Document bBVaeKjqqo3Lqp0Dva60Ma3e0

71A7S <=-> 1 2SIM72S3 0? ST0GKH0LD35St LSSTIffG.' Cleveland, Ohio, November 10th., 1911, CTSigg-SIGEgS A35KJAL aSSTlSS* ia*y^i^hth Annual Meeting of the shareholders of the Slic rwi n-*.7illiams held at the above time and plaoe. tioa duly seconded and unanimously cairied, LIr. '.7, H. Cottinghan was pn t afli Hr. A. *. Frank Secrotary of the meeting. -"were present either in parson or-by proxy 235 shareholders out of 440, * 54606* shares out of a total of 63471 outstanding of both -coxacon and .took* Chair appointed Ur, J. E. 'Campbell and Hr. E. C. Schofield inspectors to verify the representation of stocldioldora at the meeting. vtion the reading of the Hiautea of the previous meeting was dispousod ^Annual Heport of- the President, Ur. V/. li. Cottinghaa, was presented as ** past year has been a very difficult one for all those engaged in our o continued high cost of our principal raw material, linseed oil. The o of linseed oil at the beginning of our present fiscal year, September cents. ?or gsllon, and it wont as high as $1.00 per gallon during the .price at the close of our year, August 31st, was 85 cents, v/e have no such high prices for any similar period. advances made in August of last year in our selling prices have boon 'The higher figures wo have been obliged to secure for our products have purchasos somewhat, and tills has reduced our factory output, which has with the highest efficiency in. operation. However, we feel, considering ial circumstances and the unfavorable business conditions, our business lias ty well, in value of sales'we only lost 4.3 per cent on the year's trading th last year, which was the record year in sales for the Company. For the aonths we have been making gains over 1910. The total sales for all Sts this year,, without Canada or England, amounted to *10,251,751.88 eguinst 96242 last year* .reac ans made in my last report to our having acquired all of tho cov-raon ". the Detroit V/hite Lead r/orks. Their books were closed on August Slst this *ros..oad with our own fiscal year, and 1 cm glad to report tho results are tlafactory, and the outlook for their business continues good* 4! RECORO BOOK PAGE OOS5&>ATTEST-^iV^ MXx j l iS. rC ^ 0007-SWP-000005228