Document 93DJ8g4rovkRrgJmR0R0den6L

MOODY'S MANUAL OF INVESTMENTS 1990 Vlce-Pres. and Gen. Mar.; Henry If. Pease, 1943 2941 ^ Liabilities (eont'd) 1942 1941 See.: T. P. ScOtt, TreOiSs.:. Fr-. M*i. Fisher, wCokmiikp^t.;i Deficit, Jan. 1___ 2,437,414 2.869.598 Other payables 22.918 248485 C. K. McAllister, Asst. Compt.; R. V. Pierce, fPDebits.................. 448,038 Compens. claims. 53415 67.107 Glenn O. Kidd. Att See.; George Craig. Asst. Treas. Directors? J. B. Warrincr. Wm. Jay Turner, E. B. Lelscnring. R. H. Knorte, E. W. Clark. R. V White, G. L. Ohrstrom, W. F. Carey, W. F. Kurtz' Afimial-Meeting? Fourth Tuesday In March. BOffice: 123 So. Broad St.. Philadelphia. Pa.. production Statistics, years ended Dec. 31 (net tons); Company By Lessees 1942................................. 3.057,855 794.002 1941........................ 2.582,924668.026 Deficit. Dec. 31__ 2.482.671 2,457.414 {ECharge-off investment and advances to Amboy Lehigh. Coal Co. (a subsidiary) due to liquidation. SdMce Sheet, as aff Dee. 31x Assets: 1942 1941 Cash ....................... $840,142 $888,171 Receivables, net.. 1.284,223 761,698 Coal stock............... 337.586 758.527 Mat. Sc supplies.. 332.165 384.627 Due Sr. ajfil............... 19.276 86,661 Total current *2,763.393 $2,659,884 Total current Advances, etc.__ Suspense credits.. Work comp. ins.. Tax reserve ..... . purch., etc. . payable .. Compens. claims. Empl. war bd. fd.. fl]Capital stock .. Capital surplus .. Earned deficit ... $14)6.82? 5,190.4853,473 2)0.075 7.247 16.032 168.464 110.978 136467 3.000400520.487 2.482.671 81903.177 5929.080 4415 136.140 7.089 48.949 173990 101,748 3.000.500 172,449 2,457,414 1940.................................. 1939................................. 1938.................................. 1937.................................. 2.423.620 2.602,068 2.413,761 2,508348 632.192 Plant Be equip. .. 548.640 Depreciation .... 7.277 Net property .. 117,881 Inv. Sc adv. subs... 3.802.764 1.451,719 2,351.045 5.000 3458456 1450.686 Total Net curr. ________ assets.. . $_8_,_1_0_1_,173 8..1....5..4..6....5..6..5. 88419402 *1,456,707 2.407.673 105.000 ^Includes $139497 U. S. War Bond Fund col- leered from Employees. ___ income Account, year* ended Dee. 31: Other Invents.__ 1942 1941 Due fr. subs, not Coal revenue ___ S18.UJ8.305 523.919213 curr....................... Coal expenses ... 17.0.74.C,63 13.057.600 fTjStripp. exp. del. Depreciation ___ 140.746 120.036 Susp. debit acc... Prov. douht. nects. cr 272.400 cr 74.000 Oth. aects. rec. .. Profit before gen. Other assets........ exp., etc............... 1.014,294 815.576 General expenses &5.2B9 81,327 Total .............. Taxes .................... 380.127 319.971 Liabilities: Interest expense.. 1.459 2.100 Accts. pay., etc... Income tax res... 124.638 . _ . Due affll. cos. ... Net profit.............. 122,781 412.278 Accrued taxes ... 22300 1.620.754 626,622 128.728 369.832 0213JIO $8,101,173 *844.535 33.570 232,588 17400 SjAfter reserve for stripping expenses: 1942, 1.797,429 840.052 $5457,069*. 1941, *4.099450. *1)50.000 no par shares. Note: Capital surplus increased $348,035 in 150,157 1942 from reserve provided in 2937 for liquida 264.362 tion of subsidiary. 77.245 Accounts certified by Lybrand, Ross Bros. & Montgomery. $8419.002 Caslial Useki ! Mftlglr MavfgaNM Caul *727,224 Ce* liCi* waltM steefcree pars Authorised end outstanding, 60,000 shares: 56,212 114.051 'jtfi^owned by Lehigh Cbal ft Navigation Co. PITTSBURGH PLATE GLASS COMPANY cap!ta{: lToa?T0R* _ Issue 1. Common .. Par Value $25 Amount Outstanding* 2408,723 Sha. Earned per Sh. 1942 i941 *5.09 |6.82 Dlvs. per Sh. 1942 1941 $340 $5.00 Call Price -- Price Range. 1942 - 1932-42 86H-85*4 I47`,fr-J2*,i HISTORY at Creighton, Pa. for the manufacture of Geneva Paint St Glass Co. JIncorporated in Pennsylvania Aug. 24. 1885 and reincorporated in Pennsylvania Nov. 5, 1920 upon merger with the Patton-Pitcairn Co. and Columbia Chemical Co., both incorpo rated in Pennsylvania in Nov., 1920. For de tails of stock issued In 1920 see Capital Stock --Issued. The Patton-Pitcairn Co. was a bold ing company owning all of the outstanding stocks of tl) Patton Paint Co. of Milwaukee, in which Pittsburgh Plate Glass purchased a 49% stock interest In 1900 and subsequently acquired a majority (2) Rennous. Klelnle 6 Co., brush manufacturers of Baltimore, in which Pittsburgh Plate Glass acquired a 48% stock interest in 1900 and subsequently ac quired a majority (3) Pitcairn Varnish Co., and (4) Corona. Chemical Co. In the latter two concerns, Pittsburgh Plate Glass acquired a majority stock interest as a result of stock dividends received. These subsidiaries owned the entire capital stocks of Red Wing Lin seed Oil Co. and several smaller sub-com panies. At the time of merger, Pittsburgh Plate Glass owned 54% of the capital stock of Patton-Pitcairn Co. Columbia Chemical Co. was first organized in 1896 by John Pit cairn, then Chairman of the Board of Di rectors of Pittsburgh Plrte Glass Co. Its sikall^lant at Barberton, 0. began production safety glass, using the company's piste glass snd du Pont's plastic In__t_e_r_la__y_e__r. In 2931 ac* quired full control of Duplate Core. Tn June, 1928 acquired Ditsler Color Co. of Detroit, manufacturers of automobile finishes. In July, 1929 completed the rebuilding and modernization of Its Ford City. Pa. plate Class plant at a cost of <5,500,000 and in Mar., 1030 completed a similar program at the Crystal City. Mo. plate glass plant. These plants re- ilaced old ones at these locations. In Juno, 931 completed a plant at Ford City, to menu- lecture Carrara glass, heavy polished plate glass and spectacle and special glasses. In 1928-29 began production of sheet and window glass under a new procen at Clarks- burg, W. Ve,, and Mt Vernon, O. In 1929 be gan operation of a new sheet end window glass plant at Henryetta. Okie. In 1934 addt- lions were made to all three window glass plants. In 1929 began production of "Wallhlde,' ne.w Interio.r .p--a,in-t , . . _ .. In 1931, Jointly with American Cyanamld Co., formed Southern Alkali Corp. (see ap- pended statement) (In which the company owns a 51% stock interest through Columbia Development Corp. and American Cyanamld -fo1-?irP?.?ny completed^ajTXOgjjOa Ivoroid Mixed Paint Co. (Inactive) H. W. Johns Paint Mfg. Co. (Inactive) Kingston, Paint 4fc Glass Co., Inc. ..du. Paints. Inc. Patton Paint Corp. (Inactive) Pittsburgh Plate Glass Co. of Michigan Pittsburgh Plate Glass Co. (Tenn.) Poughkeepsie Paint Or Glass Co,, Ine. (for- merly Thomas V. Lackaye Point & Glaas Co.) Queen City Paint & Glass Co. The Rainey Stores,- Ine, The Regal Mirror Co. Sewickley Hardware & Paint Co. Soclete Anonyme dea Glacea da Conrcellea Su--m----i-e-f*p---S--n- t Corp. (Inactive) T__h_e__._T_h__re__s_h_e_ r__V__a_r_n_i_s_h___C_o_. Triplex Corp. Uniontown Paint A Glass Co. We,co Paint & Glass Co., Ine. As of Dec. 31, 1942. owned less than 100% of the voting control of the following tubaidlaries: Gurley-Comstoek Corp. (53.125%) Southern Condensate Corp. (51%) E. J. White Paint & Gian Co.. Ine. (879%). .JBIn.lal,ddIniteio.n(,in-haacdtivveo)t,inbgy control reason of of _hJoolsdeipnhg SS.rtTSd fi? n!$ ,0?t5ipI?t AarCoL *" {* Preferred stock. *Wa preferred assumed Upon formation of the company In 1883 the first commercial plate glass factory In the United States was constructed at Creighton, Pa. In 1895 Additional plate glass factories were acquired. Including those of Diamond Plate Glass Co., with factories at Kokomo and Elwood. Ind. Christl, Tex. in Oct. 1934. In Mar., 1051, Southern Alkali completed construction of a liquid chlorine plant at this location. In Aug., 1936 began operation of a nw li quid chlorine plant at the Barberton, O., fac tory of the Columbia Chemical Division and In Nov. 1936 at this location began operation bicarbonate of soda factory. In Oct.. vvoottilnngv ccoonnttrrooll uunpoonn ddiivviiddeenndd ddeeffaauulltt Owne 50% of voting control of Pittsburgh Coming Corp. (see History). BUaiNIM A PRODUCTS , Principal Industrie, served are the automo bile, whten consumes the comp Seven branch warehouses were Inaugurated in 1896 and shortly thereafter the business was expanded to include the distribution of all kinds of sheet and window glass pur In 1636 began fabricating safety Cfmn t*16l3C7 itcyo.nMstoru. cted a resin plant ,,. giasa at _aat wMwi.l.- plate glass and'mirrors, Rank* as one of the two leading priodueers yocfsSpilfa)t#ewgfilSasls#ii^(icSapl^anc^itytrinlofoii,0iv00n4v0t0hSiui chased from others. In 1902 began the production of plate glass nt Conrcelles. Belgium. (Closed early in 1940, fitter German invasion of Belgium.) Tn 1907 began operation of a plate glass fac tory at Ford City. Pa. end In 1909 at Crystal Clfv. Mo. Production of sheet and window glass be gan in 1997 at Mount Vernon. O.. through acnuisiflon of the plant of Chambers Window Gias Co. Additional sheet and wlndow^elass factories were built in 1914 at Clarksburg. W. Vfl Tn 1922 dissolved Red Wing Linseed Oil Co. -w- -a--u--k--e--e----a--n--d---a---c-q---u-ired the -fa--c---t-o--r-y----a--n--d bust mob *(. 'indu&y Sfm1? %uto- ness tonin. O.M,o.fsrT.,he1*3T7h. reJsohinetrlyVwarinthishCoCmo.inagt Day Glam which eompriaas two sheet, of plate glass 7s*^ ^ fVatom mSSta1^: Work* (see> ganarrt infer) formed Pittsburgh ro?Ta?Lfof Coming Corp to manufseture Zitas building du5rs*Sf S?eet*m*^ndnw llSd??e mSnnSr blocks, glass tilt. ate., at a nawly-conatroeted ?h7?.d i.m. pl(S5eSL,*1aSi., 4w plant at Port Allegany. Pa. Eaeb company terial.* of 'th!.*rflvSimfT^1'-Sfi SSi si"21040 "*"** S;.MaZrtT *odJ` Mh' ""d- stock of this eoneam. In 1938 exercised an option to purchase M BOO share* of American Cyanamld Co. da! me'db? flap0 Ihare maet an optlon * Rank* as one oftfie leading producers of paint, vamiah, lacpier and brushes, which caorme psaonldleisninldaorglhee; rqtunadnuti^tiSesal tcoonaiumtonmwosbailse and acquired Its linseed oil and other propt rile*. At Crefnhton. Pa. late In 1924 eomoleted the first unit of n new polished piste glass plant ooeratlnc bv a continuous process and in sueo in 1931. ------.. . . - . , _ On June 10. 1938 dissolved Duplate Corn., a wholly - owned sef.tv glass, and subsidiary, acquired its ammssajnemtusi.ffacturln, 8UBSIDIARIU well as for general trade purposes & paint- ciShHieoft rnaeww mhoaute*erialsndofinthhiosmdeivrieshioanbialitraetiloinn, seed oil and other solvents, colon, metallic pigments, ate. 1926 -completed the second unit. Parent functions chiefly as an operating Ranks a* on* of (ho loading producer*., of Tn May. 1924 completed construction of a company, the principal nibtldlarie* being soda ash, which is used in the manufacture Portland cement plant at Fultonham, O.. with Columbia Development Core., which hold* o__f _g_la_s_s_,__s_oap, oil. textiles, drugs. pulp and a daliv rapacity of 2 590 harreTs. Tn May. securities (Ind. those of southern Alkali paper, end in water softening: purification 1927 nlant capacity was increased to 5.000 Corp.), non-current receivables, etc.: and the processes ton._d c__le__a_n_i_n_g o__p_e__ra__ti_o_n_s, _a_n_d_ _o_f barrel* dailv at a cost of about 21490 000. Belgian subsidiary, which operetea the plate caustic soda, which Is used iIn the maanufaec- In early 1924 began the sale of nitrocellu gloss plant in that country. As of Dec. 31. 1B42, 't-u--r-e- o'f s--o--a--p, c*hemi*cals, rayon, .l.y..e...,...t..e..x...t.i.l.es, lose lacquers. Tn the same veer increased the owned 100?( of the voting control of the fol and Jn petroleum refining and rubber re productive capacity of fl Portland. Ore. paint lowing: claiming. Other products of the chemical di factories and acquired the factories of Sun Allied Paint Sc Glass Co. vision include (1) liquid chlorine, used largely set Point Co. of Los Angeles. In 1927 com Altoonn Glas* 8c Paint Co., Inc. in the production of chemicals, textiles and pleted n fnwr-venr expansion program at tlie Cnnonsbure Point Sc Glass Co. pulp, and in water purification (2) modified Mil'V.aukrr lacquer plant In 1929 began opera tion of a l.irqucr plant nt Vewarli. N. J. CCrhyasrtlaelrorCiui8toyc BMe/!tlnl.e(inVgeCsrn'o--o. n(IRna.Rc.tiiv.C.e_ov). (Inactive) si(n5o)daws h(3it)insgpe(c6ia) l tHaitlekMnanliiiasg'1s.(4>pucarilfcieiur,m.u.c.s.hejldo.rifdoer In late if2t the enmpnnv and n suhsldinry Columhia Development Corp. desulphurizing pig and cast Iron (7) salt for of K 1, flu Pont Ho Nrrimir* each acquired n Northern Alkali Corp. 151'Tl industrial uses (8) Col-Rec, used for eoal interest In Pit.hurgh S.nfctv Glass Southern Minerels Corp. (20,32%' treatment, and (9) Cnlcene. used for rubber Co 'name Mibrrquentlv rhnnged in Duplate Southern Pipeline Corp (100%) compounding. Principal raw materials of this Corp.). which constructed a $1,000,000 plant Southern Minerals Corp. (37.58%) division are salt and limestone. 2000 MOODY'S MANUAL OF INVESTMENTS Relatively minor divisions of the business Baltimore. Md,. nnd Keene. N. H. A store front eomnrlse tho manufacture of Portland ce metal factory is located at Kokomo. Ind. ment, dry colors. Insecticides, fungicides end Alkalis and other chemicals are produced seed grain disinfectants. Products ore dis at Barberton. O. and through a subsidiary. R. L ClAu__s_e__.__P__r_e__s__i_d__e_n__t H. B. mHiggins. "Exec. Vice-President E. T. Asplundh. Vice-President .T. R Hepny. Vice-President tributed through 111 warehouses and stores Southern Alkali Corp.. at Corpus Chrfsti, Tex F. W. Ttidson. Vice-President located throughout the country. Other activities include a cement plant at E. D. Griffin. Vice-President Although comnanv is primarily a producer of civilian goods, the production of direct and indirect war materials has. since the out Zanesville,. O. (2,000.006 bbla. vearlv capacity), the manufacture of dry colors, insecticides, fungicides and seed germ disinfectants at Mil 7. A. Wilson. Mer. Glass Mfg. W. V. Simmon*.'Treasurer H. B. Brown. Secretary break of the war. become a substantial por waukee* coal mines at Creighton. Pa.: sand tion of its business. mines at Crystal City. Mo.: limestone quarries S. Campbell. Comptroller Leinnd Hazard; General Counsel PRINCIPAL PLANTS A PROPERTIES For details on nrnnertv Acquisition, con struction, etc., see History. Plate glass manufacturing plants are lo cated at Creighton and Ford City. Pa.: Crys tal Citv. Mo., and Courcelles. Belgium (closed earlv in 1940. after Herman Invasion of Bel gium). Plate glass from the Creighton and Crystal City plants Is tised In the fabrication of the company's safety glass. Window glass factor!** ore located at Henrvetta. Okla.: Mount Vernon. O.. and Clarksburg. W. Va. Paints are manufactured at Milwaukee. Wis.: Detroit. Mich.: Newark. N. J.: Portland. at Fultonhnm. O.. and gas properties and gas lines at Ford City. Pa. In addition, 11.1 ware houses and stores are operated for the dis tribution of glass, paint, etc. Research labor atories are located as follows: Glass at Creigh ton. paints at Milwaukee. Newark and Detroit, chemicals at Barberton. Pittsburgh Corning Corn., a SO* owned com pany. has a glass block producing plant at Port Alleganv. Pa. Status of Belgian Property and Business: Concerning the condition of the Belgian sub sidiary'* property, the following statement wa* mode in the annual report for 1642. "No Information is available a* to the con dition of the plate glass plant at Courcelles. Directors (TClBTenebM. Brown. Choirman. Philadelphia. fTE. t. Aolundh. BArberton. O. ipr. L. Clause,' Pittsburgh IFF D Griffin.. Pittsburgh .T. H. Hrroy. New York rTH. B Higgins. Pittsburgh Richard K.lWellon. Pittsburgh fFHarold E- Pitcairn. Philadeluhf* Ravmond Pitcairn. Philadelphia TR. B. Tucker. Pittsburgh, rrn. S. Wherrett. Pittsburgh CDMemher of Executive Committee. General Counsel: Lelsnd Hazard. Ore.: Dayton. O.. Houston. Texas, and Los Belgium. The comnanv continues to carry this Angeles. Cal. Varnishes and lacquers are pro duced at Milwaukee. Davten. Detroit. Newark. nronertv on <t* Hooks -t a nominal value of $1." MANAGEMENT Houston and Los Angeles Linseed oil mills Officers Annual Meeting: First Wednesday in April. No. ef StecklMtders: Dec. 31. 1942.7.638. No. #*VmpVoyees: Dec. 31.1942.16.056. arc operated at Fed Wing. Minn., and Newark. Clarence M. Brown. Chairman General OfficerGrant Bldg.; Pittsburgh. N. .T. Paint and other brushes o...r.e....p..r..o..d...u..c..e...d...a H. S Wherrett. Vice-Chairman INCOME ACCOUNT8 COMPARATIVE CONSOLIDATED INCOME ACCOUNT. YEARS ENDED DEC. SI (Taken f**nm reports to Securities and Exchange Commission) mNet sales........................ ........... ... 1942 $106,836-745 1941 312fl.W4.nn 1940 S97.940.63l 193g $83,189 881 1938 $84455.034 1937 $93415407 1936 $88,110,488 rrcost of goods sold____________ _ Other manufacturing costs......... fflSelllng, general Ac admin, expen* 58.flR3.339 12.793.068 17.271.800 63.248.845 17.190.218 18.7RR.7n9 48.932.785 14.427.40ft 16.247.149 45.388,943 9.927.435 15.107.549 38.404.244 10.020.008 13,028.900 48.133 452 9.742 449 15407.672 44.699.878 9.670.414 14498.702 Operating profit___ ............ Interest and dividends received__ _ Royalties received............................... Proceeds, sale of license rights...... fJJOther income ....._________...... 17.fl8A.138 1.109.911 59.317 148.898 2R 77 239 1.298.334 98.262 305.017 18.333 291 1.037 373 118.535 834 091 12.787.092 822.293 146.701 756.588 4.903.884 770.923 328.480 1.582400 608448 20.131.735 856.204 778481 880.008 18.643.693 650.011 604.258 712.158 Gros income ......____ ____ 3>Income deductions _... 19,206.264 458.132 30.479 852 307 674 20-1*9.140 887.729 14.513.274 1.227339 8.192.0tS 159.445 22.844427 74488 18.810.116 39.528 Balance ....____ __________________ _ Federal Income taxes State income taxes .... Federal excess profits tax Post-war refund--excess profit tax.. Surtax on undistributed profits....... 1R.748.132 7.000.000 381.000 152.800 er 2.800 30.172.178 6.750.000 1.183.000 7.250.000 "l9.P35;411 4,955.024 186.450 700,000 13.285.734 2437.9401 1814831 8.69*870 $1443.883 22 569.942 3,793480 la.rrn son 3,188,727 263.017 Net income to surplus............ (TSEarned surplus beginning of vear.. TOther surplus credits....................... P*eidend* ............................... TOther surplus charges______________ 11437.132 53,787,156 7.7074 14.989176 51.056.658 10.9fti'i75 1417.5nS 13.793.937 48.420.9S7 10.909.17a 249.097 10.768.412 47413408 36.170 8,672.611 889 6.488407 44 406 388 188.28$ 3.770.272 18.287,969 41.140.68$ 18428.41$ 1493429 15.321434 37.198436 435438 11.783.121 32.124 Famed surplus, end of year.......... SUPPLEMENTARY P A L. DATA $57498499 *53.767.156 $31,056,658 $49,442,609 $47413407 $44.408488 $41,240,663 ^Depreciation. dentation 8c amort. ^Maintenance am! repairs......... Taxes, other than income________ ... Rent*___.......___ .................. $5,544,677 4.897.842 2.804440 456.325 $4 966.6TO 4 621.271 3.138.459 499434 $4,840,643 3.806.036 2.431.767 510 2*0 $4,427,430 3.599461 2488.451 475.149 $4.192417 3.488480 2443474 457.857 $3439.401 4439489 2.412.088 403489 $3492402 3.848434 1.403.789 3684T0 Royalties .......................... Provision for had debts (net)______ 176.844 223.537 194.651 275.495 166.559268.905 115434 264.610 109.758' 192458 144.881 165.120 123.108 88.946 T.n**es from retirement of property Not stated Nat stated Not stated 499.978 ________ 513.952 842.2*2 Parent company'* net sales........... Parrot company's net Income........ Fnnllv In earning* of subs, consol,.... 598.986441 11.241464 758.01$ $116,028,082 14.437.062 1.816.351 $88.637478 13.0R3.3R9 1,686.137 $76,306,295 10.054.83$ 1.847.403 158.498.638 6.030447 1498432 $84,702,218 17.511.665 2.552.971 $77,886,003 14.776.696 2.024.847 Dividend* from subs, consolidated... TFrmftv In earnings of subs. not cone. D<v<drnd from subs, not consolidated 751.961 626414 217.190 1.244.221 67S.739 7R7435 1.042.752 5*5.933 156.030 744.452 502.614 *7425 880.824 395.10$ .. 2.191.984 666.051 531.750 1.474.388. 267.01W 701744 TGross sales less discount*, returns and Tin 1036.1938 nnd 1939 represents net adjust 365: 1938. SI.154 092: 1939. *1.499.473: 1940. $1.- allowances and Include* following *a1es to ment* af *eeurltles and Investments. 636.517: 1941, 51.901,247; 1942, $1,569,824. Does not unconsolidated nbsid1aries: 1936 8136.500:1937. (Pin 1041, consisted of adjustment to elimin include amount*, charged to reserve for con 5742.256- J03R. STAR 43!: 7939. $fil.704` 1940. $25.- ate cnulty In undMrlbuted surplus of sub 059: 1941. *28.874: 1942. S201.071. sidiaries not consolidated. Also seo note nT; tingencies a* follows: 1935. S48.315: 1936. $38,270: 1937. $52,143: 1938. $29490: 1939, $52,117. mincTude* related portions of Items shown unde* "Supplementary P fie L Data" below statement Tlndudcs roultv in aggregate net earninc* of non-connlidated *tib*ldiarie*: 1936, R267.61: 1937. S6P6 35J: 1938. 8395 103: 1R!9, *502.614* mo 3427.R33 A* of Jrm 1. 1941. COWpany cdnntcrl pn):rv of taking un income from `iih*idir>rlrs only when received n* dividends, and eliminated previously recorded cmiltv In undiiriitcd surplus of such subsidiaries. In 1039 comprised: Net adjustment f value of marketable securities and miscellaneous Investments. 8233.373: Wisconsin dividend priv ilege tax paid for stockholders, $15,720: total. $249,092. Tn 1937. comprised: Ad!utment of foreign subsidiary'* nrooertv. $583,895: net ndluvtment of marketable ecurities and miscellaneous In vestment*. 3489.238: miscellaneous surplus charrres. $40,696: total. $1.093429. (P1940 and prior years reflected In above accounts in other- Income or Income deduc tions. See note nr. 691940: After excluding $1,021,622 surplus of foreign subsidiary previously consolidated. General Note: Foreign subsidiary (Belgian), previously consolidated, was not consolidated In 1940-42. ind. In 1939 the operations of this subsidiary were Included for only eleven months to Nov SO as company** fiscal year Company'* harc of undistributed net profits ^Including amortization but excluding was changed. The results were converted at non-con*o!fdctcd siih*lrtiaries for 1942 was 34* aot (1941. $.788 385). which amount was not Included In Income aerount A1</> see note T. TTn 1940 Included 8500.61)0 and In 1939. $1.- depreciation charged to reserve for cnntlnircnric*- 1936. 83.80(1: 1937. S7.55G: 1938, $8491: jn.m sjri. TTnclude* provisional chorees for repairs the average of semi-monthly rates of ex change revelling during the twelve months ended Nov. 30. 1939. The difference arising through conversion of the accounts Is shown nnn.nnn provision for pensions nrd relief. -m* mnjrtpnnurr'- 1936 51 234 3fii 1937. 61.346.- m thl* statement under Income deductions. BALANCE FHFET5 COMPARATIVE CONSOLTPATF.D BALANCE SHEET AF OF DEC. 31 ASSETS Cah ............. ......................... ............ .......... ___ fiPTT s. Government securities_____ ... TOther marketable securities... -- ... TNotes fie ncet*. receiv. accrued, etc. (^Inventories ........................ (Taken fmm reports to Sccurttle* and Exchange Commission) 1942 S13.671.430 1941 S11.2R9 779 1940 $12 286 604 1930 $10,476.(180 5.992.620 5.115.646 6.395.952 5.636 730 T.Rnr.san It.6ns.n68 2.511.377 11.336 0*1 a 6*9.n?n 5421.656 8.673.209 8.609.286 25.650.115 25455.005 21 5:5.929 20485.039 1998 $12,125,917 614.81$ . 6.912.852 7.274.797 19.742.728 1937 $8,256,410 3.13A.585 4.940.737 6.985.104 23.890.184 1936 $7,738,864 10.261.343 4.881.437 7.747.708 16428.772 Total current amts........................ IT'Scc. St ndvnnrrn tn npfontnl *uhs.. nrfnvest In foreign sub* not ennse!.. Miscellaneous Investments ...__ _____ >Trn-cirrent note* St account* /net). SoPr^ncrtv. plant fit coutp...... ......... .. WLo-- Denrcc.. rtcnl A* amort, res... Lc.r,:: Extrjiord. nhnl. res. .................... $59,025,963 $7,331,710 4.007.43(1 8S3.42& 124 617.675 59.444.116 1 353.949 $61,797,173 1,7.809.792 1 3.815.987 1.170.810 121.174 100 54.720,350 1 353.949 $57.3*1 056 S7.743.511 1 946.131 1 051.0(52 $53,465,871 $7,127,810 1,114451 742.380 $46,671,107 $6.242423 1-375,126 501.978 $45,191,000 $6,875,190 1.081.457 539.770 147.158.112 $4,896,272 677.458 576.857 Net nrnpcrtv ............................................... Patent* .................... ....... _________ ....... Deferred charge* ................................... .. 64.039.610 1 t.2RR.3At 65.099.801 1 1.T05 065 61.419.995 22 1.095.934 60.603.223 6.488 1.090.529 62.358.536 8.988 988.577 3491.636 11.400 1.033.442 60.271.439 13.783 845.073 Total ___ J136.546.025 *141.386.710 8120.C42.713 8124.130.3S0 *118.147.136 *118.123.904 *114.438.975 MOODY'S MANUAL OF INVESTMENTS 2001 BALANCE FHFCT8 feont'd) LIABILITIES Accounts payable, trade.............. Notes payable ........................ Accrued taxes__ ...._____ ..... Other payables and accruals.......... 1942 $2,730,316 18,31$ 10.302.769 1,274,240 1941 $3,383,172 18.590 17.685,013 1.416.35$ 1940 $3,051,028 204.000 7.1B9JH4 1,516.927 1939 $2,992,189 121.113 3.653.069 1.425.941 1038 $2,367,441 146380 2,731.004 1,255.973 1937 $2,486,016 183.609. RSffi- 1936 $3,SI8.eU9 221.717 4486.830 1.320.494 Total current liabilitie, ^Collected on Installment sales...... Deferred credits...................... .. Reserve Ior contingencies___________ Insurance reserve ................ .. Reserve for moint. 6c repairs, etc..... Minority interest........................ Capital stock (par $25)................. PSurolus ___________ __________________ $14,325,640 $96,885 167,547 4,931.265 2,348,905 1,633,174 2,534 55.218.075 57.821,899 $22,505,037 $369,092 188.941 4.931.3G5 2.208.691 1.930.079 3.297 54.900.950 54.292.156 $21,941,888 $639,708 114.710 4.931.365 1.983.316 2.042,188 1.041.053 5.826 54.701.900 51.581,658 $8,392,332 $909,113 173.155 4.931.30S 1,796,324 2.000.000 1,544,132 5.920 54.430.600 49.967,609 Sfl.520.77B $1,114,177 122.132 5.003.107 1.674.211 1.000.000 1.424.472 5.852 53.969.100 47,313.307 $9,471,625 $1,407,218 145.508 4.611.442 1.998,995 1.000.000 1,506.322 5.870 53,570,825 44,406,388 $9,447,740 $1,152,703 48.8)0 4,687,613 1 .35.143 1.000.000 1A 6.810 53.562.075 4U40.663 Total ...................... ........... ......... ........... Net current assets ...___ _______ ..... $136546.025 $44,700423 $141,388,710 $39,292,136 $129,642,713 $45,442,168 $124,150,550 $45,073,539 $218,147,130 $40,150,329 SI18.T21.994 835.719.375 $124,438,975 $37,710,372 PROPERTY ACCT.--ANALYSIS Additions at cost.................... Retirements or sales................ ^Depreciation and depletion_______ $4,728,459 1,087,136 4.241 $8,931,543 1,876.934 52.705.620 cr 6,123 $7,648,180 1.990.764 4.840.643 $3,191,739 518.043 4,429,009 $3,635,490 469.874 4,196,716 f8.48S.151 889.735 3,915,323 cr 563.895 S6.55045 1.282.671 3.593,891 DEPR.. DEPL. & AMORT. RES.-- ANALYSIS Retirements, renewals & replace____ Other additions ........__ ...___..... f5.Ht.53B 4.241 825.152 34.138 $4,966,610 52.351.671 1,536.170 239 ........ tf'Lnwer of cost or market. Market value, Dec. 31. 1942. S5.993.903. TLower of cost or market Market value, Dec. 31. 1942. S5.234.320. T.After reserves 11942, $1,211,472). EAt less than cost or market. At Dee. 31. 1942. consisted of: Finished goods, $12,141,900: work in process, $2,246,296; raw materials, S6.141.333; supplies (including repair parts). $5,121,577; Total? S25.G50415. 'P19-J2: Consists of; Securities of subsidiaries not consolidated. $5,688,500; due from subsidi aries not consolidated, $1,642,710; total, $7,331, 210. WI942; Used in business: Property Reserves Land___________ S7.014.243 $1,677,029 Buildings -____ 36.064.543 15.4)8.192 Mach. & equip.. 73.762,907 39.791.291 Construction ... 1,493.744 .............. Unused facilities-- 953.240 537.681 Other property__ 3.508.999 1.999.922 in). $525,000 Amounts invested in treasury stock: 1936. $752,025; 1937. $742,275: 1938, $520,000; 1939, $390,000: 1940. $2G0,000; 1941. $130,000; 1942. 11941: Represents adjustments to restate property accounts at appraised value at Dec. 31. 1936. plus subsequent additions at cost: credits to depreciation reserve, $51,351.671; net credit to reserve for extraordinary obsoles cence reserve, $1,253,949. 1940 and prior years: Credited to asset accounts. Includes amounts charged to con tingency reserve (note Q) to consolidated income account). RtJAt net carrying value of investment in and advances to and from subsidiary (sea General Note (b) below). Depreciation Policy: Provision for depre ciation of depreciable assets was made at various annual rates, which are based on the estimated useful lives of the respective items. Computed composite annual depreciation Provision for depletion of salt,, limestone, clav and coal deposits for 1941 was'equivalent to cost of such resources recovered during year, that cost being computed on basis of ratio of resources recovered to total recov erable resources estimated by company's engineers. General Notes fa) Accounts certified by Haskins & Sells. (b) Above consolidated statements Include all subsidiaries whose business.policies and operations are directed by the parent through its organization (excludes Southern Alkali Corp. 52% owned).. In 1937, 1938 affd 1939 ac counts of one foreign subsidiary included as of Nov. 30th. In 2939 net current assets of foreign subsidiary were converted- at rate of exchange prevailing at Nov. 30.193# The.fixed assets were converted generally on the basis of dollar cost. Company's only foreign subsidiary (Belgian) was not consolidated in. 1940-42, IncL Earned surplus of this subsidiary, was eliminated rates for 1942, based on provisions for year from consolidated earned surplus as of Dec. Total ............. SI24.837.675 $59,444,116 1940 and prior years property carried at and balances in adjusted property accounts nt beginning of year, plus one-half of net 31. 1939. and net carrying value of the invest ment and advances to and from this subsid depreciated cost Annua) provisions for de preciation and depletion were credited to additions for vear, follow: Used In business: land improvements. 4.18%; buildings. 3.06%; iary is now stated at $1. (c) Prior to 1941, it was general policy of asset accounts (see changes shown below bal ance sheet). See note (c) below. machinery and equipment. 5.81$: not In op eration: buildings, 21.40%; machinery and company and subsidiaries to credit provision for depreciation, provided for on basis of cost princludes subscriptions under officers and emnlovrcs' stock mirehnse plan: 1936, $982,182: 1937, $1 231.12$: 193k. $974,192: 1939. $787,475; 1940, $317 075; 1941. $257,125: 1942. 598.886. equipment, 4.84%; other tc1 estate land and dwellings for employees (including land and dwellings under contract of sale), and invest ment property: land improvements. 3.50%; of the property direct to related property accounts. In 1941, company and subsidiaries completed major portion of analyses of their accounts so as to restate property at cost, TUncHirics capital surplus: 1935. $3,003: 1936, S2.862: 1937. written off: 1938. nil; 1939-42 (paid- buildings and building equipment, 1.97%; ma chinery and equipment. 0.02%. and to segregate amounts of accrued depre ciation. FINANCIAL A OPERATING DATA Statistical Record Earned per share............. ....................... Dividends per share.......................... .. Price range ............... .......... Net assets per share.................. Number of shares__ .....________ ... Financial and Operating Ratios Current asxets-^curr. liabilities...... % cash & securities to curr. assets___ *Tr inventory to curr. assets.... % net curr. assets to net worth....... Canitalizatfon: % common stock & surplus....__ _ -Sales-; inventory_ ......... Sales - receivables ............. ... ~ pales to net properly............................ sales to total assets________________ net income to total assets.......... . % net income to net worth........ ............. Analysis of Operations w Net sales.......... ......... .............. ................... Costs, goods & mfg................................ Sell., gen. A artm. exp........................... Operating profit ........................................ Proceeds, sale of license rights ....... Other income............. ............................ Gross income _.................... ................. Income deductions................................... Net Income before Income Taxes, etc. Provision for taxes on income........... Net income................ ................................ 1942 $5.09 $3.50 8*'fes,5ii 2,208.723 4.22 42.32 43.46 39.54 100.00 4.16 12.72 166.83 7R.24 8.23 9.94 % 200.00 67.119 16.17 16.74 T23 17.97 0.43 17.54 7.03 10.51 1041 $6.82 $5.00 98*4-55 $49.70 2.198.438 2.75 40.02 41.10 35.96 100.00 5.03 11.03 196 6.1 90.83 io no 13.72 % ion no (52 8-1 14 PS 22.48 1.33 23.81 0.24 23.57 11.86 31.71 1940 $6.30 $5.00 104'4-85 $48.57 2.188.040 4-81 45.58 $7.54 42.76 100.00 4.55 10.11 159.46 75 .S3 10.64 12.98 % 100.00 64.69 16.59 18.72 L03 20.75 0.70 20 05 5 96 14.09 1939 $4.94 $4.00 117-90 547.95 2,177.224 6.3T 45.77 38.13 43.17 100.00 4.08 9.66 137.27 67.01 8.67 10.31 % 100.00 66.47 18.16 15.37 L08 17.45 1.48 15.97 3.03 12.94 1938 $3.01 $1.75 115*.fr-55 $46.92 2.158,764 7.16 42.11 42.30 39.64 100.00 336 8.85 103 20 54.47 5.49 6.41 % 100.00 72.14 20.24 7.62 2.46 2.65 12.73 .25 12.48 2 40 10.08 1937 $8.53 $6.50 147U-77 $45.72 2.242,833 4.77 31.73 52.86 36.45 100.00 3.91 13.40 147.21 79.00 15.48 18.66 % 100.00 62.02 16.40 21.57 2.69 24.27 .08 24.13 4.59 19.60 1936 $7.15 $8.00 140-98V $44.20 2442.443 4.99 48.52 35.05 39.82 100.00 5.21 1141 142.87 75.25 13.39 1648 % 100.00 8344 1740 19.56 2.28 21.84 .05 21.80 4.Oft 17.79 CAPITAL STOCK 1. Pittsburgh Plate Glass Co. stock; par $25: AfTTIORTZED--2.fi*in 000 hares: issued. 2.20R.- 723 rharcs; outstanding. Dec. 31. 1942. 2.208.723 h.-.rr`>- par $25 (changed from $100 par Oct. 9. 1023. four S7" par share?, issued in exchange for each Sinn par -hare* IRHV33 'rinn?-)7 rrnso. T19I3.26 Dividend Record On S> `Jinn par shares* Nil '999 7 f)0 1318... 5 no jn no innn-06 1919... in oo 1921__ 8 no It; nrj 1027... non 1922__ 1928... 6 00 7 25 1300 6 00 Tinjg. m\.. . 0 "0 i 'S25 f>nr shores) 1929... 3.00 1930__ 1932... 0.75 1933... 2 00 o.:o 1934.. . 1.30 1935... 2.90 1936... 1937.. . 6.50 1938... 1.75 1939... 1940-41 5.00 1942... 3.50 [*11943... mpius 103 In stock Apr., 1917. rsjpius 2o4 in stock Dec.. 1920. TPlus 3081 in stock Jan.. 1923. "JjPlus 1091 I..n stock Dee. 1. 1928. OPTo .TiiJv 2. 6.00 4.00 1.50 Dividends payable quarterly Apr. 1, etc. to tnck of record about Mar. 10, etc. PREEMPTIVE RIGHTS--As provided hv the stnli ites of the Commonwealth of Pennsyl vania LISTED--Pittsburgh Stock Exchange; also traded in unlisted section of New York Curb Exchange. TRANSFER AGENTS -- Peoples - Pittsburgh Trust Co.. Pittsburgh;. City Bank Farmers Trust Co.. New York. REGISTRARS--Union Trust Co.. Pittsburgh; Guaranty Trust Co.. New York. ISSUED--Upon reincorporation in 1920. 307.342 shares of new $100 par stock were issued as follows: 247,500 shams to holders of old $100 par common on n share for share baris: 1.540 r.hares to holders of old 12% preferred on the basis of (wo .shares for each share held: 47.728 shares to stockholders of Columbia Chemical Co. on. the basis rf 8'to of a share for each shore held: 10.574 shares to minority stockholders (46%) of Patton-PItcoim Co. on a share for share basis. PRICE RANGE-- 1942 1941 1940 Stock.-......... . 86&-55U 96tt-55 1044-C5