2! OCJ O1-Nt ~ <A & N0" & ob4 *C -.25 ^ A 1to3^ drN^o* C<u rr* oo otuo 4-1 V--/ to .2 co <GU *3 g ^ ouG 3 cn uA- j2 3.5C2j X fA X X p^ A CN X CN CN TP CN i--i P" P- A TP vq GN GN X* ** CN CN p" TP O P- P Tp^, A Tp^ 00 X* -r 1--t X Tp Tp X *- _ NO oo" -h " i--i i-^ CN 3 ,^s o .taso a5L 5<a <<N3> ^S5 <J oC 3 CN (N -O2 A< S7 5 '7 1 ~z, > . a uj X 2 -- u UJ Q Q UJ Q Z UJ at V* < aW U I H <a Vj at 0 ^r 7f w*\ CV vO 00 Cv cv rvf pK o trs --1 TT f<V x" * 3 JZ (X AO oc # r_A, u z 07 73 -n i3 07 Q --^ 4--11 ^ "Z" 3 CU u X o j-, & o .ts Z 4- u $0 rt U j ritflo2 rfl- ^x UW 47 7 47 CO 2 C"3 3 $" cs .0 C\ .=1 'uC -a iu W 5k | -~ ce ao e * c o So Q 47 2 ^-s X H fi " V 2C 47 -= ij 3 J"3 * 2 .2Cs > ^?3 o ^c k - Ch " X> ~ C*tj C .C f-JS cr 00 O <N O SOC rOr\ 13 a--, <7 a a x> ** 5s K* - O) C a = t> r-j . -C 'O y \ 2S3S0 U"0 ^ TMC VWI <>U Q." ^ro.'Ov _^o^C 0^.2 c ;51 ^ S: rK o ^ o Cv| O fN o ~+ fl-l v~\ :c2 VoDC 2^ .Us aOJ5_ 4 2 O' Q (J e <n sd o'" Z i- S < 55 -- ad -w-- r?> CrnM Vy) so u* O .i2/i "0 "C3 c -G 5 "K* -o u< _3 ,2 .s _eo :a. *5S * Et J,,3 S3-S_qS -E S5.S2PQk*;pi'iC^D!Og3 6.' <V5t; co ' 55 u 7^ i' 32n e'u. 2c: a3 c>" Mr-~-3u(i 2 o 5 2 _c 'T-Utf i! G -- u O' - ^ 3 :qz -ii/lu-. U4J W q 2 v fA vi fi S .. -H _ O a. o _ 75 U '**2-0 C n ooC ^ Cu- E ~13 yi'C - ^ 'G c <u.5 4i o o M `53 5L| -- 4SJ ^- c OV 1 jj 8 S W -Q _ fie' --I '7 Cs Ox S-ig-s^ ** w\ l/l A O H-C -^3 o Ox I-! 2 2 C\ g c -o = X x 3-5 c .S X ^ H < -j u* "0 _c S"3 S .5 S .Q i _ "3 30 " UJ Cw e o 73 , 'Z ~o a.`.7 S-E c tU ^ _Q Z lc 5 ^ 3 73 " 13 5Ck 73 ^z RS = J> g w jj 5 = a H *S RJ 5 2" 3 C o= U<Sl 5 "O V C o w Hj -k5** w c5 $ Ua 2 ^< c\ ^- 55 _r X Hi CQ 2 UJ U w Q a UJ 55 Q Z 8 uj X ui < UJ > UJ <*-u* X H St ' 'K qS O u. o oX X rAi ^T ocv ^r or* Pv-v ,_t <N vc$v5 PK V(NO o' 7rAT rA Xi/V f^T vo" cv ** c(TTV CN VcCA AJ * AJ WA pK X op^ XpK XpK* pK AJ trC o X pK vq^ oAl' aAJT X oAJ '4' 'Z. cPvV*V cv AJ VXVOA ^r*4 i; Oj 7Apj" 'T cv p^r' ii VC t\ % | XAJ A vCCV Cv APAKJJ vrCA P- A 7J* P^ AJ vO Cv CpKV o o c CV Cpv^ A A <T V7OT vo" s cv X rA VoC CAV GO A vXO vaOT A pPK^ X X VO oAI--J". Pk " AA ' p'T voO -oC<Tv" p'T 'ATJ A vrOA aT cAvJ oA' rA TAT 7AT xAJ" vAcJ" %% * \o S OJ o o Q- X Z --. c 2 C ^qj rS o /--s VC 73 ^3 a uo *T3 X ~ *o r4 73 C C AJ c 0 to ' 7 s(74 60 -O^L4mJ CU c4 07 07 VS o u CLri 3 Z 'w' 07 73 tU>| 'O 07 c O O O aqj. "eO t<ou' X <H CN OJ c E o :s> o zw Ooc Ou V c o 07 o z a 3 0to7 7733 o .2 cX4 X 2x o 73 C Z 07 to S w 5p 3 Vx 2 73 .V o a C _4 E o z zp o _c p, c j= o Z 07 .s2 ^ ^ .g &c -S 07 6 rA X oom -- -- C7V" 1 o X^ -- trs oo -vA O 7T ^r Oo cv --lA rA rA i AT* ! A ^r vO 'pCtTKv ' f crAv o" vO^ 77CTTV Tf z Pk " rA AAJ ST aT 'T 1 Cv 'T* 7T C\rV\ ** AJ*' Cv ;I7cPv i rA 'AT* -- Cv xp 7T vO XpAJ- | 1 CD aT Cv A P7p oCV'" VT x" ; ocv | o' \<0T Cv 7T vAOJ" ^A- 1j ^i I rg IO x* .ScT Cv CV ' 07 O 313 77 Z a A. xS SS ort 13 7gs- O -3 U"2 a<, ^o O r* OJ 07 zo w w rAti s_"cQS Q^ . Cit3ou T0J7 -w c0Q7 5^ SPOK <N vJSo .Cy2 ^ IH -j '*o P 07 g> Eo G .2, w5 3<5 oV7 CV 07 07 . a. cu fK \0 -XUO 73 -p 07 _a- 7cTv oO C--V *7%T .c5 O- Oh < aq 73 -u --: p07 U U > o o73 3 G Q UD 7CT4 E 3 "a, V35 73 07 C -KC: 0000-NLI-000018402 5$ 55 ax Sfci - Q. 3 05 oE S5 -g oS voCOM OvOS\ <x> 1.3 rr^- j^-g 1** 3 OS O &- -w3 55 a. - "^. o c _ 2 SI s oy* ) R3i sa v so uc -. O 25O rCCMri j=O_, v-Tsa s9 T3 G s 3> a 3 < raJ* CS S ii o 26 *6 0 2| I I 6 = 3.2 8 g S > --E g E | f> *- P g O ^ 4> U^ Z '2 u ^ c e g.s si Ji S 2 - < Si S8 --, "* G*T{QO 529-" fcfl C -<S vETQJ. 73 w -ss,,u -V a E Es ii e X8 '>tt< o3 ? E^ KS -1 u i-s 1= 2s y 5u 62 "c0 .5 -a e lUs : j C"0 -o . i3 bo n". <0f0l 0.5 J o' 00 2 S J xt ti <J < flj o^ f^fl -aS3 > o^- > oS -j ! Q'U 1 i > ' a ^- -j < 2o - ;JS !I u V :i Q io e 3 2 3 :u = 00 * .5 v, -G -"2n w .I0u *t> 0 *l! ^2 p > 1,1 o - * " a ^ 60 u co aCj t ':-i2j t? 3 c o ,. s oc i "O0 .c o c? E 1- qj 'C s^ ^2 3 w 6c0 ^3 _** o a o On * E T3 o c* O oG `z; ^ S-g a ts o3 1 uc j*s- ou -~ Se G00 v, >" X*u- "oOE .- ^ --o c (/> ">^s 20>.-Co </> * 3^ ^ w Vwta Xvi 3 a "O T) -S * ^ '0 *T3 vGj ."S t/i yM JtTp ss 2- g " g66 eO O 00 . S 3 = 53 3*^-.t0s -oc C^ u ?-- S I/) 4J - o -- w^> C 2,2 S Cl , -- S. ,, 3 5.-04/ G ? =-3 0 > = S'5 E S3 !Ej s "O 6_0 O--N (.N. S'-TJ 2 ; 1: 21 ^ ^u s * _1 22= o3 2 Ta, auyu ,_2C^ -25.P 3 S- aT " lE lg "_- v5G*i Co <aU .a5 X -= & Svp -- "2 ^ O 5afeljo V*-< 60 y gcS Sll sg 3J u . G Wyu <v X -fi oi:S xSa o3 2 c c u O % O2 ^c -c U L. U ot J S 3 w--c c g c a. &3 *Cl-- ~o "O s> G -o 3 ^ W U ' o .i; 2 v^ d 2 VToOTsS "o " fl O cs 16 u cG -aa *cVW Gnc 2 S > j C u >> ^8 a< ^o. 2 . 5 o ^ -2 S m o ^ 5 = U53 --1 w co- ^--c "O ^ a_. illii -3 VJ V 3J = 5 CL. ='5 o ce* za" < "O 2 -c * Sy c = SJ T V 2 0.-5 a. tj 3 -o , -G 25 ^5 *> 5 -SR z jj >z t.. 5sR; *n -a -ot> t/i ll: *Xp 0 O c 0 90 = -O 90 a p g ea `5Q. u 290 61 HI i Ja `3? , * rCN p 2 PM c 2 <' g-S-^QC o-%.-ls8.S,3as! -ZgaiS S`S 8 at S5 . r!' "o2T^o<UaE= Oow*2^--G-'Vi.Sy.2v^O ^SqOS. e 60 55 o >^5l".Ol3*lcySv' -= SOv*- va q ^ .<0 ^ -* |8S|;f`So a 55 Uwo3i,JTX42>j aWN 9* cj-/\ g 15-*slisa 3 u ^0.9 :-93.5 -- M 0 W t> 9 : s i3GW'S^JJ'0'' <0 r- ^ pr*' 3 -.^wG5.. pM^3 ono--o^H_^oc3--J6<3m3, qUuetDil _usXS^g_px^ifJca, -^5ois--o^)v2"?l^ficwli 0fNl G*-W y ' 2<N Js TM 2 s -- ,, u 5**S Mo C S fl o 2 *<-0:5.3* U fco3 w 'o5^ go6=0,1i.S33|3ou-y^-UxiN>N'.Ss8 S C.ss'x3c._fSl 2 a g-S-o- a X a o c 5 j C Qe--. '/^,"aX|-wa;g||S " 8* S S 3 S<3 "-1S2 xO-hS 1* a2:> <S1 1/1 3 o.-E 2 s a-o 0g_S-9- - S i-2-3 -3 "3 a^ 3 OH 53W Ug *__G >So j^fl/QSro-sJ.i ac cCa<-*-n-0- 0000-NLI-000018403 T E N -Y E A R R E V IE \^ (^F O P E R A T IO N S 1.03 In c lu d e s cash d iv id e n d s o f $3,869,137 and 5% sto ck d iv id e n d va lu e d at $31 per share, In v e n to rie s f o r 1941 to 1944, in c lu s iv e , a re s h o w n n e t o f n o r m a l s to c k reserves.t Os Os X Os ia a A suos . O' sc Os aT 'T* OS ST o ph 'fp a X X rA ^4 I/s ST oOs VfA *-* A* rA r aus r-T so Ai VpH rsf a Ai -H ofA A lA lA IA IA fA 00 o* IaA* 'T * o vq aT fA fA * vo fA fA * ai m so go <sj vq ra lA fA Os SO vq pfpAHa SO Os A* V lA pH a* IA x. a * * so" fA 'fl* a fA so A; X IA X lA* ST SO X so XIA x* IA ai* X rs SO Os a X, wpH* fA a T " IA X N . pA fA SO fA X IA SO fA fA fA '*r fA ''T* Ai IA ApH1 xw+* Os aT xA1* os lA A ^P Ai A|AA1 rOs A-" SO ^ OlAs fA A^ OA- Os Os lA fA fA SO ia VO, VO os a so" aATi X , V a A Os rOs AAJ 'T OS fA fA IA Os IA rS vo ><r lUAS aT 'ff *-< A1 'fP fOA Os Ai X IA IA aVAT Ai PA Ai * Os fA* S fA X IA A ><r a i x pa OfAs pA a rA Ai* iA Ai so A- X Ai. ST fA SO fp A- O' ^T A^ A* SO* Os sc 'fp Ai so Ai fA OOss OIAs IA PA VO '<r IA lA >XT Os A A so* * XAi X Ai Ai Ai. A X IA m Ai X* Os X* O' IA Ai A vq PlAA A* >T * 4* fAAi 'T* fA s Os * IA Os ^ . A? pA lA A fA Ai fXA 'IfAp A X* PH 'fp* fA * 'AP fA IA " XPH* * A Os X Os A Os a i. A X. CO Qs aAIT . APA IA * PA PA * o Ai. X* fA X* IA ^p 4ft fA X Ai Os fA Os ph A* fA fA Ai* Ai X A Ai A lA . X. ^P fAA CN O' OAS AIAT vq X* Os * ^P Ai Ai A fA Ai Ai fA wi pa AAI* Ai A 'C 4ft 'ITA IA PA IA X. Ai* lA IA pA AfA OS A * IA on fA Ai X PA ^ X* pA fA tp IA fA IA fA IA Ai 'T. Ai pH A IA Os APH fA oC A PIAH OS ai m A lA IA OXs Os * . 'frAp X Ai* PH Ai* A " lA lA O IA . . VOs AA 'p /s lA IA A Ai X fA A X 'fp. Ai* * fA X AI Os Ai OS 'fr IA* PH* pH IA Ai IA Ai fA X. A O lA* Ai* XIA* X. Os X, lA IPAH IA* fA Ai X A v A 'T PA sfAo IA 'OT* XXA Ai fA IA lA Os fAA A* A . lA* ,. XfA* OS Ai* IA fA Ai lA A fA . fA A X * OfA fA IAA >T * fA PA A '<r Ai . ,, IA 'lTA* X vp pA Os X ^P fA (A E 4/ o y) c z zO 4) X o t/5 c o S x*0h V) v o'.S Ct E o 23 c 'S .2 S rt S U u c o c x<S) o O Cu c o o E c 4, E JJ CX 12 >u o-g <^ (+A H3 .*} 5O fft e <*s 4> t;U ^ o> Z x cu 3 cs V SC jC X 3 - r ^o 2 5w g* as Mc o -2 *21 On > 4> 41 Q a. c 4> oo w UU H l2 Z o 2 m RESEARCH & DEVELOPMENT# C O R P O R A TIO N S IN W H IC H 3I 2 = =0 S 3 I I zil " '-1 a "3 5 e JZ s V* - 0^ C < J-2 *c3 -r5$ c .3 n a0*c<^* atS: 5* rsG-a ^3r .o2-; ^o S * Q.-3J C5 33 u2 E % -ao b i l i ^ Z3 Is e1 > Zu I 2 Z --m -W \Tj --4 -- -J >< ^- * <z ^^= < --. Z/ S W ~~) so "d Z3 z o P < 05 2a* *v aS "3 31 O to Z H3 ai os *^P LCLOl S3 < 2< O"jS 0s 2- S s < >z 2 1| u1 x OS H ps Q$ H S ^5 55 s*4 Qw H fz 34 s o 2I zi < d "> H 3Zm 3* Z =6 u<> <W 2 33 H< 34 33 O 3< >. O2 > | zQ 2 .s = * 2 O U SI H < hoe" H< 34 X So H I* ^ 0 1 u z Z5 8| *" 22 a.' a Z32 COSS b^ I o_ U5 O5 tt, > s "i 'S> Ju 3 X "3 s^ S3 03 t/3 0 3> z^ o5 < 2 z o p < aS Oe a. O5 Ua. o< s ?,3a o SI !/> CO nJ U4 <N Hu SO 2i aws 0 HH C/3 < 2 o (J OB Q| 34 3 Id -J UJ CO <C/3 3 O* 25 Z ui Z z~ 'i H zU4 :i SJ < <_ . f-c du ^5 Q i. 5<23 ?=^ 25 0 ~3 u3 ji 2 2 <* << 7 C/5 Z OU ^2 CJ < 34 ~' 1 H .? . <I; * <2 .z O -a u^ Z2 <* H P et fJeC-53 C3.^ Bia; tif lag :t- | Q Eta ^Bp-*-! 07*- azi^ij'p^<"cac--hos Z "-c/p ` iQ < g|S 2 z ?SG 01u1 <^ rHOtO sg < y 2 U4 2 < & O z o p < as O SS O1 u5 c/5 ft -CrJ* * xm b2 s3 2^ 2u zx <s z o p 2 2 os _ O5 U .2 z* agi Sp S a, cc ssi PA rA BR AN C H ES A N D D IV IS IO N S O 5C t C S co -- "5 3 u Z sl 2--5 8 i> 5; s -s co rS Q < y - 0* " S^ I ? 5o I ^ 5* 33 cOn JO3 E 3 b GV "Uo NO 3 e 33 >- G rt ^ >? -Os 5?B >- . a >O V* SV*J 0J os u ; 3 -A * i. a 2 2cS > - VJ - ^ Z O c u -Eo ^<rn- xS ?= -5 e3 -u o c; ^ H O ^ >4 ^ I *V0 ^ 5 ^ V Nj ? oJ CO $ 5^ c . -^a -B3 -a . 2 .35 o ca fb f-o ,,,, 3 u u"o.w"aO..'.-sC C ww S I u z < 11 ^O"S3 "Qc4i a- P. -4 f- Z-aJ eu^> _ 3- <^S 1^. 02 Z 0 i a>pU oTM Z 8Z: <0 -; 05 -Q- 5Qz-oxE0s3fAct. 5d U>J W. UJ -J U os CQ dw 2\ ul2^ Z1 Q8 PS ^ 33 >J 22 o< g== C/5 ' r* c X> a JI .y P Q / | UJ . oS >" B0"i C/5 2< fcC P< Z 05 04 >< Q 34 zS 22 c*/h5 "-^ >t 5>. <? > H34-X5 2 V5 *>' o < 2 o> u ci SSzi ito z o 35 s> z` 02 cn o<, r^ c^jO3 3# <3 2 <r .< o 5 5-<" 5d C/5 ^kJ.-Wo 2 V *- C3 z z b 1> r2 Z o 2 Ujr> 60-<: 2JS UJ os < W X2 2* 1^5 JHaJ? fa5 3 ad < s- H sgs <-^ . zI 05 34 H < C/5 >-J b. 05 -- ii 5z 2 d^ z- 2^ H* < z SQ u< a. a* S"i 5- ^34 Xb 3S 2q 2d x< <o Xx o 34 H Z5 O 3 >2 33 2*2 2x Z <-' H P 5M m 0000-NLI-000018406 >* 2 < a, 5 o u S ab.S cc Q > > "O u^ ss .3 .2 `ouc 'ouc u. u> NN c_ PI) ~1 c a; _ .= ^3 ^3 u -3 -2 e U Q -6 1 ! cc PP "Oc CoQ <o*- <-* S' J* 9 W <cu u V5 ^3 ^ o j t5 X (3 Q 5 H O 56 5 Ou' O 2S _1 Q 2 <CUL -oOOSJ ^ n3j 1a5> 0/ o> .fr*S a. > g- 8 --.S3 cO -OVC *T4c3) < .y cu u S _ I ^ 3 "3 "9 Q js j u S 8 g U U < < h J >a < H < s o 2 c V60 as < Q 60 -i co .5 -j co 3O 60 X *o jj? -i U U ^ 0 //-->l o .2 ~V 3 `o3 p* --, G v) c I o c *E t i2 i2 9 -- -- fehh 5 C/J qj _2 G2 ?cj 35 -4oj -<oU `5o *o SQ ; SJ *e 3 3 H& HE 33 *S 'S HH (/) & co DU a oaas, o VI -cafl 5PP il Cu ^ U 3 Co U pia- p |-uJ ^ -j < Xw '-4PPJ '-uC3 M3 CjO ii --C -- Crt 3O i Zw ss = H O 2 <a- S o u Q iJ co 5j aj '* o< w s i>-) ^-o -- ,u 'S S -o Oi ^^J h^J^(41> 2 C60.-Uo ^ - o +z '3 -C c X cu o o _a.O -2 C 3 c/3 cao ~ jg CO ^ _? 5u 3 Cl , & = -o C 2 S 3 '3 J2 ,S* *- QO- .2c SO- "Ce iy 2 PPPCUhP UNU<J O -a o 2^ -o ^uu h4 J ccl S Ti52 "O< 15 v >w qj (-4 4J . 2 _ <* oOJ<a>_uj,*-`.Jscos_.1 E .2 ^Sqj 03 u OS*-3 C?3 I H C/3 H c/3 a < jj "3 2 2W J-A pp c-</j) "CoTJ ^wtrr\ yc 3 hUJ -a l sO I- aCO 1H aU zD az -s 2Q 0 K < ^3 aO X g 8 s aa- HS < <MU c/) "O -- "G33 <3 & c/3 ^c u o. CO O3 G"2 D TZi 9O .2 o!*"-* -45> JcCOoO P- -qo--_j e P S S! x w e p c b >>2 ^2p - w toSj qj J X u < ^ -C <r v, G 4j W <l > _ 13 _OCGQ4 \r> 04S--.yn i U z Ul .y .'y/) -rat -fal -(o3 'G- o CQ CQ i--3 2 73 C O -n ^, qcoj O-- C/3 2 a, i-l c/: "O<cu CQ "3 60 C D Q O Q-"So aas. EJh u ^ 3 U3 33 O a w-J Cl D cl cq cq nr\ jU G55 <U-i -uj u j r X oaas. >- urt P2 S^u Oj u g- >4 wu -Sc ^0 jOs 1 2 Sri* <H c/3 03 H 04 >4 0000-NLI-000018407