Document qdzkn9K8Rb8NEG1L5NyZZkxJx

MIHffTFS 0? STOCKHOLDERS * KFBTISS. Cleveland, Ohio, November 10, 1913. % ?h Thirtieth Annual Meeting of the shareholders of the Sherwic-filliams \y was held at the above time and place. On motion duly seconded and unanimously carried Mr 1. H. Cottiaghaa was gen Chairman, and Mr A. ? Frank Secretary of the meeting* there were present either in person or by proxy 308 shareholders out of 'representing 57320 shares out of 78964 outstanding of both common and preferred bk* the Chairman appointed Mr J. E* Campbell and Mr H. C. Schofield Inspectors Tellers to vsrify the representation of stockholders at the meeting. with. On motion the reading of the Minutes of the previous meeting was dispensed The Annua*! Report of the President Mr tr. H.Cottinghara, was presented as ^follows; %r* '?; "I have pleasure in presenting herewith Balance Sheet showing Assets and 1 Liabilities of the Company at the close of our fiscal year, August 31st, 1913. The Sales for the year have been very satisfactory and show a gain ovsr the -previous year of $653,003.61, making our gain for the past two years $1,402,978.43. The net profit for the .year, after charging all plant repairs and renewals to operating expenses and providing for depreciation, amounts to $929,675.89, which coapares with $935,401.20 for the previous year. The percentage of gross profit on the year's trading compares favorably with the previous year, but unfortunately our exponses have been considerably higher, due principally to additional branch houses opened a year ago at Birmingham, Ala., Indianapolis, Ind., and a new and larger branch warehouse in the city of Chicago. These branches are now well established and we count on profitable results from them during the current year. Our profits this year wars also affected by the flood that occurred in March last, when two of cur Cleveland plants were under water and caused ***.ge to the extent .of about $75,000.00. The Canadian Company has made a very satisfactory improvement in profits *r the good showing of the previous year. Reference was made in my report of last year to the new concentrating plant erected at our mines in Magdalena, Sew Mexico, and I am glad to report that the Plant is now in successful operation and we expect affair revenue from this year's derations. it i RECORD BOOK PAGE 0007-SKP-OOOOOS231