Document 91w0RqLjQwwdEKQkYO9dqDyDD

FILE NAME: Philip Carey (PC) DATE: 1972 PC070 DOC#: PC070 DOCUMENT DESCRIPTION: Entry in Moody's Industrial Manual ?AVAC/j 1972 VOL. II MOODY'S, INDUSTRIAL MANUAL ROBERT H. MESSNER, Publisher HENRY PORRECA, Publisher ROY H. KRAUSE, Editorial Board THOMAS I. CIACCIO KENNETH W. CLIFFORD ALFRED C. ELLINGHAM ALBERT C. ESOKAIT ROBERT P. HANSON BOHDAN J . KEKISH JOSEPH B. LE1GII WILLIAM II. MOORE ROBERT F. PEABODY FRANK R. PLATAROTE MOODY'S INVESTORS SERVICE, INC. 99 CHURCH STREET, NEW YORK, N. Y. 10007 (212) 267-8800 SEE FOLLOWING PAGE FOR COM PLETE LIST OF O FFICES Copyright 1972 by MOODY'S INVESTORS SERVICE, INC New York All rights reserved. V live ,hts. YC. ^ro- eis, eds - "s. ITI Inc. for api- 1969 22 3U s to hare ION laws and `,000. nd 3 iriliged and lopural d 2 and and subalia; pan. ruc:-up s in ield net In rde, ike, R. Apr. 5% ion, 137. La. 70 .431 .192 ded ) 000 000 000 000 000 .000 .000 ,000 .000 ,000 ,000 ,5 555 ooo 000 000 o55 1.70 136 urtm 266 for hs. hg. 31: noo ooo '>00 ooo ooo >00 900 M OODY'S IN D U S T R IA L M A N U A L 2897 Not p r o p e r t y ------- 115,980.000 105,097,000 T R A N SF E R A G EN TS & R E G IST R A R S-- C in cin n a ti, O. W ilm in g to n , 111. Dei. chgs., etc. 256,000 648,000 S am e as com m on sto c k (below ). Houston, Tex. Elizabethtow n, Ky. Equity affil. e a r n -- 13,071,000 6.763.000 O FFE R E D --(500,415 sh s.) a t $50 a sh. p lu s L in d e n , N. J. D allas, Tex* accrued divs. to com m on stockholders of M emphis, Tenn. Los A ngeles, Cal. T otal ________ $208,337,000 $150,816,000 re c o rd N ov. 19, 1971. R ig h ts e x p ire d Dec. P e r th A m boy, N. J. P o rtla n d , O re. Liabilities: 6. 1971. O ffe rin g in c lu d e d 254,526 shs. s u b Officer Accounts pay., etc. $19,112,000 $21,234,000 sc rib e d fo r w ith o u t u n d e rw ritin g b y M u r P . A. Jo h n sto n , C hm n. Debt due ................ Income t a x e s ____ 20,676,000 2,737,000 6.619.000 1.971.000 phy Oil Corp., p aren t. R em aining derw ritten by M organ Stanley & shs. un Co., Inc. C. E. T en n esso n , J r. P re s. & C h ief E xec. O ff. A rth u r Rosenbaum , Vice-Pres. & Treas. Total cu rren t _ $42,525,000 and Reinholdt & G ardner and associates. $29.824,000 T R A D E D --OTC. H. D. A gase V ice-P res. C. H. E ife rt Deb. 5*^s, 1994 ___ Notes, etc., p a y a b le 22.974.000 19.873.000 P R IC E RA N G E--,1971, 72li-54*/2. 36.845.000 H. H. A nderson C. C. H o llow ay Barge re p a irs r e s - 2.468.000 2.185.000 3. Ocean D rilling mon; par $50. & Exploration Co com C. J. B a in u m H. E. B arch R. J. M errill A. R. M organ, J r. Def. incom e ta x ,, Exploration adv. - 6.952.000 1.891.000 6.798.000 A U TH O RIZED --14,000,000 sh a re s; o u tsta n d in g , J. T. D e rric k 10,508,696 sh a re s; in tre a s u ry , 20,184 sh a re s; E. A. D iSalvo G. C. S cow croft J Minority in te re s t _ 5% pfd. stk . ($50) . 14.435.000 190,000 215,000 p a r $.50. P a r ch a n g ed fro m $1 to 50 ce n ts b y 2-fo r-l L. A. P echstein, Sec. & Gen. Counsel S. H. A arons, Asst, Sec. 6% conv, pfd. ($50) Common stk . ($0.50) 25.021.000 5.264.000 2,39l"555 sp lit A pr. 30, 1965; o n Nov. 22, 197.1. $0.50 p a r shs. split 2- fo r - l J. H. H allock, A sst Sec. R. I. F leischer, Asst. Sec. Capital s u r p l u s __ Earned s u r p l u s __ 49.358.000 37.278.000 24.801.000 27.926.000 M u rp h y O il C orp. o w n s 51% of c a p ita l R, B. D am rom , Asst. T reas. Stockho Id. e q u ity QJReacq. s t o c k __ 117.111.000 19,000 55.333.000 sto ck . VOTING RIG H TS--H as one vote per share, P. A. Johnston 42,000 D irecto rs D. I. O brow Net stk h ld . eq. - 117.092.000 55.291.000 w ith right of cum ulative voting for directors. PREEMPTIVE RIGHTS -- Has preem ptive L. C. L a n e J. J, M arshall S. A. Spencer C. E Tennesson, Jr. T o tal ________ $208,337,000 $150,816,000 rights. D IV ID E N D S -- Auditors: H askins & Sells. Net c u r r e n t asse ts Net tang. com . eh. $36,505,000 $8.75 $8,484,000 O n $1 p a r sh a re s: $11.56 1959-62 n il 1963-64 0 3 ,, Annual Meeting: J u n e 17 or, if S a tu rd a y o r Sunday, on following M onday. 5120,184 (1970, 10,687) com . shs. a t cost. (DAt cost o r less. $5.77 a d j. fo r stk . sp lit. O n $.50 p a r sh a re s: Counsel: T aft, S lettinius & H ollister, Cin 1965-- n il 1966__ (T|_ 1967... n il cin n a ti. Term Loan Debt: O u tsta n d in g , D ec. 31, 1971, 1968-71 0.20 No. of Stockholders: D ec. 31, 1971, 5,924. $7,000,000 5.32% n o te p a y a b le se m i-a n n u a lly O n $0.50 p a r s h a re s a f te r 2 -fo r-l sp lit: thru 1976. 1972- 0.075 No. of Employees: Dec. 31, 1971, 5,700. The 5.32% n o te a g re e m e n ts c o n ta in r e - A lso sto c k d iv id e n d s: 1963-64 5%; 1966, 4%. Executive Offices: 320 S o u th W ayne A ve., itrictions o n th e p a y m e n t o f d iv id e n d s on QDTo F eb. 2. C in cin n a ti, O. 45215. common stock o th e r th a n d iv id en d s p ay ab le TRA N SFER AGENTS & REGISTRARS-- Note: Co. plans to m ove ex ecu tiv e offices in stock. As o f Dec. 31, 1971, s u c h d iv id e n d s W h itn ey N a tio n a l B a n k ' o f N ew O rlean s, fro m C in cin n ati, O. to A tla n ta , Ga. in A pr. o r were lim ite d to $37,183,000. N ew O rlean s; C h ase M a n h a tta n B a n k , N.A., M ay of 1972, New York. Subsidiary Debt: (g u a ra n te e d ) O u tstg . D ec. T R A D ED --OTC. Consolidated Income Account years ended Dec. 31: 1971 1970 31, 1971, $15,988.000 co m p risin g : P R IC E R A N G E--[D1971 3970 1969 1968 1967 N et sales ................ $180,925,025 $157,152.392 (1) $1,616,000 5V2% due se m i-a n n u a lly , H ig h .................... 373i 43 463/4 49 39 O th. incom e, n e t 203,626 491,886 1972-75. L o w .................... 28 \'4 19 283,4 31 22 V4 T o ta l ........................ 181,128.651 157,644.278 (2) $6,352,000 5Ms% d u e , se m i-a n n u a lly , A fte r 2 -fo r-l sp lit; b efo re, 653,4-42. C ost of s a l e s ........... 145,786.753 131.032,535 1972- 79. Selling, etc., exp. . 21,355,087 18,328,879 (3) $3,920,000 7%% d u e 1974. PANACON CORP. In te re s t, etc. ......... 2,267.269 3,023.826 (4) $4,100,000 7Vb%-8',/8% d u e se m i-a n n u a lly , 1973- 77. (Controlled by Jim Walter Corp.) In co m e t a x e s ____ History: Inco rp o rated in M ichigan, Nov. E xtraord. cre d it. 5.581,249 4,453,000 2,187,546 793.412 Subsidiary Debt: (n o t g u a ra n te e d ) O u tstg . 29, 1909, as B rig g s M a n u fa c tu rin g Co.; p re s e n t Net in c o m e ............. 10,591,293 3.864.904 Dec. 31, 1971, $5,102,000 (1) $5,000.000 8*/a% n a m e a d o p te d A p r. 9, 1970. P re v . re t. e a r n . __ 12,870,229 9.005,325 note d u e m o n th ly th r u 1975; (2) $102,000 O n J a n . 1, 1935, p r o p e r ty a n d b u sin e ss of Its R e ta in ed e a rn in g s . [1323,461,522 12,870,229 8% d e b e n tu re d u e 1979. B ritish subsidiary, B riggs Bodies, Ltd. (w hich Earn., com. sh. - $0 67 SO 25 h ad b e e n o rg a n iz e d in J u ly , 1930, to m ake (11$4.456,000 n o t re s tric te d . T a x c re d it du e Capital Stock: L Ocean Drilling & Explora autom obile bodies, a t D agenham , E ngland) to loss carryforw ard. As reported on aver, tion Co* S% cum ulative preferred, par $50: w as so ld to B rig g s M o to r B odies, L td . fo r sh ares, assu m in g conv of cl. A com . stk . & AUTHORIZED--All se rie s, 600,000 sh a re s; cash a n d se c u ritie s of la tte r n o w h e ld b y ex e rc ise of d ilu tiv e stk . o ptions; $0.39 (1970, outstanding, 5% se ries, 3,790 sh a re s; p a r $50. co m p a n y 's w h o lly o w n ed s u b sid ia ry , B rig g s $0.20) excl. e x tra o rd . cre d it.; $0.65 (S0.38 excl, At M ar. 1, 1971, M u rp h y O il Co. o w n s T ru st, L td. (fo rm e rly B rig g s B odies. L td .). e x tra o rd . c re d it) in 1971 and $0 24 ($0.19 excl. 3,964 sh a re s (92%). In J a n .. 1949. co m o au v o u rc h a se d U p p er e x tra o rd . cre d it) in 1970, on fu lly d ilu te d PREFEREN CES--H as p re fe re n c e fo r a sse ts U nion M ills a t Y o u n g sto w n . O., fro m C a m e g ie - basis. and dividends illinois Steel Corp , a subsidiary of U nited DIVIDEND R IG H TS--E n title d to c u m u la tiv e S ta te s S tee l C orp., fo r $1,000.000. Consolidated Balance Sheet as of Dec. 31: dividends of $2.50 a s h a re a n n u a lly , p a y a b le E a rly in 1953, co m p an y so ld B rig g s T ru s t, A ssets: quarterly Feb. 1. etc. L td ., a su b sid ia ry , to F o rd M o to r Co., L td ., o f C ash .......................... 1971 $6.464.504 1970 $4.350.847 DIVIDEND RECORD--R e g u la r d iv id e n d s p aid . L o n d o n , fo r $8.636.562. B rig g s T ru s t h e ld a b o u t R eceiv ab les, n e t -- 28,709.707 28,755.814 VOTING R IG H TS--H as no v o tin g p o w e r e x 60% of 2.000.000 s h a re s o f B rig g s M o to r B odies. In v e n to rie s 25,374,746 22,319,903 cept on default of 6 q u arterly dividends Ltd. when, v o tin g as a class, e n title d to e le c t 3 A s o f D ec. 29, 1953 c o m p a n y sold a ll a u to T o ta l c u r r e n t _ $60.548,957 $55.426.564 directors. C o n sen t of 662/3% o f p r e f e r re d m o tiv e a n d a ir c r a f t p la n ts, etc., to C h ry sle r N et prop., etc. __ 41,950,269 41,856,955 required to creat p rio r stock or increase Corp., and la ter tran sferred to C hrysler au to D ei, charges, etc. - 3,508,906 3,687,211 authorized p rio r stock; to am end term s ad m otive end aircraft inventories and dies. versely. C o n sen t of m a jo r ity of p r e f e r re d I n 1964 a c q u ire d C ase P lu m b in g M a n u fa c t T o ta l ________ $106,008,132 $100.970,730 req u ired to in c re a se a u th o riz e d p r e f e r re d ; u rin g Co. of R o b in so n , 111. L ia b ilitie s: cre ate p a r ity stock, c o n so lid a te o r d isso lv e In 1965 a c q u ire d 50% of o u tsta n d in g sto c k A ccts., etc., p ay . _ $15,216,772 $15.309,899 voluntarily. of A m e ric a n A irm o tiv e C orp. fo r $100,000 in N otes p a y a b l e ___ 1,650,000 LIQ U ID A TIO N R IG H T S --I n liq u id a tio n , e n ca sh a n d a $1,500,000 p ro m isso ry n o te to D eb t d u e ________ 4,961.709 4,790,083 titled to $50 a sh a re if in v o lu n ta ry a n d r e - B a n k e rs L ife & C a su alty Co. d e m p tio n p r ic e if v o lu n ta ry ; p lu s d iv id e n d s. In 1965 m e rg e d R e p u b lic -T ra n sc o n In d u s T o ta l c u r r e n t _ $20,178.481 $21,749,982 PR E E M PT IV E R IG H T S --N one. tries, Inc. L ong te rm d e b t __ 23,999,913 29,036.172 CALLABLE--As a w h o le o r in p a r t a t a n y In 1967 so ld A m e ric a n A irm o tiv e C o rp . a n d Res. b o n d ed r o o fs . 4,125,941 4.450,000 tim e on. a t leasrt 30 days* n o tic e a t $52.50 a T e x tile , Inc. Def. incom e ta x __ 3,428.028 3,308.123 share an d d iv id e n d s; c a lla b le fo r sin k in g fu n d In A p r. 1970, m e rg e d P h ilip C a re y O orp., P e n s i o n s _________ 1,922.011 703,616 (w hich see) a t $50 a sh a re . s u b sid ia ry o f G len A ld e n Corp.; Co. o p Com . stk . ($1) ____ 8,251.269 8.234,123 SIN K IN G FU N D --A n n u a lly b y N ov. 1, to r e e ra te s as a d iv isio n . P a s t a c q u isitio n s m a d e Cl. A com . stk . ($1) 7.356,000 7,356.000 tire $10,500 p a r v a lu e of 5% p r e f e r re d in 1958 b y P h ilip C a re y in c lu d e Q ueb ec A sb esto s P a id -in s u r p l u s __ 13,284.967 13,262,485 and $25,000 p a r v a lu e th e re a f te r; h o w e v e r if Co. (1915); M iam i C ycle (1933); A sb esto s Co. R e ta in e d e a rn in g s . 23,461,522 12.870,229 n et in c o m e in a n y y e a r is in su ffic ie n t to r e tir e o f T ex . (1951); L eh o n Co. (1955) a n d L ib e rty sh ares of e v e ry se rie s h a v in g sin k in g fu n d B ell M fg. Co. (1959). T o ta l ________ $106,008,132 $100.970.730 re a u ire m e n t, co m p an y shall, in lie u of a n n u a l I n 1971 so ld W e ste rn T ire A u to S to res. N e t c u r r e n t assets*. $40,370,476 $33,676.582 sinking fund, retire shares of all series pro rata as provided. E D e p r. & depl. . $49,579,199 Control: As o f A p r. 1972 J im W a lte r C orp. L ow er cost o r m k t. $46,979,876 TRANSFER AGENT--C om pany's office. (see a lp h a b e tic a l in d e x ) a c q u ire d 89% o f N ote: A bove 1970 sta te m e n ts re s ta te d fo r voting pow er of com m on stock of Co. from com parative purposes. 2. Ocean D rilling & Exploration Co., 6% G le n A ld en C orp. cum ulative convertible preferred; par $50: AUTH.--600,000; o u tstg ., 500,415 shs. Long-Term Debt: O utstg. Dec. 31, 1971 (excl. D ivisions; B rig g s M a n u fa c tu rin g C o m pany, c u r r e n t m a tu ritie s), $23,999.913 co m p risin g PREFER EN C ES--H as p re fe re n c e f o r a sse ts C a re y C a n ad ian M ines, L td., M iam i-C arey (1 ) $2,600,000 n o te s p a y a b le to b a n k w ith in and divs. Co., M iam i-C arey L td ., P h ilip C a re y Co., R e te re s t a t 1% ab o v e p rim e ra te , d u e th r u 1974; DIVIDEND R IG H T S--E n title d to cum . d iv s. p u b lic H e a te r Co. (2) $6.405,128 4%-6V2% m tge. n o tes d u e to of 6% p e r etc annum , payable q u a rte rly Feb. 1, Business and Products: E ngaged In m a n u facture and sale of Briggs B eautyw are, v it 1986; (3) $1,182,840 5V2% -6 ^% n o te s p a y a b le d u e to 1974; (4) $7,000,000 8 >2% n o te s p ay ab le VOTING LIQUIDATION cu m pfd . par $50. R IG H T S --S a m e as reous china, plum bing fixtures, porcelain e n a m e lw are. and brass plumbingware fittings, a n n u a lly th r u 1974; (5) $1,080,000 n o te s p ay a b le to bank at interest 1% above prim e rate due PREEMPTIVE RIGHTS--None. CALLABLE--As a w h o le o r in p a r t a t a n y C o m p an y also m a n u fa c tu re s gas a n d e le c tric w ater heaters, air conditioners, forced air a n n u a lly th r u 1975: (6) $175,437 37r-6?^ su n d ry debt consisting principally of mtge. and notes tim e on a t le a st 30 d a y s ' n o tic e a t fo llo w in g prices p e r sh. to each Dec. 1, incl.: 1973, $53; furnaces, building w all panels and com m er cial signs, prepared roofing for hom es, b ath d u e 1972-77; (7) $5,360,475 n o n -in te re s t b ea rin g su b o rd . n o tes d u e th r u 1982: (8) SI96.033 d ue to 1975, $52.25; 1977, $51.50; 1979, $50.75; th e re room cabinets, lights and accessories; kitchen h o ld e rs of 5% to 6J,4% in d u s tria l b o n d s p a y a b le a n n u a lly 1973-79 revenue a fte r $50. range hoods; ventilating fans and heaters, CONVERTIBLE--In to com, a t a n y tim e (if fra m e d an d u n fra m e d m irro rs, d o o r chim es, A greem ent covering certain debt contain called, th r u re d e m p tio n d a te ) a t r a te o f 1.587 a p a rtm e n t m a il boxes, e le c tric fire p la c e s an d com. shs. for each pfd. sh. No ad ju stm e n t Jo b b e r products. Also engaged in M ining and convenant on m ergers, working capital, divi d en d s and n e t w o rth A t Dec. 31, 1971. $4.- for divs. Cash paid in lieu of fractional shs. M illing of Asbestos. Conversion privilege protected against dilu 456,000 of re ta in e d e a rn in g s w e re a v a ila b le for dividends. tion. Property: P rincipal plants located at; PURPO SE--P ro c e e d s fo r g e n e ra l c o rp o ra te A b ingdon, 111. M onroe, O. U npaid balance on subord, note m ay be converted at option of holders into com at p u rposes in c lu d in g n e w d rillin g barg es, d e b t R ob in so n , 111. S a n ta F e S p rin g s, Cal. r a te of 1 com. sh. fo r each $10 of n o te s A p repaym ent and oil and gas exploration and Sterling Heights, M ich.Sw ainsboro. Ga. prox. 35% of notes are held by affiliated developm ent. E ast B roughton, Ont, Toronto, Ont. com panies. 2898 MOODY'S INDUSTRIAL MANUAL T C a p ita l S to c k ; 1. P a n aeon Corp c la s t A com m on; p a r $1: A u th ., 7,356,000 sh s,; o u ts tg . 7,356,000 sh s.; p a r SI. A ll ow ned by Jim W alter Corp, S h ares divs. equally w ith com ., w h en d e clared. In liquidation, has first preference over co m . to e x t e n t of $3 a sh . H a s Vjoooth v o te p e r sh. w ith c u m u la tiv e voting for directors. No preem ptive rights. C o n v e rtib le in to com . a f te r D ec. 31, 1971 o n a sh -for-sh. basis. T ra n sfer A gent: D etro it (M ich.) B ank & T ru st Co. an d F irst N ational B an k of Chi cago. R egistrar: M anufacturers N ational B ank, D etroit and A m erican N ational B ank & T rust Co., C hicago. 2. Pan aeon C o rp . com m on; p ar $1: A u th ., 25,000,000 sh s.; o u ts tg . 8,251,269 sh s. o f w h ic h J im W a lte r C o rp o w n s 6,528,739 sh s.; r e s e r v e d f o r o p tio n s , 442,375 sh s.; r e s e r v e d f o r w a r r a n ts , 81,748 sh s.; r e s e r v e d f o r c o n v e r s io n o f n o te s , 536,048 sh s ; r e s e r v e d f o r c o n v e r s io n o f cl. A com ., 7,356,000 sh s.; p a r $1. Has one vote p er sh. w ith cum ulative voting for directors. No preem ptive rights. In any liquidation, has second preference to e x t e n t o f $3 a sh T h e r e a f te r , cl. A a n d com. share assets ratably. T ransfer A gent & R egistrar: Sam e as for cl. A com . L isted: On M idw est Stock E xchange. Price Range: 1971 1970E1969 1968 1967 H ig h __________ 4% 4% 9 6Va 4% L o w - ........... ........ 2 % 2 % 3% 3% 1 % (H1969 a n d p r i o r y e a r s p r ic e r a n g e o n D e tro it S. E. fo r B riggs Mfg. Co. N ote: Jim W a lte r C orp. ow n s 79% o f v o tin g p o w e r o f c a p ita l sto c k (88% g iv in g e ffe c t to conversion of cl. A). W a r ra n ts : O u ts tg . D ec. 31, 1971, w a r r a n ts to p u r c h a s e 81,748 co m . sh s. a t $7.50 a sh . to J u l y 1, 1973. PATERSON PARCHMENT PAPER CO. History: In c o rp o ra ted in D elaw are in M ay 1966 as s u c c e s s o r to a c o m p a n y o f sa m e n a m e in c o r p o r a te d in P e n n s y lv a n ia , J a n . 1, 1945. O n D ec. 29, 1944, m e rg e d c o m p a n y of s a m e nam e in co rp o rated in N ew Je rse y in Feb., 1891, O n J u l y 29, 1965 a c q u ir e d K e e L o x M a n u f a c tu r in g Co. f o r $5,470,000. O n N ov. 6, 1967 form ed D ynagraphic System s, Inc. O n M ar. 3, 1970 a c q u ir e d D a rm o n T o o l & M a n u f a c tu r in g C o rp . f o r 27,811 c o m m o n shares. Business: M a n u factu res p a p e r fo r business Sc g ra p h ic a rts, sp ecial in d u s tria l p ap e rs, bookbinding m aterial. P ro d u cts sold u n d er tradenam es: PATAPAR, PATERSON, PATAX, PA RCH K IN , and D U RA PA K . Also m an ufactures and distributes carbon papers and com puter and inked ribbons and distributes office copying m achines and supplies. P ro d ucts sola u n d er tradenam es K ee L ox, K ee Lectro and P anam a-B eaver. Property: H as plants a t B ristol, Pa., R och e ster, N. Y., S u n n y v a le , C al. a n d F a irfie ld , N. J. Subsidiaries: (w holly-ow ned) P ate rso n P a cific P arch m en t Co,, K ee Lox M anufacturing Co., D y n a g ra p h ic S ystem s, Inc., D a rm o n Tool ScM fg. C orp. O fficers E. R. L eonhard, C hairm an R. A. S tan fo rd , P res., C hief E xec. O fficer & T reasurer V ice-Presidents C. J P y le R. W. P olchinski A. T. L eonhard, S ecretary B. H. W etherell, Asst. T re asu re r T. A. T ivey, C ontr. & A sst, to P re sid en t Directors: E. R. L eonhard, H. F. S cheetz, Jr., J. T. L eonhard, A. T. L eonhard, E. J. M cC orm ick, W. A. D ill, G. P . W illiam s, III, R. A. S tan fo rd , R. W. T h atch er. A uditors: M ain, L a fre n tz Sc Co., N ew Y o rk , N. Y. A nnual Meeting: In May. No. of Sto ck h o ld ers: F eb . 16,1972, 1,703. No. of Em p lo yees: D ec. 31, 1971,1,156. General Counsel: G eorge P. W illiam s, III, S ch n ad er, H a r ris o n , S egal Sc L e w is, P h ila d e l phia, Pa. Purchasing Agent: C. J. C lauer, J r. O ffice : B r is to l, P a . 19007. C o n so lid ate d In co m e Dec. 31: N e t s a l e s ....... .............. C o st o f s a l e s ____ Selling, etc., exp. _ Oth deduct., n et _ In c o m e t a x e s ____ E xtraord credit -- EHN et l o s s ___________ P re v . r e t. e a r n . __ C o m m o n d i v s . ___ Account, years ended 1971 $29,547,677 21.962,427 7,990.94 1 267,218 c r 220,100 1970 $30,257,166 21.813,742 7,923,035 2,044.518 cr638,781 177.623 275,186 5,977,988 213,107 -------885,348 7,243,713 380,377 Earn., com. sh. _ dSO.26 d$0.84 No. of com. shares 1,106,537 1,106,537 A f te r $766,199 (1970, $760,033) d e p re c . G a in b ld g . Sc e q u ip , so ld . d$0.42 b e fo re e x tr a o r d . c r e d it. GilAs r e p o r te d o n a v e r. sh s. Consolid ated B a lan ce S h e et, as of D ec. 31: A ssets: C a sh ______________ M k t. sec., c o s t ___ R eceivables, n et ,, T a x c la im _______ I n v e n t o r i e s ____ P r e p a y m e n t _____ 1971 $979,647 3.529753 325,165 8,253,158 201,775 1970 $725,051 50,000 3,732,724 828,429 8,557,648 65,416 T otal cu rren t Net prop , e tc ._ Investm ents, etc. _ E x c . ac q . c o s t ____ D eferred charges ,, $13.289,498 7,978,534 335,435 669,531 782,719 $13,959,268 8,636,986 362,849 491,968 274,951 T o ta l ________ L iabilities: A ccts. p a y a b l e ___ N o te s p a y a b l e ___ A c c ru a ls _________ In c ., e tc ., t a x ____ U nred. coupons -- $23,055,717 $2,290,154 34,920 844,246 160,908 1,695,677 $23,726,022 $2,607,739 1,078,400 867,100 125,665 1,649,653 T otal cu rren t ,, N o te s p a y a b l e ___ D eferred inc. tax D eferred comp. ,, C om . s tk ( $ 5 ) ____ C a p ita l s u r p l u s __ R etained earningsStockhold. equity _ R eacquired stk. - N et stkhld. eq. _ $5,025,905 5,242,139 925.018 119,043 5.555,640 780,994 5,489,695 11,826,329 82,717 11,743.612 $6.328,557 4,388,843 622,455 154,262 5,555,640 780,994 5,977,988 12,314.622 82,717 12,231,905 T o ta l ________ N et current assets. N e t tg . com . s h . __ il] D e p r e c ia tio n _ 45,591 com . sh s. a t or m kt. $23,055,717 $8,263,593 $10.01 $12,222,427 cost. Low er $23,726,022 $7,630,711 $10.62 $11,785,192 cost (fifo) Lo n g -T erm D ebt: O u ts tg ., D ec. 31, 1971: (1) $5,000,000 r e v o lv in g c r e d it w ith in te r e s t a t % % o v e r p r im e to J u l y 31, 1972 a n d 1% % o v e r p r im e r a t e t h e r e a f t e r to J a n . 1, 1974 p a y a b le q u a r te r l y b e g in n in g N ov. 1, 1971. (2) $242,139 o th e r lo a n s f r o m in s u r a n c e c o m panies. C om pany Is re q u ire d u n d e r la tte r loan to m ain tain w orking cap ital of n o t less th a n $6,500,000 a n d m a y n o t b o r ro w a n y a d d itio n a l m o n e y in e x c e s s o f a n a g g r e g a te o f $500,000 w ithout consent of bank. C a p ita l S to c k : X. P aterso n P a rc h m e n t P a p e r Co. com m on; par $5: A U T H O R IZ E D --4,000.000; o u ts ta n d in g , 1,065,- 537; in tr e a s u r y , 45,591 s h a re s ; r e s e r v e d f o r o p tio n s . 59,055 s h a re s ; p a r $5. P a r c h a n g e d f r o m $20 to $10 A p r. 3, 1957 a n d fro m $10 to $5 J a n . 10, 1969, b o th b y 2-for-l splits. D IV ID E N D S -- ( P a y m e n ts s in c e 1944 f o llo w ): O n $20 p a r s h a re s : 1945-- 0.80 1946-47 1.00 1948___ 0.60 1949__ 0.80 1950__ 1.30 1951___ 1.10 1952-- 0.60 1953-- 0.80 1954-56 1.00 E1957- 0.20 O n $10 p a r s h a re s : 1957-- 1960-- 1965. 0.41% 1958-- 0.45 1961___ 0.25 E1966__ 0.50 1959-- 0.55 0.50 E l 962-65 0.55 0.57 Va 1967-- 0.30 1968__ 0.60 O n $5 p a r s h a re s : 1969-70 0.36 1971-- 0.20 1972. 0.10 E A ls o s to c k d iv id e n d s 1957, 20%; 1959, 5% ; 1964 a n d 1965, 2% ; 1966 a n d 1967, 3%. To M ay 31. TRANSFER AGENT AND REGISTRAR-- B a n k e rs T ru s t Co., N.Y.C. L IS T E D --O n A SE (S y m b o l: P P P ). P R IC E R A N G E -- 1971 1970 1969E1968 1967 H ig h ______ 9% 21% 35% 30 26 L o w ______ 5% 6% 16% 29 16 E A f t e r J a n . 1969 s p lit (w . i.); b e fo re , 66% - 21%. PEABODY GAUON CORP. H istory: In c o rp o ra te d u n d e r D elaw are law s M ay 10, 1946, a s H e r c u le s S te e l P r o d u c ts Corp.; nam echangedto H ercules G allon P roducts, Inc. on m erg er of C entral Ohio S te e l P r o d u c ts Co. A u g . 31, 1955. P r e s e n t n a m e a d o p te d D ec. 11, 1969. O n J u l y 1, 1946, a c q u ir e d e n t ir e c o m m o n lock of G allo n M e tallic V a u lt Co., a n Ohio c o m p a n y in c o r p o r a te d o n J a n . 5, 1905, o p e r ating chiefly as Hercules Steel Products Co. G abon M etallic V ault Co. w as m erged M ar. 12, 1947, (S o ld o n O ct. 5, 1965). O n J a n . 31, 1948 m e rg e d S ta r M fg., Co., S t. L o u is, a c q u ir e d in 1947 O n N ov. 1, 1954, a c quired plant and tru ck van body business of G ram m T railer Corp. I n 1961, a c q u ir e d a s s e ts o f H e lm c o , In c ., f o r $314,469 c a sh . _ C en tral O hio Steel P ro d u cts Co. (m erged A u g 31, 1955) w a s in c o r p o r a te d in O h io M a r. 7. 1928 to a c q u ir e p r o p e r ty a n d b u s in e s s of N ational G rave V ault Co. an d trad e nam e o f G a llo n A lls te e l B o d y Co. O n Nov* 1, 1950, ac q u ired C ard ln g to n M etal P ro d u c ts Co., on F e b 1 1951. M a n sfield M e ta l V a u lt Co. O n N o v 30, 1962, a c q u ir e d C a rJe y T r a ile r 8I n O ct. 1967, a c q u ir e d 60% o f co m m on stock o f S ta n d a r d A u to B o d y Co., L os A ngeles; acu ir e d r e m a in in g 40% o f co m m o n stock in ct. 1968. I n M ay , 1969 a c q u ir e d R e g a l S tam p in g Co, D e tr o it, M ich , f o r $2,605,000 a n d 66,666 com. shs. In S ep t., 1969 a c q u ir e d 77% in te re st in P e a b o d y E n g in e e r in g C o rp ., S ta m fo rd , Conn, f o r $4,000,000 in c a s h a n d n o te s. In Nov., 1969 a c q u ire d re m a in in g in te r e s t fro m Stevens I n s titu t e o f T e c h n o lo g y f o r $1,250,000 in * y ear notes. O n J a n . 12, 1970 a c q u ir e d D eW ald Fabri catio n s Inc., V an N uys, C alif., fo r approx 104,000 Co. co m . sh s., o f w h ic h h alf are b ased o n a f u tu r e c o n tin g e n c y p a y o u t basis. I n D ec. 1970, a c q u ir e d B a rn e s M an u factu r in g Co., M a n sfie ld , O. f o r 258,000 Co. com shs D u rin g 1970, a lso a c q u ir e d in ex c h an g e of 484,473 com . s h s o u ts ta n d in g c a p ita l stock of D e W a ld F a b r ic a tio n s , In c.; P o w e r a n d Com b u stio n , Inc. an d its affiliate; H art Pump C o rp .; W e lle s P r o d u c ts C o rp ., e x c h a n g e d 136,* 822 com . sh s. f o r o u ts ta n d in g com . stock of R yan Instrum ents, Inc. and subsidiary. O n A p r. 30, 1971, a c q u ir e d I n d u s tr ia l Leas in g C o rp . f o r 77,426 c o m m o n s h a re s . O n J u n e 30, 1971, a c q u ir e d P e te r s o n Water R e so u rc e s, In c . f o r 11,327 co m m o n sh a re s. A lso in 1971, a c q u ir e d C o m m e rc ia l Testing & E n g in e e rin g Co.; R u d co E q u ip m e n t Co; X -R ay E n g in e e rin g Co. an d G o rd o n & Piatt, In c . in e x c h a n g e f o r 365,107 co m m o n sh ares. Proposed A cq u isitio n s: I n A p r. 1972, Co. a g r e e d to a c q u ir e C e rtif ie d I n d u s tr ia l X-Rav Co., S an L ean d ro , Cal. and C om bustion & P ow er E quipm ent Ltd., M ontreal, Canada. B usiness: M a n u fa c tu re s H e rc u le s Gallon d u m p t r u c k b o d ie s a n d h y d r a u lic h o ists, van b o d ie s, p la tf o r m b o d ie s, a h y d r a u lic lift tail g ate, d u m p tra ile rs an d sem i-trailers, ref u s e p a c k e r s , c o n ta in e r s a n d s y ste m s a n d also p o p co rn m ach in es and a line of commercial c o o k in g a n d fo o d s e rv in g e q u ip m e n t, also h o t an d cold beverage dispensing appliances. P eabody E ngineering D ivision manufac tu re s d iv ersified a ir and w a te r pollution prevention equipm ent. Property: C om pany Los A ngeles, Calif. F rem ont, Calif. V an N uys, Calif. Stam ford, Conn. Lim a, O. Toronto, O nt. h as p la n ts as follows: St. Louis, Mo. D etroit. M ich. R oseville, M ich. G alion, O D urant, O kla. London, England Sub sid iaries: P e a b o d y E n g in e e rin g Corp.; Peabody E ngineering Corp. of Canada, L td; P eabody E ngineering, Ltd.; E-Z P ack Co; H e r c u le s G a lio n Co.; S ta n d a r d A u to B o d y Co S ta r M a n u f a c tu r in g Co.; U n is te e l B o d y Co.; R eg al S ta m p in g Co.; D eW ald F abrications, Inc.; C en terlin e M etal P ro d u cts Co. P o w er and C om bustion, Inc.; H art Pump Corp.; W elles P ro d u cts Corp.; B arnes Manu fa c tu rin g Co.; R y an In stru m e n ts, Inc.; Gor d o n Sc P ia tt, In c.; I n d u s tr ia l L e a sin g C orp. O fficers: J. E. M cC ornaughy, J r , Chmn. and P res ; A. W. D rew , Exec. V ice-P res ; W A. H e rp ic h , E x ec. V ic e -P re s. (R& D ); F B. H out, J o h n D un, A. J. G iglio, N icholas Bong io v a n n i, J . M. C la ffe y , V ic e -P re s.; R. E. D eem s, V ice-P res., Sec. & T reas.; T. J. N uzzaci. D irectors: F. W. H eilm an, P C. R. Huang. J E. M cConnaughy, Jr., Jo h n D unn, Stew art U d a ll, A. W. D re w , N. J B o n g io v a n n i, R. A. L ev in so n , D. E. L yons, W. R. Ross, J r. Gen. Counsel: R osenm an, Colin, Kaye, P e ts c h e k , F re u n d Sc E m il. Purchasing Agent: C. L. S n y d er. A u d ito rs: P e a t, M a rw ic k , M itc h e ll Sc Co. Annual M eeting: T hird F riday of Feb. No. of S to ck h o ld ers: D ec. 31, 1969, 2,500. No. of Em p lo yees: D ec. 31, 1971, 3,129. O ffice : 410 P a r k A v e., N . Y., N . Y. 10022. Consolidated Incom e A cco u n t, ye ars ended Sep t. 30: 1971 1970 N e t s a l e s ________ $90,274,000 $68,267,000 C o st o f s a l e s ____ 67.138.000 51.159.000 Selling, etc., exp. _ 15.858.000 11.080.000 E O p e r . p r o f i t ___ 7.278.000 6,028,000 O ther incom e -- 298,000 dr256.000 T o ta l i n c o m e ------- 7.576.000 5.772.000 I n t e r e s t __________ 1.291.000 919.000 I n c o m e t a x e s ------- 2.764.000 2,181 000 Net p r o f i t __________ 3.521.000 2.672.000 Prev. ret. earn. ,, 6,951,000 5.167.000 7% pfd d i v s . _____ 2,000 Com. divs (stk.) _ 850.000 P o o l. co. d iv s ___ 36,000 P o o l. co. e q u ity __ crH.OOO R etained earnings 10,489,000 6,951.000 E arn., com sh._ $ 1.20 $1 04 No of com. shares * 14Q I l i 2.742,089 Q]A f te r $1,340,000 (1970,' $1,031,000) d ep re c On 3,001,000 (1970, 2,564,000) a v e r com & com equiv. sh. Inch P eterso n W ater Re s o u r c e s In c. fro m d a te o f acq . J u n e 30, 1971 In c h $139,000 (1970, $24,000) e q u ity in earn s of non-consol, su b s. C onsolidated B alan ce Sheet, as of Sept. 30: A ssets: 1971 1970 C a sh ________ ___ $2,647,000 $3,022.000 R e ce iv a! 1 lnvent Def Fei O th . cvl T o ti rN et p Inv un N otes r O ther a Exc. ac Tot L iabi A ccts N otes, A ccrua Incoine Tot L ong ti Def Ft O th. li C o m s'. P a id -in R etam i Tot N et ce De Low N ate T estin m eni < Co., a 30). a restati Loft; 1971, $ (1) annua debt . pay c in exi a fte r $ 5,000 30, 19 not s to D* new capit. Ter to ry prem 15% < fisca' (3) to io ing C (4) ially bank en 1 P u re chas 667 J ance (5) pres (6) 000 i (7) m at (8 in g C< m or A U r. Sep M ai opti ran $i VO PR D I\ abo D I\ 1947 195< m i' 196 197 r 196 LI* PR I 1 Th AC RI OI in D th iti sh f ii et pi