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Th* reading of the minutes of the previous meeting was dispensed with.
f|f > The annual report of the President, H. A. Sherwin, was presented as felloes:-
" I am glad to report a prosperous business for the fiscal year ending August Sist, 1905.
I jN!?*
E* nat sales of our regular line of goods was $5,062,649.58, showing
coups red with the previous year of
657,508.33
If I should report the gross turn-over, including our auxiliary depart-
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MINUTES OF STOCKHOLDERS' JESTING 1905
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Bt*, the amount would he something in excess of seven and one half million dollars. As has been our cuetoo in the past, all repairs and renewals have been!
I Charged into Expense Account. In addition to this, we have charged off a retirea|Bt of $100,000.00. This left a. net profit for the year's business of $724,152.51, Vfjt of which was paid the dividends on Preferred Stock amounting to $33,770,00, leav-
for the Common Stock $690,381.70.
The condensed statament of Assets and Liabilities shows as follows:-
ASSETS:
Merchandise per Inventory---------------------- ---------------------------
$1,434,329.74
Cash ---------------------------------------------------------------------------------------
25,542.86
^
Plant------------------------------------ ---------------- -----------------------------
1,848,904.27
Auxiliary Department*------ ----------------------------- -------- ------ --
797,350.26
' Bills andtAccountsifiafeeivable-------- ------------------------ --------
1.380.825.63
$5,486,952.76
LIABILITIES:
Capital Stock Paid In - Bosnian $2,016,800.00
Prof.
483.600.00 ----------------
Surplus------------------------------------------------------------ --725; 466141
Profits year ending - 8/31/05
724,152.51
Less Pref. Stock Dividends
33.770.81 690.581.70
Bills and Accounts Payable ----------------------- ----------------------
$2,500,400.00
1,415,848.11 1.570.704.65 $5,486,952.76
A year ago you authorised the Directors to make any extension of the business of the Company abroad which they deemed expedient. . Negotiations were then in progress which were later consummated, by which this Company purchased the entire capital stock of Lewis Berger & Sons, Limited, of London, England. The business thus acquired is a very old and reputable one, and with the added strength of the business methods and the credit of our Company, we anticipate a profitable addition to our business abroad.
You also a year ago authorized investments in the line of securing advantages in certain raw materials. At that time we had an option on a controlling interest in the Ozark Zinc Oxide Co. of Missouri, which later we took up, and have plans under way fbr largely increasing that business. In connection therewith we purchased also lead and zinc mines at Magdalena, Socorrp County, New Mexico.
Our facilities for conducting our business have been further increased in the United States during the past year by distributing depets opened in Savannah, Cincinnati and Portland, Oregon. Also, arrangements have been completed for a new depot in Dallas, Texas.
The increase of our business, as usual, necessitates larger manufactur
ing fecilities, and more extensive enlargement of our plants are now under way.
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