Document 37r2ZEDEM3x458VyNa00de90n

FILE NAME: Philip Carey (PC) DATE: 1954 DOC#: PC066 DOCUMENT DESCRIPTION: Entry in Moody's Industrial Manual MOODY'S INDUSTRIAL MANUAL AMERICAN and FOREIGN' JOHN SHERMAN PORTER, Editor-in-Chief I. Editorial Board Charles N. Berents Arthur W. Herrmann David M. Day Frank J. Prenpergast Frank J. St. Clair George I. Blair David M. Ellinwood George H. Parsons 1954 x D. B. McCruden, Publisher MOODY'S INVESTORS SERVICE 65 BROADWAY, NEW YORK 6, N. Y. PHILADELPHIA 1411 W alnut St. BOSTON75 Federalist. CHICAGO I,OR ANOTLK8 PITTSBURGH SAN FRANCISCO 105 W. Adams St. Hollingsworth Bldg. Union T rust Bldg. Russ Bldg. LONDON: MOODY'S INVESTORS SERVICE LTD. Copyright. 1954-- Moody's I nvestors Service. N ew Y ork--All rights reserved 132 MOODY'S INDUSTRIAL MANUAL FUNDED DEBT (equally an d ra ta b ly secured, e x c e p t p u rchase DIVIDEND RESTRICTIONS -- See funded 1. B row n Shoe Co,, Inc., sin k in g fu n d d e Im oney liens n o t exceeding $2,500,000, a n d as d e b t above. provided. Dividend Record b e n tu re V /zb du e 1971: R a tin g --A ADDITIONAL DEBT--C om pany m ay n o t in (C alendar Y-ars) AUTHORIZED--O u tsta n d in g , $11,000,000. DATED--J u ly 1, 1951. cur or assum e any funded debt, except as p erm itted above o r for refu n d in g , unless i913-- (On $100 p r oharas) nil 1914-- $3 00 1915-18 a!) M ATURITY--J u ly 1, 1971. th e re a fte r on a consolidated basis; (1) n e t 1917-19 $6 00 1920-- LL3 25 1221-22 ml c u rre n t assets are a t least 200%, an d n e t 1923-1- 2.00 1924-25 400 IN TEREST--J& J 1 a t office of tru ste e G oldm an, S achs & Co. N ew York. and tangible assets 250%, of fu n d ed d eb t, a n d (2) n e t earn in g s applicable to in te re st on fu n d ed 1926__ (On no p ar shares) 2.00 1927__ 2.121$ 1928... $256 TRUSTEE--S t. Louis, Mo. Louis U nion Trust Co. St. d eb t (before incom e taxes) fo r an y tw o of 1929-- 2 62& 1930-37 3.00 1938__ 1.7 DENOM INATION--C o u p o n $1,000, regiB terable last 3 fiscal years averaged at least 5 tim es annual Interest on funded debt. 1939-45 2.00 (On $15 p a r shares) I \ as to principal. CALLABLE--As a whole, or in p art by lot, DIVIDEND RESTRICTION -- Company may not pay cash dividends on any stock in excess m e loso--. 1.20 2.80 1947-48 2.00 1951-53 3.40 1949-- 210 01954- 160 H on a t le a st 30 d a y s' n o tic e a t an y tim e to each J u n e 30, incl., as follow s: of consolidated net earnings after Oct. 31, 1950 plus $2,500.000, a d ju ste d fo r c e rta in stock CDPIus 33%% in stock. 51To M ar. 2. t i 1955__ 102.67 1S58__ 102 30 1956-- 102 55 1959-- 102.17 1957... 102.42 transactions. D ividends payable q u a rte rly M arch 1st, etc. I960__ 102.03 RIGHTS ON DEFAULT--In e v e n t of d e fa u lt to siock of record a b o u t F eb ru ary 20. etc. 1961__ 101.89 1964__ 101.44 1962-- 101.74 1965... 101.28 1963__ 101.59 20 days' g race p eriod fo r p ay m en t of in VOTING RIGHTS--One vote p er share. No 1966__ 101.11 terest, tru s te e o r 25% of d e b en tu res m ay en cu m b ran ce m ay be placed on company'* * t 1967__ 100 94 1970__ 100.40 1968__ 100.77 1971-- 100.00 1969-- 100.58 declare d e b e n tu re s due. property w ithout authorization of a t least % INDENTURE MODIFICATION -- Indenture of the outstanding stock. A lso callab le on lik e n o tice fo r sinking fu n d m ay be m odified, e x cep t as provided, w ith PREEM PTIVE R IG H TS--None. (w h ich seel on an y J u ly 1, beginning 1954, a t 100. consent of 66%% of debentures. PURPOSE--Proceeds to r e tire $3.60 p re fe rre d LISTED--On N ew Y ork and M idw est Stock t ; a SIN K IN G FU N D -- A n n u a lly each J u ly 1, (no par) a n d fo r a d d itio n al w o rk in g capi.aL E xchanges. 'r co m m encing 1954, c a sh su ffic ie n t to red eem n o t less th a n $440,000 n o r m o re th a n $880,000 LEGAL--F or savings ta n k s m New Jersey. TRANSFER AGENTS--B an k ers T ru st Com pany, New Y ork a n d S t Louis Union Trust i' debentures at sinking fund redem ption price. LISTED--On New York Stock Exchange. OFFERED--($11,000,000) a t 100 (proceeds to Co., St. Louis. D ebentures otherwise acquired, or redeem ed by sinking fund in any year In excess of com pany 93.75) on J u n e 27, 1951 by G oldm an, Sachs & Co , an d Sm ith, B arn ey & Co., N ew REGISTRAR--Irv in g T ru st Company, New York and M ercantile T ru st Co., St. Louis. m inim um am ount req u ired f6r such year, York, and associates. may be credited against sinking fund pay DIVIDEND DISBURING AGENT -- Bankers m ents. CAPITAL STOCK T ru st Co., N ew Y ork SECURITY--D e b e n tu re s a re n o t se cu red by 1. Brown Shoe CoM Inc. com m on; p a r $15: S tock O ptions: O u tstan d in g Oct. 31, 1953, a lie n o n a n y p ro p e rty , e x c e p t u n d er c e rta in AUTHORIZED -- 3 UOO.OCO shares; issued and options held by c e rta in officers, directors and co n d itio n s specified i n in d e n tu re in e v e n t of outstanding, Oct. 31, 1933, 673.211 shares; r e em ployees to p u rc h a se a total of 53,890 com (l) c re a tio n of a n y m o rtg ag e, p ledge o r served fo r options (see below ), 107,040 sh ares, m on sh ares as follow s: 18,600 sh ares a t $24 a o th e r lie n n o t sp ecifically p erm itted , o r (2) p a r S15 (c h a n g e d from $100 to no p a r Dec. 10, sh are; 16,500 sh ares a t $26 a sh are; 300 shares r m e rg e r, con so lid atio n , o r sale of su b sta n tia lly 1925; 3 no p a r sh ares issued fo r each $100 a t $30 a sh are; 1.750 sh ares a t $35 50 a share; ! all assets. share; ch an g ed fro m no p a r to $15 p a r Ja n . 1,400 sh ares a t $38 a sh are; 12,800 shares at ? C o m p an y m a y n o t m o rtg a g e o r c re a te an y 11, 1946, tw o $15 sh ares issu ed fo r each no $52 25 a sh are; 540 sh a re s a t $32.1875 a share; lien on any property, unless debentures are par share). a n d 2,000 sh ares a t S54.25 a sh are. i CAPITAL STRUCTURE FUNDED DEBT Issue 1. Zl\% d e b e n tu re s, 1960 2. 3%% d e b e n tu re s (se rie s 1947) 1960 THE CELOTEX R atin g Baa Baa Amount O u tstan d in g $3,128,0001 1,928,000] CORPORATION T Times Charges Earned 1953 1952 34.38 16 05 Interest D ates F& A 1 IF& A 1 Call P ric e ((00% 100 Price Range 1953 1932-53 98%-98 0106-98 98 -98 E 104-93 CAPITAL STOCK Par Amount x E a rn e d p e r Sh. QjDivs. p e r Sh. Call Price Range Issue V alue O u tstan d in g 1953 1952 1953 1952 Price 1953 1932-53 1. 5% cum . p re fe rre d ________ $20 256,862 shs. $11.78 $6 28 $100 $1.00 20 16Ti-15% ID23 15'/. 2. Com m on No p a r $905.199 shs. 3.05 1.50 1.50 150 1934-15% A38l/a- 5 E F is c a l years. 0 R a n g e since 1938, a fte r 100% stock dividend. B e fo re 100% stock div id en d . 1935-38 range, 48%-121&. 5!To J u ly 31, 1959, incl. w h e n p ric e changes; see tex t. [R ange since 1945. Range sin c e 1943 fo r S20 p a r sh ares. S ln c lu d e s 26,583 p a rtia lly p a id shares. EURange sin ce 1947. R an g e fo r $100 p a r sh ares from 1935 an d to th e 5-for-l sp lit in 1943, 93-46. HISTORY Note: A t Oct. 31, 1953. com p an y ow ned 205,- T h e co m p an y o b ta in s b 2gesse, th e principal In c o rp o ra te d in D e la w a re Ju n o 29, 1935, as 328 com m on sh ares of S outh C oast Corp. (see general index) constituting approxim ately raw m aterial, fro m a n u m b er of sugar mills m Louisiana. su ccesso r in re o rg a n iz a tio n to th e C elotex Co. 48% of v oting p ow er of ail o u tstan d in g stock (Del.). L atter com pany w as incorporated in of that company. Also ow ned in terest in fol A p la n t a t M etuchen, N. J., Is located on D e la w a re in 1920 as "L o u isian a C elotex Co." On J u n e 16, 1932, th e la tte r com pany w as lowing companies, which have resulted from ap p ro x im ately 1S1, a cres of lan d , a n d contains a o o u t 210,000 sq u a re fe e t of floor space, and p laced in rec e iv e rsh ip . On Feb. 8. 1935, tr u s tees w ere appointed u n d e r Section 77-B of the split-up of C alifornia Mill Supply Corp. 1,540.4 sh ares (20%) of C alifornia Mill Supply is used fo r th e m an u factu re of asbestos cem ent board w ith insulating core (Ccmesto), U S. B ankruptcy Act. A reorganization plan w as su b m itte d u n d e r d a te of M ay 1, 1934 (su b Corp., 3,484 8 sh ares (20%) of B erg M etals Cory, a n d 974.8 sh ares (20%) of B erg P ip e insulating siding. T here is also a warehouse a n d c u rin g building of ab o u t 50.CC0 square s e q u e n tly m odified), a n d on Nov. 1, 1935, th e and S teel Corp. feet. business and assets of the predecessor com BUSNE86 & PRODUCTS A p lant a t P o rt Clinton, O hio an d a plant pany were transferred to the present com n ear Hamlin. Tex. are used in manufacture pany. Details of reorganization appear in The company m anufactures building ar.d in of gypsum products. M oody's 1935 In d u s tria l M anual. In 1937, organized E n g lish C om pany, C elotex, sulating products, consisting for the most part ot products m arketed under the trade A plant near Ft. Dodge, l a , manufactures plaster products. Ltd. name "C elo tex .' These products are m anu factured principally from bagasse, the fiber A plant near Lagro, Ind. is used for pro In 1937 a c q u ire d a n in te re s t in A m erican rem aining a lte r the ju ice has been e x tra c te d d u ctio n of ro ck w ool in su la tio n products. G ypsum Co., P o rt C linton, Ohid, a n d in 1939 from su g ar cane, an d are used, am ong o th e r P la n t a t Lagro also m a n u fa c tu res acoustical com pleted acquisition of company. things, for exterior sheathing, plaster base, m ineral tile. In M ar.. 1945, a c q u ire d p ro p e rtie s a n d b u st- e x te n o r and u lte rio r finish, fo r insulating P la n ts a t C leveland, an d A very, O., Madison, ness of T exas Cem ent P la ste r Co. located a t Plasterco and Longworth, Tex.; m anufacturers roofs, and as insulation in the m anufacture of household refrigerators, railw ay refrigerator 111., an d Los A ngeles. Cal. are u sed in manu facture of roofing products. of lu ll line of gypsum plaster and board cars, trailers and other products. products. P la n t of Celotex, Ltd., a subsidiary, is lo h . On A ug. 30, 1946, a c q u ire d 83 1/3% In te re st The com pany also m anufactures and sells products for correction of acoustical condi cated at Stonebridge P ark, London. Buildings, including office building, etc., have a com in El R ey P ro d u cts Co.; p u rch ased b alance of tions in office buildings, au d ito riu m s, th eaters, bin ed floor a re a of a p p ro x im ately 141.000 sq. o u tsta n d in g stock in 1947 an d acq u ired d ire c t ow nership of property and assets including oroadcasting studios, and other places in which acoustical tre a tm e n t Is d esired, includ ft. Equipm ent includes facilities fo r preparing raw m aterial and fabricating equipm ent for 20% in te r e s t in stock of C alifo rn ia M ill Supply ing pro d u cts m a rk e te d u n d e r the tra d e nam es p re p a rin g finished board. Co., d e a le rs in w aste p ap er, rags, etc. "A cousti-C elotex." A cquired properties in Ohio of W eaver-Hall Co. in A ug., 1948- O n Aug. 15. 1950 a c q u ire d p ro p e rtie s of W asem P la s te r Co.. F o rt Dodge, la. SUBSIDIARIES Tm s is principally an operating company. A t Oct. 31, 1953, 100% of th e v oting pow er w as owned in the following companies; Name, place of incorporation and business: El R ey P roducts Co., Inc., C alifornia, Inac tive, A t Oct. 3i, 1953, o w n ed less th a n 100% of voting power m following company. Celotex, Ltd., England, m anufactures ana sells Celotex products in. B ritish 'E m p ire (85.72%) SI. (^Articles of Association of Celotex, Ltd. provide that unless and until num ber shall be changed as provided therein, num ber of di rectors shall not be less than 2 nor m ore than 7. H olders of M to i p re fe re n c e shares a re en titled to a p p ^ H V such director. By virtue of its o w n e r s M E f 100% of d e fe rred shares, Celotex C orpjS B ntitled to elect rem aining di recto rs. A t flH 31, 1953, th e re w ere 7 d ire c tors. The com pany also is engaged In the m anu MANAGEMENT facture and sale of other types .of insulating and building m aterial products, including Officers loose, g ran u lated and b a tt form s of rock wool, O. S. Mansell. P resident H. W. Collins. Exec. V ice-P resid en t roofing products, gypsum plaster, lath and wallboards, and also various item s used as C. L. C hristensen. V ice-Prea. a n d Chairm. accessories in the application of products sold. Exec. Com. F. A. Irvine, Vice-President Celotex also sells products m ade by other M arvin Greenwood, V ice-Pres.. Sales Mgr m anufacturers, such as hard boards, w hich I J. R. New berry, V ice-President cut. saw and handle like lum ber (m ade by | A. I. Schimpf, T reasurer Masonite Corp.). and are used for paneling C. W. Johns, S ecretary of all sorts, for decoration, shelving, etc. W. D. Becker, Contr. and A jst. Sec. Cclccrete (made by various steel companies), J . M. Erickson, Asst. T re a su re r a licht w eight concrete aggregate, Is m ade of A. F. O. Pfeiffer, Asst. T reasurer expanded m olten blast furnace slag, and is J. W. F ranklin, P urchasing A gent used with Portland cem ent to manufacture G ates Ferguson, A dvertisingI Manag light w eight concrete blocks. D. W. Rice, E x p o rt Mgr. The Celotex Corp. m aintains offices through o ut the w o rld an d has b ra n c h offices in 16 cities located in various p a n s of the United States, including the Pacific Coast. PRINCIPAL PLANTS A PROPERTIES The m ain m anufacturing plan t Is located a t M arrero, in Jefferson P arish. La., close to the City of New Orleans. It com prises approxi m ately 5C0 acres of land. Directors C. L. C hristensen, Chicago H. W. Colling, Chicago A. J. Dallstream . Chicago P. H. Davis. Chicago P a rrish Fuller*. O akdale. La. O. S. ManseU, Chicago Carl G. Muench, Chicago 1st, etc. are. No mpany* least % it Stock it Com* a Trust y New mis. 3anken 1, 1953, ors and H) com<t $24 a shares share: ares at share; 932-53 g 106-98 3104-93 932-53 -15`i Vs- 5 \ 1959, iharea. nelpal ' mills ad oo ntaine , and jestos esto). house quare plant cture ;ures pro* uci* :tical (son, aUI lo to**. Oil* ) rto* for MOODY'S INDUSTRIAL MANUAL 133 A. O w ings, C hicago N um ber o f S to ckholders: Oct. 3l 1953: Pre- dated n e t earn in g s fas defined) In excess of A. C. Sunm ond, J r ., N ew Y ork fe r re d , 2 396. c o m m o n . 9.379. VJ.l30.0v.' ar.d are lim ited to 16 2 33T' of com E.B. W ilber. Ch-c^go N um ber of Em ployees: Oct. 31. 1933. 4 00 bin ed aan u a! com pensation ra te o f officers M*ral Counsel: D allstream , SchifT, S tern I Hardin. G eneral O ffice: 120 So. La Salle St., Chicago 3. III. and certain other em ployees, such am ount to be d istrib u te d in accordance w ith th e ir r e- Aatrnal M eeting: T h ird T u esd ay In Feb- M anagem ent C om pensation P la n : F o r ftical spective saaries. y ear bonus p aym ents are based on th e consoli* (COME A C C O U N T S COM PARATIVE INCOM E ACCOUNT, YEARS ENDED OCT. 31 k l t a l e s ___ ______ ________________ 1953 $59.980,026 1952 $52.032.189 1951 $59.241,635 1950 $48.714,716 1949 $38.262,460 1948 S54.190.C41 1947 146.872.120 M of sa les a n d e x p e n s e s _______ _ 51.829,655 47,005.536 50.644.711 41,876.732 33.7:3.358 41 530 340 35,668.208 Nprec., depletion & amortization--. 1,879,698 1,809,525 1,670,822 1.599.690 1.503.697 1.322.596 925.048 Operating p r o f i t ------------------------OSier In c o m e ___________________ ___ 6,270,673 391,835 3,217,128 446,050' 6.926.102 496,751 5.218,294 370,684 3.140.4C5 384.788 11,337 605 388.132 10,278,86.' 354.220 Total i n c o m e _________ ____ . . . Merest on fu n d e d d e b t ___________ .. 3th* in terest . .. ______ .. >bt discount a n d e x p e n se _____ JOther d e d u c tio n s ------------------------federal incom e tax es ----------------------Otter inc. tax es & co n tln g . ta x re s -- 6,662,508 169,083 22,235 84,347 3,272,000 90,000 3,663.178 187,454 26,245 233.436 1,562,000 42.000 7.422.853 199 676 28.732 113,073 3,494.000 90.000 5.588.978 216.596 30,621 213,208 2.051.000 74,000 3.525.193 229.794 *"""s8 126.401 1,135,000 51.000 11.725.737 237.634 45.302 35.050 183.414 4.307 COO 132.08S 10,633,084 153.075 85.040 10,952 108.487 3.963.867 83.732 Net p r o f i t ______________ ______ Referred d iv id e n d s -----------------------Cemmon d iv id e n d s _______________ 3,024,844 256,677 1,318.648 1,612,043 256,862 1,318.573 3,497,371 256.862 1,317,320 3.003,552 256,862 875,532 1,949.190 256.863 1 307.554 6.785.189 256.862 1.518.091 6,227.929 256.863 968.628 ^S urplus for y e a r --------- --------- -- $1,449,519 $36,608 $1,923,188 $1,871.158 384,773 $5.010.235 $5,002.438 Includes loss on fixed assets sold, dis mantled, etc.: 1953, S34.423; 1952. $114,705. 31952; B efore c re d itin g r e tu r n s o f fu n d s deposited for paym ent of dividends in prior y ears no lo n g er re q u ire d , $2,448. G eneral N otes Above re p o rt excludes CeloteX, Ltd. Net 1953, $191.409: 1S52. $123,185; 1951, $153,998; 1950, $102,739; 1949. $147 954; 1948. $189,231; 1947, $44,148. Record of Earnings, years ended O c L 31: , Cost and - O perating N et Sales Expenses Profit $7.559.955 $6,724,665* 8865,290 10474.242 9,280,992 1,293.250 9426.489 8.471.885 654.604 12.317,936 11,241S29 1.075.107 13417,501 12,808,896 1,008,605 19.977,155 16,809,199 3,167,957 23510.364 19,645,214 3.865,150 22 598,269 20.630,162 1.968.107 20,693.859 19,715,677 978,182 22.185,651 20.812,739 1.372,912 33.090,464 25.982,608 7,107,856 Oth. Inc. & Ded. (Net) d 599,856 37.203 d 126,246 d 254.351 d 171,677 171.069 d 95,247 d 299,367 d 111,722 d 187,979 180,637 Inc. Bef. Taxes $765.434 1.330,453 528,358 820.756 836,928 2.996.889 3,769.903 1,668,743 866.460 1,184,933 7,288,493 Incom e Taxes $29.419 63.700 10.000 79.000 89.300 1.247.790 2.645,936 1,138 544 304.184 579,408 3,464,168 Net Incom e $736.015 1,266.753 $18,358 741.756 747,628 1.749,099 1.123.967 530.199 562.276 605,525 3,824,325 Common Dividends $322.422 312.429 706.138 471 901 325.293 377. 59 377.772 830.U3 Com. Shs. Outstand* 208.685 208.685 312.429 629.960 627.676 627.676 632.068 696.933 755.472 755.472 855.472 Earn. Per Com. Sh. $2.20 4.17 1.19 0.95 0.96 2.55 1.54 0.54 0.53 0.57 4.17 IALANCE S H E E T S ^ ASSETS: Ctah ........ ................................ .............. SNptes an d acco u n ts re c e iv a b le, n e f. ila v e n to r ie s __________ ____ . ___ __ COMPARATIVE BALANCE 1953 1952 $5.663,638 $4,140,052 7,334.572 5,796,789 7,481,422 5.850.054 SHEET. AS 1951 $5.904.218 996,000 6.402.018 5.482.416 O F OCT. 31 1950 $5.017.130 1.993,400 6.638.856 4.814.099 1949 $6,491,340 4,787.368 5.077.234 1948 $5.777 132 5.329.177 4.612 704 1947 $5,101,044) 465.035 $.085.297 4.222.985 Total cu rran t assets Operating p r o p e r t i e s ------ 1___ . . . . . . Ifcprec. depletio n & a m o r tiz a tio n __ Net operating p r o p e r t y __ ______ ritents and r i g h t s __________ ______ {South Coast Corp. in v e stm e n t__ __ ' Investment In CeJotex. L t d . ______ jlavestm t. in. o th e r corps. ____ Other a s s e t s ___________ ____ ____ Ohamort. d e b t discount & ex p en se . . . Deferred c h a r g e s ___________ ____ _ u t il it ie s' aotes payable ____________ --------- -- Accounts p a y a b le ----------------3--------Accrued e x p e n s e s ___________ ._____ Accrued i n t e r e s t __________ _______ Prov. for mlsc. t a x e s ----------------------linking fund re q u ire m e n t -- ____ -- iProv. fo r incom e t a x e s ---------------- ^ Total current lia b ilitie s ------ ------DBaenbffefnntaunre s-----------_--_-------_-_---- --------H preferred sto c k ($20 par) -------(Common sto ck ____________ __ -- Partially p a id com . sh a re s ______ (P aid-in s u r p lu s ______________ -- . Earned surplus ________ ____________ ^ Total cap ital a n d s u r p lu s --------Less tre a su ry com m on s to c k .____ _ $18,794,999 40.363,6U 17.059,131 23,304,540 1 438,541 700,460 202,838 183.123 94,274 951.423 $44,670,197 $17,471,528 39,033,633 15.561,401 23.472,142 1 438,541 700.460 202.838 172.758 116,509 1.096,926 $43.671,703 $2,751,851 1,644.552 41,080 288,062 435,584 550,417 $5,711.546 4,620,416 $2.673,527 * 1,334.463 44.224 235,344 386.890 1,053,882 $5.728,315 5,056,110 5,137,250 878.889 26.826 6.330,450 21,971.094 34.344,509 6,275 5.137,250 878.829 26,828 6.329.070 20,521,576 32.893.553 6,275 $18.784.652 36.539,719 14,147,484 22.392,235 1 438,541 700.4S0 202.838 166.094 142,754 1,107,899 $43,935,473 $2,687,880 1,672,390 47,759 269,918 437.500 551,343 $5,666.790 5,440,500 5.137.250 877.963 27,572 6.309,152 20.482,520 32,834,458 6.275 $18,463,485 34.015,827 12.775,108 21,240,719 1 438,541 700.460 202,838 165,169 171,487 540,254 $41,922,953 $2,503,539 1,435,275 51,269 248.298 437,500 505,105 $5,180,987 5,872,500 5,137,250 876,246 29,226 6,269,661 18,559,332 30.871,715 2,250 $16 355 942 32,150,768 11,419.129 20,731.639 1 438,541 700.460 202.533 340.001 202.107 383.534 $39.355,063. $1.397.502 997 30 54.673 181-882 437400 546.261 $4,115,648 $91.500 5.137,250 373,957 31.519 6.217.014 16 688.175 28.947.915 $15.719.023 31.514.090 10.332.815 21*181.275 1 438.541 695.16 202.838 622.845 235.325 448.747 $39.544,336 $2,223.634 919.-560 53.183 146 231 437.500 585.726 $4.370.735 6,723.500 5.137,250 869.332 36,144 6.110.639 16.296.735 28.450.100 $14,874,357 28*349.631 9.249.071 19,100,559 1 438.541 703,074 202.838 227.379 81.252 475.439 $36,103,440 $1,000,000 2,234,898 S97.131 41,998 126,270 250,000 .1,812.673 $.462,969 4,342.000 2.000.000 8,137,250 863.183 42,325 5.969,212 11,286.500 23.298.470 Net c a p ita l a n d s u r p l u s ............... 34,338,235 32,887,278 32,828,183 30,869.465 28*47.315 28,450,100 23,298.470 Total _________________--............ Net current assets -------------- ----------- $44,676,197 $13,083.453 $43,671,703 $11,743,213 $43,935.473 $13,117,862 $41,922.953 $13,282,498 $39.355,063 $12.240.294 $39.544.336 $11.348.278 $36.103.440 $8.411.388 TTAt low er of c o st o r m a rk e t. 1953: Comprises: Haw m a te ria ls (in c lu d in g a t cost, $1,- g A f te r re se rv e s (1953, $804 217). shares. T otal subscribed b y em ployees, 1953, SjNo p a r sh ares: 1953, 878,889; 1952, 878 829, $637,992 [1952, S839.4-32; 1951, $660,216; 1950, 8,878 (1952. 1,395,520) basic raw m aterials 1951. 877,963; 1950, 876,246; 1949, 873,957; 1948, $701.424; :S49, $756,260; 1948, S867.360; 1947, tor which th e co rp o ra tio n is th e only sub- 869,332; 1947, 863.183. $1.041,926) less u n p a id p o rtio n d u e in in sta ll ftaatial m a rk e t). S2.41S.153 (1952, $2,643,773); 3)A t cost (a fte r $47,162 reserv e in 1953). In m en ts to 1956. 1933. $611,166 (1952, $612,604; goods in process, 3SS.,,:4 (1952, $310,964); fin v estm en t in C alifo rn ia M ill S u p p ly Corp. in 1951, $632.643; 1950. S672.198; 1949, $724 841; 1948, ished goods, $1,124.342 (1952. $973 007); o p e ra t 1951 an d p rio r y ears, fo r 1353 see N ote un d er $831.216; 1947, $972.611); balance, 1953, $26,826 ing and m ain ten an ce sup p lies, $1,865,980 (1952, "S u b sid iaries" above. (1952, $26 528; 1951. 827.572; 1950. $29,226; 1949, $1322,310); total, $5,796,7S9 (1952. $5.850,054). >ni953: C om prises S'. 577 260 d e b e n tu re s 5s $31 519; 1948. S36.144; 1947, $43,325). (jjA fter d e d u c tin g in v e stm e n t in U. S. T reas ^ P rin c ip a l p aid -in su rp lu s changes follow: (subordinated) 1973 and 205,328 sh ares of com mon stock c a rrie d a t S438,54l. M a rk e t valu e u ry notes, ta x series a t cost: 1953, $3,000.000; 1952, $800,000; 1951. $3.900,000: 1950, $2,000,000; 1953-48* A fter cred itin g (1953. $1380; 1952, $19,918; 1951. $39,491 1950, $52.647; 1949, $106.- O ct 31, 1953, d e b e n tu re 5s (su b o rd in ated ), 1973, $1,190,831; com m on sh a re s. $180,636, to 1949, $1.000,000; 1948. $4,080,000: 1947, $3.380,000. ff;Shares a t cost: 1953-51, 273; 1930: 98 shares 375; 1948, $141.427): excess of co n sid eratio n re ceived for 1953, 60 (1952, 866; 1951, 1,717; 1950, ta l $2,371,467. at cost. 2,289; 1949 4,625; 1948, 6,149) com m on sh ares ^In v estm en t a t c o st (less $64,940 re s e rv e In 31953, 26,583; 1952. 26.643; 1951, 27,509; 1950, fu lly paid in th e y ear ov er sta te d v a lu e of $1 1953) in securities C elotex, L td. (E nglish sub 29,226; 1949, 31,515; 1948, 36,140; 1947, 42,289 p e r share. sidiary--not consolidated.) rTATlSTICAL RECORD. FISCAL YEARS 1953 ta m e d p e r sh a re --p r e f e r r e d $11.78 ^_ ** - --c o m m o n $3.05 Dividends p e r sh a re --p r e f e r r e d ___ -- $ 1.00 --c o m m o n ______ $1.50 (DPrice range--p r e f e r r e d __________ - 16%-159i . c o m m o n ------------------- 19%-I5*4 Sat tangible assets p e r sh.--p re fe rre d $123.68 --com m on. $32.26 1952 $6.28 $1.50 $1.00 $1.50 17V8-16 $128 03 $30 66 1951 $13.62 $3.57 $1.00 $1.50 m w 5% 20%-14l5 $127.81 $30.59 1950 $11.69 $3.03 $1.00 $1.00 17'A~15% 21-13l i $120.18 $28.42 1949 $7.59 SI.56 $1.00 $l$ O r *4-15^ 2 6 * i-n n $112.69 $2629 1948 $26 42 $7.20 $100 $1 75 20'*-17*b 34ai - 2 2 37 $110 73 $25.75 1947 $24.25 $6.59 $1.00 $1.1244 32H-19* $90 70 $20 06 184 MOODY'S INDUSTRIAL MANUAL Statistical Record, Fiscal Years, (co n t'd ) fix ed charges earned: Be*. Inc. tax es, dep rec. 8c d e p l______ B e t. inc. tax es Sc a ft. deprec. 3c depl. A fte r Inc. tax., dep rec. St d ep l______ T im es ch arg es & p id . div. e a rn e d __ P ric e ran g e--3fts, 1960 (issued 1945) --3fts. I960 (series 1947).. N et ta n g ib le assets $1,000 fu n d . d e b t.. N et c u rr. assets p e r $1,000 fu n d . d e b t_ . T im es p re fe rre d d iv id en d s e a rn e d ___ N um ber of shares--p re fe rre d ________ --c o m m o n ________ ITlCalendar years. [^Including p a rtia lly paid sh ares: 195! ms 44.21 34 I6.S 7.13 98ft-98 98-8 $8.432 $2,832 11.78 236,363 T3C5.199 1952 24 52 1 .`5 ? 34 3 83 109-93 IDOft-lOOft r 504 52 5*23 6.23 256,563 T305.I99 1951 39.32 32 CO 16 31 7 68 I02ft-98ft 102ft~102 $7 033 $2,411 13.62 256,863 T905.99 1950 28.22 21.75 13.15 6.45 102-100f t lo n w o ift S6.2ST $k268 11.69 256,863 (905,374 1949 16 60 12 S9 8.39 4.25 101ft--99ft 101ft-101 85,601 $1,946 7.59 256.883 (905,472- 1948 40 43 36 J9 22.33 !2 3tf 102- 99 lOMOOft $5.231 $1.668 26.42 256,863 OE9C5.472 26,583; 1952, 26.643; 1951, 27, 509; 1950, 29,226, 1949, 31,315; 1948, 36.140; 1947, 42,289. 106-101. 104-93 $4.674 $1 33* 24 2< 256.3*4 33905.472 FUNDED DEBT 1 C eiotex Corp. d e b e n tu re 3% i, due 1960: R ating--3a a AUTHORIZED--$5,C00.000; o u tstan d in g . S3.- 12S 000. DATED--Aug. 1,1945. MATURITY--Aug. 1. I960. IN TEREST--F&A l a t office of tru ste e or at C ity N ational B ank & T ru st Co., Chicago. P rin cip al and in te re st payable in U. S. legal tender. TRUSTEE AND REG ISTR A R --C hem ical B ank 3c T r u s t Co., N ew Y ork. DENOMINATION--Coupon, $1,000; re g iste r- able as to principal. CALLABLE--As a w hole or In p a rt on a t least 30 d ay s' p u b lish ed n o tice a t an y tim e to Ju ly 31, inch, as follows: 1959... 100ft Q31959- 100 * ?]A fter J u ly 31, 1959. . < Also callable for sinking fund, w hich see. SIN K IN G FUND--A n n u ally on o r b efo re first day of fifth calendar m onth n ex t succeeding close o f each fiscal y e a r b eg in n in g 1945, 15% of sinking fund earnings (as defined), b u t not to e x c e e d $250,000. S in k in g fu n d p a y m e n ts shall a v e ra g e a t le a s t $175.000, W nether o r not earned, cash to be used to purchase bonds at not exceeding redem ption price or to redeem bonds. D ebentures m ay be tendered in Hen of cash at an am ount equal to principal am ount P* d e b e n tu re s o r th e co st b u t n o t to exceed sin k in g fu n d re d e m p tio n p ric e o n n e x t A ug. 1. Debentures purchased or redeem ed to be can celled SECURITY--N ot se c u re d b y a n y lien . CREATION OF ADDITIONAL DEBT, ETC.-- Company will not, directly or indirectly, cre ate or assume, or perm it any subsidiary to cre ate or assume, an y m ortgage, pledge, or en cum brance on property or assets now owned or h ereafter acquired, or on incom e or profits therefrom , unless debentures are equally and ratably secured thereby, except purchase m oney or o th e r p e rm itte d liens C onsent of 66 2/3% of d e b e n tu re s necessary to create, assume, or issue, directly or indirect ly. or perm it any subsidiary so to do, any ad ditional funded debt, except (a) for refunding, renew al or extension of not to exceed like am ount thereof, or (b) funded debt (as de fined) of a subsidiary to com pany; provided, th at com pany shall not dispose or p a rt with control thereof (except to such subsidiary), unless im m ediately thereafter (!> average an nual consolidated net earnings available for interest (as defined! on funded debt for two fiscal years im m ediately preceding equal at least 4 tim es total annual Interest require m ents on consolidated funded debt: (2) excess of cu rren t assets fas Refined) over current liabilities at least equal outstanding funded debt, except funded debt secured b y liens as perm itted, and (3) consolidated n e t tangible assets (as defined) a t least equal 2)4 tim es con solidated funded debt. DIVIDEND RESTRICTION--No d iv id en d (ex cept stock dividends) shall be declared or paid On c a p ita l stock if th e re u p o n c u rre n t assets would be less than twice cu rren t liabilities and cash dividends are restricted to net eam .n ss a f te r Oct. 31. 1944 p lu s $1,000,000. RIGHTS ON DEFAULT--In e v e n t of defau lt (30 dav grace o e rie d fo r p a y m e n t of interest. '.0 days fo r fih x in g fu n d In stallm en t), tru s tee or 25% of d e b e n tu re s m ay declare p rin cipal due and pavable im m ediately. INDENTURE MODIFICATION -- Indenture m ay bo m odified e x cep t as pro v id ed w ith con> <ent of 66 2/3% of d eb en tu res. PURPOSE--N et pro ceed s u sed to re d e e m de b en tu re 3 fts. d u e 1955, a n d fo r ad d itio n al working capital. TAX STATUS--Company refunds personal oronerty taxes in Pennsylvania not to exceed f min^ and in K entucky not to exceed 5 mills on taxable value, and income taxes in Massa ch u setts up to 6% a n d in M ary lan d u p to 5% per annum LEGAL--F o r savings b a n k s in N ew H am p shire LISTED--On N ew Y ork S to ck Exchange. OFFERED--'35 rC0 "MJO) a t 102)4 (proceeds to com pany 99) on S ept. 6, 1945 b y a syndicate headed b y P a u l H. D avis 8c Co.. Chicago. 2. C eiotex Corp. debenture VA% (Issue e f 1947) due I960: Rating--Baa AUTHORIZED--33.000,000; outstan d in g . $L925 000. DATED--Aug. t. 1947, MATURITY--Aug. 1. I960. INTEREST--FdrA t a t office o f tru s te e o r City N ational B ank & T r u s t Co.. Chicago. P rincipal nd interest payable in U. S. legal tender. TRUSTEE AND REGISTRAR--B an k of N ew York. New York. DENOMINATION--C oupon, $1.000; reg isteraWe as to principal. CALLABLE--A s a w h o le o r tn p a r t o n a t Tees) 10 days* p u b lish ed n o tic e at a n y tim e a t p a r ar.<f Interest. SIN K IN G FUND--A n n u a lly o n o r b e fo re first 1*y of ten th calendar m onth next succeeding d o se of each fiscal y ear, beginning w ith fiscal v sa r ending in 1947. th e le sse r of 9% o f sin k ing fund earn in g s (a s defined) o r $187,500. b u t to be m aintained a t a m inim um average of $125.000 fo r each 12-m onthj p erio d reg ard less of such earnings. D ebentures may be tendered at an am ount equal to the principal am ount of the debentures in lieu of cash; any excess credits to apply on future paym ents. Deben tures so redeem ed o r credited to be cancelled. OTT-JER PRO VISIONS--S am e a* d e b e n tu re 3 n s. issue o f 1945, d u e 1969 (No. 1). PURPOSE--N et pro ceed s to p ay te rm bank Morans: b a la n c e to g en eral fu n d * LEGAL--F or savings b an k s In New H am p shire. LISTED--On N ew Y o rk S to c k Exchange. OFFERED--(S3 000 000 a t 97ft on N ov 21 1947 bv a syndicate headed by Paul H. Davis & O x, Chicago, and U nion Securities Corp., New York. CAPITAL STOCK 1. T h e C eiotex Cerp. cumulative pre fe rre d d e c k : p a r $20. AUTHORIZED--500.000 sharp* (Increased fro m 100 000 sh ares, J u ly 12, 1943); outstan d in g , 256.862ft sh ares; p a r $20 (ch an g ed fro m $100 c a r J u n e 18, 1943, five $20 p a r shares issued for each $100 p a r share). PREFERENCES--Has p referen ce for assets and dividends. DIVIDEND RIGHTS--E ntitled to cumulative dividends of 5%- p er annum , p ay ab le quarterly Feb. 1, etc. DIVIDEND RECORD--No dividends paid on $100 p a r sh ares to Nov. 10, 1936 w hen 5% wiu paid clearing up arrears. T hereafter, regular dividends paid q u a rte rly F e b ru a ry 1, etc., to May 4, 1943, incl. In itia l dividend of 25 cents p er share paid an $20 p a r shares Aug. 9, 1943; reg u la r divi dends paid quarterly thereafter. DIVIDEND LIM ITATIONS -- S ee `D ividend R estrictio n " u n d e r d e b e n tu re 3 ftst 1960. VOTING RIG H TS--N one, ex cep t th a t If a t any time cum ulative dividends have accrued to the e x te n t o f $2 p e r sh are, holders of preferred tiock shall have one vote per share. LIQUIDATION RIG H TS--Has preference over com m on to p a r plus accrued and unpaid divi dends. PREEMPTIVE R IG H TS--N one CALLABLE--O n a n y q u a rte rly dividend date, in w hole o r in p a r t (by lo t), on 30 days' notice, a t $20 p e r sh are plus accru ed dividends. LISTED--O n N ew Y ork S tock Exchange. TRANSFER AGEN T--C hase N ational Back. New York. REGISTRAR--C hem ical B an k A T ru s t Com pany. New York. OFFERED--(100,000 sh ares) a t $20 p e r share (proceeds to com pany $19 p e r sh are) on S ep t 6, 1945 b y a syn d icate h ea d e d b y P a u l H. Davit 3c Co.. Chicago. 2. T h e C eM ex Carp* com m ent * * par AUTHORIZED--1,500 GO* shares, outstanding, 905,199 shares (in clu d in g 26,583 sh ares partial ly paid subscribed by em ployees); in treas ury. 273 shares; no p a r. Oivfdend Record (In $) (Calendar years) _ 1935-38 N it 1937___ 1.20 193S__ SI 1939-40 N il 1941___ 1.12ft1942______0.75 1943-45 0.50 1946__ 1.00 1947__ 1.13% 1949__ 1.75 1949... 1.50 1950___ 1.00 1951-53 1.50 [51954- 0 37ft fTPaid 100% in stock Nov. 4, 193. (2To Feb. 1. DIVIDEND LIM ITATIONS -- See `-Dividend R estriction" u n d e r d e b e n tu re 3 fts, I960, VOTING RIGHTS--O ne vo te p e r share. Cumu lative voting perm itted for election of direc tors. See "V oting R ig h ts" u n d e r 5% stock, above PREEMPTIVE RIGHTS--None. LISTED--O n N ew Y ork Stock Bxch&nga TRANSFER AGENT--C hase N ational B ank New York. REGISTRAR--C hem ical B ank Si T ru st Com pany. New York OFFERED--1100,000 sh a re s) a t 36*4 b y P a u l H. D avis 8e C o . Chicago a n d U nion secu rities Corp., N ew York, Subscription Rights: Common stockholders of re c o rd Oct. 22. 1943 h a d rig h t to su b scrib e, a t $10.50 p e r sh are, fo r sh a re s o f com m on s to c k on the basis of one share for each ten shares then held. CAPITAL STRUCTURE DEVOE & FUNDED DEBT Issue 1. D e b e n tu re 2fts, 1965 ..................... -- 2. D eb en tu re 3s, 1971 .................... R atin g A 3-- RAYNOLDS COMPANY, INC. Amount O utstanding $2.256,000) 3,257,OOOf T im es Changes Earned 1953 1952 Interest D ates JA&O 1 lA & O 1 Call P ric e 3102ft Price Range 195$ 1932-53 97-92 02104)4-92 ........ CAPITAL STOCK Par Amount T E araed p er Sh. gJDlvs. p e r Sh. Call Price Range Issue , V alue O utstanding 1953 1952 1953 1952 . P ric e 1953 1933-53 1. Class A .................................................. $2.00 461,102 shs. $3.06 $2.49 $2.00 $2.00 24ft-18ft STS9l 2-16ft 2. Class B ................................................... 1 00 178 419 shs. 1.53 1.25 1.00 _1._0_0 121/4-10)5 0 1 7 f t- 4ft F5scal years. OOSubject to change, see tex t. Also callab le fo r s in k in g fund (see text)* ^ P la c e d p riv a te ly in A pril, 1951 TRa.nge riw'e j R ange since 2 ft-fo r-l sp lit in 1945; 1932-45 ra n g e fo r old stock, 76ft-7. jiR a n g e fo r new stock since 1945; 1932-44 ran g e fo r old, 68-5. _ ic o rp o ra te d in N ew Y ork, A pr. 6, 1917 to a c q u ire th e businesses of (1) T he F. W. Devoe 8t C. T, Reynolds Co., a N ew Y ork corporation w h ich In 1909 p u rc h a se d th e b u sin ess o f a New Jersey corporation of identical name fo rm e d in 1892, a n d (2) D evoe & R eynolds Co., in c o rp o ra te d in Illin o is In 1897 a n d con tro lle d b y F . W. D evoe 8c C. T. R ey n o ld s Co. The business was originally' established in 1754 b y W illiam P o st. I n N ov., 1925 co m p leted n eg o tiatio n s fo r th e p u rc h a se o f a n d i n M ay, 1927 c o m p leted th e purchase contract for the acquisition of W ads w o rth , H ow land & Co., Inc., now o p erated as a division. o n M ay 1, 1928 a c q u ire d th e e n tire p ain t, varnish and lacquer business and the real and certain personal properties of Peaslee-Gaulb e rt Co. of Louisville, Ky. an d its subsidiaries, now operated as a division. O n May 31, 1933 a c q u ire d Joncs-D abr.ey Co., organized in 1919, w ith p la n ts a t L ouisville. Ky and D etroit, Mich., m anufacturers of oaints, varnishes, lacquers and synthetic resins, sold to autom obile, furniture, paint and other industrial m anufacturers, paying th e re fo r 28,000 sh a re s Of class A stock, now operated as a division. In A pril. 1945, co m pany a c q u ire d B eck w ith C h andler Co. w ith p la n t a n d offices on 11acre tract at N ew ark, N. J-. m akers of railroad and Industrial product finishes, and Truacon Laboratories. Inc. of D etroit, now operated as divisions. In 1948, com pany a c q u ire d Bishop-ConkU n ~P a- i'-nAt Co., *Lo--s A ngele-s, m a n u fa c tu re rs of paint, varnishes, etc., now operated as a divi sion. SUBSIDIARIES None. BU8 INBS8 A PRODUCTS Company and- Its divisions m anufacture a diversified line of general purpose paints, varnishes, lacquers, enamels and paint brushes sold m ostly under advertised trade names; also paints and finishes used by the autom o tive, marine, railroad, refrigerator, furniture and other industries; synthetic resins, which are basic m aterials in the m anufacture of m odem protective coatings and have many uses outside th e protective coatings field;