Document RpozXKgw26Qvp83Ez6ND0dG88

0000-NLI-000018342 Z \o X O a a < as a. aS O U Z Z uj z < Q < O eS a A# 5?' o Z 3 ** . d zj l- c a - o a- -a a^ > S ^c cC ^tao to d __: Ga TO Z>J -Ot ZJ EJn to c 5 co a c .^ c t JJ i^i "a c -a tu> SO s {- d ^o - "3 o -= E a 4* "3 a 3 ZJ 2 s 3 - Cl s zj ^ O< >s G - " JG_ zj '-Go w a Cl O ^4 "3j so - 3C2 -a G cl "a G J =U d O Cl X=32 -G -O r- ,'*" d 4* oa *>"3 >a ja cl ZJ 4> a o -G -a c Cl w s < JC to -4> s a "o > JZ -a o -a d CO '* X) 4> to -Cw G-- a u. -a Gw to a d ~a -a lm ^._. c 3S gZ ^ c\ ^ .a G >-> c d0 < S o u vo C > '7> a -G J3 d to 5/5 J L* Od -G j s "3 d -a _a >? ~Ga </> CS G -E o -O -G Ou w^ D-, ;j 4,, 4c> -- 2C 4> a -a -* d Zj *- OC S ZJ _a G-- o <r*J d" 81 -2 x: v -o4-. ZJ xi -C Zj ZJ IE JZ * v> j to cl d a- a ,i ^ -C 2 r* -a V a C^ G 4; G < d -a 1zj w aw 2 Ui a* 4) _Gc -C L ZJ o -s 2 y W S 3 -5 * 2 -3 *X 2LJ* da uZJ c/5 4 JG H >s -a w4> *3 </5 ZJ <Si d CN r_ sJ s-G 'Xi UJ C U a ZJ E to _ -- .2 22 S2 aa O MS O a, ^ 3 g 2 c o iT 1> --5 -- *ZJ ~r\ t J3 > s JZ o ja- "> G d a E ZJ > o to U *3-J* _wc we General Counsel, A U .X A N D L R tk G Riifc'N, 120 B roaJw jy, New Y ork, N . Y. Sunk Transler Agent, T H li CHASH N A T IO N A L B A N K , 11 BrouJ St., New Y o rk, N. Y. Registrar o j Stock. B A N K E R S T R U S T CO., 14 W a ll St., N ew Y ork, N . Y . Z<- 2 ri 2S ^ Z as S) as G < Z 3 < -J UJ 2 & 2 > < "" JJ j z t-1 r- LO QC < xz < Z ? 3 aS as V) UJ < 2 > aS 0 hu > < O y) o 3 < 3 < aS UJ aS < 01 QC a jZ u o a aS at -4 <X Ou ca -J H OaS w aS "5 s 2 o s < N -i -- & yj rTM UJ UJ *- JZ Z -j < >aS 2 as h- < as as i X tl < s O u as < 3X a. U w QC UJ U o Ui > H3 U UJ X UJ ^C VUOJ 1 4 < Q X < >* sj X <> Z >. u--. -- O S as s 2z ui> O3:j 'M a c/3 X 2 03 as I z < <X I 0000-NLI-000018343 V-H9.-IKI 0000-NLI-000018344 TAXES In 1947 the C om pany's total tax b ill reached an a ll-tim e h ig h . The charge against earnings am ounted to $ 1 4 ,0 1 6 ,8 2 7 as com pared w ith $8,691,845 in 1946. Tax expense for 1947 was equivalent to $4.51 per share of C om m on stock outstanding. * r-0 00 'E 3 i-- -C3/5 c L> SX3 * cu 2 S- c X "O E S' * "3 *o P-- "COj 2v - : a- .,- 2 -= V2) ^ c "a ss c c-- 22 OU c si O - 30 L EX >> -Q _l p E x: a2 i^ <-- E^ i*^ t/> 3 _E O ^ w c -E > o S L .b 0 ^ s if S Qw u. I- 3 ^X '5 Q c CS r2 2 -- L -- _ -o X n "3 5^ l r*"5 JZ V5 _3Q -g 2 H x c2 u * P 3 C3 to -- >-. c L c u. tS 2 -o l ** "3 -3 > c 'w ^ t: 30 . t r* 5 E -- .- -- * cto o. .c o ZJ C/5 V5 Q ZJ V5 L c U, 3 -- 3X TMo o u C S C/5 -- a * w CJ C _,,y 3 3 :> g.-? o ZJ L> c -3 ^ -=r"r 2 >> J4U --'^ G Lf (N O 3V cr *w H L L. X t> .5 CN `3 -Q 3u *% 't: oc .0 . -C t SO *^T Os >> r*. ^ -C XZj >-, s E -o aOJ "SOJ rT', 7,, SO to ^ 'a, g O CC/35 Cs rO, c & ^C cO I SO* 2 S (N x~ VO a L rT oE a- o E^ w ? ra G rt XI aj fN !C/53 s s o3 ic?u cl -^ /> 03 24, C N <UJ </> ? T3 to G ~0 Cj ,^ ^c L> -"5o Jc3j w> Gw u^ i>j< --o r- "3 c i3> -5^ O JS r^ H V5 VT G CN rs- Citf tco 34oU~,l G3 f 'V c/5 L^M , Xl *-* a cK Ja= 3Q, .g3 --o -^r v<r -3 O U 3= 3J -C S ."> ^ SO VM o' -2 0 g. O S 'Z E o u --' o,, Q a. U 0000-NLI-000018345 V) o w Cs M w Gi Gi-- G "p 3? wC G3 3-- c0>3 V- c\ " "3 o c3 *- G u- 3 G _w <N e 03 G -"GS _ G 1g -- -5 --w G G - rv] c/3 ** C O, rr O X^ _, Mm 0 G 3 C3 > <*" c o G G c\ w "-- g G SO "3 G so G cG 'c 3 O G c5/23 O G l_ 3 > cw G JG Xa Gc G -C 303 ^CO G u_ c33 .3 ^k0_ C 4- C J033 ^ 3G . Mm "3 G 3 -3 oi so os w -p 2 C QO JG S .a03 ouSSOO saso u G as G tf >% 1) -C :p e n d i SO _G u 3 *3 cG/3 0 Cu The o n th e re a s o n , a g a in s t G c -- Cso p' 3 c/3 .m3 ^ G G 2= C G 3 G(m GG -S "5 G G 03 cC//33 0 cn r-~ so * \l 3 G '-5 G G JCG/3 GG *" a G c 03 1 J5 U> ^5 r--- G G c 2 G 3 ww C/3 G O G W 03 J4GM G 03 G J4GM c ^3 g so 3 j= a, w g a>s ao "3 ^2 W G G G C G suo C/3 C3 G G c o U' G G "a, G 15 "3 so u3 cu G >v 3 o3 G Gu , SS "TG SO _c G 03 *3 GG G G " 3 iM C/3 03 mG c/3 c _2 G 15 G _G Mm C/3 G Gt_ G /"> ITS ' or CN so 03 > * G G 3 U g JG H 0000-NLI-000018346 0000-NLI-000018347 so c sS73O JG 3 "5? r- > ry c ^n s S 2} o so " o Go 73 G Jn o ~l ^ 2c r-i S CS V, c < CN a C-I C c j G tO q cU c- - o >, U I 5 G 73 G ^ "S 3s U C^ "cl _ r ~i s 2c e Cj JG 73 c j .ti " Xo -- tO " -- -- oX d cl O -- -G U ^ Q "D G W >- G 3 b 3 Ji ^ to 73 Cj 2 2G Cj 73 JG o JG G CJ 3SO 3 3 "2 > 73 G 3 C 2O Cj -G , ti .3 C > s> to GN 73 CJ Cj >> JG > r- -o 3 * GS o 3 JG c 3 O Cr*J G C 73 c J4 I u. 73 3 G- G O r* c '"5 SO - V z Cj >, -3 GG SO G 71 o CJ c "3 Cj zu o <s> Cj 73 JG CJ 3 > tt .S o 2 s G S xc irv r^. G 73 o i! cs ti x 73 Oh - G O 3 S CJ o t-> JG a CJ UV co jC 73 t-- 3 -3 O Ou O, "3 CJ Cj pG Ji cs * Go "3 x; c so JG C sp 71 IS o 73 to -- -Ic "U34 SO hri 3 o u C Q. Q CJ Cj wrt n d i O o N Ml o o n M C0 r- w . J c\ "3 ^ >, *-T C Ch < xo | 3u CQ Oh "3 !- "3 -3 Cj -- 73 Su. X ^ >, 3 JG >-, zj sX c o u X rr\ C\ -3 73 3J , -J " s3 2 -2 5 3U y -H- g g ^ 73 s- z o- 5o ^> C 3 2 2; Oh o G 73 sj xx <t- c u 92 'sj N -oU s jg 71 O U s 3 CJ * -a ? s^ CJ w 2G c O 73 to G 00 ^ H.-S < ^ 5z 0QC 20 "3 CJ "3 Zj -- CJ "3 CJ JG *- ^ r" t- 3J 73 to a J CO O ccoo 73 ^r* CJ /jyJ 73 LG o" Gy 3 .b2 sJ 0 ^3 ^ O S> -3 O JG Etc" C>j '> rG o OJ 3 o ^G 2 -J S Cn ZJ O S 2 ^ > 33 X W NT ^G ZJ CJ i- >% O S' 73 J) p4 J cj SO so .S '> 73 0$ 73 "GJ -S g S 5 CJ >> G 73 O^ 73 u CJ 3 JG -G ^CJ Cj CO 0 3 Gx 73 CJ 6 c Cj 73 co G tM 73 73 t "j CJ G =s co Um CJ JG if n o Ji? 0 U 0 t4U-li CuJ. Cj 0 Zj a! 6 At t F le e t 0000-NLI-000018348 a *>** ;a ' <5 :i * * s I ^ k -Q S2 , ^^ <5 ^ ; 3 5k /O 3 o Jzw3z 0 "G 3 G CO iJ * S s^ 3 -G >s a 73 G 0 _3 u 73 3 C/5 73 3> 3 >> '3 G .2 0 G* -- "p 3 CO c 3 3 JG C/5 3 3 C Cu 31-- Pw?- 3 -j z 3 "O >- G -3 '3 3G OO 3Ui U 73 G _G a,-a JG 3 __, 73 0 a r^- 3 C a3 0G 0 3 U-i c0 75 3 c C\ _ Gc x c ' C/5 SO" "t 3 73 JO M-. 0 c o C O 73 .tS "G 73 3 3 -r t 3 -s G 73 u. -s 3 L. --< C/5 2 c 5 8 3 a "--S "u3 73 C to 3c to td 73 73 C/5 -G 73 X 3 sC u. 3 cyT to G3 rO1- 73 -2 3 G Gh to 73 cy CO 3 Lc "G 73 JS r* 3 "G to a0 u _G 3 U3i .2 ui in i ~G G ^3 3 a c 73 to _c U, tp -g "5 c 3o 3 3 C 3 3 3 >> '-' S "O s* 0 -= 3 >> 3 > 3 i- On u > u. to 3 73 a u-i oc o C 3 U 3 C/5 G* 73 73 JG * 'O u3> "w O 3 * c^k a ^ rc\ SO ,!= ^ 3 3-- .52 > j~ so * | 13 C Jr 3 u-, ^-^ --3 3 JG H -5 W "3 u "3 3 3 _G G C 3 G 73 g >3> * fc_l 73 c l/*\ ~G~ C--s c *- '* o 52 -- 8 '* 1< a. 3 S2 uU r 3 -c J2 "2 -B G73 o 3 3 -2 a- _a ^O >* ~G G .0 73 w Oh 73 s3 US o U -5 u o P - 2 -S 73 w Jw3 C | "O 3 > ^ 3y 73 C/5 a. 3 3 3 _a 73 o .2 r- "a ^ GN ? H % Gt-H 3 3 G O 33 ^33 O 3Ui 73 tco "aa u C/5 ,Co -G w) 3 73 >s X ^ ~3 0,0- fe CL 3 CL G- tu 3 e >. _o _G "a. CO 3 c/5 73 3 "3 73 3O C3 3 OC aO 3 3 JuJ "c3 3 C G O to 73 . C/5 n3 3 -- 3^ 3 3c/5 .5C C C/5 5=/5 o 11 73 3 pG 33 C LO LU 3c JwG 3 JZ c7o3 W u. 0 > w>> O 00 -G -G H .3 3c G_ i3 -- u. "G 3 73 2 CO c 3 Ui O 3 JG 0 Gz u73 3L. O 0 -- w CO 73 u 0 u 3 11 j 0 c/5 .^ W 73 JGu u> `G 3 C O. .2h-- -- > J-- U -G 3 3 3 c "G 3 u C/3 z wO 3 tts 0 G3 o 3o c O . C G 0 ' u 'o 73 -2 3 arv. tT g C 3S ,0 73 3_r_i , O* 3 G* w3 ^3 2 "G C/5 O >, -- << ^OS LU Z a.LU y3o C C/5 73 3u 3 J= r*^n T On 3 3 U. ,. . cl -o 3 rj G 3 3 1 o2 U33 JZ -C x c cL. 3 ^2 3 _G -G G 73 3 -a o Oh = CL 3 C 73 3 X 3 - G 73 M u 0 0. 3u G O 2 ^ "3 ? w G 3 E X CN G *-- C3 3/- 3 JG H . 3 to c 73 T3 3 Gu 3 3 "3 G -- w O w 3 .tS 2 2 _G u -G O 73 3 G. 73 3 k 3 ON ^ "o ^ E c - S* 0 >H to O fi dQ aS 2H wD c a >, Un 73 U4 "2 C\ 30 C !r! u- 3 -G -G 3 "Ow O 73 -Q 3 -C .3G N 3^ -O J 3 1 S3 ^ 73 M-h G^ 75 7r-3 O tjQ o C 3 3 G ^32 W .X 0 c w 75 i -i -e 0000-NLI-000018349 Com pany o f the interests o f the other stockholders in these companies; fu rth e r directs the g ra n tin g o f non exclusive licenses under United States patents in the tita n iu m p ig m e n t held on a u n ifo rm , reasonable rJ c fa* ~ 71 fa* O- "33 CG Si r3 -G 1 e 2 " tO CN Ito c _c to X P 53 ' fl 7i 73 JG -- P to "3 3 P 5= JG "3 c 73 " -fa* GO _0 P c o o 5 52 yj Q* G 73 fa* G >s 7i - JG 3 . fGa* ofCa*P 73 c CP p >s , G ^ Si ' 3 -- p .2 C p J _ *c P _G "5 H .3 P fa* Vi p '3 to p p fa* 73 P p p p "3 E 0 U - "3 ' 'O CN PG C P fa* r ^o JZ 3 /5i JapoJi CP o p v> H P Si 73 P JZ 73 to ^ Po p fa* r _G > > -3 Hu 73 "3 J* 3 pi j S 73 C O Cp PZ -fa* o t'Ju p "5 G c "G 73 O -- PP 2G P P G O 2^ G C3 to X 5! 5i 0 -35 ^c-73 5 c p JG X r3 " JG Ji "3 -^r c cs ? 73 Si fa* 73 P>> >> G 73 V5 ofa* p p Q o "3 u. 7o3 CQ P JG O "3 u* o >(22 Z r-* ssi < 2 XQ. Jc/J) o >s < c o 22 2, ao if >> _PT o pU* Gp z < >n 2 p 2 Cl "3 --3 up. o fPa- 2 s 7^* 3* p ^ to o -C C p o C* O u a . **- GO C 3 Op G tco 2 u< substantial quantities w ill be available in the im m ediate future. The Com pany continues a program o f aggressive and coordinated research. A m o n g the developm ents o f the year em anating fro m its >sfSaJi .zi JZ PP J Si g p 5 0 s v2 S *-- *2 G *- 3^ CP : G 73 CP JG>* V) P to P P c sk i ^ >. W--fa- Ow > -o SU i7t3 7p3 .5G "C 3j S! 0 G S ji j= ~ a s j * c js u JG H S d p 3 p to 73 bfa* Q_| S u3 - G "3 Dh JfGa* 2 G o JG>> "3 GG "" 73 Zp . s X Cp P *S P Cp _0 p> .C '^sr ! ~po c p * o _pD O G "2p G 7G3 p p fa. C to -3 z c .C73 5V*k0 .f2a* P ffaa** QJ > cC ^ itO p 'a -S >w- gGS o i* -oca a JG +- 2 o P -G ^ O 0y ?= 2 G to H P Si .ba- -c P to P 3 .2 GT fa- 1 S .'3>* ^3 4c* J8 2ti_3 j3o t^i p p to p -i 3C O 73 " 1 cL a cn3 w a--un .= w >, 3 -Q O -a a *ua, uS i O W Pfa* Ow P JG P P fa* r-. P p ^p ^ JG rT', CN P G3 X c "3 O -S D to w G 00 JC P o .sa > -o pp XL -3 Sp r3 G ^4-H 73 ,P fa* G =G W --73 Si -- .S a ^ 73 P JG fa* w CP ^O W ^* o a >-* to o a GCnu"" 0 a. JG to u " gg pu S -3 y a '5 A bbb . o g to c "3 O as Ci 3 to C - p o ^ > s .2 _ p 2 "6 ^ p JG a^ p Si >^ aG "JG P p * O ^ .'-_fa2* -3 wG P C C3 C P C Pp ft_ao* s ^ to gS G 73 to G 73 P P c 3 J2i S to '5* E Cl fa* -oo p G oo OG * to 3 W onsover, new wash- able one-coat in te rio r fa in t, goes on the m arket in 1948. D u tch Boy blended fa in ts fo r exterior surfaces were introduced nationally in 1947. 0000-NLI-000018351 a o => W u a 'z ___ >s 7- 9 --> C-- g 2 -5 i r; d r' Vi ^ "5 I 2 L> 2 o % Com parative C om oli d a te d Balance Sheets D E C E M B E R 31, 1947 A N D 1946 > mt mt Ol cO. iO x' rO o IT\ '<T CN -- ,-- o " O ; of -- OJ O'* vO -- cc x" --' Ol MT rO MT of v> rO CM MT o \Q of vo pO -- OJ r-f * rO 1 -o X ' -- vO ' c m VO TO. ' CM >--> X t O, ! o^ ^ , o^ i mt 'T '(T c\! : MT Mr r- X MT X vo OJ CM CM TO VO of " ^ " of OJ O X OJ C- MT TO O MT rO mT~ O* rO, : x"; X rO, 1 ' OJ ^1 2 >o o> -- mt o j : fC | x ia Cn : ci x 1 o* oc o ! 01 ^ 'T 'C '! of x' ''T TO : TO | O 1 TO 10 M| N MT TO, _ O^ -- mt OJ_ iO_ | CM, of of rO X* o' x" i of Ol X o X 1 TO TO, . MT OJ, MT " o' of; x- CM TO. , %% i xx o-; c m o o. x" i Mr t o mt i o* mt OJ OJ,j; --' vO 1 vo ; , mt : h v> i X MT cxv; i; o<oo Ij Ol . i1 MT ! x' rof I MT ! MT 1-- 1 to ,, CM I1 X O -Q O "0 .G )O J "G L X >> ^ "3 _Q .3 . CN O 73 "G SJD f**` 55 iy --C -G-S "5 * of "G =3 By, u rz tj 2 <CD -g fH c-- OJ Oh -- C2 c .9 8 -a ' S,U - a0 -a * s - c ^ " 23 ^0 Gj -v-* sl- 8-S .5 > Q 3 l) _ .. S3 >> e m COO S> .'su a. aS o Z o u - >3 J g8 j32 CL 0N c o if .> 3 W es Vi Lo o o oo S^ ' Q* o* X CN <o. N 3fC, 1~/ pO, 1 o "G 'T -3 O ' U ! > ^ "G i_ U 23 o- a LU ^ _ cy T3 -- O O G-^O 0 JJ -Q O, o ^ c " c a u. _2 o' 35 JJ - ^ 2 n u rM w -2 o ^ -373 lO ^ u O'j p 5o 5 w < cu O so -- \0 rci O. X^ C vc GN ^ -- -S U CL P c/5 30 -* <J V 2 2 f! ^ ~ ~7i 'J pT, 1/^ 2x-- !a x_x, ^ -- VO kO ^ .3 "* r'J 2 < a " ^ V5 VI ^3 --* V5 V5 s" U ^ J3 vq, .p 5J U r-"G "G C lj O O !^, y ii o E [ O- _ O' o> TO 04 OJ TO, lO t O, TO --< MT X CM, t O, , MT Cs TO of VO CM --L vO MM X, vO vo ,, Ol of vo of x~ r~t TO O' O' vo OJ o' x~ o' vo -- * MT vO VO TO vO -- Ol O; MT MT to O' X O' CM o' VO 00 CS CN r- O CS TO, c\ Mr - rCi fC GN o' -T " vo Ol X X VO TO ITS MT --T MT CM MT TO MT vO o^ X to TO, M MT TO, q. MT to to MM X 1 CM OJ OJ TO, j TO O; ^-1 M-1 o- MT TO o* vo vo t O -- lO X vO of S a, ti 73 04 3 G" 52 CM 04 C- C-- L 73 U LS vf C O3 o ^ X 'G* CC Vv)i -x?r jo x qT ^4 33 lc 0-- 73 U. < CL. CU 5 ST Vi ^ <D 3j * 73 v 6 vi" y2 c m ^ rrO, -i mwt \ ^ WU ^ pc -i' VJ . ,, rO CM - Cv *> - x- Nr^g-. Is GN -* VO * ** vj a o5 5 S- a- Do > * *5 u$ X a c-. o^ c TO 73 Cl , av 6 2T o Oo J3 2 73 W > aw so c 25 r* "Gc 55 W MT Vi c\ L-- .0 V) c 73 cu "G C G 0 V) a 3 "G G G O. X 1/ 0 a _ wx L C -g *g L qj 5 1. 'S '* 0 3 ~G l G> as II 21 a. a* S .2 ^ 8 -qJ4;|3 u> -rj O ^ XT -M 3 2o u mt ^ -g c3 L_ --( W -O MT Vi -- c o^ i S2 So. 8 c 'T > 3 I -5 i". ^ 'O MT *O *0t0> 55 r O u C\ ,,X vi r c rG, LO 5c mxt VJ iJ e^ -- * Cs Lr S Vi c 8 .2 73 00 SL.S: Qm"G 73 3 w O rt 73 "a x \cG3 = co vo G" L 4> 52 S .9* 3. "5 c t -g GN G" 0 X c5 c' 3 . cr^ VS ' qj JG Cl , 3 o 1/1 ,,3 s s, -J *qj r*V- CqjL MT? o 8X L>. c\ L a. L =0 Ovi G aL. x L a. 0000-NLI-000018352 = < r 7. 2 x z z >s n O Z < ;> a 'x. z -y < ^sl ^r' <; r- o "' r^ \C rTN -- rT', 'T \J~\ 5 ~ jS r-'i r^ r^ <n m'x ;. c - p^ i ^ 1 '<r i: --t p - : -- " ^J1 ^ ^ O v n -- Pi : Os! n o r- -<r On -- c m p i : xr 1 p - Pi o ^ O Ol O, X^ Os P- rP. <-p Pi , so ;: -- PI rp -- p i -^r I' p i pi CN r^ p- O' o . 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