JUS "1
GENERAL PAINT CORPORATION
GENERAL OFFICE: 160 Fremont St., San Francisco, Calif.
BRANCH OFFICES: Seattle, Spokane, Portland, L.os Angeles, Oakland, Houston,
Tulsa, Honolulu, New York.
HISTORY: Organized under the laws of the State of Nevada on Oct. 3, 1928, at
which time there were merged the business and assets of the following companies:
Bradley-Wise Paint Co., Brininstool Paint Co., California Paint Co., Hill,
Hubbell & Co., Jones & Dillingham Co., Magner Bros. Paint Co., Rasmussen &
Co., Seattle Paint Co., Technical Oil & Paint Co. Corporation also acquired the
L. 8S. Finch Chemical Corp. of Los Angeles, manufacturer of lacquers.
BUSINESS: Corporation owns and operates paint manufacturing plants in San
Francisco, Los Angeles, Seattle, Portland, Spokane and Tulsa and pipe coating
plants in Milwaukee, Wis.; Indiana Harbor, Ind.; Youngstown, Ohio; Lorain,
Ohio, and Ambridge, Penn. Operates either directly or through subsidiaries in
all Pacific Coast states, throughout the Middle West and on the Atlantic Coast.
In the pipe coating plants, machinery has been installed for coating and wrapping
pipe, the patents for which are controlled or owned by the corporation.
OFFICERS: E. A. Bradley, Pres.; D. W. Boylan, Vice Pres. and Treas.; S. CC. Rasmussen,
Vice Pres. in charge of northern division; C. H. Jones, Vice Pres. in
charge of Inland Empire division; O. S. Orrick, Vice Pres. in charge of export
sales; M. S. Orrick, Sec'y.
DIRECTORS: H. M. Bateman, D. M. Boylan, D. W. Boylan, E. A. Bradley, F. M.
Brininstool, W. Ferem, lL. Hubbard, C. G. Johnson, C. H. Jones, H. L. Jones, L. L.
Mackey, M. S. Orrick, O. 8S. Orrick, J. P. Rasmussen, S. C. Rasmussen. J. H. Schinneller.
GENERAL AUDITORS: Haskins & Sells, San Francisco, Calif.
Fiseal Year Ends: Dec. 31. Annual Meeting: 1st day of Nov
CAPITALIZATION, As of Dec. 31, 1929
Par Value Authorized Outstanding
1. Class A Stock... .....No Par 200,000 shs 80,000 shs
2. Class B Stock....cecceeccienneeeceeneeeeene.....No Par *600,000 shs 173,242 shs
*200,000 shares reserved for conversion of Class A stock and 50,000 shares for
sale to emplovees
1. CLASS A STOCK
times annual dividend requirement on
all A stock then outstanding and also
on additional A stock intended to be issued.
These restrictions may be eliminated
or modified by written consent
7f holders of at least 759% of A stock
then issued and outstanding.
Callable: At any time as a whole or
in part on at least 60 days’ notice, at
$33 per share plus accrued dividends.
Convertible: Into B stock, share for
share, at any time, at option of holder,
to within 10 days of redemption date.
Voting Power: Equal with B stock.
[f, at date of annual meeting, 4 quarierly
dividends are in arrears, A stock
shall be entitled to elect majority of
directors, so long as default continues.
Dividends: 50c paid quarterly, Jan.,
Apr.,, July, Oct. 1, from and including
fan. 1, 1929, to and including April 1,
1930. Dividend of July, 1. 1930. de-‘erred.
Ex-Dividend Date: Set by directors,
not more than 15 davs prior to payment
date.
Transfer Agent: Crocker First Federal
Trust Co., San Francisco, Calif.
Registrar: Wells Fargo Bank & Unon
Trust Co., San Francisco, Calif.
Legal Opinion by: Orrick, Palmer &
Dahlquist, San Francisco.
Public Offering by: E. H. Rollins &
Sons, Oct. 8, 1928, at $30.
Number of Stockholders: 794.
Listed on: San Francisco and Los
Angeles Stock Exchanges.
Price Range: 1930 to June 1, high,
22: low, 17; 1929. high, 385: low. 20.
Provisions: Preferred as to cumulative
dividends of $2 per annum and as
to assets in event of liquidation to extent
of $33 per share.
Rights: Carries preferential right to
subscribe to any additional A stock
that may be issued, but not to B stock.
Protective Features: Articles of incorporation
prohibit corporation from
declaring dividends on B stock which
will reduce net assets, exclusive of intangible
assets, below $40 for each
share of A stock, or reduce the amount
of current assets to less than 2009 of
current liabilities.
The articles of incorporation further
prohibit, so long as any A stock is outstanding,
(a) incurrence of any indebtedness
maturing later than one year
after its incurrence, except purchase
money obligations; (b) issuance of any
stock which shall rank ahead of A
stock; (c¢) declaration of any stock dividends
on B stock; (d) the issuance of
more than the 160,000 shares of present
authorized B stock for any consideration
per share less than the book value
per share of the then outstanding B
stock; (e) the issuance of anv A stock
over and above the 80,000 shares heretofore
mentioned, excepting in connection
with the acquisition of additional
tangible assets, and then only one
share of A stock may be issued for
each $40 of net tangible assets to be
acquired, and only when the profit
available for dividends (including that
from properties to be acquired) for 12
consecutive months out of preceding 15
shall have been not less than three
