Document NEmDnYpdjVDRKZ8G5ODwZ93BV

'** *J 3 KIKUTES 0? STOCKHOLDERS1 HEETDTG. Cleveland, Qito, November loth* 1909. fwamr-siOTH aj o t o ai. umwinr.. The Twenty-nixth Annual Heating of the shareholders of The Sherwln|ilHHT"a Company was held at above tine and plaoe* V There were represented either In person or by proxy 37*069 'shares of |1 outstanding of botti Common and Preferred Stock. V. H. Oottinghaa was ohosen chairman and A. W. Frank seoretary. Beading of the minutes of the previous meeting was dispensed with. **.. The annual report of the President* IT, H. CottIngham, was presented fellows*- "Our last business year* which closed August 31st* was the most rosperous in the history of the Company. The volume of sales was greater |d the gross and net profits were larger than in any previous year. These lifting results are in part Sne to the general improvement in business jhout the oountiy* They are also largely due to our having been able secure our raw materials at lower than average costs, while maintaining yfour regular selling prioes. In addition to these favorable factors* we have been able through the Increased efficiency of our organisation to reduoe the cost of operating, sod I would like here to give credit to our managers and the staff generally ^''for the exoellent work they have done In inoiwaslng sales, while administer5.|8g the affairs of the business In an eoonimieal-and efflolbnt meaner* The total sales of the various departments of the business* Includ ing all auxiliaries* for the year were ;;;*..................... *** 10*746,900**3 These figures show an increase over last year of *. 1*341*363*39 and an increase over the previous largest year of .............. 461,067*46. The net profit, after deduotlng all expenses excepting the retirement for depreciation of plants* was ....................... 1,100,451.66 Although the good condition of all of our plants has been -well maintained and the expense of maintenance charged to operating* following our usual custom we have charged to depreciation out of this year's earnings ................. 138.836*31 leaving the net surplus on the year's trading............... 962*819,37 0007-SWP-034410 RECORD BOOK PAGE ATTEST N24243 .Vv ' MZROTSS OF STOCKHOLDERS* KEBTHTG. The financial ooEdition of the Company on August 31st last was follows. Asama: Use - Manuf'd & Otsaanuf'd per Inventory on ban* and in hank this day ............... ousts and Bills Receivable ............................... .................................. - Department (CloTsl&nd) .......a............ $2,626,395.61 509,527.52 1,914,964.62 3,506,425.67 $0,670,613.42 LIABILITIES! l Ital stock - Cooaon 3,106,300.00 TjS Preferred 600,000.00 6% Preferred 500.700.00 $4,867,100.00 lus and Profits 2,733,725.90 Jcounts and Bills Payable 1.669.B87.E2 $8,670,613.42 It will he seen from this statement that our capital stock has been ^Increased during the past year, principally by the eale of eiz per osnt. pre ferred stock, $112,300.00 and that our surplus now stands at $2,733,725.90, sn increase over last year of $603,192.99, Another very gratifying feature of the financial statement is the reduction in Aoootmte and Bille Payable of $654,632.99. ^ haring the past year new branch houses were opened at Houston, Tax., j^lfcw Orleans, La. and Victoria, B. C. After very careful consideration sad investigation, your Directors deoided to enter the white lead business, and we are now ereoting on new ground adjoining our Chicago plant a white lead reworks of 6000 tons eapaoity. We hare also eeoured additional property ad joining our Hewark plant, and expeot shortly.to erect dry color works there to take oare of the requirements of our eastern trade. These investments and the increase in salsa which we confidently look forward to will require some additional oapital, which we expeot to be able to provide largely through the sale of preferred stock. Tour Directors recommend that we tate advantage of this general meeting to increase the authorised oapital of the Company, bo that we shall be in a position to raise additional funds should it be necessary later on. * 0007-SWP-03441OA RECORD BOOK PAGE sec r et ar y. 0007-iSWP-000110278