Document GmQ7da45EDRJMR39v3ooOdzk7

The RUBEROID Co. ANNUAL REPORT 1942 TO STOCKHOLDERS AND EMPLOYEES I I. I* f i f i y - * i v I It y v n r GAF 12598 GAF 12599 ANNUAL REPORT 19-12 The RUBEROID Co. Manufacturers u! Asphalt and Asbestos Building jiuI Booling Products Proxies for use at die annual meeting of stock liolders 10 lie field ac (lie office of die compaiiy, Smith Bound Brook, N. J. on April 30, I'Xi, at 1:30 P. M. will be requested by the management of die corporation at a later lime. Beginning on or alioiit April I, 1043, proxies and proxy statements will be mailed to stockholders. I/.. O... .... I. ,. > + ' > I'UltnUJ ,*lth f*f llr I ......1CO.I... >1.11. utrmI it /*< kjjthl It m.i.ir W llr Pt. b.i,, *t Ul/ie OjjtCtr i SiKJ l;ii*i 11 AviNiif , Ni w Vokk, N. V' GAF 12600 I MU I O! ( ON II Nh I't sl./l Ml % I l III I ( ill tin i >1 Simiirii.11\ .............. . Ann III SI Ml ll *\l 111 Mil s < >jn i iImii; I'riiMi IH' I lllplo)! i Itl i.tl Mills I Mipl*n L r.*i^ I 1 ( i' 7 11 111 siiii|>lihi.l M.iI.iihl Mini I m11> ir.ii11c ( niisi-lnl.ilc.l H.ll.incf S|#^et >1 l`> i ' ml |)i miiN r U. I'MI II Difi-MiKr I J l'> ( inf'.ii.ilivr ( nnsolnliif.l SfJirrncnr nf M/nfil .iml I ms mi.I i mit|*.ij.i11\C nnsi'lul.iitil Si.iuiiicnt nf I'jrmJ 'surplus fur 11 < Vt.lfs liuKif DsutuNi U I'M.1 .ifiil I). Ivn.lv r U. I'MI II I vpl ui.il.-r I \ i -Ii s I** < <mism!i-I Hi 11 I ui.inCf.il SlJlrrm nls I^ Ai 11 uMii mis Kipi.n . ... 16 hiM.i. V.ilm ,( ipii.il Sj/vk Appnriinnmenl il Mil iim* slmi liiius per Sli.*r. / f.ipiiil Slink I? 'uuinunr of r.tpml Structure jnil DiviJrml RtsnrJ of Ok Kir|<t riiiii ( 6 4inf I'rciltcfisor Compimo IA M ip sIimh utfi I i .iiirins ul Rilli rniiI l;3i mrits jn.l Dm sm.ii S iU * Mini > \c< I is( KmIhioi.I I'im.IikN 2tJ .'I Oirciiufs ( Miners .m.l l ie him r < "itum ttr J` GAF 12601 PRESIDENTS LETTER I a tin. IhlrnkboUtii .ii/J l.i/ij'loytc, "/ till li/ihi'i uni (.u.. Vimr company s activities in loi2 had but one objective -- production for victoiv Over 80 per tent ol RubcroiJ's production was utilucd lot purposes directly ami imlirectlv connected with the war cltort, and the tonnage output in created V per tent over toil, the best previous year in the company's history. An accomplishment such as (Ins can unit he the result ol mutual understanding and unstinted coop etation on the pait ol everyone in the company'* organisation I'inaiiciul Summary* Net profit in 10-12, alter providing for all taxes and a ic serve lor w artime contingencies, but without taking into con sideration the jHjst-war refund ol excess profits tax, amounted to $788,288, or $1.08 per share, compared with $1,3<>3,00'l, or $1.03 per share in lout. Net profit in 10-12, alter provid ing tor all taxes and wartime contingencies, and alter in eluding the (Mist-war refund ot excess profits tax, amounted to $088,288, or $2. 18 per share. The company is entitled tu a ''(Mist-war refund'' cslmuted at $200,000, ecjual to 10 per cent ol its loi2 1 'cdeiui excess profits tax liability. This will be received within three months alter payment in lull ot our excess pmhis lax due tor the year I0i2, in Hie lorm of nun-interest hearing gov ernment obligations, maturing at the end ol the second cal * I lie . c I Will d ulHtu.it llllailcljl *1 .itHue III S M ill tie lutrllcl uii |Mg s | )l( j |i. A 2IC.I l< it mu -iivcl Jp|H. IIS mi p.l^c I I l '1 tndar year beginning a I tt_-r tlic date nt cessation nl txstiLitics in the present war ( wlni.li ilatc must be fixed by proclamation (it (lie Piesidcnl in by ( iingress) and not Iranxlei able until .iltei Mn.li <lak In mil balance Sheet w c have tlicielore shown (Ins post war tax rcltuul ax a non einrent asset and have idler led the lull amount nf the I edeial taxes as a cur lent habiltlv, since the! must presently be paid nut of our l'i iJ earnings In um Prnlil and l.nxx Statement uc have icpnrted our I'M.' pinlitx in tun ways, nanielv: (I) bclorc* taking into ennxideiatinn the post war refund" applicable to 10 ii ex cess prnlit.x taxes, and (2) alter rcllcctmg (lie light In receive this "post-wai refund ." Tins dual treatment will in our opinion present a coirect pietuienl mu 10 iJ profit showing Pioviximi lor payment in full of federal income and ex icss prnlits taxes in to i2 based on the Revenue Act nf 10 i2, amounted tn $2,V)7, iho, compared with Jl.st'o.i^ti in the preceding year. The elleet of federal taxes nil Rubcroid earnings is illustrated in Vt^mc I -- "Disposition of Profits" - on page i. A icseive ol JI7s,(HM> was set aside out nl 10 12 earnings Ini u.utime eontingeiu les, sue 11 as a ilex hue in the stated values n| invenlmies, and other expenses which may lie cn immleied during flic war period, but which cannot now be definitely determined. The company has not set tip am re Hive against a refund of pmfits resulting horn the possible icncgntiutinn ol government contracts under the provisions nl Section itt.i of the Sixth Supplemental National Defense Appropriation Act, I0i2, since it does not believe that tile prnlil realized on such contracts was excessive COMPARISON Ol nil COMPANY'S lllblNI SS K)|< 1 <> i2 AND Oil Nu bales. 1 Xlli 11 1 ( IM.I ) 1 mm i|^i I'lll L ll llui.l |M.I lllll 1*; j ir> 11 >_M. 170 V/u *7 r.m. i 1 o tom $ IK Ol. $,,'7,7?K.Ml> oh -is7.mil lout i l(> i Ncl I'tolus. 1 tj(.il 11\..i . 11 1'iit Utl.iCi ol vilit iNmi it I'll sll.oiul %lok l| lul.ll iNi... -i IVl* llll.l|*l ol 'tjllN Ill'll .-| 1*11 >J|.HI III >ltH 1* iN.in .i l)i\itleml>: JiMjI PcficulJLji oJ net prohl> IVr vluic ol slot L i7hM.JMH VI. .* 7 pu 14.ill $1 `2K iOKH. JHM 'Ht \ 1 |HI Hilt 11 IH SI.MljOOO Jl O 1 pi I it III o\ il n. t.noo _> l) J jk i t ml il VI $ nV,.|7r> on i<> per * col iOOo, ] U) >U i 1 7 per icol il 71 NX'aucs .inti Salaries; Toni IVrmu.iijc of tales Avua^c iitimiier ot unployies . i?,M. i,7VO II. .*> 7 per hoi t,l2l in.-#7>.n 11 i J J I > jKf mu Dircit Taxes: I'ol.l lJir 'lull- ol Mo* l> lYimilJi'iol tlivikliinU iYllCIllJt'l* ol Jilt piolllt l\.r ini|>l*j)ii >J,HOU.Hl| || i7 .*' n \\ pif n ot JVJ |H.r mil iMIi Ml $1 .Ml 7, .1 i 2 ' S 1 V> .'(>1 [nr mil 1 in pci iiol ii n m Uli.ik -tlown of 1 >li it( J axes : 1 itlci.il Nouiul .10*1 buiUx | 1V7, K.V 4M 1 itlii .il Tx* css Piolil'* 1 .ix iN.il* , | hoo.ooo no Ionian 1 .tKis 27,V U> m btRi.il bcuinty Taxis .Ml.hlf l'io|)iiiy Taxes l'l Jll. lilSC l .OilS i in,him m% 127,Hlf. 1 ( Mlnr Mist iHaitians Dire* ( i axes, \M.H77.Us i7BM.Hi. S77, Inn INI J I.MK) NO JJ l.l.N.n O S 1 1 1.0 ' i ?n :n,jh , H 1 08. 1 KO Hi 1..1..1 i2.Mvci.iiu ii II.BI7, IM 2' l N.i| in. I.i.l ><*; ll.t |.sl ~ u iOuli.1 Uu> lit tiitlltjK.I Jl f.'ittl IM* Not* In. I.mIil*. I In p.M I ..I ,|U|> I ...III . Ilk , iIiii.jK.I Jl i.tui turn I lik Kwl'klwiJ I `I .ll>k lull mil. . IwtlUl iMIlMin.nt nl > Ii.i Ml*, lili .11 Ilj vil s.>niilltnli*t * In jo * *1* li I llul iiiivlil Jl Ji lull*' Int.Hn. iii.KiijI Hull hi llti *wI4i|ijiii i Ikijim ul pukll i*mi l 1] GAF 12604 I 11\ h km Is |>.l I' I ID I'M J .iidi tinIH 11 I* Th I I i pel sli.lie | < olli p.iieel u illi <1 'i pei sluie m l`> 11 ) I lie 11mnher of sfock Imlikis 11 it r e.ise11 el it i) r i l; I1'!- If mi I/'Hi to I."*7!, "r ^ pel lent Net -..lie' HI I'MJ u el e i-"'. lie, s 7r>. lepiese ill Hit; .m ill e it .tse- ol S i.D"'7 I S, in II i pel eeut < *ve r I D I I, ,i> ill"" H hi / / .UKI //"//i1 > I lie li >U I < >H i.ii li ,n e uni its .niel i mles letin.il'le .is nl I >eeeiill>ei 'I. I'1 l- u.is et|iil\.llelll I< tile .in......nl nl liillnu;s In euslmileis Jiimi^; llie piseseliii" iX -I.lit. i i iinp.iieif eellli III il.tvs ,il [lie elnse ul IDII llnu ( Jin X.lles I )i>II.ii W;is I Iseil ill 1`lL'" is (lllistrnteel ill // ['//I t- -I. I'riHlin iiiiii Anns I lie tnnip.iin s iii.iiinl.ieliiim^; .ii In Kies in lulj were <li iei te 11 11 >u ,ii els tlie m.iMiiuim pussil'le mil pul nl lines- ekisses f Hi"> t ' : DOLLAR VOLUME OF SALES ' >MM| GAF 12605 Ill pillillkl'1 11 HIM. IIM.ll III "al `"HM I lletH III. Unhiding l.lll lonmcntb, nii'pmls, planli Im ".ii' indnitiiei, and limning tor ";u umki.fi; tlioie nied m llitr labnealion ol w.n ctjoip inenl, Mu.li as ships .mil indusliial inaihinei y; and llmse used to pioleit .uni p.uhage war supplies .iml load dining u.inspnit till piogl.llll III pl.ull additions .lllll II1 Ipl IIV elllel Its IIIJII gioated al the beginning ol I lie wai emergeney hi IV So was iniitiiiiicd Dining IV IJ appropriations totalling $.SJ I ,Svo Wilt ill.alt lor this pm pose miiip,Ill'll wall .1 ilipiii i.ition i li.nge ul $7(fi,(\G7. In IV4_> we bold ihii pmpeity at (Imago, Illinois, Him prising 7 anes and buildings (lurnierlv ubed by tis as ware house aial ollne spate) to tlie II b Delense IMant ( oipo ration, on ulikli we teahzed Jiil.Wl, repi esentmg sub btantially mu Jcpiceialtd book value Ai an .alilition.il saleguaid, mir plants have been eovered with w.n damage insiir.iiiee thiough II S. War Damage ( oi |>oration t i^tn r I GAF 12606 Ik sea nil Ai l n ii n s I In. 11inipaii\ s km.,m 11 piii^i.im Ini I ) i J li.ul three mam ll|l|eltlVCS III dlcCt I.U Hll Ill'll.'. Ill fll.lllltl.il. tu i e. tn dee clop iic" j 111 n 11 n. I s In i cpl.it c 1111 ii a I m rest mini ill. i tea nils, am I to . 11 s 111 \ ii iic" uses lui existing pindmls ami in.iiintai tin on; l.mlilies. " illi emphasis mi tlie "'ai s ki|iiiiemeiils As a re Milt nl lln-. use.mli jnupam. seseial ne" proelmts weae developed ami nit n idm e tl iluiinj; 11' IJ, mi hiiluip; inimij; < ll IlL 1 S /\n asbestos i cmenl building ho.ud lsmi"ii as siijni seal i wlm.li because ul ils e|(t.il11ies is hciu^ substituted lui metal ami lumbei ; liit^li piessiiu asbestos cement pipes I<11 lepl.iunp i.isl unit ami nlliu nn_l.il pipes; and a line t>f licavv-dutv laminateil watcaproul pa pets nseil as a protective "lapping Ini u.ii equipment and supplies Ikseaiili and development u ill Ik tiutliei intensified I here are excellent possibilities nl unpinvin^ piescnt prod mis ami dcvclopnu; new ones in l`)|S Operating Problems I lute <i|krating JiIIkmIIics aimi tliniueli wartime urn dll ii .ns. name I v. si nutate ul manpovv c i. madei jii.il e supplies ul iiiliial i.i" maleiials, and pniuiniuil.il reslneti. >ns on e<|iiipmenl lot lailnrt in.uiiteii.uii e ami unpinvcnieuls I lie manpuuii slimta^e was paitiiularli aeute in com munilies having lapec sear industries Mnrenvet. up lo the c ml nl In ij, til 3 men representing 11 per tent nl mir aver aue working force had entered (lie military anel naval sea vites. nl "bum we eleeplv relict In slate, two have been upi a ti d killed in the line nl duty ami one "missing in action '' ! ' I j GAF 12607 Ahhuil; tin. nu.tln>ilb jMii3iu.il tu m.uiit.im mui. myjanu.itinii were tin. Iiillnwiiiy; 1.1nt>iutimri sl.ikIi for new employees imt alie.nly engaged in uar iriilustin.1, employment nl wnmi.il, lummy; uuiisl'i t" uii.iL.iie ptmlmtivc skill ami open (lie way till .nlv.liK LiilLlit, installatlon lit IIIllIi.iiiIl.iI deVlieS til UllllLL pliyilL.il Lltlllt, .lllll 111C lll.lllll l 11.IIIL L lit Lijiiit.ililc w.iyjii, i.il.iiui .uul win kmy; uimlilimiy I||.uIlI|II.IlV III ilipptlLi III l.l W liutcll.lli \L .li LmUlltled 1 >V 11 IL L'lllllti 111 lllir I Lie .11 L 11 Llcp.lltniLlll III IllL.IlL III' devise mi bst11utli, .ilni In u.ivi .nul niL.iiii tinmnl,iteil liv 11il m.m .lyjement m limi|ili.iIiihi Willi tlic Mink illy; it.ill tn illImll w.tilL. Duimji 11>c' vl.ii iLit.im nl mu L.iilcin laelniies wlil lumpc-lled iLinpni.irily !> uut.iil jittidiic11chi bce.mse ol .1 sliuilayje in 11 il supply nt mutiny; .liplull. In meeting tins iilii.itinn, (lie Liimp.mv was .iiiIllI by tlic hut licit iti pl.mti .ire widely scparatcil geogiapliieally, tlnii making it juisiible tu ilult tonnage to the t.iLtuiy nearest the iiimee ut available supply Heeding tlie eaily warnings ut a piiiiible w.u tune slim luge III luel ml, we Liiiiveited mu L.lileil) pllinti tu coal dm iiil; (lie iiimmei ul In 1J. I )l 11 Ic li 111 ci iiivulveil in obtaining eijni pille lit weie met b\ the iLiiniiLeliilneii nl mu engineering Stall and by tlic sue LLiituI elluiti ul mu pmJiasmg de-partinc-nl. with tin ap pmv.il nl the Wai lJniiliutmu liuard IllipIllILL ItLlalllllli Agieeinents involving i.iles nl pay and working eondi timii weit aivm.tbly it.wind at umlere-nees between man agenieiit and uiniin ami employee lepiesentatives l.abm ami management evidenced tl 11 mighmil the ve.11 .1 iiiinplelL 1111 GAF 12608 iletstanclin^ mi niiitu.il problems ;nul both enntnhutei! their fullest mope-ration I lie avci.i^e number ot employees ss .1 *s V i_'V .in increase ol 01 per lent nvei t`* 11 Waites .uni s.il.me-s ayttjiep.ileel $7,So s,7`HI, .m mere.tse ol Jtl i pel eent user 11) 11. line m part to the rise m iuj;e i.ites anel looveitime payments, wlueb in CM.' totallesl uppmxim.iteh ioso.(M)i> I be numbei ol employees anel the \s aj;c-s ami salaiicspanl elm 111^ (lie past liee tears aie slioecn in I'/t^uic > ami /v(yn<- It. lespeetivelv At the elu.se 0/ the year about ')<) per cent ot our employees ueie ic^ulaily participating in a payroll saving's plan lor the pure base of 11 S War Ifnmls involving yA per cent of then wa^es ami sa la lies I /<//; r * 1*1 GAF 12609 I'.mplincc Vcelfarc Due in 11ic' necessity luring unusual numbers of in" employees ;uul the grc.itIv increaseil laetory operations, cm pliusis was plated `>ii tlu. company s safety piugiam I lie training ot sclcetcd men lor supetvisoiy anil vilely umk was mtcnsillcd; scveial ut llie j>t.i 1 it safety enoinutlccs dc velnpeil valuable lieu safeguards to meet tlie uiipicccdcnled conditions, ami every possible advantage was taken ul siig gcslinns emanating I mm eveiy source IKiiIk uiu tat liu| ami ullicc worhcis ate protected by 1111 employment insuiancc Dining l`> lJ, (>.S per eent ut all employee:) pailicipatcil in the company s voluntary group iltbabilitv ami 111e uibiiianee plan, ami under tlie vaealion plan inaugurated mi yc.ris ago 61 per eent received citliei vacations mill pay 01, at llieir option, extra wages III lieu ot v.nation In carrying out llicsc pluses ol its employee welfare pro giani, the eoinpany expended in I'>|J a total ot Jssi.iUV lor tlie tollowing items: (amt|i.iny') Vutmilai) IM.ms: V.t, ,|Ilulls ss-111 |MJ $l_'tl Mil. IMiyMi ,il , X.111 iiii.il 11 m> til 1 iii|iluyei). 111 lll'lmi 111) Im III.I .11.1. jn>! tin iiiill|iiiiy. 1 uni 1 iluilmu lii uli|iliiyei's y|iim|i itiviliilil) .lilit til C HIMH ItlU '.'2*1 1*1 llsitltls t \l I .t l OIM|H. I s .11 Itlll He l llx II 11111 III 11 | || tlu it 11 ill .It ) M. f V. Ii l Jl , |CW> 1 . 11"1 s Ail.lliMHI.il i tJIII|H IIS.lt Mill |*jlel Vli.UM.ti lllljliuytis {i)||kI liutl ulill lls. llillllois .tttel '.lit tttlt II j III htilllll'U nl Jj ' I iiln.il .uul bi.iu i>i.uuic: I'iiiv iMim mi.ki 1111 VX/t/i k m 11 u s ( ihii|k. 11s.ilmm I aws lot ,i. , i ill III . UllljU. IIS lilt HI .(1 it i Its jl)l Illy I K. Mil It N siu< ul Sli tilth knUHs) l.l\C' ( mil 1111 It >y Mil III tllsiU.JIH 4. Jllcl tllil ,l^y M'l'l * U.fcO: t'iti I, 1(P I In- InthiMft ()iii look In viouni; tin. nuliistn s possibilities loi the immediate lutuii. it is ii11| itt.11 it In noli, tli.it. although miistruition is -.till .it .1 high level, ueenl i(.poiis Irmii .1 ntIniril.ilivt- soun.cs in.Ik.its tlul .i substantial I.i11111^4 oil ma\ Ik antmpatcd . 1111111 _u; I'M i .is .1 whole, .is iom|s,in,| w i L11 IV-lJ. 1 he two puniip.il ii.isons .tils.iniiil lot smli a iliilim an tin exist mg limitations on nvilian building and tin tail llut the peak ol governmental ss.n i.nislniilion lias Ikcii passed It is pointed mil. howevei. dial I'M.' iii.nkeil an all time high in lonslriu lion volume and that, alloss mg lor a diop ol as illiiili as Si) pel mil in peinnssilik miv building, yoni company should opeiate at a salislaitou level during the piesent year on the baiklng rei|inied loi essential iivih.m and larm list, pins the inlioilnition ol new pioilmls as substitutes foi scarce and u it ie.it materials. In iiiiielusion, 1 wish In expiess nn smeere thanks to our shareholders for then lontinued lm.il suppoit, and to the men and women ol the Kubeionl oig.miz.itmn tor their nut standing aieumplislimenls during this must dilfimlt period kespeitlulh submit led. M II. Ii . I" I PtfirJtuf I Id 1 i I GAF 12611 .VMH /I II |I |t \l \Nllc<nlitr if. IV \2 WliAl VVI UWNIOUll 11A H DU| Us { ,\Ss| I s) < i-l, I 1 S 1 11. mu > I t' , Ih hi-I' if 11 *' Mill II ' luHII Uhlmlll I) m. I >1 lit D /So in in iin (*> ss lll'<tH"Ml' (u lll.Mlll.il) "II fl.Mi.l 'illtl fltll'lll .1 .ill.l tllH'l.*./ | >1 I >1 III. I. Ill ' ml ill 11 l).n iiol )i I Jh i ll '!>I ) Mi'i v II.nil mis lllvolliuilli Ml.l ,i.K .ill. ili i" i s .' I .Ml. I "M m In* 11 .til pi ii|K in li. >j*. it k 11< ) I |IIS l .'ft > I l .u fur ii ' m.iu InniM > jii.l mil. i SinI.Iim^' s nil i J M1. | S M-ulmai). Iim.K .iii.I "itai ii|ni|'im rit Ui7i*.lo' V) I u;.il i.'i'ii.il aw i. IX 11 t I l I t ll.lt ' ( II.IIIM 1} . )'.l) lilt III' llll.il 11 If p m.| I .1 M f \ I. >1 I IIM ll. MU ll ' |*l < I' II. I MIS* II llll I .1. | V I I I tN|J| Ml|l|'l > in luUt , ; IS f,7j _s Imhii i I |ll i s (, i >Jll M". '*IH .`l WIIA I' Wli n\Vi|> OH WLRI. I IAHI I l()l< {i iaiih mi \> I Wlfi.ll J lull' fnl (-IIM lt.t>v' H mill l l.ilv 'U|i| |||. 1 i Mil "ll iUUU' .Ip' .111.1 s.lljl ll) Jill III! f'.l) till III V W'l.ii'iHi | rt t <4 I I 1)11 I i !. i .ll l.i ki s In be p.M.I j i ii.; i in i ll in III M I H . ( ("f l "" I)-l It'.II H III Ill'll).11111 .llltl III II S |. < Ki I t'|`llln lit ll IIII^Jll iri'c) -in ' 111. m I ni.il I i.iImIiIm > .m l iti '. i. > > | t> i i " .1. i.j Mu i lif11 ii tit i. lx t n i i n wh.il hi m\ n .in. I u lit) \ii ..Mi (tin. it)........in . lit. 'I u i * s "f "in 'ii k kin il.ii i' *hnl i. ii.|init.i in | >i i hIiii < m.t .ini 111 > i r Ifni*, inl.l pi".lull') j|<. .. 1,1 i,s l nljl ' _'t l | j . I > IHI GAF 12612 I in IU 'hi Roll) : I I." * I'I'I Mi I (...u. %i iv u IJss Mill* > <1. I'MI in V> jin mm mi I J. iv/ j m i I'M.1 S I i 7 11 l <. s i VI. 11/ || I* ' l' .1*1. I I....... .. >1* >\ I I > I.................... I .1 IS lll.u l.t I' >1*. I I >. lit. > '*l| 'I'III h, |-i... I ns I h III t`..**' i|. I.liil Ill.iu ill.I IiiiihIii.iI J`l*.. In. Ih Jl ills 1.1*11 mi l.*i .1 I lo.y}'* Oi.'j -n * I.M >- 1.7J iv | v.!..kh2 \ (*AF 126l3 ( tV || % IHSIIM/SK \ ( OMPANII v Okimmik U )<>!.' and Dwimoik 4J. I*>!I I IAIHI I I I I s ( I NKIWI 11A MU mis l J.i.k > >. Mini > |.i> il'lt AmIIK.I \,lll|K'. M.l^ts. l>0l|IIS>h>0S. ill Villi'll) lUMll'l il.tlulll II s Kmi'i I I t J< i.il m> i mu .in- i i su )' pit (Ills I m t ( I ' 1' |'MI\ MM ill |S .(III I , ti IlK 111*^5 I I I K JMII) l.lk INilt' Si in It ill lilt ........dill i if III.IM M Mill) Jlniml- < 11 I'M.* ooVm'm .* r IX l s I i '1 _>N I.OlH Ml. > llt.J (Mill (Id I ill >1 i mo ill li ifnliiir v \ I IS, ? 2't ' I) iiml 11 -Ml I. tK .'11 '*> .'1C. A ; i 'i 't sM ' I toil 110(1 < . l 'h to' * ' Hi 'Ikvi v (I I'H'I lll.llllU I I.MK l l ( IIIH H >.H |l U lI\II1.11( l , .l.lil iiIIkI toll Iiiiumukn |nr u uliiiir iiiiiiiiii') iHKt iNi.ii i Mi) tldoi I 7V HiHMMi { *t`i i si sunk Am(Ih'M/iiI fssiu <1 l( (liiMl.iihlmj: I,DIM),(MM) sIijh s Hii |MI v.ilur MX.9 12 Ui.m, rH } JI.M6 sli.iux (f !!>.; I )M> uat'|iMiil .mil In lil in (ll .(MU)'. .(I (ml l<7.8<)6 sl....t- (> |mi %.ilu< M.oil K.*i iwii `oomi .il | M I ll Sl'Ml'l I'l, |ir sl.lltllllllf nil Ji.lJJC I I SM (I9M lid ' hi' I .'ho o | 20,-11' I. MIM $ I H H(ih 11 / ( I i' GAF 12614 1 III k i hi iu ill > s>|' \MI 5 1 1 1 \ i 1 , l. tih 1 ( 1 i 1 > III) I..I llll i. ... l H1 11 . 1 1 1... ml | I'lu Ml t .\Ni J .Ob> i| I'M.' . 11 It | 1 >li iintucl >1. 1 l-H 1 . it- ... i .. i. I. . Cl , i, . ............... 1 .11 . .......... . 1 .. . .; > i. i ii. i' a m yiii uv .......................................I. i f , .i . s|-m. . s. a* ,.M. ii \ i,s > (." Oil '/(.141 iv.')' a m.jo j. 5 s i 11 ,s v> nj .vi t i i , i ,,.i . ...................... II.. K..U i....1 < >1.1.| ..n i.......... i 1 1 ..tl ...1, .i. I >. . -I... 11 1 ....... `",l VI 1 I. t s1 II .... ... .n nil Ml ) , ..Ill .1..1 .11.. 1 1. ............ ' \.V? v 1 i? v. M.. . . i., ,,'(* y.Vi It. 1 . 1 ... . ...fi. , , ,................. 1... t .1. i .1 UN..I <JII. 1 .kit" > > i/kV')* u /.... IS... hi. .. 1.1 1 -- '* .... 1.1 1 . .1. . .1 ............ >. Ml. 1 . All II '.V;?.n.vM* .L, ....................................... ..1 . % .. m i-i.-l it t.i > i.: i. i O .1 Ml .....1......................... .III . 1 ,u (. ............It J ) 'hh.Jbh y<. .'ml,(Kill (HI - , * .......... 1.. I...4, , . .V .. ................ I . .. . .it. i i . . ,. , 1., ..k > vrt.s.JKKvo >| .,*/> JJ.UiO > 3.0,,>. in i ') i.7i ? 1 '!* S55 1.50).<1)6 h OM.oyy i l,)oJ.ovv I tii Itt IN K( Hl> ( i, \`.l- V\ I In I I \ lV !SI 11 Si I hSlIH UU < UMI'ANII b ( I M V sn \ t tv I I UNMM lii.MIli Ni UIMINI < >t l SUUfHls I t i m t \ I .\ IC s i M >r I * I < Mill M > I 1 UI 1 A MV | )| ( I M til > l 14 11 t ' ' il Ml I JM' H. l'i 11 >I . ,`h Vt Owj ovv J`- > \ I 'is ' Om l . V O I 70 > > \' t nv.i ns >.`>o l co ii. > i Jai* u. ii GAF 12615 I.xi'i .,n a i jin Nn11 i 111 c ms V,,i nM , |,, | in ixi N I '.if Ml I ' Null I fsvf-rsKihtiN ImLnrnnei I V M ` ' I f'*N ...................... ......... Jl'pli. .1 ........... r..i l,.l I. Ij K i* MUlUl .Is 11II t f ulufy Supplies IV'i.Kiuj in process uf m.niuf uUiri. f titnln -I ('nr,fin f\ > 11| ||| |\ M It,III H >if h.Ht . I , hi ,r in.I n .Is 4ri"" ii ili t i*\l Ii i, I n.lmli ... nn I i il.lts I <:: jus SJ S' r,wi r.iwt >' J I \ *.i i Mir. i h .11 rimniiiii . Hi ii ni\... I i^i ininn. M,t> iiim in < wi< > i >i i Hr.si Im ah Im /Si ii |n> Iit 11vi .*I.n. ,i> .i|>f,)t>i<1 Im Amuiun A|>('in>il < .... . hi i' l\MJ i.i.I CMf. m,|imi|.,mii .1,1.1m,... Dim mli i si i-m: < s ~1 i i*i j 1.,,.hi-, At x.ili .in.l s.iK.i^i ..i <<riii.iii ,f l*> I fi. An ('.llll ( >11 t ml a r s) i lot .hi ,.s .1, ii-../ < ....... 't i ?.i| | j `/ill >0 >: r** lUwuo i*. it.Im. 11 )!, I in 1111 * .lut, lo VI. Illl, | l .1 I III i I t|>|*l .IIM J l.'^lllli. It nil Mil'll -|lll III p* *\ III..II III. ,Ill'll, I. i..it .in,I J> |'ii r..i,iis i , I.Si. |U 1 J `.'I'.i'J J5 Nun i. I fit- , m iif.my fi.i> i > -i i. i up .im iihi'i .i uii't i n f tin. I >1 pn -In . h-iImi-l1 I -....... (mini'll, /tOi^ol i.il n m ,f #11 .iii.i ill ii.nli.il, iiihIi i pi.n m, un of Si.i.m Ins ,-i llu- Stvill Supple iiMin.il r-J .i 1.1 ,1 1 I, I< nit App/opr 'i ion Aw. t'> ti*ii> i ' . - ih>( lx lu vi tin pi.-in m !./. .1 ..n -Ill 1. * "Illl .. 11 M ' > m i in Nil I I . I CAf of ^o* Ills lol. | I* >..........pull I ><! lilt |l |1|1 ..( il .11 > f. rit - Nutt t {(it' ii|M<N >.f f f.f Hu/i i..1.1 f i in flit f'i>*!if i>f I fit fftil,. i .i.I I .<(.,[ *.*i 1 "1.11- I f I n^l.inil > . .1 iilhylill.iry l ,'llip M> II. .1 I* Il'iullti <1, .1 < VI tfll III' I. * . I* II.) . i. < N * n < >l(*ci l it.ll^l l I nn oil , Ii' p. ii.i I .it , ip.l.l .nit!' Inn lol po.l Mil pi ml i k|H mm I'lo'i'i'Ti for ' ,iii*.n niinLi. I .u.it I I W* , N'* * I I U p/I 1 I II ) >*J Ml. I ll pit < > .1 I pi / > . I. |l I III. IMj. ill. , . f 1 . | >omu min 1 I III. I I Suit H. rifHlMHIl jul , l.r,, ||.,|||. I ,, 1,1, llu ,, ,| | > | ; 5 ' , II1.1 o* IO rill i S ! >' ] GAF 12616 rich i:. u \ i i icih h si; a < ||) ( ,, I clff*'-!* >' - V I *1-1 } W i 11 iv c i \.m iim.j I lie* i i imI ul it t J lulam c sheet e>l I lie Kul>cri>i J ( o i..l ii . ivhwJI) ouni.il jmIiviJmij i uiiij'.ii in. > .ij .it IVicitihel h, JkJl2. uful :lu icl.iU I 'i.iium nt > ut I'tulu aiiJ loss jiiJ e.irncvl surplus for the yeat ilu.ii uiJv<l Ci 4r e \ .iiiuii.it ion was tnatle n> jiuuii.uke wtlli generally ae <(|>lnl .uuliimu sl.iUih.i.ls applu.iiile in the i Hi iiinstjni.es jikI <n<lmkl muI. umi ui tin ii i limit mu; rour.h .uul llicir supporting evident c and .ml, <il|,(I |>IihuIiiIo is Wl i iillMiitfLil HLi os.ny I IL.imi is i.l J.iMii.H) 1. I' > i J. iht 1mnpanio adopted .i gioup system ..I ik pit * i.ilKii i uIk fe.is pus musly the lOinput.iliou of depret ul (Oil had been in.ole i>n sjmlii units 1 |us 11i.inee did not materially alfcit a iMinpjrison <l iIh 11| ief.ii i hi; iimiIis 11 >f tin. years 1 *>* I and 19-12 in .inf 11111 il I till. .11. oMIpatiVMlg i Oiisolld.lted ll.ll.HKC sheet JIlJ tilt itliiL.I a.lit mi n(> ni pioht .uni Ui>s jikI carneJ surplus present latrly Ike |i .itii>n ul the uiisuliilaUii tuinp.niies js jl 1 XaeinlHf II, 19-12, and ike k Milts ul tluii u| >e i at ini is lui i he je.ir then endul. in eonfonuily willi .e m i ilk ,.i. 11 -u .1 -i 11mill me print ipies applied un a basis t Oiisislcnt with ik it ul the piii ulme >(.> I'llK I. WA'I I'ltIM HJSI: 4 M > [ 16 ) GAF 12617 hi M Ik V M I If ' >1 < A I ' I I \ I Slink A|i|'><irtiiitimcnl ot II.iIjikc Sited llcniv pci Sli.m- i>l rapiral Stuck, of Wlm It ^97.BOfi Shares Were Otii-.l.iinliiij; Oei unhcr I I 191J < UMHUs | AiSl- I ' C.nii l' *1 rrt.lMIH' \ \iC`r >' Ariiiums ii| units nfcivaMr f k'' lm cmnr k * n M'rvis | tv. l i -J it s OS .'So Mini I Ml kI ^ T ^' \ f.Sl) f.llll 'S Vi "In I Ili.llni 1 ) V ') IH t nf.il ( nrirftf A>v Nrl Curnnr Asset > | T/iW')W I* 19 21 HeseNvp* oos si (, n i I nets* or V AND krSPKVFS A'ii rs 4 vik I.Mi'M mr> i mM.Ii.*.*H 4 J4 Ml It A'SHl PmpCftlCS ( If-vS ICSIOTS) fnvesirmms .uivl jtlv.imih . PuSi-Wjf Refund nf l iters l*mhl> |'.ixc Deferred (.halites i 9 JlS.fi/: J> 1st tH? ms ,'mimmhi Hn I In ? /M ^ I >,,M i |j So u. fnl.ll 4 )Hkt Av* li Nf r Hook Vai t/f i > M W. SS K I IK. VnM.'(.| 4K <11 IS (*7} GAF 12618 *M 11 I H 11.1 I \ 'l I .ljMl.,1 >1 | IK lilt !_ .Uhl MivkIlIkI K(.t.*r,l til I 11 l' lit JlH.IM III > ( ,, .uwl IV,In,.I ( l lllijl.U ll^', 1 ; 1 vh 1 1s .1 l S' i 1S ' 1 IN'1!. i nv l H'>'/ IHHI , 1, l ll ll 1 ; S \ III) 111 IIII1 in non j 1 till >11" Ml 1 >1 II 1* S (III M* < < III , 1 ' 1 Mill 1 | t 111 1 Ml III l II II I , : imi ill 1II H 1J, _* (HI III 1 < K f .* Oil 1l M 1 1. h 1 i 1 1 i .K.'fjj J In * 7'. Ill (III 1 ` Ml 1 I-MI, 1 1 1 | 1 !*' 1 'Jt ti | 1 II l 1 i* IK 1 >t l't 1 Ml 1 `M J I'M J 1V1 * "1 *) 1 t 1 1 ( J MM 1 1 |t I M i 1 1 ,K 5 ^ l (HI i I IH (HI `>`* 1 U 1 H i 11 11 W?^ 'HIM 'J IK) I 1 Vi '< 1 III) ,1 W7 M V.- * i 1 ll , i i. u,<y$ l 11| I i J. nojj iCi, H 1 (I 1' 1 7.?1 H (Hi 7 an .Mil 1 2t ) min .M nan 1(1 m m M I 1 II II 1 1 IfKIM 1 % IK 11 I .1) (KIM _'ii nan 2 1,27c. JV.l \2 1 1.12 H 1 Ih. >on 1 11 VI L 77 jo J (0//.0 11 V Ml J S V .*>*)1 V'V.17 t t7 \ WO, ?7y via SI \ V'V 2 Ml tl\n<hi *.2 V*7*1 1 1 V J * 1 20..V7 | l"l(, I'll ' 1 '1 1 h I'll'r 1 * it 1 IM.'I i1 j : _ m: > )'>_' | (921 172ft 1V27 1 to | 1 1 ^ I"' 1 b IM 1.1K i i ini J 1 HI I1' ` !'* ii.i i2!j H><> | Mil 1(H) i us 1 (HI >7 1 l.'S 1 Ol> '>.1 `- 1 t;u ) (AJ 1 f.i i-3 ^ 2 00 ) 2 00 iJi.1,7 jy a,t. ,'J. it,', iy.yj , 1 ,8 1 kv h ,h 1 ill.luh 1 ,11.Mi* 1 HI.V.H hii.Sm l-IU.itiU j 7t>,28l jl 11.152 IV2H Ms.'M 1 (HI 17V7.' I v2v 1 1 l.li 1 # -i 00 5(56. Kh l`>lo 1 It.-'ll# 1 1)0 57 5,008 IO > l 1 t,S t~! ( 00 5 5`J.iHS 1 *1 > J IV s > i i ,2.0,1.'# 2 00 l 00 205,20-1 152,602 IV) 1 1 1.21 165,752 ly ii i 2 ID 551.505 IVW. l 1.00 550.408 i vs; \1 \ (K7.MIH>lt J M ) 59,670 n m ) 755.9-11 IV >n rto 2 38.68 5 19 Vi ,K7rhl,,>^ i 10 13'.586 IV III IV II yn,ao(>if ty 7,wiij)l 1 30 1 71 5 1 7,1-18 KVK, 161 1 V 1 - V,7 8(,K/j( t 11 -07,,76 il 1,i. ' ,,'7V0 ..1 1 1,1 M .. Mr I I- . -i - .1 .,4 I',.,.. . .... .,i N. * Km.! ... 1 i.t HI III l,< l . . ,.i - ........... Uul V. 11 L1 ... MM l,r TI.C >., i > i (.< ii.,,,, ..1 V.i 1Jllkl \ bl.81.1^^4 iu l.i ^ .I.it t1 ixi ,1 .. ,,.,,r >tlnl <*, if. i' i V)u< | U.t.l .1 . le ,4. V>..l Wf.t r m r ,u i > J1 r < 11 hi; .... (I.,. L. > .!,( VO *, . kl.jtc, U,<(1. J, . ) 11 11.^ C 1 . * 1 I..C 1 ' Oil V* . ... 1" * . .... In.lc.l it iu ... ; ci A l i.jcm.I N... t. I I* J GAF 12619 GAF 12620 Id IH K oliJ I'KnUl ( I \ -l., .. i ( hi . %. .uk I lil i * t>,f .*. .k I.... . A i 1111 .... I M. ! i. I , I.. 11K i r r i \.M.........Id* I I........<* . nj.|l ! Ill '.mi. I . Ii 1.1* l.l .1" l i UK III 'll. I It i |.j iK.i-.'r <0.i >i. > uiiA.nl .......... I* ill .I'U jI.m I 1 III. hi |m II I I ,|.l C I*. I. J i .mf In titl.il <HJ li. 1 K. I .......I ......... J.......I l I IL I. 11 .1 1 l < I...',.It .1.1 \ .it.,t 1 I ... I.l ...I I til, \ I. .... I.ll 1 .................n c k ii. I J I } '. | I ll,JJ<) I )*. ...Iiiiiii^; l.lt > I 11*.,It mil Is || > / i^' ilk. l.i. kh h.it lli*,i K i^; I. ll. I. icmlin^ jiiinlm |> if *ki% f. h in tin; I. II II.... I.., .riiio I ll JH I lillllii;> I . k It* 't ll.-.. n^ U If I ML-k.HI, kid JM.II h^jUlIK^ li. .1 .... U ........ .. ......I -h. lllul^S \* * f | I > II.Mil.ill.I ilitll. il|. K.m.Iimc I'fn.Itiils \ | u-i. -.II,. .m \'|| .N MM|M . J^li lit . I nk.ll.t k ll Ai| ll ill l<M| >t .,M III I I IjJ | I )l I list 'I .1 t l ' m, < ..^1 I If | f. Mit 1 | l . > 11 I .If II,,('li t,/. f ll ,/ C Jj; (til I ...I . If |.HtI. ^Ilio.tc |ii)(iUi*ii^ Aijuruh - l^iiMin^: 11.... . kii lu.lt ..I. .1 kl,. 11... It St!,. .1 J <k*llH f> hi>siIaiii^ M.iti r.*ls - llttdiui \ sU >Ii* . t II ,,l if pl{ *1 KI+CtUlg\ Jiil AJK >||.' l t Mil Ml Ask sl.lt l lllllll.lIC .1 |i||>k '111(1111^1 A Jk M.illlk. I. J AO* Mm < i(-t' {{-I .in w. I tuiiifyaa.ll A sJ*. >fti' lu/l (m if{ < II k | */ * * * I III .ill ifln J*..' .1 20 1 GAF 12621 Kl ' HI K < >11 > N<< >1)1 '( | litMil.iimc MjutuK (< Mitmul .! ) High u mp* pipe uvtrimjx md M... U M icui n.i ( S V , ) H'M tint' md hh*< i, s Kjnei bmli r msul.iljng |j.k<.(5 M mi. i jl w uni (i npr hln r I bl.inlc i , bUnks Ml* Im.irdv iihlunn'iii- s|Minj:v I cl! p*pv coveitnps 'A r*tit h li pijH* rnvrrings Insulating Materials -- lleitrivjl: Asbestos hoards - plain anJ f.ihriraied Asbestos molded hnjids (tvimeU I'jmls lape Fai king-Papers I animated pa|K-f' Reinforced papers Wjlirprnof kr.ift p.ipeis I'jirm, en lloilcr jiul stark nuting' (omrete pnrmr I Uvtnc.il ljti|uciN I i|uul liltrr mjlings Niki mrumve paints fur metals I'ipe pruncr if roof cement K'Hif lu.iinif*- l(iul M iuri,iIn I'm). It.. ..I > Miu k vi*11 PrmUii is U i s blank. n l .nmd ite I VA . >1 I itoiie wool KixiJmp in Itnll (orm Asbestos fell luic Asphalt roll rnnhngs Cap sheets I l.ishingsti ips Mk.i snifaii'f Mnni.il sinf.ni ( M.ip fell base Serrated edge mils Sim to.ih Mirf.K v I ''l.lflllljl strips Shingles: Asbcsins cement Asphalt (imn< r il mu f u r<| j Sidings A sin. >li/s itMx.nl Aspll.llr (llcMKI ll MillluJ) Instil.<led i i'll ill hrn l NA'.ucr pi.u.hng 1`r.uiuiiN I'ipe and I'lpc line Hnwlum Asbestos cfmrni pressure pipe luimi.li hnmer Waterproof letn {rags and sdicjfns base) ( iiii-wi filin. uiipri un.itt <1 ssul , ; I. | or 11 I t i r p 11 < 11 Integral i nt|......... h ( i p. n r | in I icnicut Mi mhf uu <a ii1.1 piii< line Nee dsn llmli up !<> img l'i,d>> r Subway f jIw h ' [1 GAF 12622 I It I hM 1 \ hit I *. A.1 t I Jl i . I II I IX II W I < -\\ 1 - \ I l I Ml l I M' ' < >\ I I / * ^ I' Mot i u I u l-'to I I H I. M It Ml ION I ( Idlt.fcN M < \V 1111 tKi ii M \M | , WwulA\ \i< 1 OilICl.R* lllllMJJd AhkAUAM i.i :t/ . >! ( (..h m m in f . i,;n I 'itri/rniltv 'm \r; i 1.1 \X'i ii ii>sik mio I ... /., .i./. ,u I t Km.i o i ... r>. /./, I M Haji ion i 'lie frtuJent (j l liAUHb l'iej%mer n /' Mi >t 111 s o Van Vi i;tr ieffel.tr > I X 1: UIIVI ( OMMi rn i: III Kill Id AtlftMlAAl 1 r Moilll I ( Kiji,|;N M t NX'hiiakik 4 / rjttijtr .-it'eiit IliNK ll Nl Mi ^ i *11K New Vuik SlOtl Rt^/Urur Ini < mam Nmionai Hank New York. ri GAF 12623 gap *2624