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Dow Chemical Company Annual Report - 1938
Dow Chemical Company Annual Report - 1938
Dow Chemical Company Annual Report - 1938
MIDLAND,MICHIGAN
THE DOW CHEMICAL COMPAtdY
i MIDLAND, MICHIGAN
Directors
E. 0. BARSTOW L. I. DOAN E. W. BENNETT
W. H. DOW G. E. COLLINGS J. T. PARDEE
J. S. CRIDER C. J. STROSACKER W. R. VEAZEY
Officers
Chairman of the Board - - - J. T. PARDEE
President and General Manager - W. H. DOW
Vice President - - - - G. E. COLLINGS
Vice President - - - - J. T. PARDEE
Vice President, Sec’y and Treasurer E. W. BENNETT
Assistant Treasurer - - - J. S. CRIDER
Assistant General Manager - - A. P. BEUTEL
Auditor and Assistant Secretary - L. A. CHICHESTER
Assistant Secretary - - - F. H. BROWN
Registrors
The New York Trust Company
100 Broadway
New York City
The National City Bank of Cleveland
Cleveland, Ohio
Transfer Agents
Guaranty Trust Company of New York
140 Broadway
New York City
The Cleveland Trust Company
Cleveland, Ohio
HASKINS & SELLS
CERTIFIED PUBLIC ACCOUNTANTS TNE NATIONAL DANK BUlLDIN
DETROW
POehavemadean~tionof~conso~tedbalance
sheet of TheDow Chemical GOqxmy and its stibsi.~ companies as
of Hay 31, 1938 and of the related statements of consolidated
income and earned surplus for the year eded that date. In connec-
tion therewith, we made a revkw of the accounting methods and
esraminedor tested accounting records of the coqanies and other
supporting evidence in a manner and to the extent which we con-
sfdered appropriate in view of the systems of internal accounting
control. The physical quantities and condition of the inventordes
were certified to us by officials of the coz@anLes.
lnven tories :
Finished goods and work in process (at lower of
cost or market) ___-__--_---------_---- $ 6,333,653.23
Materials and supplies (at cost-approximately
market) ---------------------------- 2,09 1,662.63 8,425,3 15.86
LIABILITIES
CURRENT LIABILITIES:
Accounts payable-Trade and miscellaneous ___-_--___--__- ____ $ 1,582,423.64
Employees’ compensation awards ______-______ -_--___------_- 74,220.O 1
’ Serial notes, 2r/,%, series due January 1, 1939 ________-________ 720,OOO.OO
Federa I income taxes ------------------------------------- 712,175.40
Other taxes accrue&including property taxes, Federal capital stock
taxes, and social security taxes ________________________ ---_ 247,412.50
Accrued interest payable _- _____________________ - ____ -__--_- 7,500.oo
NOTE: Accrued dividends on the Class A preferred capitol stock held by a minority interest
of the Cliffs Dow Chemical Company, o subsidiary company consolidated herein,
which hod not been declared by the Board of Directors of that company or provided
for in this balance sheet, amounted to $52,212.00 ot May 3 1, 1938.
THE DOW CHEMICAL COMPANY
AND SUBSIDIARY COMPANIES
SALES (net of returns, allowances, cash discounts, and freight) __---- $24,87 1,196.06
COST OF SALES (exclusive of provision for depreciation) ---------- 15,761,032.76
BALANCE, MAY 31, 1938 _______ -__- ____ --__------_-__-__-- $10,3 16,149.28
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