Document 7oL9XGv4539NaQxw3zx5GamB

FILE NAME: Allied Signal Bendix (ASB) DATE: 0000 DOC#: ASB025 DOCUMENT DESCRIPTION: Entry in Moody's Industrial Manual Bendix Aviation Corp 14-4 fltUUV N I J U T K I .11, ;'l/li\ t `s u . n /iin m * * iH srsT * COMPARATTV* CONSOLIDATED a sse t s urn 1955 o . h .......... tU .sn.91t *14.1.93 9*0 IT. S G ovt ecurltiea................... 1,998,71 8.805.094 Note* and accounts recetv. (n e t)____ 39.393,611 34.19821 Unbilled iblpraenta. * t c . ___________ 10,1*131# 10.925,207 I n v e n to rie s ________________________ 01,486,009 56.906,478 Advance on c o n tra c t ___________ _ e r 9.427,240 cr 2,232 457 B A I.IM C ! ' 19*i $20.120.767 7 2CR 176 39 :'76 379 : 7.757.62 10 975.395 er 2.613.412 .TC7. a :* o y o n e 31 1953 1952 *9.061,814 *5.' 15,605 1 49.563 43 555.488 38.887" 622 29.833.299 17 596.890 56.902.375 48 742.683 cr 2.063.712 c r 3.7'.1)200 1951 *6,913.970 29ri38".024 8 527.940 43.348.900 c r 9.083.390 1S0 *8.520.836 7.100.000 21.902,744 12.935.67* 21,114.863 Cr .294,300 T etet c u rre n t M i a ...... ................ P ro p e rty , p lan t 8c e q u ip .__________ Re*, for d epreciation A a m o r t . _____ _ Prooerty, plan* A equip, (net) Patent ................. ........................... ... _ Pension re*, In v e stm e n t____________ In v e s tm e n t* _______________ ______ _ D eferred charges ___ _ _____ _____ T otal .. _ ...__ ____ _ t.TARTT.rmW Note* p a ra b le to hank*_____________ Accounts n * y b le ______ Accrual* .......... U. S. & C anadian Incom e tax e s . . . . . D ividend payable --1...................... Prov. fo r sd d lt. co*t* on contract__ *148.191,02 07,311,754 47,481.404 49,830,350 1 1.600,196 1.057.813 *200.679,389 . . . ___ _ 912.W9.8SS 12.185,874 13 886.974 1386.414 1,762,23# *122 876.510 82.215 544 41.558 348 40.657.19fl t 1.600.196 74S C0 5165.882.012 S9 394.594 9044.732 15.109.511 1.225.156 2 802.647 8122 759 434 70 116721 35 827.693 34 259 0?S 2 7.250 000 1.602 631 :>66 520 St<s't'.5SAM 511 417 397 9 001 609 16.586 338 777.877 _41000_000 3139 968`857 67.177.084 .31.361^412 ' '35.815.667 1 >250.000 2.176.986 397 536 *179.609 107 *' 0.500.000 12.833.489 10.921.961 15.559,979 740.8.36 __ 2.500.000 *3R'ir'2,662 54.490.500 _ 25 6 >3.370 23.792930 1 7.000. 4.115.0)9 __ 281,142 S131.5t0.945 51O.O3O.0OO 10.988.892 544.256 10.350 332 05 558 2 .rooooo *7*.'*45 444 45.575.910 23.064.543 22.511.367 1 000 2.000.000 .172.710 943.479 T0f.873.Offi n.oon.ooo 8.383,792 7.113.355 13.560,108 705.558 2.500.000 ` *88^077.816 37.735.716 1,373.348 16.382.36 1 2 ,000.000 ,122.921 ___ 213.688 *90796.79 $5,667.668 6.510.094 *.241.036 705.358 2,500.000 T e ta l w w i i MafcllWaa.................. 314% notes due 1967 .......................... Pension r e s e r v e _________________ M inority I n t p r e s t ........ ........................ Capital nod Surplus: ITICapital stock ________________ S u r p lu s ________________________ " 41,371.181 32,000,000 ... 1,15*318 55,070,88# 71.079,0*4 337576.440 1 0 .000.000 1.090,979 46.220.000 70 794 593 ` *41 780 971 10.060 000 2.250 000 1.049.144 98 760 000 G7 618.499 T e tri ______________________ *200.679,38# 5!63 887 012 3161 458.314 " *_' _ r r r t t H a t.s. . _ - *106.819.878 5R5.300.079 SS9.969 163 iT R e p rc se n te d b y *0 p a r s h a r e r In: 1956. 5.351,480 (In c lu d in g 205,826 sh a re s issu ed s h a re s tssu e d _ in .Tan. 1956), 1.71:,.2!S: 1954 (In c lu d in g 77.787 s h a re s Issued in in n .. J a n ., 19nl). I..'3j,754; 1952 (I n c lu d in g 70,555 s h a re s Issued in .Tan., 193.9) 1 131.67!. !51 r r n T tr r i e L RECORD 195* 1955 Earned oar hare ------- *2.74 . S.?6 Dividend p e r skar e _______________ nm .oo m*2.75 P ric e ra n e e ____ ___________ ___ (5J48i-3514 114-66 Times charge earned: B efore incom e t a x e s _____________ 35.43 85.77 A fte r Incom e t a x e s ______________ 17.49 39.10 N et tan g ib le assets 51.000 1. te rm deist. *4.942 *12.721 N e t c u rr. assets p e r *1.0001. te rm d e b t *3.330 83.530 N et tan g ib le asset p e r s h a r e _______ *24.52 *68.31 ITN um ber o f h a r e e __________ - 5,351,480 1.715.218 iriAlao S'*, in ioek. Plir'cludes *7 paid p rio r to 2 -for-l put. BlA fter stock split- before. 70-6. OOTncludes shares Issued In follow ing Ja n u a ry a t stock dividend: [TTncludes SI DO and 5% In stock paid p rio r to 3-for-l split. rciAftcr stock split; before. 133>i-95. 1964 *9.78 rrS2 00 7514-12 53.92 27.24 *11.6.78 S3.C97 568 38 1.633.541 1956 705.826: 563*056.265 ' 0.900 000 7.250,000 2,024.825 ' $43.:,R8.948 *35.468.013 10.000. 000 2,000.000 #23.624.356 2 .000.000 .94.760.000 60 018 017 .91.450.000 14 771,997 29.097,000 41.257.988 2#,097.000 36.075.438 3170.609,107 3131 310.945 3107.823 001 *90.796.794 ii.O.ilV* 532 552 >33.714 S43.37' .431 *44.453.460 in Ja n . 1757) no r a r sh a res in- 1955 (in clu d in g 81,677 1935). 1 633 541 195.1 (In clu d in e 71.0S3 sh a res Issued in a n d 1950 M IM IC. 1953 19*2 1951 1950 *8.14 *8.16 55 67 *6 70 .TS2.00 T-2 00 r<M)o 3650.00 4574-3504 39,4-31>.4 4314-3214 0538-3374 30 48 16.18 *10.478 *6.691 *60.60 1.555,754 48.66 23.58 *8 62? $5.303 *51.44 1,481.671 *49.86 1.411,116 , ............. 246.19 1,411.11 1955. 81,677; 1934. 77.787: 1953, 74,083; 1952, 70,555. LONG TERM DEBT T erm Loan: O utstanding. Dec. 31. 1956, (1) 69.000.000 7s;,C notes pavable 6670.000 a n n u stlv Ju n e 1, 1961 to 1973. Inch, nnd balance Ju n e 1 1971: and >3) 623.000.000 37'% n o tes partible SI.D80.000 annunlly Ju n e 1. 1961 to 1973. Inch, and balance Ju n e 1. 1974 P ro ceed s to re fu n d 59.000.000 3,'1% notes due 1967. and for e x p an sion. . Company mny not pay cash dividends on or acquire capital stock In excess of consoli dated n e t earn in g s b eginning Ja n . 1, 1956. p lu s Sin.ooo.ooo. C om pany agrees to m aintain consolidated w orking capital at not less than 200% of consolidated funded debt. A t Dec. 31. 1956, *18,565.000 of earned su rp lu s w aa n o t re stricted for dividends. CAPITAL STACK 1. The Babcock A W ilcox Co. capital stock; p a r I k ____ AUTHORIZED--9.000.000 shares: outstanding, A pr. 10. 1957, 5,886.628 shares; p a r *9 (changed from p a r *mo to no p a r Dec. 12. 197.4, on a T 1936- I 50 share for hare basis: no par shares split (S3 t-ar shares--a fte r 3 for 1 spilt) 3-for-t A pril 6. 1938 an d 2-for-I Nov. 16. 1750. '956 . . 'ISO -T1957__ [j'O.SO and changed from no p a r to 79 p a r Apr. 10. T N ni rep o rted . 1956; tw o ad ditional *9 shar'-s issued for each T A l'o paid slock dividend s: 1972. 33 1/3%- no p a r share held to effect 3-fnr-l split). 1948. ins;-, 1954. 1955 a n d 1956, 5%; Ja n . 5, D ividend Record (in S) ! 757. 1%. 1881-1910 ffl (5100 p a r shares) 1911-16 7 00 1917... 3 To A nri! 2. 8 SO VOTINO BIGHT*--O ne vote p e r share. 1918-19 8.00 1923__ 25 1920-21 10.00 19*4... TOO 1922.. . (T8.PJ0.R0rsEpEvMlPaTwI.VE RIGHTS--As provided by N ew 1925__ ifiao 1928-2 7 00 UW I... 3 09 1930... 6 90 1939__ 125 1931.. 1*34... 1. 6ft 0*5 LISTED--On New York Stock Exchange. Un listed trading on Philadelphia - Baltim ore (no p a r ahrs) Stock Exchange. i n * . . . 0.46 1938__ M l 19*6... 2 85 1937 __ 5.00 TRANSFER AND A G E N T --B anker DIVIDEND DISBURSING T ru st Co.. N ew York. f e e p a r share--a fte r 3 fo r 1 split) REGISTRAR--B ank of N ew Y ork. N ew York. 1939-3# NO 1840__ 1 40 1941... 2JO Subscription Rights: Stockholders of rec ord A pr 5, 1957, h a d rig h t to subscribe to 1942-54 1JO 1945-46 1.75 1947... 3 50 535.148 sh a res on basis of one sh are fo r ecah 311948. 5.00 1949... 4 00 1950... (No p a r sh a res--a fte r 2-for-l epUt); 7.00 Iff sh ares held. R ights e xpired A pr. 22, 1957. Offering underw ritten by M organ Stanley & 1980... 1.00 S19S1-54 2.00 [31955... 2.75 Co. CAPITAL STRUCTURE BENDIX AVIATION CORPORATION CAPITAL STOCK Par Amount (DEamed p e r Sh. HJDivs. p e r Sh. Call Price Range Issue V alue O utstanding 1956 1955 1956 1955 P ric e 1956 1932-56 L C apital stock ...................................... *5 HJS,043.048 aha. S5.01 *5 66 TS2.40 *3.24 ........ 6474-4814 (36484-45 UlFiscal year ended Sept. 30. PDA o f Ja n . 18,1957. [JIAlso 5% in stock. 79Range since 2-for-I spli': in 1955; ra n g e from 1932 and to th e sp lit in 1955, 11774-414. , ... ; H ISTM Y araa tra n s fe rre d to th e p la n t a t Sidney, N. Y.. In co rp o ra*d tn DeUw xre, Apc. 12. l i n , e t of 8 subsidiary. Scintilla M agneto Co.. Inc w hlch fjaa j t acqu tre d ail outarndtng tm k 'A Ulwrtdlary. B en d lx S trom berg C arb u reto r e t B endfx Cbrp. (organisas! In l t t t ) fo r 100.- Co., org an ised th e Z en ith C a rb u reto r Co., ns 09# harea e t com m on: a cq u tred m ets 6 It# w holly ow ned su b sid ia ry and tranaferrarf E lectric A uto-L it e t D elsw are. l u e . te r 144.- : to th e la tte r th e assets, good-will, etc. of 00# aharee o f com m on and *2 7*4200 -- W; Z o nlth-D etrott Corp., w hich had been ac acqutred aaaeta of Strom berg Qrtmrwtcc quired a t th a t tim e Also acquired all out C om pany o f A m erica. Inc. fo r U#.### haras stan d in g sto ck o f Radio P ro d u cts Co. and n i comm on; eeoulred ail outatandhxr atock of one-naif th e outstanding stock of Radio Re Scintilla M agnet Ce., lac. for 7#JM aharea e t search Co.. Inc.: tb balance of the outatand com m on; a cq u tred al) crustanding stock of tng stock o f th e la tte r com pany w as acquired Delco A viation C orporation and #11.00#09 tn 1946. cash for 5000*0 ahare e t comm on. In 1028, acq u ired m a jo rltv of stock ol Late r in 1929, eequlred 11 oulalandU ig euub Jen k in s A A dair. In c A cquired m ajo rity o> m on of P ioneer Inatrum ent C o . atl oufirtaml- stock of Peeo M anufacturing Coro. Also p u r tng cap ital atock o f B rllps A viation Cerp chased h a lf In te re st lr> .Iaei**r w tch Co.. Inc. organlzed th e A m erican P ro p e llo r C e.(w h lc b (In te re st old la 1943). C hanged nam e of Ben- waa ubsequently dlaenlved). acqutred Bandtv- dlx Engineering W orks, Inc., an Inactive sub- C o ird rey B ra k e T aeter, IBc. (dJaeolyed ta tldiairy, to W. P. H illiard Co., w hich th en p u r- 1646) a n d c ap ital atock o f E clipse M achine OOw ehaeed asset of w . P. H illiard who w as doing Ltd. (now Bendiv-EeUpee of Canada, L & ). a business ta m aking radio Instrum ents for In 1920, a cq u tred a l f atock e t B raag-K li**- a i r m f t m w . P . H illiard Co. Also o rganized rath Corp., nearty an atock e t H yaniove B a n d s Radio Corp. and acqutred for cash B rake Co. (rera a in d e r p u rch aeed t a 1107) 1,090 share o f th e com m on stock. C hat. C ory A Suai, Inc. (aaaeta tra iM fa rre d fo Also orgsnleed B endlx A viation Corp., L td Chas. C ory C e i ^ , asaeta of Q n m l l d i M . b ; Who* n am e w as_ changed_ to B endlx A viation. aWtqlwulAmJgaWPeBt C^^o2., W A/q4mmaPrl^e4V.j I22nBew*. OVima#altaamlf L td. L a te r acq u ired all o u tstan d in g stock of Bendlx R em ereb Crp. and B endta-W eattu- Pacific AJrmouve Core.. Ltd., orgsnleed and bona A utasuottve A ir B ra k e Co. (ta k in g 51% acq u ired 2*% sto ck of P a d B c Scientific C ore.; of stock of letter). organized a n d a cq u ired 60% of stock o f B en Cut I n 1*2. a cq u ired a M M a a r s aaad good-wfll In a tn im an t CO. O btained 1VOOO sh a res of ad- of HurW y-Tormoand Spark p lu g Co^ w tach dltlonal common stock of Bendlx Radio Corp &In exchange fo r all assets o f R adio Product Co., all sseta of W P. H illiard Co., and 1.200 hares of stock of Je n k in s 6c A dair, Inc. Also secured 1.000 there of p re fe rre d lock end t.000 sharee o f com m on atock o f B endlx Radio Coro, for 50% of assets of R adio R esearch Co lne. (ow ners of th e re m a in in g *0% received similar treatm ent). Organized and acquired all lock of B endlx A viation E xport Carp. Dissolved the A ircraft Control Corp. and A m erican P ropellor Co. Acquired rem aining m inority sto ck of H yd rau lic B ra k e Co. In M arch, l38, Pacifle A lrm otlvc Corp.. Ltd. is rubai diary of Bendlx Aviation, Ltd., which in tu rn was a subsidiary of Bandix Aviation Corp.) acquired all outstanding stock of Air- lane P a rts A Supplies, Inc. Also In March, is Bendlx Corp., a subsidiary, waa dlutnlved. In J u n e , 1036, com pany acq u ired in exchange for all their outstanding stock the operating sets of Bendlx P roducts Corp., B endlx Strom berg C arburetor Co.. B endlx M arine Products Co Bendlx Aviation Export Core.. Eclipse A viation Corn., Eclipse M achine Co.. Jullen P. Frie* A Sons. Ine., New Jersey In stru m en t Co. and Z en ith C a rb u reto r Co.. which com panlet becam e divisions of parent com pany. __ _ In A ugust, 1932, a su b sid iary . Besstfta Radio Core., acquired rem aining m inority stock of I Jenktn* A Adair. Inc. Also in A ugust a sub- I tldlary. B endlx Aviation. Ltd. (now eparatad I as Pacific Division of p a ren t com pany), am M O O D Y 'S I N D U S T R I A L M A N U A L 145 Ired the assets of Pacific A irm ail* Corp.. td.. and A irplane Part* 8c Supplies, Inc.. In xchangc fo r th eir outstanding stock. In Oct.. ^#38. a su b ild ia ry , E clipse M achine Co., w u dissolved and a new company, Eclipie Machine Co.. Inc., w in organized. In D ecem ber, a aub- stdlary, B endlx A viation, Ltd., so'd all It* holdings In B endtx In stru m en t Co. and Pacific Scientific Corp. In 1938, com pany received o u t standing .,tock of M etropolitan M arine Service Co., Inc. in exchange for advances previously made. . D uring I95S, acq u ired m inority Interests In P i o n e e r I n s t r u m e n t Co., Inc . t a k i n g over b u si ness for o p e ra tio n as a division, and m inority In terests In B endlx Rradio Corp. Took over to o p e r a te ns divisions th e business of Scintilla M agneto Co.. Inc., M arahall Ashesto* Corp. (dissolved i, Chas. Cory Corp. (disaolvad). M etropolitan M arine Service Co.. Inc. (dis so lv e d ), E clipse T extile Devices. Inc. Idis solved). Also, dissolved Bendlx Research Corn.. B endlx A viation E x p o rt Corp., W. P. H illiard Co., Ine., Jen k in s A A dair, m e.. Radio P ro d u cts Co. and New Je rse y In stru m e n t Co lne. In Oct.. 1940 com pany disposed of Its 3941 stock Interest In B endlx Home Appliances. Inc. w hich It had acq u ired In I9J7. I n 1041. took osrer to o p e rate as a division. Bendlx Radio Corp. On Dec. 3i, 1944, com pany a cq u ired as* of Bendlx Aviation. Ltd. (wholly-owned sub s i d i a r y . w hich whs dissolved on Ja n . 4. 1143. In Sept.. 1946. com pany disposed of its e n tire stock Interest In Paco M anufacturing Corp. in 1947 com pany acquired S k in n er Purifier*. Inc., now operated as a division. In 1930 B eacce P ro d u cts Corp. a n d Realdlx Corp. were formed and company purchased for cash all their outstanding capital stock for $10,000 and $100,000 respectively. In 1931 com pany acq u ired all outstan d in g stock of H am ilton 8c RossvUle H ydraulic Co. fo r S238.590. In 1932 acquired assets of P hoto-E lectric Pilot Corp.. Seattle, and established a whollyowned subsidiary. Bendlx do Brazil. Ltda., at Sao Paulo. Brazil, to handle sales and Held engineering In Brazil. In 1953. acquired 34% of o rd in ary stock of Elliott Bros (London). Ltd., m aker of indi cating. m easuring and recording Instruments, com puters, and process control devices, with research facilities at Eorehamwood, and plants at Rochester and Lewisham England. In 1935. licndix-E clipse of C anada. L td., n w holly-ow ned subsidiary, purch ased 70% of outstanding stock of A viation Electric. Ltd.. of Montreal. In Dec , 1956, Issued ap p ro x im ately 230.000 common shares in acquisition of Sheffield Corp. (O ). m an u factu rer of m achine tools, precision instrum ents and electronic device; now operated as a wholly-owned subsidiary. SUBSIDIARIES Is both a holding end an operating com pany. A s of Sept. 30, 193, ow ned 100% votin'g control In the following: Name, place of Incorporation and business Beacee Products Corp., Del. H am ilton 8c RossvlUe H ydraulic Co. (Ohio) H ydraulic B ra k e Co , C alifornia--autom otive brakes Realdlx Corp., Del. B endix In stru m e n t Co. (Cal.)--In activ e. Bendix-Ecltnae o f Canada. Ltd.. Canada-- . brake, starters and hydraulic accessories. A irc ra ft H ydraulic Supplies, Ltd.--Inactive. f t A viation E lectric L td. (C anada) [70%] SJ-qBendix C hem ical Corp. (D el.)--Inactive. ,ap- B endlx P ro d u c ts Corp. (In d .)--Inactive. B ragg-K liesrath Corp., New York--Inactive Delco A viation Com . D elaw are--Inactive Jo llen P. F rie r 8c Sons, Ine. (M d.)--In activ e r.' A ' Eclipse A viation Corp.. New Je rse y --Inactive 5 V i B endlx do Brazil, L tda., B razil--ales and "field engineering in Brazil toB helfield (T he) Corp. (O.)--e le ctro n ic device# (acquired in Dec., 1956), . Bendlx International Dtvlsion handlet eomjen y 's products throughout the world, with " exception of the U nited States and Canada. , ^ eadquarters located a t 205 E. 42nd S t , New ` In a d d itio n co rporation ha th re e foreign '. Subsidiaries located in F rance, a n affiliate .England (Elliott B rothers (London) Ltd.) . an<1 *n A ustralia (B endlx-T ecnico P ty ., Ltd.) AFFILIATES of Sept. 30. 1936, ow ned less th a n 100% CtiX,Toting control of th e foliosring: P'aca of Incorporation and business Bndlx-W ejtlftioue Autom otive Air Brak 'Abr < Co. (St% cAmsd b y B endlx A viation Com 5?S 49^ h y W aattogbouae A ir B ra k s Co.) D elaw are--a u to brake# <%control devices B endlx-T ecnico P ty ., L td., A u stra lia (40%) --m a n u f a c tu r e v a rio u s a v ia tio n devices under license from Bendix. . BUSINESS A PRODUCT8 Company and subsidiaries product a wide lire of aviation, automotive, marine, radio end Industrial products, many of which are designed to be Incorporated in the finished products ol other m anufacturers. The organi zation has developed m any products and has also acquired products by purchasing other companies. It owns hundreds of patents and he* m any p aten t applications pending. For fiscal y e ar 1936 aviation p ro d u c ts re p resented 63%, autom otive pro d u cts 18%. and Industrial, consum er and miscellaneous m ili tary products 19%. D efense production sales: 1956 and 1935, 69%: 1954, 77%: '.53. 76%; 1952, 78.6%,: 1951, ,3%: 1950, 35 9%-. Unfilled o rders a t Sept. 30: 1956, $514.000,OOO: 1955, $480.000.000. Operating dlvivons of company, subsidi aries and affiliated com panies follow: COMPANY R endlx P roducts--South Bend, Ind. H am ilton Dlv.--H am ilton, O. R endlx Radio--Towson. Md. E clplse-P loneer--T eterboro. N. J. P ioneer-C entral Dlv.--D avenport, la. Scintilla--Sidney. N. Y. M ontrose Dlv --South M ontrose. Pa. Eclipse M achine--E lm ira, N. Y. Z enith C a rb u reto r--D e tro it Frle.i In stru m en t--Towson. Md. M arshall-Eclipse--Troy. N. Y. Pacific Dlv --No. Hollywood. C1 Red B ank Dlv.--E atontow n, N. J. B er.dix-Sklnner--R oyal Oak. Mich. K ansas City Dlv --K ansas City. Utica D lv --Utica. N. Y. Research L aboratories Division--D etroit. L akeshore Dlv.--St. Joseph. Mich. B endlx In tern a tio n a l Dlv.--New York. W est Coast Sales A Service--B urbank. Cal B endix C om puter Division--Los Angeles, Cal. C incinnati Division--C incinnati, O. Y ork Dlvtson--Y ork. Pa. SUBSIDIARIES H vdraulle B rake C o --D etroit. R endix-E rlinse of Can. l td.--W indsor. Ont. Sheffield (The) Corp.--D ayton. O. AFFILIATED COMPANIES Bendix Societe Anonyme -- Cltchy (Paris. France) B endix do B rasil. L td*.--Brazil. Rcndix-W estinghnuse Automotive Air Brake Co.--E lyria. O. (51% ow ned). Aviation Electric Ltd. -- M ontreal. Canada (70% owned l . S. A. E tabltssem ents D ucelller--F rance. Bendlx-Tecnico Pty.. L td.--A ustralia. S. A. A ir E quipm ent--France. E lliott Bros. 'L ondon). Ltd.--England. Com puting Devices of C anada, L td.--O ttaw a. Som e ot th e m ore im p o rta n t product* toilow: Autom otive Hydraulic, m echanical and power brake*, and automotive air brakes, vacuum power braking and control system s for car*, trucks tanks, naif tracks and am phibian vehicle* Electronic controlled fuel injection system. Strom berg and Zenith carburetor* for passenger cars, com m ercial vehicles a n d In dustrlal engines. joBinetns.dlx-W elss con stan t v elocity universal Bendix starter drives. Bendtx hydraulic power steering, hydraulic throttle controls, hydraulic clutch control*. Bendix-Ecllpse autom otive brake lining. Remote control devices. Fuel filter. Cleaner* for autom otive pert*. Bicycle coaster brakes. Industrial *ir hose coupling*. A v latlo e A ircraft Injection carburetor* for large and <mnl1 engines, mall float c arb u re to rs, large Rost carburetor#, fuel system* for jet and tu r bo-jet engines, electric prim ers, power con trols. fuel tank pressure controls, direct In jection stem . A ircraft landing gears--b rak e, note, a n d tail wheel: disc* shoe, and tu b e brakes; m ain nose, and tall strut*. M aster cylinder*. Power control valves. Tall knuckles. Pilot seats for -xrobatlc harness. Aviation engine starting equipm ent, booster colls, relays, switches. G enerators, auxiliary power tupply unit*, carbon pile voltage regulator*. Inverter*, dynamotors, m otor generator*, filter*, cutout* and relays. Air and Ice elim ination equipm ent, air jumps, com pressor*, valve*. Cabin superchargers and control*. Engine and propeller control equ ipm en t, accessory gear boxes, electric m otor gear re duction unit* fo r retracting mechanism*. teV nold actuating devices. H.y d_r_a_u__l i_c__e,q_u_i_p_m__e n__t _u_n__i t_s_,_c_y__l i_n_d__e_r_s ,__v_a_l_v_e_* mil systems, shell gcumuTatprs, flow equal'era, pressure regulator*, pumps, eta. Flight, navigation and engine instrum ent* tor aircraft and electronic autom atic pilots. A ircraft Ignition system*. Scintilla super charged magnetos, radio shielding, harnesses. Aviation radio equipm ent, transm itter and receivers, autom atic radio compasses, ultranigh frequency and microwave equipm ent, in strum ent landing systems, aircraft Inter phone systems, ground direction finder equip ment, radio range transm itter*, radio m easur ing Instrum ents, control boxes, etc. "C.lbson G irl- em ergency ra d io tran sm itte r. Friez meteorological Instrum ents, Raysonde receiving and recording equipm ent, barome ters. barographs, etc. W ind direction and velocity tTansndtters, rem ote Indicators and recorder* . , Magnesium castings for engine* and air craft part*. M arine . , Electric underw ater log system*, supersonic qulpment. Compas* and electronic equip ment. m arine autotyn unit*. Magneyn com- nasses. Bendlx- Cory safety interlocks, etc. H art* Radios, radio-phonograph and television re ceivers for the home; autom obile radio re ceivers; VHF radio com m unication system* for railroad* snd other mobile application*; aviation radio transm itter* and receiver!: au tomatic radio direction finders; ultra-high frequency and microwave equipm ent: lnatru- ment landing equipment; VHF aviation com munications and navigation equipm ent; VHF -m m i-directional range equipm ent: aircraft Inter-phone systems; ground direction find ers; G. C. A. (ground con tro lled approach radar!. PRINCIPAL PLANTS A PROPERTIES P lan ts, a t Sept. 30, 1956, h a d com bined floor area of 7.857,CH>0 sq. ft. South Bend. Ind. New York, N. Y Elmira, N. Y PCElyria. O. Sidney. N. Y. Ham ilton, O. W indsor, O n t Towaoa. Md Detroit. Mich Davenport. Iowa F.atontown. N. X So M ontrose, P a K ansas City, Mo. Uttc*. N. Y. Troy. N. Y. . St. Joseph. Mich. No. Hollywood. Calif. C incinnati. O. Teterboro. N 7 York. Pa. Royal Oak. Mich. D ayton. O. d]An affiliated com pany, 51% ow ned. MANAGEMENT Officers: M. P. Ferguson, P re sid e n t Charles Marcus. Vlce-Pre*. & G roup Exec. It. P Lansing. Vlce-Pre* & G io u p Exec. W. H. H oughton. Vice-Pre*. A T rea su re r Pain er N trholls. V lcc-Pres. A Group Exec. M A Heidt. Vlce-Pre., Ind. Relations O. E. Stoll V lcc-P res and G roup Exec. A. E. Raalie. Vlce-Pres.. Comm. A ircraft Sales _ _ E. K Foster. Vlce-Pres. and G roup Exec. A. P. F o n tain e, V lce-Pres., E ngineering L. F. Polk. V lce-Pres. 8c G roup Exec. Charles Hummel, Comptroller H A. Goraner, Secretory D irectors H. B. B aker. N ew York John D. Bigger*. Toledo M. P. Ferguson, D etroit Clarence Francis, New York W. H. H oughton, D etroit Ernest Kaozler, Detroit R. P. Lansing, Teterboro, N. X Charles Marcus, New York C. S. H arding Mott, Flint, Mich. A. R P alm er, Miami. Fla. L. F. P o lk , D ayton, O. Geo. E. Stoll. South Bend, Ind. Ceunsel: Hughes, Hubbard, B lair & New York. A uditor*: H askins A Sell*. Reed, A n n e al Meeting L a st W ednesday in F e b ru ary, at South Bend. No. e f Stockholders: Sept. 30. 1956. 29.862. Ne. e f Employees: Sept. 30, 1956, 47,456. E xecutive Office: F ish e r Bldg., D e tro it I. Mich. New York Offices: so R ockefeller Plaza. Management Profit Sharing: U nder plan as amended, am ount to be set aside each year shall n o t be in excess o t 12)8% of n e t earn in g s above a 5',4% r e tu r n on c ap ital used in busi ness and not in excess of dividends paid In year. Revised plan also allows aw ards for any year to he paid in cash or partly In stock, as the comm ittee m ay determ ine. Under the plan n e t earn in g s w ould h a v e to equal $1.68 a sh a re before any am ount could be credited to the fund B onus d istrib u tio n : 1934, $40.677; m s . 735: 1936, $129.496: MET. $39,901; `V i i s ? * ! . 193*. $279.584; 1*0, 4509,933: 99; 4 IKS-8 -- ,800; 1949. 241.750; 1949, $L23 $1.249,930; 1952. $1i '$ 11,:,960,575; 195.5, -'M i # CONVERTIBLE SECURITIES All convertible bonds and stocks included in the Manual are listed (on ^1* in the Special Features Section. Users of the Manual should find it a convenient source '-iuc of reference. . '