Document jyn8ZNkmo0Zx663K291paLD6N

* A r\ i ' j:\ i*w v^jri F..pt w v l s k j *. : THE EAGLE-RICHER COMPAQ for the fiscal year ended NOVEMBER 30, 1950 - Richer Company To Tin-: Sn.un;ii<>i.m:us o f 'II110 KAClIv-I'ICIlKB COMPANY: Thr Annual Report .of vour Company Ini' the fiscal year ended November ,`!(), I!).>(), iiudn< 1 inir financial statements, is presented in advance of Ihe Annual Meeting nl' Shareholders In he held mi i\ I a rcli `27, 19,7 1. Previousreports have included comparisons of -opera I i n ,u' rcsulls with those of I lit* preceding year. Sucli a comparison has hoou omitled al this lime, as your management fell that il would he more confus ing than iuformalive because of I lit* change in pres entation required !>y the adopt iou of the base-stock method of inventory valuation al November .SO, 1!) Ml. . . ,. General The 19.70 fiscal year was a successful .one for Tile Kagle-Pioher ( mnpiniv. Sales and earnings increased over llie preceding.year and working capital and net worth al the year end were substantially higher than a! November SO, 1949, Pricesof zinc am! lead, the two principal metals produced and processed by .your Company, rose n iii lorially during I lie year. 'Phis in (.urn was reflected in Iiijjclu-r prices for '.products manufactured from these metals. . ,, . :. The. major pari of I he rise in Llie price of zinc oc curred before Ihe, lighting began in Korea. Zinc was in good'.demand throughout the year by regular industrial consumers, in addition to which govern- menl stock-piling is a factor of varying importance from lime Lo time. The recovery in the price of lead. <m the other hand,dales from the Korean crisis. In the early part,of the year, the price-.,of lead was depressed by imports from countries where the need for dollars was more urgent than that for metal. At. present, both lead and zinc appear to be in a strong statistical position. : ^^ Despite the many problems and uncertainties, re sulting from the present state of.national emergency, llie outlook for your Company for 19,71 seems gen erally ..promising. Barring a sel l lemon! of llie inler- national situation and a substantial cutback in defense spending, neither of which, regrettably, seems probable, the. demand for zinc and lead and most, products manufactured by llie Company should continue al a high level. Under these cir cumstances, sales and net, income before taxes for 19.71 should compare favorably with those for 19.70. The tax burden will be heavier, with higher normal and surtax rales and with an-excess profits lax in effect for Ihe full year. Oil Ihe-other hand,, your Company has a relatively good excess profits lax base under Ihe provisions of Ihe present law, , Sales Net, sales for the fiscal year ended November .'50. 1.9.70 amounted to $(19,lL2.`i.90-2 as 'compared with $(>.`{,.`549,8*2-2 for the preceding fiscal year, an increase of $.7,774,080 or approximately 8..`7%, The following table shows the t rend of sales during t heyear as compared with that in 1949: 1st Half !(rd ({wirier till ({mirier 10.7(1 Sg(l,S!l(),Sl`t i!),4H)..7:t7 iK',7!K\.7.7:; HUH *:F>..7!11,IS.7 1.7,S')".,7,`S:! I l.Slig.WH Increase or Ileereiise Sales in the third-quarter of 19;70 were the highest for such period in the Company's history, while those I'm' the fourlli < |i i;i r! *!" were exceeded (inly by Ihe foilrlIt quarter of IIH-S. ICarnings Net profit alter taxes fur the liseal year ended November .'id, IP.70 was $'2,!)'2!),'2!)(i..'!!), equivalent lu $;>.'2,7 per shore.' compared with ;i net credit 1 surplus fur llic liseal yenr ended November SO, 1040 uf $'2,747,1 K>,(10, or $8.0!) per s11:iire. During llic firsI halfof the TO.iO fiscal yeor llie price of lead (New York) lluelualed he I ween 10. nr olid T2(* per pound and zinc (Id. Si. Louis) he I ween 0,7,'h ' mid l'2r per puund, resulting in a low dollar sail's volume mid lowgross margins. ('onsequeidly, the Company's net prufil fur lliis period was only $7,7!),7'2'2.'20. In llic Iasi half uf Ihe year, prices of lead and zinc and many uf Ihe ('uiiipany's ninnufaelured products impruvt'd and gross . profits- were increased, l)es[iile higher lax rales, ncl profit (hiring this period amounted In $'2,Kith/Wld!). Italancc Shci'l Currenl assets at November !I0, 10,70 amounted to $'21.<i.'i f,70.7,0;t, including $(i,.7:SO,'2<i!>.l 1 of cash and .governments, and current liabilities were $(>,148,484.47, showing a current ratio of ,`i.,7 to I. Working capital of $1.7.-bSti.^O.nti compared with $I'2.7,7.'i.!):5:!..71 at the closeof the preceding fiscal year, an -increase of $'2.7:!'-2,'2S7.0.7. 'I'olal inventories' at November .`50,. 10.70 amounted to $(>.88!),04.`>..7(! compared With $7,!b2(>,!!08;;77 on Xovemlicr .`50,. 104!), a decrease of $l,0;57,t2(i;7.01. Metal content of inventories in tons at the respective (Salt's was as follows: I .(*:((I Zinc Nov. :!(), l!).)ll l(i,-,'?.'. I Mill! N'liv. ail. I!)U> IS.Sil.-) I(i.!l7i; Premise `>.li-((l glltill Investments in and advances to foreign sub sidiaries not consolidated were reduced during the year by . $.`5,2S,(140.00, most of which reduction oc curred in the ,Company's investment, in Mexico, The Mexican subsidiaries operated at, a profit, and, therefore, were able to-repay a-purlion of Ihe ad vances previously made bv the C. S. company. Should presen I prices of lead, mid zinc continue, these advances should be reduced substantially further in 1.0.71. Net fixed assets at November 00. 10.70 totaled $1 I,,`!'2,7,fil`2..71 compared with $l'2.:!:>:!,!0'2.tii at November !>0, 104!), a reduction of $1.007.4ft0.lt!. For a number of years, the Company had owned 10.!)'24 shares of Treasury Stock costing $fii,707..7ii. which were purchased for resale to employees. Dur ing I he-pas'l year, under an F.mployee Stock Purchase Plan, the ('ompaii.v sold 40,.70.7 of these shares to key employees, exclusive of the Chairman nT the Hoard and the. President, at the'market-price pre vailing at llic lime of sale.' The balance of 41!) shares was sold on ihe New-York Slock F.xchuuge. These sales netted the Company $`210.N!)4'.T2 and produced a profit, of $140,0!)(>..7(>, which was credited to capital surplus. : . .............................. Listed below is a summary of the source and application-of funds for the year: KI NDS PliOYIPKp Ncl jirnlit. fur year Pcpi'criulmii a (id (Irptcl inn Sale nf Imistiry stuck Sa,!)'i!l,-'|l(i.:l!l t.titW.tiV.i.tlli g| ll,H!) 1.1 KI NDS API'I.IK!) Ca|iiliil ndililinns, less retireoienls M isccllaiirniis .leeoool s, del Dividends paid Increase in wurl.ii;^ capital for year sv.x:.x:m.)7 ft (i!)!l,!)-'7.7(l (10.7(11.7'.' t,:i.').!U7.oo `.'wii'.'.'.'ST.n.'i st,s:l`>,.Slid. 1-7 Dili (lends 'Flic regular quarterlydividend of .`50 cents per share was maintainedduring the year and an extra of ,`?() 'cent's was paid in December,.''making. total disbursements .of $ I ..70 per share for the calendar year. Payments du ring I lie past five calendar years, have' been'as follows: 104b, $1.00; 1947, $1.,70: 1048 and 104!), $1.80; and 10.70, 81 .,70. 'l'lie Board of Directors and (.lie.management, are cognizant of the pressing need for income fell by many stockholders. On Ihe other hand, they believe that your Company should maintain a strong finan cial position as a projection against possible fullin' contingencies as well as In . enable "it to continue expansion mid improvement of its manufacturing and mining activities. The Directors are of the opinion I hat. the best interests of stockholders' tireserved by adhering to a regular dividend rale, which it. is expect('d can be maintained except during periods of extreme conditions, and to supplement it by payment, of extra dividends when consistent will) earnings and the financial position of the Company. \<>l Worth Tin- nrl worth (capital and surplus) of your Com pany at November',`!0. 7!)/5U was I .T'Hi.PO, fipii\'aIt'isI to $tXS.7^ per share, compared with ^-T. 1 It's,-'70.!).),or ^'27.1 g per share, ill November .`to, I DM). . . ': I lie tabulation below lists for I lie past live years the hook value of the oommoii slock, after oliminal- iug the cost of slocks -of consolidated subsidiaries in excess of I heir net . asset. v.'iliu's when ; ."acquired. Mbile this excess represents an actual cash ex penditure, it may lie construed as goodwill from an aeenmiImg standpoint ami probably will he elimi nated in a reasonable period of time hy charges lo ciirned surplus. ., . '. Av. an, : III,Ml Ill III 1IUS uur IIIKi ..Hunk Value . . .. S-n.HI.MIH \>-.MiU.(ll!> 'H,.VgM:17 Ill.Ulil.-.'W 1 (1.(17 l,.l.,l.`l . I'cr Shan- sMT.la '-'a. 17 -1. H 1S.7.V Taxrs Provision for Federal and Slide (axes on income for the fiscal year ended November DO, 1!);() amounted to *:>, (?<),<10(1, or &5..S.5 per share, of which $'.21;>,()()() was for excess profits lax. \ our management estimates that on an average earnings basis the Company's excess profils tax base For the I!>o0 fiscal year was $;>,.>,50,000. While it is impossible lo calculate.accurately al this lime, it is'our belief that., if the basis provided under the presenL law is not changed. l lie Company's excess profits tax credit for the fiscal year ending No vember .`>0, 10.31 will lie increased to approximately $0.000.000. ' . . siuditors Since I0i?7, Harrow, W'ade. Guthrie & Co., in dependent accountants,' have reported -upon the financial statements' of the Company... This firm was elected as auditors for the '.current year at the last. Annual Meeting of Shareholders. During 1 lie1 year. Marrow, Wade, Guthrie & Co. was merged with Peal. Marwick, Mitchell & Co. and the certifi cate .covering the 10.30 statements, therefore, is signed by the successor firm. Outlook ' .. . The year l!);7t will confront, all ''companies: with' many operating problems. There will be numerous materials in short supply.' 'Constantly, changing regulations, restrictions, and requirements will be placed 11)1011 industry by .government. Prices anil wages, and even profits, may be regulated to some extent. Many men and women will be joining the armed forces or .departments of the government. Manpower can become a serious problem. The lax burden will lie the "heaviest this 'country has ever experienced.' , On the favorable side, there would seem to lie little likelihood of.dower'prices for lead and zinc under a defense economy. In fact, higher prices may become essential in order lo bring out required production. Demand for most of the products which we manufacture should continue at a high level and we believe your organization is well .equipped to cope with the many problems which if must face. 'Taxes are taking, and will continue lo lake, a staggering loll from the national economy. While the government should spend every cent, essential lo the protection of our national safely, the billions which are being spent al present, for non-essential, non-defense projects should be eliminated. It is to be .hoped that, the Federal Government, in attempt-' ing lo control inflation, will not. overlook the desir ability of reducing'to a minimum those expenditures not necessary lo good government and the preserva tion of our way. of life. A our management wishes lo take this opportunity of giving recognition lo the line and loyal services of (he members of The Kaglc-I'icher organization who have contributed so wholeheartedly to the success of the Company. My order of the Board of I)irertnrs. . ' JoiOL M. Mo w i.iiy Chairman T. ScKxnat Snoui-: Prvxuleni Cin c in n a t i, Oh io I'k u h c a h v Hi, 10.71  IM E ..EAGl'E - P I 1 El' m?MY < <VNSOI.I DATKI) I5AI.A NCK SI I Kl ;T ASSETS CURRENT ASSETS: 1950 --------------------------- 1949 -------------- " ('usli in 1 >;i11Us :iin 1 on limid .. ..................... $ ,7,010,200.1 1 $ :;,i -i7.*>:!4.:51 . , 1'. S.- (invermncnI olrli^'nIions-i: !: nl eosl. (jnmkct value ill November :!0, 19.70 $0l9,:i0.7.70)..................... ; . :- 020,000.00 02,7.000.00 Ai'tMiunls iinil:n:ot(\s nn'inviililt', $ 8,.78:5,280.2.`S $ ,7.10S.8:57.:50 l.ciut: Reserve lor donbllul neeounls. .... . . . . : . : ...... .. .`507,89:5.87 8,21.7,:592,:50 :57:i,4.72.:58 4.79.7,:>81.02 Inventories of raw .materials,work in process, finished : |irodiiols ;md supplies: . ". Ores, metals and metal-hearing products -''ole-1 .. J5,.7,7.`5...74.7.72 . Ollier products, merchandise for reside, iiud mmiu- fueluring n Valeria Is and supplies id eosl..... . :5.!>:l;7,497.84 , 0,889,04:5.50 TOTAL (TRRKN'T ASSKTS. . . . . . . . . . . ~ "" 21.0,`5 1,70.7.0:5 .7.000.0.70.04 2.920,257.0!5 7,020.:508.57 10,.704,227.8:5 OTHER ASSETS: Repair purls mid muinlonmicc supplies. : ...................; . . . Invesliueiil. in mid advances lo'associated eoni]);uiy and sundry securilics - at or below eosl ............. . M iseellmieous accounts mid advances . . . . . , . : . ..... 90.7,97.7.22 .`595,59:5.51 280,211.80 1,(541,7 80.59 1,0:52.501.54 270.872.4:5 108.7,77.47 1.412.101.44 INVESTMENT IN AND ADVANCES TC FOREIGN SUB SIDIARIES NOT ^CONSOLIDATED.--Note 2: Mexican sulisidiiiries. .. . .... ............. ........... < 'mtmlimi sulisidiiiries...... ..... : . . . . . ................... . 2,011,028.70 742,804.7:5 j :5,.`554,49.`5.49 2,9:54,0 09.77 748,472.78 .`5,08.`5, 142.55 FIXED AND INTANGIBLE ASSETS: .Mining lands and leases; mills, smellers and fabricating' .'..plants: and railroad and miseelliineous properties. ... Lcxn: Reserves for depletion, dcprecialion, etc. ....;.. . : 42,148,09:5.78 ,`50,822,481,27 11,1525,012.51 41.010.810..78 2!),;780,707,04 12.. `5.`5.`5,102.04 ('ost, of slocks of .consolidated' sulisidiiiries in excess of book value, at. dales'-of acquisition, of net. assets acquired......................................................................................... Pat.cn Is, goodwill,.etc................................................................... , I,400,8.`5:5.07 1.00 12,7:5,7,44(5. .78 1,400.8:5:5.07 1.00 I .`5,742,0:50.71 TREASURY STOCK - 10,024 shares ill. cost. . 01,797.50 PREPAID AND DEFERRED CHARGES: - Prepaid freight, insurance, etc. Miscellaneous deferred charges... . . . . . 102,700.0.7 5.`50,57.`5.51 72,`5,27.`5..70 840,080,009.2,7 21.`5,824.,70 :!04,708.24 008,502.74 $00,012.888.8:5 'Idle accompanying notes are Pane Six . ilBCliSKSOSSWTiKma UU I I U :h U n li I U i R tilth I' XOYKMIiKU SO, !!),>() AND 11)l!) LIABILITIES CURRENT LIABILITIES: Accounts |nival>lc. . . : . , . Dividend payable . . . .... . . . . . . . . ; 1950 $ :j ,!>i:j .4()7.:;o 889,748.00 1949 . ... ji; 1,022.810..3:; 400,084.20 Accrued liabilities: Taxes oilier than (axes oiuincome. .: . .... ; . . . Ollier......................... .. V V iA- A/, . in ,i * 4.31,.3(12.74 102,098.9(5 40.3,188.00 8 i,ios,?oo.90 9 10,872.01 202,0:58.77 244;0.00.78 787.34 b.3!) Provision for Federal.awl Slide laxes on income. ..... /awe 1'. S. (invermueul. obliaations . . .......... . . . . . ... TOTAL (THMiNT IJAI5I I.ITIKS . . . ... . ; 4,11 I,;398.27 o,,32.3.ooo.oo 880,808.23 0,148,484.47 040,819.00 (i 40.010.00 8,7:30.201.82 PURCHASE MONEY OBLIGATION: Payable serially lo March I, 1 !).VJ. . . ......... . .... ... . : . Less: ('onliujtenl obligation, payable from earnins's of acquired subsidiary, if and to the ex ten L earned, not. ill excess of . ................................. ....... . Fixed obligation . , .................. .................................................... . /.e.w: Payments due currently, included in accounts pavalde .... . . ..., ............. . . . . 87:3,722.01 441.801.2:3 184.001.00 108,040.21 ooo.oot.nd .`51.014.8.3 441.:: 1.2.3 222,088.91 88,272.2.3 184.801.00 THREE PER CENT NOTES - PAYABLE SERIALLY SEPTEMBER 1, 1 35 3 TO SEPTEMBER 1, 1 967.. RESERVES FOR SELF-INSURANCE: Workmen'scompensation ... . . .... . . ,:.... . . ... 7,8<)0.009.()0 7.800,000.00 422,0 l(i.(i.3 100.4:30.88 388,479.08 . 980,808.80 128,47.`5.70 .314,082..30 COMMON '-STOCK --par value *10: ... 'Authorized..................................... Is.sneil.and outstanding. . . . I .OOO.OOO shares OOO.OOO shares 9,000.000.00 0,000,000.00 SURPLUS: Capital surplus, including $149,000.,30 arising from sale of treasury stock during the year ended November .`50, 10,30. . . .'........................'.............................................................. 2,0.30,09.3.88 Famed surplus -- per accompanying statement. - Note 8 ; 14,801.631.0-2 10,8.31,72(5.00 $40,089,090.28 I,000,!)0.').:i2 1.`5,2I2,2.31.08 1 .7.1 19.2:30.98 $8 0,012,888.88 d part. of Lliis balance sheet. THE EAGLE-PiCHER COMPANY AND DOMESTIC SUBSIDIARIES ('< >.\S< )|,1 DATKI) STATK.M KXT OK PKOKIT AM) IJ)SS AM) KAKNKI) Sl'HIM-l'S k o u Titi*: vivut i;.\t)Kl) x o v k mis k k .`SO. 10.50. . NET SALES. . .. . *oo. P2:;.oo-2. is PRODUCTION AND MANUFACTURING COSTS................ no.000.0 1-0.70 GROSS OPERATING PROFIT - before depletion and depreciation . EXPENSES: Selling Traflic, warehousing and shipping . . . . . ... .... (leneral and adminislrative........ .............. . . : ....... .. . 10.2I 4.S.V-2.72 * `2.'22S,.,{(in.-l-0 700,801.01 `2.:iSO.Ono.71 o,.'!?s,,s,s:t.()o N ET 0 P ER AT I N G 1 N C 0 M E before depletion and depreciation:. M ining and niautifael tiring ............. . Northeast Oklahoma Railroad ( 'nmpany.................. ......................... OTHER INCOME. .. . INTEREST PAID: Oil long term debt . ... Ollier.'.'. .... . .. . ... ;. . .. ..... ... ... . ... .. 000.00 MV O.OOiUH DEPLETION, DEPRECIATION, Fte : Provision for depiction and depreciation-............ .......................... : . . . F.xploralion and prospecting expenses, less 8a4,-H.`!.07 {lain on disposition of capital assets ............. ...................................... NET PROFIT - before Federal and State Taxes on Income..-.. . 1 .002.0 fn 00! '>.`{,071,S(! FEDERAL AND STATE TAXES ON INCOME: Federal normal lax and surtax -Federal excess profits tax ... .... Stale income lav . . ........... . . . ............ .. . : . . . . . . 17a,.`500 00 `2 1.7,000.00 7!),700.00 7,8:io,000.70 .,i-p>.70s.s:i H,17A,7(>H:n.`! tos.yos.so S.`.{40.077.00 T'Sl.OO.TIK 8,1 l'5,014.21 I.7I0.017.82'O.tiOO^OO.OO .`{,470.000.00 NET PROFIT FOR YEAR Note 1............................................................... '2,0;20,'200..`S0 EARNED SURPLUS NOVEMBER 30, 1 949 ................................. DIVIDENDS PAID AND ACCRUED............................................................... EARNED SURPLUS -- NOVEMBER 3 0, 1 95 0 ................................ !.`lA2lAV2.jl.fi.`5 1(5.141 ,*>48.02 I.:{.`{!,0!7 00 $14,801,0,81.02 The accompanyingnotes arc an integral pari..of .this statement. K THE EAGLE-PICHER COMPANY AND DOMESTIC SUBSIDIARIES MOTHS TO FINANCIAL STATKM KNTS \o\ i:Miu;if :>(), 1.');>() ' -' , Xo t k 1 Al November HO, 1 !) ! !> t lie base-stock met hod of in ven lory valua tion w j i.s adop ted; base quail I it ins of ]/>,(>()() tons of lead and 10,000 tons of zinc were established a 1. fixed prices based on (i.n cents per pound for lead (New York) and n cents per pound for zinc (East St. I.nuis); the remainder of the inventory metal content was priced al I lie-lower of average cost, or market. Heduel ions in -llie value of base quantities to sueli fixed prices amounted to $1 .H!)/>,,j/>!l at Xovetnber :), I'M.!), and .%S,7.i 1 ,f>K!) at, November HO. IfloO. 'I'lie increase of *1 ..S.di.ldt) in H),TO was cl in r"c< I to production costs in the Profit and Loss statement. No com parable adjustment was reflected in the I'rolit and Loss statement for the Mil!) fiscal year.: . . . . On the basis of valuing metal content al the lower of average cost'or, market, plus manufacturing;' costs of ma I on a Is in process and finished products, l lie aggrega te value of ores, metals and metal-bearing products was al November SO, I >.(> and $(;,!)() I,CIO a I November HO. 1 !> ! !>. No t i; 2 'The equity of 'I'he Eaglc-I'ichcr ('ompany,. and I )nme.sli<f Sub sidiaries in foreign.;subsidiaries not. consolidated has increased $ 100,01 t sincedates of .acquisition, as a result of profits, losses and dividend distributions. Of this increase. accrued during the year ended November .`50, IO.j O. Non-: .`5.. - The. S' C- notes contain a covenanT. which, so long as any of I he notes ,, remain outstanding, restricts tin* amount which may lie declareil as dividends (other than those-payable in slock of the ('ompany) or applied in the purchase, redemption or retirement of The Company's capital slock. Al November .`!0, 10/50 I he amount available for such purposes was $(>,(>7/5,S'iS. i; Page yitw I'KAT, .MARWICK. MIT( IIKi.L & CO. ('erftficd Public Accountants CHICACO, IM.I.VIII'f Tn the Directors - ......... . r'v I'iik Iv u u .k -Pic iik k ( 'o.MI'A.VV ( 'iueinnuti. ()!iiu. :.. . ^. ...... . We have examined I !ii" consolidated li;il;mc(' sheet of The KajJe-IMehcr Ciinipany ;iml ils domes! ic subsidiaries as of .Novemher ISO, Il)v>0 and the related con solidated statement, of profit and loss and earned surplus for (lie year then elided, < )ur examinat ion was made in accordance.with generally accepted auditing stand ards. and accordingly included such tests of the accountin'; records and such other auditing procedures as we considered necessary in the circuinslanccs. In our opinion: the accompanying balance sheet and statement, of profit and loss and earned surplus present fairly the consolidated financial position of The Kafdo-I'ichcr < 'ompany and its domestic subsidiaries at November 15(1. l!)a<), and the results of their operations for the fiscal year then ended, in conformity with generally accepted aeeounlin.n principles applied on a basis consistent (except for the base-stock inventory valuation adjustment, churned to profit, and loss in l!)a(), as explained in Note 1 - which we approve) with that of the preceding year. I'k a t , .Ma h iv ic k , Mi ic i ik i.i. .* (.'. < hica.no, Illinois February S. 1!).">! v mi v i r m t;v- n'M u:i. c * r 'i v it ericr KV Wu Cl X KLAT WALL ! '! NISI IKS s k mi-g l o s s k in is ii.k s ..TIMM COLONS SASH A TiMM KNAMKLK ; l!A!(.\ PAINTS . :: STUCCO AOOXCUKTK PAINT c j i ic k d u y k x a mk l s (jUICK SKT KKAli . : POUCH A FLOOIi PAINTS LKAD KUKK ZINC OXIDKS LKADKD ZINC OXIDKS WlllTK LKAI) CAUPOXATK KUPKIt SUISLIMKD WHITK LKAD : Painting Materials- VAU.NISIIKK INTKIMOU GLOSS KNA.MKL JIOUSK. p a in t s . CKKOSOTK .PAINT'.. SCUKKN KNAMKL I.M-PLK.MKNT KNAM KLS SI I L\< ILK STAINS WALI; PUIMIOUS A SIOALKIiS KNAMKL -UNOKKIIOATS iias ic t iiin n k u Pigments and Oxides SUPLIMKD IILUK LKAD PANIC SI LICATK WlllTK LKAI) LKAI) SILICATK (.MONO) ALSII.OX HUM LKAD PASTK WOOD- KILLKK PKNKTUATIXG OIL STAINS VAKNISII STAINS ; ALHIINni PAINTS :> TUAITTC PAINTS ' CO LOUS-IN-OIL (V mk t a l p a in t s ; 11 MAT IIKSISTLVG PAINTS win no u o a i) i\\i x t s ;; ; \ i1? ..'K OKANCIK MINKUAL L1TUAUGK SIJPLLMKD LmiAUGK LITIIOPONK < I KUM A N HIM IIXI I)K Y. Y >YYv^; YY ALLOTS, T1N-LKA l> ANTI MON IAL LKAD ANOPKS, TIN PKAKING MKT'ALS ' A. CAULKING LKAI) -Metal Iic Producfs- LKAI) PI PK AND TUPING LKAD WIUK TIN PIPK AND TUPING/ UOOK KLANGKS PLUMPKUS LKAD FITTINGS KOLDKHS LKAI) WKK1IITS LKAI)WOOL ANI) PLUGS SIIKKT LKAI) LKAI), TIN-SILVKU industrial. Insulation - INSULATING CKMKNTS MINKUAL WOOL - KILL MINKUAL WOOL - .. LOOSK MINKUAL WOOI, P1PK COVKUINGS PUOTKCTIVK COATINGS KOU INSULATION MINKUAL WOOL- - IILANKKTS MINKUAL WOOL---- PLOCKS MINKUAL WOOL -- KELTS / DIATOMACKOUS KAUTII HLOCKS ANTi-CONDKNSATIO.V COM POUND Home Conditioning Products MINKUAL WOOL INSULATION GUA.NUL.VTKP MINKUAL;WOOL INSULA TION -.. LOOSK .MINKUAL WOOL INSULATION . PATTS . STOU.M WINDOWS AND SCREENS' STOU.M AND SCUKKN HOOKS CKLATO.M (l)IATOMACKOUS KAUTI1) CADMIUM Other Products INDUSTHIAL KLOOU DUY NO. 8.) GALLIUM SLAP ZINC (SPELTER) GKHMANIUM -iY Page Twelve