Document x5GewqRzXZkdZmw965oJ8aKZ6

T] (iliUM)EX (>OMRUrr r*croil CiXvtL*<D rniCoff Ith rfUMCHCC (*% L OU't hlw ekC*N* aOHLV> PAVC TO*OMTO CxjrmLA>rD,Ono TO THE COMMON STOCKHOLDERS OF THE GLIDDEN COMPANY: March 11,1929 At a meeting held on March 1,1929,your Board of Directors, by resolution, recommended that the authorised common capital stock of the company be increased from 500,000 shares to 600,000 shares. After proper proceedings have been taken for the authorisation and disposal of this additional capital stock, it is proposed to offer to the holders of the outstanding common capital stock of record on April 4,1929, the privilege of subscribing on or before April 25,1929, for one share of the new common capital stock for every.five shares owned, at a pnee of (35.09 per share, payment therefor to be made in cash. No fractional shares will be issued, but warrants evidencing the rights of individual stockholders will be mailed at quickly as possible after April 4,1929. Any portion of stock not taken up bv our stockholders w31 he sold by tbe ex* erutive officers, pursuant to the authorization of the Board of Directors, at not lest than (35.00 per share. I desurC'to explain that tbe purpose of offering this additional 100,000 shares of common capital stock ii to reimburse out treasury for money expended in purchasing die buasnets, goodwill and assets of the Metals Refining Company of Hammond, Indiana; the Voco Nut Oil Products, Inc., Berkeley, California; the Wisconsin Food Products Company with plants at Jefferson, Wisconsin, ana Norwalk, Ohio; the Troco Company of Illinois, Chicago, Illinois, and the Dunham Manufacturing Company of Brooklyn, New York. The Metals Refining Company of Hammond, Indiana, are smelters and manufacturers of lead products. These products include sheet lead, anti nonial lead, babbitt metal, battery plates, type founders metals, cable, covering lead, corroding pig lead and lead oxide pigments such as red lead and litharge. This business is capable of an enormous development and the growing use of battery pistes, red lead andlitharge in automobile manufacturing and in con nection with the development of the radio industry will indicate some of the lines for the ex* pension of this business. For a number of years our company has owned and operated the Eutton Lead Company of Scranton, Pennsylvania. This plant makes drv white lead and white lead in oil, and while our white lead business has been on a profitable basis we have felr that we have been handi capped in tbe more rapid development of this division by not having a complete line of lead pigments. The purchase of tbe Metals Refining Company business will enable us to supply our trade not only with white lead, but alto with lead oxides including red lead and litharge. We will be able to use the warehouse and selling facilities we have established in connection with tbe distribution of Eutton White Lead for the distribution and sates of the products of the Metals Refining Company. The net result will be that we expect to add greatly to our tales volume and reduce tne average cost of marketing. Through the purchase of the Voco Nut Oil Products, Inc, we now control the source of the principal raw material used in our food products plants, via., coconut oil. Voco Nut Oil Products, Inc. imports from the Philippine Islands and the Dutch East Indies dried coconut, or copra, and crushes this copra producing coconut oil and coconut oil meal. The crude coconut oil is refined for site in our own factories and it also sold to edible oil refiners, food manufacturers and soap manufacturers. The coconut oil meal is sold to stock raisers, dairy farmers and cattle food manufacturers. GLD021585 lo connection with the crushing and grinding plant there is an up to date refining and hydrogenating plant, and through thia plant we willsapply products for the Pacific Coast and our Western trade. We ate now increasing the facilities at thia plant oo that our Califoraia plant will be a completely equipped food products plant producing all of the product* that w* offer for aak through The Glidden Food Product* Company. In acquiring the Troeo Company of Illinois we have cecured a modem, up to date nut marjarin plant in Chicago in which we will conaolidate all of Our Chicafoprod action of nut margarin. According to our plana, we wiD immediately atart producing 1,000,000 pound* per month of nut margarin in thie plant. It win readily be appreciated that by consolidating our manufacturing factlitiea in one plant we will reduce our coat of production and at the tame time teleaae apace tn the present Glidden Food Product* plant for the additional production of other commodities on whack we are at the present time oversold. The Wisconsin Food Products Company plants at Jefferaoa, Wisconsin, and Norwalk* Ohio, are located in fine dairy section* and will enablt us to secure our raw materials at advan tageous prices and to manufacture our finished products economically. The products pro duced at these plants will round out our line of food apccialtiet, and the addition of these farilicie* will add materially to the cfiriency of our operations. In purchasing the business of the Dunham Manufacturing Company, Brooklyn* New York, we havc secured an organitarion that baa been in existence for fifty years,with direct and friendly business relations with twenty-five hundred food Jobber* and distributors in the United States. The Dunham Manufacturing Company wen the original manufacturer* of Shred Coconut and do a national business on package good*. Through the friendly relatione eetaUtshed by the Dunham Manufacturing Company, our allied food products caa easily ho introduced to the distributing and consuming grocery trade. I desire to call particular attention to the fact that fas securing these various companies, we have taken over a most excellent operating personnel, thereby greatly strengthening our whole organisation. Your Directors feel that through the working out of the plans outlined in this letter we will materially increase the net per share earnings of our common stock. Rased on previous sales figures for the companies we havepurchaaed, it is apparent that our sales will be im mediately increased approximately 1JXX>0,000 per annum and inasmuch a* our present ad ministrative, sales and distribution facilities will be used for the marketing of the products of these additional factories, it is apparent that not only will our net profit* he increased but wt will be in a better porition than ever before to adequately serve our growing list of customers. Inasmuch uhii important that we have the approval of our stockholders to the plans I have outlined, I want to urge that you very promptly sign and return the enclosed proxy. ADJ-V Youra truly. ADRIAN D. JOYCE President. GLD021586