Document x5d7X06bBRv92epvjo0xGgZKg

The RUBEROID Co. ANNUAL REPORT 1941 TO STOCKHOLDERS AND EMPLOYEES flfty-f ifUv year GAF 12561 IMUiSIDIiNT'S LH'H HR l'u the SUnkhuliUn ,///,/ Lm/`Iu)iii Oj l be H/lbei old ( u. For cvciy pel son .illili.lie'll with the building lll.iteii.il-> industry, I0 12 e.m have hut one objective -- the su it test pos slide fabrication ut all pioduets ici|inrcil toi construction projects which will assist and hasten our victory in the war I or that icason, anti in the spirit of unity winch today binds all Aniei n ails tiigctlici in a i oinniou uiibe, it seems lilting' that your company's mil annual lepuit, submitted herewith, be aeUlresseel jointly to the two groups most ehreetly concerned to our stnekhnidcis whose capital investment has provided our wanking facilities, and to our employees w ho are engaged in producing and marketing Rubcrotd products. llow the Company Fared* Due to increased sales, extensive plant improvements, sub stantial manufacturing economies, and the intense ethut of the organization, |o-i i piovcd tobea highly s.itislactoi y year Net profit ot The Rubctoid Co and its wholly owned sub sidial ics in I') i I .urn milled hi tili > u > pci sbale, compared with $tsU2,l()0, or $2 02 pci sh.ue, m loin Net sales in loll totaled $?>,77<S,000, an iiiiu.be ol im pel cent over lO iOs.lles I lie bleak clown ol llic net Sales Doll.u is iliustiated giaplucally in Finnic I on page 2 and in the tabulation on page I I. It you will irgard our "Sales Dollai" as ci|uivalciit to ail eight-hour woikiilg slult, you will note that each cm ploycc worked I houis and 25 minutes bcloic enough * I lie ci i title cl Jllltiiai Im.m n oil si.ii i no lit c will lx 11 M.rn I >-<l | - <1,1 c .'s i. > ' ! (I] g*F 12562 Illnrltl' U,|S atClIIIUllaltll to pilllh.lSt lllC K.iu M.ltLll.lls tli.il went into 11 if Implied pi mint ts. I hen timing the nest I limn .mil i? minutes u t provided loi (Ik- "\.Va/;ts and \il.uits ' ul mil l.ietnncs, ollices and executives. I lif to siiiii^ i i minutes utit iei|uncd to meet "Dneet lasts' ( I tdeial, Stale .mil Initial!). Alter that we winked 22 nun ntts In tain hinds needed for "Selling, Advethsm^ and Misitllantous lixpenses," h> minutes to atiuinnlate hinds Ini Ktinvtslintiit m (lit business as a pinlethmi against Inline tmilmijintits. tlitn I i 1111j1111ts In take tart of Weai anil Tear ol l;i|iiipment." Dining only the last Is 11liinites i>l the shift did we work In provide the 'Dividends" liM our slot kin iltlt is, who supplied the laulities that make mu business possible. A Simplified balance-sheet as ol December peais nil pa^e I s I iyun- I Ihil ap ^OW THE RUBEROID SALES DOLLAR WAS USED IN 1941 GAF 12563 I low tilt bloehlioldcrs Sll.tfLli I)ividtnds |>.tit) in 19 11 amounted to*l.73 ptt shaic (tool pared with dividends ol J | 30 pci shaie paid m 19 to) which is .i ittiirn ol l.-l per cent mi I lit tt|iuty ot i I ^ ,S SH, I l'J our sli.irclioldcis li.ivt 10 tin company I ht iiumhtr oi Moth holders iik leased during llit year lioin 155 l to IhKi, oi s 5 pti tent. liow the limplnyccs Sli.irtd Wages .iiul salaries paid in 1911 amounted to $<>,J75,di i, .111 increase ol il.tiii.iii, oi 35 per tent over 19 Kl I Ins o. .is. Jut to stage .iiul saluiy increases and to molt I.uJom liouis winked. The extent to wlntli the company has pro vided intreased employment is shown in 2 on this page and in the billowing ligtues, represent mg the aveiagt numhci ot tmplnvetb on our pavroll during cai.li ot the past live ycais: 1937 -- 2978 1939 - 2818 1938 - 2500 19 10 - 2979 19-11 - 3393 The aveiagt number ot employees in 19-11 increased I 1 I *Utf 1 [ J] GAF |'(.I v 11K mil IV ID W a^e ilk leases eluting IV 11 totaled ap I'M.Miiulili Joist until ,,n ,ni .iitiiu.il basis. reptexentiny; up pmwni.ilelv Is) per mil nl the laetm\ payrolls. mill is per mil nl ilk net pmlits I lie average iiKuiiie pel laetorv em plmee ill IVll (ineludinp the aloresaiil wa^e i liereuses plus iiKiliilli umk ) nieieased Ji.(t pel eenl over IV it) I low (lie- Government Sharcel Duett 1,1x0' in IV|| (I'eilei.il, Stale .mil lineipi) Id t.1 (eel ll.SI7.iS>. enmpaietl with J770.SII m IViO, an 111 ere.lee nl _! I s per eent. < )m IVll lax lull aiiininileel tn I 16 pel eenl nl llie net pi nlils. J t >7 per eliai e nl stoek, w ax eejul v alent In Jsis Im eaeli employee, anil $V) lm each $100 nl se.ip.-s anil salaries paid Ineieases in ilneel taxes over I lie paet live veare are slioun in Yi^ine > mi tins pap, I low die Customers I'areel Y/i^j/n 1 mi pap- S inelieates the shipments in tonnage tn e uelniiiets Jin 111^4 the past live rears All reeotds were broken in IV i I, in svhtt h S e7,6i(I Ions nl punks efe shipper), an in illI h (.Ills H p II ilirif tin S Mil 1 lie Llll.le 1,1 .lilt 1 r ini' t< it (l`IMI.i .It lilt It. ill. Mil . .) lilt 1 * I * < 11 iirai .ni p ip ' I n.'/ri 1 ' DIRECT TAXES GAF 12565 lil.isc ol SO pci cent ovci 10 HJ (the second lai^cst yuai ) In loi I the net sales price |KC loo amounted to 1 *f>.-i '>, tcpic scnimg .in increase ot l i per cent over I`)i0 The net pmlit ica11zed on sales amounted to 0 I per tent. During tin.- pint ycai a number ol improvements uciein.uk in l!ic line ot products involving the inlliuluetion ol mme eeonoinie.il ly|>c"s> ot shingles .mil sidings .is well as mine attractive colors and textuics. In .nklitmn, steps were taken in eiHipei.ition with tile Nnlioii.il Ihircim ot Standards to hnu^ .ihout a ^enei.il simplification ol the line. This snnplilk.iln>n h.ls been uell leeeiveel by the trade, .is it will serve to reduce niveiitoiv burdens. Factory Operations Piiisuant to President Roosevelt's pioel.iiiulioii ol a n.i tional emergency on September H, 1030, and to speed prodiic turn ol asphalt and asbestos products rce|iiircd tor deleiise constructinii projects, the m.ma|'ement earned on an exten sive pro^iam ol plant improvements and extensions During toil total appropriations ot <1,208,1 12 weie made for this propose. This amount cxreeds that ot any pievious vein in 1 IgUt 1 I TONNAGE shipped GAF 12566 COMPARISON Ol HIP COMPANY'S husini ss ior Oil AND l`M0 N \ N.iK n : 1 t*ll.ir > ( il( 1 'Mn iix 1 'n> t f i, .ili/< > 1 pi-i Ion Nl f I'fofMN fill l IN 1*1 III.let *'t sail's 1 N ' >1 Ml till M IX k 1 )i\ iiU nils lm .,1 IN i< * nl.iL'i nl ml pojfils IN 1 sidle Ilf Nl(H k l* 1 t Ml 10 $_'S 'H,ora> os J17. u.o.om v; V s 7 r,<iO |0,,s 1 2"\ ?6S tons t 2' } Id M S | W. S II"' 1 _'! > l pci vtnl J. 0 1 <MO MIOO O' M* |xr vent S_ o.' $n\>6. HsO SO 1 S jvi i Ctll *1 7s JM7.I |7 SO fVI jxr i vni si in Wajji v .mil S.iI.ii it/* : lol.ll IN n Ullage nl s.iles Avenue nnnl'vi vl unpInutH Jo,::\o i i.ij ' i ^ |xr i nl S. V>\ JI/.n.7iiy.2H l< 7 JXT 4 CMt 2,070 f)*i i nl il'i <`l >lfv iilio.K IN M i nl.im. nl Mil piohls IN r mplu} ci <1 st ISA . *i * '<1 |tr mil M o pc r < c ill is is f.s JS7|) K 1 1, W, ji n 1 10 jxr i cnl 7 1 per Lent Jl`)l 01 llrttl.-ilmen of |)iitil I.ims: li!ifal Normal .iiul Surtax l > -U i.ll 1 \i Ms Ptnllls 1 *v 1 1 m n;il l.ius 1 11 Si, Mill \ l,IU' INnpi 11 y 1 .1 N i > 1 . Ml. I.,m I.IMs mi |ii i Mi%i i 1 l.iih mis 0*fi 11 1 a vi s I7HH.I v..:j S77. inn on J I.MDM St. J J 1 (iMH '>s 1 1 l.lH J 1M ,N>. .VS l H I OH f MO DJ I'M.M IS \7 IK in, on I SO * - II) H7 mi i 11 ho Ii. :S2 16 >7 11,: 11? lull) JI.HM.lSi 27 *5 70. HI 1 id 11., 1' nl-. i.| . .|"i\ lid uilif min UMlIC l > >II>IM (MlliMt S 1 If 1 III sill nr pm .Ills, .it , l .MM ' III II ' I. III C Nl, 111 <ll.lt 1 il iM* )mu Ih < mi l m Ml i I.ll II; lit "* .................... *-'1 ................. [61 GAF 12567 the company S SI \c.ll CXIslcllLC' *111 el colnp.lles Willi .1 total depreciation charge *11 I1-1 II ot J0S0.-17-I limploycc Relations Along witli tlic growth in size .mil diveisity nl mu com pany's business, rite management has continually recognized tlie paramount importance of tan Jealiug willi employees liricllv, our jmlicy lias live mam objectives' ]. To pay employee) .ukspuicly lor >crviu> rcnckii.i J To provitlc voiilmiiom employment toiDisUni *ilh Ixdihv.s iim Jit Kill) \ lo m.miljni alc .omluitjkk tn.lvilii.ii.nl svoikm^ pi.ties > l o ploi c employee) m llic knn) ol woik bot miiU J In ilu-n jhiliiiv) jiul lielp them pro^re)> in llie r-onip.iny mouic t lo v.iriy on litv 0| K.I *ll lull svoik m i )pml ul 11 lunllim)-. .ku.l o All union agreement) involving increases m-wages lor luuuly paid workers weie amicably readied m eonleteiu.es between management, union, and emplovee lepre.senlatives witliout any interruption ot work In cnJ^iJeratinn, among other tilings, nt the rise in the cost ot living, all salaueil em ployees (other tliao salesmen operating on a bonus plan) received in Dcccmbci aJdition.il com|scnsatinn geneiallv i\|in valent to one I nil month's pay limployce Health, Safety and Omitnri Reeogmzmgthat health is essential both to good uoik and to good organization motale, tlie company lus been prm i Jmg physical examinations lot new employee-sand periodic health check lips for workers in certain depaitments. Tins svskni is being extended to provide examinations for all employees at icgular intervals, depending upon the age ol the employee and tlienattireof lus wotk The vacation plan intinJticeJ ill h sh was hioadmcJ in Will I Till-: COl.OKS III, 11 jli I \S MIL Uliplovi i V K. pu Millie < \ c l ) . Ii }> iHiim HI of 11 hm|' mi li >,l Ih i n 111, J it. ii ,1 min mi III .M ) or no il -< f' i op |o I, i ml >i i -I l`M I i r Aik*. . ( ...... I, ui N Ail,. Mm l( \K.ill s A Ilf Mil ll, Ml |.. . f,f. V II iln, I, su,,f.. |i II ,1. |l, |,,, I I. i. I .A M h. Mill, HiihI.I \X h.i.Mii An.In Iti i.fo A.......... IM l.,v ,,li Amn.% J 11 < IS N II.......I..u fins. Amm.M 1 lln.k 4 ll III. x I I HimJi ...I |,ill.Is fhojoslskl It ll|.ll lt.nM fl \X ill*.imi ( .min n I '4|| l,| | 4 |/ || |, /Sill.m A ( tui'iim fi I-Ic.i I ( ...In | I..,ri> is t ( niL.ivir H M ll.ll.l I ( ull,h \K illi.mi 4 iiitif* i) *.f I*, i. r I 4 ,uKi I.Kmi.M if.'sL. | I VllMl I . fi.l... A I).,I1MI f li ti It . | ), Aim. ||S N'n.l,, | | Ik-. I I). I MU, I ).IS foil | ). ,.i i; I.in \ I 'I i ill)' t lit r. L |f ios. ri. i .............. < imi. -ii r, I., |.,v |.f. I iIMm.I I r .nl t is, In i Km............ I .., < misLi Kom. '! | I . . I It. ...In, *- 4 "I I f........ t nil M ....... W 4,.IK SX'.M. m. A ......... I..... (.1 -Im.V || li M ......... I 11,11 K..U I I nis, 11 M " t m , 11 I I rr is S\ ll,,,., I Misf,,,, * 11*, -> i *1, It, o,.k l(..U O ( I l.-il... s U.MO llu, 4;. f |os, (,(, ft II.IL, |os,|.|. I... Iu.l I' Mil j ,11111% I 1 Mil |. Wl/ |, W,III.ll*. II I..I-, Join, I Ion,M HIM. i | |< ,l< - 11, iii i K ,')* ' si mil i k it/ M n 'mi f km is\li i. |i S< ,lh.m. M k.iMilo A |n -ms I k t miff U li I Kim, Ml.In, I kit, l ( I.. M, i S Km fi.n ski SiC'miiii.I I Kiifisli Mi'lff.s S | MS III Air it i., 1., k I ii.Ml ( II >,|p SX I < H k, Ao.I, i u fl M.i, in. < >o ,i M ill |,.,, ,.f. | M .l,-L, A M u si. fnl,ii M ixil.ik 4 >i m fins M, M* i UK M .11 (III f Ml SSHUIVI t mil M.l fill. /. I J),ifi.il f \X- Milk r I ,| St .If, J | M, Mill'll v Mm huff M,,|||.Ii!,i( H.ii ii., >. I M. M11 11...., I Mi,ll< m. |r Aidhoin A Miiirn I I.Ml III, Muis fof.ii f4 Mu is I .|>, ...I | Noi.n L ll.HMl.lll Mil, II II tii m.l I n II, n |ofm A < Hum, ii > HI, * M 1 IV.liii 11.ll.ll.l I I*.Ilk, I I I'.IIOM Ml ill. s I I Ill, I M.ir.ui A Ihi, jx.lk i At, s Minii|>,, m, , L I ..ink A I'm, )t 'XAUi.ko f Hmk A fohskr M, pit. it I fr i In l h ,v,i w A r.ii/L, Ail* o f iw An.)., ,, n u ,i I, fosM.|, I) R.ll.lt f .,,i i, iii , I4i Milt mi 11 r I..I.M NX. Koln rf' ) ,s, oh 4 Rofnnson 1 KiltknW'll II.mk 14 v^.ikkf fr Mi ih K S.U,fil ls Mi roii f 5,.n s Mu i pirol i Aniomii f Silu sii i J SmuOski ) I ml | sknf. , I.... . f sloth .1 ( t nil | '.Mil'll 14 loiif f Mil. k i I .Ist ii.l M Niimi k.ir II It- Si.i.ih J* if III S SI.Ml SIMM K uiihiii.I I Sii,i iisoii SX'tfli.iMi Mm km.in Mm ion W Si mi v 4 li.l. ............ 4 fi.n k s I l,oi,i|'son Wllsoll I I Jn,||||.'i,M Union I lo,,, II, ' hi.. I 'III, Ml Iv IM < I. .1 H V .1. I 14 ivMi.nt.i V mi !' iiifinisin ),.|m s V.IM I I I olio | V M.lf, < holts | Vo, I,,l I I W I^IH 1 I I, ,|h II \X III, I. ... M SX vx ,, M \X..f,,k ) lot . I SX* I I SOM I , ..uni 11 \X me Ml Ml. SK'o.I.llsL' 1 i ink 14 / i| ,i / If, Mil f A|../rli, . I, |o. II /|,,.|,ol, r*i GAF 12569 l-ii I lu (Ik uitul ili.it o jKi cun i>t .ill employed eitlici Il'cl'IVLil V.lc.ltlOllb With p.U III. .It till'll u|'t Kill. CXtl.l V.ll.l itmi ages Tin salcty piogiam u.ib 11 illiibilicil 111 l`>H -liv naming iiiiiil' mi'll lor supervisory salcty work, tlirmi^li hucmanslnp tunning iniirbib; by posting safety records designed to btim ul.itc competition 111 carefulness among employees. .util tlnmigh v.trioiib iilut.ilioii.il services of tin- National .Sal cl v ( <>1111111. Despite tin niiii'.ibcil cttoit (nit into salcty wink during tin- year, we regret tli.it the reioul ol accidents .iikI hot turn was less (.ivoi.ibli- than in into, Juc in part to tin inexpeneiiie ot new employees anil in part to increased li.u anlb imposed by a greatly iik leased production ellort Sixty-eight per cent ol all employees paitiiipated in toil in tlie Company's gnmp ilisabilily anil life insurance plan Twenty-seven employees are at present retired with |semions. (> having been added dining the past year. In carrying out this piogram, the company expended in I*> 11 a total of $6-11,117, comprising the billowing items C tjutj>joy1 > Voluntary IM.ms: V'.nit urns wtlli pay Sls'rai1' Physical cxatiutkaltutis oi employed, loyvlUcf xwtlh ptuvtsioits (or litst .)i|. ,mI 1 oinpuny j 1 mill ilnit inn lu employ crx t^fiti| .lix.ihtltly tin! Ilk' msui.tthc j> 77i. Pulsions .`7,7*11. I- \ii.i ci>m|Kiis.tduii i>( mu 1 11 nine tut mlo milii.try * r\ n 1 I'xtra compensation pant s.tiaiieti employees (ullici llutt sales mu) m l^cccintxr 1 1 hoi is" k'cikral anti bi.nc Suutus: Provision ulkliT till WuilyUH.ll'* C.iM IIJH.US4I lull laws lui .ml ilc iif 1 iMn|Kiii.ilit*ii aiiJ ciis.iinlity Ih.ik.Ihx ~^ "social sultrily I.iils (timmpinymcitl iiism.iiuc .uni >ll ,10 J*c tic ill s ) 1 1 lih1' III. ll $(> I I Si' m In addinm i in ihe t. >ie;ouil;, various suhsr.mri.il phvslt.il impiuvemenis "ere provided miIJi lur rhe mmlnrt and i iiivliimitt ii| unplovees Modem loekei, washroom and imltf lauluies wiic tiiiisiiiitrL.il .ir (.iloucestcr ( itv. Haiti murt, Millis ,unl line (Like) laeroiies Olliit arian^emems "tie mnderiu/ed .tml impiovid h^hmi^ ".is provided ,ir H.illiiiinre, Bound Hinols, line Like, line Ifitli Street, Millis .iihI Mobile. impmveil lust-aid laesbucs "ere mst.illeil .11 ( ilmiiestei (,irv .nul line (Like) plains lixectitive Personnel It is uitli Jeep regret tli.it "i leiurd (lie death on Novem he i I. IV 11, til Walter It I lams, Viee President. Treasurei and ,i Diieitnr ot our eompanv A man ol "ide experieme in the building pinducts lield, sound business |iulgment and i.lie personal ipialities, his passing was mourned through out mu ori;aniaatioii. We also reflet I nil v let oril the death on ( ktobei Jo. I') I I. ul I fo,i;h ( . hostel. Sales Man.i^ei ot our Baltimore Division, "ho had bien associated with the mmp.inv tor Is veais Waller (> ( ou-an. Sales Manages ot tile l.astem Division; l oins I leisiovil/,. Sales Manager of the Western Division, and (iem^c h Kei r, Mana^ei ol the Nt" lin^laud Division, "tie eleiteil to 11 it lin.iid of Oireetois ihiiine the vear to till existing vai.units Samuel P Mollit. Vite Picsidutt and Duettor. was inatle a membei ot (lie rxetutive < omniitlei. and (noi^t I Halils, humeri' Assistant luasuiii. "as t In (til I i easu 11 r The .Supreme l est for l`)l2 At a time sut h as this, it is the nit i eased out pur ol I mi shed pio.liitts not doll.us. that tomits--tons and m.m. loos ot f m) GAF 12571 Lvuv kunt ul material needed to inaiiir.im .uul slicny;ihin our supicmc victory etlort l-'ur stockholders .md employees alike, this means lli.it cveivthiny; else must be sacrificed to tile need tor svvitr and economical pioduition StncklinlJcrx must expect ciutailcd profits because of the mcieascil taxes that " ill be needed to finance our most stupendous military ellnit ot all tune, cmpi i ivccx must be willing to assume ha lev e i exti a hu rdui l lie war ellorl may rcc|uirc t tncll i the new, all-out w .11 conditions, .mil until tin. n.itni e and extent ot the Governments needs and neiessaiv lesliic tionsc.ui l>e more clear Iv seen, essential lads aie lacking lm leasoned estimates ot the piohablc demand in IdiJ l oi Innately, oui most impoilant raw materials include such items as non et'itic.il mineial products (asbestos, granules, tali, porlland cement, etc.), industrial by-products (asphalt and coal tar), or else hill in the category ot "waste materials" ( rayjx, waste paper, wood chips, etc ), allot which,m l.uytch deiived tloin domestic sources. The market lor building materials continues to l>e prinu pally m the billowing tour lields. First. and ot greatest mi portance, is Governmental construction ot cantonnicnts, air ports and plants tor the manufacture and storage ot mumturns Second is defense housing, limited to new homes cost my; not in excess ot Jd.OOO, in mote than hid localities is im li have Isccn designated as " detense areas." Third is the farm maihet "here new construction and modernization aie mitentlv iei|uired to meet the demand tor increased (arm production Fourth, the icpair and inaintenaiiceof all types ot existing buildings in both detense and non-defense anas to C >'] GAF 12572 m m 11 public ln..illli .iiiJ s.ilels. " I in 11 miilei |'i..K c t m it ci in iliinms uiiimimh mil less (hull hull nl mu output l<iil>ti< *i*I pimliiets .ut being extcnsivelv inul hi these lmn He. lik. Iik leusol nuiiul.ictm mg Iik i lilies, .in cxpHiiileil "ink mg Inin, .mil i m i lm.il, tillietiieil mg.mizutinii pl.iec 11 it > miipum in .1 I'iisiIioh In lull'll ils I'.nl hi meeting \\li.ile\ei .iiiii.unis m.iv lie mailt. \im(liel l.iet "I mlt'iesl islliut Rubenml s c x pm I li.nlciii I 'll .1111<itiiit111 In onK mie pci tent ul llie tot.it suits, .mil "us iinilnn.il In iiiimtiits mitsiele (lie "in znne - lurgelv m 1 iiiliul .mil Smith .\mei it.1 I'mihclnune, lluhel iiiii's mill Imcign investilit.lit is Iu The Ituhemiii ( n . I.til (l .ngluikl). it lit 11 til ill mil' bul.UKe sheet at a putclv linmmul vulue n rn In vhikIiisiiih. I " ish tu express In mu stntkhiilileis im siikeie thunks Im theii euntimieil imnpeiutHin, aiul to .ill Kuheimil einplm ees inv uppiei iulinn of theii splemliil pti 11 u muiKe Respect tulle suhniilteJ. is^^vvivvTJTerTisvi^ Prexidcul I In 'ill y 1> I') I > !J GAF 12573 MMI'I it II it |M| Uvi I Mil I | I Ik Rt UW.ROII) (o jik! Wlttilly OwiilJ MtlniJt.it ii s .1* *R i\l CImIkT M . I l> n WIIAl NX^I ONX'NJI) OK MAI) mil. Ms (.OM I M ...... st (.,* [A ll.l l.,.v V 11 .lit "US I .... I,.nl I )h L I. V |.| ) . It -i . f all.I lllll'iit I .......... .. I I .11. I . HI * Jill 11 .HU pi III!' .IK l"l .ill .| mitts > tl pit <pt t K ' V ll I I. I <1 >. 1 W .ill ll. Ill M % III. | .ill, I |uil. lilies W I. Ini it I I I "I J ' .111-1 >|Iki t >|l111 "1 lit I iI N I >1 {> \ \ ' i.?s ' I " II > I 'n S ' I ' ll . I .( 11 t.ipll.l 1 l>> I % - .1 . k.ii *;s > ( iuiiiv I) p.i ll -X..I >.u ll ,l> I'K I' II. I III ..I 111 >iii^ su|s ii< ) : i*' ' Uls ' I S ^ a \K S i il.S.MfiN )|7 V WHAT NX'!-: OWIil) OK WlilUi I IA HI 1 lUK ( I | Alii I I I II M . I lii N t ! < | vim h i % . ! i i .it iii iii . i.ij> sup)'Jit s .iii.l >i Ik i iv 111 ' s> ,n W '.'m. 11 \ 11 it I s.ljui 111 tine lot l> i) MKIII .'UK '.*1 '<1 I i.uo ( Ik. |>.h.I I ll III IUKI III I i i (inf uMii|H.(i>.tiii<ii limn.i i.l ui*fc|'iinJ i iliu n.it;lii lnl.ll I ubllllK) .Uhl HiMWl i I'. ................... Immoi l..i ut >| >l`< | <1 "ill >1* H i/n 'I. k I till ll l< .lit . M.i I'll .. Im is > ...I i..i W > IS lilpllll I .I'll I I ill < II |l|| M III. I III 1'i oliMi iii.I .lisiiilmn | [13] I I I GAF 12574 11< >\\ III) Kl Ml l<< III > ''All s |)(i|| Aft \\ As I s! I) IN r, , i w , ,Mli , tt. a m n. f ,.,.k I.., | hi I I I l, , \\ i i mii i. -i 'I Iliiic .\il' 111 .iiic HhI M*'i 11 I .............. I - ............. { it vi ..it,, , .............. I 'A . , ,.,.1, |... K. UK. ..............,l,, Il,, x.l.. x. I'l I < '! I'M Jill.Ill I l !>' IHI.I III u X ) t Vv I II- Will ill. I I l II -I I |MI 'll N | Mil HI Ill'll. ... I................ i '(.a.................I 11.-in x'!x p< ..ii |n...it.iix _*"s mi >: I HI' J' ' * I Ism. . * i r.s*. In *nt. i mi 'n Ilf H.l. x I K.|l ,, HKK i' I GAF 12575 R K S K A R C II a HJ PRODUCT CONTROL I lie m.unifjeUirt of Kulicrtiul IhuMiu^ juu.l (Hi> lu> jlwap beni j<lOnipjoictl by j i.ircJull) JommLitot ol hiuiIiIk icscjiiJi ,ui>l i oi*l Him min piolu H wcu lUilcrci/ On pro|ui> ik>u;*K>( In m >u.i>e puKlutlHin jiul cl/iil L'ttmnuiHN m m.um I Ji ilile i lie purpose of pioHml iimirui lu imnie um lormfy fn^li >1 jml.ifii) of mumii.it inti i>y fetjun Hue tvciy proiintt I* itil|evUtl In .1 >elii' oi itgn) labor akoty U>l> ami taiimy in>|Kiimm - lniinmmv' wiltt kite r.iw m.itetuK .nut kiiiIiiiu iiil' litc i a j *ni*> of |>rot onne; borne of HulxruiJ > more impud.mi |uhIihi> wilfi HkJie JlH>m lit (lien UH t, .ne |`l> (til- I .in 11jv hitlnwin^ ji.iues \ A2S76 ^rr I :I GAF 12577 GAF 12578 GAF 12580 GAF 12581 INSULATING PRODUCTS V. I -I ' , > > '1, .; > '\ ; i\' AND I ANK fNM'I.A i ION RANC.I. HO II. IK JAC KI IS 1 AMU 3 I OS IMI'IK i i GAF 12582 GAF 12583 GAF 12584 I f \MW < )KK /// . Iijih.il! I'uultnii , G4F 1ZS8S GAF 12586 I t \.M U ( Jj^ )-)//> Anninrynrv yUhniit N. il-},.< ,4 I JrC ** I'>*! VV 1\ _f .'i I')H, (DiiU.I iU "<! I*)' Ak ol Uk- IuiiJh1I1i1hc'|>*V<f Hu (..i.*!, (i,It>ti.iikWiiiln. cimiIliklirinmj.kim> fuUiw,*j)1tamOjvul$oy>nto,li4up'ifi.nm;(> j/,) ofliiii>oc^i v.imit >>i : 1( ii.ur iiimt I in ,t\t f.ici Iun.*t4i i>) urn. flt ill UHplujvv, G4F ^587 Kook V \H 11 W| ( ,\n I \I S|di k \|>{*"i I h Miimr il Kll.Hkc slkif Ikiiis [VI < .1 j'*i I Sfi x k. "/ Wlik/i >97.HOh >Ji.I Its WVit ( I >U CMllx.1 if. I'j ) I sli.m. < -/ I l<HI - I .S'M I v f t-l* Ai (nit ti| h> >W ' mi I n v. iiiHi n, illv ( Iv n *>v I <>v ) N J IN'. _ ih > ' > -'l'* llK K1 < Ul J.'S j<; i ' I */ li >|MM|I .lost I < I'HKJ . I f I Mill ini'* <<k.llli ) i `J II..1 NS J `I * ; i.'n wi; ?' I VI l XV .il ( IIKNI VI f\vx| IS (Win 1 | Aim lilt ' xrv., ItlMKWs I'lKIIISlM ,\l l\ | K I'i.ijk 11. ( li >x liurmi lllMxlMKOU .ilk) i-lv.iimN I )i (i i ri .l > > I ..|,W JH Mil.III! IM .isx^lx i. f( > j i ' S u> . i: :*> i* IM N >K >1 > k |u> ut | |i. Ni i V wi t ii Vm tx. i <>: f 27 ] GAF 12588 ) m JU :m lit >11 > < " ' Mi W lU( ( i >\| |Mh \ I l\ I ( l iNmjI U> \ I I l l* \l \fsi i .... .. I..................... - <1.1 ....................... * "> 'I ' ` ' " I | I, ' s .............. .11.1 M. l. . Util* lU. I (< ' . .. o I III ' ' J *> ' -SI .. m ... U. ' i-. II !- ii i ............................. I- Mm Ii. ,| |n...|u. !> i. I . - I ... .... - ..I .......................... M. I.k. | M I \,.l 1 > I >. mit u| *1.. I--., . I I .............I ll. ' I I 1 I I IN1' . IS I'M. ll ' I I .... . i .... -1 hS>,. ' 'i ' r ll.J MX.' V S 1 ` > i,. i VKf ,7 II.. t,..U ...is. I I - I S I II L I M I. I I .ll I. il.l I ) l `lllf II III** I > . . . .1 I. i ll I Ik . .1 I III it * 'I i.ll > . .1 I >. 'tl.lt I 11 S I | IK. M> . Um. \ii. >i.i.i in ii i- .i i ., imi '... 4*i: >. i -in iii.l i.li.imo | U si ii i i !./1 V.S> I... |..| ............................. ..I lllleil.i ,..|iil>; m *' 7> iivu' tO**M ,,,, I . I Ml .III ll !*>' II I h I II ' I I III IH .1.1 \-.l | III III' MI *. I NI n * Kim in 1 I . . | I *. In. I 11 l t .III. IS If |-t .11 . .1 III, | l-s A ll.l I ll .III ..1 i 11j iiit iii i ^ I s; m.t 1 t> Mil .s,.|u in . I in........... ' I I. W.V.'hi I'S I i. si Sul ' . E t it, .s , Ii ii | imi m .1 l) ll.. >1 S . .ii ii ii i< 1 i, ,. i. .)>, i M 1'its `H/K ><, | 'i >1 V 11'1 ,`Hti I .IMS*! >j J Kj >1' ^,7 -ml. SvK <11 |7 u*., I U. .it I. It .Inn It |'l...lmllH V .il 111 I.. ...HI, -I i. s .s ,| ,)L;i I In. i s>nl ml isi .jiii, ill | i 'V i,i,. < I. | i. , , .... .. >..! .1, ................. i. I f.u i *> .1 ^ hi \ iik J ') > H 7f.| 4'kti^ M I > l "> S t> js 1 >1' s..,i M* <' > i.ii , > | > J I. S s'* \ S , ,| [ ?1 $1 ^S89 ( >SX Ni ! ''l 'ItMlin in ( (INH' NNll.'i |>XiMhU' >1 lM|| /NNh OmIMHIH >| I'JHJ < Mill Mi >> I'li.lll. I)...... J>- , i i ... I IV * ,-| > _ : / '' r I V..11 > i _ s i< * ' * .. . ........ ' I I. . .. * K ' i > i ' f IlH >| ... ....1. > - " lu^t iJ.K I `N | J sj. ms III I... |>.| S.lfu. II I < sll III Ic <|.IM I 11 ...lit I.. Ill hi Kill ; ,.| mx. MX'hl'.H' IV> n I W W7.K4K. >/i,.u . ..I .... |',n v.tli.1 >11 <\ l,IM hi. i 4 I I ` I |M|| MHI'IMS, |>U Si .1. .... Ill III.I Ik, I Hi. I O* I . . ' W i ni 7 ! GAF 12590 I l,, III III li( III I I ,, I' ^11'Ml'i i\\ . M > MiM''IIh\im I nMl' \ MI ' ( !'. Ii"\i*\ti\| I IINMII IlMlI |i S| \ || Ml M Ol I 't;< Hit \ M It Ms l**i 1111 'll. m% iii.lt tl iKiuiil-ii 11 . 111 rM I *. .1 I. . I....... . I .J L . . I ..It I > . I 1 I 11 It I 1 t 'll*/ 111. .nix....... ... 11.1 .1 i v | -. h>. - it v*i ,,<. j.riVi :'o js i J `H.*/ Hit I S' $ I .IlStl.J 2(. t) J I , i. ,1,1 u.l- < ........... I Ik ....................I i i \ J Ml' */l. I .1 ................. M.MM H 1 I. > .l2 \ IK I lt> $ I.IIIK.DIK I I .1. . t ........... t .Ml .............. I,.,........I ..! . .|-u .1 t- i t,n n /*< h.... . In I* . in ....... I-................... I... I> i. 'll ............ .ml . *.*. ....... . i .. _....... l.. II..I......... I . ... il.i 1-1 ) I *.'S V< 1/ !/ (Ill Sl.'H.S V' ' i; ."'.'st'i'M i m.-i 11.. _ I ... \ (!// > i II M..y n m . . * h is t? > Mij /' .,.1 >1 it.. if gaf 12591 |/h KI'MI KOJI) l \NI> \\ Mill M l l V\ N' I I > 'I'liMimin ( omi* \k \i rvi; ( onmji iiiaii u Si /\ 11 mi n i <>i I \n ni m Sm 111imi. MU Vl AHS ! Ntu 0 i >1 ( ( M UI It >1 Ivil \Mi I >1 I M hi H W I ' Ml ) .will '1 -III |-1 I > M In.^'IIMim*; . \J.i t'(i>hr 1 flu i,ii Milt Hill > > I f'M l > i >( . , I S| * I I............ I). .1. xi i - s. .I I'.Ju.t l>i\iikinli I'JI.I m i.i>li t'MI- Juic, IVtl) -fl |Kt jli.iu 7^ |" I 1,11. |I.H ni I .111)1 .1 'Wlplll', ,H Ulil >/ )l.U. I 'i I lul.WHl 'ill .1 > J Hi) I ?Xf *.' M ' | l Si' > I,') t ' ^ I * ' t)' ) j t J \ i f P ; GAF 12592 I * I11 t H \I tV < < > 1*J M. Nl 1.1.1 I ' /' o./ -I P . . / I 1.. HI lit HI ;ll) i .. I cl .111.11) I I. I `H - W . 11 i ' l k t Ml Hill .1 I 111 < Ul I ini Ii I ill kl I ' ti III' L 'kkl ul Hu J(iiI>CIUk|<U *< I H . " Im.JI t . nt ui .1 Mtl.M.ll.u y t t Ulip.llHL 1 .11 .11 J X LHlIu I ' i . I `M I . .liul ill. i |||M ill. I |t< . | k| ill IIK. <l|l tl| pllWtl .41 t I loll Jll.l L.lliUkl IHipIlO |ol till II ll*. H Ill'll I III ilMllltillllll Ullll Utlf l 't lltII11 it M M I UL iLSKUlkl (111 \ -it III ol lllllMt.il .nlllinl .111' I llu .UlOtllHlIU; JIMkltll.lLI ul lllL k III 11 p.H 1 IC'l "! uiflio.il Hi.ikir.e .i tlvl.uKtl .null! ul I lie 11 .iiii.u Imnv luic cKailllliLkl 11 'i t I u . on.u me nionli o( llu iuiu|).mK) .uui tiitici iup|KHlm cm l.ll.k l-| Hit I III * It Hill tl> llu l * I Lilt UL I II t II ll I .lj*[l I | II lilt (till L X.lllll llllioii kt.n lll.lk III It . Ml tj.l lit L Vlllll L^L UL I .1II) .liilplkkl .IU'IiUIIL: it .11 It 1J ft 11 II '| I I. ,i| .II III tin v llllltl.il ll L 1 Jill I III! lot It 11 .ill pi IK LkllllLt U lilt il u L toll -I. Ik I l .1 |lt k L 11.1 I t lii mil 11|>nnon. |lu .it t oinp myriil; i mimiIi.IjIi kl 1i.iI.hkc >lu li jiul k I iitj i, | iti . | \t,n iii u i ii o( I'folil .uni Kin .liul >hi|>Ihi pic ic lit I.111I} llu !>> 11 ik in <! ill. . on .oliil.licit ioiiij'iniL> ji .it I >ti t min >1, I7il, unl llu i.i. lit ol llu ii opto Ilmen Ini 11 ic )l.h (lull likIl.I. hi lonlmilHl} .till. Ilk I .IK I- k t pi I I .Ii i null I IHl: |l Mil Ij'lo .IppJlL >1 nil .1 I ..lilt t Oil M'll ll U ll |l ill .i ol l In pit. t .Iiiil; ) t .n HKH i- WAII-.KIKUM *. i o I 1 I J-> ] 'if! r GAF 12593 s'nmiiui\ '>1 ( .ipit.il Mhk1(Jl .iikI I>i\kIcii.I KkkOf>l .>1 *111l RUHI'.KOID ( u .iihI PrctkccsMM < omp.iino IHH9 1 M`j 1 H9 I |M9J l H'J S ism \ H9S 1 K9<`, I H'>7 ]o.n< >n| 10.000 j miionl 10.IM wf 11>. on ^ lo ooof liwton-j lo.OfHlf 10,0 iH-f % > (HI S 00 \ no > nn 1 so I so 2 no 2 on IMJ 1 K`*H IM99 I * XII1 I'HII inOJ | 'MM, } I'HlS 1 1 *X7 I'jiiK 1909 1910 1 t.HI 7f J So t I.HJIf i s 1ti /I I.HJOg in no 1 1 .*J0$ \ 2 on 1 1 is on _'0 no 1 1.0X0$ IK no : t.nni 10 1X1 1 n on 1 i. \')7 9 | Ml 1 1 V>7 * on * i. W7j 'Mill 1 1. V>7 V (Ml 1 *> 1 1 19 1 2 1 `ft (. 101 1 Ini S i 1 IMI i 1 iSn i<,H 105$ r. ^ 9 no X fHI ' IIM i- no 1 -*s j so non in (Min in non W MM Ml i s.oon 1 S.IMIO jn.oi )o 'II.IM M) nl 1 1 >JM 1 IK..VMI J 1 91 _* 1 | J,| .* \<> non J1 S O Ml 2 vi.nsn V`>,S7 *> \in ? S7 ; wn S 7 > Vxi 2 in s S (.()jo I" KO < 1*1 'Mil 1 MM { (Ml J to n,> 9>,M ` , |M" s IS 1 9 J 1 I9.nn:< i on ! o* i s r m.': 19J i I9J 1 il.l 1 <-*s '\i i 1 nil t mi i no 1 III M ,N j in 11,S HI H.S injs . S l i i no l K M.S IS 1 l-'ij i nn i in v.s 19." '2H in jo I9U) I'MI \ 'V' I-S |SS.S7(l)j( 1 \ j nn /no i no III | HO 1 -*M# 1 VI.K | 1 i nn i no \ 'O .'Hl /III 1 > 17 1 o *S M,M | 1, t l1 , (III | >SK v>\: in K \ i" i i |n;s low. 1 \2.t*i2fi \ i>2 nn.* i u>: i; '<i-# i i.> <<>.># J oo 1 no 1 ?' J ''M 1 1*0 9,S 'O | 1 i (,i i ' 1 1.' * i ' \ \i Ml' > .1 1 l< l.. I'O1 (i ) V*7.Kln,jj( \ -M /I M't i ........ r" l`KH VI' IU* ' >S I.S . 1 Vi In in ,'1- Sl,,,^ VI'HIIVjj, 1 in ! 9* 1 >' is*. 1 - 1 IS 19 1 1 VI' H,,,.0 1 'I M'>n Ini $> J 1 ", * 1 l ...................... 1 Mm I-,.. O.h.I -.1 .... " ...... ...................... N. - \\ .1 \. -j I l HI m Kl IM ( .. .1 N. - r.. `.'V,!,,. J'S li, , \ .l,,, I IIM) I Ml ... I` V -I,,. 1 >1 .! >. . Ji II.It I' i .J lit 1*1 I 4M , I.. . f} GAF 12594 K I lil K < >H > HI II.1 >l\( , |'| >1 >1 f I > I I . I.MIC 'll l| ' K .. .1 II . - , I | c I ,1 HI I .. . . I . I II M Hi- . I M -Ml, I-..... rM.. 'I I I I I I M . 1 I. J . I>L \........... r>...! I I...... I. ..I ...... r.... ii. .. i ........... I I. . I. IMI.C I. I.' II...1,1. 'inn in I i\Ih ' i - 111 ik i ii \li. i i. I I > I ll.il' .f ill I. ' , . I MC III u ,111., ,1.1 I <l>. I I.........I .. .-I III'..I ill'll HhiMhi,. |`,i |.i i s ............ Hi...,,. I.. I I.. .ii...,, .! ..... I I,, i.li.ti^ - W . Ml. , , ............I ., I'lllll M|> I>'....||IIW \ , I. , . II- IS. \ | I mm, . .... |,|. .,..s |, j. ' ,.i. Ml ,, .. ..... I i .^ (. Ii ' ..............| . KM ii. I | Is, I. Ji t Jit III l 1 I ' ( l..... ,1. .. 11 I'l.lli (. ll. I.............I .Ml. I ells \'|.. SI..' I, ll' An).........list I'lfs ( iii Imiiicji I >. U nine: tills I n...K iiiii I Jl> Hu; f. ll' |..i Kll Ii.I'k. lliHiMtii;j K-m is Ii> f<>i i< >iuii41>ui.Iih is Sl.lK IS I, ll M I nm I' ll I ! >i ( uu riii^s ( ... |. i Iiiiiii^s I. ii |>.i ,s ii.nm is l M.i.lJum II........ Mi' I.. ........... i,l,' h...l ~-i .........I.......... liiMil.tmm ^I.iilii.iI* iiiilmkM.il A Ik 'i.., kvllkii.il II,k- lUHimi;' A'lx ' I. I , . . Il.s ill A l I I ... M.l ll, . I |'I)K. V IV I HI A -1 <s .1..' .mill........1 A I., -I-.- I If.I I ( I'l.llll HI,I ...I. II [HJ GAF 12595 IU I III K Oil) IK ill.I )IN< . I'l<( II K '< Is M.in i i.iK Ii.ln\/( i.J VI- ..... f..11 I.........I I Ml |`l.l.f III . Ill.llll 1C ) 1'M i ) I l.c>. t s M 11 M r.cIllM |'l). '"'IIMIL' >|||| h|...k- M'lim m,i ( S V , ) j<i|h mi. mil;' .in.I i-i.a. K.llllll l'll I II I'M I I I MIC |.M Ills IUL |\t l MC' ^ "I ! ll ll |'l|'t IMH IIIICS ImmiI.iimic M.iun.ils Hi.irii.il A K >1 l-i.i.l' |>l.iin in. I/..}> >r m . | .............................Mi .1 Km.ii.Is J I. Ill'l l> I' mils I .,H J'ji . (..imiM.itcJ p.if>rr> |l i Ml/ Ml i .1 p.l|H I) NX .ll I | X * M 11 kl . f I |>.t|lls l'.imi\ . i. Ii* l ,l| I. I sl i, k , tl.l I 111^. ...... I. |`l Mill I i ll i I i 11 .1 l l. f i 111111 III.. I > > if MIC' .......................'Hi | > Mills fm M.l l.ll. I'M i ......... 1*1 ........./ l Mil "I K i >. I ,. ii me I'i|k /mu. I'i. In. f s i,,,, . i, i'. ... ^ ' ...........I . Ifs < . >V' .MXI isU .|. .s I..-. ) ..........I M..I. M.J. I If. I. K....I - M |(. > k w m.| I'rmliM is 14 il s Ml Mil. Is ( .I,Ml III ll. il VV....I I...... 11...I Hi m .fines in Mult I.IIIII A I............... ll l.is. A s| .1. ill Mill |..|MI' I sl.l I Is I I.I'Imi*c st r i| `s M#1 I Mllt.lll.l MlIK l.ll s|lf 1.11 f. I lt.i /i ll I'.isi .V i r Hi. I i .l^i fulls 'sin..lli smi ( i.. .1 Nl . I I MIC 'I I t|'s Si mimics A s]h 'I. is I i (Ml I It A -(.Ii i It ( imti. i .il .in I -i. | | Si.lilies A'.Ih s/ms , I IIH Mf As,.f.,ii ................... In 1.1 iM ! . )'!. ail l.f .< k .ii W ............ 1`tM.liu is ( Hull f.l-.i. IIHI'I. C" *K .1 SVIlll l.fll.ill I . ll 1.11 |<lli ll ImI. C. *1 . ...Ill......... f.M .........I (M.l < l MK Ml S. I (Is. Mich M| it I < .flllC I'll. I.Ills Sill- .1 l\ I I I X H , fM] i i 5 i I I K "i I r i -12596 GA* I >11<l.( 11 HU H1 mu i, j ,\|,k til ' i H \ I l Ml t |U l( V\ \ i i )( v , ( . i \\ \ . \ M ; i | m i *i' I-m.i, Hu; , mu/ (, I l.n.i, b | M< >t 111 | ii 1 ' * l i I K s M U Ml >' .S I ( Ki:i.j N \ | ( Wllll'KIH b I ` Nl I V \\`| HIM MU l`>. .!. - (II I U 1 l<S 1 ll MU I. I \ll \M i -/ / ... i iw/f.. Mv.iii Wmmi.w .in, I . . i'l 1 < Hli.l -si \ r Mi ii i 11 I .. : I- M K vn 11 N, I it k t`>. i . \ \\ \11Un. / iiMirtiii s I) V in Vi i i i, V. i. t.u i i xi <.m ivi: (ommi mi; lli mu hi Aim 'ii im b I* Mu m i k I ( Kiu.i n M ( W m i * k i t< ixi4inivi niiii is /,///. . 1, .\. ii W \ . .... I' .Ii........ Ml .............. M. ... M. lVI I v 1 .L .S! V III. 111. I\ M.llis M.1%% , Mmhh .1*-. i. .i ,, I. M.l:.......... ............ ......... M.4 .1. Ml a.,ml. Ii.........I !> X I Im IM (I ,W .i tul I (ui i i. . t in % } l.ku \ l Mm III . Milt.- M.' . Miiuk U. |\ n X tin I.'- m i .mii M.. S. .4. / < ll-. It \ N K iU Nl 'l i li K Ni "> Y.uk \t> . i U. r. -U .1 till r. A J It A NK N. s, ' .ilk f] GAF 12597