Document 8Re1vmRZe4R594jv7g2r34xDa

m >< i j mny "A corporation organized for profit and conceived and developed in the fixed belief that an adequate and deserved profit can only come to its stockholders through supplying a recognized demand for merchandise of merit at just and reasonable prices, is bound to prosper. Such an organization, headed by officers with vision, initiative and determination, and with a staff of loyal employees striving earnestly to maintain the basic ideals of the institution, is sure to be a permanent and important factor in the industrial and economic develop' mem of our country." ADRIAN d .j o y c i: President Annual Report ^ 1028 n n30/sf> New plant recently ac quired at Minneapolis,Minn., to house opera tions formerly conducted in two separate manufac turing units in St. Paul. New retail store and Dis tributing Cento erected by the company during 192S in Jlono lulu, Hawaiian Islands. In addition to these physi cal achievements of J92S, contracts have been let for the doubling of the paint grinding facilities of the Reading factory and one of the Chicago plants to take care of constantly in creasing business. Some of the cJ\[ew 2_. -- *r v-J%t -v Pcion New l ac/ory a n d 1V a r e h o n s e a c qu i re d at Pong Island City, N. Y., to replace leased quarters. Cl f) l\uc Tuo January 3, 1929 To the Stockholders Herewith is submitted the Annual Report of the company and its subsidiaries as of thedoseof business October 31, 1928. The businessfor the last fiscal yearhas made very encouraging progress, our net sales amounting to $27,417,570,76. The final net profit was $2,261,118.49 after depreciation charges and reserve for federal taxes. After prior preference dividends, these earnings are equivalent to $4.43 per share on the 400,000 shares of common stock outstanding for the major part of our last fiscal year, and are equivalent to $4.34 per shard on 408,333 shares--this being the average number of shares outstanding for the year. On the 500,000 shares now outstanding these earnings amount to $3 54 per share. It should be understood that the elimination of annual interest charges amount ing to over $175,000.00 will be an important addition to our future earnings. Your Directors, in view of these earnings and of the bright prospects for the company, have placed the common stock on a regular dividend basis of $1.50 per share per annum, and have declared an initial extra dividend for the first quarter of 12J^c per share. It is the intention of the Directors to continue to declare extra dividends quarterly as the earnings of the company justify. In line with the fixed policy of the company to control and supply to its factories essential raw materials of the highest quality at the lowest possible costs, we have added to our facilities buildings, machinery and equipment to increase the production of our various raw materials and this should materially increase our profits in our new fiscal year. Our company has come to assume, more and more, the character of a great chemical organization utilizing its laboratory and technical research facilities in the logical development of its diversified line of products. Recognizing the changing commercial conditions of the present economic era, your Directors have striven to establish this company on a sound financial basis and have so diversified its products that it may always be in position to make substantial progress and maintain its place in the business world under any and all conditions. It will be seen from the report at the end of our fiscal year that the company had no bank indebtedness, and it is gratifying to report that during the year the total indebtedness of the company was reduced by an amount in excess of $2,870,000.00. This reduction in indebtedness was made partly through the sale to our stockholders of 100,000 shares of common stock and partly from funds taken from our treasury. Notwithstanding this reduction in indebtedness, and the purchase and payment for plants and equipment during the year to the extent of $600,000.00, the company's net working capital shows an increase. The only bonds now outstanding are the purchase money bonds amounting to $315,000.00 on the properties of our subsidiary, TheChemical & Pigment Company, Inc. These bonds will undoubtedly be retired within the present fiscal year.' In addition to retiring our bond indebtedness, the company has purchased in the open market and has retired prior preference stock for its sinking fund, so that the sinking fund requirements are taken care of without additional pur chases until 1930- It will be noted that the Balance Sheet shows a ratio of current assets to current liabilities of approximately seven to one. The Canadian business of our company has had another prosperous year and our business in that country is growing steadily. During the year a plant for the v== Page Thru GLP30258 manufacture of nitrocellulose lacquers has been added to our Canadian unit and we are anticipating good returns on this investment. The retail and service stores division continues to make good progress and the company has added four new stores to its chain and plans on opening additional stores as conditions warrant. The Chemical & Pigment division of our company has had an unusually suc cessful year and with the new lines of chemicals and pigments which the com pany has developed, the organization is now in good shape to largely increase its volume of business in this direction. It has been necessary to increase the manufacturing capacity of The Food Products Division, and contracts now in hand insure a largely increased volume of sales for the next twelve months. It has also been necessary to add to the manufacturing facilities of our Euston Lead Division, and this plant is now in position to steadily maintain a larger output. Substantial progress has been made in developing new and important lines of precipitated Dry Colors and furnaced pigment Colors, and this has enabled us to take on additional business in our Dry Color and Chemical factories. The company has continued its plans for the recovery of all by-product metallic residues and is now producing increasing quantities of products used in the automobile and metal plating industries. The company now owns in fee the important zinc mining properties in Cali fornia, ana during the year has followed out a plan of the development of ore bodies, and it is the policy of the Directors to keep these properties, together with our barium ore properties, in reserve as a safeguard for our constantly growing chemical and pigment business In the opinion of the Directors these properties are carried on our books on a very conservative basis and have great potential value. We have attempted in this Annual Report to show to our stockholders some of the factories, chemical and raw material plants, distributing stores and ware houses to give our stockholders some idea of our widespread and well co ordinated activities. All of the properties of the company are in splendid physical condition and with the addition of new plants at Minneapolis and New York, and the increase in production facilities at our Chicago and Reading plants, the company is in position to take care of the largely increased volume of sales for which we are planning. In presenting this Annual Report, the Officers and Directors wish to express their sincere appreciation of the earnest and unstinted cooperation they have re ceived from the loyal employees of the company. The results reflected in the re port are a tribute to the enthusiastic spirit that has animated the whole organ ization. Yours truly. ADJ-V GLD30259  12? -S3* 0TON CCHAIHCTAOGMO C>NC>h*TI Cl.tVlt.ARD (SLVIlIVi &*VtAAO*r GVTCN rCiCTNMVEoMn ERNST & ERNST ACCOUNTANTS a n d a u d it o r s SYSTEM SERVICE CLEVELAN D OMAHA RnrHr1sLsOuMH.SMHN1A RaoviOfMCC RRiOc Ch mMoisnrcdM T LOUIS SRTA.HRAANUTLONIO AN PAAMClteO T*MRA TOLtOO WACO WWANSIIHLIFNNGOTON Mt*HUGNUG AMTWSNf December 27, 1828. CASLS ADOAltt AMSTa UOIT" m V. Board of Directors and Stockholders, The Glidden Company, Cleveland. Gentlemen:- We have examined the hooks of ocount and reoord pertaining to the Assets and Liabilities of THE GLIDDEN COUJAKY - CLEVELAND, end its principal Sub sidiaries, as of the close of business October SI, 1928 and submit herewith Consolidated Balance Sheet as of that date. Our verification of the Assets and Liabilities of the Subsidiaries not audited by us was oonfined to examination of available data in Cleveland pertaining thereto. Cash balances and Customers' Notes and Trade Acceptances Receivable were satisfactorily accounted for, exoept as to certain branches and stores which are included as shown by reports submitted to us. Customers Accounts Receivable ere stated as shown by trial balances of the individual accounts, the accuracy of the Companies' records relative thereto having been satisfactorily tested by us, and in our opinion sufficient provision has been made for doubtful accounts, discounts, etc. We made test cheeks of the clerical acouracy and pricing of physical inventories which were taken and priced under the direction of the management on the general basis of the lower of cost or msrket at October 51, 1928. The entire inventory has been certified to us by a responsible official as to quantities, salability and basis of valuation. The investment in California Zinc Mining Companies has been increased during the current year by acquisition of the remainder of the outstanding bonds of,the California Zine Company for a consideration of #157,500.00 and advances made these Companies in the amount of #91,815.88 the latter consisting of #25,000.00 for purchase of land end the sum Of #66,815.88 for expenditures incident to maintaining the properties, development, etc. Provision has been made in the accompanying Balance Sheet for all ascertained liabilities of the Companies as of October 51, 1928. Subjeot to the foregoing, WE HEREBY CERTIFY, that in our opinion based upon the records examined and information obtained by us and subjeot to any neoessary adjustment upon determination of final liability for taxes, the accompany ing Balance Sheet correotly sets forth the finanoial position of THE GLIDDEN COMPANY - CLEVELAND, and SUBSIDIARIES, excepting the California Mining Companies, as of the close of business Ootobor 51, 1928. 7 GLD30260 CONDENSED CONSOLIDATED THE GLIDDEN COMPANY AS OF THE CLOSE OF Current ASSETS Cash on Hand, On Deposit and In Transit Customers' Notes and Trade Acceptances Receivable Customers' Accounts Receivable Less: Allowance for Doubtful Accounts, Discounts, etc. Miscellaneous Current Accounts Receivable and Creditors' Debit Balances Inventories--Raw Material, In Process and Finished Merchandise on Hand and In Transit on basis of lower of cost or market value (Certified by Management) $ 262,364.21 3,666,751.81 3,929,116.02 138,843.99 Other Assets Cash Surrender Value of Life Insurance Policies Miscellaneous Notes and Accounts, Salesmen's Advances, Capital Stock Owned, etc. Permanent Land Buildings, Machinery, Equipment, etc. Less: Allowance for Depreciation 9,891,873.35 2,572,979.42 Investments in California Mining Companies, Ore Lands and Leases Mining Companies--Fully Owned (Not operated during current year): Investment in and Advances to The California Zinc Mining Company and Afterthought Zinc Mining Company Ore Lands and Leases, less allowance for Depletion Good-Will, Patents, Trade-Marks, Reorganization and Development Expense, etc. Deferred Inventory of Advertising Stock, Stationery, Factory Supplies, Unexpired Insurance Premiums, Prepaid Taxes, etc. $ 633,086.62 3,790,272.03 158,917.34 4,884,859.48 137,562.50 114,242.25 1,459,608.22 7,318,893.93 $751,670.44 416,556.38 $9,467,13 5.47 251.804.75 8,778,502.15 1,168,226.82 1.037,339.65 371,099.99 $21,074,108.83 1 GLD3026l 5 BALANCE SHEET CLEVELAND, AND SUBSIDIARIES BUSINESS, OCTOBER 31, 1928 Z LIABILITIES Current Accounts Payable Mortgage Payable--Assumed in connection with property purchased Accrued Taxes, Interest, Insurance, Royalties, etc. $942,884.81 117,500.00 372,765.57 First Mortgage 6% Gold Bonds Subsidiary Company: Outstanding ($35,000.00 due April 15, 1929) Reserve For General Contingencies Nominal Capital Stock Prior Preference 7% Cumulative Authorized 75,000 shares Less: Unissued and Retired 5,833 shares $7,500,000.00 583,300.00 6,916,700.00 Common No Par Value Authorized and Issued 500,000 shares Declared Value of $5.00 per share Surplus Balance October 31,1928: Capital Surplus Unearned Surplus Profit and Loss--Surplus 2,500,000.00 4,640,504.23 1,427,224.78 3,656,268.40 , 9,723,997.41 $1,433,150.38 315,000.00 185,261.04 19,140,697.41 $21,074,108.83 (NOTE) This Balance Sheet is subject to any adjustment found necessary upon determination of final liability of the Companies for Taxes, and to the comments in our "Certificate." included in and made a part of this report. 2 Pay: Su c h GLD3C26? CONDENSED CONSOLIDATED OPERATING STATEMENT THE GLIDDEN COMPANY--CLEVELAND, AND SUBSIDIARIES For the Fiscal Year Ended October 31, 1928 Profit Before Interest, Depreciation, Income Taxes, and other Deductions Interest on Bonds, Borrowed Money and Other Deductions--Net Profit before providing for depreciation and Income Taxes Provision for Depreciation Profit before providing for Income Taxes Provision for Estimated U. S. and Canadian Income Taxes Net Profit $3,297,713.02 393,812.72 2,903,900.30 380,281.81 2,523,618.49 262,500.00 $2,261,118.49 CONSOLIDATED SURPLUS ACCOUNT THE GLIDDEN COMPANY--CLEVELAND, AND SUBSIDIARIES October 31, 1928 Balance October 31, 1927--as shown by Audit Report Additions Net Profit from operations for the fiscal year ended October 31, 1928 $2,261,118.49 Excess of amount received over declared value of $5.00 per share on 100,000 shares of No Par Value Common Stock sold during the current fiscal year Discount on 2,442 shares of Prior Preference Stock retired 1,750,000.00 13,136.36 $6,340,230.78 $4,024,254.85 Deductions Dividends paid on Prior Preference Stock--7% Charging off entire unamortized portion of Bond Discount and Expense Premium paid on First Mortgage 6% Gold Bonds retired 487,693.50 96,624.72 56,170.00 640,488.22 Net Addition 3,383,766.63 Balance October 31, 1928, as shown by this Report $9,723,997.41 Pagi Eight GLD3C263 "Everywhere On Everything' A Slogan That Truly Describes the Scope of Activity and Breadth of Service of the Glidden Company- HE business of The Glidden Company is characterized by broad diversification. The many and varied types of fin ishes manufactured are in truth applicable to everything from lead pencils to locomotives, or from shoe buttons to steamships. Diversity of product and a wide extension of facilities for service make for strength and stability. "Everywhere on Everything" is more than a slogan. It is a literal statement of fact. Glidden factories and Glidden warehouses are strategically located so as to serve every part of the United States and Canada quickly and economically. Unity of management and control, and centralization of responsibility are productive of efficiency in manufacturing, economy of distribution, and reduction of overhead expenses. In the industrial field The Glidden Company has long oc cupied a dominant position. Serving the furniture and wood working industries with paints, varnishes, and lacquers. The Glidden Company has won a secure place and enjoys a confi dence that is the result of over halfa century of progress, char acterized by constant improvement in products and methods. With respect to the automotive and transportation field, The Glidden Company occupies a position of recognized impor tance. Large independent manufacturers of motor vehicles, truck makers, body builders, and automobile refinishing es tablishments are large users of Glidden Motor Car Lacq and Varnish finishes. Glidden Railway and Marine finishes enjoy a reputation for highest quality, demonstrated by a constantly increasing volume of business in these lines. Every new industry offers an expanding field for the use and sale of Glidden products, as exampled by the radio indus try which is a volume buyer of Glidden finishes. Gl30264 Not only as to finishing costs of products made by indus trial institutions, but in the development of specialized paint ing and finishing systems for industries, such as the dairy, ice cream, and other food products and chemical plants where paint is an important factor in efficiency and sanitation, The Glidden Company is meeting a constantly increasing demand for its products. Paints and varnishes for the maintenance of industrial buildings, public and private institutions, office buildings, hotels, apartment houses, and the like, and serving the needs of the professional painter have contributed to a satisfactory volume of business which holds constantly growing potentialities. In the sale of paints, varnishes, lacquers or enamels through the thousands of retail dealers located everywhere in the United States and Canada, The Glidden Company has been expanding its business and increasing its reputation not only by quality products, but by intelligent intensive sales and advertising effort. In addition to these retail outlets The Glidden Company now operates twenty wholesale and retail paint stores established in growing cities and which provide not only a wonderful outlet for Glidden products to the consumer, but also act as warehouses for supplying retail merchants located in the marketing area of each store. Glidden supplies raw material in large quantities to many basic industries. Rubber manufacturers, linoleum manufac turers, shade cloth and paint manufacturers, ink manufacturers and lithographers are served in the matter ofpigments and colors. Bakers and confectioners are given pastry coatings and edible oils. Ceramic manufacturers are provided with carbonate of lead; soap manufacturers with vegetable oils and fatty acids; petroleum manufacturers and vitrified brick manufacturers with barium sulphide and barium chemicals; paper manufacturers with Cadmolith. Paints, varnishes, lacquers, enamels, and other finishes are indispensable for the protection and beautification of practically everything that is made or sold. The Glidden Company serves every field of industry. Its scope of activity in this respect is unlimited. GLD30265 Experience and ' Facilities in eManufacturing HE chain of Glidden factories Trepresents a remarkable combi nation of man power and ma chine power. The combined ex perience of many men is pooled under a unified executive direction. Every mechanical facility that modern engineering has evolved makes possible quality production on a quantity basis. Glidden laboratories are con stantly at work devising and per fecting new products and improved methods, and checking production all along the line in order to insure uniformity of standards and results. The growth and prosperity of The Glidden Company is predicated on the intelligence of its personnel and the mechanical equipment for efficient continuous production. A policy of continuous improvement animates the Glidden organization. There is no slavish adherence to old formulas or antiquated methods. The advancement of chemical science takes precedence over ancient shibboleths. The path to progress is the path to profit. jj'A One of the large Chemical laboratories devoted to the Formulation and Testing of Paint Products. A Typical View of one of the Paint Grinding Rooms of The Glidden Company. Page Eleven Another Interior View showing a Battery of the most Modern Type of Paint Grinding Machines. GLD30266 A general view of the Cleveland Plant located at Madison Ave. and Berea Rd,, Offices are located. To the casual visitor it looks like a busy youtii which from the Main Office present a view of1 THE GLIDDE Ef ,tE Officers and Directors of T'he Cjlidden Company Ad r ia n D. Jo y c e - President R- W. Le v e n h a g e n - Vice-President R. H. Ho r s b u r g h - Secretary-Treasurer M. F. Emr ic h - Vice-President, Industrial Sales H. K. Wil l ia ms - Vice-President, Railway and Maintenance Sales J A. Pet er s - Assistant Treasurer C. M. Ko l b - Assistant Secretary C. L. Co l e - General Auditor Amtaw D. Jo t c i M. F. Ems u c h H. R. Ha mil t o n R. H. Ho r s bu r g h Transfer Agents The Union Trust Company - The Seaboard National Bank - - a. Directors P. L. F. El t in g Dw ig h t P. Jo y c e R. W. Lb v b n k a g bn W.J. O'Br is n Cleveland, Ohio New York City Registntrs The Central National Bank Chase National Bank Er n s t & Er n s t , Auditors E. R. Tin k er L. B. Wil l ia ms Cleveland, Ohio New York City 2 GL030?fal V d covering some thirteen acres. It is here that the Executive and Headquarters Iit} set aside by itself. The buildings open out on a central avenue, tit ity that is at once interesting and inspiring. . N COMPAMY ar........ i | Manufacturing Tlants | Chicago, 111. i Cleveland, Ohio Minneapolis, Minn. New Orleans, La. Scranton, Pa. St. Helena, Baltimore, Md. i Collinsville, 111. Oakland, Calif. St. Louis, Mo. Long Island City, N. Y. Reading, Pa. Toronto, Qnt. San Francisco, Calif. Atlanta Baltimore Beaumont Binghamton Birmingham Boston Warehouses and Tfetail Stores Dallas El Paso Evansville Fort Worth Honolulu Houston Knoxville Los Angeles Miami Montreal San Antonio Scranton Seattle St. Louis' West Palm Beach Wilkes-Barre Winnipeg Page Thirteen GLD30?68 A vie tv of the Large Factory lo cated in Toronto, Canada, to serve the entire Dominion of Can ada. In this plant, paints, var nishes, lacquers and enamels are The New Orleans Paint and Var nish Unit of The Glidden Com pany. In this plant both paints and varnishes are manufactured to serve the South and Southeast trade. "Dixie Made for Dixie Trade" is the slogan of this manufacturing unit. Facilities for One of the paint, dry color and manufacturing units located in Chicago. It is in this plant that the largest volume of dry colors for the company is manufac tured, and also a large volume of finishes for the agricultural im plement trade. KDEQUATE and extensive manufacturing facilities, represented by ten paint and varnish plants, tell only part of the story of' Glid"den expans`ion and' Glidden's opportunities for constantly increasing success. The distribution of these plants in strategic geographical locations throughout theUnitedStates, togetherwith a GLD30269 faff Ftttrtus H -t matwfactmed for the Canadian trade. Additional facilities for delivery service have been added through the maintenance of ware houses in Montreal and Winnipeg. r*-- Another manufacturing plant located in Chicago. This is the Chicago Lacquer Unit, and it is also in this plant that Kalsomines are made for the entire organigation. :rrr. + 'Plants and Manufacturing "\ A view of still another Chicago plant, devoted to the manufacture of industrial finishes, as well as varnishes for consumer use. large plant to serve the Dominion of Canada, greatly facilitates quick and satis factory deliveries, insures prompt service and serves to reduce the cost of distribution. These plants, operating under a centralized management, permit of efficiencies and economies not possible were they operating independently. Expensive duplica- Pa^e Fiftttn GLD30270 I I Above -- A view of the newly acquired faint and varnish manufac turing plant located in Minneapolis. This beau- plant now houses, under one roof, facilities formerly located in two separate units in St. Paul. The plant is located to serve the industrial and retail trade in the great Northwest. An airplane&view of the Reading, Pa., unit where paints and var nishes are manufactured to serve the Atlantic seaboard and New Eng land through warehouses located in New York and Boston. This plant also manufactures dry colors and a tremendous volume of small can paints and varnishes for the chain store trade. tions have been eliminated and uniformity of quality in products has been accom plished. The regional system of sales management and control makes possible the more intensive cultivation of business and preserves personal contacts vital to successful selling. The assimilation of these formerly independent companies into the Glidden organization has brought with it a variety and breadth of experience which a single organization is apt to lack, and it has made economies impossible otherwise. Every painring need in industry or home is served by a Glidden product. For every surface that needs protection and decoration there is a Glidden paint, varnish, lacquer or enamel. The good will represented in Glidden products, designs,and trade names constitutes a value upon which it would be difficult to place an adequate monetary valuation. 2= == Ag# Ststun GL030271 The Pacific Coast paint and varnish manufacturing plant located in San Francisco, Calif. This plant serves the entire Pacific Coast trade through retail outlets and warehouses heated in Los Angeles, Seattle, and Honolulu. A Paint Grinding Unit located in St. Louis. This plant produces paints and enamels to serve the Southwesttrade. The Hew York Plant and Warehouse located in Long Island City. Fsge Seventeen yT"i LTDDEN Retail Stores a re ft, Tr.ow established and operated in twenty growing cities of the country where satisfactory dis tribution through regular retail channels was not available. In addition to serving as retail outlets, these stores also serve as centers of distribution to other retail stores handling Glidden Products in the neighboring towns and cities. These stores also arc used as experimental laboratories for new merchandising and advertising plans. This combination of retail and wholesale function in one institu tion is obviously advantageous. The primary purpose is to afford a permanent outlet where Glidden lucts shall be sold exclusively and where the control is centered in the Glidden executive organ isation. Glidden retail stores are locally managed by competent paint mert. Attractive interiors ana exteriors are recognized as important fac tors in developing business anti folding confidence. The gradual expansion of this type of retail and wholesale store is logically indicated. GLD30273 Page Eighteen The Button Lead Division of The Qlidden Company N addition to being one of the most important basic materials in I the manufacture of paints. White Lead is one of the important necessities in the ceramic industry, and it is also extensively em ployed by the rubber industry in the manufacture of high grade mechanical rubber goods. The Euston White Lead Plant of The Glidden Company not only serves The Glidden Company and subsidiaries with respect to this important raw material, but it enjoys a very satisfying volume of busi ness from manufacturers in other lines where White Lead is essential. The Euston patented process, owned and operated exclusively by the Euston Lead Company, represents the most modern and efficient development of White Lead production. Electrolytically refined metallic lead is converted by a process of chemical solution and pre cipitation into the basic carbonate of lead or White Lead of highest quality. Speed of conversion and very economical manufacturing costs are outstanding advantages of the Euston process. Metallic lead is con verted into Dry White Lead in barrels at the Euston plant in a period of from twenty-four to forty-eight hours, while the old dutch process requires from three to four months to produce the same results. The Euston process is also flexible, permitting the making of White Lead of various differing characteristics to meet the individual requirements of the consuming trade. In the ceramic industry Euston Dry White Lead is used in the making of dishes, tile, and art ware; and in the ferro-enamel trade, for the enameling of sheet metals. Color manufacturers use Euston White Lead for the manufacture of chrome yellows and chrome greens. Euston White Lead, ground in pure linseed oil, is extensively em ployed for general painting purposes. "Lead-O-zin," a specialty prod uct, consisting of Euston White Lead and zinc oxide, ground in linseed oil, is manufactured and sold by the various Glidden divisions. &_ PacNtnereen **$*& GL D3 0274 A view of the Oakland plant in which is manufactured lithopone for the Pacific Coast trade and also bleached barytes, barium chemicals and whiting. Because of the ideal geographical location of this plant, greatly increased sales and production are anticipated. This large and well equipped plant, located at Collinsville, 111., is devoted to the manufacture of lith opone, the principal brands being The Chemical and Tigment `Division of The Cjlidden Company In keeping with the Glidden policy of owning or controlling the source of its raw materials, wherever practical or profitable. The Glidden Company owns and operates the Chemical & Pigment Company with large and modern plants at Saint Helena (Baltimore), Maryland; Collinsville, Illinois; and Oakland, California. These Astrolith and Sunolitb. The prod ucts of this plant are sold to paint, rubber, shade doth, linoleum and roofing manufacturers. A view of the St. Helena plant, located in St. Helena, Maryland, just outside of Baltimore. In this plant lithopone and titanium pigments are manufactured, also cadmium yellow, cadmium oxide, and other important chemicals and pigments. plants not only serve The Glidden Company with its own requirements of Litho pone and allied products, but they also sell paint manufacturers, tire and rubber manu facturers, the shade doth, linoleum, and roofing industries. The operation of the three lithopone plants, one located in the east, one in the middle west, and one in the far west, gives The Glidden Company unusual dis tributing facilities for serving the manufacturing trade. From a production of 350 tons a month, the lithopone business of the Chemical & Pigment Company has grown to in excess of 3,0<X) tons a month, making The Glidden Company the second largest lithopone manufacturer in the world. 2======== Pag' Twenty-one GLD30276 4 ,,A% * The Food products Division of The (glidden Company HE Glidden Food Products Company, operating a large modern Tplant and refinery in Chicago, serves the baking and confectionery industries, as well as manufacturing and marketing Dinner Bell Nut Margarine to the retail trade. The refining of edible oils for use in food products is a business of growing importance and many of the most important makers of food products are numbered among the customers of this division. The products manufactured in this plant include refined cocoanut oil, plastic butters, hard butters and nut margarines. Manufacturers of all pure food products are keenly receptive to new products and new applications which will strengthen their position in the competitive market or give them new efficiencies in the manu facturing processes. The laboratories of the Glidden Food Products Company have been particularly successful in meeting these conditions and a large apd constantly growing volume of sales is the direct result of this enterprise and dose co-operation. Glidden Food `Products in the forms in which they are known to the trade ?agt Twn:ty-two GLD30277  Page Tuentj-tfcree GLD30278