ras 
323, 
THOMSON'S MANUAL 
AFFILIATED COMPANIES: Gallatin Valley Milling Co., owns and operates about 
30 elevators in Montana, together with a 300-barrel flour mill at Belgrade, Mont. 
White-Dulany Co., also affiliated, operates elevators and has buying agencies 
in Washington, Idaho and Oregon, through which it buys wheat used by Fisher 
Flouring Mills Co. 
DFFICERS: O.D. Fisher, Pres. and Gen. Mgr.; W. P., Fisher, 1st Vice Pres.; M. A. 
Arnold, Vice Pres.; D. R. Fisher, Vice Pres.; O. W. Fisher, Treas.; W. S. Allen, 
Sec'y.; J. M. Marrow, Asst. Treas.; J. L. Locke, Purch. Agt. 
DIRECTORS: O. D. Fisher, M. A. Arnold, D. R. Fisher, L. C. Henry, W. S. Allen, 
R. B. White, G. W. Dulany, Jr., Will P. Fisher, O. W. Fisher. 
Fiscal Year Ends: July 31. Annual Meeting: 4th Wed. in Aug. 
CAPITALIZATION, As of Dec. 31, 1929 
Par Value Authorized 
7% Cum. Preferred Stock............... $100 $3,000,000 
Common Stock .... wave, «+ 3300 $3,000.000 
Outstanding 
$1,426,900 
$2.107.600 
i. 7% CUMULATIVE 
Provisions: Has preference as to 7% 
cumulative dividends and as to assets, 
mn liquidation, entitled to 107 and ac- 
crued dividends. 
No mortgage (except purchase money 
mortgages) may be created without 
consent of two-thirds of Preferred and 
no Preferred having priority may be 
issued unless (a) net assets equal 200% 
and net quick assets 125% of Preferred 
outstanding and to be issued, (b) net 
earnings for fiscal year preceding equal 
twice annual dividends outstanding 
and to be issued. Company must main- 
PREFERRED STOCK 
tain net assets equal to $100 per share 
and no dividend can be paid on Com- 
mon which would impair these ratios. 
Callable: At 107 and accrued divi- 
iends on 60 days’ notice. 
Voting Power: Has no voting power 
unless four quarterly dividends are in 
arrears, when it has full voting power. 
Dividends: Regular dividends paid 
quarterly, Jan., Apr. July, Oct. 1. 
Transfer Agent and Registrar: The 
Company. 
Public Offering by: Bond & Good- 
win, Nov., 1919, at 100. 
2. COMMON STOCK 
Details: Increased from $400,000 to 1924; 8%, 1925, 3% in 1926 and 1927; 6% 
51,000,000 in 1911; to $1,200,000 in 1917, i, 1928 
and to $3,000,000 in 1921. : : . 
Dividends: 9% paid in 1919 and 1920; Transfer Agent and Registrar: The 
none in 1921; 89%, 1922; 49%, 1923; 29%, Company. 
COMPARATIVE INCOME STATEMENT, Years Ending July 31 
1929 1928 
.$491,7° $439,944 
mE. qe 244 
1927 
$361,651 
51,709 
$309,942 
100,396 
63,198 
$146,348 
$26.64 
9.95 
Net INCOME oem 
Federal Taxes .......... 
Balance 
Preferred Dividends ...... . 
Common Dividends ... ooo 
126.4586 
Surplus for the Year. cece occeeeeeeaed 50,284 14,024 
Farned, per share Preferred stock.........cccccceeeee. $30.36 $26.18 
Tarned. per share Common stocK......o.cooooemoe.e 15.06 12.97 
COMPARATIVE BALANCE & "TET, As of July 31 
1928 
579,586 
228,864 
“56.940 
ASSETS— 
TABI oer mevmpmmrmrmomeenm mr pm——— ie ni 5 
Notes and Accounts Receivable... 
[nventories ....... 
1927 
3 530,151 
1,209,066 
1.060.136 
Total Current Assets............... 
Plant and Equipment... 
Miscellaneous Assets .... 
TOTAL ASSETS 
LIABILITIES— 
Notes Payable .............. 
Accounts Pavable _.__ . _...... 
in 
$2,799,352 
2.046.033 
375.648 
$5 291.033 
Cc ogr 
‘b 
35 298.5585 
an ere 
200,000 
2K 92a0 
5 250,000 
95 746 
Total Current Liahilities 
Preferred Stock ......... 
Common Stock eee 
Reserves ... amas eet ate aam—————— 
Surplus 
26 
0 
20 
275,746 
,48%,400 
106,600 
107,346 
.298 941 
$5,221,033 
2,523,606 
9.9:1 
$162.17 
J 
£9 
L,v00 
1 pec Tc 
sd 
vw 
0 
CR 
TOTAL LIABILIT 
Net Working Capital. oo iiiiaeaneae = 
Ratio, Cur. Assets to Cur. Liabilities........ i 
Book Value Common Shares... 3182.60 
h. 
€ 
dy l & 
c 
£ 
T% 319