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FILE NAME: Philip Carey (PC) DATE: 1950 DOC#: PC062 DOCUMENT DESCRIPTION: Entry in Moody's Industrial Manual rsTM ' 3 MOODY'S MANUAL OF INVESTMENTS AMERICAN AND FOREIGN IN DUSTRIAL SECURITIES JOHN SHERMAN PORTER, Editor-in-Chief Editorial Board Daniel F. Shea Arthur W. Herrmann C. W esley Lee Frank J. Prendergast Frank J. St . Clair George I. Blair David M. Ellinwood Max F. Brubaker 1950 COiYSIOH T, 1950, BY Moody's Investors Servicb, N ew York- ALL RIGHTS RESERVED MOODY'S INVESTORS SERVICE 65 BROADWAY, NEW Y O R K 6, N. Y. PHILADELPHIA BOSTON, CHICAGO LOS ANGELES PITTSBURGH SAN FRANCISCO Stock Exchange Bldg. 75 Federal St. 105 W. Adams St. Hollingsworth Bldg. Union Trust Bldg. Russ Bldg. LONDON:. MOODY'S INVESTORS SERVICE, LTD. f 7t n u 0a4 4g 2Q US 00 W? 24 A4 Ml US UT U 63 m* its atde US 943 US 1.70 .-23 4.33 ,910 '23 4.72 9.73 S3 9.15 954 1.49 0.00 12* 0.59 fT.91 0.62 7.41 34 *oo SS w13*74 8:8 tU t 3.40 3.40 4.7 MOODY'S MANUAL OF INVESTMENTS 313 CAPITAL STOCK Yfc# Am erican A g rfeu itu rsl Chem ical Ce. emmen; no par: AtTHTORTZED--TOO000 share*- Tabled 677 7 shares; outstanding, J u n e 30, 1949, 627,969 .tares, not including IS sh a re s held In tre a su ry *ht recrem ent: no p a r /n o p a r sh ares so h t 3 for 1 Sept. 21. 1938). F o r d e ta ils of re c a p ita li sation ia 1931, see Issued below . D ividend R ecord (in $) (Calendar years) (Predecessor com pany--4100 p ar) 1*90-1911 Nil ;tlT....... 5.25 ; 321-30-- Q3NU 1912-15 4.00 1918___6.25 1918___43 1910-20 8.00 (P re se n t com pany--n o p ar hares) 1931-73- Nil 1014. 1 (V) ions__ 2 sn 1916........ i 00 '937 , 7 73 IT... S 5 (No p ar shares a fte r V for-1 sp lit Dee., 1938) 1938........ 0 35 3r*9_ ... 1 30 . l?WO . 1 20 1941____ 1 45 042. . . 1 70 1943-45 1 (10 1^16 - . ? 0 :-s7_ . 4 ft) 1948-49 4.50 ifP a :d 4<S. la stock *.*. D ividends p d ra b 1*' u :'.- c - lv Vf ir JT, etc. to stock of record About M ar `3, vie Note: R egular divider.-is w ere paid on 495 cum ulative preferred stock of Connecticut com pany (exchanged for this issue in Jan . 1931) from issuance in 1899 to Apr. 15. 1921, Inch, none thereafter. PREEMPTIVE EIGHTS--Non*. LISTED--N ew Y ork a n d B oston S tock Ex changes. TRANSFER AGENTS--B ank of New York and Fifth Ave. Bank, New York; Old Colony T rust Co, Bosten. REGISTRARS--G u aran ty T ru st Co., New I Y t Ui c .a tc S tre e t T ru st Co., Boston* Y'S'C'FD- --U nder the reo rg an izatio n plan af fective Ian 2, 1031 securities o f The A m eri can A g ricu ltu ral Chem ical Co. (Conn.) w ere exchanged on the basis of one share of new com m on fo/r each share of old 6% cum ulative preferred stock (on which arrears amounted to $57 p e r sh are on Oct. 1, 1930) and one new share for each ten shares of old common. THE CELOTEX CORPORATION CAPITAL STRUCTURE V T irres FUNDED DEBT Amount Charges Earned Interest Cail Price Range Issue Rating O utstanding 1949 1948 D ates P ric e 1949 1932-49 L 3*5i% d e b e n tu re s, 1960 ____________ Baa $4.104.0001 12.89 36.29 fF& A 1 51103 101&- 99yA 2106-99 2. 3lA% d e b e n tu re s (series 1947), 1960-- Baa 2,625, OOOf \F& A 1 100 1011/2-101 {3104-93 CAPITAL STOCK Par Amount i!E.arr*ed p e r Sh. PID iv s. p e r Sh. Call Pnce Range Issue V alue O utstanding 1949 1948 1949 1948 P ric e 1949 1932-49 1 5% cum . p re f e r r $20 256.862 shs. $1.00 $1.00 20 183/4-151/2 23 - 151/2 1 Common _____ . _ No p a_r H3905.472 shs. $l J i 527l20 'L1.5500 1.17.575 -- 2 6 ^ -1 3 ^ @38f t - d T Fiscal years. < 1938. a fte r 100% stock dividend. B efore 100% stock dividend, 1935-38 ra n g e 4Sft-12ft. (3To J u ly 31, 1950. inch; thereafter a t 102V-. A' -.,,51 Incl. w h en p ric e ag ain changes; see te x t. `VRartge since 1945. jsiRange since 1943 fo r $20 p a r shares. R ange for 5100 p a r shawiM and to th e 5-for-l sp lit in 1943, 93-46. ifilncludes"31,515 p a rtia lly paid shares. S R a n g e since 1947. HISTORY BUSINES8 & PRODUCTS wool insulation products. P lant a t Lagro also Incorporated^.*/ J u n e 29. 1935, as mV. }- m a n u fa c tu re rs acoustical m ineral tile, successor in r e , iDe!.), L atter ion to th e C elotex Co. s u i t i n g p r o d u c t ! /fo r m ist y w as incorporated In p art of products m arketed under th e trade - p la n ts a t C leveland, an d A very, O,, Madison, 111., an d Los Angeles, Cal. are used in m an u Delaware in id L ouisiana Celotex Co. nam e "Celotex/* These products are manu- facture of roofing products. P lan t of Celotex, Ltd., a subsidiary. Is lo- On Ju n e 16. : .$placed in recei^f/L e OlanttFeer b.co8m, 1p9a3n5y. trwuass- freamc tuairneidn'gp rainftceirp athlley jufriocme hbaasgbaseseen, ethx etrafcitbeedr c?aatte?da aatt SSttoonnee&b rriiddgiee PF aa rlkk, LLoonnddonn. BBui Mildinnegs, including office building, etc., have a com tees were appcfcs^llgwmder Section 77-B of th e U. S. B ankruptcy*A ct. A reo rg an izatio n p lan from sugar cane, and are used, among other things, for exterior sheathing, plaster base, bin ed floor a re a of ap p ro x im ately 141,000 sq. was subm itted u n d e r d a te of M ay 1, 1934 (su b exterior and interior finish, for insulating ft. Equipm ent includes facilities for preparing raw m aterial and fabricating equipm ent for sequently m odified), an d on Nov. 1, 1935, th e business and assets of th e predecessor com roofs, and as insulation in th e m anufacture of household refrigerators, railw ay refrigerator preparing finished board, pany w ere tran sferred to the p resen t com- cars, cold storage plants and o th er products. MANAGEMENT Mny. D etails of reorganization appear in T he com pany also m anufactures an d sells Officers * Moody's 1935 In d u stria l M anual. products for correction of acoustical condi- Bror Dahlberg, Chairm an n 1937, o rganized E nglish Com pany, C elotex, tions in office buildings, au d ito riu m s, th e a te rs. O. S. M ansell. P resid en t Ltd. broadcasting studios, and other places in H. W. Collins, Exec. V ice-President In 1937 a c q u ired an in te re s t in A m erican w hich acoustical tre a tm e n t Is desired, in clu d Carl G. Muench, Senior Vice-Pres. Gypsum Co., P o r t C linton. Ohio, a n d in 1939 ing products m ark eted u n d e r th e tra d e nam es C. L. C hristensen. V ice-Pres. a n d Chairm . completed acquisition of com pany. "A cousti-C elotex" and "M uifletone ** Exec. Com. In Mar.. 1945, a c q u ire d p ro p e rtie s an d busi T he com pany also is engaged in th e m a n u F. A. Irvine, Vice-President ness of T ex as C em ent P la s te r Co. located a t fa c tu re and sale of o th er ty p es of in su latin g A. I. Schimpf, T reasurer PTasterco an d L ongw orth, T ex.; m a n u fa c tu rers and build in g m aterial p ro ducts, in cluding C. W. Jo h n s, S ecretary of full line of gypsum p la ste r and b oard loose granulated and b att form s of rock wool, products. roofing products, gypsum p laster, lath<. and W. D. B ecker, Contr. and Asst. Sec. H. W. Conway, Asst. Secretary On Aug. 30, 1946, acq u ired 83 1/3% in te re s t w allboards, a n d also v ario u s item s us* ) as accessories in th e ap p licatio n of p ro d u cts c jfd. J. M. Erickson, Asst. T reasurer A. F. O. Pfeiffer, Asst. T reasurer ia El Rev P ro d u cts Co.; p u rch ased b alance of outstanding sto ck in 1947 a n d acq u ired d ire c t Celotex also sells products m ade by other J. W. Franklin, Purchasing A gent G ates F erguson. A d v ertisin g Manager ownership of p ro p erty an d assets including m anufacturers, such as h ard boards, w hich 20% in terest in sto ck of C alifornia M ill S upply cut, saw a n d h a n d le lik e lu m b er (m ade by G. C. Snyrnan, E xport M anager M arv in G reenw ood, Sales Manager Co., dealers in w a ste p a p e r, rag s, etc. M asonite Corp.). and a re used for paneling of all sorts, for decoration, shelving, etc. Directors Acquired properties in Ohio of W eaver-Hall Co. In Aug.. 1946. Celocrete (m ade by various steel companies), a lig h t w eig h t concrete aggregate, 1s m ad e of C. L. C hristensen. Chicago H. W. Collins, Chicago UB8IDIARIE8 expanded m olten blast furnace slag, and is W. W. Colpitis, New York B ror D ahlberg, Chicago This Is prin cip ally an o perating com pany. used w ith P o rtlan d cem ent to m anufacture At Oct. 31,1948, 100% of th e v o tin g p o w er w as p re c a st concrete. A. J. Dalistream . Chicago P. H. Davis, Chicago owned in th e follow ing com panies: The Celotex Corp. m aintains offices through Name, place o f in c o rp o ra tio n a n d business: o u t th e w o rld a n d has b ra n c h offices in 15 P a rris h F u ller, O akdale, La. John Irw in, Chicago American G vpsum Co.. O hio Inactive. cities located in various parts of the United States, including the Pacific Crest. O. S. M ansell, Chicago El Rey P ro d u cts Co., Inc., C alifornia, in ac Carl G Muench, Chicago tive. PRINCIPAL PLANTS A PROPERTIES A. C. Sim m onds, J r ., New Y ork At Oct. 31, 1948. ow ned less th a n 100% of T he m ain m an u factu rin g p la n t is located E. B. W ilber. New York voting pow er in follow ing com pany. Celotex. Ltd.. England, m anufactures ana at M arrero, in Jefferson Parish, La., close to the City of New Orleans. It comprises approxi G eneral Counsel: P am . H u rd & Rclchmann. Chicago. sells C elotex p ro d u c ts in B ritish E m pire m ately 143 acres of land. (80%) ffl, Annual Meeting: T h ird T uesday In F e b ru {^Articles of A ssociation of Celotex, Ltd. The com pany obtains bagasse, th e principal ary. provide th a t u n less and u n til n u m b er shall be changed as provided therein, num ber of di raw m aterial, from a num ber of sugar mills In Louisiana. Number of Stockholders: Oct. 31 (approx.)* 14.000 rectors shall n o t b e less th a n 2 n o r m o re th a n . A p la n t a t M etuchen. N J . is ocated on Number of Employees: Oct. 31, 1948. 5,890. 5. Holders o f first p re fe re n c e sh a re s a re en ap p ro x im ately 14% acres o f land, an d co n tain s titled to a p p o in t l su ch d ire c to r. B y v irtu e a b o u t 210.000 sq u are feet of floor space, and General Office: 120 So. La Salle St., Chicago nt Its ow n ersh ip of 100% o f d e fe rre d shares. is u sed fo r th e m an u factu re of asbestos 3, III. Celotex Corp. is e n title d to elect rem ain in g cem en t b o ard w ith in su latin g cane (C em esto), Management Compensation Plan: F o r fiscal directors. Ax Oct. 31, 1948, th e re w ere 5 d irec- in su latin g siding. T h ere is also a w areh o u se y ear bonus p aym ents are based on th e consoli- an d curing build in g of a b o u t 50.000 sq u are dated n e t earnings (as defined) in excess of Note; A t Oct. 31, 1949, com pany o w n ed 205,- feet. 1 $1,750,000 a n d are lim ited to 40% of com bined 126 common sh a re s of S o u th C oast C orp. (see A p la n t a t P o rt C linton, O hio a n d a p la n t a n n u a l com pensation ra te of officers and ce r general index) constituting approxim ately n ear Hamlin, Tex. arc used In m anufacture tain other employees, such am ount to be dis 48% of voting p o w e r of a ll o u tstan d in g sto ck of gypsum products. tributed in accordance w ith their respective of that com p an y a n d 600 sh a re s (20%) o f Cali . A p la n t n e a r Lagro. In d . an d a p la n t in D e salaries w ith such m odifications as a re desig fornia Mill Supply Corp. troit, Mich., are used for production- c f rock nated by th e president. INCOME ACCOUNTS COM PARATIVE CONSOLIDATED INCOME ACCOUNT. YEARS ENDED OCT. 31 1949 1948 1947 1946 1945 Ret sa le s_____ . . . __. . . _______ _ $38,362.460 $54.190.341 $46,872.120 $33.090,464 $22.185,651 Cost of sales and expenses _____.... 33,718,358 41,530.140 35.663.808 25.425,359 20.041.957 EDeprec., depletion & amortization.. 1,503,697 1,322,596 925,048 557,2S 770,782 1944 $20,693,859 19,099,196 616,481 194S $22,598,269 20,017.438 612.724 Operating profit ... Other Income___. . . . . . . . . . . . . . . . . . . . . Total Income ____ ... interest on funded d eb t____ . . . . . . . . . Other interest . . . . . . _____________ Debt discount and expense . . . . __... Debt expense written o f f __. . . . . . . . Other deductions . . . . . . . -- . . . . . . . . . Federal income taxes . . . . . ---- . . . . . . . . Excess profits tax . . . . . . . . ---- . . . . . . . . Post-war credit--excess profits ta x ... Debt retirement credit _____. . . . . . . . Other inc. taxes & conting. tax res... Net profit----------------------------Preferred dividends . . . . . . ____ -- Common dividends___ -________ _ 3,140,405 384.788 3,525,193 229,794 33,808 126,401 1,135,000 51,000 1,949,190 256,863 1,307,554 11,337.605 388.132 11,725.737 237.694 45,302 35.050 183,414 4,307,000 132.088 . 6.785.189 256.862 1.518.091 10,278.864 354,220 10,633.084 153.075 85.040 10,952 108.487 3,963,867 83.732 6,227,929 256.863 968,628 7,107.856 459.661 7,567,517 160,225 8,135 10,139 100,524 2,476.186 952,300 35,682 3,824.324 256,862 830,513 1.372,912 244,357 1,617,269 114,459 13~580 304,296 400.920 157,220 21.268 605,525 170.752 377,772 978,182 194,410 1,172,592 111,391 3,394 15,057 "176*289 320.500 6,200 [fier 48,120 25,604 562.27$ 156,863 377,759 1,968.107 166.799 2,134.846 135,072 18.485 37,664 225.254 49,627 367.363 834,077 CT 20.588 er 63,400 21,092 530,199 148,863 325.293 3JSurplus for year . . . . . ---- . . . . . . . 384,773 $5.010.235 $5.002,438 $2,736,949 $57,000 $27,654 $56.043 314 M O O D Y 'S M A N U A L OF I N V E S T M E N T S 1945 in c lu d e s a m o rtiz a tio n o n a c c e le ra te d b asts {SjoK'-HO a f te r d e d u c tin g $150,486 a p plicable taxes). 5)1946. B e fo re d e b itin g $456 634 p ro v isio n fo r additional F ecerai incom e and excess profits t? x e s an d n*.t?rst fo r p rio r y e a rs >w h ile basis a n a a i r u ^ n r .* : oc i p ro te c te d , th is p ro v isio n h a s b een n* q fo r th e e n tir e a m o u n t co m p u te d on fca>u as proposed by th e T re a su ry D ept.) a n d c re d itin g $49,556 a p p lic a b le n e t [111945: In clu d es $175,226 w rite-o ff o ' adjustm ents of depreciable assets. dem ption prem ium and unarnort:::;d d .v 1945: B efo re d e b itin g $120,321 costs a n d e x a n d e x p e n se on d e b e n tu re redeemed , p en ses re la tiv e to sa le o f 100,000 a d d itio n a l in g y e a r. preferred shares Genera* Notes s Includes 347,500 c re d it d u e to c a r r y b ack A bove re p o rt 5.x*. idiies C eiotex. Ltd to u'-K.r }*''!' oi u n i n e a e x c e l s p r u n t s c r u u u ! u rcrit id th ru co m p an y fo r y e a rs en d ed v* 1 ^ . . r e n t year. | U49, >147,354. 1943. 'l*r9 2Cl 1047, 5 - . . i .>7,906; 1945, ojO.J-Jo, I j -14. >oo,b28; iUl;, R ecord of S a rrtin g s, y e a rs e n d e d O ct. 31: Cost arid O perating Year N et Sales Expenses Profit 1936 ................................ S7.589.955$6,724,665$805,290 _ . 1937 _______ 10.574.242 9.230.992 1,293.250 1933............................... 9,126.489 8.471,885 654,SU4 1939 _______ 12.317.936 11.242.829 1.075.107 1940 ________. 13.817,501 12,808.896 1,008,605 1941 ___ 19 977.155 16 809.199 3,167.957 1942 ........... 23.510,364 19,645,214 3,865,150 Oth. Inc. & Ded (Net) d $99,856 37.203 d 126.246 d 254.351 d 171.G77 171.069 d 95.247 Inc. Bef. Taxes $705.434 1,330.453 528.358 820.756 836.928 2 996.380 3,769,903 Incom e Taxes $29.419 63,700 10,000 79,000 $9,300 1,247.790 2.645,936 N et Incom e $736,015 1,266.753 518.358 741,756 747.623 1,749.099 1,123,967 Common D ividends $322.422 312,429 706,133 471,901 Com. Shs. O uUtand. 2^,o85 26$,o85 312.429 6*29 9h0 627.676 627.676 632,068 Earn ' Ce. $; } , ,, - -$ 1' BALANCE SHEETS COMPARATIVE CONSOLIDATED ASSETS: 1949 1948 C ash ___________________________ . . . . $6,491,340 $5.777.132 IS. S. G o v e rn m e n t s e c u r i t i e s ______ _ E N otes and accounts receivable, net- 4,787,368 5.329JL77 F e d e ra l ta x r e f u n d c l a i m # ______ -- IS In v e n to rie s ___________ __ _______ 5,07*7*234 4,612*704 BALANCE 1947 $5,101.040 465.035 5,085,297 4.222*985 SHEET, AS OF 1946 $2,453.820 4,550,951 3,009,718 3,546*482 O CT. 31 1945 $1,853.639 6,025.651 2.305.393 266.730 2.305,964 1944 $2,256.657 850,000 2.277,526 222T552 1943 $2,SO s 150 2,66<r T 2,133 r s Total current a s s e ts _______ ___ ^ O p e r a tin g p r o p e r tie s --_____ _____ Deprec., depletion & am ortization . . . N e t o p e ra tin g p r o p e r t y _________ N o n -o p e ra tin g p r o p e r ty (n e t) _____ _ k*aiens a n d r i g h t s ______ _______ . . . . South Coast Corn. investm ent-- In v e s tm e n t i n C e io te x , L t d . ______ In v e s tm e n t in E l R e y P ro d . C o._____ C alif. M ill S u p p ly C o rp ---------------S u s p e n s e __ ________ - ___ _______ _({Invest. C e rta in -te e d P ro d . C o r p .__ P o s t- w a r ta x r e f u n d ____ - ______ _-- O th e r a s s e t * ________________________ U nam ort. debt discount & expense D e fe rre d c h a r g e s ____ _________ -- -- $16,355,942 32,150,768 11,419,129 20,731,639 1 438,541 700,460 202,838 340.001 202,107 383,534 $15,719.013 31.514.090 ' 10.332.815 21.181.275 1 438.541 695,161 202.338 622.845 235.915 448.747 $14,874.357 28,349,631 9,249,071 19.100,559 1 438.541 703,074 202,838 227,379 81,252 475,439 $14,160,971 19,130,942 8.591,957 10.538,985 1 438,542 711.007 2,181,790 8355,130 220,143 92,204 357,018 $12,757.376 13,183.159 8,094.104 5,089.054. 120.197 1 438.541 718.913 195.106 102.671 207.579 $7,605,735 11.570,263 7,317,421 4,252.842 177,523 1 438,541 726,086 1,137.540 83.753 345,669 107,769 148,678 $7,815 Hi 1.42U* .867 hn 4,554 v 115 64 435 7.X 1.137.5*1 50 566 15 iU 122 827 126.5 T o ta l _________________ L IA B IL IT IE S N o te s p a y a b l e ______ . . . . . A c c o u n ts p a y a b l e __. . . . . . A c c ru e d e x p e n s e s ______ A ccru ed i n t e r e s t ________ -- P ro v . fo r m lsc. t a x e s ___ _ Sinking fund requirem ent P rov. fo r incom e ta x e s .. $39,355,063 $1,897.502 997,830 54,673 181,882 437.500 546,261 $39,544.336 $2,223,634 919.460 58.183 146.231 437.500 585,72S $36,103.440 $1,000,000 2,234.898 897.131 41,998 126,270 250.000 1,912,673 $28,755,790 $1,300,000 2,310,542 812,733 43.458 93,509 250.000 830,898 $19.629.438 $1,359.294 593,155 40.802 73.781 175.000 257.810 $15,024,138 $986.057 458.639 35,987 94,301 682,272 $15,254.: $1.427 .SCI 738.496 43 254 109.01: 821 2TT <S Total current liabilities E v e n t u r e s ----- -- -------Bi'-fe loan Llub. u n d er license agreem ent Paym ent ree. on stock sales 5% p r e f e r r e d s to c k ($20 p a r) . ^ C o m m o n s to c k --..... ......... -- im partially paid com. shares.. (TCIPaid-in s u r p lu s ----_______ E a rn e d s u r p l u s -------- ------------ $4,115,648 6.291,500 5,137.250 873,957 31.519 6.217,014 16,688,175 $4.370.735 6.723.500 5,137.250 869.332 36.144 6,110.639 16,296,735 $6.462,969 4.342.000 2,000,000 5.137,250 863.183 42,325 . 5.969.212 11,286,500 $5.641.140 4.582.000 055,130 5,137,250 855,472 5,793,659 6,691,140 $2,499,842 4,825.000 5,137,250 755.472 2,457,684 3,954,191 $2,257,257 2,879,000 23.849 3,137,250 755,472 1,953,797 4,017,512 $3,189 J4 3.000.04 31,941 2,977.2 696.933 1,363 845 3,989.857 T o ta l .................. ......... -- ------- ---- $39,355,063 S39.544.336 $36,103.440 $28,755,790 $19,629,438 $15,024,138 $15,254.1 Net current assets . . . . . -------------- --. $12.240,294 $11,348.278 $8,411,388 $8,5X9,831 $10,257,534 $5,348,478 $4,624.402 A t lo w e r o f c o st o r m a r k e t 1949: C om 190,000; 1945, $1,000,000; 1944, $390,000; 1943, $1,- p a r v a lu e o v e r $1 s ta te d v a lu e an d $75,000 book p rise s: R aw m a te ria ls (in c lu d in g a t cost, 51,- 320,000. value assigned to assets received in exchange 373,768 b asic r a w m a te r ia ls fo r. w h ic h th e In c lu d e s p ro v isio n fo r re n e g o tia tio n in 1943 fo r $125.000 p rin c ip a l a m o u n t of South Co>d c o rp o ra tio n is th e o n ly s u b s ta n tia l m a rk e t), an d 1944. C orp. 5% incom e d e b e n tu re s (su b o rd in ated $2,350,037: g o o d s in p ro c e ss, $266,714: fin ish ed ^ P r in c ip a l p a id -in s u rp lu s c h a n g e s follow : w h ich w e re c a rrie d o n b o o k s a t $1. goods, $905,435*. o p e ra tin g a n d m a in te n a n c e 1949-47: A fte r c re d itin g (1949. $106.375; 1948, 1943: A fte r c re d itin g $529,410 excess from su o p lie s, $T 554.997; to ta l. $5.077,234. $141,427; 1947, $177,353) ex cess o f c o n sid e ra tio n issu a n c e of 58,523 a d d itio n a l com m on share* 1949: C o m p rises: $1.577,260 d e b e n tu re 5s re c e iv e d f o r (1919, 4,625; 1948. 6,149; 1947, 7.- n o p a r v alu e o v e r $1 s ta te d v a lu e a n d $132,511 (su b o rd in a te d ) 1973 a n d 205,328 s h a re s o f com 711) co m m o n s h a re s fu lly p a id in th e y e a r e x c e ss fro m sale of 5,696 p re fe rre d of Certain m o n s to c k c a r r ie d a t $438.541. M a rk e t v a lu e o v e r s ta te d v alu e o f $1 p e r s h a r e ( a f te r $1,800 teed P ro d u cts-C o rp . o v e r w ritte n -d o w n value, O c t 31 1949, d e b e n tu r e 5s (s u b o rd in a te d ), co sts a n d e x p e n se s re la tiv e t o s a le o f sto c k a n d a f te r d e d u c tin g $4.928 loss on sale of 6 3U 1973, $946,356; co m m o n s h a re s, $718,648; to ta l, in 1947). reacquired common shares. $1.665.004 1946: A fte r c re d itin g $3.575.000 e x c e ss of [filAmount re c e iv e d fro m em p lo y ees on stock In v e s tm e n t a t c o s t (less $64,940 r e s e rv e in a m o u n t re c e iv e d fro m sale a t $36.75 o f 100,000 sales a g re e m e n t. 1949) in s e c u ritie s C eio tex , L td . (E n g lish s u b a d d itio n a l com m on s h a re s o v e r s ta te d v a lu e IRAfxer re se rv e s (1949. $610,201). s id ia ry --n o t c o n so lid a te d ). of $1 p e r sh a re ; less $239,024 c o st a n d e x p e n se s 31945: In c lu d e s $817.327 e m e rg e n c y facilities 14 In v e s tm e n t sold in 19 45. relative to sale of stock. covered in full by reserv e. It is anticipated N o p a r s h a re s . 1949, 873,957; 1948, 869,332; 1945; A fte r c re d itin g $503,886 ex cess o f n e t th a t th e s e fa c ilitie s w ill c o n tin u e in use. 1947, 883,1S3; 1946, 855,472; 1945-44, 755,472; p ro ceed s of sale of p o rtio n o f in v e s tm e n t in 521949, 31,515 (1948, 36,140: 1947, 42,289) share?. 1343, 696,933. C e rta in -te e d P ro d u c ts C orp. co m m o n sto c k T o ta l su b sc rib e d by e m p ^ y e e s , 1949, $756 369 [6]A t co st ( a f te r S47.162 re s e rv e s in 1949). o v e r 1938 w ritte n -d o w n v a lu e th e re o f. (1948, $867,360; 1947, Sl.014,936); less unpail A fte r d e d u c tin g in v e s tm e n t in U. S. 1944: A fte r c re d itin g $514,953 n e t e x c e ss ox p o rtio n due in in s ta llm e n ts to 1949, $724 $41 T r e a s u r y n o te s, ta x se rie s, a t cost; 1949. $1,- c o n sid e ra tio n re c e iv e d fro m s a le a t $10.50 p e r (1948, $831,2X6: 1947, $972,611); balance, 1949. 000,000; 1948, $4,080,000; 1947, $3,380,000; 1946, $3,- sh a re c f 58,539 a d d itio n a l co m m o n sh a re s, no $31,519 (1948, $36,144; 1947, $42,325). .A ccounts certified b y A r th u r Y oung & Co- STATISTICAL RECORD FISCAL 1 Earned per share--p re fe rre d ___ . . . . . --common ______ _ Dividends per share--preferred . . . . . . --com m on__. . . . Price range--preferred . . . . . . . . . . . . . --co m m o n_______ . . . . . Net tangible assets p er sh.--preferred --common. Fixed charges earned: Bef. Inc. taxes, deprec. St depl.-- . . . Bef. inc. tax es & aft. deprec. & depl. After Inc. tax., deprec. & depl------ - T im e s c h a rg e s de p td . div. e a rn e d . . . . P r ic e ra n g e --3% s, 1960 (issu e d 1945) --3%s, 1960 ( s e n e s 1947)-- N e t ta n g ib le a s s e ts $1,000 fu n d . d e b t .. N e t c u rr. a sse ts o e r $1 000 fu n d . d e b t .. Time# p referred dividends e a r n e d .... N u m b e r o f s h a re s --p r e f e r r e d . . . . ------ --c o m m o n ___ . . . . . mo 1949 $7.59 $1.86 $1.00 $1.50 13%-15% 26%-13% $112.69 $26.29 18.60 12.89 8.39 4 25 101%--9944 lOlVa-101 $5,601 1,946 7.59 256,863 905,472 1948 $26.42 $7.20 $1.00 $1 75 20%-17% 34%-22% SUO 76 $25.75 40 45 36.29 22.33 12.36 102-99 101-100% $5.231 $1.688 26.42 256,863 905.472 1947 $24.25 $6.59 $1.00 $1.12% 32%-19% $90 70 $20.06 45.97 42.26 26.00 12.80 106-101 104-93 $4.674 $1.326 24.25 256,863 ' 905,472 1946 $14.89 $4.17 SI .00 $1.00 23-20 38Va-22% $71.93 $15.59 1945 V S2.36 $0.57 - S1.00 ' $0.50 21%-18% 25*/4-14% $47.90 $9.49 44.95 41.83 22.42 9.19 105m*, -101% $5.033 $1,859 14 89 256,863 855,472 16.27 * 10.25 5.71 2.46 103%-102 $3,550 $2,126 3 55 256.862% 755,472 1944 $3.58 $0.53 $1.00 $0.50 19%-17 15%-H $62 88 * $8.90 12.42 7.67 5.33 2 41 u m $4,426 $1.858 3.58 156,862% 755,472 1943 *3 SI $0 54 S3 W $0 DD2M5** H%-6*4 $60.64 $8.66 un 973 in 2.U $4,o:4 $13M54J ii 148.S** 696.5 In c lu d in g p a r tia lly p a id s h a re s ; 1949, 31,515; 1948, 36,140; 1947, 42,289. $2.50 on $100 p a r s to c k a n d 50 c e n ts o n $20 p a r stock. $20 p a r s h a re s; o ld $100 p a r sh a re s. 93-763,4. MOODY'S M A N U A L OF INV E ST ME NT S t j iJ *%h*QD DEBT th e re fro m <i) all cash dividends paid or de OTHER PROVISIONS-- 'i ` ns d e b e n tu re L M e t e x Carp. d e b e n tu re 3144* d u e 960: R ating-->Baa clared a ite r Oct. 31. 1344. an d cost of all stock 3Us, issue of 1243, due .'Jo0 (No. 1) w ith e x acquired. In each case as in clause \A ) above, ception noted. -~r*iCRIZEI>--S5 000.000; outstanding, $4,- and til) all investm ents or loans as in clause 'B ) abov. after date *.nrle PU RPO SE--Net proceed* V h;dn:Vv'-' to A*oei, ' ' m y term b v 'k i .U :* .<*1. - w r x o -- Aug. 1, 1945. Note: The .V'ove clauses <A) And (B) of the L liT F D --O n N c v York `4fo'*k Exchange. 1017 l-ue iN i. 2) are th* -am e except th a t th e O Ff'TIR F /)-- i S.` 1'"V-'O I t jTft cn \'V V 1347 ; * `'T-TY--Aug. a , 1960. ..M TR^ST--F&A I a t office of tru ste e or at dare is Apr JO, 1317 i i v . n 'i of Oct 1914. C onsent cf riJ 2/3% o! te^ en ru res necessary by a sy n d icate iu v d jd bv T-'au! d. D w is Sc Co . Chicago, and Union Secunucs Corn., New " v National Bank <fe T ru st Co., Chicago. to create, assum e, or iscue d irectly or in d irect York. f* lL.cipwd and in te re st p ay ab le in U. S. legal ly. or p erm it any ubsidtarv so to do. any ad C A PIT A L STOCK TRUSTEE AND REGISTRAR^--Chemical Bank ditional funded debt. except (a) for refunding, renew al or extension of not to exceed like 1. The f*rp. 5% cum ulative fe rre d lock: oar S?0. pre m M trust Co., New York. DENOMINATION--C o u p o n , $1,000; register- am ount thereof, or (b) funded debt (as de AUTHORIZED--5*V>o - ' f l ( i n c r e a s e d from - *as to principal LABLE--As a w hole or in p a rt on a t least fined) of a subsidiary to com pany; provided, that company shall not dispore or oart with 100,000 shares. J u ly 12, 1943); outstanding. 256,802'/ ' shr.rcs; p a r ^2C (changed from MuO * 's' published notice at any tim e to July co n tro l th ereo f (except t:> such subsidiary), unless im m ediately th e re a fte r (1) average a n par J u n e IS. 19t3, five S10 p a r sh ares issued for ea^h SI00 p a r share* i r.c!.. as follows: lC3ft 1950... - 103 1951--, 102ft n u al consolidated net earnings av ailable for PREFERENCES--Has p referen ce fo r assets 2 102, 1953-- 101ft j t t -- ICOft 1959. 100 1954,., 101 interest (as defined! on funded debt for two a n d d iv id e n d s fiscal y ears im m ediately p reced in g equal a t DIVIDEND RIG H TS--E n titled to cu m ulative 'After July 31. 1959. Also callable fo r sin k in g fu n d , w h ich see. least 4 tim es to ta l annual In terest re q u ire d ividends of 5% p er annum , payable q u a rte rly m en ts on consolidated fu n d ed debt; (2) excess F e b . 1. e tc . SINKING FUND--A nnually on. o r b e fo re first of Current assets (as defined) over current liabilities at least equal outstanding funded DIVIDEND RECORD--No dividends paid on $100 p a r sh am s to Nov. 10. 1936 w hen 5% was ;y of fifth calen d ar m o n th n e x t succeeding tkm t of each fiscal y e a r b e g in n in g 1945, 15% of debt, except funded debt secured by Hens as p erm itted , and (3) consolidated n e t tangible paid clearing up arrears. Thereafter, regular d ividends p a id q u a rte rly F e b ru a ry 1, etc., to Kf-xmg fu iarnings (as defined), b u t n o t to o m d $S250,000. S inking fu n d p a y m e n ts sh all assets (as defined) at least equal 2ft tim es con solidated funded debt. M ay 4, 1943, in d . In itia l d iv id en d o f 25 cen ts p e r sh are paid icragt a t least $1757000, w h e th e r o r n o t for each fiscal y e a r a f te r Oct. 31. 2944. DIVIDEND RESTRICTION--No div id en d (ex cept stock dividends) shall be declared or paid on $20 p a r s h a re s A ug. 9, 1943; reg u la r divi dends paid quarterly thereafter. rvfcn*ures m ay b e te n d e re d in lie u of cash a t *s amount equal to p rin c ip a l a m o u n t of d e on capital stock if thereupon current assets would be less than twice current liabilities. DIVIDEND LIMITATIONS -- See "Dividend R estric tio n " u n d e r d e b e n tu re 3ft, 1960. bentures or th e cost b u t n o t to ex ceed sin k rut fund redem ption p ric e on n e x t Aug. 1; a n y See also clauses (A) and (B) above. VOTING RIG H TS--None, ex cep t th a t if a t any cacrikS of debentures (acquired oth erw ise RIG H TS ON DEFAULT--In e v en t of d efa u lt (30 day grace p eriod for p ay m en t of in te re st, tim e cum u lativ e dividends have accrued to the e x te n t of $2 p e r sh are, holders of p re fe rre d Evan by redem ption) so te n d e re d s h a ll b e *fditea a t n o t to exceed sin k in g fu n d r e 60 days fo r sin k in g fund installm ent), trus stock shall have one vote per share. demption price ag a in st n e x t su cceed in g p a y te e o r 25% of d eb en tu res m ay d eclare p r in cipal due and payable im m ediately. LIQUIDATION RIGHTS--Has p referen ce over common to p ar plus accrued and unpaid divi ments. Cash. p ay m en ts to b e u se d p rio r to th e aext succeeding Aug. 1 a t direction of com INDENTURE MODIFICATION -- Indenture dends. pany to purch ase a t n o t to ex c e e d sin k in g rand redem ption price o r to red eem deben m ay be modified except as orovided w ith con sen t o f 66 2/3% of deb en tu res. PREEM PTIV E RIG H TS--None. CALLABLE--O n a n y q u a rte rly dividend d ate. tures; com pany o n request of trustee shall PU RPO SE--N et proceeds u se d to re d e e m d e In w hole o r in p a r t (b y lo t), on 30 day* notice, a t 320 p e r sh a re plu s accru ed dividends. pay accrued in te re s t a n d com m issions o n d e bentures pu rch ased o r red eem ed . A ny b a l b e n tu re 3%s. due w orking capital. 1955, and for additional LISTED--On N ew Y ork Stock Exchange. TRANSFER AGENT--C hase N ational B ank, ance in sinking fu n d on a n y A ug. 1 su fficien t to redeem a t le a st $25,000 (o r less if re q u e ste d TAX STATUS--C om pany refunds personal New York. by company) to be* u se d to re d e e m deben property taxes in Pennsylvania not to exceed 4 m ills and in K entucky not to exceed 5 mills REGISTRAR--Chem ical B an k 8t T ru st Com pany. New York. tures by lot on o r b efo re a n y su cceed in g Oct. t and any m oneys not so used shall be on taxable value, and income taxes In Massa c h u se tts u p to 6% a n d in M aryland u p to 5% OFFERED--(100,000 sh ares) a t $20 p e r sh a re (proceeds to co m pany $19 p e r sh are) on Sept. *dded to n e x t sin k in g fu n d p ay m en t. A n y p e r an n u m . mounts n o t so u se d a fte r Oct. 1, 1959, sh all 6,1945 b y a syndicate headed b y P au l H. Davis b applied to p a y m e n t a t m a tu rity o r to LISTED--On N ew Y ork Stock Exchange. & Co.. Chicago. tarUer redem ption of d eb en tu res. D eb en OFFERED--($5.000,000) a t 102ft (proceeds to 2. T he C elotex Corp, com m on; no par, tures purchased o r red eem ed to be cancelled. com pany 99) on Sept. 6, 1945 b y a sy n d icate AUTHORIZED--1.500.000 s h a r e s outstanding, Callable for sinking fu n d a t 104 to J u ly 31, h ead ed b y P a u l H. D avis Sc Co.. Chicago. 905.472 sh a re s (in cluding 31,515 shares p a r ftts. inch, and th e re a fter a t above call prices. SECURITY--N ot secu red by a n y lien. 2. Celotex Corp, debenture VAt (issue of tially paid subscribed by employees) no par. D ividend R ecord lin $) 1947) d u e 1960: CREATION OF ADDITIONAL DEBT, ETC.-- R ating--Baa (Calendar years) Company w ill not, d ire c tly or in d ire c tly , c re AUTHORIZED--33,000,000; sts or assume, or p e rm it an y su b sid ia ry to c re 625,000. outstanding, 32,- 1935-36 1939-40 N il 1937___ 1.20 1938-- N il 1941.-- 1.12ft 1942... 0J 0.75 st or assume, an y m ortgage, pledge, o r e n DATED--Aug. 1, 1947. 1943-45 0.50 1946-- 1.00 1947-- 1.12ft 1948-- 1.75 1949-- 1.50 (131950. 0.25 cumbrance on p ro p e rty or assets now ow ned M ATURITY--Aug. 1. I 960. or hereafter acquired, o r on incom e o r profits INTEREST--F&A 1 a t office of tru s te e or City [JlPaid 100% in stock Nov. 4. 1938. therefrom, unless debentures are equally and N atio n al B ank & T ru st Co.. Chicago. P rin cip al S3To Feb. 1. DIVIDEND LIMITATIONS -- See "D iv id en d ratably secured thereby, except money or o th er p e rm itte d liens. purchase and in terest payable in U. S. legal ten d er. TRUSTEE AND REGISTRAR--B an k of N ew R e stric tio n " u n d e r d e b e n tu re 3fts, 1960. Company will n o t (A) pay or declare any York, New York. rash dividend on com m on, or a c q u ire fo r valu e DENOMINATION--Coupon, $1,000; register- VOTING RIG H TS--One vote p e r share. Cum ulative voting perm itted for election of direc m y capital stock-(except by issuance or ap able as to principal. tors. See "V oting R ights'* u n d e r 5% p re fe rred plication of proceeds of additional shares), or IB) make any in v estm en t in excess of $50,000 CALLABLE--As a w hole or in p a rt on a t least 30 days* p ublished n o tice a t a n y tim e a t p a r stock, above. PREEM PTIV E RIGHTS--None. in capital stock or obligations of o r loans to an d in te re st. LISTED--On New York Stock Exchange any company n ot th e n o r im m ed iately th e re SIN K IN G FUND--A nnually o n or b efo re first TRANSFER AGENT--Chase N ational Bank. after by reason thereo f to becom e a subsidiary day of te n th calendar m onth n e x t succeeding New York. except through issue or proceeds of sale or close of each fiscal year, beginning w ith fiscal REGISTRAR--C hem ical B ank St T ru st Corn- disposition of such in v estm en t o r c a p ita l stock y e a r ending in 1947, th e lesser of 9% of sin k p an y , N ew Y ork of company) if such dividends, acq u isitio n s of ing fu n d earnings (as defined) o r $187,500, b u t OFFERED--(100,000 shares) a t 36% by P au l H. stock, or am ount of su ch in v e stm e n ts or loans to be m ain tain ed a t a m inim um av erag e of D avis & Co.. Chicago an d U nion Securities exceed th e sum of (a) conso lid ated n e t e a rn $125,000 fo r each 12-months p erio d reg ard less C o r p , N ew Y ork. ings (as defined) sin ce O c t 31, 1944, p lu s (b) of such earnings. D ebentures m ay be tendered^} S u b scrip tio n R ights: Com m on stockholders $1,000,000 an d (c) p ro ceed s of sale o r disposi a t a n am o u n t equal to th e p rin cip al a m o u n t ofjjlof re c o rd Oct. 22. 1943 had rig h t to subscribe, tion after date o f In d e n tu re of a n y su c h in th e d e b en tu res in lie u of cash; a n y excessSfat $10.50 p e r sh a re , fo r shares of com m on stock, vestment or capital stock n o t ap p lied as re c red its to apply on fu tu re paym ents. D eben-IIon th e basis of one sh o ie for each ten shares ferred to In (A) an d (B) above a fte r deducting tu re s so redeem ed o r credited to be cancelled.* then held. CAPITAL STRUCTURE CAPITAL STOCK Issue t me cum. class A preferred t Common ________________ UTAH-IDAHO SUGAR COMPANY Par V alue no par $5 Amount O utstanding 428.195 shs. 2,371,283 shs. GDEarned p e r Sh. 1949 1948 $4.75 $2.37 0.73 0.32 [TIDivs. p e r Sh. 1949 1948 $0.60 $0.60 0.15 0.15 (EFiscal y e a rs e n d e d F eb. 28. B]R an g e sin ce 1934. SIRange since 1935. (B Privately placed. Call P ric e $10 Price Range 1949 1932-49 10ft-10ft @11.65-6 38a- 2 @7ft-0.20 history w estern portions of the United States. Com Production Sales Incorporated in U ta h J u ly 18, 1907, w ith 50- p an y each y ear c o n tracts w ith grow ers to p la n t (100-lb. bags) year charter; consolidation of U tah S u g a r Co. c e rta in acreages to su g ar beets, a n d agrees 1942 ..................... > formed 1889), Id ah o S u g a r Co. a n d W estern to p u rc h a se th e beets so grow n, p ay in g fo r 1943 __________ 3,177,359 3,408,230 3,611,495 3,349,456 Idaho Sugar Co. In 1916 a cq u ired holdings them a p rice based on su g ar co n ten t of th e 1944 .......... .......... if Oregon-Utah S ugar Co. beets an d n e t proceeds from th e su g ar sold. 1945 ..................... 2,375.952 2,888,181 2,118,679 N ot sta te d In 1926 acq u ired p ro p e rty a t B elle F ourche, C ontracts a re also m ade fo r th e production 1946 ..................... 2,365,081 N ot stated I. D. from G re a t w e s te rn S u g ar Co. In 1927 of b e e t seed. Incidental activities include the 1947 ..................... completed rem o v al of D elta, U ta h p la n t to pu rch ase, feeding an d selling o f livestock, and 1948 .......... .......... 2,8 LI,059 N ot stated 3,762.757 2,757,134 Selle Fourche. In Ju ly , 1928 a c q u ire d con tro l of Springville-M apleton S u g a r Cc. In M ay, farmings Company owns several sizable tracts of farm lands, in p art rented to farm ers or 1949 ..................... 2,383,384 3,098,093 PRINCIPAL PLANTS A PROPERTIES m i sold Raym ond, Alta. Can. p la n t to B ritish grow ers, b u t m ainly held for sale. In connec Columbia S ugar R efining Co. I n 1932 o rg an - tion w ith fa rm pro p erties, com pany holds su b C om pany h a s 10 su g ar factories, are ow ned teed Sugar B eet C re d it C orp, to fin an ce b e e t stantial w ater rights, and owns and operates an extensive irrigation system. U nder a per in fee, located in Utah, Idaho, Washington, M ontana and So. Dakota. growers. In the sum m er o f 1940 a c q u ire d re fin e ry of p etu al co n tract w ith th e U tah L ig h t Sc P ow er Co., com pany ha w ater right to a stip u lated C om pany ow ns ap p ro x im ately 15,000 acres of farm lands, p ractically aU of which are ir Outtnison S ugar Co. lo cated Utah. at C en terfield . flowage of w ater from B ear River. Its trib u ta r rigated, located principally in Idaho, Washing ton and Utah, w ith sm aller narcelg in adjacent UB8IDIARIE8 ies and B ear Lake, for irrigation and other ourposes on lands in Box Elder and W eber states. An irrigation system is owned, serv Company is p rim arily an operating company. Cunnison Sugar, Inc., (w holly-ow ned) w as Counties. Utah. These w ater rights, w hich are negotiable, n o rm ally s e rv e a b o u t 53.500 acres ing lands and other properties in Box Elder and W eber Counties. Utah. o ntnfzed in 1940 ' Sugar Production and f a in , years to Feb 28; MANAGEMENT U8INE88 A PRODUCTS P ro d u c tio n Sales Officers Company engages in th e m anufacture of (100-lb. bags) G. A. Sm ith. President agar from su g ar b e e ts a n d in sa le o f su g ar 1940 ......................... 3258,376 3,691,282 D ouglas Scalley, Exec. V ice-Pres. 8c Gen. through brok ers in th e w e ste rn a n d m iddle- 1941____________ 3,512204 3,280,206 Mgr.