04

THOMSON'S MANUAL

All ordinary operating expenses defined to include salaries, rent, traveling
axpenses, etc, are to be paid by the manager, who shall be entitled to receive a
fee of 3 of 1% per annum of the Capital, Surplus, Reserves and Undivided Profits
nf the Corporation.
RESTRICTIONS: Restrictions of the Corporation provide that mot over 109% of
the Capital, Surplus, Reserves and Undivided Profits may be invested in any one
security. It will be the policy of the Corporation that under ordinary conditions
not over 5% of the Corporation's Capital, Surplus, Reserves and Undivided Profits
will be invested in any one security. It will further be the policy of the Corsoration
 to invest its Capital without incurring any indebtedness.
The Corporation issues to its stockholders every three months the earnings
statement, balance sheet, and itemized holdings of the Corporation, detailing
amounts, costs, market values and segregation of earnings.
OFFICERS: R. M. Drumheller, Chairman; Ben B. Ehrlichman, Pres.; R. I.. Ehrlichman,
 Vice Pres.; W. H. White, Vice Pres.; Odd O. Young, Vice Pres.; L. C.
Barton, Sec’y-Treas.; R. F. Hewitt, Asst. Sec'y and Asst. Treas.; Roger L. Shidler,
Asst. Sec’'y; F. W. Buff, Comptroller.
DIRECTORS: R. M. Drumheller, B. B. Ehrlichman, W. H. White, Odd O. Young,
R. I. Ehrlichman.

CAPITALIZATION, As of June 30, 1930
Par Value Authorized Outstanding
No Par 600.000 shs 120,000 shs

Common Stock _........

DETAILS OF STOCK

Provisions: Dividends may be paid
only from earnings derived from interest
 and dividends actually received, and
‘rom proceeds of rights and stock diviends
 sold, until contingent reserve
fund is equal to at least 14 paid-in
Common stock capital.
Liquidation: The consent of twothirds
 in interest of all stockholders
having voting power is required for
1issolution.
Warrants: Each share carries a warrant
 entitling holder to purchase before
 Jan. 1, 1935, one additional share
>f Common stock at $10.
Warrants are detachable and are
:raded in on Seattle Stock Exchange.
United National Corporation subscribed
 and paid cash for 20,000 shares
of the Common stock at $10 per share
net. The contract with United National
 Corporation provides that it receive
warrants in connection with issuance
of 120,000 shares initially outstanding,
antitling it to purchase, on or before
Jan. 1, 1935, 60,000 shares of the corporation’s
 Common stock at $10 per
share, and further. that United Nation-21

 Corporation also be entitled to receive
 one warrant upon the issuance
‘or value of each two shares of Comnon
 stock in excess of the above mencioned
 120,000 shares of Common stock.
This agreement effective only so long
1s United National Corporation owns a
minimum of 20,000 shares of Common
jtock, and is not to be effective with
espect to Common stock issued on acount
 of the exercise of warrants.
Dividends: Initial dividend of 10c a
hare paid July 1, 1930.
Ex-Dividend Date: 16th of prior
nonth.
Transfer Agent and Registrar: First
Seattle Dexter Horton National Bank.
Legal Opinion by: Harroun, Robinson,
 Maloy & Shidler, Seattle, Wash.
Publie Offering by: Drumheller, Ehrjchman
 & White, Seattle; Murphey,
Favre & Co. Spokane; United Oregon
~o., Portland, Dec., 1929, at $10.
Number of Stockholders: 800.
Listed on: Seattle Stock Exchange.
Price Range: 1930, Jan. 1 to June 1
high. 121%: low, 81%.

COMPARATIVE STATEMENT, 6 Months Ending June 30. 1930

Gross Earnings ...
Expenses .......
Net BOrningEs ..o.cscssssmsssissevsomusnmvsas
Provision fOr INCOME MT aX... iaecicaeeccaczmmaarmesasessmaaamasmnamresnstnasan

$62,113
8.965
$53,148
4.687
48,460
12.005
$36.455

Net Income ... _—
Dividends Paid oom.

Surplus

ee wees ere. BALANCE SHEET. June 30, 1930
AQT [.TARTLITIES

TASH ceeeeeeeeeeerreneeeeseennnenas ane eeee- 3 15,637
Securities Owned, at Cost........ 1,234,610
Dividends Receivable 8,183
Accounts Receivable ee
Revenue Stamps coos
TOTAL ASSETS een. 831.259.262

Capital Stock ..eoeeivccceccnceeaeaea. $1,200,500
Management Fec Accrued.......... 4,125
Accrued Federal Taxes...... ... 4,688
Dividends Payable . .- 12,005
Accounts Pavable ______ | 1,489
Surplus . FE, 36.455
TOTAL LIABILITIES ..........$1.259.262
Market value $1.078.612