Document qdB0EgBnZwoj1bM8j89zy148n

m'i '.>*s SECURITIES AND. EXCHANGE COMMISSION WASHINGTON, D. C. . FCHUlirlO-K:-'^ mR COBPOBATXONS ANNUAL ESPOET For Fiscal Year Ended JIc Jl q Me J1...-1939- Hhe Qllddon Company (Name of registrant) (Address of principal executive offices) Ohio - December 11, 1917 (The State or other sovereign power under Which incorporated and date of incorporation) ________ ______ Perpetual________________________ (Date of termination of charter) Shlrd TOrprsday In January at Ola-rolaad,._0hio5ECj,;|o^XCOMM. (Date and place of annual meetings) FEB 28 (040 TABLE OF SECURITIES REGISTERED Sncuamaa Sbo s ibbd DOCKET MAIL & FILES ACKS OVf c.-. Wt Title of issue Amount as of close of fiscal year Amount as to which Amount to be ngi* . re...gQ-is<inat-rCa->IUti--roQ'-n. is tered upon notice of issuance Names of exchanges on w.. t1uLIc-Vt-i r,,s_g,Jis-w| r&Ja Qmsms.Stock td2fes&fe - .. v, .parTaltti 835*591 199.9*K> Yaw YorikTStook Wcebmest GswrtiM;Preferred SWS^ltfo camiaitisfii $5QCQ pop'tBtisrt1:, , 199,9l!0 ,, < T ' ^ ^ ' , Lk .''V ? ,' ,, *, )* * ,, "r i v {^vU s :h\A'v y- ,' b 1 % , "< Vi, `.m ,i > j ^i, i Yon Yetr York.'- Stock Iftdmo&a -^ ' V ' - H< i\ 1 \ * * l i J*' ,* x,v $ * 1 - r a 1, ,, < .d - \ i-'4'' ;*5 ''$& t ' '*#arl*d J$owe*iv* "i Lv t #' **- (i,T N ^ * *' v'- * < #11 ........... mm ssa Am., ! ?? * - . : is more specifically defined in the Instruction Book for Form 10-S! for Corporations. fhe instruction hook also sets;forth requirements as to exhibits which are to accompany the annual report. ' " AFFILIATIONS.;' '' -4 - 1. List the following and indicate the respective percentages of voting power, 'or 'Other basis of control, as required by the instructions} (a) All subsidiaries of the registrant. (b) All parents of the registrant. . State of Incorporation 3took Owned (a) Afterthought Zinc Mining Company-*- California The California Zinc Company^- Ohio Sacramento Valley & Eastern By. Co.-*- California The Bipolin Company2 Ohio Troco Company of Illinois2 Illinois The CHidden Company, Limited^ Ontario, Canada All All All All All All 1 Afterthought Zinc Mining Gonqpanyv The California Zinc Company And Sacramento Valley A Eastern Bailway are carried ae investments beoause -they have not been audited and aggregate investments are insignificant. Salas and operating revenues of such corporations are also unimportant* ^as they ai% inactive* '. ,,j:c .1 : . ,UX- 2 Inactive subsidiaries included in all- statements* 3 The (Hidden Company, limited, is a Canadian Corporation and is, therefore, carried as an investment. It is active, however, and is included in consolidated statements* (b) Hone V 31, , ^' mMGEMENT' 2. List the names and addressee of all directors and officers of the registrant. Indicate the office or offices held. If any person iBhoth an officer and director, so state. "SAME Adrian D. Joyce B. H Horsbnrgh H. W. Lavehhagen K. J, 0`Brien Dwight P. Joyce P. 3. . Sprague Clifton M. Kelt J. A. Peters Howard Beatty H. W. Conaat ADDHESS OFFICE I396 Union Commerce Building President and Director Cleveland, Ohio 1396 Union Commerce Building Senior Vice President Cleveland, Ohio and Director I39& Union Commerce Building Vice President and Cleveland, .Ohio Director 1396 Union Commerce Building Vice President and Cleveland, Ohio Director 11001 Madison Avenue Cleveland, Ohio - .: r 1396 Union Commerce Building Cleveland, Ohio Vice President and Director Vice President and Director 11001 Madison Avenue Cleveland, Ohio Secretary and Director 11001 Madison Avenue Cleveland, Ohio Treasurer listen Ave. & Logan Bird. Chicago, Illinois Director and appointed Vice President 11001 Madison Avenue Cleveland* Ohlp AsBi8taxfc Secretary ; P faff ;' n & Give foe infom atisa r epaired fceSefr fo r all persona owning of record more than 10 percent of any das* of equity securities o 1 9 3 9As o f ________ Decembe r 28, . (insert date within 93 days) previously reported, in contracts and arrangements of the categories enumerated Mow which have been previously reported; (6) such contracts and arrangements, made or in effect within the fiscal year and not previously reported, including the dates thereof and names of parties thereto. (i) Material manageritStit or general supervisory contracts providing for management of, or services to, the registrant or any of its subsidiaries. # (ii) Material advisory, construction or service contracts with, affiliates providing for man agement of, or semeps to, the registrant or any of its subsidiaries. (iii) Material contracts,, except as provided by the instructions, between the registrant or any affiliate of the registrant on the one hand, and, on the other hand, any director or offi cer of the registrant, any principal underwriter of any securities of the registrant-sold by the registrant within the past 3 fiscal years, or any security holder named in answer to item 3. (iv) Material bonus and profit-sharing arrangements. U) (i) There have been no material changes In contracts previously reported and. no contracts made or in effect not previously reported* (ii) There have been no materlal changes In contracts previously reported and no contracts made or in effect not previously reported. (iii) Chare have been no material changes In contracts previously reported and no contracts made or in effect not previously reported. (iv) . Chare have been ho material changes in contracts previously reported and no contractsmade or in effect not previously reported. 0>) (i) There have been no material changes in contracts previously reported and no contracts made or in effect not previously reported. (ii) Chore have been no material changes in contracts previously reported and no contracts made or in effect not previously reported. (iii) (iv) There have been no material changes in contracts previously reported and no contracts made or in effect not previously reported. Chore have been no material changes in eontracts praviously reported and no contracts made or in effect not previously reported. 6. As to any options outstanding at the dose of the fiscal year to purchase securities of the regie- , trant from the registriint: (a) State the amount, with the title of the issue, caQed for by ' such options; <b) outline bridly the prices, expiration dates, and other material eehditiems on which such options may be exercised; (e) give the name and address of each per- son holding such options calling for more than 5 percent of the total amount subject.to - option, and give the amount called for by the options of each sudt person; and (i). tor' each class of such options not previously reported state the consideration for the granting thereof."' iteers were no options outstanding on October 31, 1939 to purchase securities of the registrant from the registrant. JLV'JOJU.'VJUC'O 7. Describe briefly the material changes which, may have occurred within the fiscal'year in the * general character of the business done by the registrant and its subsidiaries. fhara have bean so material changes within the fiscal year ending '.October 31 1333 la the general character-of the business done by the registrant and its subsidiaries* * - * , -'i: ;>; *'\ " A6- - ' ! *>? * C&Ki* ,, . .iL saii : ; tj in *r- ArtS FINANCIAL STATEMENTS rt . ' A J>.;, -.rtrtyV'-'..'.i ;vy ' '--V' _ . ' ' . - V: . - -- 'V- 8. Submit financial statements in accordance.with the instructionafuiy tha rules and regulation* of the Commission supplementary thereto. (Tb ftntnelal sUtemsnU *nd schedule* if* to l>* Inserted *tthl points tH unusl report.) 6-1 Accountants' Certificate together with the following Financial Statements and Schedules! TEE GLIDIUN' COMPACT Balance Sheet - October 31, 1939 Schedule I - Investments in securities of affiliates Schedule II - Property, plant and equipment Schedule IL-A - Reserves for revaluation of property, plant and equipment Schedule III - Reserves for depreciation, depletion and amortization Schedule IV - Intangible assets Schedule VI - Funded debt Schedule vxi - Reserves Schedule VIII Capital stock Schedule IX - Surplus HE GLIBBEN COliPAI Balance Sheet October 31, I939 Profit and Loss Statement - October 31, 1939 Schedule I - Investments in securities of affiliates Schedule II - Property, plant and equipment Schedule IL-A - Reserves for revaluation of property, plant and equipment v Schedule III - Reserves for depreciation, depletion and amortization Schedule IV - Intangible assets Schedule VI - Funded debt Schedule VII - Reserves Schedule VIII - Capital stock Schedule IX - Surplus Schedule X - Supplementary profit and Io bb information Schedule XI - Income from dividends Accountants' Certificate The following financial statements and schedules have been omitted for the reasone stated* THE GLIBBER COMPART Profit and loss Statement, Schedules X and XI. The conditions outlined under the instructions for Item 8 (2) (a) are met. Schedules IA and Y. The subject matter is not present* THE SLIDIBR COMPART ARD OORSOLTDAEBED r.tvtk-nnv SUBSIDIABT Schedules IA and V. ">' V'7'--v Iha tubjeot matter Is not present# ERNST & ERNST UNION COMMERCE HUILDINO CLEVELAND The (JXIddom Company, Cleveland, Ohio. .t . W here axsmiacd tk t^laao riiaot of Ea iaiidden^Geapany and the consolidated balance akaat of fkz dliddaa Co2Bpaagr amd ita subsidiary, the ffliddaa CdE^', iM. companies excluded), as ef Cetober 31, ilidmted stateat of profit aad less oanting procedures of the eor?a~ detailed audit of the translations, ^ahtiag ,rssrda m tha companies by methods and' 'to the extent The balance sheets aad profit aad loss statement referred to, together with supporting schedules which hare also .....la ^ot o^lWd. ^Ths^aapporting the (Hidden Sehedule i"- Investments insecurities of affiliates iule II - Property, plant aad equipment lule U-A - Reserves for roralnation of priperty, plant end equipment Schedule III - Rooerreofer depredation, depletion . and amortisation Sehedule 17 - Intangible assots Schedule - Ponded debt Sehedule El - Reserves Schedule [XI - Capital steeh Schedule The (Hidden Company and consolidated Canadian subsidiary* Sohedule I - Investments in securities sf affiliates Sehedule XI - Property, plant sad equipment Sehedule U-A - rRiajs^rves for; revaluation of " plant equipment Sohedule I'll - Reserves for depreciation, depletion and amortisation ' Sehedule IV - Intangihlo assets Sohedule 71 - funded debt Sehedule 711 - Reservee Sohedule VIII - Capital steok Sohedule IX - Surplus . Sohedule X - Supplementary profit and lees information Sohedule XI - Income from dividends We made teste of trade receivables hr cation with debtors, and we reviewed inventory records ef the oenpar lee aad : made teeth of the basis of pricing and ef the computations Our examination of Inventories also included observation of procedures followed by the oempanieeat certain of the principal looationa in ascertaining quantities at Octo ber 31, 1939* ERNST A ERNST la osr opisiloa, the accoj^pasiyla* balaaoe mad profit 'and-low*' statement,- together with the oapportlsig hdula abOT* referred to, "esnladiag the Califormiamiaiag * OEBpa3nioa, pr8iat fairly tfeo poaitiom of Tbo Clidden Compaagr, mad the eeasolldated peaitioa of Theffiiddea GoOTpaay.&ad Tha-:' Cllddea Gempasay, Ltd., mt Ootober 31, 1930, mad the results of ntHo&r .^rjttiema:itdr;.iftl:* flmeal.,jhiuf:^v;. generally aoooptod aoeeuatlag principles maintained by the - I iBpnpaaies daring tbs fisoal year on a basis eonsistest with % 'that of the preceding fiscal year*. . dleTelaad, ,^!# S .-;Mealier 19, 1939 KHBST & BREST Certified Eublle laeomtaats enNT -SOWiJI OotolM* 31, 1939 ' I SUIT sits '/ 'H pip kL-fi wf MSM v I ap1sa3 r@lmM , ^SfVOMlKftl*? :--i; TO : 9,143.03 4,502,990.33 ----------------- lotoar of. mat at' mgiaikatt:. 'pllas ^j^waliiayU^ aaaoMnt v - wm& la, raata#J sNMrt JtopBts# ; y4T*ilir,afliiatsd compaay-aot eoasoXidaiod . Lfe- ,?;- ..... . ,, . : " ' TOTAL M % *023olldatdi ergr^od-Soi-eAul I not eoaoolidatod-at Ital'',ar09ik*100^ swaM-sohsdnls l : ; $ . ' 15,000.00' #500,000.00- t#:r?r;a-'V:p./''. 137,500*00 9SS 890.958.00 t. osaspaasr, asst consolidated-at outt stoai-Sefeednle J 3,090,628.06 # 2 ; :; 115.850.05 4 . i- 9,088.20 w 50,000.00 1,099,458.80 690,001.00 .'.IS-s k R r v'f - * n wm ill yalm ai li9 ijarntmaa 68 * iota B olosffidfepaks i^iwl^TO.i'- a :3it8;adaeo^ta,adTaa8es aM amixj deposits '1?IX _ - Iota C i _ i,:..:-;.<wwiayijM.ity aad OquipEOIlt, M?rrwJ,?yl Ts3,t?.es-ciiadul* xx . Sax rvolmtloa as dotvmined ji' Dixnt#rs-3oJidul Xl-A ......a fsr Ap*eiatlon and # ' # _ 77,891.45 58.148.19 80,990.13 3.561^36 454,196.50 78,589.47 18,749.25 i ::: 71.438*86 184,912,495.09 3.369,138.60 821.543.365.49 7.055.597.31 H fiaMala :XW S 'aandi trads-maxks, at eost lass amortisation i^apXastmra, / at east less amortisation 69,384.88 15.853.45 ilp xiaa at aamdvsrtisii* stoeJc aad stationary LjlMnuasss :sad s^ponses Kaew^rodma ts 'domslspwmt' ; 149,696.77 376,113.30 116,916.91 #35 :>u ::v:;,v./;'v :L;or f ;3,;70,2is:;22; ,9: y^';::';4f|4S^i35.3S.: 67 a 9^592^125.55 ssmmjmiwm -cv.B&tes,#ilya'broJcar: 1 Aodata payable-trade Wa^ss aad oemissions Processing jtaxes-federal atwiS:..!.., esi.,' Royalties, water rent, etc. ../ ; 29 slm for federal and stats taa$s on ins* 1,079,2' 'V 179,2 :r,'-:::4,7l: m33,1 79, -0tiatM:>>:^ /vau&.eo&ife' SMStfili -Schedule tl h 00 loaas-prineipal amounts maturing #250,000.00 ea July 1, 1941, sad $59OO.0Oaamally ea Jfcly V 1942, July 1, 1943, and July 1, 1944-iaterest at $ 1,750,0 Serial Bote-saiuring July 1, 1945-iaterest at 3% @0 00 1,839,459.30 50 47 25 m 627,004.09 .49 : . .31 14,487,789.18 V88V-.-;' ; .45 86, Sir >'i>3 BSg3^Sr*W31j8u-SsetJabe.ndtttlfoff lolpen eeatra,ets to{ 300,0 Per eentlagemeles _LJ V .Gaipltal-inteek-Sehedule 111* Convertible preferred 4-1/22 cumulative, l value $50.00 a share (redeemable at #53.75 per share through July/1, 1940, sad #53.50 per share thereafter-each share jsearertlhle through March 1, 1941, late eight-tenths of eerasea stooh and thereafter lute common steeh)* 1 authorised * ~-- Issued and outstanding 300, M0 J.iC ----------- 199,040 shares e.,y-A^ $0,997,000.00 without par values 1,2M, Ineluding shares L 855,|91 ahares conversion capital 159, 4W130.555.00 #14,177,6 Oapi and 3 and schedule jxs us:>;\ . > #6,574,036.98 , 5,969,181.01 14.343.2 .77 .30 .91 641.725.96 #35,687,467.18 Less capital stooh la tr ury-at o$a%-Soh4uls Till* -efi70 shares ,,,-gOgi Badorser;:ef i'unce-lleete` d'^ d` ra"fts . >. ..'1,335.54. 8e`;:*ts ::oa,foll<wig pages. , <r.' '5^ s^-tT^it^rirsj fes' payable-through broke? ges sad oenmlssioma f rail tares fax a /jEntekest |3ralti*B,:watr rent, ate. rajtos'^ `fcK ' 'i!'8}33 ISEJL4BB& Coiapany, : i,07,mi*si:, i79,2st.*t r,cr 80fi X^P#9SK-f 53,154.5? ^iSlSt Jf TOTAL COEffllT LZA32IJTX3S " p|?r ill -?l -- "v 'SJe;';i'0*as-L 'Mata aatejr34% p50,e0.00 ea li ';i94i,f:'hn4i4i,9.0 on July 1, " JHa^jr 1 l$44-iatsxfflt' at' rial note-isaturing July 1, 1945-i^exest at 2$ -. KTO-Schedule tfll : ' >. ":V:Vv v.'/ nSgusiaant' > of pa contrasts t (snxtet - $ 1,710, 90,9# . I t0000040#f\\j iifal.htfoj^Se^^ ,:3.::.; ->[ : '.> Joxnrsrtible preferred 4-l/OT> ouanistlTS, par Talao f64>.00 a share (rsdesmhie at $83*75 ; pr Jbir8 tJtxsttgfe JUly/1, 1940, 'Mil, $52.59 per share thereaftsr-sash' share |eoarertibia' : ,. throagh lftr)i 1, 1941, late eighteenth* share ' f .oiBsa steer aad thereafter isi seven- , tenths share of osaeon steek)s Authorised 000,990shares Converted j.fCshares 1;; Itfned' ad ti.tsta2idlaj5 l99,940 /'Shares $9,997,000.00 Jomoon, without par ralue i Authorised 1,200,000 shares Outstanding ineluding [ . treasury ahnrao , @35,591 shares 'aW#kfi^isr1 'esnrsrsieB;.- :169, 4,180*4M.00 $14,177,688^. rplus-IOtos D and 3 aad Schedule (is /Capital ijifU^plu,... . } vSarheds.SpplUS' '- < $8,374,034.98 f 8.949.181.01 14.343.217.93 v, luialKlBHl i TIT j&. i V %' \ \i '--* ?- r',> *4 - * ~ . 5, t ,-:`.c-A lilpliB^8 * . SfcSKSfs SB Bosaaon took in treasury-at e?si-Sehedule VXIXt 'Of shares-' ' " '\ _____ liters f or outstanding iv$58i|84. 60 idorser of uneolleeted drafts 1,864. 44 .'notes' on flloTiag ps. ERN53T Br ERNST JO IBS TO BMASCS SHEET THE GLICBIIEH COMPACT October 31, 1939 got A - Investments la subsidiary and affiliated oosroa- -nl@s'fOonsist^ef vth.: following t." ' ":7 (1) Investment In oonsolidated Canadian subsidiary. Ibis investment is carried on The Glidden Company'* books as-7''V recorded at date of acquisition and is $1,199,764.33 less tfra* Th Glidden Company's equity in net assets.Hn4>slwsm'i,by"''(fcll,-. >; ' Canadian company's books after deducting charge resulting from reduction of its net current assets to rate of exchange In * effect at October 31, 1939. - The difference represents undis tributed aeouaulated net earnings of the Canadian company since date of acquisition by The Glidden Compau^and-is.-included.:In..: earned surplus in consolidation of the accounts. (2) Investments in California mining companies. The assets of these companies consist almost entirely of properties not being operated. The investments in the California mining companies are carried on the books of The Glidden Company at lose than coet fimd aggrgg,t $67,557.38 mcre tian The Glidden "; Company's equity in net assets as shown by unaudited balance ^ sheets of these oompaaias. unaudited profit and .loss statements of th compsaieat ohow accumulated loses of $l,199,351,50 frem date of acquisition by The Glidden Company, exclusive of de preciation on appreciation and unpaid interest on bonds held by The Glidden Company, which interest has not been taken into income by the letter. Against these aeeumulated losses The Glidden Company has1 Ided, in prior years, the sum of $681,671.76 out of and contingency reserve, and has a .sing from its reaequisltion of amount of bonds of The California Zinc Company at a cost of $137,500.00. The operation of the pre- parties in I7 this time. ' (3) Investment is 'affiliated company. This investment represents a one hundred percent interest in 7$ preferred stock of American Zirconium Corporation, '..having apar v&lue of |6Q,000.0G, the bn which haws been paid to Goto- " her 1, 1939, and a forty-five percent interest in the o< a? tH8 PC?!* ; The unaudited statement of th : company shows accumulated undistributed earslugs of $74,982.54, ef which $32,167.15 is applicable to The Glidden Company's ^ia^staht7$h;rilhiL ' Pete B - Sundry investments are included at eest or less. V Securities carried at a eeet of $45,200.00 had a quoted market v plue of $43,CS9.63* the U. S. Government securities included . V; t^ela at a cest of $15,090.00 were deposited with a bank in countatlon with workmen's compensation insurance ThM -sf ih9 remaining securities., is BOTES' TO BAHuMTCB. SHEBT-COIfTHTTOD .fMote-'C'Property,', plant and equipment are atatadoa the basin of oost or appraisal value less reserves provided for revaluation, depreciation and depletion. The remaining portion of,unrealised appreciation included in the gross 'amount of and that reserve was also provided to reduce the carrying amount of certain assets from boat to estimated basis of values pre vailing during; the year 1932 as determined by the Board of pDririenccipall`y, C' jooassthoef xppreonpdeitrutyre, sp, laanltht oaungdhecqeuirptmaienntprreoppreerstieens.ts. were aoqulred for stock. The net book carrying amount in , il.: . -Cl./'!.!!-*,'it,'- ii.nd - a-!";, I,>i' iAi'i.i H i. :iil! iliirt U.!,i;-li'. 'Ui :!!ik. - !!i: ..h; -I'll !fi.., ..! i.,:J .!I;\ .i,i' : L\. "k lnt ended to rep: Talue the Bote D - The indenture, dated July 1, 1938, relating to notes of the Company contains an agreement that so long as any of the notes uJmlX be outstanding 'the Company will net declare or pay any dividends, other than stock dividends, @a any shares of its cocanon stock (subject te modification that the Company may use hoi' exceeding $300 *---------1 * " 1 * : or retirement o_f__i_t_s___c_o_m__m_o__n__s_t_o__c_kf) _o_r_____ a any distribution in respect thereto, except out of consolidated net earnings, as defined in the indenture, subsequent to October 31, 1937. Bote E - In prior years certain items of discount end ex pense, provision for contingencies and losses on dismantlements haye been charged to capital surplus. If suhh, items together - with additional depreclatl^u purposes for tide years 1932 to 1939, inclusive, had been charged against earned surplus instead of eapltal surplus the respective amounts of such surplus aeoounts would be 14,847,609.51 and $9,495,608.43 as at October 31, 1939. Bote J - Officers of the companies have expressed the opinion that pending lawsuits are of miner importance and that no material losses will result therefrom. Bote tf - ileneral reference is made to consolidated balance r*hiS%!Kiu^^ft4iheriifith'.: Ur,~ "" 42 6-7 ERNST a ERNST HCMlPgLB - I-IMESSMEiiTS - PT SBCPHITIBS OF AFFILIATBa ,Tm <axrasi s o u pa h y Fimoal jaar mdd Ootobor 31,:1939 ^ mrnrn^ o f is s u er TITLE OF JL tc -MTmmLQimmG OF THE FISCAL YSAR AS rHBR ACCOMfS tl;j|!KlW OF 8J OF SHAHS PRSCIFAL PHIHCXPJ AHOOTT OF -JSDOTT AMSU8T C BGHBS AHD < m : 3CMDS M SOTES DOLLARS BOSKS' aiietoffl OeffliMi3r Ltd. ,; ' Holland Milla, Ino. ; .. . > Common capital stock . ' Co h o u capital took $ 50,000.00 500.00 $ 60,500.00 California Sine 0< Zinc 'Mtoiaa oonpaay California Zinc company Jicorleaa Zirconium Corporation American Zirconium -Ocri*crtiea Qtxnaktm capital took 1,000 I 5,000.00 capital '' ctcok 100 10,000.00 Bcndc-Hctc B $500,000.00 137,500.00 Cannon capital ,ctcok ; 3,300 Preferred capital atoek 3,000 90,001.00 300.000,00 A - .As of Sceabnr 31, 1933, Ska Gliddan Company awnratesd tko capital Killa, Xnc., in complete liquidation of tkat company. Ska aaacta and li ___ ' en tke kooks of Ska Ollddea company at emanate ekevn by tko aabaidlas books and tko deficit in tbe amount of $34,033.01, aeeussslated aince date mas obarged to oamod surplus account of Ska (Hidden company. B Imtoreat en the b^ada of California Zinc company is in. default. .1.*' fcv HHI 33G IS > IJJLill 111 lUMA'JiMUinDn.ii'IMT.MaIC W ' 3 07 SHAHSS FRUOIPAL JJDUTT OF jjibggg-- i `AMDOTT , xi SOIStABS COLUM S BKPOCTIflBS HFMs H ,:fei:':: - BAUWCB AT CLQSr.V OF SHAHS8 I PRESTO UAL lAMOOTT OF J ,'AKOTTT \ mb s a h d - ! > . m HOTBS 2>0LARS OF SHARKS PREfOIPAI. A203E0STT OF bg kds ahd JT0TB3 AHOWT nr : BOELABS (Ht A) 250 f. . ' 500.00 I ^ISOo 500 o* $ 50,000.00 ________0^_ 9 9o,doo.od 1,000 # 5,000.00 100 10,000.00 $500,000.00 107,500.00 ten \\ -V-. *-- * v ~JI ^W^91i0lll1il1il1il1iSil!lfiHillIllillilffillfli1iB1 1 lilill#;:" ....... * I *-v :Fn' v$ .'A*' wv ' mm Kl- :r~ t,. - ,`U. 6,800 6,000 90,001.00 W^HII .A-- m apiial stock " ts: sad liAbilitlsss s siaksiAiaxy ainss 4*t f Mltl :mnifc \W0te- llpr S&M! i ji v \ m: 80H3SDUL3 II PROPERTYt PLAHT AID MPIEMT THE GKLHSDEH COMPANY Fiscal year ended October 31, 1939 COLIlMf A CLASS I7ICATIOHS COLUffi B 5ALa I(31"IF THE BEOIHMIHG 07 THE FISCAL YEAR a s PER ACCOUNTS COLUM C ADDITIONS AT COST (ROTE A) row oi Lngs ar.d equipment id .fixtures - Autoffloti*. iquipaemt Construe* i in process * 90,977.44 2,433,378.59 47,953.78 68,839.50 8,936,613.39 11,815,856.54 662,374.03 96,698.24 .764.73 1,158.51 12,643.84 48,399.04! 5,043.02 160,779.91 669,288.23 39,374. 64 17,346.51 296.651.84 1.34 $1,250,685.74 Seta A inelude the amounts of $35,167.93 for plant md equipment a< and $61,061.65 for plant and equipment acquired in liquid! __,,.^syijeta:'. iquired have . been reeerded on the hooks of The (Hidden Company at amount Hoa^paniea. aaseteof inqpMj, 'a investment in Holland Hills, Inc., was $24,062.C - subsidiary, and thin differenoe, representing aeeuaulated net losses a charged to eeimed surplus aecount. Baring 1939, all of the outstanding stock ofLiberty Vegetable oil Oca shares of The (Hidden Company common treasury stock, the cost of uhieh was $10,568.3 assets of that oonany. This diffarenas was ohargod to capital ansrplns account. IfMljlpzllilg8gflifilliimfl|ll|MifiijliltpllMlpliMiiilMlijflifKllilif||I 13LS II-PROPERTY. PLABT AID EQl UIPMBST THE GLIBDEH COMPAUY .local year ended October 21, 1939 SBMB8SI , COLUUCf B flir:imrPFT THE BECUHHIH8 07 TEDS FISCAL YEAR AS PER AGCO CUTS Kgaggxagttacaaggaaggssa COLOSCJC GQLUMH D 00LUUHT E ADDITIONS AT COST RETIREMENTS (BOTE A) OR SALES OTHER CHARGES DEBIT AHD/ OR CREDIT** COLUMN BALANCE AT CLOSE 07 THE FISCAL YEAR $ 90,977.44 2,433,378.S9 ., 47,953.78 68,839.60 8,936,613.3 11,815,833.3A 662,374.03 93,698.24 184.764.73 1,158.52 12, M3. 84 48,399.08 5,043.03 160,779.97 669,283.23 39,374.64 17,346.59 296.651.88 7,244.42 78,208.18 6.799.00 2.326.00 94,976.95 458,313.93 15,252.67 12,525.88 $24,337,456.34 $1,250,685.78 $ 675,647.03 $ -o- $ 84,891.54 2,367,814.25 89,553.86 71,556.63 9,002,416.41 12,026,830.&4 686,496.00 101,518.93 ______ 481.416.61 $24,912,495.09 ------------------------------------ $35,167.93 for plant rad equipment acquired in liquidation of Holland Mile, ant and equipment acquired in liquidation of Liberty Vegetable Oil Company. KBCka of The Olidden Company at amounts shown by statements of the liquidated in Holland Hills, Iac.,was $24,062.01 mere than book amounts of the net representing aceuanlated net loanee since date of aoquisltlon by The Glldden Lag stock of Liberty Vegetable Oil Company vac acquired in exchange for 1,844 iteek, the sent of Which van $10,368.10 mere than the book amounta of the net inrged to capital surplus aeeount. n: .: V& ij '> M Tiaoal yoar andad Octobar 31, 1939 Gaum A csdsamatTioss KSBS Buildings KaoMnary and qtiipiMat v JParaitars and fixtaraa Sailsaad sidings.;'- cmm g- cqj. mmmisa c? THB FISCAL : Aoccuim . -Bssmm `. mmammstMts: mmjL.* $ 470,737.77 1,307,00.43 1,430,333.01 31,390.3d .9*rr $3,334,047.07 $ 45,140.00 $ 433,337.77 43,493.30 1,360,313.00 93,271.00 1,337,031.31 3.09 31,893.77 3.339.77 $104,909.27 $3,339,130.30 lot* - fbssa rasarras vara proridad *gr abargas to oapital io s |1m ud moma far dapraeiatloa, to alinlaata appraeiatiaa af praparty, plant ud equlpaant, and ta raduaa raaardad aamta ta astiamtad Imsls af ralaas during 1932 as dataninad V t3w Board af Plraotars. 1' : ; ii;'' & sc: III-HB3BH73S gCH HEPHSg^IOJ. ISPia?I( OH Q31 PROPERTY. PLMT ABB mifimSi SLUSSXES COHPMY fiscal year ended Oetober 31, 1939 COLUMN 1 TtWVfn: W B38GIHHIH& 07 EES FISCAL TSAR AS PER AC003BTS COLHMH C M3M CHARGED TO CHARGED OTHER TO PROFIT iOCOHHTS MD LOSS (HOTS A) comer D TOTAL OF coLdar b AHD COLS C 30p197*25 7,482.15 3,900.76 5,542.45 10,113.70 1,268.64 1,846,9*4.11 182,965.06 4,994,989.98 550,190.65 336,821.28 31,252.40 i mms e i. .. Mjt-a.25.sSft- $6,710,642.62 $ 794,594.85 $ t 37,679.40 9,443.21 46.24 11,428.68 967.12 2,030,876.29 4,735.26 4,949,885.88 76.10 389,849.75 185.80 82.084.87 6,010.51 $7,511,247.98 Hot* A - Acquired la liquidation of Holland Hills, Inc. aad Liberty TegetaLle ( Reference is Bade to Hote A to Schedule II. ' '! \ '-v . ' Psprseiatloa aad depletion policy * .'-.-...iiiwia# >!; i e S'*. - The policy of the Conpaay with respeet to depreciation is to provide amounts eoi xmmsAl9 to sever wear, tsar aad deterioration of the property on & basis of specii :sertai to wteat oactoat ehiiMiloacaBW i*i ecvered in these provisions as ohanges. in the life of the-.property. The rats for depletion is based on the.."estimated'' amount of rei to be claimed lit the Cwas^r federaJ. iweae tax return for the year 1939 will he $< this sehednle due to dopreeiation claimed on costs written off or credited to re-sralui ^vrr.v-.* >, . V.r,: * **> \ r.'1 COM C 'mmm CHARGEES) TO c har g ed OTHER TO PROFIT ACCOOBTS ASD LOSS (ions A) TOTAL 01 COtLtaar B AID coLUtor o b s t ib s ms h i's T HE3BWAL3 ABB BSPLACBMHTS OTHER BALANCE AT THE CLOSE OF THE FISCAL YEAR * 7,482.15 5,542.45 m. 1,258.64 182,965.06 SfBmm 550,190.65 51.252.40 wwy JJBbJSSftML fc 37,679.40 9,443.21 1,019.85 46.24 11,428.58 967.12 2,030,876.29 36,269.60 4,735.25 4,949,885.88 394,764.45 76.10 389,849.75 12,955.79 ...XtesSSL _SS0MiiI 10.640.98 6,010.51 $7,511,247.98 $ 455,650.67 t , \i ? Holland Mila, lie. aud Liberty Vegetable Oil Company. 37,679.40 8,423.36 11,428.58 1,994,606.69 4,555,121.43 376,893.96 $7,055,597.31 6ae2tSS.a2'92BlBaBSS2BSfflE3SSSSaBSSS te depreciation i* to provide amounts considered by the management m fair and BriCratien f the property on a baa is of apeeifie rates aa determined. It severed in these provisions aa changes in the art may reault in shortening th uaeful elation ia based on the estimated amount of remaining recoverable ore. Depreciation income tax return for the year 1939 will bo $97,890.20 more than the provision in modi on coats written off or credited to revaluation reserve during 1932. * * >t. ' Y>  ivii - -m-' 03 RCTTOiaOLS IT-IlfTAi'QIBEl .AB8BTS Fiscal year ended OetdT&er 31, 1939 B yAnLrtarmSnIr" AT attzuranrar THE PISCAL JMRSA8 PER ACC0SHT3 iiBI AEDXTX02TS AT GOST comay p COLHIgg B COLUm If DEBOCc 1t io h s OTBSsFfff 'ED TO PBOT1T AMD OTHBB LOSS ACCOUNTS OTHER BALAICB OBMwaB^-y-yU-Aaf g l o s s DEBIT JXD/OR Of THE CREDIT* FISCAL YEAR $ 74915537 | 10-71S.77 # 92,871.14 $ 1,400.74 $ 1,408.74 $ 6,199.23 8>8633S_ 9,062 .55 $ 69,364.03 15.8S2.4S i* $ 85,217.33 '.'oertlsed irer tte rSr&'^SfiV? . ERNST ft ERNST : saimaa yafe yiltolLEfa ?' .;>:!' October 31, 193 ,;-.U IM1 JISEifillLA. aJObaJOBEIaOSSSTa&IMMCfaa ,, goxro p m xasa 07 is s u e a s o t it l e o s is s u e ITO V:.:-aQI r.M*./VV. AS b t ianasTURa is t k e a s b h t s a ia s q s 41 733 S^ .tlidda Company-long tern Tswah leane-prlnoipal amounts maturing v 380,000.00 on July 1, 1941, and ^U10,CC0.00 cvna^llj <rn 1* ';'J.: 19v Jttly l, IMS, S!id Jmly i, ISdd-interost at SfcjS @1,780,000.00 $1,750,000.00 #1,750,000.00 She lldd Ceapiny- serial ut* watwissg July 1, lM5~intersst , , , , , ,2 000 000.00 8 000 000.00 8 000 000.00 3ote - Under proriaiions of the Serial Eeto Indenture, The Oliddon Company hai f thtN Mtia shall. be outstanding not to ornate. uiua ar iaour any fundad xnoaogr mortgages m real proparty, ia addition to the $5,750,000.00 of notes uhioh thereunder, unless the consolidated net income of the Company and its eubaldlarlei 13 calendar months next preceding the date open uhioh additional funded debt is t< os iasnrrsd asd tho avoiaao of the eonselldated net inoemeof the Cempeny and Its S&*iiitbd oaA^tfcteiwsdil^^ 13 calendar msathe shall hath be n times annual interest charges on all eonselldated indebtedness of the Company and sill he outstanding upon the creation, assumption or lneurring of sueh additional . determining the eonsolidatod not income, no dodnetien shall ha aade for: interest eemselldated Indebtedness or for amortisation of debt discount and expenses with x v'teiafetedasse. Xhs Company is entitledtr extend, renew or refund hemk loans not a the aahiag thereof with ether unsecured hank leans prerldsd that in any ease tr ^>flliathvhet suturing within one yoar after the waking thereof so' ektsnded, renewed '", ot: a^r tine sussed an aggregate principal amount^ of #750,000.00. . . . ,:y ..... .... y vv. -.v-yv.'yy.'Y^ , UiEU3T " ISAaDIS ijotis o t : XUWS1 mmmmim :!*AOT* ::' B&IAVOS 8B23T >0,000.00 #1,750,000.00 Sene Sana Mn* 10,000.00 5,000,000.00 JToiie Sana Warn rare, Tbe Glt&don Canpany has agreed sa long an , saaua or incur aay funded debt, exoept purchase 15*750,000.00 of nata bhieb bare teen lamed Oanjsany and; its srbsldiari as for tbe ' period' ef additional funded dalt is to be created, assamad leimaa of tbe. Ceassany and. its subsidiaries far sueb ; afctar eatbs shall bath be not lass than tbraa >btedaE* of th':*ssftiiy its subsidiaries which ararrlos of snob additional funded debt! in uball be node far interest an outstanding disaannt and expanses vith raspaat ts snob m or refund baab leans net nataring within ana year tali prerid#d> tbat IS any easts the amount of ssab tejireef sa extwaded, renewed or refunded rball not '55,000.00. Sena Sana (See note) (Saa nata) i .. : aCHEBina YII-glSEEfBB f ':tHa::^3Jto5ossyr;v/;:' Elaoal yax Muted Getobex 31, 1939 go; Z^SCBIPTITfS' MAMSS 01 sM JL AX Bsoxnzvo ox THE XISGAL TEAS AS XBE ACC0GST3 XB0M ABD LOSS OTHER ACCOUNTS .S^Mmsmerm raw a s s e t s For dotLb&fnl Meoimts, diieowafca, &e . lax laisa agaiaat elsd feaaln - lax sl0llBdt*3 xmttm, etc* $114,608.08 $104,SOS.34 65,101*32 9,561.36 $102, Jtox ai1 Xox adjuataftti f p eostxaata: t* anbt 67,889.86 200,000.00 - y'-f-'.'-V. S. - " . "' * . > r.. r.-\v 'W.;- 'V'-A'f' . v .".fr vss,".-]-,.- *"v. r * a ;. ^ i --~ ,~", * V;vJ :; /.a. - ..- .ir w jsgy =.;' - - f-i - 1,1 ' -' "- *' ;` X, l k- TSM 6MDIW OGMMir llal j@mr adad October 33Lf: 1939 izaaxsd o f rnmwmmm.nsmn il m m& Fmm iwoo/mm- :;'m> mm comma TO fisassm " ,A4,j2a.: #1@4,312.24 V4,1<H32 : : . V.t,5S1.20 :aoo,$aooo V*#* : HMj e COMMIT Oototoer 31, 1939 MBS. Qy t: $KWi ,,inr[. XfI . cony+ru rerred to3c, f-a/ rthar9 y<4ihln' 5UMBBB OF SEULB2S OUTS2A3DI3G MM.a OF 3ICLU3IVS ; aajpa .: ' OF SI2MS3B ' jajraoaizsD mu> n a s s j u mt 0S4B3BR TfiElSirar 2V DOLLARS BCHBSB OF SHAKES Uf t hbaso ht HUMBBH OS SHAKES HEJ BY PERSONS WHOSE STATEMENTS ABE FILED HEHESITH 200,000 1,200,000 199,940 $9,997,000.00 823,421 4,180,655.00 Mo b . 10,170 Mon Hon an-- -V.. . ' rs i, t58B GLXE&ffil COiffiAIY Ootolbo? 31, 1939 JL amass o f SHARES OOTSS4SDZIG f EXCLUSIVE , ' OF JSP3MMS SB U) H - : AMOTOT '' ; m fsEAsrar :i i -d o l l a r s RUSHER OF SHARES fir THSASliHT SHAKES HELD HFESaEHRAVREEDS ^wSSS08 5ffiSR OF FOR 0PTICBT3, WHOSE 1CMBSR OF SHARES WARRANTS, STAIBMKIffT8 SHARES RESERVED FOR CORVERSIOHS ARE FILED HELD BY OFFICERS ARD ARD OTHER HBSBITH PARESIS EMPLOYEES RIGHTS 199,940 $9,997,000,00 Ren @23,421 4,180,655,00 10,170 Rons Rone Rone Rone Rone Rone Rone 159,952 V v-'' /i ,v/' & ? 6-15 ERNST flt ERNST an-HRDPItlS r-3URPLUS THD1 GL1HDEU COHPAHT Fiscal year ended October 31, 1939 iKSS3B,'8I3B3R3S3RBlS8SRW&S2S3B8 CAPITAL SURPLUS Balance Ho t ember.1 1938, as per accounts Adjustment of expanses in connection with common atook sold in 1938 Sheens of coat of 1,844 shares of common treasury stook, exchanged for capital stock of Liberty Tegtable Oil Company, over the book amounts of not assets of that company BALANCE OCTOBER 31, 1939 .$8,374,605.02 10 000.00 $8,334,605.02 10.568.10 I, 374,036 .92 EARjjfEI? SURPLUS Balance Hovember 1, 1938, as per 'accounts .- Md net profit for fiscal year ended October 31, 1939 $4,668,314.84 _1.774.814.60 Deduct} . $6,443,129.44 Dividends paidt : Convertible prerrad-$2.25-. a share $ 449,886.42 Accumulated net losses of subsidiary from date of acquisition to date of liquidation ____2A*flft2nSl JJ3.948.43 BALANCE OCTOBER 31, 1939 $8,969,181.01 Veto - xn prior yoasrs certain iteaui of disosunt asd exponas, prevision for eontlngsnoies and losses on dismantleasento have charged to- capital' surplus. - if:such -items tegothesr with uMAtioasl; depreciation - claimed fear - federal income , tea purpesos years 1988 to 1939, inolusive, had been Charged'against earned surplus instead cf capital surplus the respeotiv assmts_ ;f^htMdt^surpltt<. aseomts wnald b #4,847,609.31 and .$9v498,Mf4S lab^at' Cetsbear-dl, 193. 4ID SCSSOLIMTSB OAKASXAS fiOBS'ZDXMDr.'. OoWfear 31 1939 . `MM. tiM atmtfiMnfeM r#lmTl ' .'" '! v, " *rs r aoriostt"v-;^ .taffS^sls iM wafsllas ;<,; .... itasiiif :fisi3la<ta!s: asslaar amt'. aMatsa ^af^iliataS eojapaaj- ; e^3ttsit;: aawfwife'StsoalTall ' : . ...... . ,s ot Qmlldatism) #ei#aal@s-4 1s@ ttei csstt smad-Sehedul 2' . Ipol auswafe #500,000.00- ta. .ooeta I-'- $ 13,179.13 193424*93 l;498'e8547: t 4981|4S0.2 120*823.3.1 | 3,876j090.86 srom 9,023.20 093.95 15*000.00 187*500.00 898988.80 I 1.099.458.50 690,001.00 immiraao TO ,a^M.,aiiAiacoi9ttsit, adT *i*y AapofflIiB alo TO ^ 77,801.45 65,143.19 82,139.60 464,196.50 78,629.4? 12,749.26 72.578.43 - ITota B 'nitd ^qilipamt, zzK- ^ 'm t&x xrola&ti@a as dt23dad l3Pitsrs-BJa.e4wl . IX-A feT 434a.ti9n &d oa-gslaftOals IZZ $35,270,260.70 : 3.482,249.30 121.818. Oil. 40.: 7,303,788.31 'i0k4ml If id i2&HE&2&3, at o0t ls aaurtlsation t cost lass aaortlsatloa..; * 49,364.88 15,852.45 'aAts^tis'lag- t& aad {stationary iM^saws'iisss-:-' 'pjrsdM.tS' ;:4rlopwsat. ,. 156*846.98" 276,196.44 111.916.91 m iMfi 44. 41.49 ' Ao@uat pajaM-tra4i Wag aadjob b ImIana. SLIh \ *4 . 4jB0JfUa UMUXUSII Tmxm Interest ** > nt PrWiaiwa far [federal, domin.4io.n. a nd) ..... tiMw*> on IneoaM-Mftelmlmttaeddi v..'::h~:i:,-.'--.-'.'i;: .v. TOTAL ^IoM-]^iailpal~"asaa9uMatta.J ataxiaiags|$22504,00000..004 July 1, 1941, and $500,000.00 annually an U 1, 1942, JUly 1, 1944, art ^ 1, 1944- Serial note-wturlag July 1* 1945-iatore8t at 3$ 159.40 "yer'l^uotmaats af open contrast to aarkat uajSilagaaOiaa hi - iissi.8i ' ; - 1. C 206*938*10 $1,7SD,^,00 153.44 125.09 217.55 i,, atearo thareoftar-aafe abase eeurertme' ii,h q p b mw< I,; 1941, lata eigbt-tentbs .- af oonaon ataak and thereafter late sore-tenths share:ef 0oma >tolc)i : Authorised 200^004 *03. 44' shares and outstanding 199,940 shares $9,997,004.40 a, without par Talus t lorlsad 1,200,004 shares .'Wii$taisdiat;'iaelttdlag. ; ffrfeasury. shares . - 858, 91 share*, Reserved far aaarrorslaa 159,953 ehare J5"- 8tiit'ed osplt&l .. 4.180.455.00 fL4,2|MNfcit Surplms-lataa Cl aad D ead Schedule IX* $8,374,034.*2 940.34 088.44 Lasa eapltal atook la trsaauxy-at aaat-Sa'oadnla TXZZt Ooawsa-10,170 shares CG L^*r ror*d;i outalaadi3s - $480,104.40 Saderser of uaeelleeted drafts i 1,284.44 See principles of consolidation aad sates an following pages. *179.13 ; f4fila7v|j:3r7air5g^; 490.89 f833.31 4,680,666.9 090.64 ;610.44 9,779,401.30 .............. }*. brefcer Accounts payable-trade Wages aad eoasaiasieaa imn sing taxes-feder&l deemed liabilities i lateiroat HojaL.Itics, water rent, ete. : 1,1 1 i#0:r i3.30 Preri^lsn fcr federal, dossinlon and state taxes on Insaae-estimated . M /:-v' -'h-v- . '= - ; : /Wm-CSMaS- Schedule YI __ ^easm-priBSpsi tamuti aatariag$350,000.00 on July 1, 1941, and $500,006.00 annually ea July 1, 1943, July 1, 1943, and Wj 1, 1944- iaterest at 3-1/4$ -'Serial. aets-aaturlag Jhly 1, 1943-iatsrest at 3$ #1.. U58.0 >,001.00 1,789,459.60 jSMTBS-SahOdalc. Til . JW? adjttstmeato' of open contrasts to aarJcst . ' fair esatlageaeies #i ;,196.10. i, 639.47 t,74f.M' I, 578.43 ; 6S@,153,66 t 011.40 ,788.31 14.614,825.09 1,364.8 >^858.43. :;85,217V33. Sk Capital Bteek-Safcedvle TIIIi , Convertible preferred, 4-l/2 suaulative, par value $50.00 a share (redeeaable at $55.75 per share through July l, 1940, sad $53.50 , .:,pe:rf:shars-?^^ aba convertible through Kerch 1, 1941, late eight-tenths share of oeanen stseh and thereafter late serea-tenths share of eensum sjtosfc)s iatherised 200,000 Coavertsd ; 00 Xeauad aad outstaadiag 199,940 shares #0,tS7,00.00 Cornea, without par values Autherise* 1,200,000 shares Outstanding iaeludiag i treasury shares 835^ 591 BMNarred for osaverision Stated eapital 159,953 4,130, Surplus-notes C aad 3J aad Schedule lit Capital surplus :#S, 374*036 9ffi. - ^ Saxned. surplus, jbm&m 1,846.98 ^,196*44 1,916.91 - ;V.:.^548.960.35 f: . $36,174,938,44 Less eapital stock ia t.roasury-at eest-Seheduls 2225 Oossaoa-10,170 shares Letters ef eredit outsi indorser 'of uneelleoted' - :|80,04.S0';sf 1,286.64 X ms- w ~ *? ' r an.n'iaa liMMajfflaJMil.JMiB K-iErottisi broker $ o#tt.<i pejrabls-trade l ooBsaisaieas ig taxes-federal i,u#m.iii 183*8MSi 4,78.SJ ,> , ' x. ikbiliiieo*1 It Lee, water rent, ete. $ 208,*t.$ ,------U---4- 9*99f 7*8Mill; M i-jfer federal, dominion and state "JtlkLne -estimied t8oh#4le YI` , io t a x . ammr , ..aiasuats artwlartSM. 00.$# , 1941, and $800,000.00 annually m ` - July 1, 1943, and My 1* 1944- ,, 1/4% ita-saturing My 1* 1048-intsrost at 3% $' 1,780,000,00 \ *- * Wi\ ,`1,, .S\v* ~xWI-4,a#', ' V.-- 3.T 4FU'' X- i a- i * --,* -r.f 'r** l'j\%f- '".{. 3,7?" 'b *' ihadnie vn itmonts of open eentrants to earlsat. luv^aoiets .,,. .. -..JBmT` " ;C I'\ *' >%r r1.W'V* j*'tFt m fettle preferred, 4-1/2% suholatlye, par $80.00 a share (rMowosihlc at $33.78 share-through July 1, 1940, and $88.89 Etee ' tner@aftnr-oaeh share eenrortttlo 1, 1941, late eight-tenths ^ > of ooimMm stook and thereafter into is-tenth* oharo af cosmos atook)* fchorised 200,009 feed 00 I and - outstanding - 199,940 shares -'; $0,097,000 00 thout par ralnss j 1,200!,009: shares inoludlrs "" shares ' 35S. ,::i sfea-'E.*. : for:,- oarersioa lS9,953feares; j^fpital 4^0,0if,00 $14,^088.00 Bote 0 and p aad. Sehadulej HU 1.surplus , $8,374,030.m aturplus x ' "'-'a^'1:.x`r- A~5t " :- * * . * - s .. ! if*'. - -yIt;^ -?:rr . V? ` X- V ital stook in treasuzy-at eosi-Sshedulo Till* >-10,170 shares LIABILITIES .aferedlt^eutstan&ins - -! #f 30,804.10 .` ^of unoelleoted drafts X 1,304.64 Lpleo of consolidation and notes on following pages. J'V ''.is fiiiilllilllliia w---------------- ------------------------------------- ------------------- --- ------ ---------- --------- ------------------ ERNST a ERNST 5HP1B8"'QF:QdSSOLimgIGl.. ; TIS OLXMSir Q03BMI MB G0JS0LXQ42SD G&mJSlM SUBSXDXABX vv-< ootbr.si# 1939 . .. (a) The inventories include no lattercompany pa^fits. (1>) lot assets located in Canada consist of (ijae* nr3Pnts;aiiota? f >;#474# 874'. 74 uhieh have been ineludedvfcisrcis ' at the prevailing rats of .exchange, and (2) property# -'plant and equipment and sundry deferred, 1taw of #134#847 83/afeich tors bean inoladed at amounts 'sheun !a, the boohs of tfe'' Canadian subaidiary. t //: {) The investment in the consolidated Canadian Is carried on the parent Com^a^s boohs as raoorded dt,Wt f acquisition and is #l#l09#784d33 less than the parent 'Conway*s bqmity ini net assets as |shewa by ths Canadian Company* boohs tor delating charts resulting trm redaction of its not'drarxoat its to rate, of; fachaneji in, offset at octobwr 31# 103$. fhs sreace represents undistributed aoeumulated net'cswSniS- ef the woottttts*1/ l'-" (d) She practice of the parent Company# uith eonsolidation ef subsidiaries# has been to exclude reports to shareholders the California mining ooqpsnlss." She : assets of these eengpaaiea consist almost entirely of Jifsportles not ibeiilgi!.;pp<#ii.t4d..i. Separate steteasnts are -not-iioia^ herein fr: thes companies ^as the; aggregate investments :s#t belieTad to be - significant ia respect ef (l) 'the wsets :tey ; represont and (2) the sales r operating revenues ef *uA^ aspaniss.' The investments ia the Califernia mining aro osrried os th* books of the parent Coispany at less-* want equity in net assets as shoes, by unaudited balance snevw-^ - thcss aoi^aes. llnaudited prsfit ead less^ tatemt^^t,,^'''' eespaakes show aootmmlated losses ef #1*199 #351.30 f SunniiiiUshlby 'the naratt- Qsuan-* ^****v-, #,* on appreciation and unpaid interest on beads held by Coapw^, ^d.oh-interest ham not been , , these aoeuamlatcd losses the parent "^sv:;:|hk|9Uu sum of;' ` *871.78 out aad ontin^smsy resorre, and has a oi . of #312,800. fren its reacquisition of #4S0#000.00 a Zinc Company" ........... a'`t a cost of #137# roperties o lithe: 1927 sad vnlus of the this time. j ; (o) The investment in affiliated company repree.... ..liUiij^iip|bbitt!!t::iitoriibtint:|:^:::preferred:iatoh-.'Of'''iieatos . Zirconium Corporation# bavins a par valuo of #800,000.00* tbs dividendo on a&ioh .infer been. paid to Octob_er ,1l,#^:1939#;#i3Biip. forbTSfiveiiiysWp^brllt^ih^ithb1'#!^s^too.ls,,,.o..f ,,. ; ai$iieii!i^ Company* slave* ,t thema* ERNST & ERNST 6-Sg A. sm QQmMI MB CCffiSOIJBATED- OUU9XJB SUBSISlAaT October 31. 130 I'eta A - Sandry I^oatastnts an ialiadd at cst or lOss# feri:,ll;j oarfiad'- at a oat of $4$#800'09;.,!i^ Of f43ti#.4I:|;: .Hi#.,!.S*.'&0TSaaat f..#15 #<*0^w*o dopositod wittt m te& in. . >' .-Vbontttartian .':wtt&'wfflia*a i- .Ha 25ajrl:i3t Talm,a of tha rcsfiaaiaijag unities la cmlsamra. lri 't f ' - pfopartyv plant--and'. $iiipmja$ an-toted m . basis' of coat. r,pp*adaai\ vI Xmz rmosroa provided- fan 1 r!'f'alBaM0JS|i 4f)iwlat.iaa aa4 4apltla.. Tbo. apsaalaiag portion . 'tf wirobilsod'nAoolatira laslndsd In.ths gjoss awaat ef : : -iteo' ;i offset by a portion of th rTalmtl n3rm ". ' nd- that rsaim tras also provided to fodnsb' -tho oarryin emwit : of rials viasats from eost to timtd basis:' of falnos: prt- ^ ^ F^llag '4tlas 'Sh yax 13S as 4ttCTla4 Isy thfi Soard f - ' PArootan. -: Cost of pnoporty, plant and qulpMsat represents psiaolpaily* oaah a^ontitur.. although certain properties ware &qolr4 for took.' She net bosk carrying .aatrani : is not intended to represent the present Tflwss of; the psG@mt2.rn . Sot G - The indenture# dated; July 1," 1938# relating t mmrlol note of tbs sapeay eontalns an agroenoat.. that so Xes ,;a .'any f t5x notes shall- ho. outstanding ih deapassy will net :. TdiEOlarO; of pay any dividend, ibr3than a took dividends# a' E^lsars-f Its ocasaoa stoek (snhjeet to medifloation teat; - 0-iipiay stay use not esseedlng pi0 . in ti,pnrbs ' 4-':rtirissfflt of its a<mm..stosk) on males: any. distribution ia fwpei,,thret# eastept out of consolidated not eraisr m defined in ths indenture#, subsequent to etober 31# 1937* '; :" - - Sot"- 3n prior jmxm certain items of. discount :a&.;Kr- posse# provision for 'oontianomios and i bs o s |a. din^ntloomita tart bon otaffiot1 to oafitsi mplvi If sns&titem* ditiosl, dopfOOintionS<el3bd..fon. fod^bml,. ~pz?r*m3 tb,o lilt .to ,!"iaolmiTO#' Had xfkoi$i4i'ogniBfltt oimtod immlm instoad ofoapital,^' isf9dtl mmts - of sosonaitf wwiDAiksf:; ifS7#S73i#d. uad nt . : sJ :^^r/ I ?i tr. fv.^sr.; f ; w<" - IHi *1 i; r.- v ` } ' I 'rV-f'vf * r ss, i 1^ Jlp' i 1 (8Ut i SJEC5Sl3iIKHi '& iXISSI'.fJlST ?! > && ;;:v ./ ;; wispjjsr: mm . - pp j JA * PC,. ' .:.*?> ~.'W> X f^-3"2.......................................... :'!' ': ^b h s x *^'' T1 ji ' ' ' i^ i - --; - ; - westwasS? .. ' AAA-..A.!........'/^X A'. X . A -.A! ':' ` A". .:. ! A ,. A.'' #'mxtisiir| m. JiMmSMSj s, 9 jfpW' Mtoftftil ascwrtfi~ s.l....... .....JtlfifSPsi i*ii CPCiSspSgff SSllSi f^&ffSSSSfSS^S s#eea.s ERNST ERNST QTES TO CQgSOLXDAZBD PBOJIT MD LOSS m g ziUb e p c o mmit mb c o s s o l x b &ik b o mj s im s u b s id x mt , ..Pisoal.yoar aadsd Osisibaj? 31, 133 , - pete A - Inrsatorias at th beginning mad end of th flasal yuut'or stated at the lower of eont ex neuAcet.^.;,. Jfete 3 - Depreciation to b claimed la the Company's federal income tax return fox the yoar 1939 will exceed-the proTisien in this statement by the amount of $97,390.30, to to doprasiatioa olaisod oncosts written off ox credited to xoTaluation roeerr during 1932. goto 0-3o pxoTloien has keen ade in this statement for looses1 of wholly owned, non-operating Galifonlft-'alalag roenpidleo tot the year, ^amounting to $48,488.91 ineluding pxoYisiea of $3,798.90 fox daprsoiatien on east an* pwvis&sa of $19,097.18 fox dcpxeeiation on appxooiation. to 3 - Iks not profit sboon in tbis $79,832.24 fox the Canadiansubsidiary, representing oidia^*ii:*istf:i*i^ year, loss sharg# resulting frcu.' : reduction of its not current assets to rate of exeltsage la, offoot at October 31, 1939. note 3 - Refoxenee is mads. to Schedule X submitted hezewltaii forinfaxs^tiomaotookorgoafox.naiatosfflkJieosnA.ripiixSfsAe*:-;.' prsolution, depletion and amortisation,: teases (<horthenf innoa# assd oxoass-pxffltfits taxes), ............. -- - - - .......~ fees, rents and royalties. /''v-'Vi-'-M'i . Q-QJfillf 3,..... ---- EALMCB HMinn mt FISCAL TSAR ASi. """"" fHflgffiRr 07 SHARES FBIHCZFAL AMDOTZ OF EOXDS AHD AHDBHZ ii IOTSS .DOLLARS ; rm : OF i ; SSL :AU>1 ;b g s : P 1,000 $ 5,000.001 100 10,000.00i $900,000,00 107,500.00 OMMB tk .?T9fxrd stock 0,800 0,000 90,001*00 600,000.00 t; $392,601.00| i. 1 I '-ipiMlil . 11 I , !' . M .' I 1 . -,,:-'i .-.'^1, iliijui'ill'll! WTmrr-r mirni i---------- T-------------------- .................... .. i ^ -"v :V i-'ii OQMiD H \ it P ,;_____ V "I:. I': Iill:i-V ;; Qcmm-% CBAH AS. PS - 4 . ..I.JX..J.ASXDITXQB8 u............u'J. 1, OF SHARES .....L,!A , - a w o k t mw 5'JQBT-,.<.-< -BONj j S AEU EARS BOSES HOLLARS OF SHARES PKHTCIPAL ' AHEKHTT OF 3HDS A--N--D T JOSES BALAHGR AT CLOSE AKHJ3T "Mi DOLLARS OF SHARES PRBTOIFAL AMDUHT OF....1 ..................J A. HOT -- nr EOLIARS 9OOO.001 ,000.005 ,600.00 ,001.00 P .000.00' ,501.00 1,000 $ 5,000.00 100 10,000.00 $500,000,00 187,500.00 8,800 6,000 90,001.00 600.000.00 $893 ,501.00 GOLuMH A CLASSIPICAT 1013 Eacmae3catatOT3tt3rw3t33*m3E*ara Ore lands and leases Land Land improvements Railroad sidings Buildings Machinery and equipment garniture and fixtures Automotire equipment Construction in process agmepma 11-PROPERTY. FLAET AMD BQ.tilPMEBT THE GLUDKH COMPART A3CD COJTSOLIDArED CARADIA3' SUB Eiseal year ended October 31* 1939 KBSBSBSMssassa^asssBasxssa COLOUR B BA1AEC& Af" Conner c THE BECHHRIRG OE THE FISCAL TEAR AS FERACC0U1TS ADDITIONS AT COST (ROTE A) $ 90,977.44 2,490,178.55 47,953.78 68,839.60 9,068,779.26 11,993,147.98 679,071.08 99,049.29 1,158.1 12,643.( 43,399.( 5,043.< 163,603.! 669,794.' 44,824.; 18,744.( 296.462.J $24,722,951.33 $1,260,673.1 Rot A - Additions include the amount of *61 ,061.65 for plant and equipment i Vegetable Oil Company. The assets acquired have been recorded on the books of Thi by statements of the liquidated company. During 1939 all of the outstanding capi Oil Company wars acquired in exchange for 1,844 shares of The CHidden Company c o s es mas $10,568.10 more than the book amounts of the net assets of that company. Thii surplus account. lllllll 1 'ft . i i`'--''SVr:.:.S-i- ' ' snHTTOHEB 11-PROPERTY. 3P1ABT ABED miJIBMEgT SOT CQMBM1 AMD C0M30LIDATED CANADIAN SUBSIDIARY fiscal year ended Ootolaer 31, 1939 sasaatagaaeggitacflgggaBataBasagagasar COLUMN B ' BAim~m"Twe THE BECUHUIBG OP THE PlSCAL YEAH AS PEH ACC OUSTS # 90,977.44 2,490,178.55 47,953.78 68,839.60 9,068,779.26 11,993,147.98 679,071.08 99,049.29 134.35 $24,722,95133 ant of #61,061.65 for plant and q.ulpmeat acquired In liquidation of Liberty Lred hare been recorded on tbs books of The Glidden Company at amounts shown , During 1939 all of the outstanding capital stock of the liberty Vegetable r 1,844 share of The Gtlldden Company common treasury stock, the cost of whichto of the net assets of that company. This difference was charged to capital VT^`-----: -I --H 58 (ERNST ERNST &^3 I'zM- r rt: i-r %b 'ffiaasf <mmt j j b ctwsoLiMato cmmim mamim -Jitfoal-yaar add OotoW 3l,fl93t\\ gM-^IFI^TIOBrj .KM Mm:wmm m T^"' J33BXXI YY'YYIMMEt AS'-' . . TO ;":> A06OOS7B '. BBSSBVaa iMIt! aarTar3BaSUj3Ew . Y^AY.CBUin A33 XAJGR ^ ..^'|B8/'iaSeSZi;: yf Sf - f = ;Xas mI;: jmu and. y .- fisstamt lailra4 aiding!. 00,937.77 1*040,443.42 lp 4515,404.35 ,> ; 89,038. ^^LBUEL #3 ,37,130.97 0 45,140.00 f 439,797.77 46,498.30 1,593,991.04 93,371.00 1,308,133.13 8.09 39,087.99 *0* ;,.jiiSSfAyi $104,909.87 03,408,849.90 k 9ta - 7fe :raTTii wra prarldsd 9y obargaa to Mattel' 'onarplms asd raaosnroa far dapraoiatlosi, to liainata agpraoiatiaa af-praptr'lgr, . plant M eqalpaont, and t@ radmea raeerdad mem ' 4 3tliKtti3ii ^o cf valuo daring .1938 aa dotantfaad 97 tSo :^!NWirtdLv 4i^0tJLar^0ars _V-K :*r^ tfeY; .. f t|Y,. .f SST y . Iff-': V;?siivv >v, -; * HY .rt& SHO' ^T-" , >- , '.`' S L3 1M,.. ' r: /:>, liil ml .'VS. r *. 1I1l1i^IlIl MI* i ll il V.Jt; H Imw^Hii iiiHiHi *^ IHilll! jemsjL GLAS& CTTflAT TGW Or* lands and leases ladlxMT^diiags BnildJUasa Mhijsery sad equipment; Famltars? and fixture*...: Automotive ~; equipment TEGS Q-LU22B2I CGM7AHT AID C0BB<2LIMTiD CASADIAS SDBS; Tieeal year ended October 31, 1939 B 3" 07 THH B2SCAL m&B xs m : 4CCJCOTSTS nnrmnr n mmm. CHARGES!) TO ERGFIT AMD LOSS CHARGED TO OTHBR ACCGUSTS (SOTS A) comm B TOTAL Off counts B ASP counts c | 30,197-25 3,900.76 10,113.70 1,885,106.01 4,436,389.59 370,899.73 67,-8--2-1- .05--- 7,432.15 6,642.46 1,268.64 186,170.10 666,566.55 32,100.63 1---6--,-3- 8- 7 .0-6- $6,852,828.07 $ 804,516.58 $ 37,679.40 9,443.21 46.24 1111,,442288.6.*8 620.36 2,0n7*v0n,8a9oA6.47 3,986.75 5,045,941.89 21.44 --4--0--3-,-0--2--1-.<" - ...... 83,608.0 4,674.79 #7,662,019.44 Bote A - Acquired Ini liquidation of Liberty Vegetable Oil Company. ;Bferenee;ie:-B^*-\.to-.<VeievA-,to Schedule II-ooMolidated. Depreciation and depletion policy* The policy of the companies with, respect to depreciation is to provide amounts eo reasonable to cover wear, tear euad deterioration of the property on a basis of spec ifi certain to vJoat extant obaoleecenoe is covered in these provisions as changes in the a tal life of the property. The rate for depletion is based on the estimted amount of ation to b claimed in the Company*e federal income tax return for the year 1939 will in this schedule dne to depreciation claimed on costs written off or credited to revali iirsr,wp^M ^l:, W4ay'j' I * gBgM^ieBMgaiig  rfjy " - -. `'- * ' . V ,\: * - - V -,i' , ' Jl V*- ' '* v^.4"r'?*1'* / J ' S'M'rW *>-;./; ; . - .. . --r;:^r,' .-.-?r A? '. Vr! v$:v\v,?! : <asrp seas- c b -=> -t ,- ,,, .-;;. . rss.o? # 4 p V_r ./ r ^l r * ` 1 dpprai*ti0B. la to provide amounts considered by the management as fair an i SSSjy?-.0?!.***1* PrP* rJy * * baala of apeolflo ratea as determined. It la not r dlffltw la the art may result in aborttaxing the uae- n2iif*** eatlaated amount of remaining recoverable ore. Depreci- JX'ffS *r the y* 1839 will be #97(890.20 more than the pro rielon 3. to revaluation reserve during lr*"' ;?t _ > 1** r- .-, -j. maomsTim ts as<i fcrsUteHHfflur&a Blgi&ts ;fc; SMiarafaeta.r' acaEOTB rr-immaxBm pasm TH3 GL11SMM G&M&MI M3 CQSBOLSJMJSD QM&DJM ^ SI3B3I1 :. lis'ool yar :HdA eis^r^Sl# 1939 w SHE WISG4& Y&MM' wm' ACCOTTITS ; mmmj-- AEEEfMSB A? COSE IBS CTK PSQPIT M3 tOB8 # 74,3.55 S7 $ . 1,40844 :? - ;. - <3,199.23 jS8333 nta - 18s cost of iatasaglkl I Essrtlaefi o^ax -tho Xiw -of ^omeli-;8i*ib04s- .1. Cl S* 05 O 'JK-t; L ' f mmar mu CQmm.im$E g j mb ia s t sHBaiBiAsr Vie**! J*r eadffld ato'&sr 31, 1939 jsmxxai&Q m mu ms c j l 'Bia4s;si& -'iflOOttiS -SfiHBPILg, JJ3DIT2GBS AS COST floinmr a JL PEOTO US' LOSS - omaa a ^Ft o GBLmaSS- 3Bi2 a s d /o e 40000178 C1EDIS ooKoar i bal aw s AS CLOSH o p ma HSCA& 1M # 74*195.ST $ [$ 92,37114 $ 1#40*74$ ' 1,408*74 # 6,199.23 8i88*S8 9,042.59 ei. 344.1 # @5,217.33 a3rtis4 flwtr tto HHH|K :- r %,-v -: lJ Svv-*s".-.- * m HE - - S'". *! ' 1^. hf H*W 'fc V 4rj H i"l ,, fc *V 1 ,* *' HnHHBHHHHHHflBHHnHraniHHHnMHVHHHMWPHnnnBMBBSWnHfflHi 61- ERNST A ERNST .- ' ^sqHgwna t x -t o d b p if . . ^.TursExsanr oowdarsunjTOijHWiaii^^ ,:v /;Oet0'brv31j. 13 : BESssBaRaiSBeissasMasssss^taeasBKfflBaiaasassfflsanaaastiiBasaiacsKao^sarsBaiffatsiaKssssfflaaiS! C03 COl G0I3MI p : AX0C3T ...... .. * , 0OniDXS AMOOTT 1 ...... ............................. ..........i^Mma.. ..w..^DDBsnm. ..,,.msaqatim-'% |., . , ABTgflBTgm op TMS AS SEE 07 Z3MM, AHD T1TKB QF ISSUE BT XMEMTME .../XT fHSdSBRr ,. MIASCS fflsk imnamWCTMBaiB3iatiBimarB<aaiaBimiaiaiaignBngaajaagatat3amacaagia=sag=aisgga li&a9-principal aaountn Baturins ` 250,000.00 on JTuly l,1941, and. #500,000.00 annually an July 1, "lr'm*Z^m0y1, 1943V and July 1, #17509Q0Q.O#1,750,000.00- #1,750,000.00 1, l^S-ia-iwyaiat 2,000,000.003,000,000.00 2,000,000.00 Pate - Padar provisions af tha Sarial Pata indantora, Tha Oliddan Company any af thaaa aotn akitll 1m aatatudiag not to eraata. aaanne or incur any fnnd aam^ iTtac8 om yaul prapsfftj, ia addition to tda 93,750,000.00 of notaa hhi ;tM>iBAaarw^ans tha aonaalldatad not inoaaa af the Company and ita sahsldiar : JS oaleufiar months hast prstadias tla data man nhleh additional funded daht; is ar lawrx#d aad tha aimraa f taa aanaalidatad nat iaaanta of tha Sanaa? ah& 1 : pnrlM'.aad tha iamodiataly praeadlmg pariad af IS eaianiar: *antha aha11 Wth ha liww ammal iataraat aharsaa on all aanaalidatad indahtadnaas af tha Sanaar a will ha ontotaadiag span tfia omatian, uauntiai ar laaorrlap af aaafet addition tatMiaiag tha aanaalidatad nat inotaa, na dadaatiaa ahall ha nada far iatatjraa "aimir&Miitad iadahtadnasn ar ,far aawrtiaatiaa' af daht disaauat and axpeasaa nit ` ' " -------- Ceaipany i** *4*iad to eactand. raaaw ar -----* pfaaifehftar tha las tkaraa leaaa pr?ldad that in .....____________nat orljag within ana yaar aftar tha wafting thsraaf aa ' t ;aat,;at ansr tin:osaiaad an agr#ata prlasipal asarant af 9750,000.004 , V' % , ^ 'T"1" ssn: tw. "Vr- t'l'rWK^uBjjsiawisisasvats 000.00 ;^/.3toaX/:/::/' 1} 000.00 Mon* ' Mon Bias Mon* t}<mmap fens *r*A # long as ';jqr fstadod d*%t, xo*pt jnrofeaa* aotea *1l 1o & ter 1mm iasaad iaM,dlftri,M f? tka. p*?l*4 of I AOMf is to' l araataA, aaaaaaA r. : mgr. and Its aafcaldiarioo far - aaeln;:- 1 taut k* nat 1*03 tfeaa tfera*.;;> ;: Smsmafr and its eakaldiarios affiilcili a<&lt&*nal famtad A1t | la ? on wststtaAiM ira*t atatarims within an* /that ^ |r *a* t^- siMomt *f '" *ada%: faaawad or rsfandad' afeaH ; I' :: v^:.v;::;: -- ;"i IOM Wane fAl4X c i.W. j fSl?; illlililll A ''I ~S *K. \ wm 7 > araM ^^i|||i| filli HBll fffij $ '* | : ' AI V, >l"i||il.|IIIMI|il|ili.|lu.|M ? mwmax TSI-BBggHfBg t ies GLimm Gomai a b s GGmGLimssn c ma d im : susg Vle-aml j*r ended October 31, 1939 ..lB|riiaasisii , p ,, MBaiiliKMK m . : * XInHH .. . : ,^l ! ` ' f, * _ iiliKI 1 M WMB ''PTi&iFffiZF&v ^.wSh uukutaluj MIM j fe r ^gBaaLtecffi^Hai Gumm c o h f a h ? a b b c q e s q l id a t e d c a h a d ia i snrasiDiAax Wetsal joas ended Ootoh sr 31 , 1939 -B JSL AT b s o o t is o 07 XHS FISCAL TEAR AS PBR AOOOMTS PROFIT AflD LOSS 15 0*KBR ACI30UITS COXiPMSf D CHARGES TO KESKHVBS DSSGRIPTIOJf : zHin 9 PI Z COLUMN - EALABC31 . AT CLOSE 0? TBS FISCAL TEAR KaBSBjK.SBSTataBSsnbatsas $117,919.73 $108,1115.37 35,161.32 9,361.2(1 37,606.56 200,000.00 $105,911.84 Account charged off $120,823.31 19.13Ahcotrats written off 65,142.19 9,561.23 67,885.56 200,000.00 r* : r ^ > . ;', - " QtLTEDEB COMPANY AHD COTSOLZDATSD CAHiDIAEf SUBSIDISE October 51, 1939 pssi1 "v j,L.uf.^>!I-,r.*r'-v:: ' _,' V; 7-* f`^ ' .?. i -4^":'-'-, ' mm GLIHDQK1 COMPANY AND CONSOLIDATED CANADIAN SUBSIDIARY October 31, 1939 >ymw B nOT.mm C COLUMN D HUMBER OF SHARKS OUTSTANDING IMESR OF : EXCLUSIVE gAHES - OF HUMBER 3TB0EIZBD sp-:!iirv AMDUHT f CHARTER . TREASURY US DOLLARS COLUHM B HUMBER OF SHARES IN TREASURY COLUMN F COLUMN G COLUMN H. COLUM? I NUMBER NUMBER OF OF SHARES gpARgft HELD RESERVED BY PERSONS WHOSE STATEMENTS ARE FILED HEREWITH HUMBER OF FOR OPTIONS, HUMBER OF SHARES WARRANTS, SHARES RESERVED FOR CONVERSIONS HELD BY OFFICERS AHD AND OTHER PARENTS EMPLOYEES RIGHTS ^ia^MgtMwtaB3gBMagr3!afleg'saflWgmm^aigS3ageatfflsgcmaag8agam!Br'Ti 300,000 199,940 $9,997,000.00 Nona .,200,000 825,421 4,180,655.00 10,170 Hone Hone 500 500 Hone Hone 500 Hons Hone Hone Hone Hone Hone 159,952 ..Hone. None 'b. ERNST a ERNST % . SO XaL--3IXS-PLU3 ,.-. fM-IGLM GOSJSQLIDATED CA3ADXAEI SUBSEDXAEY vrtscal/yaar.i'amded* October -::3lVA^? v'- E223 8S2S3539C23S33SS3 S CJg>ZT.ftI. SUSSLUS alaaoa",ffovombar 1, 1938, as par \ < accounts ' 1 ' f > Add i / 1 \ u 1 .Adjustment af expanses in connection 1 ''^witk^oaaaio.n./stock sold 1in 1938 Ifii .,. 7 V..<.*.<.......I .... ..... ....., .......1 .... ...... . ... ... ., .. Bducts BxooaW'of ansi; of X844 shares of eoamon treasury [stock, exchanged .fox1 capital ' Biotic "of liberty Vegetable Oil Company, oror tka book aacunta of not assets of that company BALMUB CT0S8B 31, 1939 #8,374,605.02 10.000.00 #8,384,805.02 ti #8,374,036.92 Jovombex 1, 1938, as per accounts -Md ..:not: profit for- th fiscal year ended - October 31, 1939 :.;-los'.4iTMBds...paid*..... ' Convertiblepreferred*#8.28 a- ehare W&mm CTOBSR 31, 1939 #8,675,882.64 #7,888,631.76 JMi #7,073,948.34 l '*L^ ''a Mato - Za prior jrana eortain items of discount ..and revision, for .ooatiagemeiee and loasoa on lit* r ter boon tmrgad to capital surplus. 'pt-\ ^tegotbar with additional dopreclatl^olaimod : L inraws' toe purposes for tit jeers 1932 /t:/;':", inclusive, bad- boon charged against earned surpld#' ;ef'-capital surplus tte respective .amounts " accountstrauM -bo'#8,987,373.34 and #9,491 October 31, 1939. , * IA 'li l. . 7 y.')l PlPtlsrSj iEf^ijiaiB^saKj s XI %>` ><'>, #* v > ~ > j, _,j ^ , ( ' ^ " 1 1 *' 'i v >' , tr^-v ' A" ***, S ?j,W, ,7 ariWTirnTTrjg T_gn?PLKMS2rTART PROFIT ARB L0S3 IffFOHMATIO, ram GLIDEKJJ COMPACT AHD CONSOLIDATED CANADIAN SUBSIDI Fiscal year ended October 31, 1939 COLQIOI A ITEM COLOUR B 6HAMS5 SlHSdlLr TO" i^jEjapjaia COSTS OTHER SESi sssm ifointenance and repairs Depreciation and dapletion-Hote A Taxes (other than federal izj c one and excess-profits taxes) Rents' Royalties amortisation of patents, trade-marks and rights to manufacture Management and service eontraet fees $ 565,017.79 $ 35,036.56 804,516.58 341,204.51 4,405.01 111,063.22 231,085.98 154,286.35 9,062.55 Bote A - Depreciation to be claimed in the Company's federal incests tax roi store than the amount sheen in this schedule, due principally to depreciation el< eredited to revaluation reserve during 1932. ft ERNST i X-3C?PTfTBWBOTAHY PROS'IT a b d l o s s b t t o h ma t io h U GOES?AIT AHD CO3S0L2DATED CABADIAB 3IB3 IDLAKY JiacaJL year ended October 31,. 1939 coLuior b I DBSg?iLiTTO" ABD LOSS COSTS OTHEB COLUMB c o t Jh e r ACC0UHT3 ACCOUSf AMOUBf COLUMB D TOTAL $ 565,017.79 $ 33,036.56 804,516.56 341,204.51 4,405.01 111,063.22 281,085.96 154,286.35 9,062.55 $ 600,054.35 804,516.58 622,290.49 158,691.36 111,063.22 9y 062#58 Son* kiloed in the Company's federal income tax return for 1939 will bo $97,890.20 lobedule, due principally to depreciation claimed on coots written off or Lng 1932. ' r" , fiii i ir' * * <? *x#;^'V= -*> .>- - ' .' 'H*'". % *. , i+ -- --w"niJJ'W1 <trW^m {fiW^iVViWUJfP1 v^i^py ; ft '.. .. -w,^.. ' f*_ ;./ . ' .' ' , * ,i* j ,i ; $&.-. L Lrfl^ > :?i4 # * CI^ISIS CO?!PA^ C03E03JI?A!ZSi) ^CAaADXAH SUBSZIJXJIBY ~ Wimmi yea? eaAgfi. dtelwr' Slj X$9 - " , '; . 'V, ' . ' '. . . - , ,-;;>.:-i i. '; . .;. . '. -" '-: : ' "" .'- GOMM B XS &@lc Preferred at&ek Bt98& PSiMfc ggjp; ' aafBWJroagaBtanaBsa -Q- 42,COO.OS "O" 29.SS9.O0 # 71,,65.C0 at* irnmuim wm'ost *m ommjmxm c a s &s im s u b s id ia r y Wa 31, 193 \ ' tnwiwmiTimr COEOMf B ;1SS81; jqmnar. o f DiramPB-' - BQPITY IH PROFIT AID 088* f o e am nm& y e a r Cma rairolc ,'Mila . 3hrfrr4 ste@k Pti . '; t@& --0~ 42,000.00 -0" 29.659.00 $ 71,659.00 -d-V# 48,423.91* Arj 4 42,0000.001 43,097.45 89.659.00 Rot applicable | 71,659.00  ., RSifONBEAflON'OF BlRSCTOSS, OFFICRES, AND &TESMS' A:. 9. Give the information z'equfifred below in tabular form concerning the aggregate remuneration all of their capacities,: .' {:) Thbah^e of each. person among the officervdirectors, and : ;, 'wapib'jB!; bf-; tfaji .rogMrMit rsceiving eap of taa three highest aggregate amounts hf remuneration. (6) The aggregate remuneration of all directors of the registrant; indicate the number of such directors without naming them. (e) The aggregate remuneration of all officers, other than those who are directors, of the reg istrant; indicate the number of ouch officers without naming them. (d) The aggregate remuneration of all employees of the registrant who, respectively, received remuneration from the registrant in excess of $20,030 within the fiscal year; indicate the number of such employees without naming than. Noma, or numbitr at persona : not ziMHjd . " Ca^AdtiM ia wbid) nwaunaration \' wa*;rwiwd Assnoste ismtmerattwtWS1SmiterlevseJe*-r '. : (a) Adrian D. Joyce E. Horsburgh B. W. Leveahagea W. J. 0*Brlen (b) Sight Director a (c) One Officer (d) - :$v President and Director Senior Vice President and Director Vice President and Director Vice President and Director "-.Salaries . Directors* Pees Treasurer . Salesmen $ 96<Ao 00 300)K>o00 30,030.00 30,040.00 $250,EGO.00 2*50.00 $250,430.00 4 s,500.00 $ 51.09s.as >' < ; ". .A A.'- A'AV1-- ' t . .',-A, ;.A * T" * ' .. - ' A '' -"l , '/ " : i A - ' ; t. . ' i t > ' * t . . / - ' A V'. Vr J:--' ' ' vv ?. ' , u , v,t V c .'* .. 1 * t . !> . V.,A. 10. Sts&ugfae uanM^natusuount received hy, each person who received as bonuses or shares in^gOStetpthi^^^'awre, from-, .the registrant or'its wholly-owned subsidiaries, luring the fiscal year. .......... . * 13.As to any securities for which application for registration under the Securities Exchange Act of 1934 had been filed and which remained unissued at the cicse of the fiscal year, furnish the following information : (a) Title of issue. (6) The total amount unissued at the close of the fiscal year. (c) A brief description of the proposed transactions for the issuance of such securities. (a) Common stock without par valvo. "b) 199. ^ shares. (c) 159.952 shares of common stock reserved for the conversion of 199.9*W shares of the convertible preferred stock, lui/<^ cumulative, $50.00 par value, of the ragitrantT .The . difference between 159.952 and 199,9^*0 or 39,988 tr not currently required at the conversion rate now prevailing t meet the conversion privileges of the holders of the convertible preferred stock. DESCRIPTION OP SECURITIES 14. (a) If any material modifications, not previously reported, have been made in any security a description of which has previously been reported, or in the indenture, charter, or other constituent instrument defining rights of the holders of such security, give the title of the issue and state briefly the general effect of such modifications. (b) For each class of capital stock of the registrant a description ef which has not previously been reported, and which, either as to dividends or on liquidation, ranks equal or prior to any stock registered on a national securities exchange, outline briefly:(1) Dividend rights; (2) limitations in any indentures or other agreements on the payment of divi dends ; (3) voting rights; (4) liquidation rights; (5) preemptiverighto ;(d)subscrlption rights; (7) conversion rights; (8) redemption previalpna applicable thereto; and .(9) liability to further calls. (es) By agreement and supplemental indenture dated Jane lH, 1939. the indenture dated July 1, 193#, defining the right* of the holders of tine aerial notea, the issuance ofwhichw&a reported in paragraphs (a) to (f) lncluaiv* of section 3 of item 12 of the annual report of .the registrant -for/it* fiscal year ending October 31, 1938, has been Modified to the extent that the interest rats ot per aaram on the note for $2,000,000.03 maturing Jhly% 1945, provided*or in said Indenture, has been rednoed to 3Jf per annum fro* v July 1, 1939 until maturity. All of the other notes covers* by said indenture were redeemed on July 3, 1939* (b) The registrant does not have any class of capital ttoek which , has not been previously described and. which either *e to dividends or on liquidation ranks equal or prior ito any stock registered on a Rational Securities exchange. 11. Give the information required below in tabular form concerning the aggregate remuneration paid by the registrant, directly or indirectly, to any person, other than a director, officer, or employee, whose aggregate remuneration from the registrant, in all capacities, exceeded $20,000 during the fiscal year. Name ..7 Hone Capacities in which remuneration was received from the registrant Aggregate remuner ation during regis trant's fiscal year SALES OF SECURITIES BY REGISTRANT 12. Furnish the following information as to all securities of the registrant sold by the registrant . within the fiscal year: (a) Title of issue; and, if stock, the par value, or, if no par, stated value, if qny.` (b) Amount sold. (r) Late cf sale. ( d) . Aggregate net cash proceeds, or tile nature and aggregate amount of any consideration > other than cash, received by the registrant (s) Names of principal underwriters, if any, indicating any such underwriters as were 'affiliates of the registrant. (/) A statement that such securities were registered under the Securities Act of 2933, or,a brief statement of the facts necessary to establish that such registration was not rv,aired. (ft) Long term Hotsn Payable to Banks and maturing as follows: $250,000.00 250,000.00 500,000.00 500,000.00 500,000.00 3-1/4^ annually # 2-1/4jf annually 0 2--l/4jJ annually 0 2-1/4fi annually 9 - -1/4$ annually July 1, 1940 July 1, 1941 July 1, 1942 July 1, 194? July 1, 1944 0> $2,000,000.00 <o) July 3, 1939 jfj $2,000,000.00 `rsy.. .".VJ (> Issue was not underwritten. MS (f) Long' Term Botes Payable to Banks were not registered under the Securities Act of 1933 because they were sold to private corporations for investment by previous arrangement and did V. . <not involve a public offering* 15. State briefly the general effect of-- (a) Any material modifications, made within the fiscal year and not previously reported, in contracts of guarantee by the registrant of the securities of other issuers, which have been previously reported. (&) Any such contracts made within the fiscal year and not previously reported. (a) lone (b) Hone lo, . t Thisanpualreport comprises^ . . .V ; - (l)Pages numbered_____ 1___ _ to___ ll niupbared ,,----------- Swi-fia_^3l.jiQnB<Lcntl.Tly:_ th&' JoMowihg financial statements and schedules: * .^consecutively, and insert pages ___ ______ ____ ,. including ; Heine r:-:; (2) The following exhibits: Kane 11 SCC. ! ra *<H.COMM. "r EOC1 Sun MAIL. FEB 281940 OOCKFT MAIL & FIIFS This annual report is filed subjfeet to the instructions contained in the Instruction Book for Form 10-K for Corporations, and amendments numbered ___.'Bon*.. . ; SIGNATURE \ In pursuance of the requirements of the Securities Exchange Act of 1984, the registrant ----- -----------------Qqugwmy__ _________ ____ , a corporation organized and existing under the laws of . OftjijL., has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized, and its seal to be hereunto affixed and attested, all in the city of. Cleveland . and State cf Ohio on the day of......... February --la&L. [SKAL] Attest: TM, S&SOPBg OOllPijST (Signature of rtgistauit) By. (NamaandtiUa) B. H. Horibttrgh, Senior Vice j (Ku m and tttto) Clifton M. Kolb, Secretary