Document 4JEJqZz65keXzqwOnzJB6z08Q

FILE NAME: Philip Carey (PC) DATE: 1948 DOC#: PC060 DOCUMENT DESCRIPTION: Entry in Moody's Industrial Manual MOODY'S MANUAL OF INVESTMENTS AMERICAN AND FOREIGN INDUSTRIAL SECURITIES JOHN SHERMAN PORTER, Editor-in-Chief Editorial Board Daniel F. Shea Arthur W. Herrmann C. W esley Lee Frank J. Prendergast Frank J. St. Clair George I. Blair D avid M. Ellinwood Max Brupbacher 1948 COPYRIGHT, 1948, BY Moody's I nvestors Service, N ew York ALt. H O S T S KBSEBVBD MOODY'S INVESTORS SERVICE 6 5 BROADWAY, NEW Y O R K 6, N. Y. PHILADELPHIA * BOSTON CHICAGO LOS ANGELES PITTSBURGH SAN FRANCISCO Stock Exchange Bldg. 75 Federal Sl 105 W. Adams St. Hollingsworth Bldg. Union Trust Bldg. RnssBldg. LONDON: MOODY'S INVESTORS SERVICE, LTD. . Sto. ft asr * MOODY'S MANUAL OP INVESTMENTS 429 M a tte r SHEETS COMPARATIVI CONSOLIDATED 1947 1946 r .'t ... $3,297,852 $2.420.420 & inert se c u ritie s________ 9 061.714 12.081.008 :fc^*nr*a^s ( n e t) -------------------------- 1,$7,290 1,218,426 .. flower of cost or m a rk e t).. 8.428.808 6,377.713 BALANCE SHEET, AS OF 1945 1944 $2,477.343 $1.585.793 12.283 U9 13 200.333 1,716,354 1,304,875 6.229.353 7,727.598 JUNE 30 1943 s $2,447,297 1,002,306 2,157,637 9,966,824 1042 $1.360.815 2.591.204 9, '2S 1941 $1,258.069 2.253.631 7,013.283 fatal current a s s e t s ________ machinery, etc.__ ______ . hk spreciauon r e s e r v e __ ______ $22,655,695 $8,084.401 3,598 639 $22,097,567 $7,552.500 3.546.309 $22,706,168 $6,125.797 3.340,653 $23,889,248 $5.478.728 3.137,641 $15.574,063 $8.458,697 4,374,803 $13.280.412 $8.335 617 3.371.317 $10,529.989 $8.108.554 3.614.289 Mk xnnehy., e t c . ------------ '&: etc. (less loss r e s . ) __ -a.*? tax re fu n d _______ __. . . IMiravi lr*suranc, e t c . __________ si&m fu n d ------------------------------ 4,485,761 373.896 4,639 181.105 500,000 4,006,192 247.928 4.773 164,977 500,000 2,785,144 182,237 4.906 352,380 201,710 500.000 2,341.088 153.492 4.039 352,380 146,592 500.000 4,083,894 173.405 4,337 465,663 397,695 4,364.300 171.517 4.908 305,921 4.494.266 169.724 10,382 181,574 fStol , , --------------------- ----------- u jm u t ie s ^ s ta b le ------- -- 3 3 ? >{r#,irral tax re s e rv e --------------------- $28,201,096 $440.665 327.335 490,384 $27,021.437 ' $421,875 288.043 360.994 $26.732,546 $481,610 327.869 164.437 $27,386,839 $248.692 343,909 653.104 $20,719,056 $53.333 311,317 488.472 3,713.291 $18,127,058 $106,667 202.301 403,845 2,751,720 $15.385,935 $106.667 172,812 280,371 859.778 Ttieft current lia b ilitie s ______ A#*Nto0ties r e s e r v e .................... --A te&eaee, etc., r e s e r v e ------------------ f item payable--bank l o a n ------------ f&tssmon tock___ _________ . . . . . . **1 surplus------------------------------tUtoHl fu rp lu s ---------------------------- $1,258.384 $697,281 4,864,581 662,250 20,718,601 $1.070.912 $313,552 4,864.581 662.250 20,110.142 $973.915 $307,024 4.864,581 662.250 19.924,776 $1.245,705 $299,016 4.864.581 662.250 20.315.288 $44)66.413 $611,652 1,173,333 4.864.581 662.250 8.840,828 $3.464.532 ($515,632 i 75,890 1,280,000 4,865.103 662.250 7.263.645 $1.419.628 $365,999 77.924 1.386.667 4,935.251 662.250 6,538.217 r a ta l___ __________ ___________ e l aerreot assets --- --------- ------ -- $28,201,096 $21,397,311 $27,021,436 $21,026.655 $26.732,546 $21,732,253 $27.386,839 $22,643.543 $20,719,056 $11,007.650 $18.127.058 $9.815.880 $15.385.935 $9,110.362 ^fresral income and excess profits tax projgft. ices IT. S. Treasury notes: 1947, $1,880,r tHC $1,755,000; 1945, SI.963,800; 1944, $7,- 1943, $2,490,019; 1942, $503,419. * tfikprrtented by no p a r shares' 1947-43, 800,589; 1942, 800,675: 1941, 812,220. ' General Notes: (a) Accounts certified by Ed w ard Gore & Co. . (b) There was a contingent liability as of Ju n e 30, 1947, of an undeterm ined am ount on part of a form er wholly-owned subsidiary, in respect of decision of U. S. Circuit C ourt of Appeals in connection with infringements of trade-m arks. IfSTttTICAL RECORD + m 4 per s h a r e --------------svft*tr of shares _________ garifrnds per s h a r e -------****** range -------------------US esible assets p e r share 1947 * $3.76 800,589 $3.00 36%-29% $32.78 1946 $2.23 800,589 $2.00 39-29 Va $32.02 1945 $1.51 800.589 $2.00 36%-27% $31.79 1944 $1.92 800,589 $3.50 S5V-29 $32.28 1943 $2.53 00,589 $1.00 8T%-16% $17.95 1942 $2.00 800.675 $1.00 u n -u v s $15.98 1941 $1.97 312.220 $1.00 a% -n% $14.94 y a k odtr years. tSasdjurted earnings (see IS u n d er income tortTAL STOCK V8JB#d Mills, Jne. common; no p ar; 33RORIZED--2.000.000 shares; issued. 1,105,- # mere*; outstanding, 800,589 shares; in entory, 304,468 shares; no p ar. ' Dividend Record . . (Calendar years). _ 1331-34 m i 1935-38 $ 9 J0 1938__ $0.73 1939-40 1.00 1942... 1.00 1943___ 2.00 1945-46 2.00 1947-1- 3.00 accounts above), $2.44 p e r share. Dividends payable semi-annually. about J&D 15, to stock'of record about M&N 25. VOTING RIGHTS--One vote p e r share, w ith power of cumulation for directors. PREEMPTIVE RIGHTS--None. LISTED--On New York Stock Exchange and Chicago Board of Trade. TRANSFER AGENTS -- Continental Illinois National Bank & T rust Co,, Chicago, and National City Bank, New York, REGISTRARS--F irst National B ankr Chicago, and Chase National Bank, New York. PRICE RANGE-- 1947 1946 1945 Common____ 36%-29% 3$-29& 36%-27% Subscription Rights: Stockh/ ''der* of rocord May 28, 1937 had th e right to r .rchase 59,125 shares a t $20 p e r share In th e ra tio of one share fo r each 15 shares held. Rights expired June* 25. 1937. T H E C ELO T EX CORPORATION 48HTAL STRUCTURE Times IR fltD DEBT Amount Charges Earned in te re st *. Call Price Range uxue Rating Outstanding 1947 1946 Dates Price 1947 1932-47 | m% debentures, 1960 ................-- - Baa $4,592,0001 42.26 41.83 fF& A V 103% 106-101 106-101 i vi% debentures (series 1947), I960.. Baa 3,000,000/ F & A 1 103% 104- 93 104- 93 & KUL STOCK Par Amount Earned p er Sh. Divi, p er Sh, Call Price Range Issue Value Outstanding 1947 1946 r 1947 1946 P rice 1947 1932-47 cum. p re fe rr e d _____ - ........ -- - $20 256,862 shs. $24.25 $14.89 $1.00 $ 1.00 20 217r 19% 23 -16% unco ___ --__ .------------- --------- No p a r _905,472 shs. 6.59 4.17 1.12% 1.00 32%-19% 38%- 5 ffUeal years. Range since 1938, after 100"% stock dividend. B efore 100% stock dividend, 1935-38 ran g e 48%-12%. To Ju ly 31,1949, inel.; tomtotrr at 103 to Ju ly 31, 1950, inch w hen price again changes; see text. Range since 1945. Range since 1943 fo r $20 p ar shares. Range to tael par shares from 1935 and to th e 5-for-l split in 1943, 93-46. Includes 42,289 partially paid shares. 1947 range. Itowporited In D elaw are Ju n e 29. 1935, as aar In reorganization to the Celotex Co. Latter company was incorporated in tosssie In 1920 as "Louisiana Celotex Co." to Ms# 16, 1932, the la tte r com pany was in receivership. On Feb. 8, 1935, tru s t s w e appointed under Section 77-B of the 4 Bankruptcy Act. A reorganization plan ** m,t*nUted under date of May 1, 1934 (subtoiwmiiy modified), and on Nov. 1, 1935, the "**** and assets of the predecessor com-*# vere transferred to the present com- Details of reorganization appear in fiNBft 1935 Industrial M anual. 9 mJ, organized English Company. Celotex, W f acquired an Interest In American Co., Port Clinton. Ohio, and in 1939 t acquisition of company. 41 acquired G ulf G ypsum Co. of Tex.; in Ju n e 1943 la tte r w as Uquiconstructed a p lan t a t London. liquidated English subsidiary holdTexcel, Ltd. _iurities Con.. Imu w holder of ..jtoiy 27% o f com pany's common Avtrtbuted practically a n . such stock stockholders on N oe. $4, 1941. 1845, acquired properties and busitxas Cement P la ste r Co. located at nd Longworth. Tex.; m anufacturers of gypsum plaster and board . 1946, acquired 83 1/3% in terest Products Co.; purchased balance of *| stock in 194f and acquired direct of property and assets including ` in stock of California Mill Supply ___ _ in waste paper, rags, etc. in Onio of Weaver-Hall SUBSIDIARIES This is principally an operating company At Oct. 31, 1947, 100% of th e voting pow er was owned in the following companies; Name, place of incorporation and business* American Gypsum Co.. Ohio. Inactive. El Rey Products Co., California, inactive. A t Oct. 31, 1947, owned less th an 100% of voting power in following company. Celotex. Ltd.. England, manufactures one sells Celotex products in British Empire (80%) ffl. 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 more than 5. Holders of first preference shares a re en titled to appoint 1 such director. By virtue of its ow nership of 100% of deferred shares, Celotex Corp. is entitled to elect remaining directors. A t Oct. 31, 1947 th ere w ere 5 direc tors. Note: A t Oct. 31, 1947, com pany owned 205,328 common shares of South Coast Corp. (see general index) constituting approximately 48% of voting pow er of all outstanding stock of th at company. BUSINESS A PRODUCTS The company m anufactures building and Innutating products, consisting for the most pert of products m arketed under the trade name "Celotex." These products are manu factured principally from bagasse, the fiber remaining after the juice has been extracted from sugar cane, and are used, among other things, for exterior sheathing, plaster base, exterior and in terio r finish, for. Insulating roofs, and as Insulation In the m anufacture of household refrigerators, railway refrigerator cars, cold storage plants and other products. The company atso m anufactures and sells products for correction of acoustical condi tions In office buildings, auditorium s, theaters, broadcasting studio, and other places in which acoustical treatm ent Is desired, includ ing products m arketed under the trade names "Acousti-Celotex" and "Muffletone." The company also is engaged in the m anu facture and sale of other types of insulating and building m aterial products, including loose granulated and batt forms of rock wool, roofing products, gypsum plaster, lath and wallboards, and also various items used as accessories in the application of products sold. The company operates under patents and patent rights both of the United States and foreign countries, covering various products, processes* and m achines, including a series of patents covering m aterial and processes for treating insulating material for protection against damage by dry rot, fungi, termites and other similar hazards. Markets for Celotex products include gen eral building, to which are sold various prod ucts in both the residential and non-restdential fields in urban districts, and for farm homes and oth er farm buildings In th e ru ral districts; the acoustical m arket, which embraces a large field such as offices, restaurants, Industrial plants, schools, churches, etc., w here It is desirable to arrest noise and to correct acousti cal difficulties: an d the industrial field, w*. re Celotex products are widely used in tne manufacture of various types of refrigerating equipment. In incubators, at? ducts, radio sets, for insulating brick sidings, etc. Celotex also sells products made by other manufacturers, such as hard boards, which cut. saw and handle like lum ber (made by Masonite Corp.). and are used for paneling of all sorts, for decoration, shelving, etc. Celocrete (made by various steel companies), a light weight concrete aggregate, is made of expanded m olten blast furnace slab, and Is used with Portland cement to manufacture precast concrete. The Celotex Corp. maintains offices through ou t th e w orld an d has b ran ch offices In 14 *r-fc 430 MOODY'S MANUAL OF INVESTMENTS cities located in various parts of the United States, including the Pacific Coast. PRINCIPAL PLANTS A PROPERTIES The main m anufacturing plant is located at MarTero, in Jefferson Parish, La., close to the City of New Orleans. It comprises approxi m ately 143 acres of land. fhe company obtains bagasse, the principal r&w m aterial, from m num ber of sugar mills in Louisiana. A plant at Metuchen. N. J., Is located on approxim ately 14V2 acres of land, and contains about 210,000 square feet of floor space, and is used for the m anufacture of asbestos cement board products, insulating siding, cemesto, and asphalt impregnated and coated products. There is also a warehouse and cur ing building of about 50,000 square feet, A plant at P ort Clinton, Ohio and a plant near Hamlin, Tex. are used in manufacture of gypsum products. A plant near Lagro, Ind. and a plant in De troit, Mich., are used for production*! Took wool insulation products. Plants at Cleveland, and Avery, O , Madison, HI., and Los Angeles. Cal. are used in m anu facture of roofing products. P* l* a** n** vt of VCV AeVlorvt<e4fxc , ^ Ltd,, ga subsidiary. Is tocated a t Stonebridge Park, London. Buildings, including office building, etc., have a com bined floor area of approxim ately 141,000 sq. ft. Equipment includes facilities for preparing raw material and fabricating equipment for preparing finished board. MANAGEMENT Officers Bror Dahlberg, President Carl G. Muench, Vice-Pres. St Chief Eng. O. S. Mansell, V ice-President H. W. Collins. V ice-President C. L. Christensen, V ice-President F. A. Irvine, Vice-President G J. Haan. Asst. Vice-President A. I. Schimpf, Treasurer C. W. Jchns. Secretary W. D. Becker, Asst. S ecretary H. W. Conway, Asst. S ecretary J. M. Erickson, Asst. T reasurer A. F. O. Pfeiffer, Asst. T reasurer J. W. Franklin, Purchasing Agent Gates Ferguson. Advertising M anager G. C. Snvman, E xport M anager Marvin Greenwood, Sales Manager Directors C. L. Christensen, Chicago W. W. Colpitts, New T o r i B ror D ahlberg, Chicago A. J. Ddl'.stream. Chicago P H. Davis, Chicago P arrish Fuller, Oakdale. La. E. B. Wilber, New York John Irwin. Chicago O S. Mr.mell Chi.-Ago Carl i* Muench. Chicago A. C. Slmmonds, Jr., New York Generai Counsel: Pam . Hurd St Rei,* - Chicago. Annual Meeting: T hird Tuesday ixi 7. ary. * Num ber of Stockholders: Oct. 31, j.u- Wumber of Employees: Oct. 31 1G^T G eneral Office: 120 So. La Salle S t, 3, 111. *** Management Compensation Plan: T ; * year bonus paym ents are based on The - - ^ dated net earnings (as defined 1 in SI,100,000 and are limited in case c? D ahlberg to $62,500 (ii) C. G. Muench 675 and (iii) certain other emplove* of combined annual compensation employees, such am ount to be distri, * accordance with their respective salary * such modifications as are designated president. INCOME ACCOUNT3 COMPARATIVE CONSOLIDATED INCOME ACCOUNT, Y EA R S E N D E D O CT. 31 1947 1946 1945 1944 1943 Net s a l e s ____. . . -------------- . . . . ____ $46,872,120 $33,090.464 $22,185,651 $20.693.859 $22.598,269 Cost of sales and expenses ______ -- 35.668.208 25,425.359 20.041,357 19,099,196 20.017.4S6 EDDeprec., depletion & am o rtizatio n .. 925,048 557,250 770,782 816,481 612,724 1942 $23.510.364 19.U0.8SS 534.526 O perating p r o f it ___ -__________ _ O ther In c o m e ____________________ 10,278,864 354,220 7,107.856 459.661 1,372,912 244,357 978.182 194,410 1.968.107 166,739 3.865.150 115,787 T otal In c o m e _______ . . . . . . . . . . In terest on funded debt ____ O ther i n t e r e s t _________ - ___ . . . . . . Debt discount and expense Debt expense w ritten off ________ (SOther d ed u c tio n s____ F ederal Income t a x e s --- ------ . . . . . . . Excess profits t a x ______. . . . . . . . . . . P ost-w ar credit--excess profits ta x .. D ebt retirem en t c r e d i t _______ . . . Other toe. taxes St contlng. tax res. 10,633,084 153,075 85,040 10,952 108,487 3,963,867 83,732 7,567.517 160,225 8.135 10,139 100.524 * 2,476,186 952,300 35,682 1,617,269 114.459 13,580 304,296 400.920 l o r ,220 21,268 . 1,172,592 111,391 3,394 15,057 176,289 320,500 6,200 Hier 48,120 25,604 2.134,846 135,072 18.485 37,664 225,254 49.627 367,363 834.077 c r 20.588 er 63,400 21,092 3,980.937 143.543 8,890 51.232 37.369 549.289 1.972.100 cr 30,000 124,547 7 r r ff* e* Ha ieii N et p r o f it___ . . . Preferred dividends Common dividends . 6,227,929 256,863 968,628 3.824,324 256.862 ,, 830,513 605,525 170,752 377.772 562.276 156,863 377,759 530,199 148,863 325,293 001,123.967 147.112 471,901 i.?i Hi '* Vt.'M GDSurplus fo r year $5.002,438 $2.736,949 $57.000 $27.654 $56,043 $504,954 ted basis ($268,910 afte r deduct!? \ $150,486- ap plicable taxes). `fj (131946: Before debiting $456.634 provision for additional Federal income and excess profits taxes and interest for prior years (while basis and amount are being protested, this provision has been made for the entire amount com puted on basis as proposed by the Treasury Dept.) and crediting $49,556 applicable net adjustm ents of depreciable assets. 1945: Before debiting $120,321 costs and exT penses relative to safe o f 100,Q0Q additional preferred shares. 1941: Before crediting $85,596 n e t adjustm ent of provision for depreciation for prior years and $56,786 restoration o f provision m ade a t Oct. 31, 1938 for paym ent of first preference dividends of Celotex, Ltd. 33After renegotiation refund su b ject to final approval n et profit was $931,187. [^Includes $47,500 credit due to c a rry back to prior year of unused excess of current year. 01945; Includes $175,226 write-off of tion prem ium and unam ortized discount expense on debenture 3%s redeemed dsna* year. G eneral Notes Above report excludes Celotex, Ltd profit of th a t com pany fo r years ended : 1947, $44,148; 1946, $7,906; 1945, $59,343; 1 U. 628; 1943, $44,103; 1942, $42,774. , R ecord of E arnings, years ended O c t 31: Cost and Operating Year Net Sales Expenses Profit 1936............. $7,589,955 $6,724,665 $865,290 1937 ______ 10,574,242 9,280,992 1,293.250 1938 ..... 9,126,489 8,471,885 654,604 1939 ...... 12,317.936 11 242,829 1,075,307 1940 _______ , 13,817.50112.808,896 1,008,605 Oth. Inc. & Ded. (Net) <2$99,856 37,203 d 126.246 d 254.351 d 171,677 Inc. Bef. Taxes $765,434 1,330,453 528.358 820.756 836,928 incom e Taxes $29,419 63,700 10,000 70,000 89,300 Net Incom e $736,015 1,266,753 518,358 741,756 747.628 Common Dividends $322*,422 312,429 Com. Shs. Outstand. 268.685 268.685 312,429 629.960 627,676 Earn N C<rc J* rs ! : * _ BALANCE SHEETS COM! ARATIVE CONSOLIDATED BALANCE SHEET, AS OF OCT. 31 ASSETS: 1947 1946 1945 1944 194$ C a s h ........ ......... ...... $5,101,040 $2,453.820 $1.853.639 $2,256.657 $2.863.085 U. S. G overnm ent s e c u ritie s ____. . . 465,035 4,550.951 6,025,651 850,000 150.000 DllNotes and accounts receivable, n e t. 5,085,297 3,609,718 2,305.393 2.277.526 2.669.788 Federal ta x refu n d claim s ______ . . . 266.730 {^Inventories ________ .... 4,222,985 3.546.482 2,305.964 2,221.552 2,133,070 1942 $1.190.786 3,179.237 2,583,474 IN' S1.1 r w ... | t n f T otal eu rren t assets . . . . . . ___ (^O perating properties . . . . . . ____ Deprec., depletion & amortization , N et operating property _____ N on-operating property (net) ____ P atents and r i g h t s _____________ South Coast Corp. investm ent__ Investm ent in Celotex, L t d . ___ 0 C alif. Mill S u p p ly Corp._____ _ SJIrivest. Certain-teed Prod. Corp. Pnf-waf tuy refund - - O ther assets ____________ _____,____ Unamort. debt discount Sc expense . . . D eferred c h a rg e s _________ . . . ___ ... $14,874,357 28.349,631 9.249.071 19.100,559 1 438,541 703,074 ' 51202,838 227,379 81,252 475,439 $14,160.971 19,130.942 8.591.957 10,538,985 * 1 438,541 711.007 0155,130 220.143 92.204 357.018 $12,757,376 13,183,159 8,094,104 5,089,054 120,197 1 438.541 718,913 195.106 102,671 207,579 $7,605,735 11,570,263 7.317,421 4,252,842 177,523 1 438.541 726.086 1,137,540 83,753 345,669 107,769 148,678 $7,815.943 11,421.344 6,867,285 4,554,060 115,665 1 438441 733.260 1,137,540 50,588 158.924 122,827 126,820 $6.953.497 11.218.640 6.318.695 4.899.945 144,814 1 58,502 740,434 1,270,929 30.000 91,720 217,735 111,054 $ 54 10 '# 4.?^ Zli TCM 12* "Taf NM n Total _____________________ LIABILITIES payable ... Accounts' p a y a b le .................... ............... Accrued expenses Accrued i n t e r e s t ---- *__ . . . . . . . -- . . . . Dua tn Celotex T.td___ _____ Prdv^ fo r misc. t a x e s ______ ____ . . . . Sinking fund requirem ent . . . ___ . . . QOProv. fo r income taxes . . . . . ------ $36,103,440 $1,000.000 2.234,898 597.191 41,998 126,270 250,000 01,912,673 $28,755.790 $1,300.000 2,310.542 818.733 43.458 93.509 250.000 OE830.898 $19,629,438 $1,359,294 593.105 40,80$ 73.781 175.000 EB257.810 $15,024,138 $986,057 458.009 35,987 9L3 ED682~272 $15,254,168 $1,427.303 738,496 43,254 Tdfl.n 82277 $14.518.631 $1.497.242 641.407 40.390 "73.999 57576 su * : $1.4* % rmm 16*-** tu 26U 4 Total currant liabilities____. . . . . D eb en tu re ... _______ . _ B ank l o a n _______________________ _ Llah. under license agreem ent . P aym ent ree on stork ale ,, , 5)5% p re fe rre d sto ck . . . . . __________ - 5JCommon stock ----------- . . . ____ . . . . Partially paid com. s h s . . . . . . . . . . . . . . . $6,462,969 4.342,000 2.000,000 5,137,250 863,183 ' 5342,325 $5:641.140 4,582.000 E255.130 5,137,250 855.472 $2.499,842 4,825,000 5,137,250 755,472 $2,257,257 2,879,000 '"2849 3,187,250 755,472 $3,189,341 3,000,000 "aS 2,977\25 696.933 $2,927,673 3.158,500 ~5802 2",977r250 638.410 V A '* 1J&J* ou MOODY'S MANUAL OF INVESTMENTS 431 M l ANCE W ESTS fcontVH t ABLITIFS z-in r.ivohis ____________ lim ed *urpu*--------------------T-"* ] .................................._ .............. CKsacqaired common stock . ?f#S e q u ity --------------------------- Total ---------tttf turrtfil assets 1947 5.969.212 ll,2oG,5<>0 23.203,470 23.298.470 $36,103, i JO S3,411,388 1946 5.793,359 IS,477,521 18,477 521 $2S,?55,790 S8.519.831 1945 2,457,634 3.354,191 12.304,597 12.301,597 $19,629.438 $10.257.534 1944 ' 1,953,797 4,317,512 9,364,031 9,864,031 $15.024,138 $5,348,478 1943 1,3*3.848 357 9,027,385 9,027,885 $15,254,168 $4.626,602 1942 **0!' 4,12d 5 )3 8.449 097 68.441 P. 380.656 $1-1.518.631 $4.025,824 1941 3.d2 1,040 7,874.143 111.651 7.7^2,-192 $13,867.242 $3,504.202 '^At lower of cost or m arket. Comprises as At cost: 1942, 6,342 shares; 1941, 10,734 value assigned to assets received in exchange <i Oct. 31, 1947: Raw m aterials (including, at shares. for 125,000 principal am ount of South Coast sat, >571,698 basic raw m aterials for which if}After deducting investm ent in U. S. Corp. 5% income debentures (subordinated) t&e corporation is th e only substantial m ar- T reasury notes, tax series, a t cost: 1947, $3,- which w ere carried on books a t $1. *ct>. $1,301.142; goods in process, S378.314; 380,000: 1946, $3,190,000; 1945, $1,000,000; 1944, 1943: A fter crediting $529,410 excess from 'r-shed ?oods, S561.92S; operating and m ain $390.000; 1943, $1,320,000; 1942, $2,303,000; 1941, issuance of 53,523 additional common shares tenance supplies, 1,481,601; total, $4,222,985. $801,320. no p ar value over $1 stated value and $132,519 T1347: Comprises: $1,577,260 debenture 5s subordinated) 1973 and 84,428 shares of com- (HIncludes provision 1942. 1943 and 19*4. for renegotiation in excess from sale of 5,696 preferred of C ertainteed Products Corp. over written-down value, rr^a stock carried a t nom inal value of $1. *>iher 120.200 shares of common stock pur- P ar value: 1947-43, $20; 1942 and 1941. $100. and a fte r deducting $4,928 loss on sale of 6,342 ^P rincipal paid-in surplus changes follow: reacquired common shares. ei'ased in 1942 and 1243 carried at cost of $438, i. Market value Oct. 31, 1947. $1,577 260 de 1947: A fter crediting $177,353 excess of con sideration received for 7,711 common shares lUIAmount received from employees on stock sales agreement. benture 5s (subordinated), 1973, $1,289,253: 205,2$ common shares, $1,078,072; total, $2,367,325. fully paid during the year over stated value of $1 per share less $1,800 costs and expenses EUAfter reserves (1945. $390,126). E81945: Includes $817,327 em ergency facilities ^Investment at cost (less $57,026 reserve in IHT) in securities Celotex, Ltd. (English sub relative to sale of stock. 1946: A fter crediting $3,575,000 excess of covered in full by reserve. It is anticipated that these facilities will continue in use. sidiary--not consolidated). am ount received from sale a t 36% of 100,000 [41342,289 shares partially paid. Total sub additional common shares over stated value scribed by employees. $1,014,936; less unpaid TInvestment in C ertain-teed shares a t w rit of $1 p er share; less $239,024 cost and expenses portion due in installm ents to 1956, $972,611; ten down value ($829,743) afte r charge of $1,- relative to sale of stock. balance, $42.325. *45,556 to paid-in surplus during 1938 fiscal 1945: A fter crediting $503,886 excess of n et [HPIn 1946 company acquired in terest in year and reflecting subsequent purchases and proceeds of sale of portion of investm ent in Elkey P ro d u cts Co. and subsequently p u r tales at cost. At Oct. 31, 1944, com prised 147,- C ertain-teed P roducts Corp. common stock chased th e balance of the outstanding com tfQ common shards, $1,137,540 (quoted m arket over 1938 w ritten-dow n value thereof. mon stock and acquired direct ownership of ?i!ue. $1,086.043). 1944: A fter crediting $514,953 n e t excess of th e properties, assets an d business. Among Investment sold in 1945. consideration received from sale a t $10.50 p e r th e assets w as a 20% interest in California TNo par shares: 1947, 863,183; 1946, 855,472; share of 58,539 additional common shares, no Mill Supply Corp. *$43-44, 755,472; 1943, 696,933; 1942-41, 638,410. p a r value over $1 stated value and $75,000 book Accounts certified by A rth u r Young Ac Co. {TATISTICAL RECORD. FISCAL VI t8 1947 1946 1945 1944 1943 1942 1941 Camed per share---p re fe rre d _______ $24.25 $14.89 $2.36 $3.58 $3.56 $37.75 $60.16 --c o m m o n $6.59 $4.17 $0.57 $0.53 $0.54 $134 $2.55 Dividends per share--p re fe rr e d _____ . $1.00 $1.00 $1.00 $1.00 $3.00 $5.00 $5.00 --c o m m o n _____ $1.12% $1.00 $0.50 $0.50 $0.50 $0.75 $1.12% 33Price ra n g e -p re fe rre d ___________ 21%-19% 23-20 21%-18% 19%-17 21-16% 75%-66 75-65 --co m m o n .._______ 32%-19% 38%-22% 25%-14% 15%-11 l4%-8% 8%-6% 10%-5% get tangible assets p e r sh.--preferred $90.70 $71.93 $47.90 $62.88 $60.64 $281.49 $267.00 --com m on. $20.06 $15.59 $9.49 $8.90 $8.68 $8.55 $7.74 Vised charges earned: Bef. inc. raxes, deprec. Sc depl____ - 45.97 44.95 16.27 12.42 12.93 21.98 17.72 Bef. Inc. taxes 8c a ft. deprec. & depl. 42.26 41.83 10.25 7.67 9.73 19 36 15.55 After inc. tax., deprec. Sc depl____ _ 26.00 22.42 5.73 5.33 3.77 6.52 9.49 times charges & pfd. div. earn ed ---- 12.80 9.19 2.46 2.41 2.12 3.78 5.56 Price range--3V4S, 1960 (issued 1945) 106-101 105%-101% 103%-102 --3V4S. 1960 (series 1947)-_ get tangible assets $1,000 fund. d e b t.. 104-93 $4,674 $5,033 $3,550 $4,426 $4,009 $3.653 $3.420 Wet curr. assets p er SI.000 fund. d e b t.. $1,326 $1,859 $2,126 $1,858 $1.542 $1.275 $1,092 Times preferred dividends earned----tfumber of shares--p referred ---- ------ 24.25 256,863 14.89 256,863 3.55 256,862% 3.58 156.862% 1.66 148,863 7.64 29,773 12.03 29,073 --c o m m o n ___ . . . . . 905,472 855,472 755.472 755,472 696,933 632,068 627.676 mCalendar years. [Including 42,289 partially paid shares. fllAfter 100% stock dividend: range nrior thereto, 30%-12% r*]Par value: 1947-43, $20; 1942 and 1941, $100. fg$2.50 on $100 p a r stock and 50 cents on $20 p a r stock. gj$20 par shares; old $100 p a r shares, 93-76%. FUNDED DEBT L celotex CorpR. adteibnegn--tuBraea VA9, due i960: AUTHORIZED--$5,000,000; outstanding, Oct. n. $4 592,000. DATED--Aug. 1,1945. MATURITYr --Aug. 1. 1960. INTEREST1--F&A 1 a t office of tru stee or at Hi . i j A iai O awT* p_ m . . I tm Callable for sinking fund at 104 to Ju ly 31, 1948, incl., and th ereafter at above call prices. SECURITY--Not secured by any Hen. 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, any mortgage, pledge, or en cumbrance on property or assets now owned voir Ihlcerrve-adflltceir aaCcHqUuiirrceUd, Oorr QoXnc liUnCcOoimwCe oor oprroonfiit5s Principal Sand interest payable mVUr. qS. llJeSgaail tender. TRUSTEE AND REGISTRAR Chemical Bank A Trust Co., New York. DENOMINATION--Coupon, $1,000 registerble as to principal. JJ days published nno^ticJe ta. ^t annPyva ttiimm ee to JJuullyy trhaet arebfiryomse,cuurneldessthdeerebbeyn,tuerxecseaprte (e1q) upaullrychaansde money or existing liens on property hereafter acquired not to exceed two-thirds of purchase price, or renewal, refunding, or extension thereof in not to exceed like amount similarly secured; (2) by a subsidiary for refunding, reennceuwmabl'ranc'eexetexnisstiionng' aotfUtimS #e psalemdegeb,ecl iaemneSa ilia001'* 1 ioI a ift* 1n--1 m olt *.352... 110023% 11995530.-- 110013%.. 101 1359__100% 0J1959- 100 TAfter Jufy 31, 1959. Also callable for sinking fund, w hich see. SINKING FUND--A nnually on or before first day of fifth calendar m onth n e x t succeeding e!o?e of each fiscal-year beginning 1945,15% of linking fund earnings (as defined), b u t not to exceed $250,000. Sinking fund paym ents shall average at least $175,000, w hether or not srned, for each fiscal year after Oct. 31. 1944. Debentures may be tendered in lieu of cash at greater of cost or sinking fund redemption tee on next Aug. 1; any excess of deben(.acq_uired otherw ise than b_y redemp* don) so tendered shall be credited at not to exceed sinking fu n d redem ption price against eext succeeding payments. Cash paym ents to be used prior to th e n ex t succeeding Aug. 1 t direction of com pany to purchase at not to exceed sinking fund redem ption price or to redeem debentures: com pany on request of trustee phall pay accrued in terest and com missions^ on debentures purchased or re qdemed. Any balance in sinking fund on any Aug. 1 sufficient to redeem a t least $25,000 (or lets if requested b y company) to be used to redeem debentures b y lot on or before next ucceeding Oct. 1, a n a any m oneys n o t so used ball be added to n e x t sinking fund paym ent, Any amounts not so used a fte r Oct. 1959, mu be applied to paym ent at m aturity or to earlier redem ption of debentures. Debentores purchased or redeem ed to be cancelled, subsidiary, in like amount and similarly secured; (3). mechanics* liens, deposits to connection with tenders or lease* of real estate, bids, contracts (other than for paym ent of money), surety, stay or appeal bonds; for taxes, etc.; (4) security required by law or governmental regulations for license or privilege to transact business; to m aintain selfinsurance; for workmen's compensation, un employment insurance, etc,; (5f for debt of a subsidiary to company; provided, that company shall not dispose or part w ith control of any such debt (except to debtor subsidiary); o r (6) for taxes protected by adequate re serves. Except as expressly permitted, company will not, nor perm it any subsidiary to, guarantee payment of dividend, debt, or other obligation of another entity, except (a) nerformance of contract by company or a subsidiary; (b) customers' notes, trade accept ances and other contracts or obligations in ordinary course of business, or (e) renewal or extension of guarantee by a subsidiary of debt or obligation of such subsidiary existing at date of indenture or at time same became a sub*MI**y, in not to exceed like am o u n t Company will not (except to a subsidiary), or perm it any subsidiary (except to company or another subsidiary), assign, sell, or transfer stock of a subsidiary if thereby same would cease to be a subsidiary, unless all owned stock of such subsidiary is simultaneously disposed of. Company will not (a) perm it any subsidiary to issue preferred (except to company), nor (b) p art w ith control of any preferred stock of a subsidiary, except to issuing subsidiary. Company will not (A) pay or declare any cash dividend on common, or acquire for value any capital stock (except by issuance or ap plication of proceeds of additional shares), or (B) m ake any investm ent in excess of $50,000 in capital stock or obligations of or loans to any company not then or Immediately there after by reason thereof to become a subsidiary (except through Issue or proceeds of sale or disposition of such investment or capital stock of company) if such dividends, acquisitions of stock, or amount of such investments or loans exceed the sum of (a) consolidated net earn ings (as defined) since Oct. 31, 1947, plus (b) $1,000,000 and (cj proceeds of sale or disposi tion after date of indenture of any such in vestm ent or capital stock not applied as re ferred to in (A) and (B) above after deducting therefrom (i) all cash dividends paid or de clared afte r Oct. 31, 1947, and cost of all stock acquired, in each case as in clause (A) above, and (11) all investm ents o r loans as In clause (B) above, after date of Indenture. If on consolidation or merger, or on sale or conveyance of substantially all assets, any property or assets would become subject to any mortgage, pledge, or encumbrance (ex cept as in clauses (3) and (4) above, If such merged corporation at time of such creation or assumption had been a subsidiary), prior to such transaction company will secure out standing debentures equally and ratably with any other indebtedness entitled thereto by a direct prior lien on all such property and as sets. No consolidation, merger, sale or con veyance may be effected unless immediately thereafter consolidated net tangible assets (as defined) of company or resulting corporation or purchaser are at least 2% tim es consolidated funded debt (as defined). C cnsent of 66 2/3% of debentures necessary to create, assume, or Issue, directly o r indirectly, or perm it any subsidiary so to do, any ad ditional funded debt, except (a) for refunding, renewal or extension of not to exceed like amount thereof, or (b) funded debt (as de fined) of a subsidiary to company; provided, th at company shall not dispose or part w ith control thereof (except to such subsidiary), unless im m ediately th ereafter (1) average an nual consolidated net earnings available for interest (as defined) on funded debt for tw o 432 MOODY'S MJ NUAL OF INVESTMENTS Efiscal years im m ediately preceding equal at least 4 times total annual interest require m ents on consolidated funded debt; (2) excess of current assets (as defined) over current liabilities at least equal outstanding funded debt, except funded debt secured by lisn j as perm itted, and (3) consolidated n et tangible assets (:;? denned) a t least equal 2% tim es eon- soiidared funded debt. DIVIDEND RESTRICTION--No dividend (ex cept stock dividends) shall be declared or paid on camtal stock if thereupon current assets would" be less than twice current liabilities. See also clauses (A) and (B) above. RIGHTS ON DEFAULT--In event of default (30 day grace period for paym ent of Interest, 60 days for sinking fund installm ent), trus tee or 25% of debentures m ay declare p rin cipal due and payable immediately. INDENTURE MODIFICATION -- Indenture m ay be modified except as provided with con sent of 66 2/3% of debentures. PURPOSE--Net proceeds used to redeem de b enture 3%s, due 1955, and fo r additional w ork in g cap ital. TAX STATUS--, C-om-pany re,funds, A.personal, property taxes In Pennsylvania not to exceed 4 mills and in Kentucky not to exceed 5 mills on taxable value, and income taxes in Massa chusetts u p to 6% and in M aryland u p to 5% er annum. ISTED--On New York Stock Exchange. OFFERED--($5,000.000) a t 102% (proceeds to com pany 99) on Sept. 6, 1945 by a syndicate headed b y Paul H. Davis & Co., Chicago. PRICE RANGE-- 1947 . 1946 1945 3%s. 1960 106-101 105%-101% 103%-102 2. ce lo te x Corp. d eb en tu re VA& (issue of 1947) due 1960: R a tin g --B aa AUTHORIZED--$3,000,000; outstanding, $3,- 000,000. DATED--Aug. 1, 1947. MATURITY--Aug. 1, 1960. INTEREST--F&A 1 a t office of trustee or City N ational B ank & T rust Co., Chicago. Principal and in terest payable in U. S. legal tender. TRUSTEE AND REGISTRAR^-Bank of New York, New York. DENOMINATION--Coupon, $1,000; register- able as to principal. CALLABLE--As a whole or in p art on at least 30 days' published notice at any tim e to each Ju ly 31 incl. as follows: 1948... 104 1949__ 103% 1950-- 103 1031... 102% 1952-- 102 1953 101 % 1954... 101 1959... 100% 011959.-- ICO mAfter July V . 1939 Also callable for sinking fund (which see) at 104 to July 31, 1948 incl and thereafter at above cull urioc-s. SINKING FUND--Annually on or before first day of tenth calendar month next succeeding close of each fiscal year, begum, a? with rscai year ending in 1947, the lesser of 9% of sink ing fund earnings (as defined) or $i75 OOJ, but to he m aintained a at minimum average of $115,300 for each 12-months period regardless of such earnings. Debentures may be tendered at greater of par or redemption orice in lieu of cash: any excess credits to apply on future payments. Debentures so redeemed or credited to be cancelled. OTHER PROVISIONS--Same as debenture 314S, issue of 1945, due 1960 (No. 1). PURPOSE--Net proceeds to pay term bank loans: balance to general funds. LISTED--On New York Stock Exchange. OFFERED--(53,000,000 at 97% on Nov. 21. 1947 by a syndicate headed by P aul H. Davis & Co., Chicago, and Union Securities Corp., New York pPRr IiCcE RANGE--1947, 104-93 (bid prices). CAPITAL 8TOCK 1. The C eloiex Corp. $% cum ulative pre ferred stock; p ar $20. AUTHORIZED--500.000 shares (increased from 100,000 shares, July 12,1943); outstanding, Oct. 31, 1947, 256,862% shares; p ar $20 (changed from $100 par Ju n e 18, 1943, five $20 p a r shares issued for each $100 p a r share). PREFERENCES--Has preference for assets and dividends. DIVIDEND RIGHTS--Entitled to cum ulative dividends of 5% per annum , payable quarterly Feb. 1, etc. DIVIDEND RECORD--No dividends paid on $100 p ar shares to Nov. 10, 1936 w hen 5% waa paid clearing up arrears. Thereafter, regular dividends paid quarterly F ebruary 1, etc., to May 4, 1943, incl. Initial dividend of 25 cents p er share paid on $20 par shares Aug. 9, 1943; reg u lar divi dends paid quarterly thereafter. DIVIDEND LIMITATIONS -- See "D ividend R estriction" under debenture 3%i, 1960. VOTING RIGHTS--None, except th a t if a t any tim e cum ulative dividends have accrued to th e ex ten t of $2 per share, holder? o' -- - etnek <;ha! h-ive on<* W'ti >^- Ucy-TDA xTCN R IG in S -lru s N common to par plus accrued and , n \ 2 RIGHT fi None CALLABLE--On anv quarter)v - I.- v'-io'a or part fbv lot} *n 7 * , at -'-0 uer s r ^ e plus accrue-, LISTED--On New York Stoc-c Tx ' * TRANSFER AGENT--Chase New York. REGISTRAR--Chemical Bank A c pany, New York. OFFERED--(100,000 shares) at $20 * (proceeds to com pany $19 per ^.n 6, 1945 by a syndicate headed bv p-*u. ii ` & C o . Chicago. ` ^ * PRICE RANGE-- 1947 P U P referre d .......... 217a-i334 2J-20 2. The Celotex Corp. common; AUTHORIZED--1,500,000 shares , Oct. 31, 1947, 905,472 shares; no par " H Dividend Record (in $) (Calendar years) 1935-36 Nil 1937-- 1.20 1938._ 1939-40 Nil 1941 1.12^*1942 * 1943-45 ' 0.50 1946__ 1.00 1947-- QD1948. 0.75 J* S P a id 100% in stock Nov. 4, 1938. ST o May 2 DIVIDEND LIMITATIONS -- See "Dtr*** R estriction'* u n d er debenture 3%. 1*58 VOTING RIGHTS--One vote per share lative voting perm itted for election cf tors. See "v o tin g Rights" under 5% prefer stock, above. PREEMPTIVE RIGHTS--None. LISTED--On New York Stock Exchange TRANSFER AGENT--Chase National New York. REGISTRAR--Chemical Bank Sc Trust Cm pany, New York. OFFERED--(100,000 shares) at 36% by S Davis & Co., Chicago and Union Steers* Corp., New York. PRICE RANGE-- 1947 1946 1Hi Common-- . 32%-19% 38%-22% l y , Subscription Rights: Common stockhfua of record Oct. 22, 1943 had right to suhart.'t* a t $10.50 per share, for shares of common on th e basis of one share for each ten ihww th en held. CAPITAL STRUCTURE T H E SIN GER MANUFACTURING COMPANY CAPITAL STOCK Par A m ount E arned p er Sh. { *plvs. p er Sh. C all Issue V alue O utstanding 1947 1946 ., ;46 1945 P rice 1. C apital s to c k _______ _______ ___ - 8108 900,000 Sha. * $16.92 $15.89 $'.00 $16.00 P rice Range 1947 1938* 312-250% H IS T O R Y In co rp o rated in N ew Jersey Feb. 20. 1872 as successor to a company of lik e nam e Incorpo ra te d in N ew Y ork In Ju n e, 1862, w hich in tu rn took over business o f I. M. S inger A Co. In N ov.. 1904 form ed S inger Sew ing M achine Co. (IV. J .) to a c t as sales ag en t fo r com pany's p ro d u cts. In 1907 acq u ired W heeler Sc W ilson M anufacturing Co. In Ju ly , 1917 d istrib u te d to stockholders 1,500,000 shares form erly ow ned In S inger M anufacturing Co., L td. (see in d ex ), re ta in in g 500,000 sh ares (p a r 1 ). In Jan ., 1921 oom pany distributed to stockholders one pref eren ce sh are (p er 81) o f In tern atio n al Se cu rities Co. of New Jersey fo r each sh are of S in g er M anufacturing Co. held. In 1922 com pany secured lum ber rig h ts in C anada con tain in g m ore th a n 850,000.000 fe e t o f tim b er. SUBSIDIARIES On Dec. 31, 1945 h eld 100% voting pow er in S in g er Sew ing M achine Co., N. J., Selling agent. O w ns 28%% in te re st in S inger M anufac tu rin g Co.. L td. w hich com pany operates p lan t a t C lydebank, Scotland. O ther subsidiaries in clude: D iehl M anufacturing Co., electrical d i vision of S inger organization producing mo tors and electric accessories: P oin sett L um ber Sc Mfg. Co.; In tern atio n al F id elity Insurance Co.; and o n e-th ird in te re st in In tern atio n al Securities Co. (N. J.). BUSINESS A PRODUCTS C om pany's pro d u cts in clu d e a com plete lin e of industrial and dom estic sew ing m achines. Company also m anufactures certain electric household appliances. Com pany ow ns its tim ber lands fo r th e supply of raw m aterials and m anufactures Its ow n electric m otors and c a b in e ts . PRINCIPAL PLANT8 A PROPERTIES P lants of com pany and subsidiaries in the U nited S tates are located a t B ridgeport, Conn., E lizabethport and F indem e. N. J., Pickens. S. C., T rum ann, A rk. and S outh B end, Ind. In Canada plants are located a t S t. Johns and Thurso, Quebec. C om pany ow ns Singer Building st IS B roadw ay, New York. MANAGEMENT O fficers S ir D. A lexander, President M. C. L ightner. V ice-President Jo h n Morton, Viee-Pres. and Trees. W. A. Davidson, Vice-Pres. M. L. W aterman, Asst. Vice-Pres. D. H. Alexander, Secretary D irectors S ir D. A lexander, Stam ford, Conn. S. C. C lark, New York W. A. D avidson, E lizabeth, N. J. M. C. L ightner, Ridgewood, N. J. O tto M yslik, G reenw ich, Conn. Jo h n M orton, G reenw ich, Conn. A nnual M eeting: T hird W ednesday la J m No. of Stockholders: Dec. 31. 1946. 3 808. No. of Em ployees: Dec. 31, 1946, 12,000. G eneral Office: E lizabeth, N. J. 1 New Y ork Office: 149 Broadway. INOOME ACCOUNT8 COMPARATIVE INCOME ACCOUNT, YEARS ENDED DEC. 31 1946 1945 1944 1943 1942 1(U1 IMI T rading profit --_____- ___ _____ . . . $12,753,117 $15.247,357 $14.041,167 $10,419.614 $13.435,493 $15,48*386 Expenses, d p rd atio n Sc ta x e s ____ 5,720,941 7,284,570 12.042,927 7,336.373 5.270,294 7,113,344 P ro fit on m erchandise s a le s ______ Cost of patents, etc................ .............. $7,032,176 456,124 $7,962,787 301.384 B alance _____ . . . . ___ ______-__ In te re st and dividends received___ R ents r e c e iv e d _________ __________ P rofit securities sold . . ___ --........ .. 6.576,052 7,873,101 778,664 7.661,402 6.185,942 453,432 N et p r o f i t __________________. . . Dividends . . . . . . . . . . . ___________ . . . . $15,227,817 14,400,000 $14,300.776 10.800.000 ff]Surplus for y e a r _________ -- $827,817 $3,500.776 EIIBefore deducting paym ent to profit sharing com m ittee applicable 1943, $383,695; 1942, $370,300; 1941, $218,971. R ecord o f Earnings y ears ended Dec. 31: Cost and O perating Year N et Sales Expenses P ro fit 1935 __ Not Stated ____-- $11,596,689 1936 ___ Not Stated ______ 11,072,977 1937 ___ Not Stated _______ 10,721,973 1938 ______ Not Stated _______ 6,220,361 1939 ___ N ot Stated --- ____ d 64,569 1949______ Not stated _______ 5,908,319 O th. Inc. Sc Ded. (N et) $4,694,517 4,064,736 3.580.934 3,299,704 3,129,674 2,850,532 $1,998,240 237,097 1.761.143 11.667,696 468,483 $13,897.322 10.800.000 $3,097,322 to previous Inc. B ef Taxes $16,291.208 15,137,713 14,302,907 9.520,0(5 3,065,105 8,758,851 $3,083,241 161,612 2,921.629 10,227.688 462,390 $13,611,707 10,800,000 $2,811.707 years' earnings: $8,165,199 230.054 7,935.146 4.367,929 486,770 $12,789,844 10,800,000 81,989.844 1946, $429,023; $8,369,241 361,431 8,007.810 3,600,737 487,196 247,581 " $12,343,324 7,200,000 $5.143.324 1945, $416,920; 4441* lU U tf ZJOtJ* m uB $8.7581* S.40MG $3JSMB 1944, Incom e Taxes N et Incom e $16,291,206 15,137,713 14 fi02,907 9,520,065 3.065.105 8,758,851 Common Dividends $27,900,000 14.400.000 14.400.000 10.800.000 6.300.000 5.400.000 Com. Shs. Outstand. 900.000 900.000 900.000 900.000 900.000 900.000 Earn, P d Com. 94 Ili lfitt 15J l IOlSS 141 9.73 KEY TO THE RATI NGS Users of this Manual should consult the Key to the Ratings shown, together with the re marks explaining the Ratings, on blue paper in the front of the volume, to obtain a clear understanding of the rating symbols used throughout this volume.