\PP"'N] 
BEST UNIVERSAL LOCK COMPANY 
GENERAL OFFICE: 1121 Post Street, Seatlle, Wash. 
HISTORY: Incorporated under laws of Washington, Sept. 14, 1923, to manufac- 
ture and distribute locks in the United States, under license from Frank E. Best, 
Inc., owners of patents on the Best Universal Locking System. 
(Frank E. Best, Inc, was originally organized under laws of Washington, 
Oct. 4, 1920, as the Best Lock Co.; name changed to Frank. E. Best, Inc, Oct. 
15, 1921.) 
in 1928 the company transferred to the Best Lock Corporation (organized 
under laws of Delaware, April 19, 1928), its exclusive United States manufactur- 
ing and sales license on the Best Universal Locking System, receiving therefor 
one “companion share” of Best Lock Corporation common stock for every share 
otherwise sold or disposed of. 
On Jan. 1, 1929, company also transferred to the Best Lock Corporation, of 
Delaware, all its tangible assets at their appraised net value of $339,963, receiv- 
ing therefor 33,996 shares of Best Lock Corporation stock. The latter corporation 
also assumed all the company’s liabilities. 
This transfer of assets left the company only a holding company, owning 
stock in the Best Lock Corporation, without liabilities except capitalization. 
However, the company continues the manufacture and sale of the Best Universal 
Locking System. as trustee for the Best Lock Corporation, of Delaware. 
BUSINESS: In its capacity as trustee for the Best Lock Corporation, of Dela- 
ware, company manufactures a diversified line of locks for commercial and 
domestic use, all based on the “One Key System’ idea originated by Frank E. 
Best in 1912 and patented in 1919, 
The underlying feature of the Best Lock is a removable, interchangeable 
core, permitting change of combination, without installing a complete new lock; 
also permitting operation of a series of locks by one master key, the individual 
locks, at the asme time, responding to individual keys. 
OFFICERS: Frank E. Best, President: C. L. Lorentzen, Vice-Pres.; J. M. Dean, 
QSecev.-Treas. 
CAPITALIZATION: 
I. 79% Cum. Preferred Stock...... 
2. Class A Common Stock............ 
3. Class B Common Stock............ 
Par Value 
$100 
No Par 
No Par 
Authorized 
20,000 shs 
300,000 shs 
200 000 shs 
Outstanding 
86 shs 
83,896 shs 
300,000 shs 
Provisions: Preferred stock entitled 
to 7% annual cumulative dividends, 
pavable semi-annually, Jan. and July 1. 
After preferred dividends are paid, 
("lass A stock is entitled to 80c per 
share, per annum, non-cumulative divi- 
dend; after which Class B is entitled to 
same amount; further distribution of 
earnings to be 50% to Class A and 50% 
to (Class B. 
Distribution: Class B—300,000 shares 
were issued to Frank E. Best, Inc, in 
rayment for exclusive license to manu- 
‘facture and sell Best Universal Locking 
System in the United States. 
Class A— 10,000 shares issued to 
Frank E. Best in lieu of salary for 5 
years as president; 2,000 shares issued 
to A. S. Elford in lieu of salary for 1 
vear as secretary. 
Remainder of the outstanding Class 
A shares were sold the public as fol- 
lows: 
39,705 
27.014 
Callable: Preferred stock is callable 
on any dividend date at $105. 
Voting Power: All stock has eaual 
voting power. 
Dividends: None paid. ’ 
Transfer Agent: The company 
shares 
shares 
shares 
shares 
shares 
ro 
$110.00 each. 
15.00 each. 
16.00 each. 
220.00 each. 
2292 R00 each 
La,119 
QL 7 
BALANCE SHEET BEST UNIVERSAL LOCK CO.. TRUSTEE, As of June 30, 1830 
ASSETS LIABILITIFE. 
IAB eovecnrnnessonsmannusinsiemnminsnsnsmasmnmnsrnibbns’ 
Accts. Receivable 
Notes Receivable ..... 
INVeNtOTY eimai ae 
Other Current Asse enn 
764 
L475 
..3 
7.831 
1QQ 
Total Current Assets. .... 50,632 
Plant Equipment ...................c........ 188.823 
Due from Affiliated Cos............... 2,209 
Development Expense __.._...__..._...... 2,325 
Expense AcCCt. cccocees coeeiiincieeinneeeee. 18.204 
TOTAL ASSETS oie. 532.193 
Notes Payable ...... 
Accounts Payable _..__........._. 
Salaries. Commissions. Fic. 
3.748 
8,700 
1.810 
Total Current Liabi ‘4,258 
Notes and Mortgages... RN 4,155 
3est Lock Corp.ceeeananee. .. 17,084 
Fax and Assessments ......... - 7,307 
Due Parent CoO.coceeceeevvenncceeeenennnnnn. 360,787 
Rarnings. 6 mo. to Jun 30. 1930... 68.602 
TOTAL LIABILITIES ........... $53%2.193