Document 82GDK1XbjZpdwy9obDeQeG0J5

342 MOODY'S MANUAL OF INVESTMENTS DEVONIAN OIL CO.: Incorporated in Oklahoma, May 23, 1922, as Oklahoma Eastern Oil Co. and acquired oil and gasoline properties of Oklahoma Natural Gas Co. On Feb. 14,1925, merged Devonian Oil Co., incorporated in Delaware June 3,1920, and assumed that company's name and charter. Producers of crude oil and gasoline. As of Dec. 31, 1934, the company was Interested in Okla homa, Kansas, Texas and New Mexico and had undeveloped leases representing ,*6,399 acres. Owns 2 gasoline plants lo cated at Kellyvllle and Chlckasha, Okla., with total capacity of 40.000,000 cu. ft. of natural gas. (Gas plant at Chlckasha, Okla., was not operating In April, 1934). Three producing leases In the East Texas field were sold In 1934. Number of employees Jan. 1, 1936, 64. Management: Officers: J. H. Evans, Pres.; A. W. Leonard, Vice-Pres. and Gen. Mgr.; L. C. Ritts, Vice-Pres. and Treas.; Geo. D. Foster, Sec., Tulsa, Okla.; H. R. Dean, Asst. Sec. and Asst. Treas.; W. E. Lofton, Asst. Treas., Tulsa, Okla. Directors: J. H. Evans, A. W. Leonard, Geo. D. Foster, L. C. Ritts, Tulsa, Okla.; H. Heasley, H. J. Crawford, Emlenton, Pa.; J. V. Ritts, T. W. Phillips, Jr., Butler, Pa.; J. P. Flynn, Sistersville, W. Va. Annual Meeting: Fourth Tuesday in March. Office: 618 Na tional Bank of Tulsa Bldg. (P. O. Box 1379), Tulsa, Okla. Production Statistics, Years Endsd Dec. 31 tl934 1933 1932 oil (bbis.) .......... 1,213,664 1,438,064 1,170,702 Gasoline (gal.).. 978,662 315,855 77,589 Natural gas (M cu. ft.) ............ 6,930 72,670 1931 930.028 1,046,368 313.780 tin 1934 wells were mostly under proratlon. Comparative Income Account, Years Ended Dec. 31 1934 1933 1932 Gross income ......................... Operating expenses .............. Gen. & admin, expenses ... *1,257,078 182,764 113,501 $948,171 287.833 95,695 *1,163,024 421,404 85,876 Operating profit .................. 960,813 *564.643 *655,744 Profit sale producing prop. 1,147,852 Other income credits ------ 36,149 5`.97i Gross Income ......................... 2,144,814 . *564,643 *661,715 Federal income tax ........... 211,225 5............. Other charges ....................... 57,853 17,739 Balance...................................... 1,875,736 3546,904 9661,716 Depreciation ........................... 143,734 202,332 209.283 Depletion .................................. 137,072 125,028 103,779 Und. leasehold chgs., etc.. Net Income ........................... 124,320 1,470,610 5.............. 219,544 8.............. 348,653 Dividends .................................. 1,930,830 150,556 164,400 Surplus for year (d)*460,220 *68,988 *184.253 Earned per share Number of shares.___ *4.57 321.805 *0.67 t328.800 $1.06 328,000 * Before crediting *182,887 surplus adjustment on account Of drilling charges for 1931, which has been capitalized. t Includes reacquired stock. * After taxes and undeveloped leasehold expenses, etc. (in 1934, before such charges). 5 Deducted above (see J). 9 After undeveloped leasehold expenses, etc. (1934, before such charges). Surplus Account, year ended Dec. 31, 1934: Deficit, Dec. 31. 1933, *356.238 (Note: The 1933 annual report gave surplus at ' Dec. 31. 1933 as a credit of $219,946). Credit: Development costs applicable to recoverable oil and gas reserves (previ ously written ofE) restored, $205,375; gross operating deficit. $150,863. Debits: Deficit for year (per above). $460,220; ex penses applicable to prior year, $21,514: depreciation applicable to prior years (resulting from change to per barrel basis of computing depreciation of equipment on producing properties, $34,020; total debits. $515,754; deficit, Dec. 31, 1934, $666,616. Note: A change in accounting was made during 1932 in connection with drilling costs, which are now charged to in vestment and amortized over a period of years instead of being charged direct to operating costs. Comparative Balance Sheet, as of Dec. 31 Assets: 1934 1933 Developed properties ........................ t$4,416,820 *2,376,594 Undevel. leaseholds and fee lands .. 351,976 $239,234 Materials ................................................. 25,272 26A91 Cash .......................................................... . 349,700 549J99 Accounts receivable ............................ 125,139 116,9*2 Notes receivable ................................... $1,800 130,300 Investments .............................................. 7,925 49,175 UNotes receivable ................................. 204,880 Deferred Items ........................................ 1,224 Reacquired stock ................................. 43.433 Total ................................................. Liabilities: Capital stock .......................................... Accounts payable ................................. Federal income tax ............................ Deferred credits..................................... Surplus ...................................................... $5,484,675 *3,218,050 71,120 211425 *26.517 ttl,937,762 *3,561,368 *3.288,000 17,23* 6.133 $1219.946 Total ................................................... $5,484,675 $3,561,363 Current assets ...................................... Cun-rent liabilities ............................... IForA'inir capital ....................................... 3501,850 282,345 219,505 3852,932 17,23* 805,698 Less depletion and depreciation: 1934, $3,022,368; 1933, *3,893,071. f Consists of: Leaseholds: Cost, $2,411,541; apprecia tion (see footnote It relative to surplus). $2,624,379 : equipment. $2,048,521 ; total leaseholds, $7,081,441; gasoline plants, $293,194 ; warehouse, automobiles, etc., $61,353 : total, $7,439,188 ; less, de preciation and depletion. $3,022,368 : balance (as above). *4,416.820. t At cost. Employees. 3 Due from officer; collateralized by stocks with market quotations of $257,613 and equities In stocks pledged with others. Discount on treasury stock pur chased. ft Includes *2.624,379 from (see footnote t relative to developed plus from appraisal, less operating d' Accounts certified by Haskins tc Sei Capital Slack 1. Devonian Ol *3.500,000; outstanding, *3,218,050: I Dividends paid per share: 1925. 20 thereafter to Apr. 1, 1930, when 15 I }PLAINTIFF'S terly thereafter to Oct. 1, 1930. lncl. _ share as_ f_o__ll_ows_ : J..a...n... 2, 1331. $0.1 ($o.osi4i> irom capital- and *0.06264 from earnings); the following from capital: July 20. 1932, *0.10. Oct. 20, 1932, $0.15. Jan. 20. 1933, *0.25, Apr. .20: and July 20, 1933, *0.15, Oct. 20. 1933. *0.1678947 (*0.11303 from': capital and $0.04486 from earnings): Jan. 20 and Apr. 20, 1934,. $0.25 each from earnings; June 11. 1934, $5.00 ($3.40 from capital and $1.60 from earnings): July 20 and Oct. 20, 1934, *0.25 each from earnings; Jan. 21 and Apr. 20, 1935, *0.25. Transfer Agent: Colonial Trust Co.. Pittsburgh. Pa. Regis-', trar: Peoples-Plttsburgh Trust Co.. Pittsburgh. Pa. Listed on Pittsburgh Stock Exchange. Number of stockholders, Apr. 1. 1935. 1.91L 7 Price Range: Stock........................ 1934 18-9 1933 10-7 1932 1931 9-4 8-4 1930 14K-3fc \DEWEY & ALMY CHEMICAL CO.: Incorporated under' Massachusetts laws in 1919. Controls the Uultlbestos Co.. Mass, (a sales company or ganized in 1934); Multlbestos Co. (a Texas Corp.'); Dewey &' Almy Chemical Co. of Canada. Ltd.: Dewey &SAlmy, Ltd. (Eng.); Dewey & Almy Chemical Co. (111.), and Walpole Factories, Inc. (formerly Multlbestos Co., Walpole, Maas., ac quired in May, 1930). Practically all assets ofj the latter, other than land and buildings, were purchased?/ In 1934 by Dewey & Almy Chemical Co. (Mass.), a division of which now carries out many of the manufacturing operations for-' merly conducted by the old Multlbestos Co. f Manufactures sealing compositions for tin cans, machines for applying and drying sealing compositions, soldering fluxes, labeling adhesives, shoe soles and heels, soda lime, brake linings, brake blocks and clutch facings, sold under the trade names Dewalco, Gold Seal, Darex and Multlbestos. Plants in the United States located at Cambridge and Walpole, Mass., and Oakland, Calif. Subsidiaries' plants located at Naples. Italy; Famham. P. Q., Canada. During 1933 the company sold its entire 45.585 Interest in Dartex, A.G., Frankfurt a.-M.. Germany. Management: Officers: Bradley Dewey. Pres ; Charles Almy. Jr., Vice-Pres. and Clerk; H. S. Ferguson. Sec. and Treas., Cambridge, Mass. Directors: Bradley Dewey, Charles Almy, Jr.. S. H. Lawton. Cambridge. Mass.: Mcrril Griswold. A. L. Putnam. Boston, Mass.; H. S. Ferguson. C. H. Egan. Belmont. Mass.: P. L. Reed, Chicago: A. Besse. New York; F. G. Allen, O. K. Anderson. Richmond Mayo-Smith, J. A. Lunn. Annual Meeting: Third Tuesday In February. Office: North Cambridge, Mass. Consolidated Income Account. Year Ended Dec. 31. 1934 (Dewey d Almy Chemical Co. and subsidiariesJ (For prior years, see below) Sales .. *3,393,202 Net profit 236.189 Costs & expenses 2,908,334 Prior pref. divs.. 151,106 Depreciation .... 164,800 Operating profit . Margin of profit. 320,068 9.13% Surpl. for yr. $85,083 Other Income ... 44.880 Earned per share Total Income ... 364,948 prior preference $27.33 Sundry charges . 66,587 Earned per share Net Income ......... 298,361 pfd. & cl. Apfd. 9.72 Fed. & State tax. 61.400 Earned per share Minority Interest. 772 cm. & cl. A cm. 1.16 Consolidated Income Account. Years Ended Dec. 31 (Dewey d Almy Chemical Co. and subsidiaries) (For later, see above) 1933 1932 Net profit before deprec*. $345*725 $7,869 Depreciation .......................... 169,910 162,427 Operating profit.................... 175,816 (d)154,55S Loss from sale of Dartex. A. G........................................ 62,327 ................ 1931 <d)$291.837 144,293 (d)436.130 Net profit for year .. $113,488 (d)*154,558 (d)*436.130 Consolidated Balance Sheet, as of Dec. 31 (Dewey Almy Chemical Co. a nd subsidiaries) Assets: Fixed assets ...................................... Formulae and processes .................. Cash ........................................................... Notes acceptances receivable .... Accounts receivable (net) .................. Life insurance, cash value ............. 1934 *1.312,416 60,000 60,178 11,819 2*8,185 50,166 1933 *1,448,575 60.000 97,001 18,188 239J89 18,019 XXRaw material and supplies............. U Work in process finished goods Prepayments ............................................ S12.SU S09J63 11.522 231,01 *32,782 13.285 Total .................................................. *2,579,862 *2,583,761 Liabilities: tfPrior preference stock .................... Preferred & class A preferred stock tCommon & class A common stock. Total ........................................................... Less: Treasury st:ck........................... Balance ..................................................... Less: Deficit .......................................... Balance ............................................ SMinority interest ............................... Funded debt ............................................ Funded debt ............................................ Accounts payable ................................. .Votes payable ........................................ Dividends payable ............................... Federal and State iaz reserve .... Accrued accounts ................................. Reserve for container redemption .. Deferred credits ................................... 5617,562 2,063,700 189,730 2.870,991 *100,426 2.770,565 4S5.S2C 52.2S4.739 1,337 ................ 2,000 71,906 50,000 50,250 61,400 75,252 5.01S ................ *617.562 2.063.700 139,730 2,370,991 1391 2 s:0.60 570.909 S2 299^51 ".o5o65u y?.39* 100,000 70,391 4.5*9 6,66: Total 79.S62 *2.533,761