Document zz1Rezp5erYQN7a764Vbb6va6

61K. 3 03 -JOO JftXBtJXSS OF STOCKHOLDERS* MEETISO Cleveland, Ohio, Hovember 10th, 1910. TWEtrTY-SEVBSTB A3OTAX MgR^Tna. The Twenty-seventh Awmai Meeting of the shareholders of The SherwinWilliams Ooopaay was held at the above tine and place. There were present either In person or by prosy 262 shareholders out of 345, representing 49338 shares out of a total of 61673 outstanding of both cannon and preferred stock. On motion duly seconded and unanimously carried, Mr. W. H. Cottinghsa was chosen chairman and Mr. A. W. Frank secretary of the meeting. The chair appointed Mr. G. A. Martin and Mr. E. M. Williams inspectors, and tellers to verify the representation of stockholders at the meeting. On motion the reading of the minutes of the previous meeting was dis pensed with. The annual report of the President, Ur. W. E. Cottingham, was presented as follows "I an glad to he able to report that our last fisoal year was the most prosperous in the history of the Company. These gratifying results have been accomplished largely by the substantial increase made in sales, and by the increased earnings of our auxiliary departments. . Our percentage of gross profit on trading account in the Faint and Varnish Departments was reduced, owing to the unprecedentedly high costs of linseed oil and turpentine. High costs continue on these articles; and while our prices have been advanced, the advances are not entirely sufficient to cover the Increase in costs, but we do not deem it wise to advance prices farther at the present time, as such action might affect our turnover, which we are striving to maintain and increase. The total sales of the various departments, ineludlsg all auxiliaries, for the year were .................................................................. .. $12,959,32979 These figures show an increase over last year of............. .. 2,212,421.57 The net profit, after deducting all expenses excepting the retirement for depreciation of plants, was ............................. 1,306,432.47 Although the good condition of all of our plants has been well maintained and the expense, of maintenance charged to operating, following our usual custom we have charged to depreciation out of this year's earnings ............. 115.308.90 leaving the net surplus on the year's trading....................... $ 1,191,123.57 007-SWP-000005236 RECORD BOOK PACE ATTEST.. SSCRETa _______________JtlSUTBS 0? STOCKHOLDERS * MEETINS.__________________. 3? fhe financial condition of the Cctnpany on August 31st last was as follows: ASSETS; 4- *]x-. Merchandise per Inventory ......... Caafc........................................................ Accounts & Bills Receivable . Plant............. .................... -...................... Investments ............................. Stationery, Prepaid Insurance, fftzBBi etc. ***#**** * $3,280,530*26 171,581.62 2,134-,739.04 '3,979,999.84 595,385.04 20*148. 55 jrf*?.?i $10,182,384.35 LIABILITIES; Accounts & Bills Payable .................... Reserved for Taxes, etc................... .. Capital. Stock; 7$ Preferred 500,000.00 6$ 1 tZUtSOO^OO . Condon 4*326*900.00 Surplus ....................................................... 1,665,437.13 38,303*68 6,112,200.00 2*366*443*54 $10,182,384.35 r Our lead corroding works at Chicago, referred to in my last report, have been eompleted/and are now in full operation. The prospects for earnings free this new department are encouraging. Boring the past year we acquired all of the common stock of the Detroit Thite Lead Works, Detroit, and have been operating that Company since April last. We believe it will prove to be a profitable adjunct to our business. During the last year we erected an ore concentrating plant at our mines in Hew Mexico to treat the ores from the mines. This plant has not yet been l-'-l worked out successfully, but changes are now being made which promise good, if* results. [' ?- Our English and foreign business is making satisfactoiy progress. * We still have some of the last issue of six per cent, preferred stock 'for sale, Which we are placing judiciously Where we think it will do good. The high prices which we are obliged to obtain at the present time are i making it difficult to make the usual increase in sales, but we are hopeful ^ of making further gains in the new year. f Respectfully submitted, (Signed) V7. H. Cottinghsm President." RECORD BOOK PAGE ATTEST 0007-SWP-000005237 )OsAX SECRET