During 1936 sum cient funds were available from your company's earn-Ings to provide for necessary exten sions and improvements. 50. that no new' financing was required.
'The balance sheet shows that the company had reserves amounting to $9,438,878.4, an increase of $1,590,- 201.10 over' the total reserves as of December 81, 1935. These reserves fare made up' of the following: Pro~ perly retirement reserve $8,002,124:39; casually and insurance reserve $800, 000; employee pension and retire~ ment reserve $160000; reserve for Uneollectible accounts $157,855.85; inventory adjustment reserve $108,- £898.10; dividend equalization reserve '$100,000; general reserve $50,000.
Earned surplus of the company at the close of 1996 amounted to $12,-
Text read from the printed page and cleaned; old type leaves the occasional error.