Document Rp7n2LnxQMozvMKr5w80qye6E

an Cleveland, Ohio tua*cr itsiuKK o b unnssTJcarr AKD C0MPARI3CKS a k s w s k ms tsrrcit o f bat * February Hi 1955 BO* All DiTBCtOm . FEB 15 &i>5 In 1954 our ccrapany earned $14,235,043 before taxes, a return of 13-84^ on total average assets of $102,818,307. fldi represents the lowest return on iavestawmt of the post-war years. This low overall return is in large part due to the fallowing operations: Average Assets JfigL KTrom to Av|, Pss&% t Tear Ayerejn A948 - Average San rrsnolsoo Buffalo Branch Bew Raglalod Branch Te*p& Brsasfc Msecs (6 'iteaaw} Berkeley Elaisrret Sonrslk Scranton friers*. Pari 2,292,394 158,709 79,152 3,49* 333,785 100,475 I'S T|ffl0 tUfi) 963,227 (eo6,5nxciy0i) 4,597,8?4 (109,863) (.39) 7,445,658 331,458 J*5 i ,h a ,t 6j (105,177) (8AT) 532,265 ,53,720 10.09 AMbSSS. JJ&22) 2 lM*9 .> $M07 8,200 ! 6,987,970 810,341 l,m,185 (46, 784,683 27, 8,206,061 , g?,i&> 126,337 ^,j b 218,918,638 2118,585 The above operations represent 1?.C4 of our totsl eonpeny javeatnent, 'Net they produced only -5^5 of our total profit. If the above were a one year result, it would he different hut, over the peat sewn years, these aaae operations have shewn an average annual profit of $110,585 or a return of only .6;$. IXiring the sene period the balanoe of our asset# earned et tbs rate of 20.33$* Of the $19,579,880 average assets tied v in these operations during 1954, only 25,727,^25 represented the depreciated hook value of fixed assete. She balance -- $13,652,255 -- represented ceah, inventoriee and receivable*, all of Which ere easily converted into cash. Ve stated in our 195s* annual reports "iki-sr Bianagcasserit bAH accelerated a basic decision for the IiMnatl'.o of activtti.o* or products which are........ uadar present ctrcus.-tv<ae. i~.c*i*ble of producing a return coasneasurate with th-*; fcis.; or bcnsgsrUl investusnts' required." nsmm 0K IHVfiSTMBST MB* O0MPASQ90H3 K` . 'r ' '' ' V ' . : ' * - e have made progress this past year* Feed Mill Oakland Durkee>Cabridge Assets 10/31/53 2,183,136 753,272 794,704 Average Assets Foraarly $2,626,388 1,037,964 903,105 Average Annual Salas $4,722,700 609,600 1,107,300 Annual Return Inst 3*1** (9.82) (1.69) By the elininatioo of tbes# three operations we have released an average of $3,815,000 in working capital or liquid assets plus $3138,000 which we received an the sale of the Oakland property and equlpoeat. A great amount of work remains in either improving results or ellnlnation of units ve cannot bring up. the amount tied up earning leas then the interest we pay would finance a large part of our presently pdtnnsd expansion progrsn. In 1954, $5,532,329 or 38.66?* of cur profit was aamsd by St. Helena, Louisville and Elston Avenue on only 13.66$ of our total average assets. Excluding these three divisions nod the above listed leer profit divisions, the bslanoe of our divisions esrned at the rate of 11.10$. Dividends require a profit before tears of $9,550,000 or eemAngs on total avarsgt Asmte of 9-3$ We oaanot grow end expand as long as B6$ of our assets are earning at ert average rate Just about equal to that necassary to met current dividend payments. Return on invevtwsot is the net result of two factors: 1. Turnover of investment (sales divided by assets) tines 2. Ret profit xargln on salsa ($) 3b taeasure performance by either of these two factors alone is cospletely sds- 3 esding. This may beet be illustrated by a comparison of 1954 operations within our own company: St. Helena Louisville Dotal Sales (Regular & Interhouse) $8,869,216 Net Report Profit 2,136,741 Average Assets $,780,486 $ Profit to Total Sales 24.09$ Avg. Asset Turnover to Toted Sales l.$4 $ Profit to Average Assets 37.09$ $28,068,619 1,736,706 3,493,965 6.19$ B.03 49.70$ Pert? ere two oatstanding performances although achieved by different mans. -u od on profit nsrgin alone, Louisville would not be Judged as having a large profit potential. However, by turning over their average investment times, thi . havt real tied a substantial return. On the other hand, St. Helena must MEiuRK o k xrnuman AMD OOKPARXSOtt* maintain * relatively higfe fund investeent in plant ini egaipMent la relation to the valtooe of sale* obtainable, but this in offset by their high profit surgin' factors affecting turnover and profit Margins are: Turnover Profit jjsrglat Accounts Receivable Inventory Property, Plant & Mptijssact Anr Materials labor factory Overhead Mailing and Adainietratlve Ooeta Sales volume is a vital part In eaob factor. As v o Iu m* increases, turnover should improve provided proportionate additional plant capacity or inventory is sot necessary. Me all are fully enure of the potentialities of eiqpense control, but are ** s mu t s of the values of turnover control? Orest effort vast be concentrated on the beet utilisation of capital to produce eudea sales and turnover. Inventories, re ceivable* and plant investment Must be controlled as veil as costs and expenses if we expect to increase our return ratio. The attached charts are self-explanatory, All divisions .** Shorn exclusive of -:' L. X. T. 0. factor*, the total company results on each peg* are on published profit ctepared against average total assets. On each pap the results of other coepecies in related fields are compered to our divisions, fugs 9 of the cherts : ccnpares Gliddesn in total to a nuSbex of other ccepeniee. It would be advantageous for all Directors to analyse the attached informtion in an effort to determine why other companies end s o ms of our own divisions show better results. If vt are going to realise our mine end potential ve have to isprove the undesirable conditions that uxist in a nuuber of our divisions. RRA:des Attach. GLD023787 . . PAPK mvm oir t o t a l a s s e t s - Bgroae tancm, t ax es U> ^ (Excludes LUO Adjustment* to Profit and LXPO Reserve) Average Total Assets 1954 > Avg. Profit to Avg. Total Assets 19481954 7 Irs. .<iPsrgofizt tioaMe"m^ M: Totsl Assets Msch lesr Cleveland 9 5,155,394 Reading 4,554,269 Hev Orleans 8t- Louis 1,616,223 1,278,374 IGnneiypolis ,? 1,119,967 Publb o 4,237,215 Canada San Francisco 4,403,347 2,292,384 Kideest Srsde 1,847,766 Atlsaia 1,579,699 b^-tro. Breaches ** 4,974,796 18.02 12.18 18.80 24.02 11.22 25*40 19.20 71 15.46 17-44 21.9? 12.33 10.23 18.32 23.45 4.92 13.77 16.82 6.92 16.77 7.3? 22.43 16.25 lb.29 ik.or 33-06 16.40 27.00 24.60 3-30 22.63 16-55 19.60 15.43 20.36 27.95 16.64 24.60 23.10 6.79 25.13 33.91 .& 23.49 12.94 26.66 22.6l 2.62 a.51 31-T9 30.47 28.26 18.61 27-93 27-14 16.67 43.80 19.62 9.ae 4.66 16.40 H.T5 3.|? 15.63 9.75 14.77 6.45 29.96 20.04 5.13 31.42 11*96 < .6lKl2.97Xie.20> (1.65) l*#S 13.59 " ' 24.56 10.85 Total 7oi&3 Glidden Co. (Published fiesi*) $.102,816,307 17.42 16.10 14.74 lg-52 20.37 U06 21.57 9H7IN.M4M7B- t1HH3IH.0tH9Rf 13-64 14.78 14.60 16.31 18.67 14.31 22.65 Average Ye&r~h& Total Assets *951 Sbenria-Willi mbs $135,679,000 Dcvoe A Rajtiolds 28,341,000 Awsr. tou-iette. 4?t ^tOTe**** */,/?##* Fattercon Sargent ?,526,000 Pratt & Lar.be rt 967 mm P<*: If--Hot Weighted `' 16,3 9-4 1.2 /?.f //.I' 15.5 12.6 19-7 3.1 17-7 13.7 14.1 10.1 16.2 9.7 15.6 13-2 16.4 15.5 20.4 15.0 21.0 17-7 16.6 21.6 23.I 18.2 23.1 20.5 11.9 9-1 6.5 14.4 10.9 10.6 16.1 15.6 10.1 25-8 16.8 17-3 h ..te: * -53 ** Kev York ard Hev England for all years. ^100^3 ?8e arrow o k t o m, a b it o - atrore ncDgm. aura Average Total AsMtta *Avg. Profit to ATg, Tot&l Asaeta ______ TIrt^.lg5L___lSg3 XSg2 1951. 1250 19*9 1348 Buffalo Cleveland ColuasbuB Detroit Toledo Louirvllle (6 yrs.} Baltissore Pfciledelptia (5 yrs.) Richmond Scranton Vaeblngton Sortoik (5 yra.) Sew Xork Sew i<glend Atlanta Eirrlngha* Cbatt#.:.!soocai oxville tchvlile (2 yra.) Charlotte lfciW'Kl:*Y!lle IS.issrt Orlanro $ Vtfi hfejias Beach (6 yra.) St. Petersburg (5 yra.) B&llro, El PtMKJ BottStSta f.*o Arreoie Mobile rt. Woi-1, (1 jr.) Itvur.erillr Kt. Ve roots OklaVosna City feeaspfcle (5 yr.) Alhassbr*. (3 yra.) I,iwtinrtc-r> pa.sk (7 yra.) &!4E (;> yrs.) Lems BtKt.li (5 yrs.) Kc'rth Eillyvood (5 yra.) Foriiwl (2 yra. ) s|^ -'.2k 3v . Wr.Xr.he- (v yre.) *? V, 79,158 *5,67? 86,953 135,254 98,791 93,698 102,191 168,623 79,775 57,969 195,818 139,710 507,399 333,765 77,581 79,21*8 85,810 124,483 66,336 104,002 56,171 109,393 56,376 100,k75 276,167 87,635 230,725 82,256 58,682 13^,895 11,1*99 112,78? 87,480 66,634 66,203 78,035 77,251 74,??0 121,541 139,233 S9,o?7 112,84? A-03 4.42 (.62) 6.01 18.40 .20) (7.01) IO.83 85.30 63.61 50-29 79*58 102.91 .20 83 22 133-15 46.49 V7.V3 41.92 21.36 74.70 56.41 01 61.05 47.16 35*24 28.30 15.38 49.02 16.33 30.24 17.26 60.25 34.67 36.49 16.13 77.31 21.78 39.63 9-55 73.63 63.18 44.82 27.68 23.95 80} 29-31 44.88 26.19 46.63 (2.97X63. 30. (2. 55 9*66 6.31 (1.5V) 6.85 10.63 10.09 17 212.88 16.55 32.60 14.79 17.78 .66 $ 17.78 27.$4 16.64 (11.42) 9.71 23.40 <8.391 ll.$3 31.22 28.65 53 37.95 31.56 34.53 12.68 4.26 21.06 7.56 1.86 57*49 12.11 11.97 7.63 44.00 23.5317.94 12.09 3*74 7.76 55.97 53.61 11 72I01 26.88 8.68 (6.05) 6.75 3.43 (14.10}(16.44) ?6-73 48.68 8o.4o 27.57 25.98 27.36 30.72 28.19 556 16*59 21.49 IV. 37 23.51 23.82 24.24 4.76 5.25 (67.) 79-*>0 80,94 8Q..O0 91.47 82,73 59.41 67.37 89.ll 12.22 18.48 <1.99) 79.65 64.58 103.54 67.25 90.84 89.96 67.89 72.76 8-9.,,9 19.90 7.63 6.67 4.21 <1.10^ 3.26 22.00 (1.12) 10.78 (20.97X52.76)(37r.97)<43.97 25.58X10.52} 28,53 43.19 17.25 37.10 31L.84 15 <1.2) 4.60 (.71) 1.97 9.35 40.82 <5.Q5)(19.72) , S.75 (45*32) (14.59) 2.94 4,18 13 43.8? ( . )32 26 .57.72)(65.66){2S.98){20. X18.58) , $ .22 0 21.40 13.26 26 27.44 30*73 .70 17.54 .30.54 24*82 26.43 18 39.2? 36.13 .25 36.65 39*32 23.75 30.20 36.15 54.74 68.28 ,08 27.76 23.71 3.51 12.76 37.67 40.76 27.95 13.00 44.92 25.25 29,81 27-64 38.66 32.57 14.26 12.13 18.80 (56.75) (56.75) 32.0 26.34 26.12 17.46 65-37 31*37 19.32 36.70 40.78 21.63 74.22 61.12 Hl.50 97.39 14.92 10.56 24.32 *39 33.38 0.22 n.54 9.70 43.40 31.28 42.51 61.72 65.06 49.23 {13-99X20.42) (2.95)(22.63) 30.83 15.31 46.43 40.86 59-80 42.41 6,23 (53.41) 12.10 26.38 15.73 15.86 5.75 (32.07) 6.06 18.99 14.34 1.10 (1.09} (38.30) (f>.56) .29 (1.965(13.37) (9.61) (2*38) 23.3? 16.65 35.48 - 16.16 11.22 10.13 13.16 17.77 16.88 12.92 29.02 *.'6 60,4o 54.82 2V.Y3 4^.65 14,76 1(55.18) >* . V, 32.77 42.77 7B.6? (7.67) . JV. 71 1C.27 24. t* - &.-& 31-22 $ ?: .pi.. . . ^ ..i Stf.53 2*2.- S7:*.*l7. 24,56 IV. 8? I fpqp > -l. 'J..h,'* ^ : ^`.V j . *. , - - - Bygt BHUBS OB TOfrAl, AgS8TB - (Exclude* JJGPO .Adjustment* to Profit wi tTfO Itesorv*} v . i Avg. Profit to Avg. Total Average Astet# Total 1948- Asset* 1954 195*<___J_Yrs. 4 Profit to ootbl3 Total Aats Bub ar iw^m~~X94r~ Elston Avenue | 4,809,750 CttEihridee (5 Yra.) Portland (5 Ire.) Macon (6 Yrs.) 993,227 Louisville 3,493,985 Berkeley 4,597,894 ELsiiurst (3el. Hillside) 7,445,858 Iron Street Korvalk Total Wii'ma?? 38.81 1 ;2.5i) 6.35) 9.30) 31.59 (1.21) 34.50 42.88 43.91 16.93 42.07 89.63 71.84 - <6.73) (1.64) 4.23 (6.09X10.74) - a (40.57) 6.03 (81.58X13.tl) 12*72 (21.QlXlo.54) (7.63) (5.76) 2,94 (4,89) - 49.70 43.71 85*63 9-89 53.91 8.44 42.43 (2.39) (2.93) 1.53 (17.76) U.ll (8.11) 12.77 3.01 fa& 12.91 k.,5 SSt 4,44 (13.6T) 14.15 ' '.-44. jftia .26)(4Cn) Total Gli&den Co. ' *. t'-V'*7 (Published Basis) $102,818,307 16.10 13.04 1^.70 il9^7.|34.31. ;ay$5.' Average laar-Eod Total Assets 19 ? >>' 'V *- -, - 5%. Wesson Oil Mrs. Tucker** $97,276,000 Bast Poods 48,998,000 Capital City Prod. 7,650,000 McCoraick A6s C8i '000* ,jy*Me Hatl. Dairy Prod. Standard Brand* ^15%770,000*/Mr*>P,* Procter & Qrmble 460,362,000 General Foods 341,930,000 Coaposite-Hot Weighted 15.8 - 20.7 15.7 <-4 #7.4 If/ 24.9 18.4 /f* 10.3 17.5 13.9 9.2 19.5 12.4 20,8 16.8 15.9 r.9*3;: 3*> a -,;^9.6 a.o 19.4 18.9 16.8 9.5 8.9 17.8 17.9 11-9 12.1 22-9 31.2 16.7 19.7 16.9 18.6 '18.4 &6 21.5 : 17.5 25.6 VtS 30.5 7.9 6.8 . 19-7 18.2 13.7 ?.3 32.7 14.7 21.1 19.5 22.9 14.1 41.9 56.7 s0.2 31.4 13.9 3JB'*2f 18.6 31.1 Kote : * 3953 ** Merged with A;der*cm, ClSJTtoa. m ssis.3Jsm.nm (Exclude* ttFO AdjuBtaaot* to Profit *nd tSfO tuorn) (Excludes Market Variation Gain* and lonsi} ------------------------- ^------------------------- --------------------------------- - Average Total Profit to Avg, Total Asaeta 1948- . ' S' --_ _ 1954 7 Yrg. `"T35T- 19531 ~w"BBT Elston Avenue $ 4,808,750 Cambridge (5 Yr*.) Macon (6 Trs.) Louisville Berkeley Elaborat Iroc Street Horvalk *3,22? 3,493,985 4,597,894 7,445,858 1,588,829 -h&hm. 35-93 (2.22) 35.76 38.54 41.14 30.03 1) 33.941 U48 (5.84) (t.4) ^4.23 (10.74) 9.89 (ao.3iKlO.36) (8.74 39..0C 38.57 84.64 a.4l) (3*79) 1-80 4.76 3.75 445 35.68 31.46 IO.99 3.86 1$J iS.4* 16.58 7.04 88.39 (7.71) 4 .49 4.73 Total #84,100,330 15.34 13.85 1344 17f4 -fO.** Total (Hidden 0o. v ... . (Published Baals) #102,818,30? 1640 13.84 14,78 14-66 18.27 *14,51 Average Yr-&8 Toted, Mut 1954 Veeacuj Oil #97,276,000 Mrs. Tucker** Best Pools 48,998,000 Capital City Prod. 7,650,000 IfcComick 16,68x7000* A^m Sell. Dairy Prod. ^A7yQ8l yO09f^ Standard Brandi* lSfT70f099*A<4i^e>o Procter 1 Gamble 460.362.000 General Poods 341.930.000 Coospoeite-Xot Weighted 15.8 20.7 15.7 u 4%U <:WIR*$ 18.4 ft* 10.3 17.5 13*9 9* IS* ao3 16,8 15.9 9-3 12 . 39 21.0 19.4 48.9 ?6.8 9*1 8*9 17*8 47.9 S3L.9 39*1 82.9 SJt.8 16.7 49.7 16.9 18.4 21.5 25.6 30.5 7.9 19.T 13.7 32.7 21,1 9.6 17.5 17.5 6.8 18.2 9.3 I4.t 19.5 14.1 41.9 567 40.2 34*4 18.6 31.1 llotc: * 1953 ** Merged vlth Anderson, Clayton. GLD023791 Hp. Jw S' ; A;- .... , .yA"v> o i ,*&. v >.'4*.4>^-{ frif-i .'ft.** {Exclude* LXPO AAjostmats to Profit and UP0 Reserve) Average Total sr TRST Profit to ft*i. Petal ftsaats I94d~ &. *agftr Average Total ftsaats Each Tear li a58i-"TO" 18 St. Helena Oakland Collinsville Basmood Scranton Zinc Mines Barytes Mines Yadkin Total** $ 5,760,486 560,692 895,625 1,024,396 532,885 37,050 *,395 -____ SiSfe. aoa-gn 34.16 7.78 33.48 1.27 3m.60 .m 21.96 Total (UUtfcB Od . (Published Basis) $102,818,307 18.10 37.09 38.07 26.00 4 43.40 22.16 25.28 .14 (20.54) (2.30) 3 24.47 (3*61) 29.88 21.86 27-71 19.07 *7.7* 3.90 65.06 42.52 36.61 19.96 21.67 (11.66X35.19) 4.26 10.09 6.21 (24.17) 18.79 3.46 (19.36) 36.11 as a* ' * ** < ** li&f <* > 43.33 13*87 9.26 171*9 21.& 28j4l ^.25 37.52 23.46 (1.54) 2f.l6 13.84 14.78 14.60 16.31 18.27 14-31 22.65 Average Year-Sad Total Asseta J2SL-- Axaer. Cyanan&A *3ijia.6j0oo national Lead a59>er,ooo^w^. Aner, Bowlting Dov Chesdcal 366|i73iWWja| *,*# 736,8*t2,000 Composite-Hot Weighted i+t Jti.3. AP 7.8 12.2 24.2 9.4 12.3 14.5 11.7 21.3 15.9 20.6 17.4 24.2 27.0 23.0 29.0 25.8 25.4 26.7 22.2 17.2 23.3 11.8 12.0 14.9 14.6 13.3 8.5 15-4 21.9 13-9 14.9 Note: * 1953 ll* Total includes Metals Refining Co. assets taken over. ft .'v :?v.'-'v -v^r^fe* i 1 ..v.-.*S'rt GLD023792 Note: Gliddem * Paint Pood Food (Excl. Met.) C-P-M Chenurgy Kaval Stores . > Gli&den Published Profit w b w w i o h mvaaiMEgrr 5 Profit Before Sexes insT Profit to Arg. Total Asset* 1948- 1954 X*~~ j Profit to Monthly Average Total Assets Bach Year ! .*2Z>... 17-42 12.91 15-34 21.96 11,78 17.75 16.10 14.74 14.74 13.85 28.41 6.36 17*54 19-52 14.4? 13.1*1 26.54 5.ol 10.67 20,37 1*1.45 13.61 18.25 7.50 11.16 21.06 23-57 <4.45) 22.33 12.13 17.04 37.52 23-46 84.35 11.51 34-31 22.33 7.47 13-ft? 7.81 25-51 20.78 18.80 (1.54) 25.16 15.88 14.57 12.03 14.49 13.dk 1*1.78 1K60 16.31 18.27 14.31 22.65 5 Ccssiocite Paints 7 Composite Poods 4 Composite Checicele 6 Conposite Cheaturgy 1 Kaval Stores i Profit to Average ttex-Enl Total Asset* /a.P ja.i t.i jf.i 13-7 15-9 14.5 6.4 7.5 13.2 16.9 17.4 10.0 7.1 17.7 18.6 25-8 16,8 26.2 20.5 22.9 23-3 17.2 15-0 10.6 14.1 13.3 19.0 4.1 17.3 31-1 14.9 18.8 13-3 Glidden * Paint Pood Ford (Excl. Met.) C-f-M Ciicnrargy Kr.vr.l Stores Glidden Published Profit .___________ > Profit Before Sex-- to Years' Sales f1&3 mi 1950 m 194s 8.5 3-3 3-9 16.6 6.6 8.1 7.1 7.8 4.0 3.7 80.9 4.3 9.3 6.8 9-6 4.0 3.6 22-5 3.3 5-4 7-0 9.7 4.3 4.1 19.5 3-9 5-7 6.9 10.0 (1.1) 3.1 22.7 13.9 12.9 10.3 5.4 4.1 14.5 5.8 9-0 7-0 7.7 3-9 2.1 5-7 (1.5) 8.6 5-5 6.4 4.7 3.5 16.3 7.2 6.6 6.3 7.6 2 Composite Paints 7 Oortposite Foods 4 Cocrocite Cbordeal6 5 Ceaponite Cnemirgy ? K vi r.tores 7? r.v /*$ J.Y JX 6.1 7.4 13-9 2.3 8.1 7-3 8.0 16,3 4.1 7.6 9-3 7-8 21.0 6.1 21.0 1} .C 10.2 38-9 6-4 13-7 1.S 5-3 34.9 6.3 4.3 a.*. 10.1 Ji; ,3 \: * - r.'x->: r.vii;r. Profit LIPO - voev.ts to Profi t erti U*9 Ite&tsrve. GLD023794 *nam mam vxm W m? "ws Glidden Published* 13.81* 14.78 14.60 16.31 18.27 DuPont 34.68 34.30 37.09 36.49 Monsanto //.GO 13.66 n.?o 23.70 24.31 Dew Chemical 8.20 11.26 17.26 25.64 16.32 American Cyanaoid Union Carbide /O*/ 21.84 11.10 22.87 21.45 /a.7/ 19.13 21.20 27.44 27.36 Minnesota Mining Diamond Alkali 44 Vf 26.12 27.00 27.76 31.66 9.tf 10.8a. 11.59 19-94 13.66 Ovens-XX) tools Glass fl.** 15.85 16.90 23-47 24*43 Pittsburgh Plate Glass U.lf 17.85 18.03 28.50 27.39 Hercules Powder 23.08 23.88 25.49 35.47 27*57 Allied Chemical (General Chea. Dir,) /*/J XI .74 16.78 24.45 20.13 Eastman Kodak Spencer Kellogg Commercial Solvents Procter and Gamble j s j n 25.45 25.97 29.79 27.74 10.36 7./* .62 7.13 3.56 13*15 8.79 3.38 39.56 19.66 24.06 19.95 88.59 28.78 31.15 Harshav Chemical 12.56 9. 8.50 20.28 13.46 Archer-D*aielo-Midland 9.55 Interchenaical /jiit 6.21 15.50 13.38 13.76 14.25 13.31 15,87 17.81 * Olln-Mathlesoe** Spencer Chemical 197-.70t8 13.36 16.30 8.. 80.31 15.21 25.83 17.91 20,44 Dewey S Airy -- 14.13 1-38 18.30 25.94 Hayden Chemical Inter. Min. &. Chea. Victor Chem. J.Af 6.52 55t 16.96 14.75 6.10 /1.7J 8.51 *J7*.3JS* H.23 13.08 12.64 17.34 12.40 27.65 t b ' iw> 18.50 .** ft-o9 1M7-J3t5l 24.SC x+ft 34.99 19.?6 38.48 21.92 27.07 21.18 35.29 40.41 16.65 23.99 31*0? 36.22 59.83 38.33 19.40 37.7 19.61 36.97 39*21 I6.52 23.08 33.73 40.94 22.94 42.93 37.63 43.00 36.48 45.93 40.77 30.38 34*34 50.55 61,96 21.81 42.93 34.85 84.38 35-68 44.46 47.03 20.00 34.63 40.34 42.82 i%rt 23.95 28.16 39*26 30.13 #.99 31.82 3L,y 35*78 33-16 U.89 .69 15.81 11.48 13.3L 609 30.10 24.77 6.94 89.17 38.09 37.02 10,& 14.03 3.63 35-75 22.92 11.22 T.08 13*55 20.95 19.43 24-40 28.31 21.13 29-94 M*t 23.25 15*18 25.54 28.79 38.39 28. 36.16 2.69 40.49 33-82 57-66 64.40 #.ir 8.16 8.96 12.75 37k*m35 23.04 15.97 21.54 16.73 X3At J22f.r*6*d 1B.19 24.64 32 32 Rote: * OBLidden to years ecuthly average total assets. ** Years prior to 195** are Mathieson Chemical only. GL0023795 fas mm* Far tb FjJST^w" -m* w#' - A.- Oasta*! lutera Region Southern msA fwsw Rgiffl Mississippi Regies* les*tlsMt*m Esglge Sassihe&ster Regie** aM Hgi (ksmdite Regia f&etfie Region litlw&isi Tr&d lfios Rey*lti* (BaMwt) JfeL (iii3,875) (320,707) (15,878) (131, (188; (62,953: ($26ja? {309,18b (31,185, (133,322) Rrafit .-.flail, fit ik'Uii 1,272,000 | "3,000 1,000 J,000 23b,000 ' fa86*0OO 1,110,000 1,050,000 258,000 . a?8,is' ~et,9m3 8*83 13.6 M* 16.8 7,8 =4M fpoftt # 1,080*000- 1,000 1,000 ^1,-000 %9f,000 86b,000 87Moo fofc*^ y^&g-te 1 8LfftIS lK Sft*CO Lcmlsririll 8r1m.lwy BMehart) i 199*766 (257*706) Cb*T37| (1*5*031 Iran Sfcwwfc Icsf'ssfe^ik (1661957 emtn#; MByket E^y2tlw! (3fcei.-B.T.A,) i5*0a. Total focMtt 1 Iftfe WfVW 1,368,000 |6*0# -w .'fef an* . It .______ B * i.te.ooo Ei m^m * } =fV; wt. &Afc9s5 ik}iiimr$.;m, "^oraond Scranton Zinc Kins Borytw ItiaM Royalties Tfffcel Sb<HiIg e^.lwg - Owsssrtr trrfi&mpoiie * bsary r^sd Mil SfeWEA *A Royalties total CftawHery Bm*1 Star S. Calledg Royalties Total Ra-r, 1 Stores i '(IsM*?) # t,376,Oto ._ (107,210) *08*000^ ; iS<'< !W . .'300,000 : - 360,000 (6,280) 60,000 (35^506) <3^96) (216,000) W uxfMi f ?eo8, I 2,592,000 40b,OO0 (H2,355) - 132,000 (253*519) 171,000 jOOjbOfe SIE53 i Will 92,01)* i teosw 11*586 2b,000 r~3&r^s55 "".'iss&' mi - - . 60,000 (320,000) --..... 9.000 ISiJfejJ.12|W,w :1LD5; *..*ls0@,0 (.1)'.:.^ '*1*0,000 Iko). T 16.5* 161.3 t(8,000 riiilws 600,000 36,000 TTSC "635^55 Re*, r*- * is dor Rrqf51 tLI*22M> JE&&j<22 *': ZiriMaa figaree ftp* fflj^4ssjg *A?hz-t gaiyu r (lea) cel#t(**- .*>;/ *S*VV GL DO 2 379 6 /.;