Document ogJKEo6KDM9ak8vzo6njMND7

Monsanto G SIPtai [CAL COMEANY General Offices Saint Lotjxs CABLE ADDRESS MONSANTO-8T. LOUIS May 16, 1935. TO STOCKHOLDERS OF MONSANTO CHEMICAL COMPANY: Stockholders of both The Swann Corporation and Monsanto Chemical Company at their respective meetings approved the merger of The Swann Corporation into Monsanto, and I am glad to advise that it is now effec tive. I am confident this acquisition will prove to be an advantageous one. Operations and sales during the quarter ended March 31, 1935, were at a high level and unaudited net operating profits of Monsanto Chemical Company for the period were $757,195 which after subsidiary preferred dividend requirements amounts to 85.3c a share on the 864,000 shares out standing. Adding our proportion of undivided earnings of controlled subsidiaries and including earnings of The Swann Corporation for the period, total net earnings were $925,324. This amounts to 96.4c per share on 959,554 shares to be outstanding, after exchange of stock has been effected. This compares with $674,117 or 78c per share earned in the corre sponding quarter of 1934. Current sales continue at a satisfactory level. A consolidated Balance Sheet and Income Statement will be issued with our report for the second quarter. STLCOPCB4056088