Document B8zqg1rO5KqEkgNgk0XL1zrv4

MOODY'S MANUAL OF INVESTMENTS 1051 Sh|t, as #t Dec. 31: ` > ' C 1841 iKgTvaSar-&-hfc tivrsl--riVt{t-if?r4r''`* '$338,639 Ji?fva^SS*--"'S--3241574,- - 5*^ ,,$024^60 }& deplet.: ^.property. ?Invest.. cost: , afHL .. ,,^essets - 1,232266 777.829 ' `474.437 22,42$ 811,651,975 8,766 * 7. $3,082,165 lilies: _ ' `-;V' payable 1. _ , $81,641 .. 30,656 35.000 Liabilities (cont'd) 1941 1940 058,715 no par shares. 1940 Bank loan________ 100,000 _______ Arising irom reduction in stated value of ' $420,003 Due to aflil. cos... 2,591 10,503 capital stock. 184,195 449320 _To.ta,l curren.t., :--$249,888 $97,887' Accounts certified by Touche, Niven & Co. 4% 5-yr. bk. loan. 425,000 ________ Capital Stock: 1. National Pole & Treating .$1,054,018 6% notes 1941___ _______ 939,170 Co. common; no par: 1,239,485 ECapital stock ~ vSS&SS 2,935.750 AUTHORIZED--60,000 shares; outstanding, 752,987 486,499 EfiTU6u StITplUS --~ 24.640 S2.906.188 Total --____ 725,725 -V52oV7,0505S0 58,715 shares; in tr. easury, 1,285 shares; no par. ___ _______ ___________ OWNERSHIP--Minnesota & Ontario Paper $8,082,165 $4,500,145 Co. and subsidiaries own 40,855 shares. 28,800 Net curr. assets - $674,672 $956,131 DIVIDEND RESTRICTIONS, ETC. -- Under OQAt cost ' terms of 4% 5-year bank loan, dated July 25. $4,500,145 fflNotes and accounts receivable from Min- 1941, company agrees not to pay any dividends nesota & Ontario Paper Co. and subsidiary nor purchase any of its stock. Agreement also after $1,714,651 deferred credit for interest provides that the company shall be in default $72,945 accrued. if Minnesota & Ontario Paper Co. shall cease 14.438 HCapital stock of Minnesota & Ontario Pa- to own, directly^ or indirectly, less than 67% per Co. (82,508 shares) pledged. of outstanding stock. ITriAL STRUCTURE linCEHEDDEBT t - - \ issue Lj&%&3%long term notes, 1943-47-- .STOCK . Issue 4% cum. cony., preferred__________ Summon __________ years.1. ,fflsee text ESold p THE GLIDDEN COMPANY Rating Par Value $50 No par vately. Amount Outstanding $7,000,000 Amount Outstanding 199,640 shs. 830,543 shs. HJTimes Charges Earned 1941 1940 ___ .... EEamed per Sh. 1941 1940 $15.08 $8.64 3.08 1.56 Interest Dates J&JT l HDivs. per Sh. 1941 1940 $2.25 ` $2.25 1.40 1.10 Call Price m Call Price $52.50 Price Range 1941 1932-41 ffl Price Range 1941 1932-41 46 -35 58r-34 1774-11 55)4- 3)4 """ Jl $ r, v?f r> i . Chemicals and Piemants: In 1821 incorpo- vested therein (as of Oct. 31, 1940) which are .rtTW n ____________rated the Chemical & Pigment Co., Inc., a approximately as foUows: paint and vm'ni^, SUifh Wholly owned subsidiary, to manufacture lith- 35%; food products, 30%, chemical and pig- i*? Sd-teseta of GUdden.Varnish opone. In 1924 acquired for 3440,310 the entire ment, 24% and soya products, 11%. Each of t T fWO, and Its sub- capitai stock of EustonLead Co., Scranton, Pa,, these divisions is reviewed below. l o ., Lta,, Toronto. *__u -u ,, ; paint and varnish manu- j.;. 7 - ..founded. .1.... manufacturers of white lead, in Feb., 1926 ac- quired the entire preferred and common stocks of National Barium Co. for $106,250 in 7~ ------------------------ - *- " Paints and Varnishes: Ranks as one of the leading domestic factors in this line. Since ' " a of finishes have that prac- ^Chicago, 1892.' ' every type for the decoration, and pres- J s, New Orleans, 1900. ` lurfaces. A substantial volume of a?*. Paul, W97A with varnish Co.:, St. Louis. 1879, ;yaniiah*Co., Cleveland, _______________ npany, Afterthought Zinc Mining Co. Leo).,oCfcWeoalfgiOo,T1n8ia51.San *In>19n29enamcqnugirJeod. $theHou^tst^an^d d_ !^SMetals Refining CO, of Hammond. Ind,, manu ^" facturer of reedd. lead, litharge, type metal, -yarniahCo., Chicago, 1879. ~*^^^MUme^mlls, 1900. ; metal powders, etc., for $1,271,246. In 1932 acquired a 54% interest and In Dec., 1935 the remaining-46% in Nelio-Resin Corp., ____bred all tbd assets of dwned subsidiaries, includ- panies'acquired in 1919, Sj_Inc.; The Chemical & 3U^l^dan^o :StaOreerm` manufacturers of turpentine and rosin by a patent process. In 1933, Jointly with Metal & Thermit Corp. of New York, formed American Zirconium ^p0or r^^hetomcaonnusfatrcutcutrea opflatintat naituBmapltiigmAoiernet,sTMd. SmdtiSe Ma^iitii Oir%n ^ Janl,1936 dissolved The themical & * <15=1 V., .' -: Pigment Co,, Inc. and acquired its assets and yqp, ' PUSta6BS and varnish iiiven- On Jan. 20, 1938 stockholders approved a __________________________________________ auto mobiles, railroad equipment, etc. and a sizable fibobrteiorns, isdesaoleldrstoantdhethfgretynerreatlatirlasdtoeretsh.rough has an exclusive continuous proc:ing iron powder, for which Sweden was the primary source. Iron powder Is used in manufacture of electric resistors, magnetic cores, molding gears and break linings. Pood Products: Ranks as one of the leading domestic manufacturers of margarine which it sells under the tradenames Durkee's, Troco and Dinner Bell. The manufacture of ibis product contributes a substantial portion of the total revenue of the food products divi sion. Engaged in crushing copra, cottonseed, sesame and other oil bearing seeds and in the respective production of cocoanut, cot tonseed and sesame oils which are raw ma aulpmehl of modest PTM?08,?1-Jo *c(Iuir'' eJi?ciiZe pf 9S*- 3h nucfaiCorps and one- 180*l SII Of the assets of Southern Pine Chemi- VaiffiMWentortS' PTO* therefor 34,687 common shares. tag*-tiCChha*vniinn ,CCoo.' * oo ff> . i?Tn*b?et,hPperritnSScco*iup5t?ah?l assets acquired were four plants producing pine tar, rosins, tur-: irga^eaj o) Nelio pentine, etc. , rred to it. l_$eya Products: In 1934 constructed a plant at of a co rmer Nelio Chicago to extract soya bean oil trader' Ger man patents. terials used in the manufacture of margarine. Other products of this division are salaa dress ing, mayonnaise, shred cocoanut, Worcester shire =?uce, meat sauce and other condiments, and a full line of spices. Chemicals and Pigments; Ranks as one of the leading producers of lithopone, a white pigment produced by combining materials de rived from barium and zinc ores and ex- tn >mo uctsCo.,. vegetal . If. >ted The" tolly owned oils, manu- r* tog animg owned subsidiary, to nvanuiac*ee<to and utilizing chiefly prod- oteilncsloivthel&ynudsesdhaidnethdeotpiiaiinndt,ursutbribees.r, Plinroodleucuems, white leld in ^L whlte l"ad carlmnite (med nets of this,division.------ in producing ceramics and dry colors), red lead etc.), & W thePfeed business. n oiiBQini.Biee' SUBSIDIARIES ^ are manufactured for the paint, ceramic, pri.n.t.in_g in.k--and----a- utomobile indt-i-s--t-r-iseisg,nafol r turpentine an?73% rosin used in the produc coebamzt for Name, place of incorporation and business; I".(ti iarf Afterthoiight Zinc Mining Co.. Cal., Mining Ket'assets ef B. r . properties--inactive. "JntaiUfactorer of The California Zinc Co., Ohio, Alining prop- mfaumces,: IDhicSkeieus ps^ntihcees ertiee--inactive A Eastern Ry.. Cal., tion of paints, varnishes, soap, etc. , By the destructive disi duces pine tar, pine pentines, etc. synthetic resins, on process prorosins, tur- Fpqd Produ , Co,, was ntiatiyili^tl c. Late -- the capital d ic . Oil Mills Co., at P&tlahd, Ore. for The Glidden Co., Ltd., Onti; Manufactures palnts, varnishes, etc. at Toronto. Glidden Co., Inc., Virginia.II] The Ripolin Co., Ohio., Inactive. Through subsidiary, Corp., manufactures In the production cloth, paper and conium obtains raw Travancore, India mm 1058 MOODY'S MANUAL Q& INVESTMENTS vvifcOi the American Lecithin Co., in which a 30% lead is produced at Scrahton. Pa. and red MlUiAGEWltfiT? stock interest is owned. The company is one lead, litharge, type metal and metal powders ' of the two exclusive licensees for the manu at Hammond, ted. Nelio-resln is made at facture of lecithin under the United States Jacksonville, Fla. and Collins and Valdosta. patents of the American Lecithin Co. Ga., pine tar, pine tar oils, rosins, turpentine, etc. at Jacksonville and Gull Point, Fla., Fay PRINCIPAL PLANTS * PROPERTIES etteville, N. C. and Collins, Ga. and linseed oil at Buena Park, Cal. Paints and Varnishes: Plants of this division Through The California Zinc Co. and After are operated at Chicago, Minneapolis, Cleve thought zinc Mining Co. owns zinc ore prop land, St. Louis, New Orleans, Reading, San erties in California, which have been inactive Francisco, Los Angeles, and Toronto, the since 1927 due to low prices of zinc and other latter by The Glidden Co., Ltd. Some 30 retail ores. Increased prices for zinc, cadmium and Adrian D. Joyce, R. H_. Horsburgk, R. W. Leve _ _ W. J. O'Brien. \ , . Dwight P.Joycfcg P. ST Sprague, Vmi _ Howard Beatty.Vice-Pfi j. A. Peters. Treasurer < Clifton M. Kolb, Scireta W. W. Conant, -Assistant I stores and 7 warehouses are located In the other metals would have made operation of U. S. and Canada for product distribution. the properties profitable in 1940. However, Peed Products: Plants for the crushing of copra and other oil-bearing seeds and nuts are located at Portland, Ore. and Berkeley, Cal.; vegetable oil refineries at Chicago, Louis ville and Elmhurst, L. I.; margarine plants at Chicago, Norwalk, O., and Berkeley, Cal.; plants manufacturing salad dressings, mayon naise, condiments, etc. at Elmhurst, L. I. and Berkeley, Cal. certain of the properties are in the area being flooded by the U. S. Government in building Shasta Dam, and company has filed a claim for damages in amount of $1,853,000. Through a subsidiary, American Zirconium Corp., manufactures titanium pigments at Baltimore, Md. Raw material (ilmenlte) comes from India and Georgia. Soya Products: .Facilities at Chicago com prise elevators suitable for storing over 2,- Directors: Howard Beatty,- Cleveland R. H. Horsburgh, Cleveland Adrian D. Joyce; Cleveland : Dwight P. Joyce, Cleveland Clifton M. Kolb. Cleveland R. W. Levehhagen, Cleveland; W. J. O'Brien, Cleveland, P. E. Sprague, Cleveland Annual Meeting: Third Thursday ln> Number of Stockholder*: Dec. 3!i l Chemicals and Pigments: Llthopone plants are located at Collinsville, 111., Oakland, Cal. and Baltimore, Md. At the latter location cadmium pigments are also produced. White 000,000 bushels of soya beans, an oil extraction unit, a protein unit, a flour unit and a lecithin unit. Plant has a daily-crushing capacity of 400 tons of soya beans. ferred, 3,500; common, 10,500. Number of Employees: Dec. 31, lML5ll General Office: Cleveland, O. ' '' INCOME ACCOUNTS COMPARATIVE CONSOLIDATED INCOME ACCOUNT, YEARS ENDED OCT. 31 (Taken from reports to Securities and Exchange Commission) (Excluding California mining companies) Sales, less returns, discts. & allow.__ CDCost of sales_____________ _________ 1941 $68,901,706 56,263.924 1940 $50,169,733 40,435,946 1939 $47,824,047 37,786,061 1938 $44,049,023 36,343,188 1937 $54,052,233 43,805,366 Manufacturing profit------------------CDSelling, general & adm. expenses-- Prov. for doubtful accounts less rec._ 12.637.783 8.359,614, 99.389 9,733,788 7,722.691 108,638 10,057,987 7,560,701 76,195 7,705,835 7,549,801 76,129 10,246,867 7,673.176 31,747 Operating profit____________ Misc. comm. & profits on mdse.. Dividends received-------------------Interest earned-------------------------Other income----------------------------- 4.178.779 865 30.553 32.930 97.901 1,902.459 219,980 83,596 14,528 62,582 2,421,091 231,018 71,659 22,533 33,165 79,905 161395 92415 14,034 33,836 2,541,944 404,934 125,719 9,031 40,055 Total Idle plant expense------------------------------ Life insurance expense Interest on funded debt..____________ Interest on bank loans, etc. ....-------Extraordinary exp.--legal, litigation. Other deductions---------------------------- 4.341,028 10,536 19.690 41.531 49,115 38.971 2,283,144 40,245 15,449 98,703 17,894 "35,163 2,779,466 32,525 19,457 147,863 ''42,489 381,885 42,063 19,899 ~ 119373 12377 3,121,683 43,463 20,139 ' *'4S*$71 ~~37,m Balance ___ SJSpecial items 4.18L186 2,075,690 2,537,132 dr 249,841 186373 cr 34,033 2,971,997 Balance _______________ ____ Prov. Federal taxes___________ Dominion & state income taxes. Federal excess profits tax_____ Minority interest --------------------- 4.181.186 990.000 150.000 15.000 15.796 2,075,690 292.0001 55.309 f 552 2,287,291 433.742 221,006 15.409 2.971,997 429,204 Net income to surplus-.-------------Earned surplus beginning of year----SOther surplus credits Preferred dividends--------------------------Common dividends mother earned surplus charges-------- 3.010.390 7.452,736 102,321 449.380 1,143.788 29.949 1,727,829 7,078,945 449,886 904452 1,853,549 5,675,283 '449,886 205,597 6,319,469 449.887 399.887 2342,793 6306.722 '449326 2,080,126 Earned surplus end of year---------- $8,942,329 $7,452,736 $7,078,945 $5,675,283 $6,319,469 SUPPLEMENTARY P. & L. DATA Maintenance & repairs------------------Depreciation & depletion------------Taxes other than income Rents------------------------------------- *--------Royalties---------------------------------------Amort, of pat., trade-marks, etc___ $896,239 846.703 666.185 174,440 121,839 9.513 $746,612 835,754 591,778 165,951 84,875 8458 $600,054 804417 622,290 158,691 111,063 9,063 $541,146 698,148 537,782 151331 89,082 8,863 $543,721 607,735 500354 142,178 83,101 9,635 $476,089 542,735 * 389,125 123,(370 94,827 8,145 \ Parent company's net income Eg. earns in unconsc. subs. & affil-- Divs. from unconsc. subs. & affil.___ $2,856,449 i 39.786 $1,680,023 d 80.186 31,500 $1,774,815 d 421 42,000 $169,996 34322 69,200 $2,469,203 49374' 99.469 $3,027,179 57,007 44336 mincludes related portions of items shown under "Supplementary p. & 1. data" below statement. E1936: Premium on notes and bonds retired, $33,904; unamortized debt discount and exEense on notes and bonds retired, $11,434; re- uction of investment in affiliated company, in rates allowed by Internal Revenue in 1939 and 1940. General Notes (a) No inter-company profit on inventories or inter-company sales included. Net income for 1941 Includes $99,064 for Canadian sub sidiary after given effect to adjustment of its (b) Depreciation: charges included in j statement were less than .such ' claimed in Federal incometaxretura lowing amounts: 1940/not stated; 1939, ! 1938, $118,185; 1937, not stated; 1938, l 1935, $75,773. . ' ' ` ' ' `M Excess of depreciation claimed ln l returns is due to depreciation claimed onf $60,972; total, $106,310. . . neteurren`taissetss to rate of exchange in effect written off or credited to revaluation/: ODSee general note (b) below. ' SI1939: Provision for adjustments of open Qct. 31, 1941. No provision made"for losses in wholly-owned California mining companies <*<(dHprinciples of consolidation (seenotest contracts to market, $200,000; reduction of net not consolidated; such losses are reflected in under balance sheet). current assets in Canada to exchange rate in supplementary information "Equity earnings (d) Change in method of pricing' .,. effect Oct. 31. 1939, $49,841; total, $249,841. in unconsolidated subsidiaries and affiliates" inventories had the effect' of reducing- (U1941; Represents net adjustment of re- above, serves for depreciation to reflect reductions profit for 1941 by approximately $455,900 note (c) under balance sheet). : BALANCE SHEETS COMPARATIVE CONSOLIDATED BALANCE SHEET, AS OF OCT. 31 (Taken from reports to Securities end Exchange Commission; excluding California mining companies) ASSETS 1939 1938 1937 1836 Cash -... ENotes & accounts receivable EInventories------------------------------------Other current accounts receivable___ $2,262,551 7.179,515 15,521,123 655.613 $2,126,192 4,590,872 10,612,031 523,246 $3,721,585 4,680,667 9,779,601 327,121 $1,467,297 3,962,734 11,449,791 165,663 $1,234,818 4,375,543 11,778,663 5493103 $1,376,057 4,297,960 10406.827 216,182 Total current assets--------------------- $25,618,801 $17,852,341 $18,508,974 $17,045,485 $17,938,327 $15,996396 ECalif, mining cos. (below cost) Capital stock (100% owned) Bonds ($500,000 par) Advances --------- ---------------------------- GOInvestment in affiliates (cost) Insurance claims (paid Dec. '35) Cash surrender value of life insurance Sundry investments.......................... .... $15,000 187,500 927.426 527.497 69.?50 $15,000 187,500 915.063 690,001 496,370 48.480 $15,000 187,500 896,959 690,001 464,196 78,629 $15,000 187,500 877,716 69O;0O1 432,043 72.535 $15,600 187,500 857,481 600,000 399,628 165.552 $15,000 187300 841,280 685,040 366,674 150,959 $15 187. 82 1,029 T MOODY'S MANUAL OF INVESTMENTS 1059 SE 8HEETS fcont'd) i against closed banks neous receivables (net)_____ & notes rec., stock account >perty, plant & equipment_______ Revaluation reserve___ , [/Depreciation & depletion res__ get property account--_ ' 1 new products devel. exp_____ 1 insurance, expenses, etc__ le on'sale of pfd. stock, etc_____ _anization expense.____ ________ r^Ul, pat.mfg. rights, etc otal-------------------- ---------------------3HJTIES : payable------------------------nts' payable--------------------------- :ing taxes--Federal l & state payroll taxes Dm; & State income taxes ed general taxes--___ --_ ' current liabilities___ _; Inotes & bonds due----- --_______ current liabilities___ _______ i debt-notes & bonds . portion of insurance settle, adf.of open contracts to mkt. for contingencies___ ________ jinterest In subs--...- eonv. pfd. ($50 par) preference stock ($100)--___ stock-------- ---------- ------------- surplus- orplus--- ------------- tal stock & surplus . $ Treasury stock (cost).; iga't* capital stock & surplus____ _ 1941 ...1.916 116.239 29.225,434 3.389.489 8.913.405 16.922,540 95,807 551.620 127,714 $45,161,410 $6,000,000 2.824.539 279.933 53.408 1.239.588 323.369 595.831 $11,316,669 $2,000,000 170,474 67,886 209.880 9.997.000 4.180.655 8.374,037 8.942.329 31.494.021 97320 $31396.501 1940 6,813 72333 26.385,439 3,439,332 7,902,686 15,043,421 109,917 386,652 86,859 $35,910,650 $1,240,046 233,251 45,876 340,102 199,866 420,802 $2,479,944 $3,500,000 50.000 67386 100,552 9,997,000 4,180,655 8374,037 7,452,736 30.004,428 292,160 $29,712,268 1939 12,749 72,578 25,270361 3,452349 7,203,788 14,614,223 115,917 433,043 85,217 $36,174,988 $500,000 1,298,888 84,752 49,558 450,337 206,323 145,585 $2,735,424 $3,750,000 200,000 67,886 9,997,000 4,180,655 8,374,037 7,078,945 29,630,637 208,958 $29,421,679 1938 14,444 66,951 24,722,951 3,637,159 6,852,828 14,232,965 115,917 442,587 92,871 $34386.015 $1,065085 188,171 46,484 40342 187,270 128,614 $1,655,866 $4,500,000 67,886 9.997,000 4,180,655 8,374,605 5,675383 28,227,543 165379 $28,062,263 1937 50,725 60,184 22,939,114 3,701,580 6,293,458 12,944,075 115,917 428303 95314 $33,857,808 $3,750,000 1302,367 171,537 467,533) 266,582/ 125,068 $5,983,088 $67,886 9,997,000 4,006,705 7,520,063 6,319,469 27,843,238 36,403 $27,806,834 1936 72,887 \ 48,667 1 21,472,856 3,714,886 5,743,587 12,014382 115,917 366339 104,848 $30,966,989 1935 77,876 65,470 19,869,119 3,718,910 5,254,089 10,896,121 95,571 383,618 170,769 205321 2,795,509 $32337345 $800,000 1,173,152 167,483 750,204 177399 $3,068,038 $57386 $1,000,000 965,421 314,377 588,041 166,334 36,000 $3,070,173 $3323,200 210,349 135,798 10,000,000 6,500,000 4,000,000 3,769,405 7,524,344 9,870,177 6,306.722 , 5358,243 27,831,066 " ' " 25,497,825 $27331,066 $25,497,825 HITent assets-------- --_________ 1TY ACCT.--ANALYSIS $45,161,410 $14,302,132 $35,910,650 $15372397 $36,174,988 $15,773,550 $34386,015 $15389,619 $33,857,808 $11,955339 $30,966,989 $12,928,958 $32,237345 $11317,64? litlons at cost;------------------------- nents or sales---- ^additions ----i---------- M. RESERVE--ANALYSIS ttions charged to Income. _1~nents, renewals cbgd. to res. , ^/additions --_______ rreductions------_________ $1,666,100 337.154 1.511.050 $846,703 351.024 515.040 $1,343,407 228330 $835,754 136,857 $1,260,674 713,364 $804317 458331 4,675 $2,002,013 218,176 $707,193 149,529 10,751 9045 $1,617,958 151,700 $607,735 57,864 $1,661,194 153,535 96,079 $542,735 60,009 6,773 $1,016,0 722,8 $527,871 54,742 RESERVE--ANALYSIS Hons ----- -------- ---________ 49.843 ( $12,917 $134,909 $64,422 $13,306 $4,023 $22,056 sres^W41, $151,506). * California mining comf^XSsets cbnsist almost ennSurreellyy ooff 835,591; 1937, 800,801; 1936, 800,000; 1935, 753,881; llioonwwcffiilJJ:u:PPdrreiinnscctriippeaaallsu""ccryaaspphiittaaarllesssuu(srreppelluunsso""tecc(hh1aa2nn)ggbeeessloffwoo)li.-- deterioration of property on basis of specific rtaotesse.t Cfoormtliparnaytedioeins nuostebaesliesvueciht praratecstichaabvle been determined generally as applicable to ;Operated, are stated at 1938--Excess ($25 per share) of 34,697 com- specific assets or groups of assets in various __ion basis mon shares issued for assets of Southern geographical locations. s,was$154,828 Pine Chemical Co. over $5 amount allocated Depletion is provided for as unit rates based jiBaetsvaS' shown by books of to stated capital, (cr}$867,425. upon estimated amount of remaining recover- SrasiofiOct 31, 1941. 1936--Excess of selling price of 46,119 com- able ore. gents all 7% preferred stock of Conium Corp., $600,000 par, divish have been paid to July 1,1949 . common. \ / et. 1, 1941 company acquired an ^interest in common stock, .thereby isame to approximately 90%. Acipow included in consoUdeHon. mon shares over stated value, (cr)$784,023; wnte-off of goodwill, trademarks, formulas, etc., not previously amortized, (dr)$2,693,141; write-offs of reorganization expense and com missions on sale of preferred stock in prior 35,769 7% prior preference shares, (dr)$178345. '-- "-- ------------*---------' .............. ^ General of $--6-0--4-,-314 No_t_e_s_: (a) 1940: Net current assets located in Canada, included at Control Board rate of exchange; property, plant and equipment and sundry deferred items of $298,919 included at amounts shown on books of Canadian subsidiary. (b) Consolidated statements include ac- eserves <1940, $62,132). ~ Depr. & Reval , Book VaL depl. res. Res, "s^W EMB -- -- ': $455,599 '!>W;-''78B,33&6 :. 14,532' 6.340 shares: 1941, 5,048.(and 300_preferred); 1940, 16,671; 1939, 10,170; 1938, '51602: 1937 1 100 -0i9f8--includes rttout . $810,000 acquired f^hjde^the f^ountelfSat ^Sation^ consolidated statements. .(c) In 1941 inventories of principal raw ma terials have been priced in accordance with Soft -------------- 4------- last-in, first-out method of determining cost IS* mm' 431,036 70,122 28,935 -__ --- Corp VMM VV4MW4U WVSVI CSV VVW gbf J t" .. I Vh which Glidden Co. acquired control of that company. instead of methods previously used. Such change had the effect of reducing amounts stated for inventories at Oct. 31, 1941 by approximately $1,115,000 and reduced the net profit (after income and excess profits taxes) $*9290,225,484 $a8,9o1t 43,i4n0c5 $3,389,s4s8a9 vidDeefprbeyciaamtioonunpPtsoollciiccoyn:sidDeerpedrecbiyatcioonmpiIsanpyroa-s s$4h55o5>w,t00n0000. for fiscal year by approximately `ted by, no par shares: 1938-41, fair and reasonable to cover wear, tear and ((ee)) AAct counts certified by Ernst & Ernst. ^OPERATING DATA J|!fesSS*'!fi*wi : ' 1941 ---. $15.08 Mapte^ii ownwwB--_____ $3.08 f.pr sh,--preferred____ ___ . $2.25 ---common- $1.40 ferred ---- 46-35 __ 'S';:l--45pmmon'_____: 17%-u i?f>er ih.--fflpreferred -- $157.27 . ---cammon------- -- $25.77 1937 $12.72 $2.60 58)4-43 51)4-19)4 $139.09 $2237 1936 $15.43 $3.29 S]$581 Vi $2.00 H1S6-52)' 55)4-39) $139.1 $22.29 a, depr. & depl____ s after depr- & depl. ;, depr. & depL-__ -- & pfd- div. earned-- EunOO^funded debt.--. iperfl,000 fund. debt. reer-preferred--______ --common...___ ... 56.47 47.12 34.3$ _ 5.74 $16,803 $7,151 199,640 830,543 25.97 18.80 15.82 3.26 $9,518 $4,392 199,940 818,920 21.91 16.47 13.53 3.85 $8,846 $4,206 199,940 825,421 1 199,940 799,701 30.65 26.74 23.24 5.42 s2o000,,000000 gharesoutstfinding atend ffli^gedfory4%% preferred. Range for for- on"(DfOofrmwheirc^h7%$5J.'2i?5 r(ethfr^eeed -^- .-_. . tshare based on mer 7% preference, 114)4-104%, shares outstand- quarterly payment on 4)4% preferred mMk 1060 MOODY'S MANUAL OF: lNFESTMJSNm&? Financial and Operating Ratios Curr. assets curr. liab.' % cash & sec. to curr. assets________ t inventory to curr. assets_________ net curr. asset ' net worth_____ property deprt . .ted_______ ___ % annual depr. tc .*. prop. _________ Capitalization: , long term deb -----------------------, preferred stoc -- , common stock c surp.________ Sa, lslieeassle--svr-trionevcneeeinvt tapobrrolyepse__--r_t_y_._____________ % sales; t; o t_o_t_a__l _a_s_s_ets-- % net income to total assets. % net income to net worth_ Pfd. div. times earned_____ Analysis of Operations Net sales__________________ Cost of sales. Sell., gen. & other exp. Operating profit______ Other income. Total income __________________ Income deductions______________ Special items____________________ Net income before inc. taxes___ Income taxes Minority interest _______________ Net income ..____________________ 1941 2.26 8.83 60.58 45.25 42.09 2.90 5.95 29.70 64.35 4.44 8.79 407.16 152.57 6.67 9.52 6.70 % 100.00 81.66 12.28 6.06 0.24 6.30 0.23 6.07 1.68 0.02 4.37 1940 7A0 11.91 59.44 51.56 42.99 3.17 10.51 30.01 59.48 4.73 9.81 333.50 139.71 4*81 5.80 3.84 % 100.00 80.60 15.61 3.79 0.76 4.55 0.41 4.14 _0._69 3.45 1*30 6.77 20.11 52.84 53.61 42.17 3.18 11.30 30.14 58.56 4.89 9.55 327.24 132A0 5.12 6A0 4.12 % 100.00 78.97 15.97 5.06 .75 5A1 .51 dr .52 4.78 Al 3.88 1981 10A9 8.61 67.17 S4A4 42.43 2A2 13.82 30.70 55.48 3.85 10.67 309.49 128.47 0.60 0.73 0.46 .% 100.00 82Al 17Al 48 .69 .87 .44 or .08 .50 03 :.47 FUNDED DEBT t. Glidden Co. 2% and 3%unsecured notes, due 1943-47: OUTSTANDING--Dec. 1, 1941, $4,000,000 2% annually. Dividends payable quarterly Jttn.1, etc. to stock of record about Dec. 17, etc. DIVIDEND RECORD--Initial dividend of 58%c paid Oct. I, 1936 and regularly each quarter thereafter. 1917-19 notes and $3,000,000 3% notes. DATED--2% notes, Nov. 24, 1941; 3% notes, Nov. 1,-1941. MATURITY--$1,000,000 2% notes each July 1, 1943-46, incl.; $3,000,000 3% notes July 1, 1947. INTEREST--J&J 1. CALLABLE--As a whole or in part at any DIVIDEND LIMITATION--None. VOTING RIGHTS-rNone,..except upon default of two successive quarterly dividends where upon holders voting as a class shall elect onehalf the directors and on all other matters vote on a share for share basis with the common. Consent of two-thirds of the then outstand 1920-- 1.50 1926__ 2.00 1929-- 0)2.00 1933__ 0.25 1936__ 2.00 1940__ 1.00 EDFlus 1% in stock. ing preferred is required to (I) sell, lease or HIPlus 2% in '8to$k./. - the sale of stock being exempt ------premium) when the premium shall be at the rate of % of 1% per annum to maturity by not to exceed % of 1% as to the 2% notes and 1% as to & 3% notes. There will be no premium if notes are redeemed within nine months of maturity unless the financing takes place within 60 days of redemption, in which case the premium applies. SECURITY--A general obligation of company, but not secured by any lien. dispose of all. substantially all, or any essen tial portion of its assets (2) enter a merger or consolidation involving the extinction or merger of its corporate entity (3) encumber its assets or Income, except for (a) purchase money mortgages with cei:rtain Iimltatlicons, and (b) pledges ox Squick aissets as security for loan-s- in *th' e- reeigi ar course of business matoring not less than eighteen months. (4) issue or guarantee any ol ligations maturing more than eighteen months'from date of issuers) authorize or issue any stock on a parity @To April I. * ' DIVIDEND LIMITATION--For < scription of unsecured : VOTING R] power. For fexeeptum'geq i convertible* "vic,e PREEMPTIVE RIGHTS--None, LISTED--New York Stock, NTRewANYSoFrEk.R AGENT--New OTHER PROVISIONS -- Company covenants that it will not without consent of note or having priority over this preferred. LIQUIDATION RIGHTS--In any liquidation REGISTRAR--Chase York. holders (a) pay dividends on its outstanding entitled to preference over common to par OFFERED--87,920 shares at $36 b common stock, the aggregate of which divi- and accrued dividends. Jan., 1920 by W. F. Ladd & Co., dends would exceed sum of consolidatedLlnLeeJt earnings accumulated since fiscal year ended Oct. 31, 1940; (b) create or incur any lien, mortgage or charge upon its property, nor permit any subsidiary to do so; (c) incur any PREEMPTIVE RIGGHHTTSS---NNoonnee. CONVERTIBLE--Each share into common on Hayden Miller & Co., see "Issued'* below. Cleveland. the following basis: 8/10 of a share to Mar. I, ISSUED--In reorganization datedDec.i 1941, incl.; and thereafter into 7/10 of a share. 160,000 shares were issued In < ............ debt or liability maturing beyond 12 months, nor permit any subsidiary to do so; (d) per mit any subsidiary to incur or guarantee any part purchase - price debt except to the company and to minority CALLABLE--As a whole or in part at any stockholders and open account debt in or time on thirty days' notice at $52.50 and divt co^tiS ^ajae dinary course of business; te) guarantee or lend its credit in excess of an aggregate amount of $100,000, directly or indirectly, to any one other than a subsidiary; (f) merge, sell or lease all or substantially all of its assets, with exceptions as to subsidiaries. , Company agrees that its consolidated work ing capital shall be maintained in an amount twice the amount of the indebtedness to be .represented by the notes, but in no event shall the working capital (excess of current a$1s2s,e0t0s0,0o0v0e. r current liabilities) be less than dends. SINKING FUND--None. LISTED--New York Stock Exchange. TRANSFER AGENT--New York Trust Co., New York, REGISTRAR--Chase National Bank, New York. OFFERED--200,000 shares in May, 1936 to common stockholders at $52.50 . per share. Unsubscribed balance then offered in exchange for prior preference stock on the basis of two new shares for each old share and remaining for working capital: At the same thhf shares of 7% cumulative preferred sfc issued for a like number ofi shairej ferred; 24,849 preferred aharesVwefei______ part payment for atocksofacquiredcomp tries and 20,238 preferred shares were'SCdtf underwriters to provide cash for paytib chase price of constituent companies;rn& working capital. J; In 1920, 11,470 commohshares.weraoibM employees. , . In May, 1925, 37,045 commoh sharesv.tlt sold for the company'saecount lh vtha xf PURPOSE--Issued to refinance outstanding shares offered publicly at $52.50 per share by market. - short and long term notes. a syndicate headed by Hornblower & Weeks,: In July, 1935 offered 46,000 common share, ISSUED--In Nov., 1941 as follows: $3,000,000 New York and Hayden Miller & Co., Cleve- officers and key men at $22 per share, / 3% notes to Mutual Life Insurance Co. of New York and $4,000,000 2% notes to four banks. land. Of the proceeds, $3,360,104 was applied pmCE RANGE-- 1941 1949.. . 'iT to the retirement of funded debt (chiefly 5y2% Pnrnmnn irSSi `lawSSt '-'M* notes due June 1, 1939) and for retirement lr . T .--LV . X7'* 11 '*** and/or conversion of priorpreferencestock. . bunscrlptiori Rights: Common stockhold PRICE RANGE- 1941 1940 1939 >?ave received rtgffts to subscribe for stodkl CAPITAL STOCK 1. The Glidden Co. 4'/i% convertible cumula tive preferred stock; par $50: AUTHORIZED--200,000 shares: issued 200,000 shares; outstanding, Oct. 31, 1941, 199,640; in treasury, 300 shares; converted into common stock, 60 shares; par $50. Preferred.......... 46-35 45-30 47-34 2. The Glidden Co. common; no par: AUTHORIZED--Authorized, 1,200,000 shares; issued, 835,591 shares; outstanding, Oct. 31. 1941, 830,543 shares, excl. in treasury, 5,048 shares; reserved for conversion of preferred, 139,958 shares; no par. (In reorganization on follows: Holders of Shares Record Offered 7/22/25 40.000 com. 9/ 7/28 100,000 com. 4/ 4/29 100.000 com. 8/19/29 75.000 com. ' 7/ 3/35 104.000 com.;; Price per Sh. $20 23 35 , 50 ' 22 DIVIDEND RIGHTS---Has preference over Dec. 30. 1919, 8 no par shares were issued for. 5/23/36 200.000 con. pfd, 52.50 common as to cumulative dividends of 4/2% each share of $100 par stock.) 10/ 4/37 64,004 4/5 com. 30 / TAX STATUS OF BONDS Users of this Manual will find a discussion of taxes affecting bondholders, in the blue insert pages in % the center of this Manual. Tax free covenants and tax refund clauses in bond indentures are explained,; iif and their application to Federal income and Pennsylvania taxes is discussech In addition, bonds de^ 'T* scribed in this Manual are listed according to their tax status in the various states; the Federal tax -< status of bonds so listed also is indicated. -J MOODY'S MANUAL OF INVESTMENTS 65 .Financial & Operating Ratios dtiassets *- current liabilities__ jicash and set. to current assets... i inventory to current assets ?tiet current assets to net worth____ property depreciated___________ _ ,, annual depr. to gross prop______ Capitalization: 4;% 1< term debt -------- ---------fei common stock and surplus TiSalea inventory____ ... Sales receivables, BS^sales'to net property___ .. ...........i.;.t..o....t.o...t.a..l asseefte-- . jiet Income' t6 total assets fcaetlneome to net worth...... J)ji933-35 excIuding securities not shown as ----- ent assets. "^-Analysti of Operations Sugar & molasses produced, etc.---- " ' penses ......... predation _____ --_ Sting income _her income --; Total income- ...__. nterest (net) .....__ JpQNet Income--------- , Jp.^{BBefore income taxes. 1939 13.05 28.40 50.25 42.35 37.87 3.01 1938 15.41 10.16 74.64 42.76 36.06 3.76 1937 11.82 50.31 44.16 42.94 34.25 3.51 1936 13.21 48.30 44.22 39.91 32.66 3.10 1935 2.78 1.70 75.52 31.88 31.21 2.96 ' 1934 1.76 2.63 85.07 23.88 29.66 4.01 1933 1.19 2.95 76.35 5.74 27.67 1.79 .04 99.96 1.58 3.71 73.33 34.40 5.33 5.63 .04 99.96 1.32 6.47 90.78 42.84 8.31 8.73 .06 99.94 2.43 19.36 102.00 47.32 11.48 12.19 1.75 98.25 2.85 16.83 104.25 51.17 15.62 16.60 2.67 97.33 1.25 4.13 78.69 38.45 10.97 13.38 3.50 96.50 2.50 17.28 109.32 63.24 14.88 17.21 4.84 95.16 1.56 5.76 51.48 30.89 d .39 d .54 g]Inventory includes planted and growing cane. fes include amount due from Fed ^Excluding "Livestock and equipment net." eral government. % 100.00 96.11 6.60 d 2.71 17.6914.98 cr .53 15.51 % 100.00 87.50 6.48 6.02 12.92 18.94 cr .46 19.39 % 100.00 75.84 5.24 18.92 5.04 23.96 cr.30 24.25 % 100.00 70.39 4.42 25.19 5.60 30.79 .26 30.53 % 100.00 84.87 5.48 9.66 19.91 29.57 1.05 28.52 % 100.00 72.26 5.21 22.53 2.26 24.80 1.28 23.52 % 100.00 98.18 4.82 d 2.99 4.50 1.51 2.78 d 1.27 ) CAPITAL STOCK Dividend Record (in $) PREEMPTIVE RIGHTS--None. 1. The Fajardo Sugar Co. of P. R. 7% cumu lative preferred; par $100. ($100 par shares--predecessor company) LISTED--New York Stock Exchange. 1905-07 Nil 1908... 10.00 E1909. 8.50 TRANSFER AGENT--City Bank Farmers 1910__ 10.00 1911... 5.25 1912... 7.00 Trust Co., New York. ^AUTHORIZED--15,000 shares; issued and outstanding, none; par $100. Preferred stock .may not be issued In exchange for cash or property withnut^consent of two-thirds of ^common'stock.^DIVIDEND RIGHTS--Has preference as to ^-cumulative dividend of 7% per annum, pay able quarterly, half yearly or yearly. VOTING RIGHTS---One vote per share. LIQUIDATION RIGHTS--In any liquidation has preference to $100 per share and accrued dividends. S-. 2, The Fajardo Sugar Co. of P. R. common; par $20. 1913__ 1.25 1914-15 Nil 1916___ 20.00 1917-18 10.00 1919-- 2.50 ($100 par shares--present company) REGISTRAR--National City Bank, New York. ISSUED-^1919: 33,372 shares (par $100) in ex change for stock of predecessor on a share 1919 7:50 1930i--40:00 1921-. 7.50 for share basis, and 11 shares (par $100), for 1922-- 5.00 1923-- 16.25 1924-- 16.25 cash at 100. 01925- 11.50 1926-28 10.00 (51929- 2.50 1920; 500 shares (par $100) for cash at 100, 1930-34 Nil 1935___ 4.50 1936___ 1.50 and 23,718 shares (par $100) as 70% stock divi ($20 par shares--present company) 1936... 1.50 [3)1937-38 4.00 01939- 2.00 @1940. 0.50 HPlus 140% stock. EJPlus 70% stock. 01ncludes distributions by Fajardo Sugar Growers Association--1925, $6.50; 1929, $2.50; 1937 and 1938, $2.00 each; 1939, $1.00. To Mar. 2, 1940, including 25 cent distribution by Fajardo. Sugar Growers Association. dend. 1925; 7,177 shares (par $100) to stockholders for cash (see "Subscription Rights" below). Proceeds applied toward purchase of Loiza Sugar Co. Feb. 3. 1936: 323,890 shares (par $20) in ex change for 64,778 shares (par $100). PRICE RANGE: 1939 1938 1937 Common.......... 38%-20 38%-22% 70-26 AUTHORIZED--700,000 shares; issued. 322,890 shares; outstanding, 323,890 shares; par $20 : (changed from $100 par Feb. 3, 1936, and S new $20 par shares issued for each $100 par share). Dividends payable quarterly Mar. 1, etc., to stock of record about Feb. 15, etc. DIVIDEND LIMITATION--None. VOTING RIGHTS--One vote per share. Subscription Rights: Stockholders of record Nov. 16, 1925, had the right to subscribe to 7,177 shares common (par $100) at par to the extent of 12)4% of holdings; rights expired Jan. 4, 1926. ITAL8TRUCTURE ','STpCK';' ' Issue * , cum. conv. preferred-- QlFtacal Years. W-s- HISTORY THE GLIDDEN COMPANY Par Value $50 no par Amount Outstanding 199,940 shs. 825,421 shs. [TJEamed per Sh. 1939 1938 $9.27 $1.03 1.70 a 0.29 HJDivs. per Sh. 1939 1938 $2.25 nil $2.25 0.50 Call Price $52.50 Price Range 1939 1932-39 47 -34 24)4-14 58)4-34 55)4- 3)4 and condiments for $1,804,808. Thereupon the On Jan. 1, 1936 dissolved The Chemical & name of The Glidden Food Products Co. was Co., Inc. and acquired its assets and f VJDUMt XVlUtViCU All AOIv. ClXlU 1U sljgaryTheGlidden Co., Ltd., Toronto. aSSfeflfi?*. ?0j . 191$ was reorganized and ae- isPn1tr6oo4c41dk95u20c90oeafrsTcPnqoouf1ir9crt8eol8adcnoadsacunnbVufisiterotogarienli tatafiratbnlPllmeyoVraOtallailTlnt'1hdM?,eiUOcsrTMael.Cfoo.r, p19r3o7p.oasial .loft. oth20ea,caq1s9us3ier8ets,soteoffcSfkeohcuotitlvhdeeerrnsasPaiopnfperOoCvchete.dm31ia-, tjM): following paint and varnish manu- DaScruirtcy of Van1?amp OifS)* a cotton-seed SS? Co"- P^yi,?S therefor 34,697 common shares. otirSrmry'andshortening plant It LouSvUle Theprxncioal assets acquired were four plants mpany, location, founded, l & Dating Co., Chicago, 1892. Ky. for $293,119. On Jari. 1, 1936 Famous Foods, Inc. was dissolved Durkee and its in the South producing pine tar, rosins, tur pentine, etc. san Paint Work, New Orleans, 1900. assets acquired by the parent. Soya Products: In 1934 constructed a plant at Rood & Co., St. Paul. 1897. eU-Paint Sc Varnish Co., St. Louis, 1879. g-City paint & Varnish Co., Cleveland, tMlMUHgan Mfg. Co., Chicago, 1851. On May 31, 1939 acquired all the capital stock of Liberty Vegetable Oil" Co. (linseed oil at Buena Park, Cal.) paying therefor 1,844 sffhiavrees dofpcmomTmsonssXto^ckq. MThOis TcoIm7paanryewSast Chicago to extract soya bean oil under Ger man patents. On Dec. 28, 1937 incorporated Holland Mills, Inc., a wholly owned subsidiary, to manufac- utilikng 'chiefly prod- *:$^ilHgan Mfg: Co. of. California, San --tP"--ttCtuhi,iePtTyln*ma*itVLlon"C'arIt*iorMe*nS,s.c.SisRaVhnae.adcaCrqdsnouioin.sim,CrgheMe,edCrPimtnotaahno.i.,n,ee?nv-Caa-1ttM8pebeh5oelei7ecilnda,aisetg,qpPoau1r,rn9oiopd10dd80mu7.uv9eacc'.rntit-ss-t /cmwqroaOapuhaVpCtoie\nroilnh4tedualoeeld1fyl.ma_toshI_oci4nt_tcetwaho_uaaec_n1rlCI_sk9eet _2rhdaoae4saeDfnsna4motEutdl4ciffurbli*qfcewaslsPluaAtihodiil_grMapinietma&predLTaerey^elffPen,eaoaat_wtriydsrgo_rdl:eam$FC._m^d4I_Iaoe4Ina.n0n,na,S3tC1FuSn1a9cefC0d2arb1maotc.h.hn,_ct,iu4e_tno1oa_rI9cmnmen_e2o_c,6nmlr_yPi.tp-ta,_fociha_r--oenea.--n, itpsJDdP.peaiiusOOmgvrsreennkAoannellvttJlevDe.eaaetedeFnmncn.a.aawmh1pn3,hoa1d_au,_o1ii_ns9sal1l3ityal9F6la3cooA8ioaot,awsmcdnHqspea,uoasdiIlnrslneaiesecdntus.s,dbaasaTclMichdlqqeiiautluhlris-Cirieree,ehsddeaI,n-smiibcnsnie.cyet1aslwu9tlh1ado&9es-f, .. stocks of National Barium Co. for $106,250 in Pigment Co., Inc.. The Diamond Paint Co., freduchs In 1920 incorporated The 7% prior preference stock and also the prop- Euston Lead Co., The Glidden Co. of Oregon, Food Products Co., a wholly owned eriy of St. Louis Lithopone Co. for $950,352 Metals Refining Co. and the Matnolith Carbon to refine vegetable oils, manu- cash. In May, 1927 incorporated California Paint Co., Inc. ^margarine, etc. Zinc Co., a wholly owned subsidiary, to ac- 4irly 1929 acquired (t) assets of Voeo 9ulre ?*nc muting properties in California, SUBSIDIARIES #'~<H1 Products, Inc. of West Berkeley, formerly held by a concern in whose stock an -t--f-o---r--$--7-8--9-,-4--0-9---(-2--)- outs'tand"ing common s`toc'k Wisconsin Food Products Co. of Jefferson, i .and Wisconsin Food Products Ohio Co. Norwalk, O. for $1,195,927 (3) certain net yoj iTroco Co. of Illinois,, a Chicago of margarine, for $583,136 (4) Ore. vegetable oil refinery of )Uye-Peet Co. for $374,972, and ___M:' OA#f Dunham RMj Mfga. Co. aoDf KNTeAwHr ... BUfacturers of shred ooccranut for i ". ly. 1929 acquired net assets ef E. R. Ai;vCOir# leading manufacturer of ' e/ meat sauces], pickles, spices interest was held. This company also acquired Afterthought Zinc Mining Co. " Functions primarily pany. the only active as an operating com subsidiary being The .In 1929 acquired the outstanding stock of Metals Refilling Co. of Hammond, Ind., manu facturer of red lead, litharge, type metal, metal powders, etc., for $1,271,246. In 1932 acquired a 54% interest and in Dec., 1935 the remaining 46% in Nelio-Besin Corp.',' TmV1 anufacturers _oJf JturpL*e. nxtiine _a___n__d --ros in by^a1 patent process. Glidden Co., Ltd. As of Oct. 31, 1939 owned 100% of the voting control of the following: Name, place or incorporation and business Afterthought Zinc Mining Co., Cal., Mining properties--inactive. The California Zinc Co., Ohio, Mining prop erties--inactive. Sacramento Valley & Eastern Ry., Cal., Railroad--Inactive. In 1933, jointly with Metal & Thermit Corp. The Glidden Co., Ltd., Ont., Manufactures of New York, formed American Zirconium paints, varnishes, etc. at Toronto. Corp. to construct a plant at Baltimore. Md. The Ripolin Co., Ohio.. Inactive. for the manufacture of titanium pigments. Troco Co. of Illinois, 111., Inactive, * v */' <*^^saHn 66 MOODY'S MAHtUAL OF '. In addition to the above, owns 45% of the baryte:ss are produced for tDhiee paint and rubber O&tfcus - common stock (voting) and all of the pre trade anndd, zZinc sulphate crystals for fertiliser are located at ferred stock (non-voting) of an affiliate, and fungicide spraying materials. Pigments and Baltimore,' aid.-' American Zirconium Carp. are manufactured for . the paint, ceramic, cadmium; pigments' das printing ink and automobile industries, for lead Is produced dt outdoor advertisers and for railway signal lead, litharge, -type* BUSINESS & PRODUCTS purposes. Also manufactures nelio-resin at Hammond, Ind. The business may be segregated into four divisions, the relative importance of which is indicated by the percentages of capital in vested therein (as of Oct. 31, 1939) which are approximately as follows: paint and varnish, 33%; food products, 31%: chemical and pig ment, 16% and soya products, 20%. Each of which is a liquid combination of about 27% turpentine and 73% rosin used in the produc tion of paints, varnishes, synthetic resins, soap, etc. By the destructive distillation process pro duces pine tar, pine tar oils, rosins, , tur pentines, etc. Jacksonville, Fla, ___ Ga., pine tar, pine tar. .. etc. at JacksoaviUestnd,: etteville, N. C. and C ~ at Buena Park, Gal, Through The thought zinc Mining these divisions is reviewed below. Paints and Varnishes: Ranks as one of the leading domestic factors in (his line. Since 1919 lacquers and other types of finishes have been developed and added to the line so that Through an affiliated company, American Zirconium Corp., manufactures titanium pig ments used in the production of paints, lino leum, oilcloth, paper and ceramics. Seya Products: Produces soya bean oil used erties in California; Wj since 1927. Through' wr?__ Zirconium Corp./.man ._____ meats at Baltimore, Md.-<J>.i '< Soya Products: Facilities at ________ . le pro . .. . . industrial users such as manufacturers of auto mobiles, railroad equipment, etc. and a sizable portion is sold to the general trade through jobbers, dealers and some thirty-four retail pillaas_t_ic__s.. pap_e_r coa_t_in_gms a__n_d_s__iz_i_n..gs a__n_d__so_ya b.-e--a-_-n ooiill'f"a__"tt_y` a_ c. ids used in the prooduction of laciquue_r_s__a_n_d___s_y_n_t_he.ti.c.., r_e_s_i_n_s_. F..r.o. m__._s_oya bean oil produces" lecithin used in the paint, 350 tons of soya bealtf. MANAGEMENT. tms stores. ' wood preservings, rubber/ candy, baking and Officers: Food Products: Ranks as one of the leading idtosmeellsstuicndmearnituhj,feAacitrtaudrjeernsamofesmmDaru2gZrmaki erienes, wmTrh_oi-cc-lo margarine industries. All of the lecithin manufactured is sold at cost to American juLcetacuitihmin. wCUoi,.,ui*nwwiuhuicuhaaov/o osutoiuctkiuinicteicrejisItmis owned. The company, is one of the twoexclu- and Dinner Bell. . The manufacture of this product contributes a. substantial portion of the total revenue of the food products division. Engaged in crushing copra; cottonseed sive` licensees for toe manufacture of lecithin; under the United States patents of the Ameri can Lecithin Co. t " 11 ' and sesame and in the respective production of cocoanut, cottonseed and sesame oils which PRINCIPAL PLANTS & PROPERTIES are raw materials used in the manufacture of Paints and Varnishes: Plants.of this division Adrian D. Joyce,-* R. H. Horsburgh. R. W. Levenha W. J. O'Brien,"; Dwight P./Joy >' C'P.iEr Sbregti* . Howard Beatty( '____ ___ J. A. Peters, Treasurer . Clifton M. Kolb; Secretary - Directors;' !*:. ,. .<*;f tS -fz 'T""'r' Sarine. Other products of this division are are operated at Chicago, Minneapolis, Cleve dressing, mayonnaise, shred cocoanut, land, St. Louis,-New Orleans, Reading, San Howard Beqtty/C3eyelafid.,v R. H. Horsburgfc oleVelano ' . , . ,, Worcestershire sauce, meat sauce and other Francisco, Los Angeles, and Toronto, the Adrian D. Joyce, Cleveland ` '\ condiments, and a full line of spices. latter by The Glidden Co., Ltd. Some 34 retail Dwtels*JTpvc^. Clwpdwnftr/F', J/SJ Chemicals and Pigments: Ranks as one of the leading producers of lithopone, a white stores and 7 warehouses are located in the U. S. and Canada for product distribution. pigment produced by combining materials de Food Products: Plants for the crushing of rived from barium and zinc ores and ex copra and other oil-bearing seeds and nuts Clifton M. Kolbi ClBVelanlfvih' - -i ^ R. W. Levenhagenv 'C!eZetend'- <. W. J. O'Brien, Cleveland , P. E. Sprague, Cleveland ^ r . . pi f `W tensively used in the paint, rubber, linoleum, are located at Portland, Ore. and Berkeley, Annual Meetingi ThtodThttrsdaV oilcloth and shade cloth industries. Produces white lead in.oil, white lead carbonate, (used in producing ceramics and dry colors), red lead Cal.; vegetable oil refineries at Chicago. Louis ville and Elmhurst, L. I.; margarine plants at Chicago, Norwalk, O., and Berkeley, 'Cal.; Numlmr rf Stockholm -" ferred; 3325;commbal ** (used in storage batteries and paints), litharge (used in storage batteries, insecticides, etc.), plants manufacturing salad dressings,-mayon naise, condiments, etc! at Elinhum, L.'I. and ; 'Wdmlier'ofEippi.. ^_ type metal and metal powders. Ground white Berkeley, Cal. - ^ General Office: Cleveland.-C.--;).' \ INCOME ACCOUNTS COMPARATIVE CONSOLIDATED INCOME ACCOUNT, YEARS ENDED OCT. 31 (?aken from reports to Securities and Exchange Commission) - ' (Excluding California mining companies) 1939 1938 1937 1936 1935 Sales, less returns, discts. & allow-- SlCost of sales_________ ___________-- $47,824,047 37,766,061 $44,049,023 . 36,343,188 $54,052,233 43,805,366 $44,530,959 34,504,245 $39,528,739 30,316,852 Manufacturing profit------------------[0Selling, general & adm. expenses-- Prov. for doubtful accounts less rec.. 10,057,987 7,560,701 76,195 7,705,835 7,549,801 76,129 10,246,867 7,673,176 31,747 10,076,714 6,528,416 69,728 9,211,887 5,989,404 143,532 Operating profit----------.................... Mise. comm. & profits on mdse______ Dividends received Interest earned----------------------------- -- Discount on notes retired------------------Other income 2,421,091 231,018 71,659 22,533 33,165 79,905 161,895 92,215 14,034 33,836 2,541,944 404,934 125,719 9,031 40,055 3,478,570 174,152 68.339 13,597 53,130 3,078,951 195,159 34 14,826 97,381 Total Idle plant expense.... Life insurance expense Interest on funded debt Interest on bank loans, etc. Extraordinary exp.--legal, litigation. Other deductions..: 2,779,466 32,525 19,457 147,863 42,489 , 381,885 42,063 19,899 119,973 12,977 3,121,683 43,463 20,139 48,971 37,113 3,787,788 16,833 12365 108,656 30,062 5,295 43,608 3386,351 $9,032 185,926 58,510 51,072: 5,976 Balance -------------------------------------- ; ESpectal items 2,537,132 dr 249,841 186,973 er 34,033 2,971,997 3,570,469 3,045.836 Balance : Fed., Dom. & state income taxes____ 2,287,291 433,742 221,006 15,409 2.971,997 429,204 3.570.469 485,000 3,045,836 400,245 Net income to surplus_______ ____ Earned surplus beginning of year___ Preferred dividends____ _ Common dividends-------- i mother earned surplus charges 1,853,549 5,675,283 449,886 205,597 6,319,469 449,887 399,897 2,542,793 6,306,722 449,920 2,080,126 3.085.469 5,358,243 453,755 1,576,924 106,310 2,645,590 4,249,179 455,000 1,081,526 Earned surplus end of year______ SUPPLEMENTARY P. & L. DATA Maintenance & repairs ^Depreciation & depletion Taxes other than Federal income__ Rents. Royalties _______________ ______, Amort, of pat., trade-marks, etc.".. Parent company's net income_______ Eq. earns in unconsc. subs, & affil___ Divs. from unconsc. subs. & affil. $7,078,945 $600,054 804,517 622,290 158,691 - 111,063 9,063 $1,774,815 i 421 42.000 $5,675,283 $541,146 698,148 537,782 151,231 89,082 8,863 $169,996 34,322 69.200 $6,319,469 $543,721 607,735 500,854 142,178 83,101 9,635 $2,469,203 49,974 99 469 $6,306,722 $476,089 542,735 389,125 123,670 94,827 8,145 $3,027:179 57,007 44 436 $5,358,243 $410,743 527.871 228,207 110,787 - 84,244 7,208 $2,600,675 <2 99,945 1934 $29,820,274 22307,850 7,512,424 5,465,182 178,906 ' 1,868336 45,966 56,723 7368 38,179 2,016472 34,199 - 192313 > 28,009 45371 7,732 1,708,748 ' cr 21332 1,729,979 197.655 ' 1,532,324' 3,903,390?, 1933 noS -i3B2f . 1.612JW $4349,179,. $3,9 $396,891 478,473 . 208,680 101,584.,> 25,926,,. L8Z4 $1,493,525 <2 76,015 $ma Noti Notrstafi ________ ____ ____^___J pj___ @1936: Premium on notes and bonds retired, ventories .or inter-company sales included. statement were less than, such . $33,904; unamortized debt discount and ex- Canadian items.included on a dollar for dollar claimed in Federal income tax returns by xo pense on notes and bonds retired, $11,434; re- basis. Special charge made to reduce current lowing amounts: 1939, $97,890;- 1938; $118,18$ duction of investment in affiliated company, assets in Canada to exchange rate (see note 1937, not stated; 1936, $75,441; 1935, $75.773;`1934' $60,972; total, $106,310. 8) above). No provision made for losses in $77,797; 1933, $82,710. ' ` v#/' @See general note (b) below. wholly-owned California mining companies E__x_c_e_s_s__o_f__d_e_p__re__c_ia__ti_o_n__c_l_a_i_m__e_d__in__i_n_c_o__m_e! pi 1939: Provision for adjustments of open not consolidated; such losses are reflected in returns is due to depreciation claimed)out contracts to market, $200,000; reduction of net supplementary information 'Equity earnings written off or credited to revaluation ref during 1932. ? MOODY'S MANUAL OF INVESTMENTS 67 SHEETS COMPABATIVE CONSOLIDATED BALANCE SHEET, AS OF OCT. 31 r ^fi935r3& from reports to SEC--prior years from company's annual reports; excluding California mining companies) -1939 1938 1937 1936 1935 1934 raccounts receivable ortes ^current accounts receivable___ A. $3,721,585 4,680,667 9,779,601 327,121 $1,467,297 3,962,734 11,449,791 165,663 $1,234,818 4,375,543 11,778,663 549,303 $1,376,057 4,297,960 10,106.827 216,152 $1,030,969 3,948,470 9,258,576 149,800 $953,376 3,482,905 7,902,063 205,859 $tal current assets ___________ fifmining'cos. (below cost) $18,508,974 $17,045,485 $17,938,327 $15,996,996 $14,387,815 $12,544,203 Ital StocS (100% rawned) "(9500,000 par) ntiniaffiliates (cost). dalma (paid Dec. '35).___ der value of life insurance 'investments.----_____ ... i-jagainst closed banks...-- --ouS^receivables (net).____ .r*todfe:._j--______________ $15,000 187,500 896,959 690,001 464,196 78,629 12,749 72,578 $15,000 187,500 877,716 690,001 432,043 72.535 14,444 66,951 $15,000 187,500 857,481 600,000 399,629 165,552 50,725 60,184 $15,000 187,500 841,280 .685,040 366,674 150,959 72,887 48,667 $15,0001 187,500) 826,902j 1,029,121 707 249 334,149 59,163 77,876 65,470 $1,027,388 731,829 306,724 Not stated 94,130 111,467 tfor resale,to employees.. "* s reci, stock: account ference ptock sinking fund 169,986 r Plant &equipment.--_ luation reserve__ _________ eciatlon & depletion res... 25.270261 3,452,249 7,203,788 24,722,951 3,637,159 6,852,828 22,939,114 3,701,580 6,293,458 21,472,856 3,714,886 5,743,587 19,869,119 3,718,910 5,254,089 19,575,938 3,740,966 4,780,959 htrj*r'v<- (tetfptnperty account___________ t new produets devel. exp_____ dinsurance, expenses, etc. tfiottsale Of pfd. stock, etc...: ' " ration-: expense . pat., mfg, rights, etc.....: 14.614,223' 115,917 433,043 85,217 14,232,965 115,917 442,587 92,871 12,944,075 115,917 428,203 95,214 12,014,382 115,917 366,839 104,848 10,896,121 95,5711 383,618 170,769 205,521 2,795,509 11,054,013 347,807 365,9211 2,740,131/ otallassets. $36,174,988 $34,286,015 $33,857,808 $30,966,989 $32,237,345 $29,493,600 1933 $680,728 3,453,544 7,031,107 $11,165,379 $1,023,651 273,111 Not stated 178,607 218,747 254,792 269,081 208,670 < 24,060 18,527,637 3,750,355 4,337,902 10,439,380 331,827 3,096,326 $27,483,630 yable. ____ tfnrrtfl--Federal ____. ..... ifiTstate payroll taxesIII ;,Dom. A? Stateincome' taxes Tjedgeneral taxes__ ` ent liabilities, i & bonds due.: $500,000 1,298268 84,752 49,558 450,337 206,323 145,585 $1,065,085 188,171 46,484 40,242 187,270 128,614 $3,750,000 1,202,367 : 171,S37 ;- 467,533). 266,582 f 125,068 $800,000 1,173,152 167,483 750,204 177,199 $1,000,000 965,4211 314,377 588,041 166,334 36,000 $1,975,000 1,762,169 62,000 $450,000 1,237,460 35,000 'current :liabilities.-, i____ _ idebt--notes & bonds. portion of insurance settle. Ij. of open contracts to mkt. ir; (Sohnngencies.. ony.i ferbacei pium- ius___ --_ I stock & surplus___ ""^i^Ck(cost)------------- tt.(&;SUTplUS--___ bis&..r:<t-sr-ur $2,735,424 $3,750,000 200,000 67,886 9,997,000 4,180,655 8,374,037 7,078,945 29,630,637 208,958 $29,421,679 $36,174,988 $15,773,550 $1,655,866 $4,500,000 67,886 9,997,000 4,180,655 8,374,605 5,675,283 28,227,543 | 165,279 $28,062,263 $34^286,015 $15,389,619 $5,983,088 $67,886 9,997,000 4,006,705 7,520,063 6,319,469 27,843,238 36,403 $27,806,834 $33,857,808 $11,955,239 $3,068,038 ' $67,886 10,000,000 4,000,000 7,524,344 6,306,722 27,831,066 $27,831,066 $30,966,989 $12,928,958 $3,070,173 $3,323,200 210,349 135,798 6,500,000 3,769,405 9,870,177 5,358,243 25,497,825 $25,497,825 $32,237,345 $11,317,642 $3,799,169 $3,332,200 122,100 6.500.000 3.250.000 8,240,952 4,249,179 22,240,131 $22,240,131 $29,493,600 $8,745,034 $1,722,460 $3,645,000 268,406 6.500.000 3.250.000 8,194,404 3,903,360 21,847,764 $21,847,764 $27,483,630 $9,422,919 $1,260,674 713,364 $2,002,013 218,176 $1,617,958 151,700 $1,661,194 153,535 96,079 $1,016,061 722,881 $1,314,111 265,810 $465,204 545,343 --(ALYSIS IIV. ..... ,, ..td income..____ ^renewals chgd, to res. $804,517 458,231 4,675 $707,193 149,529 10,751 9.045 $607,735 57,864 $542,735 60,009 6,773 $527,871 54,742 $478,473 35,417 $479,029 146,229 JRP*s NKAYSXS $184,909 $64,422 $13,306 $4,023 $22,056 $9,389 $226,045 W?,$i2o,a23) 1939 and 45% of common. Unaudited state Pine Chemical Co. over $5 amount allocated ;]?rm---a--r-ket', -e xcept that In ment of company shows accumulated undis to stated capital, (cr)$867,425. da is . included on tributed earnings of $74,983 at Oct. 31, 1939, of 1936--Excess of selling price of 46,119 com ;$95,000 more than which $32,167 is applicable to Glidden. mon shares over stated value, (cr)$784,023; ' rand supplies, ElAfter reserves (1939, $65,142). write-off of goodwill, trademarks, formulas, --------- - (includes [81933: 11,341 common and 1,590 prior pref etc., not previously amortized, (dr)$2,693,141; 95.90W19;. erence-shares,'-:. write-offs of reorganization expense and com 0)1933: 35,355 common shares.' missions on sale of preferred stock in prior mfam-,:.fCnaewUtefapresrnsei$&6ts.7,mo55fi7nsiiunncghexcccooermshs-- (81933: 366 prior preference shares. GS1939: Book values (and related deprecia tion reserves in parentheses) and [related re years, (dr)$365,921; premium on retirement of 35,769 7% prior preference shares, (dr)$178,845. 1935--Excess of selling price of 103,881 com --------statements, of: mining com- valuation reserves in brackets): Ore lands and mon shares over stated value (after deduct accumulated -losses of $1,199,351 leases, $84,892 ($37,679): land, $2,424,614 [$455,- ing underwriting expenses, etc. of $136,752), l acquisition-to Oct. 31, 1939, ex- 798): buildings, $9,135,306 ($2,034,627) [$1,598,- (er)$l,629,225. tOp on 'appreciation and 1, bonds held by parent, 951); machinery and equipment, $12,174,284 ---'-6-5--0-,-8--6-7--1..($.1--,3--6--2-,-1-3--3-1-- `urniture and fixtures, HSCommon shares: 1939, 10,170; 1938, 5,602; 1937, 1,100. In 1933, treasury stock is shown on .-not.been taken into in ----- ,749 ($480,615 [$35,3671 construction ^SSetiS ure theseaccumulated in process, Ji;4lf; total, $25,270,261 ($7,203,- 531938--Includes about' $810,000 acquired tn prior years, $581,672 788;f [$3,452,2 ]; net property account; $14,614,- from Southern Pine Chemical Co. ` agency 'reserve and from its reacqulsi- _v amount-of bonds of rat $I37J500.cost. Onera- rties ofCalifomla mining intinued in 1927. and value -- ---ieterminable at present. riaU. 7%. preferred stock of ------*----- *100,000 par, the i.have-1 paid to Oct. 1, 223. _ --. . no par shares: 1938-39,835,- 591; 1937, 800,801; 1936, 800,000; 1935, 753,881; 1933-34, 650,000--includes treasury shares (see note (12) below). 55Principal "capital surplus" changes fol low: . 1938^-Excess ($25 per share) of 34,697 com mon shares issued for assets of Southern Notes: (a) 1939: Net current assets of $474,675 located in Canada, included at prevailing rate of exchange; property, plant and equip ment and sundry deferred items of $134,848 included at amounts shown on books of Canadian subsidiary. (b) Contingent liabilities at Oct.-31, 1939: Letters of credit, $580,504; endorser of uncol lected drafts, $1,287. (e) Accounts certified by Ernst & Ernst. T1NQ DATA iNffaeal Year* [erred. 1938 $1.03 <230.29 $2.25 $0.50 51V2-37 28)4-13 $140.35 $21.77 1937 $12.72 $2.62 $2.25 $2.60 58)4-43 51)4-19)4 $139.09 $22.27 1936 $15.43 $3.29 EJ$5.81)i $2.00 056-5214 55)4-39)4 $139.16 $22.29 1935 $40.70 [1)2.91 $7.00 $1.60 111-104% 4914-23% $392,27 $25.20 1934 $23.57 $1.67 $700 $1.15 10714-83 2814-15% $342.16 $24.22 1938 $22.59 tl.54 7.00 nil 91)4-48 20-314 $340.53 $23.88 T *t * # .4 68 MOODY'S MANUAL OF INVESTMENTS"'"' Statistical Record, Fiscal Years (cont'd) Fixed chgs. earn, before depr. & depl. Fixed chgs. earn, after depr. & depl. Net assets per $1,000 funded debt Net curr. assets per $1,000 fund. debt. ElBased on 7% preferred for 1935 and prior years. (DBased on 753,881 shares outstanding at end of year. Earned per common share based on 1939 20.68 16.47 58,848 54,206 1938 8.66 2.84 $7,236 $3,420 1937 1..... . ...... _ __ 1936 30.65 26.74 1935' 15,62 13.46 $8,590 $3,369 Site-*4 $2,576. average number (678,883) of shares outstand ing during year was $3.23. aiCalendar years. EIRange for 4(&% preferred. Range for for mer 7% preference, 114(4-104%. fflOf which $5.25 (three quartei on former 7% preferredand,-- quarterly payment on 4(4%'prefer*! Financial and Operating Ratios Curr. assets -r- curr. liab.------------------% cash & sec. to curr. assets % inventory to curr. assets----------------% net curr. assets to net worth----------% property depreciated--------------------% annual depr. to gr. prop____________ Capitalization: ' % long term debt-----------------------------% preferred stock % common stock & surp. Sales inventory Sales -r- receivables % sales to net property % sales to total assets % net income to total assets______ ___ % net income to net worth Pfd. div. times earned 1939 6.77 20.11 52.34 53.61 42.17 3.18 11.30 30.14 58.56 4.89 9.55 327.24 132.20 5-12 6.30 4.12 1938 10.29 8.61 67.17 54.84 42.43 2.82 13.82 30.70 55.48 3.85 10.67 309.49 128.47 0.60 0.73 0.46 1937 3.00 6.88 65.61 42.99 43.57 2.65 35.95 64.05 4.59 10.98 417.58 159.64 7.51 9.14 5.65 1936 5.21 8.60 63.18 46.46 44.05 2.53 . 35.93 64.07 4.41 9.88 371.06 143.96 9.96 11.09 7.81 1935 4.69 7.17 64.35 44.39 45.16 2.66 11.53 22.55 65.92 4.27 9.65 362.78 122.62 8.21 10.38 5.81 v. 1984' ' . 5.30 7.60 62.99 39.32 43.53 ' 2.44 J 13.03 25.42 61.55 3.77 8.08 269.77 101.11 520 6.89 3.48 a -v -4 jjn *<' 8(Es Analysis of Operations Net sales Cost of sales Sell., gen. & other exp. ____________ Operating profit Other income _ Total ............................................................ Income deductions___________ _______ Special items____ __________ ....................... Balance _____________________________ Income taxes_________ ;____ _ Net income__________________________ % 100.00 78.97 15.97 5.06 .75 5.81 .51 "<lr .52 4.78 .91 3.88 % 100.00 82.51 17.31 .18 .69 .87 .44 cr .08 .50 .03 .47 % 100.00 81.04 14.25 4.70 1.07 5.78 .28 5.50 .79 4.70 % 100.00 77.40 14.80 7.80 .69 8.50 .49 .... 8.01 1.09 6.92 % 100.00 76.70 15.52 7.79 .78 8.57 .86 7.71 1.01 6.69 < %\, 100.00 - 74.81 a . ` SB 18 93 , .^IsjPgSS 6.27 .50 '74 is 6.76 1.03 Ti cr.07 5.80 4 -:1 .66 ' v*f. 5.14 , ,'S Bank Loans: On July 1,1939 obtained $2,000,000 of 2A% unsecured bank loans maturing each July 1, as follows: 1940, $250,000; 1941, than eighteen months from date of issue (5) authorize or issue any stock on a parity with or having priority over this preferred. DIVIDEND LIMITATION--For details scriptiori of Bank Loans above. $250,000; 1942-44, incl., $500,000 each. Proceeds, together with $15,207 cash, were used to re deem $1,750,000 of notes held by Mutual Life LIQUIDATION RIGHTS--In any liquidation entitled to preference over common to par and accrued dividends. VOTING RIGHTS --Has exclusive power. For exception see description of 4% convertible preferred. Insurance Co. and for payment of $250,000 of bank loans due Jan. I, 1941. Of the total, $500,000 was obtained from National City Bank, N. Y. and $750,000 each from Chase National Bank and New York Trust Co. Under this bank loan neither the company nor any sub PREEMPTIVE RIGHTS--None. CONVERTIBLE--Each share into common on the following basis: 8/10 of a share to Mar. 1, 1941, incl.; and thereafter into 7/10 of a share. Conversion privilege is protected against cer PREEMPTIVE RIGHTS--None. _ " ' LISTED--New York Stock Exchange , TRANSFER AGENT--New York TrUst* New York. sidiary may create any mortgage without se curing this issue equally and ratably there with, except as provided. The company can tain types of dilution. Preferred stock con verted is to be cancelled. CALLABLE--As a whole or In part at any REGISTRAR--Chase York. National Bank, Nektj,, >l 1 Jp| not pay cash dividends on the common, ex time on thirty days' notice at $52.50 and divi OFFERED--87,920 shares at $36 per share. lo;,, cept out of consolidated net earnings after Oct. 31, 1937. In addition to the $2,000,000 of bank loans there were outstanding Oct. 31, 1939, $2,000,000 of series E notes, due July 1, 1945, held by Mutual Life Insurance Co. of New York, which reduced on July 1, 1939 the rate of interest from 3%% tq3%. dends. SINKING FUND--None. LISTED--New York Stock Exchange. TRANSFER AGENT--New York Trust Co., New York. REGISTRAR--Chase National Bank, New York. Jan., 1920 by W. F. Ladd & Co., New York; ' Hayden Millele;r &-C-o.-, C-lev-eland-. Purpose-- see "Issued' below. ... ... . _______ ,,4$| ISSUED--In reorganization dated Dec. 30,1919,;;TM 160,000 shares were issued in exchange for'old ' $100 par stock on the basis of 8 new shares i for each old share; 52,000 shares were issued - - for part purchase price to acquire Nubian CAPITAL STOCK . OFFERED--200,000 shares in May, 1936 to com Paint & Varnish Co. and 97,400 share'-, were , mon stockholders at $52.50 per share. Un sold to underwriters to provide cash for part->; 1. The Gliddect Co. &Vi% convertible cumula tive preferred stock; par $50: AUTHORIZED--200,000 shares; issued 200,000 shares, outstanding Oct. 31, 1939, 199,940 shares; converted into common stock, 60 shares; par $50. subscribed balance then offered in exchange for prior preference stock on the basis of two new shares for each old share and remaining shares offered publicly at $52.50 per share by a syndicate headed by Hornblower & Weeks, New York arid Hayden Miller & Co., Cleve land. Of the proceeds, $3,360,104 was applied purchase price of constituent companies, and for working capital. At the same time 15,000'i shares of 7% cumulative preferred stock were1?; issued for a like number of shares of pre-' ; ferred; 24,849 preferred shares were issued as part payment for stocks of acquired compa- nies and 20,238 preferred shares were sola to DIVIDEND RIGHTS--Has preference over to the retirement of funded debt (chiefly 5(4% underwriters to provide cash for part pur- . common as to cumulative dividends of 4(4% notes due June 1, 1939) and for retirement chase price of constituent companies, ana for' annually. Dividends payable quarterly Jan. I, and/or conversion of prior preference stock. working capital. ,_ A etc. to stock of record about Dec. 17, etc. PRICE RANGE: 1939 1938 1937 In 1920, 11,470 common shares were sold to -, DIVIDEND RECORD--Initial dividend of 56(ic Preferred ___ 47-34 51(4-37 58(4-43 employees. paid Oct. I, 1936 and regularly, each quarter thereafter. DIVIDEND LIMITATION--None. 2. The Glidden Co. common; no par: AUTHORIZED--Authorized, 1,200,000 shares; issued, 835,591 shares; outstanding, Oct. 31, In May, 1925, 37,045 common ..shares..werejs sold for the company's account in the opens* market. , -"fij; VOTING RIGHTS--None, except upon default of two successive quarterly dividends where upon holders voting as a class shall elect one- 1939, 825,421 shares, excl. in treasury, 10,170 shares; reserved for conversion of preferred, 159,952 shares; no par. (In reorganization on In July, 1935 offered 46,000 common shares to % officers and key men at $22 per share. - 'v.(, half the directors and on all other matters Dec. 30, 1919, 8 no par shares were issued for PRICE RANGE: 1939 1938 '1937 s vote on a share for share basis with the each share of $100 par stock.) Common------ 24(4-14 28(4-13 51(4-19(4 6 common. Dividend Record (in $) Consent of two-thirds of the then outstand ing preferred is required to (1) sell, lease or dispose of all. substantially all, or any essen tial portion of its assets (2) enter a merger or consolidation involving the extinction or merger of its corporate entity (3) encumber its assets or income, except for (a) purchase money mortgages with certain limitations, and (b) pledges of quick assets as security for loans in the regular course of business matur 1917-19 nil 1929__ 1.50 1926__ 2.00 1929-- EI2.00 1933__ 0.25 1936__ 2.00 1940-- [5]nil ($100 par shares) (no par shares) 1921-- 0.50 1927-- 1.00 1930-- 1.80 1934-- 0.90 1937-- 2.60 1922-25 1928-- 1931-32 1935-- 1938-39 Subscription Rights: Common stockholders , ;1 have received rights to subscribe for stock as , follows: \r nil nil nil .1.60 0.50 Holders of Shares Record Offered 7/22/25 40,000 com. 9/ 7/28 100,000 com. 4/ 4/29 100,000com. 8/19/29 75,000 com. 7/ 3/35 104,000 com. Price perSh. $20 23 35 50 22 Basis - : 1 lfor 9 . 1 for 4 ', lfor 5 . lfor 845 16 for 109 ' ing not less than eighteen months (4) issue SJPlus 1% in stock. GDPlus 2% in stock. 5/23/30 200,000 con. pfd. 52.50- lfor 4 or guarantee any obligations maturing more To Mar. 15. 10/ 4/3764,004 4/5 com. 30 1 for 12(4 * ` Significant statistics and interpretive comments are to be found in' the treatise THE NATION'S entitled "The Nation's Basic Industries" in the blue paper insert in the center-of BASIC INDUSTRIES the Manual. This feature, kept up-to-date and revised from year to year, should prove a valuable source of reference to bankers and investors, as well as an indis pensable compendium of industrial statistics for the preparation of special reports and studies. t , ' v* is* MOODY'S MANUAL OF INVESTMENTS 501 (225 par ihares) TRANSFER AGENT -- Guaranty Trust Co- Black A Decker Manufacturing Co. no par; EJ19201923__ 1926__ nil 1.75 2.00 1921__ 0.50 1924__ 2.50 1922__ nil New York. 1925-- 2.00 REGISTRAR--Commercial National Bank & Trust Co., New York. _ KX>--400,000 shares; issued, 3S9.263 (no par shares) OFFERED--38,376 shares of comtnon (no par) 'outstanding, 389,263 shares; no par 1927-- 0.80 1928__ 0.95 1929__ 1.50 at $19 per share in November, 1935 by Lehman l,from.'$25 par on Dec. 28, 1926, 2lb 1930__ 1.20 1931-36 nil 1937__ 1.75 Bros- Stone & Webster and Blodget, Inc., New hares 'issued for each 225 par share; 1938__ 0.50 1939__ 1.00 1940-- 1.35 York. This offering did not represent new . from. 2100'par to 225 par on Aug. 11, 1941__ 1.80 1942-43 1.60 1944__ 2.00 financing, >ur.$25 .chares issued for each $ioo par QD1945- 0..4..0 U * '? T t/i< l i QlPaid $12)i% stock. E)To Apr. 1. PRICE RANGE-- 1944 1943 1942 Common___ 25&-16&. 19%-16 19%-14% :;Dlylidead Re,cord (. In 2) ' i (Calendar Years) Dividends payable quarterly Mar. 31. etc., Subscription Rights--Common stockholders to stock of record about Mar. 17, etc. of record Dec. 3, 1936, had the right to sub DIVIDENDS PAYING AGENT -- Maryland scribe to 60,909 shares of no par common stock (2100 par shares) Trust Co., Baltimore, Md, at |21 per share on the basis of 1 additional *yi * *"* Ac h - 1 32A0 1914-17 nU VOTING BIGHTS--One vote per share. 1920... 20.00 PREEMPTIVE BIGHTS--None. LISTED--New York Stock Exchange. share for each 5 shares held; rights expired Dec. 23, 1936. Net proceeds applied to the redemption of the former 8% preferred stock and for general corporate purposes. 'JTAL STRUCTURE THE GLIDDEN COMPANY Rating I notes dub 1946-1952-- Par Value . preferred____ ....v $50 *.w,,,------- ----------- No par. ------- >fflSee text-SIPrivately placed. Amount Outstanding 210,000,000 Amount Outstanding 199,540 sbs. 825,443 shs. EJTimes Charges Earned 1944 1943 21.32 30.95 CDEarned per Sh. 1944 1943 $10.61 $10.01 2.02 1.88 Interest Dates j&tT i CDDivs. per Sh. 1944 1943 $2.25 $2.25 0.90 0.9# Call Price a Call Price $52.50 ____ Price Range 1944 1932-44 (n (U-- Price Range 1944 1932-44 52 -45 58s-34 25%-181,i 55)4- 314 ' ` * 7% prior preference stock and also the prop equipment, etc. and a sizable portion is sold Ohio, Dec. 11,1917 to acquire ecarstyh, ofI_n_S__tM.__La_yo,ui1s92L7ith_ino_c_p_oo_rnpeoraCtoe.dfoCra$li9f5o0r,n35ia2 to the general trade through jobbers, dealers and thirty retail stores. maiAwi 'Zinc Co., a wholly owned'subsidiary, to ac- rFoowd Products: nRuanuk>s as uoune mof tuhe ilceadviunng . quire zinc mining properties in California, domestic manufacturers of margarine which i__formerly held by a concern in whose stock an it sells under the tradenames Durkee's, Troco mm' xffl* paint and i80?..,**?* varnish manu- interest was held. This company also acquired Afterthought Zinc Mining Co. and Dinner Bell. The manufacture of this product contributes a substantial portion of iIw,"*'i f-ound.ed., * to- Chicago, 1892. Vorks-New Orleans, 1900. In 1929 acquired the outstanding stock oft.h...e....t..o..t..a..l revenue o.f...t.h...e....f.o...o..d. prodruct.s.d.iv.i Metals Refining Co. of Hammond, md., manu sion. Engaged in crushing copra, cottonseed, facturer of red lead, litharge, type metal, sesame and other oil bearing seeds and in metal powders, etc., for $1,271,246. the Respective production of cocoanut, cot i itna In 1932 acquired a 54% interest and in Dec., tonseed and sesame oils which are raw ma Lg*TM. 1879. 1335 remaining 46% in NeUo-Resin Corp., terials used in the manufacture of margarine. r SPaint 8: Varnish Co., Cleveland, manufacturers of turpentine and rosin by a Other products of this division are salad dress L't o m- r-* Si** N** io m M51.- patent process. Company was dissolved in 1936 ing, mayonnaise, shred cocoanut, Worcester and assets acquired by parent. shire sauce, meat sauce and other condiments, `,**** Co. of California, San in 1333, jointly with Metal Sc Thermit Corp. and a full line of spices. _____ _ of New York, formed American Zirconium Chemical* and Pigments: Ranks as one of X*5v!wS?i'SJ.nS!<ionnra' Corn, to construct a plant at Baltimore, Md. the leading producers of lithopone, a white . for the manufacture of titanium pigments. On pigment produced by combining materials de $5!&iJZrinil* July 18, 1944, company acquired remaining rived from barium and zinc ores and ex acquir. esdu,baslild.itahreiesa,sIsnectsludo-f __ lies acquired in 1919, ___a, Inc., The Chemical St Jtoc-xThe Diamond Paint Co., CotThe Glidden Co. of Oregon, . and the Mamolith Carbon outstanding minority interest in American tensively used in the paint, rubber, linoleum, Zirconium Corp. oilcloth and shade cloth industries. Produces On Jan. 1, 1936 dissolved The Chemical & white lead in oil, white lead carbonate (used Pigment Co., Inc. and acquired its assets and in producing ceramics and dry colors), red lead business. (used in storage batteries ana paints), litharge On Jan. 20, 1938 stockholders approved a (used in storage batteries, insecticides, etc.), proposal to acquire, effective as of Oct. 31, type metal and metal powders. Ground white `937, all of the assets of Southern Pine Chemi- barytes are produced for the paint and rubber - 681 Co., paying therefor 34,697 common shares, trade and zinc sulphate crystals for fertilizer fri mvenr 'ptie principal assets aenuired were four nlant3 and fungicide spraying materials. Pigments ySSTvSkfa'ttie South produclng pine tar, rosins, tur- are manufactured for -the paint, ceramic, TRtJjSjtrfS-^UhntlnC, etc:*/; printing ink and automobile Industries,, ffooir When war;'curtailed imports of ilmenite out*d*oor ad' vert"isers and' f"or ra"ilw~ay signal r"* r1 from India tor paint pigments acquired mines purposes. Also manufactures nelio-resin nhM at Lenoir, N. C. which are operated under which is a liquid combination of about 27% n es- s^ocfAotm.hmtrepaawnfnshooyforo.eimlrlsralry,eteerddoro.wNatTonenheluiIdeo- ,tmtCItnruahaOcrSSdie.ncaon,eavypaaDgaananoaewPtPiecmmhtrr.noooeao2tddsl8lYeluu.,yfxeacc1tetotd9rssd3/awk::7scinTInitnnenaVsdcn11oa99odsy33lrlua44peubcoytbsiorleIiaindlzamtsieinantedrrguoynHc,iictltoetehouldliCanemaodnfl1.apyednrlaMpuGrnfioalteldcsar,t turpentine ana 73% rosin used in the produc tion of paints, varnishes, synthetic resins, soap, etc. By the destructive distillation process pro- . duces pine tar, pine ter oils, rosins, tur pentines, etc. Through American Zirconium Corp- Divi assets of Voco: West Berkeley, commonstock u of Jefferson; tucts 'Ohio. Co. " certain net,: L'a cbUsi&o ucts of this division. . On Dec. 31, 1938, Holland Mills, Inc. was dissolved and all its assets acquired by the parent. The Holland Mills plant was destroyed - by fire in Dec., 1939, In Nov., 1942, acquired plant tar Indianapolis of Standard Cereal Co. for producing dried foods and stock feeds, SUBSIDIARIES sion manufactures titanium nigments used in the production of paints, linoleum, oilcloth, paper and ceramics. American Zirconium ob tains raw material (ilmenite) from Travaneore, India and company'supines in Georgia. Company has an exclusive continuous proc ess for making iron powder, for which Sweden was the primary source, and also copper pow i refinery, of an operating cbm- MIA- 4 owned 100% of the \;iUg. ____________ . following: - id cocoanut, for . Name, place of incorporation and business: Afterthought Zinc Mining Co., Cal., Mining . net 'assets of E. R, pfrqpcrtlMi- InnrtfTft, . 'acturer of The California Zinc Co,, Ohio, Mining prop- las, spices ~ ortlen- lnnotlTQ, eupon the " Co. was Sacramento Valley Sc Eastern Ry. Co., Cal., Railroad--iimctive. Po;_a_o_nd_s_,__ ic. Late capital American Zirconium Corp., Md., Manufactures titanium pigmentsr--inactive. Oil MUlSi-Co.i . Glidden .Co- Ltd- Ont- Manufactures > the Tvr, uOwsrtreet.etioqinrr palate, varqnqishoe*k,oe.t.aI.naatctTivoero. nto. --jA6eoittott-seed Troco CSo. of nifawis, 111., Inactive. `- ______ I plant mt Louisville,' In addition to the above, owns 78.72% of .iJan. l, 1936, all assets of stock of the Nelio Resin Processing Corp. , Inc., were acq. u ired b y BUSINESS A PRODUCTS . The business may be segregated into four der. Iron powder is used in manufacture of electric resistors, magnetic cores, molding gears and brake linings. Soya Products: Produces soya bean oil used by the paint and food divisions and also by other manufacturers of paint, linoleum, mar garine, etc. Produces also soya bean flour and soya bean proteins used in the production of plastics, paper coatings and sizing* and soya bean oil fatty acids used in the production of lacquers and synthetic resins. From soya bean oil produces lecithin used In the paint, wood preservings, rubber, candy, baking and margarine industries. Produces lecithin for the American Lecithin Go.,. in which a .30% stock interest is owned. The company is one. of the two exclusive licensees tor the manu facture of lecithin under the United States patents of the American Lecithin Co', PRINCIPAL PLANTS A PROPERTIES all the capital divisions, the relative importance of which is ' Paints and Varnishes: Plants of this division ' ' Co, -,------------- -- indicated by the percentages. of capital in'- are operated at Chicago. Minneapolis, Cleve- SWf.mnnpafonry l,844 was vested therein (as of Oct. 31; 1944) which are approximately as follows; paint and varnish. land, St. Louis, New. Orleans, Reading, San Francisco^ Los. Angeles, and Toronto, the (Acquired bFtlto parent 26%: food products, 27%: chemical and pig- 'latter by The G'lidden Co., Ltd, Some 30 retail tjg hydrogen plant at HRl- ment, 23% and soya products, 24%. these divisions is reviewed below. Each of stores and 7 warehouses are located in the, U. S. and Canada for product distribution..' ' ' T hydrogen tor the Dur- Paint* and Varnishe*: Ranks as one of the Food Product*: Plants tor the crushing of . Y., and for sale l_e_a__d_i_n_g__d_o__m_e__s_t_ic__f_a__c_t_o_r_s_'_tn___th__is__li_n_e_. _S_i_n_c_e copra and other oil-bearing seeds and nuts 1919 lacquer* and other ty. es of finishes have are located at Portland, Ore. and Berkeley, tmpneots:In 1921 incorpo- been developed and added. > the line so that Cal.; vegetable oil refineries at Chicago. Louis- " ..fit Pigment Co.. Inc., a It now includes coating con, ositions of prac- ville and Elmhurst, L. I.; margarine plants at y,'to manufacture 11th- tically every type tor the deV 'ntion and pres- Chicago, Norwalk. O- and Berkeley, Cal.; ~ "0,319 the entire. ervatlon of surfaces includii. 1 full line of plants manufacturing salad dressings, mayon- .. . ^Scranton,Pa- the new soya protein base- ater-thinned naise, condiments, etc. at Elmhurst. L. I. and GlnFeb,, 1626 ae- bdtofa. A substantial volume'of-business in Berkeley. Cal. ' .. ' .ur:' TM and. - 111 mi . common . uthiaios'udj iVv4is04i(o14n1' 4i*0 *t4raP4n49sCa4Vc(tgeud w*,4i*t1h4 liUnVdtuUPsttlrAiadal UuOsmerOs. * wCi*hWeMmI*Pic**asal*. aannewd mPigmenetv*a: L.-mi-twhoypyovanaea, pKalavanatesa ptpxa.Co. x0t $106^250 in . such as manufacturers of automobiles, railroad are located.at Colllnavllle, HI,. Oakland, Cal- v.'$`IS'Jj.-*..t-iV/ 4 i '. _ ' , . ' W? ' Ml . (:<- (f 502 MOODY'S MANUAL OF INVESTMENTS etsootcIaJeellGaaccahhNeeierrtataatnntntaehTeatacotCrctideicdsB.e.edtedmhu.ikaevmO.kd,spuarrsgpiaiaBonelrilM1otiilhisiImlumouane9nntannJhfotm2Epget.acelemaZv7ptaCefhriNticeHimraetPlorptrndlAaako.hgedtTlaniiauisscordlglCee,eCnslidh,erosfurmse,ok..eOlMwepFnipcaddt,raet,ivleoroOnyICnpniaennonniCpdpuil.reMt.Uadltalpdiroeoeasnlaidl,ea.NdaNctlfiwCg.fatiamawrne.ttoT.tohaIrrndsNiCArnphee8elaSbJnAdlodroiietsfv.lnciicaCaoi.e.icahGtllearhsisallerooyoasan.,Zrutasidol-wnhmezhnnalGrrnilirtainlnoedneponoaopaiCdvPnscsssodncgf1r.eOioai9o,lenle,manzCzitaa4dshMsinbcini0nofnnPten.u,oeaoe.dti.Ftdctccapsept,edoaaauAel.lernmiFadloaHnnrVrdRmrenapplrdinsalio.aaneuoAaadnoaeettlw.A(macidWndw,deonTpbioaecsdFeofdnidtratthvttaisorhaeiienkleveooiantpoeotyarareeerdnednsi-r,f,tln, CffufSfu4mp0sMOrlro00oonirnhooSO0o0TNiAromisaim,ntrtoh0fdtRWNSAR.esed,fo0yrmeit,ar.O.acd0Anaoa.IPedemenHsaruWLJbGpMpliDlrdpenab.gaauI.rsoo.EDidrgvoaushOny:nHarofLae.MhAfmttt'adeossestBDetAaToh,cEhouiRrvlnntrmisE.srteaycoenaiNuasdebasD"JtnounewrstTSunoeaGJhnrfdsb:ar,yieI.smasucgieeNctmVcgocasaiFhd,tooetCuioyeina.n,rtaaaac,uraagmnsObGEeitclnPt.fi,enlZlbai-lyipxMeteoolrPriVei.ieaueirtsovuEaacriccinfsmeecefnrralo.oyiseuArssd(nurVnn1p,-is(eChddnP,aimiiih8aunucasgeCiErt5inemtttsnemnen3oOxC-aengsot,PSer0cUinnthiCi.0dhnn-rlcldiei0Nieaecrttgnea.seadsananTxpp)igbagtod,taal.roeuet,veYcacBciecniDoCclEctdilrtyamttoaAoiiihovnlmi2meRotminiing,sf-mS isfEesNArGDNNijo-DnWieJRDRWAJPueuCCCnrn..Enedmm).,..dwll..ueii,cADHWAEffLrbJbWiatttri3go.oo.a.a.e.e..l.O4.hrlnnrPnOHSrCLMs3PCtCooeO1pe:ooMHMDepeo;Trtffvlrfetea..ern.sc..feeSEii,rgJtboaJKecKrns3itmusoCnomnueon1h;oo,eygytr:pcwo,aml,lg,ccb:CbklnCgAooCehCeoTh,,letySn,,,lelnrlolCeheeneoCCCv,lvveil,dvlere1,llllCeeseeeeede_0lv:all_vl,lrvvraae5eaTs_n.Deeen6nl.vn:adhlll7edadeaadDn..ucn'nnlJdae,rLdddsbn,3-d.1dO,a; >...y1-9.I4'nl.;4O-j-,ff4jf,i)jr (Excluding California mining companies) Sales, less returns, disets. & allow.-- 51Cost of sales----------- ,----------------------mSelling, general & adm. expenses-- Prov. for doubtful accounts less rec- 1944 5111,897,815 95.015,022 11,043,579 26,924 1943 (97,144,617 80.66035B 9,807,275 78.153 1942 $81,705,732 68,463,439 8,817,388 86,534 1941 (68,901.706 56,263.924 8.359.614 v 99.389 1940 (50,169,733 40,435,946 7,722.691 108,638 1939 (47,824,047 37,766,061' 7,560,701 76,195 ' Operating profit----------- -------------? Misc. comm. & profits on mdse--------Dividends received---------------------------Interest earned---------------------------------Other income------------------------------------- 5,812,290 137,751 40,297 23,650 159,700 6,598.931 88512 19557 17,780 60352 4338371 228,198 20,866 35385 105.427 4.178.779 865 30.553 32.930 974)01 1,902,459 219,980 83396 14328 62382 22333. Total---------------------- --------------------Idle plant expense-----------------------------Life insurance expense---------------------Interest on long term debt----------------Interest on bank loans, etc.--------------Provision for contingencies-------------Other deductions------- --------------------- 6,173,687 24,607 199,763 69,023 150,000 267,753 6,785,033 24,085 163333 53.114 62584 4,728349 24341 143,052 115598 *325358 4341.028 10,536 19.690 41331 49,115 r ~~~3~8~.97i 2,283,144 40345 15,449 98,703 17394 `"S5.1M *147363 ' 42,499 Balance ---------------- ---------------------ElSpecial items --------------------------------- 5,462,542 dr 1,050,000 6,481310 4,119300 4381.186 2,075,690 2,537.132 dr 249,841 }~m Balance --------------------------------------Provision for Federal taxes-------------Dominion & state Income taxes---------Federal excess profltstax----~------Post-war excess profits tax refund -- Minority interest------------------------------ 4,412,542 890.000 140.000 1,422,800 cr 167,800 10,253 6,481516 1,010,000 88,000 3,750,000 cr 375,000 10,617 4,119300 1.090.000 140,000 1.062.000 cr 26,452 4.181.186 990.000 150.000 15.000 15,796 2375,690 292,000) 55.3091 552 2,287391 .. 433.742 m Net Income to surplus------- ^------Earned surplus beginning of year----mother surplus credits---------------------Preferred dividends--_ ---------------------Common dividends---------------------------mother earned surplus charges-------- 2,117,289 8,961,567 19.700 448,987 742,899 1,998,199 9,269390 448,986 743,979 1,113,557 1353.753 8,942329 448,986 1,077306 3.010.390 7.452.736 102.321 449380 1.143.738 29.949 1,727,829 7,078345 13 . 5,6752 --i.,( f .* 449,886 904,152 Earned surplus end of year------ $9,906,670 $8,961,567 (9369390 S8.942.329 (7,452,730 (7378,945 iPSEfDusAotqnUaliMjRRaA[rsE@vg.^drntPoslmTeeoeaDeI1ei.nPanmi9anyarenosc4fLtxarteptrer3lnsm"Eeecuotel:rnSst-,onsdeM-miit,e-Wnunoma.ec-Ei-sopionisfn-napur--Ntptcp--ighaetnt-r-eliuTa--eeoenec--ncAt--onmlySr&.--aco,d-n'R-so-tem&t-so-ethuYn-r-rnn.w--dpeaasn--ted--sapPa.dnnd-etu,p-naer-.s-e-bpiyio-nio--uie-r&rsn-lm-rcebs-.sf-.tc-p-cosit--a-oLoi-&i-..to.-mon-ro-nm.--n-k&nv-&--es-Das-s--een-----o,f----sAoa-o--f--1-l--ei,t--im-nf.Tl--md---.-t----i---ca--Ai--ild--te--n---.----te-------a--en---a----m----t---d.t---l--a--s'ai.bnmasbhloCae_ounlawon$c,$'lw,n11tie1.,,,9321627941487ia$8042136n839n,,,,,330289'707Hrd51103323;ai1850086I,3tn11e59c98s34l;u90ad.-139le8l4$o$s,2112w,n,,3p15127$eo7037912a21d776844t9yG,,,.,,,15716656rab,e6411698o2v0y641204n2lale4Ii;tlrnaaa1txbl9eel4eNrs1n$$.,:o112a$t,&1,,e00211l16953691s2087R45368478354,,,e3553331,7555842v3556$824737e4702;6n31u'9,e4400i2,n;((2211$7d3998118640533476923,6996946-61,3.,.3.33774141330848lrd(893993o6057e9wu1Ewt0urr,;x6iiintnnc8t1eaeg3g9nss;3as181ios9m,9o(8d3f74$51df3o2f1848139.65uud,o00184115.e.7n$,e8,r3,.13685756,tp585117ts07c47o688125r08:,re05e1d.0cd90ei4ai;pt4et1r,i9oed$$4(nc610t8(i,,oac676,81-619n0-l7t841520a-6idr0409o2o-18d242ei,,.-,,,m,43n0t08;0060-24v2-1526169019s2-ea1c347313-50190t-dlla4.au3tiiea,nm$dti6ie,;on9d,1n$c,,941oo3r( 83,5ne971`5m1943,5763sc8l814V47l9e9:oe.,.3.3318':"74"ts^'6201a4P8f~twe5.3s-x'$v.*sjs.j1J^S*69,99 Sh@See general note <b) below. @1944: Charge equal to reduction for certain (a) No Inter-company profit on inventories or inter-company sales included. Net Income (c) Principles of consolidation (see notei()b)|:^ under balance sheet). r,V claims provided for in prior years (credited for 1944 includes $101,623 (1943, $98,197) for Ca (e) Change in method of pricing._certetoS| to reserve for contingencies), 51,050,000. 1939: Provision for adjustments, of open nadian subsidiary after giving effect to ad justment of its net current assets to rate of inventories had the effect of reducing profit for 1941 by approximately $455,000: (;heeet f^ig contracts to market. 5200,000; reduction of net exchange in effect at Oct. 31, 1944. note (c) under balance sheet). - , .. Vjl encefuif-err--rc-ee-at-n-NO-t ^casts.Rrs3e`e1rpt,srS1ei9^sn3Ee9nC,Tt$asS4n90an,"8de4a1t*;taotodreetjafuxlClsc,Cth(ma2^4nec9gn^.8etd4P1roa.Afte3reAin-TIscVtlaa(Ebitme)CmeDOdeenNipntSreFOwceLieadrroeteioAranTl lEceinhDscsaorBmgAetehsLatAiannN"xcClruseEduteucShdrnHisEncEbhaayTbr,fgooAevlesS- (f) Income account for 1944 ject to possible adjustment _OtiFatOioCnTo. f31war contra, ct"s: fiscal year is sub-ii ttaoughrenegoji* ,, BALANCE SHEE(TTaSk--en mfr--o--m----r-e--p- otrrtststo1 ASSETS Cash ----------------- ---------------------------Government securities -----------------EINotes & accounts receivable----------@Inventories ------------------- .-----------Other current accounts receivable----- Securities and 1944 $4,124,280 119,369 6,451,323 24,257,190 306,518 Exchange Commission: excluding California 1943 19& 1941 (3388,917 (2340346 (2362,551 6371318 22,889,602 351,049 6302,040 17,107,785 1,690,691 7.179,515 15321.123 655.613 mining companies) 1940 1939 (2,126,192 (3.721,585 4390372 10.612.031 523.246 4,680367 9,779,601 327,121 Total current assets--------- -----@Calif, mining cos. (below cost) Capital stock (100% owned)-----------] Bonds ($500,000 par) --------------------f S)Investment in affiliates (cost)-------Cash surrender value of life insurance Sundry investments--------- --------------SIClaims against closed banks---------Miscellaneous receivables (net)-------Refundable excess profits tax ----------[^Property, plant & equipment---------Less: [^Revaluation reserve----- ------- ^Depreciation & depletion res-- $35,258,680 $1 616,625 85,891 *ToT,407 593,400 31,845,801 3,316,065 11,874,212 (33,400,886 $2 587,736 (5391 "164,989 408,300 31,488,874 3,343,197 10,908,927 $27,340,862 ($15,000 (187,500 (913,301 557308 46,822 125*228 - 30,474,027 3349391 9,837,593 (25.618301 (15.000 187.500 927.426 527.497 69350 1.916 116.239 29325334 3389.489 8313.405 (17,852341 (15.000 187300. 915.063 690,001 496370 48,480 6.813 72333 26385,439 3,439.332 7,902,686 (18,508.974 (15,000 187300 896,959 690,001 464.196 78329 12,749 72,578 Net property account------------------Special new products devel. exp-------Prepaid insurance, expenses, etc-----Goodwill, pat., mfg. rights, etc--------- 16:655,524 '279352 5394 17.236.750 68,191 475,481 98345 ~~17.287.044 81,999 539,326 113,129 16.922.540 95307 551.620 127.714 15,843.421 109,917 386.652 86,859 14.614.223 115,917 433,043 85317 Total_____________________________ LIABILITIES Notes payable-----------------------------------Accounts payable-----------------------Processing taxes--Federal---------------- $53,552,374 $5,862,726 Not stated $52,476,771 $4,700,000 4,459,880 58,903 (47,208,019 (1,600,000 3,101,045 76,679 $45,161,419" ( ,6 000.000 2.82.4,539 279333 $35,910,650 (1340,046 233351 (36.174,988 $500,000 1,298,868 84,752 $1,467397; 3362^-? ' 11,449,791^ ,'l65,6#f (17.045^811 877,713a e90tO<MN| 24,722351"| . 3.637.15?- ,, 14332,965", 115317.,:, 4425v? $34386.0J5'.;i it a* li ii T MOODY'S MANUAL OF INVESTMENTS 503 fcont'd) -. Be state ; . oil, etc. taxes__ l.,Dom. & iState Income taxes_ raed general raxes___ .___________ hercurrent liabilities _________ I notea lc bonds due ' 1944 . 28,038 2,670,300 307,781 921,107 1943 174,499 4389,691 285,659 917,776 1,000,000 1942 57.455 2,407,290 345,447 687,471 1,000,000 1941 53.408 1339.588 323369 595.831 1940 45.876 340,102 199,866 420,802 1939 49,558 450,337 206,323 145,585 1938 46,484 40,242 187,270 128,614 Ifotitf current liabilities--_______ id'term debt--note; & bonds____ _ sor.s&ot open contracts to mkt. Tve for contingencies..___ : rity -interest In subs..... -racoffntvltl.tip''fd", .($ 50 p'an) 1surplus ___;____ I.I.IIIHI IcantM srock & surplus..I.I._II jlj.TWMuniry stock (cost)..TM;____ $9,789,952 $10,000,000 1,200,000 , 213,498 9,997,000 4,177,655 8,444,163 9,906,670 32,525,488 176,565 $15,886,407 $5,000,000 186,544 9,997,000 4,177,655 6,444,163 8361,567 31,580385 176,565 $9375,387 $6,000,000 183,428 9,997,000 4,180,655 8,441.922 9369,890 31,889,467 140364 $11316.669 $2,000,000 170,474 209.880 9397.000 4.180.655 8.374.037 8.942.329 31.494.021 97.520 $2,479,944 $3300,000 50,000 67,886 100,552 9,997,000 4,180,655 8374,037 7,452,736 30,004,428 292,160 $2,735,424 $3,750,000 200.000 67,886 9,997,000 4,180,655 8374,037 7,078,945 29,630,637 208,958 $1,655,866 $4,500,000 87386 9,997,000 4,180,655 8374,605 5,675,283 28,227,543 165,279 ijwr"?*?$ IpsoJtal stock & surplus...... j.'kl.4tCotal _______________ ....___ ' Nat current assets_________ ; >TY ACCT.--ANALYSIS $32348,923 $53,552,374 $35358,680 $31,403,820 $52,476,771 $17,514,479 $31,749,203 $47308,019 $18,065,475 $31396.501 $45,161,410 $14302.132 $29.712368 $35,910,650 $15,372,397 $29,421,679 $36,174,988 $15,773,550 $28,062363 $34386,015 $15389,619 fums at COSt-i.TM..__ ...... SS^E*1 -- JlRVlf--ANALYSIS $965,300 -608,372 $1362,879 348,033 $1,600,285 351,692 $1,666,100 337.154 1.511.050 $1,343,407 228330 $1,260,674 713,364 $2,002,013 218,176 ( charged to Income..____ ato, renewals chgd. to res. -additions ___ _____ --Mons.w..___ ______; IYB--ANALYSIS $1,344,230 378,945 $1376,116 209,364 4,582 $1,055,137 130349 $846,703 351.024 515.040 $835,754 .136,857 $804,517 458331 4,675 $707,193 149,529 10,751 9.045 .-reserves" (1944''|li6,838*)' $27,131 $8,193 44! Principal raw materials stated at S1944:' Book Val. . . . _it-in, first-out method) not In excess Ore Id. & leas. 574,927 ! matKetj.\other lnventorles at lower of cost Land ----------- 2,547,562 ISSradba.e) "'replacement market Land improv. R.R. sidings.. ... fjSlInv^stmente in California mining com|-iP5TMiMgp!as. written down to nominal amount --.a .direct charge to earned surplus in Biuldings Mach. & eq-- Furn. & fixt. . us action was taken because U. S. cent, in . building Shasta Dam. will Auto equip__ Const, in proc. 152,675 89,229 10,745,077 16,649,501 831,277 110,845 644,706 $40,099 Depr.& depl. res. RReev$sa4. 9l.,84sb3peeecnifidceates$sr1me2t,is9n1eo7dr $184,909 _$_6_4_,4_2_2 generally as applicable to groups of assets in various 566,821 94,222 21,611 3,112,359 $455,599 6,340 1,595.040 geographical locations. Depletion is provided for at rates based upon estimated amounts of remaining recover able units. General Notes: (a) 1944: Net current assets 7,948,478 1,230,152 of $663,479 (1943, $564,617 located in Canada, 535,259 28,935 included at Control Board rate of exchange; 95,462 . property, plant and equipment and sundry deferred assets of $329,203 (1843, $326,385) in , which mines are located. Com- cluded at amounts shown on books of Cana ' "'"d claims with IT. S. government for Amount recovered will be credited to earned surplus. Total------- $31,845,801 $11,874,212 $3,316,065 ,,,,PJ??Pr"se.nted by no par shares: 1944-43, 835,531; 1942-38, 835,591; includes treasury esents all 7% preferred stock of shares (see note (12) below). n Zirconium Corp., $800,000 par, divitwblch have been paid to July 1,1840 common. Ct Z, 1941 company acquired an 0Common shares: 1944-43, 10,088 (and 400 preferred); 1942, 8,348 (and 400 preferred); 1941 5,048 (and 300 preferred); 1940, 16,671; 1939, 10,170; 1938, 5.602. merest In common stock, thereby 9"**w tq approximately 90%. Ac- ,, 831938--Includes about $810,000 from Southern Pine Chemical Co. acquired 1 m consofidatioit 831941: Represents property, plant and : (1944, $11,543). equipment, and related reserves, of Ameri ihalij"capital. surplus" changes fol- can Zifcoidum Corp. at Oct. l, 1941 date of which Ghdden Co. acquired control of that company. ywshfire)of 34.697 com* Southern j^nonat allocated'. r*c!ation Policy: Depreciation is pro vided- by. amounts considered by company as fair: and reasonable to cover .wear, tear and deterioration of property on basis of specific rates.. Company does not believe it practicable dian subsidiary. (b) Consolidated statements include ac counts of parent company and all its sub sidiaries. except California mining companies which investments have been written down to a nominal amount of $2 (see note IS under consolidated balance sheet). As of Oct. 1, 1941 company acquired control of American Zirconium Corp. and thereafter included the accounts of that corporation in consolidated statements. (c) In 1941 inventories of principal raw 1r terials have been priced in accordance ' ,,n ' last-in, first-out method of determining -.ost instead of methods previously used. Such change had the effect of reducing amounts stated for inventories at Oct. 31, 1941 by approximately $1,115,000 and reduced the net profit (after income and excess profits taxes) shown for that fiscal" year by approximately $455,000. to set forth rates in use as such rates have '(e) Accounts certified by Ernst & Ernst. 1944 $10.61 52.02 32.25 $0.90 52-45 25%-18>,i $162.12 $27.10 wsi $25.96 1942 $9329 $1.70 $2.25 $1.30 44-37% 16-12% $159.11 $26.32 20.97 16.90 8.05 2.98 i,322 $3,011 199,540 827,243 1941 $15.08 $3.08 $235 $1.40 46-35 17%-11 $15737 $25.77 56.47 47.12 3438 5.74 $16,803 $7,151 199.640 830.543 1940 $8.64 $1.56 $235 $1.10 45-30 19%-11 $148.61 $24.07 25.97 18.80 15.82 336 $9,518 $4392 199,940 818,920 1939 $9.27 $1.70 $235 nil , 47-34 24(4-14 $147.15 $23.53 21.91 16.47 13.53 335 $8346 $4,206 199,940 825,421 1938 $1.03 d $0.29 $2.25 $0-50 5X%-37 28(?r,13 $140.35 $21.77 $.66 . 2.84 2.71 .0.57 $7,236 $3,420 199,940 829,989 3.60 1234 68.79 108.99 47.70 432 23.49 23.44 53.07 4.61 17.34 671.83 208.95 3.95 635 2.10 11.64 68.53 55.77 45.26 4.05 13.66 2737 5037 4.24 15.49 56339 185.12 33J 6.35 4.45 100.00 83.03 10.18 8.79 0.19 6.98 0.22 0.09 6.67 4.60 0.01 *08 , 2.95 8.19 62.57 56.90 43.27 3.46 1532 26.30 57.88 4.78 1032 472.64 ' 173.07 3.03 5.84 4,13 % 100.00 83.79 10.90 531 0.48 5.79 032 0.43 5.04 231 crons 238 2.26 8.83 60.58 45.55 42.09 2.90 5.95 29.70 6435 4.44 8.79 407.16 15237 , 6.67 939 6.70 % 100.00 81.66 12.28 6.06 0.24 6.30 0.13 0.10 6.07 1.68 032 437 730 11.91 59.44 51.74 42.99 3.17 10.51 30.01 59.48 4.73 931 33330 139.71 4.81 5.82 3.84 % 100.00 80.60 15.61 3.79 0.76 4.55 0.23 0.18 4.14 0.89 S~45 6.77 20.11 52.84 53.61 42.17 3.18 11.30 30.14 5836 4.89 9.55 327.24 13230 5.12 630 4.12 '% 100.00 78.97 15.97 5.06 .75 5.81 031 030 dr 32 4.78 .91 *'2JB 1039 8.61 67.17 54.84 42.43 2.82 13.82 30.70 55.43 3.85 10.67 309.49 128.47 0.60 0.73 0.46 % 100.00 82.51 1731 .18 .69 87 0.27 0.17 "cr'.08 .50 .03 `if 504 MOODY*S MANUAL OF INVESTMENTS FUNDED DEBT DIVIDEND RECORD--Initial dividend of _. 1. The'Giidden Co. 2%-3!4% note*, due serial- LemSteir.1, "d re<!ularly each uar Ou t s t a n d in g --oct. 31,1944, $10,000,000. DATED--May 1, 1944. MATURITY--$1,000,000 2% notes each July 1, 1946-48 incl.; $1,000,000 2%% notes each July 1, 1949-51 inch; $4,000,000 3%s note July 1, 1952. INTEREST--J&J 1. CALLABLE--As a whole or in part at any time without premium except through refunding at the saSne or a lower rate (any refunding through the sale of stock being exempt from this premium) when premium shall he at the rate of V* of 1% per annum to maturity but not to exceed % of 1%. There will be no premium if the notes are redeemed within nine months of maturity unless financing takes place with in 60 days of redemption In which case the premium applies. SECURITY--A general obligation of company but not securedby any lien. OTHER PROVISIONS--Company covenants that it will not without consent of noteholders (a) pay dividends on outstanding common stock, m the aggregate to exceed sum of con solidated net earnings accumulated since fiscal year ended Oct. 31.1942 or expend in excess of $200,600 for acquisition or retirement of any class of stock except out of such consolidated net earnings; (b) create or incur any lien, mortgage or charge upon its oroperfy, nor permit any subsidiary to do so: (c) incur any nDImVIDTMEMN1D LIMITATION--None. - 1911-19 ' nil r VOTING RIGHTS--None, except upon default of two successive quarterly dividends where- 1920-- -1.60 upon holders voting as a class shall elect one- 1926__ 2.00 1927.iT. ; ___ half the directors and on all other matters 1929__ 002.00 1930... CB1.80... vote on a share for share basis with the' 1933__ 0.25 1934.-. - 090,;^' common. , 1936-- 2.00 I9S7.i.^t" Consent of two-thirds of the then outstand- 1940... 1.00 194U..1- Ing preferred is required to (1) sell, lease'or 1943-44 o.90 1944..i?J:; dispose of all, substantially all, or any essen- fflPlua 1% in stock.'.-V -- - tial portion of its'assets (2) enter a merger S|Plus 2% in tock. - ,te or consolidation involving the extinction or SiTo Jan. 3. ' merger of its corporate entity (3) encumber DIVIDEND LIMITATION--For its assets or income, except for (a) purchase sorlption of unsecured notes ' money mortgages with certain limitations. ahd, VOTING .RIGHTS-- (b) pledges of quick assets as security for power. For exceptio: loans in the regular course of business matur conv______ _________ ing not less than eighteen months <4) issue p r e e mp t iv e RIGI or guarantee any obligations .maturing more LISTED--New York, than eighteen months from date of issue (5) TRANSFER ----------- authorize or issue any stock on a parity with INovtr York ..... . __ ___ or having priority over this preferred. REGISTRAR--Chase National ' E LIQUIDATION RIGHTS--In any liquidation entitled to preference over common to par DIVIDEND DISBURSliriGf AC and accrtled mvide~f' PREEMPTIVE RIGHTS--None. CONVERTIBLE--Each share into 7/10 of -a share of common. Conversion privilege is pro tected against certain types of dilution. Pri ferred stock converted Is to be cancelled. OFFERED--87.920 shares Jan,, 1920 by W. F. Lad .Hayden Miller & CO., ' see "Issued" below.1 ' ISSUED--In reorg 160,000.shares were 1 $100 par stock-on' t a debt or liability maturing beyond 12 months, CALLABLE--As a whole or in nart at any for each old Share:.- any subsidiary to incur or guarantee any debt except to the company and to minority stock holders and open account debt in ordinary dends. SINKING FUND--None. >0 and dm- course of business: (e) guarantee or lend its LISTED--New York Stock Exchange. i credit in excess of aon aggregate samount of mp a mo u t t p a -$100,000. directly or indirectly, fo any one other., A 1 .w f w v/irir YorK Trust Co., than a subsidiary: (f) merge, sell or lease all or substantiallv ail assets, with exceptions as REGISTRAR--Chase .N.a.t.ional Bank. New to subsidiaries. Yors. , Company agrees that consolidated working DIVIDEND DISBURSING AGENT--Company. 1 for- part PalnV* soldfo w._________ purchase price of:( for working capital. At the can shares of 7% cumulative preferred issued for a like number of r ferred; 24,849 preferred si.ares,' part payment for .stocks of ac<_ nies and 20,238 preferred shares; underwriters to provide- cash T i exeb,dingnth?S?.ntes0^+hCS' OFFERED--200,000 shares in May, 19?6 to com- chase price of constti*tuenti months mon stockholders at $52.50 per share. Un- working capital^ < fromdate oTtefmSIuon fdbSDCr^red e&toSS*11** common noflesste^llWooo11 to " newPshies for laSh ofd Share^.nd reMirS^ ^ M^-1925, 37.045 CO1 '~"V* PTmposs~l^fed tn refinance' outstanding shares offered publicly at $52.50 per share by sold for the company's;^ shTM ?nd^g-te?m indebK *a isnydndicicaattee bheaded hbvy Hornhblowerf A& Weeks, market. - , ' .*j >; >* A ISSUED--In May. 1944. as follows: *$4,000,000 to Mutual Life Insurance Co. of New York and $6,000,000 to six banks. New York and Hayden Miller & Co.,Cleve-: In July, 1938offered4 land. Of the proceeds, $3,360,104 was applied officersapd key, mena to the retirement of funded debt (chiefly 5%% , notes due June 1, 1939) and for retirement Common.-'...;' 25%/18 CAPITAL STOCK and/or conversion of prior preference stock." Subscription' Rights; :C 1. The Giidden Co. 4>/i% convertible cumula tive preferred stock; par $50: AUTHORIZED--200,000 shares: issued 200.000 shares; outstanding, Oct. 31. 1944, 199,540; in treasury, 400 shares; converted into common stock. 60 shares: par $50. PRICE RANGE-- 1944 1943 1942 Preferred_____ ____ : 52-45 48-41 44-37% 2. The Giidden Co. common; no par: AUTHORIZED--Authorized, 1,200,000 shares; issued, 835,531 shares; outstanding, Oct. 31, 1944, 825.443 shares; in treasury. 10,088 shares: have received rights to.:( follows: Holders of Shares ~ - Record Offered l 7/22/25 40,000 com. 9/ 7/28 100,000 com. 4/ 4/29 100,000 com. DIVIDEND RIGHTS--Has preference over reserved for conversion of preferred, 139,958 8/19/29 75,000 com. common as to cumulative dividends of 4%% shares; no par. (In reorganization on Dec. 30, 7/ 3/35 104.000 com. annually. Dividends payable quarterly Jan. 1, 1919, 8 no par shares were issued for each 5/23/36 200,000 Con; pfd. etc. to stock of record about Dec. 17, etc. share of $100 par stock.) 10/ 4/37 64.004 4/5 com. MINNEAPOLIS-MOLINE POWER IMPLEMENT COMPANY CAPITAL STRUCTURE 3 CAPITAL STOCK Issue 1. $6.50 cumulative preferred______ 2. Common CtlFiscal years ended Oct. 31. Par Value Nopar $1 Amount Outstanding 98,700 shs. 700.000 shs. Earned per Sh. 1944 1943 $13.30 $16.54 0.96 1.42 fflDivs. per Sh. 1944 1943 $8.12% $8.12% Nil Nil Call Price $110 HISTORY Incorporated in Delaware Mar. 30, 1929. to acquire the business of three predecessor companies. Minneapolis Steel & Machinery Co.. The Minneapolis Threshing Machine Co. and Moline Implement Co. The businesses of these companies were established in 1902. 1887 and 1865. respectively. , SUBSIDIARIES Corn pickers Manure spreaders Drills Ete. In addition, the company is engaged in the fabrication and erection of Structural steel; the manufacture of industrial gas engines, feed mills, and tractors. The tractors are used for industrial purposes .to some extent, as well as for farming. Thus the company, in addition to its activities in connection with the agri cultural industry, also participates in indus feet of floor space. Products tural steel, industrial gas A special ordnance plant. Jal*6 Minneapolis, has 100,129 sq. ft.' of fli Moline, EU.--Plant consists ;of ~ with approximately l,019,000"s< floor space. Products are farm; MANAGEMENT. This is principally an operating company. trial trends through its power machinery such Officers At Oct. 31, 1944, 100% of the voting power as tractors and industrial engines and through W. C. MacFarlane, President /'" was owned in the following subsidiaries: Its structural steel operations. G. L. Gillette. Vice-President ' ` Name, place of incorporation and business: Company has substantial orders for war W. C. Rich, Secretary. - Minneapolis-Moline Argentina, S. A., Comer- material, both prime products and sub-con S. L. Angle, Treasurer ' ; cial, Industrial & Financiera, Argentina sales tracts. Directors ' ,* z.` agent in Argentina. The company has branch offices and ware S. L. Angle, Minneapolis' Minneapolis-Moline Power Implement Co. of houses for farm machinery in 35 cities H. S. Bowers, New York' Canada. Ltd.. Canada, sales agent in Canada. throughout the States of California, Colorado, L. S, Gilmour, New York ,, Minneapolis Steel Construction Co.. S. Dak., Illinois, Indiana, Iowa, Kansas, Louisiansi. G. L. Gillette. Minneapolis contracting and construction Michigan, Minnesota, Montana, Nebraska, W. G. MacFarlane, Minne Twin Citv Products Finance Co., inactive. North Dakota, South Dakota, Ohio, Oklahoma. W. C. MacFarlane'Jr.vl , BUSINESS AND PRODUCTS Oregon, Tennessee, Texas and Wisconsin, and S. T. McKnight, Mlrmeap . This company is engaged in the manufac ture of farm machinery sold under the tradename "Minneapolis-Moline", such as the fol branch offices or warehouses for structural steel in California,. Colorado, Montana and Utah. H. C. Piper, Minneapolis W. C. Rich, Minneapolis, ", " E. W. Ross, Moline, HI." t lowing: - PRINCIPAL PLANTS A PROPERTIES Annual Meeting: Third Tuesday in janua Tractors Threshers Hopkins, Minn.--Plant comprises 22 builds Number-of Stockholders: Dec. 8/ " Combine-harvesters Harrows ings with approximately 670,000 square feet ferred. 2,088: common, 5,144.. Planters Plows of floor space. Products are farm implements. Number of Emnloyees: Dec. 31,-T Cultivators Listers Minneapolis. Minn.--Plant consists of 30 General Office: *2854 '' Corn shelters Hay tools buildings with approximately 642,000 square Minneapolis 1, Minn. > , INCOME ACCOUNTS Net sates_____________________ Cost and expenses____________ Depreciation & amortization. COMPARATIVE CONSOLIDATED INCOME ACCOUNT, YEARS ENDED OCT; 1944 1943 1942 1941 1940 $42,932,697 $40,851,007 $29,845,720 $23,510,383 $16,367,628 37,048.924 32,214,512 25.334.899 19.932,960 14,803,161 803,630 710,447 573,146 412,148 406,614 Operating profit Other income______ 5.080,143 330.459 7,926,047 282,757 3,937,676 303,637 3.165.275" 218,954 1,157,853 00452,563 Total income 5,410,602 8,208,804 4,241,313 3,384,229 1,610,416 AVAILABLE NET INCOME--Comprises gross revenues (excluding gains from sale of capital assets or purchase of outstanding securities), less operating and non-operating expenses and interest (other than debenture interest), but before deducting income taxes'. SECURITY--Direct obligation of company, but not secured by mortgage. OTHER PROVISIONS--Cash proceeds from exercise of stock purchase warrants issued in connection with merger shall be applied to purchase of debentures at not exceeding par Capital Stock: L ACF-Brlll Motors Co. com mon; par $2.50; AUTHORIZED--1,250,000 shares: issued and outstanding, 962,433; reserved for exercise of warrants, 279,989; par $2.50. OWNERSHIP--On Nov. 30, 1946 Consolidated Vultee Aircraft Corp. owned 458,849 shares and 160,464 stock purchase warrants. VOTING RIGHTS--Has one vote per share, LISTED--On New York Stock Exchange. TRANSFER AGENT--Drexel fie Co.. New York. Outstanding Dec. 31, 3946, 279,989. Ownership: At Nov. 30, 1946 Consoli Vultee Aircraft Corp owned 160,464.5 war: Proceeds were used to purchase 6% in debentures (issued under terms of me for retirement or redemption. Agent; Drexel & Co.. New York. Listed: On New York Curb Exchange, Price Range: 1946 1945 High-------- : Low-------- iUi 4 11 % 2% or to call at par. Consent of holders of 75% of REGISTRAR--Chase National Bank. New Stock Options; Options to purchase 1 outstanding debentures required for modifica York. common shares at 513.54 a share have tion of indenture. TAX STATUS--No .provision for assumption or refund of any Federal or state taxes, PURPOSE--Issued (*2,510,620) in exchange for 7% preferred stock of former Brill Corp. on basis of $70 debentures for each $100 par share and (51,989,380) as part of settlement of debt of former American Car fie Foundry ISSUED--In 1944. pursuant to terms of re capitalization and merger. For plan of recapitalization and merger see above. PRICE RANGE-- 1946 1945 1944 High------- -------- 19 17% 10 'i Low- 8 9% 8!/s granted to 10 officers and supervisory ex tives of company and Hall-Scott Motor Co., a subsidiary. One-third of optioned s may be purchased at any time after Au 1948, one-third after Peb. l, 1947, and renr ing one-third, including any options not viously exercised or disposed of, after Fe 1948, but not later than Jan. 31. 1949. Of t Motors Co. to American Car Be Foundry Co., Warrants: Merger plan provided for Issu options R. R. Monroe received 7,500; W pursuant to terms of merger. ance of 280,138 warrants to purchase a like Henderson ,2,060; H. A. Fiogaus, W. J. Be; PRICE RANGE-- 1946 1945 1944 amount of shares at 512.50 a share to Jan. 1. M. A. Hardie and Carl Hecker. 1,500 each, High................... 102>4 102 100% 1950, and at 515 a share thereafter to Jan. 1. C. F. Hoeil, B. M. Walter, R. H. Sjoberg Low__________ 99 98 li 95 1955. Turner Dunkin, 1,000 each. CAPITAL STRUCTURE THE GLIDDEN COMPANY FUNDED DEBT Issue 1. l%-2% serial notes due 1948-1952___ Rating CAPITAL STOCK Par Issue Value 1. 4%% cum. conv. preferred $50 2. Common No par QjFiscal years. QDSee text. HiPrlvately placed. Amount Outstanding $8,000,000 Amount Outstanding 199,540 shs. 887,700 shs. [DTlmes Charges Earned 1946 1945 52.44 23.67 EDEarned per Sh. 1946 1945 $28.64 $11.77 5.93 2.13 Interest Dates J&J 1 QJDivs. per Sh. 1946 1945 $2.25 $2.25 2.00 1.20 Call Price (3 Call Price 552,50 Price Range 1946 1932- SI-- 13--, Price Range 1946 59 -53 193259 -1 56%-36% 5614- HI8TORV In 1942 constructed a hydrogen plant at Hill" indicated by the percentages of capital thIcncboursp_inoerastse. daJ nI1nd Ohio, Dec. assets of 11.1917 to acquire Glldden Varnish Co. of Cleveland, founded in 1875, and its sub sidiary. The Glldden Co., Ltd., Toronto. On Dec: 30, 1910 'was reorganized and ac- ?[uired the following paint and varnish manuacturers: Company, location, founded. Adams & Ellina Co., Chicago, 1892. American Paint Works, New Orleans, 1900. T. L. Blood fic Co., St. Paul, 1897. Campbell Paint fie Varnish Co., St. Louis, 1879. Forest City Paint fie Varnish Co., Cleveland, 1864. Heath fic Milligan Mfg. Co., Chicago. 1851. Heath fic Milligan Mfg. Co. of California San Francisco, 1899. Nubian Paint fic Varnish Co., Chicago, 1879.' Twin City Varnish Co., Minneapolis, 1900. A. Wilhelm Co , Reading, Pa., 1857. On Jan. 1, 1936 acquired all the assets of seventeen wholly owned subsidiaries, includ ing all ten paint companies acquired in 1919, Durkee Famous Foods, lnc,, The Chemical & Pigment Co., Inc., The Diamond Paint Co.. N-maWng hydrogen for the Durktofotfhoeords.Plant at Elmhurst, N. Y., and for sale Clwmisals..and Pigments: In 1921 incorpo rated the Cfaeml'cai fic Pigment Co., Inc., a wholly owned subsidiary,>to manufacture lithopone. In 1924 acquired for $440,310 the entire capital stock of Euston Lead Co., Scranton, Pa., manufacturers of white lead. In Feb., 1926 ac quired the entire preferred and common stocks of National Barium Co. for $106,250 in 7% prior preference stock and also the prop erty of St. Louis Lithopone Co. for $950,352 cash. In May, 1927 incorporated California Zinc Co., a wholly owned subsidiary, to ae?iuira zinc mining properties in California, ormerly held by a concern in whose stock an interest was held. This company also acquired Afterthought Zinc Mining Co. In 1929 acquired the outstanding stock of Metals Refining Co. of Hammond, Ind., manu facturer of red lead, litharge, type metal, metal powders, etc., for $1,271,246. In 1982 acquired a 54% interest and in Dec., 1935 the remaining 46% in Nelio-Resin Corp., vested therein (as of Oct. 31, 1945) which , approximately as follows; paint and varni 27%; food products, 40%; chemical and p ment, 23% and spya products,.. 33%. Each these divisions is reviewed below. Paints and Varnishes: Ranks as one of 1 leading domestic factors in this line. Sir 1919 lacquers and other types of finishes ha been developed and added to the line so tt it now includes coating compositions of pri tically every type for the decoration and pr ervation cf surfaces including a full line the new soya protein base water-thinn pa.nts. A substantial volume of business this division is transacted with industrial use such as manufacturers of automobiles, rallroi equipment, etc. and a sizable portion is so to the general trade through jobbers, deale and thirty retail stores. Food Products: Ranks as one of the leadii domestic manufacturers of margarine whli it sells under the tradenames Durkee's, Troi and Dinner Bell. The manufacture of tt) product contributes a substantial portion the total revenue of the food products dll sion. Engaged in crushing copra, cottonsee sesame and other oil bearing seeds and 1 the respective production of coeoanut, ofl On May 9, 1936 acquired the paint and var nish business and paint and varnish inven tories and some movable equipment of modest value of Certain-teed Products Corp. and on Oot. 7, 1938, the ^>aint and varnish inventories and business of the Biilings-Chapin Co. of Cleveland, O. On Aug. 31, 1949, organized (in Ohio) Nello Resin Processing Corp. and transferred to it the assets and business of the former Nelio resin division of Glidden company. Company acquired all assets Oct. 31, 1946. Nelio Resin Processing Corp. was dissolved and now op er.a.te.d. as a division of company. In 1931, jointly with Metal fic Thermit Corp. of New York, formed American Zirconium Corp. to construct a plant at Baltimore, Md. f_o_r__th__e_m__a__n_u_f_a_c__tu__r_e__o_f_t_i_ta__n_i_u_m_ _pi_g__m__e_n_t_s._O__n July 18, 1944, company acquired remaining outstanding minority interest in American Zirconium Corp., and on Feb. 13, 1946 company was dissolved. On Jan. 1, 1936 dissolved The Chemical fic Pigment Co., Inc. and acquired its assets and business. On Jan. 20, 1938 stockholders approved a proposal to acquire, effective as of Oct. 31, 1937, all of the assets of Southern Pine Chemical Co., paying therefor 34,697 common shares. tonseed and sesame oils which are raw m terials used in the manufacture of margarln Other products of this division are sali_a_d_d__r_e_ ing, mayonnaise, shred coeoanut, Worceste shire sauce, meat sauce and other condiment and a full line of spices. Chemicals and Pigments: Banks as one < the leading producers of lithopone, a Whi pigment produced by combining materials dt rived from barium and zinc ores and e: tensively used in the paint, rubber, linoleui oilcloth and shade cloth Industries. Produci white lead in oil, white lead carbonate (ut in producing ceramics and dry colors), red let (used in storage batteries and paints), litharf Glldden Food Products Co., a wholly owned subsidiary, to refine vegetable oils, manu facture oleomargarine, etc. In early 1929 acquired (l) assets of Voco Nut Oil Products, Inc. of West Berkeley, produclngUpine 'tg'SZfX?pentine, etc. When war curtailed imports of ilmenite from India for paint pigments acquired mines at Lenoir, N. C. which are operated under (used in storage batteries, insecticides, etc. type metal and metal powders. Ground whi' barytes are produced for the paint and rubbi trade and zinc sulphate crystals for fertilizi and fungicide spraying materials. Figmen are manufactured for the paint, ceranu Cal. for $789,409 (2) outstanding common stock of Wisconsin Food Products Co. of Jefferson, trade name Yadkin Valley Ilmenite Co. Soya Products: In 1934 constructed a plant at printing ink and automobile industries. f< outdoor advertisers and for railway sign Wis and Wisconsin Food Products Ohio Co. of Norwalk, O. for $1,195,927 (3) certain net assets of Troco Co. of Illinois, a Chicago manufacturer of margarine, for $583,136 (4) the Portland, Ore. vegetable oil refinery of Colgate-Palmcilive-Feet Co. for $374,972, and (5) capital stock of Dunham Mfg. Co. of New York, manufacturers of shred coeoanut, tor $381,800. In July, 1929 acquired net assets of E. R DuTkee fic Co., a leading manufacturer of salad dressings, meat sauces, pickles, spices and condiments for $1,804,808. Thereupon the Chicago to extract soya bean oil under Ger man patents. On Dec. 28. 1937 incorporated Holland Mills, Inc., a wholly owned subsidiary, to manufac ture animal feeds and utilizing chiefly prod ucts of this division. On Dec. 31, 1938, Holland Mills, Inc. was dissolved and all its assets acquired by the parent. The Holland Mills plant was destroyed by fire in Dec., 1939. In Nov., 1942, acquired plant in Indianapolis of Standard Cereal Co. for producing dried foods and stock feeds. SUBSIDIARIES purposes. Also manufactures nelio-resi which is a liquid combination of about 27' turpentine and 73% rosin used in the produi tion of paints, varnishes, synthetic resin soap, etc. By the destructive distillation process prt duces pine tar. pine tar oils, rosins, tuj pentines, etc. Company has an exclusive continuous pro ess for making iron powder, for which Sweat was the primary source, and also copper po* der. Iron powder is used in manufacture < electric resistors, magnetic cores, moldir name of The Glidden Food Products Co. was Functions primarily at an operating com gears and brake linings. changed to Durkee Famous Foods, Inc. Late pany. As of Oct, 31, 1946, owned 100% of the Soya Products: Produces soya bean oil use in 1929 acquired substantially all the capital voting control of the following; by the paint and food divisions and also o stock of Portland Vegetable Oil Mills Co., Name, place of incorporation and business: other manufacturers of paint, linoleum, rou producers of coeoanut oil at Portland, Ore. for Afterthought Zinc Mining Co., Cal., Mining gsrine etc Produces also soya bean flour an $644,500. ITn- 1933 -a-c--q--u*i-r-e--d---f-r-o---m- -Vt--he Trustee in -p--r-o--p--e--r-t-i-e--s----- inancntivt-e.. Joya bean proteins used In the production < bankruptcy of Van Camp Oil Co. a cotton-seed The California Zinc Co., Ohio, Mining prop plastics, paper coatings and sizing* and oj oil refinery and shortening plant at Louisville. Xy. for $293,119. On Jan. 1, 1936. all assets of erties--inactive. Sacramento Valley & Eastern By. Co., Cal., bean oil fatty acids used in the productlc of lacquers and synthetic resins. From soj Durkee Famous Foods, Inc., were acquired by Railroad--inaetlve.. bean oil produces lecithin used in the pain the parent. On May 31, 1919 acquired all the capital stock of Liberty Vegetable Oil Co. (linseed oil at Buena Park, CaL) paying therefor 1,844 shares of common stock. This company was The Glldden Co.. Ltd., Ont., Manufactures paints, varnishes, etc. at Toronto. The Rinolln Co . Okie., Inactive. Traoo Co. at niinei*. HI., Inactive, BUSINESS fit PRODUCTS wood preservings, rubber, candy, baking an margarine industries. Produces lecithin ft use and sales under license agreement wj American Lecithin Co. Glidden is one of to two exclusive licensees for the manufactui dissolved and its assets acquired by the parent The business msy be segregated Into four of lecithin under the United States patents t Oct. 9.1939. divisions, the relative Importance of which is the American Lecithin Co. AVAILABLE NET INCOME--Comprises gross revenues (excluding gains from sale of capital assets or purchase of outstanding securities), less operating and non-operating expenses and interest (other than debenture Interest), but Capital Stock: L ACF-Brtll Motors Co. com mon; par $2.50: AUTHORIZED--1,250,000 shares; issued and outstanding, 962,433; reserved for exercise of warrants, 279,989; par $2.50. Outstanding Dec. 31. 1946, 279,989. Ownership: At Nov. 30. 1946 Conso, Vultee Aircraft Corp owned 160,464.5 wa: Proceeds were used to purchase 6% t debentures (issued under terms of m before deducting income taxes. OWNERSHIP--On Nov. 30. 1946 Consolidated for retirement or redemption. SECURITY--Direct obligation of company, Vultee Aircraft Corp. owned 458,849 shares and Agent: Drexei & Co., New York. but not secured by mortgage. 160,464 stock purchase warrants. Listed: On New York Curb Exchangi OTHER PROVISIONS--Cash proceeds from exercise of stock purchase warrants issued in connection with merger shall be applied to purchase of debentures at not exceeding par VOTING RIGHTS--Has One vote per share. LISTED--On New York Stock Exchange. TRANSFER AGENT--Drexel & Co.. New York. Price Range; High.......... Low-------- 1946 11% 4 1945 11% 2 Vs or to call at par. Consent of holders of 75% of REGISTRAR--Chase National Bank. New Stock Options: Options to purchase outstanding debentures required for modifica York. common shares at $13.54 a share have tion of indenture. TAX STATUS--No provision for assumption or refund of any Federal or state taxes. PURPOSE--Issued ($2,510,820) in exchange for 7% preferred stock of former Brill Corp. on basis of $70 debentures for each $100 par share and ($1,983,280) as part of settlement of debt of former American Car & Foundry ISSUED--In 1944, pursuant to terms of re capitalization and merger. For plan of recapitalization and merger see above. PRICE RANGE-- 1946 High----.......... 19 Low........................... 8 1945 17% 9% 1944 IP% 8% granted to 10 officers and supervisory e tives of company and Hall-Scott Moto: Co., a subsidiary. One-third of optioned may be purchased at any time after A 1946, one-third after Peb. 1, 1947, and rei ing one-third, including any options noi viously exercised or disposed of, after F 1948, but not later than Jan. 31, 1949. Of Motors Co. to American Car & Foundry Co., Warrants: Merger plan provided for issu options R. R. Monroe received 7,500; \ pursuant to terms of merger. ance of 280,138 warrants to purchase a like Henderson ,2,000; H. A. Flogaus, W. J. B PRICE RANGE-- 1946 1945 1944 amount of shares at $12.50 a share to Jan. 1, M. A. Hardie and Carl Hecker, 1,500 each High............. 10214 102 100 lb 1950, and at $15 a share thereafter to Jan. 1. C. F. Hoell, B. M. Walter. R. H. Sjoberg Low___ -______ 99 9814 95 1955. Turner Dunkin, 1,000 each. CAPITAL STRUCTURE THE GLIDDEN COMPANY , - |. .j FUNDED DEBT Amount ETimes Charges Earned Interest Call Price Range Issue 1. l%-2% serial notes due 1948-1952___ Rating ___ Outstanding $8,000,000 1946 1945 52.44 23.67 Dates J&J 1 Price 0 1946 ].. 193: @j_. CAPITAL STOCK Par Issue Value 1. 4%% cum, conv. preferred________ $50 2. Common --............................................ No par BFiscai years. 0See text BlPrlvately placed. Amount Outstanding 199,540 shs. 887,700 shs. EQEarned per Sto. 1946 1945 $28.64 $11.77 5.93 2.13 HJDlvs. per Sh. 1946 1945 S2.25 $2.25 2.00 1.20 Call Price $52.50 ___ Price,Range 1946 1931 59 -53 59 - 56%-36% 56l,i- HISTORY In 1942 constructed a hydrogen plant at Hill- indicated by the percentages of capital Incorporated in Ohio, Dec. 11, 1917 to acquire N. J.. for making hydr^en for the Dur- vested therein (as of Oct. 31, 1945) which th.e bbuussiinneessss aanndd aasssseettss ooff GGlliiddddeenn VVaarrnniisshh Co. of Cleveland, founded in 1875, and its sub sidiary, The Glidden Co., Ltd., Toronto. On Dec. 30, 1918 war^organized and ac- SiaUclTtuGrdertsh:e foUOoWwiLnnfgf nsint aern>aH vvaarmniiachn miy iaatnuui*- kee food plant at Elmhurst, N. Y,, and for sale approximately as follows: paint and varr to others. 27%; food products, 40%; chemical and Chemicals and Pigments: In 1921 Incorpo-,. mept, 23%,, ijjjdjsoya products, 33%. EacI these divisions is reviewed below. Woophoonelly. JIOnnW1T19I9C22O44 jSUDSlQl&ry*'tO MBllUfSCtUTS lltu" aaecqouuiirreedd ffoorr $$444400,,331100 tthhee eennttiirree Paints and Varnishes: Ranks as one of leading domestic factors in this line. Si Company, location, founded. Adams & Elting Co., Chicago, 1892. American Paint Works, New Orleans, 1900. T. L. Blood & Co., St. Paul, 1897. Campbell Paint & Varnish Co., St. Louis, 1879. Forest City Paint 6c Varnish Co.. Cleveland, 1864. Heath 6c Milligan Mfg. Co., Chicago, 1851. Heath 6c Milligan Mfg. Co. of California, San Francisco, 1899. Nubian Paint 6c Varnish Co., Chicago, 1879.' Twin City Varnish Co., Minneapolis, 1900. A. Wilhelm Co., Reading, Pa., 1857. On Jan. I, 1936 acquired ill the assets of seventeen wholly owned subsidiaries, lncludiD--PniaggrmkKaeeeinlent.teFFnaaCmmopooauuiIsnsnteFFcooooomTddhssp,eanImniDeei-is.a. maTTcohhqneeudifCr-ehPhdeeammiinntintcn1aC9]l1oA&9, capital stock of Euston Lead Co., Scranton, Pa., manufacturers of white lead. In Feb., 1926 ac quired the entire preferred and common stocks of National Barium Co. for $106,250 in 7% prior preference stock and also the property of St. Louis Lithopone Co. for $950,352 cash. In May, 1927 incorporated California Zinc Co., a wholly owned subsidiary, to ac quire zinc mining properties in California, formerly held by a concern in whose stock an interest was held. This company also acquired Afterthought Zinc Mining Co. In 1929 acquired the outstanding stock of Metals Refining Co. of Hammond, Ind., manu- metal 193In5 tt1no9ee82rrae.cm^qnauiiinrneimn*dgg*!a''*4s656i%4%o%f iinnintnNeeeruelioso-t-uBaeenssamininiC_nDoo,,err_ppc....., 1919 lacquers and other types of finishes h been developed and added to the line so t it now includes coating compositions of pi tically every type for the decoration andp: ervation of surfaces including a full line the new soya protein base water-thiro pa.nts. A substantial volume of business this division is transacted with industrial us such as manufacturers of automobiles, railn equipment, etc. and a sizable portion is s to the general trade through jobbers, deal and thirty retail stores. Pood Products: Ranks as one of the lead domestic manufacturers of margarine wh it sells under the tradenames Durkee's, Tn and Dinner Bell. The manufacture of 1 product contributes a substantial portion mthe total revenue oif tnhe ifooad products cdui EtStonLead/Co^e Glidden Co,pf Oregon! * S d^ol^Al Metals Refining Co. and the Mamolith Carbon Paint Co., Inc. On May 9, 1936 acquired the paint and var nish business and paint and varnish towntvoarliuees aonf dCseormtaemm-toeevadblPeroedquuciptsmCenotrpo.f amnoddeosnt Oct. 7, 1938, the paint and varnish inventories and business of the Billings-Chapin Co. of Cleveland, O. On Aug. 31, 1940, organized (in Ohio) Nelio Resin Processing Corp. and transferred to it and assets acquired by parent. In 1933, jointly with Metal St Thermit Corp of New York, formed American Zirconium the manufacturea of titanium pigments. On Jouultysta1n8d, in1g944m, cinoomrpitaynyintaecreqsutireidn rAemmearinicianng Zirconium Corp., and on Feb. 13, 1946.company was dissolved. _,tO'nn Jan. 1, J199366 ddiissssoollvveedd Tinhee cCnheemmiiccaail a6ct the respective production of cocoanut, c tonseed and sesame oils which are raw r terials used in the manufacture of margari Other products of this division are salaadre ing, mayonnaise shred cocoanut, Worcest shire sauce, meat sauce and other condimei and a full line of spices. Chemicals and Pigments: Ranks as one the leading producers of lithopone, a wb pigment produced by combining materials < the assets and business of the former Nelio resin division of Glidden company. Company acquired all assets Oct. 31, 1946. Nelio Resin Primient Co., Inc. and acquired its assets and business. On Jan. 20, 1938 stockholders approved a rived from barium and zinc ores and < tensively used in the paint, rubber, linoleu oilcloth and shade cloth Industries. Produi Processing Corp. was dissolved and now op- white lead In oil, white lead carbonate Jui oenrae ttoedd aass aa Wdi-viiirsiciiormn onff cnoommpnaunnyir. GsulibdsdideinarFy,ootdo PrreofdinuectsveCgoe.t,aablewhooillsly, omwanneud- 11993377,, &a1l1l OoXf tthllfei &aSss8e6ItSs OoXf bSOoUututh8Te1r1ni 1P*1in11e6 CCihlCelmTlli* cal Co., paying therefor 34,697 common shares. ^P^SS^^'MquSrSl were fSSrpfanfi SXsSJSteh producing spiinnee ttaor. rroosdinnss, ttaurr-- DrOdUCinC CfirBItliCS CtCy COlOIf) tftdll (used in storage batteries and paints), lithe: (used in storage batteries, insecticides, et< type metai and metal powders. Ground wh facture oleomargarine, etc. When war curtailed imports of ilmenite ttraiileand zSic sulphate crystals for fertilt ta early 1 acquired (1) assets of Voco from India for paint pigments acquired m.lnes itod fungicide spraying materials. Pigmei Nut Oil Products, Inc. of West Berkeley, at Lenoir,. N. C. which are operated under are manufactured for the paint, cerara Cal. for $789,409 (2) outstanding common stock trade name Yadkin Valley Ilmenite Co. printing ink and automobile industries, ; of Wisconsin Food Products Co. of Jefferson, Soya Products: In 1934 constructed a plant at outdoor advertisera and for railway tig: Wis and Wisconsin Food Products Ohio Co. Chicago to extract soya bean oil under Ger- proses Also manufactures nello-rei of Norwalk, O. for $1,195,927 (3) certain net man patents. which is a liouid combination of about t assets of Troco Co. of Illinois, a Chicago On Dee. 28, 1937 Incorporated Holland Mills, turpentine and73% rosin used in the prodi manufacturer of margarine, for 8583,136 (4) Ine., a wholly owned subsidiary, to manufac- ti<m of paints varnishes, synthetic rest the Portland, Ore. vegetable oil refinery of tore animal feeds and utilizing chiefly prod- etc y Colgate-Palmolive-Peet Co. for $374,972. and (5) cap.i.t.a...l..s..t..o..c..k of Dunham Mfg. Co. of New ucts of this division. 0--n j_y- e- --c 3i> 1938, H---o--lla,nd Mills, , Inc. was -By t- he destructive distillation process p; duces pine tar, pine tar oils, rosins, ti York, manufacturers of shred cocoanut, for dissolved and all its assets acquired by the n(.ntines etc $381,800. parmt. TOe-Holland Mills plant was destroyed v company lias an exclusive continuous pri In July, 1929 acquired net assets of E. R Durkee & Co., a leading manufacturer of salad dressings, meat sauces, pickles, spices and condiments for $1,804,808. Thereupon the by fire in Dec.. 1939. In Nov.. 1942, acquired plant in Indianapolis of Standard Cereal Co. for producing dried foods and stock feeds. SUBSIDIARIES ess for making iron powder, for which Swed wag the primary source, and also copper po <jer. iron powfier is used in manufacture electric resistors, magnetic cores, mold) name of The Glidden Food Products Co. was Functions primarily as an operating com gears and brake linings. changed to Durkee Famous Foods. Inc. Late In 1929 acquired substantially all the capital stock of Portland Vegetable Oil Mills Co., producers of cocoanut oil at Portland, Ore. for $644,500. In 1933 acquired from the Trustee in bankruptcy of Van Camp Oil Co. a cotton-seed oil refinery and shortening plant at Louisville. Xy. for $293,119. On Jan. 1, 1336. all assets of Durkee Famous Foods, Inc., were acquired by the parent. On May 31, 1989 acquired all the capital stock of Liberty Vegetable Oil Cu. (linseed oil at Buena Park, CaL) paying therefor 1,844 shares of common stock. This company was dissolved and its assets acquired by the parent Oct 9. 1939. pany. As of Oct. 31, 1946, owned 100% of the voting control of trie following: Name, place of incorporation and business: Afterthought Zinc, Mining Co., Cal., Mining npvronnpaert4ieias*--^Initaiacatnivuea. The California Zinc Co.. Ohio, Mining prop erties--inactive. Sacramento Valley St Eastern Ry. Co.. Cal., ReUroed--Inactive. The Glidden Co.. Ltd.. Out. Manufactures paints, varnishes, ate. at Toronto The Rtooltn CO., Okie., Inactive. Traoo Co. of Illinois. HI., Inactive, BUSINESS PRODUOT8 The business may be segregated Into four divisions, the relative Importance of which Is Soya Products: Produces soya bears oil us by the paint and food divisions and also other manufacturers of paint, linoleum, mi garble, etc. Produces also soya bean flour a ~soya *bean _protae_ irn_ s _u__s__e__di xin atht.e. production plastics, paper coatings and sizing* snd so bean oil fatty adds used in the product! of lacquers and synthetic resins. From so bean oil produces lecithin used in the pal wood preservings, rubber, candy, baking a margarine industries. Produces lecithin i use and sales under license agreement wi American Lecithin Co. Glidden is one of t two exclusive licensees for the manufactu of lecithin under the United States patents the American Lecithin Co. MOODY'S MANUAL OF INVESTMENTS 1527 PRINCIPAL PLANTS A PROPERTIES at Buena Park, Cal. A hydrogen plant is lo L. Y. Pulliam, Vice-President I- prints and Varnlshas: Plants of this division >re operated at Chicago, Minneapolis, Cleveand, St. Louis, New Orleans, Heading, San Francisco, and Toronto, the latter by The Hidden Co., Ltd. Some 30 retail stores and 7 warehouses are located in the U. S. and Can|da for product distribution. cated at Hillside, N. J.. and a food and an animal feedplant at Indianapolis. Through The California Zinc Co. and After thought Zinc Mining Co. owns zinc ore prop erties in California, which have been inactive since 1927 due to low prices of zinc and other ores. Increased prices for zinc, cadmium and other metals would have made operation of Food Products: Plants for the crushing ol the properties profitable in 1940. However, opra and other oil-bearing seeds and nuts certain of the properties are in the area being are located at Portland, Ore. and Berkeley, flooded by the U. S. Government in building Jsl.; vegetable oil reflneriei at Chicago, Louis- Shasta Dam, and company has filed a claim dlle and Elmhurst, L. I.; margarine plants at for damages in amount of $1,853,000. Siicago, Norwalk. O., and Berkeley, Cal.; Through American Zirconium Corp., Divi ilants manufacturing salad dressings, mayon- sion manufactures titanium pigments at Balti aise, condiments, etc. at Elmhurst, L. I. and more, Md. Raw material (ilmenite) comes lerkeley* Cal. from India and Georgia. Chemicals and Pigments: Litbopone plants re located at Collinsville. 111., Oakland, Cal altimore, Md. At the latter location um pigments are also produced. White s produced at Scranton, Pa. and red litharge, type metal and metal powders mmond. Ind. Nelio-resin is made at Soya Products: Facilities at Chicago com prise elevators suitable for storing over 2,000,000 bushels of soya beans, an oil extraction unit, a protein unit, a flour unit and a lecithin unit. Plant has a daily crushing capacity of 400 tons of soya beans. MANAGEMENT V/. J. O'Brien, Vice-Pres. (Research) Newell Beatty, Vice-President P. E. Sprague Vice-President A. D. Duncan, Vice-President J. A. Peters, Treasurer Clifton M. Kolb, Secretary W. W. Conan t. Assistant Secretary C. L. Cole. Controller. J. M. Stadter, Purchasing Agent E. L. Weber, Advertising Agent Directors: N. B. Betzold, Cleveland A. D. Duncan, Cleveland R. H. Horsburgh, Cleveland Adrian D. Joyce, Cleveland Dwight P. Joyce, Cleveland Clifton M. Kolb. Cleveland W. J. O'Brien, Cleveland J. A. Peters, Cleveland L. Y. Pulliam, Cleveland J. P. Ruth, Cleveland P. E. Sprague, Cleveland General counsel: M. B. & H. H. Jackson. Annual Meeting: Second Thursday in Feb. mvilie, Fla. and Collins and Valdosta, Officers: Number of Stockholders: Dec. 31, 1946: Pre ine tar, pine tar oils, rosins, turpentine, Adrian D. Joyce, Chairman of Board ferred, 3,125; common, 12,504. tc. at Jacksonville and Gull Point, Fla., Fay- H. H. Horsburgh, Vice-Chairman Number of Employees: Dec. 31, 1946, 5,462. Btteville. N. C. and Collins. Ga. and linseed oil Dwight P. Joyce, President General Office: Cleveland 2. O. NCOME ACOOUNT8 COMPARATTVE CONSOLIDATED INCOME ACCOUNT, YEARS ENDED OCT. SI (Takan from reports to Securities and Exchange Commission) (Excluding California mining companies) 1946 1945 1944 1943 1942 ties, less returns, discts. & allow.__ $122,439,119 $111,616,438 $111,897,815 $97,144,617 $81,705,732 Cost of sales 99,496.271 92,764.942 95,015,022 80,660.258 68.463,439 Selling, general Jt adm. expenses-- 12,685,567 11,838,022 11,043,579 9,807,275 8,817,388 :ov. for doubtful accounts less rec- 26.752 15.357 . 26,924 78,153 86,534 1941 $68,901,706 56.263.924 8.359,614 99.389 1940 *50,168.733 40.435,946 7,722.691 108,638 Operating profit-------------- L--------(sc. comm. & profits on mdse______ vidends received__________________ terest earned., her income 10,230.529 - 158,626 *"31*248 396.289 6,998.117 172.272 21.356 29,275 95.947 5,812,290 137,751 40,297 23,650 159,700 6,598.931 88,512 19,557 17,780 60,252 4,338,371 228,198 20,866 35,385 105,427 4,178.779 865 30.553 32.930 97.901 1,902.459 219,980 83,596 14,528 62,582 Total -----------------------------e plant expense___________ e insurance expense______ erest on long term debt__ crest on bank loans, etc. .. jvision for contingencies, ler deductions____________ 10,816,691 '*2*3*255 168.153 34,597 140,000 20,171 7,316,967 13*556 260.474 37,205 15.357 235.732 6,173,687 '*2*4*667 199,763 69,023 150,000 (3267,753 6.785.033 24.085 163333 53,114 "*62384 4,728,249 24.041 143,052 115,998 325*858 4341.028 10.536 19.690 41.531 49.115 38.971 2383,144 40.245 15.449 98,703 17394 35.163 Balance ___ pedal items 10,430,515 6.749.644 5,462,542 dr 1,050,000 6,481,816 4,119300 4.181.186 2,075,690 Balance_____ ________ __________ vision for Federal taxes --_______ ninion & state income taxes leral excess profits tax t-war excess profits tax refund__ lority interest __________________ Net income to surplus tied surplus beginning of year___ ther surplus credits ferred dividends imon dividends__________ _______ ther earned surplus charges 10,430.515 3,452,500 183.000 1,080,000 5.715.015 10.717.437 87,743 448,986 1,781,920 2.620,321 6.749.644 950.000 170.000 3,302.000 cr 20,000 2.347.644 9,906,670 448,986 1,043.986 44.113 4.412,542 890.000 140.000 1,422,800 cr 167,800 10,253 2,117,289 8,961,567 19.700 448,987 742,899 6381.816 1,010,000 88,000 3.750,000 cr 375,000 10,617 1,998,199 9369390 448.986 743,979 1,113357 4,119300 1.090.000 140,000 1.062.000 CT 26.452 1353,753 8,942,329 <48,986 1,077306 4.181.186 090.000 150.000 15.000 15.796 3.010390 7.452.736 102321 449380 1.143.788 29.949 2,075,690 292.000 55309 552 1,727329 7,078.945 449,886 *04,152 Earned surplus end of year___ -- PLEMENTARY P. St L. DATA aintenance & repairs Depreciation 8c depletion Taxes other than income infs >yalties"_________________________ nort. of pat., trade-marks, etc___ :nt company's net income earns, in uncons.' subs. & affil___ i. from uncons. subs. & affil $11,668,969 $1,923,713 1.075,889 703,394 248.231 129.667 4,508 $5,478,834 $10,717,437 $1,994,782 1,441,079 653,923 195,059 121,734 788 $2,204,680 $9,906,670 $1,970,008 1,344,230 686,726 212,815 141,938 93.251 $1378310 *8,961367 *1.537,644 1376,116 724,691 198.662 107,560 14384 $2371,710 $9,269,890 $1,127,558 1,055.137 675357 183,827 108,943 14,584 $2,063,754 d 38,852 -______ *8.942.329 *896.239 846.703 666.185 174,440 121.839 9313 , $2356.449 , d 39,786 _______ $7,452,736 *740,612 835,754 591,778 165,951 84375 8,358 $1,680,023 480.186 31300 Includes related portions of items shown er "Supplementary p. Sc 1. data" below ;ment. 1946: Certain items of note and bond dis it and expense, provision for contin ues,, losses on dismantlements, and reation of properties charged to capital sur- ih 1932, $2,620,321. 15: Applicable to prior years after deduct$230,342 Federal income taxes recover- 3: Write down of investment in Calila mining companies to nominal amount, ^see note 12 under consolidated balance lee general note (b) below. 01944: Charge equal to reduction for certain claims provided for in prior years (credited to reserve for contingencies). $1,050,000. (5)1946: Recovery on investment in California mining company charged off to earned surplus in 1943, $87,743. 1941: Represents net adjustment of re serves for depreciation to reflect reductions in rates allowed by Internal Revenue in 1939 and 1940. (glncludes payroll taxes: 1946, $259,052; 1945, $245,210; 1944, $263,402; 1943, $303,358; 1942, $291,224; 1941, $296,560; 1940, $270,897. EIncludes $98,649 write-off of unamortized cost of patents, rights to manufacture and special new products development. General Notes (a) No inter-eompany profit on inventories or inter-company sales included. (b) Depreciation charges included in above statement were less than such charges claimed in Federal Income tax returns by fol lowing amounts: 1946, not stated; 1945, $68,962; 1944, $68,962; 1943, $69,481; 1942, $71,683; 1941, $67,000; 1940, not stated. Excess of depreciation claimed in income tax returns is due to depreciation claimed on costs written off or credited to revaluation reserve during 1932. (c) Principles of consolidation (see note (a) under balance sheet). tecord of Earnings, years ended Oct, 31: Cost and Operating Net Sales Expenses Profit ----. $39,528,739 $36,449,788 $3,078,951 44,580,959 41,102,389 3,478,570 54,052,233 51,510,289 2,541,944 -- 44,049,023 43.969,118 79,905 47,824,047 45,402,956 2,421,091 Oth, Inc. & Ded. (Net) d $33,116 91,899 430,053 141,101 d 133,800 Ine. Bef. Taxes $3,045,835 3.570,469 2,971,997 221,006 2,287,291 Income Taxes $400,245 485,000 429,204 15,409 433,742 Net Income $2,645,590 3,085,469 2,542,793 205,597 1,853,549 Common Dividends $1,081,526 1,576,924 2,080,126 399,897 Com. Shs. Earn. Per Outstand. Com. Sh. 759,881 $2.91 800,000 3.29 799,701 2.62 829,989 d 0.29 825,421 1.70 1NCE SHEETS COMPARATIVE CONSOLIDATED BALANCE SHEET, AS OF OCT. 31 (Takes) from reports to Securities and Exchange Commission; excluding California mining companies) SSETS 1946 1945 1944 1943 1942 1941 of Canada bonds Treasury certificates 5 profit refund bonds !* Sc accounts receivable ntories current accounts receivable___ $6,038,069 200.000 9,441,913 25,503.273 367,709 $5,169,543 180.996 1.500,612 417,120 5,953.352 25,010,799 295,640 $4,124,280 119,369 6,451,323 24,257,190 306,518, $3,888,917 6,271,318 22,889,602 351.049 $2,240,346 6.302.040 17,107,785 1.690.691 *2,262,551 7.179.515 15.531.323 655.613 1940 *2,126,192 4,590.872 10,612.031 123.246 tal current assets $4!.550.965 *3R.538.(i2 S35.258.S80 S33.400.88S $27,340,862 *25 6)8 30' M7J52.341 MOODY'S MANUAL OF INVESTMENTS 1527 fsr.U er**r e. in* IS.Vl; i beta tXic-j. >r c*r l stcct to* : jrnaltv U'r thctf W% eatty i. and tf and 2- 2 ^Ic.pflL PLANTS * PROPERTIES varnlih**: Plants of this division S5 at Chicago. Minneapolis, CleyeH'^S^Louis, New Orleans, Reading, San and Toronto, the latter by The R*fiinC ro8 Ltd. Some 30 retail stores and 7 S^uS'are located in the U. S. and Can- 2fto"product distribution. at Buena Park, Cal. A hydrogen plant is lo cated at Hillside, N. J., and a food and an animal feedplant at Indianapolis. Through The California Zinc Co. and After thought Zinc Mining Co. owns zinc ore prop erties in California, which have been inactive since 1927 due to low prices of zinc and other ores. Increased prices for zinc, cadmium and other metals would have made operation of L. Y. Pulliam, Vice-President W. J. O'Brien, Vice-Pres. (Research) Newell Beatty, Vice-President P. E. Sprague Vice-President A. D. Duncan, Vice-President J. A. Peters, Treasurer Clifton M. Kolb. Secretary W. W. Conant, Assistant Secretary C. L. Cole. Controller. products: Plants for the crushing o, the properties profitable in 1940. However, J. M. Stadter, Purchasing Agent SHr^ad other oil-bearing seeds and nuts certain of the properties are in the area being E. L. Weber, Advertising Agent -kv.ctsctdedat Portl"and', Ore. and' Berkel'ey, flooded by the U. S. Government in building K vegieettaabble ooUil refinerled at Chicago. Louis- Shasta Dam, and company has flied a claim Directors: N. B. Betzold, Cleveland 2n,`Inndd Elmhurrst, L. I.; margarine plants at for damages in amount of $1,853,009. Norwalk, O., ,and Berkeley, Cal.; Through American Zirconium Corp., Divi A. D. Duncan, Cleveland R. H. Horsburgh, Cleveland S^msnutecturi'ng sklad dressings, rhayon- sion manufactures titanium pigments at Balti Adrian D. Joyce, Cleveland condiments, etc. at Elmhurst. L. X. and more, Md. Raw material (ilmenite) comes Dwight P. Joyce, Cleveland Seeley. Cal. ehMnleals and pigments: Llthopone plants -SkSwd at Collinsville, 111., Oakland. Cal d Baltimore. Md. At the latter location SSnium pigments are also produced. White 7 is produced at Scranton, Pa. and red Cut litharge, type metal and metal powders IsHsmmond, Ind. Nelio-resin is made at from India and Georgia. Soya Products: Facilities st Chicago com prise elevators suitable for storing over 2.000,009 bushels of soya beans, an oil extraction unit, a protein unit, a flour unit and a lecithin unit. Plant has a daily crushing capacity of 400 tons of soya beans. MANAGEMENT Clifton M. Kolb, Cleveland W. J. O'Brien, Cleveland J. A. Peters, Cleveland L. Y. Pulliam, Cleveland J. P. Ruth. Cleveland P. E. Sprague, Cleveland General Counsel: M. B. & H. H. Jackson. Annual Meeting: Second Thursday in Feb. iKksonviUe, Fla- and Collins and Valdosta, Saalne tar. pine tar oils, rosins, turpentine. 2t Jacksonville and Gull Point, F&., Fay Officers: Adrian D. Joyce, Chairman of Board R. H. Horsburgh, Vice-Chairman Number of Stockholders: Dec. 31. 1946; Pre ferred, 3,125; common, 12,504. Number of Employees: Dec. 31. 1946, 5,462. etteville. N. C. and Collins. Ga. and linseed oil Dwight P. Joyce, President General Office: Cleveland 2. O. fflCOME ACOOUNT8 COMPARATIVE CONSOLIDATED INCOME ACCOUNT, YEARS ENDED OCT. SI (Taken from reports to Securities and Exchange Commlstlon) (Excluding California mining companies) 1946 1945 1944 1943 1942 Mm. less returns, discts. & allow.-- $122,439,119 $111,616,438 $111,897,815 $97,144,617 $81,705,732 fCost of sales----------..................... 99.496,271 92,764,942 95,015,022 80,660,258 68.463,439 ffSelling, general Sc adm. expenses-- 12.685,567 11.838.022 11,043,579 9,807,275 8317,388 ftor. for doubtful accounts less rec- 26.752 15.357 26,924 78,153 86334 1941 $68,901,706 56.263.924 8.359.614 99.389 1940 $50,169,733 40,435.946 7,722.691 103,638 ' In- Operating profit----------i art '*. conun. Sc profits on mdse.. iisA. dends received--------------------pig- at earned-._______________ h of Income________________ ___ H 10.230,529 158.626 *31548 396.289 6.998.117 172,272 21.356 29,275 95,947 5,812,290" 137,751 40,297 23,650 159,700 6.598.931 88.512 19,557 17,780 60,252 4,338,371 228,198 20,866 35585 105,427 4.178.779 865 30.553 32.930 97.901 1,902.459 219.980 83,596 14,528 62.582 tbt Inc* iav that rac; ret* ? of , ned Total [ plant expense_______ __________ i Insurance expense____________ ton long term debt_________ t on bank loans, etc._______ don for contingencies_______ deductions i ip sen : oad sola ^Balance___ (pedal Items ;leri Balance iS ` lion for Federal taxes in Sc state income taxes____ oco iui excess profits tax_________ war excess profits tax refund . of ivi "tty interest_________________ ed. In Net Income to surplus ot- " surplus beginning of year-- ni surplus credits ne lerred dividends "non dividends tr ter earned surplus charges____ ite 10,816,691 23,255 168.153 34,597 140,000 20,171 10,430,515 10.430.515 3.452,500 183.000 1.080,000 5,715.015 10,717,437 87,743 448,986 1,781.920 2,620,321 7.316.967 18.556 260.474 37,205 15.357 235.732 6.749,644 6.749.644 950.000 170.000 3.302.000 cr 20,000 2.347.644 9,906,670 448.986 1,043,986 44,113 6.173,687 24,607 199,763 69,023 150,000 0267,753 5,462,542 dr 1,050,000 4.412,542 890.000 140.000 1,422,800 cr 167,800 10,253 2,117,289 8,961,567 19.700 448,987 742,899 6,785,033 24.085 163,333 53,114 62,684 6,481,816 6.481,816 1,010,000 88,000 3,750.000 CT 375,000 10,617 1,998,199 9,269,890 448.986 743,979 1,113,557 4,728,249 24,041 143,052 115,998 325.858 4,119500 4.119,300 1.090.000 140,000 1.062.000 cr 26,452 1,853,753 8,942,329 448,986 1,077,206 4541.028 10.538 19,690 41.531 49.115 38.971 4.181.186 4.181.186 990.000 150.000 15.000 3.010590 7.452.736 102521 449.380 1.143.788 29.949 2583,144 40545 15,449 98,703 17,894 35.163 2,075,690 2.075,690 292.000 55509 552 1,727529 7,078,945 449,886 904,152 a--Jamed surplus end of year______ (Al ime n t a r y p . & l . d a t a $11,668,969 $10,717,437 $9,906,670 $8,961,567 $9569,890 $8,942,329 $7,452,736 { Wntenance Sc repairs Jiroepreclation St depletion "ITaxes other than income f*ovaltieg Pjrt. of pat., trade-marks, etc___ t company's net income $1,923,713 1,075,889 703,394 248.231 129.667 4,508 $5,478,834 $1,994,782 1,441,079 653,923 195,059 121.734 786 $2,204,680 $1,970,008 1,344,230 686,726 212,815 141,938 93,251 $1,278,810 $1,537,644 1,276,116 724,691 198.662 107,560 14,584 $2571.710 $1,127,558 1,055,137 675557 183,827 108,943 14,584 $2,063,754 d 38,852 $896539 846.703 666.185 174.440 121.839 9.513 $2,856,449 d 39.786 (740.612 835.754 591,778 165.951 84575 8,358 $1,680,023 480,186 31,500 rns. in uncons. subs. Sc affil___ {31944: Charge equal to reduction for certain General Notes from uncons. subs. & affil-------- claims provided for in prior years (credited (a) No Inter-company profit on Inventories ^!S(inc}hdes related portions of items shown r 2K? Supplementary p. & 1. data" below ihtii H?46: Certain items of note and bond dls<,,( gy and expense, provision for continiai SSrff" losses on dismantlements, and re.in X~ron of properties charged to capital sur. % in 1932, $2,620,321. ic tsTvi-PPlicable to prior years after deductu $i23m0,i3n4i2ngFecodmerpaal niinescotmo enotmaxiensal raemcoovuenrt-. to reserve for contingencies), $1,050,000. {1946: Recovery on investment in California mining company charged off to earned surplus in 1943, $87,743. 1941: Represents net adjustment of re serves for depreciation to reflect reductions in rates allowed by Internal Revenue In 1939 and 1940. 0Includes payroll taxes: 1946, $259,052; 1945, $245,210; 1944, $263,402; 1943, $303,358; 1942, $291,224; 1941, $296,560; 1940, $270,897. or inter-company sales included. (b) Depreciation charges included in above statement were less than such charges claimed in Federal Income tax returns by fol lowing amounts: 1946, not stated; 1945, $68,962; 1944, $68,962; 1943, $69,481; 1942, $71,683; 1941, $67,000; 1940, not stated. Excess of depreciation claimed in income tax returns is due to depreciation claimed on costs written off or credited to revaluation reserve during 1932. VI Write dowunndeorf cinovnessotlmidaetnetd inbalaCnaclie- 0Includes $98,649 write-off of unamortized cost of patents, rights to manufacture and ic) Principles of consolidation (see note (a) under balance sheet). ir igjgfSee note special new products development. c4|?ee Seneral note (b) beCloows.t and Operating Acc-o--r-d- of EarN$n3ein9t,g5Ss2p8, i,ey73se9ars eE$n3xd6p,e4ed4n9sO,e78cs8t. 31: Profit $3,078,951 44,580,959 41,102,389 3.478,570 ----- 54,052,233 51,510.289 2,541,944 ----- 44,049,023 43,969,118- 79,905 ----- 47,824,047 45,402,956 2,421,091 Oth. Inc. & Ded. (Net) 4 $33,116 91,899 430,053 141,101 d 133,800 Inc. Bef. Taxes $3,045,835 3,570,469 2,971,997 221,006 2,287,291 Income Taxes $400,245 485,000 429,204 15,409 433,742 , Net Income $2,645,590 3,085,469 2,542,793 205,597 1,853.549 Common Dividends $1,081,526 1,576,924 2,080,126 399,897 Com. Sljs. Earn. Per Outstand. Com. Sh. 759,881 $2.91 800,000 3.29 799,701 2.62 829,982 d0.29 825,421 1.70 ILa n c e s h e e t s COMPARATIVE CONSOLIDATED BALANCE SHEET, AS OF OCT. 31 (Taken from reports to Securities and Exchange Commission; excluding California mining companies) {ASSETS 1946 1945 1944 1943 1942 1941 $6,038,069 $5,169,543 $4,124,280 $3,888,917 $2,240,346 $2,262,551 of Canada bonds 200,000 180.996 119,369 Treasury certificates --_______ 1.500.612 iss profit refund bonds 417,120 |otes Sc accounts receivable 9,441,913 5.953.352 6,451,323 6,271,318 6.302,040 7.179.515 ventones 25,503,273 25,010,799 24.257,190 22,889.602 17,107,785 15.521.123 ' current accounts receivable___ 367,709 295.640 306,518 351,049 1.690,691 655.613 1940 $2,126,192 4,590,872 10.612.031 (23,246 t-.Total current assets $41,550,965 $38,528,062 $35,258,680 $33,400,886 $27,340,862 *25.618.801 M7.852.34! T BALANCE SHEETS (cont'dl ASSISTS Calif. mining cos. (below cost) Capital sloca UU% owned)------------ 1 Bonds (*500,01)0 par)----------------- -- 1 Advances ----------------------------------------- 1 (4,Investment in altuiates (cost)-------Casli surrender value oi me insurance Sundry investments---------------------------Claims against closed banks-------------Miscellaneous receivables (net)--------Kelundable excess profits tax----------Income tax reluud---------------------------^Property, plant & equipment.--------- Less: ^Revaluation reserve------------Depreciation & depletion res,.. 1846 115.035 0356,000 244.285 33,295,485 3,268,227 14,227,231 1945 $645,333 35,893 60,835 E3)51,000 230,342 31.750,916 3,307.623 13.379,030 1944 $1 616,625 35,891 107,407 593,400 31,845,801 3,316,065 11,8741112 1943 $2 587,736 35,891 164,989 408,800 11,488,874 S,343,197 10,903,927 1942 ($15,000 1187,500 1913.301 557,80b 46,822 125,228 30,474,027 33149,391 9,837,593 1941 $15,000 187.500 927.426 527.497 69,350 1.916 1163139 29.225.434 3.389.489 83)13.405 1940 *1$,C 187J 153 690,0 4*6,3 484 6.8 TU *63185,4! $.438,39 7.S02.K Net property account--------- :-------Special new products devel. exp------prepaid insurance, expenses, etc-----Goodwill, pat., mig. rights, etc----------- 15,800,027 *640.259 15,064,263 415,601 4,508 16,655,524 279,552 5,294 17,236,750 68,191 475,481 98,545 17,287,044 81,999 5393)26 113,129 16.922.540 95,807 551.620 127.714 i*.04.4l 10991 $86& m Total l iabil it ies Notes payable----------------------------------Accounts payable------------------------------Processing taxes--Federal---------------Federal & state payroll, etc. taxes -- Fed., Dom. & State income taxes -- Accrued general taxes------------------------mother current liabilities -------------Serial notes & bonds due-------------------- $59,113,139 $102,300 4,490,219 Not stated 196,840 4,658,124 212,914 1,603,940 $55,035,838 $1,000,000 5.045,832 Not stated 31,194 2,469,336 207.370 966,551 $53,552,374 $5,862,726 Not stated 28,038 2,670,300 307,781 921,107 $52,476,771 $4,700,000 4,459,880 58,903 174,499 41289,691 285,659 917,776 1,000,000 $47,208,019 - $1,600,000 3401,045 76,679 57,455 2,407,290 ,345,447 687,471 1 000,000 $45,161,410 CS4104M 38 340JL m Total current liabilities---------------Long term debt--notes & bonds-------Res. lor ad), ol open contracts to mitt. Reserve tor contingencies----------------Minority interest in subs-----------------4>/a% cum. conv. pfd. (550 par)----------UCommon stock-------------------------------[ijCapital surplus__________ ;------------Earned surplus---------------------------------Total capital, stock & surpJus.--._--- SJlLess: Treasury stock Icost)------------- $11,264,338 $8,000,000 1,340*000 9,977*666 4,460,000 12,581,438 11,668,969 38,687,407 --------1--7-8--,-6-0--5- $9,720,283 $9,000,000 I,"200*665 9.977*000 4.460.000 9,961,117 10,717,437 35.115,554 $9,789,952 $10,000,000 1,20*0*000 213.498 9,997.000 4,177,655 8,444,163 9,906,670 32,525,488 176,565 $15,836,407 $5,000,000 186,544 8,997,000 4.177,655 8,444,163 8,961,567 31,580,385 176.565 $9,275487 $6,000,000 $11416.669 $2,000,000 170.474 67.886 209.880 9.937.000 4.180.655 8.374.037 8.942.329 31.494.021 97.520 $2,4?Mi 340o 3m: a raa 87,447542W,9 30,00448 : 393m Net capital stock Sc surplus_____ $38,508,802 $35,115,554 $32,348,923 $31,403,820 $31,749,203 $31,396,501 $29,712401 Total------------------- -----------------------Net current assets----------------------------- $59,113,139 $30,286,627 $55,035,838 $28,807,779 $53,552,374 $35,258,680 $52,476,771 $17,514,479 $47,208,019 $18,065,475 $45,161,410 $14402.132 PROPERTY ACCT.--ANALYSIS Additions at cost-------------------------Retirements or sales----- :-----------------HOther additions..............------- $2,298,759 754,191 $831,459 926,344 $965,300 608,372 $1,362,879 348,033 $1,600,285 351,692 $1,666,100 337.154 1.511.050 $1441 DEPREC. RESERVE--ANALYSIS Additions charged to income---------Retirements, renewals chgd. to res. EiOther additions-------------------------- $1,075,889 227,687 $1,441,079 210.716 274.455 $1,344,230 378,945 $1,276,1113 209,364 4,582 $1,055,137 130,949 $846,703 351.024 515.040 REVAL. RESERVE--ANALYSIS Reductions ------------------------------------- $39,396 $8,442 $27,131 $8,193 $40,099 $49,843 After reserves (1946, $247,483). [11941-46: Principal raw materials stated at cost (iast-in, first-otit method) not In excess of market: other inventories at lower of cost (accumulated average) or replacement market (see note (c) below). Investments in California mining com panies was written down to nominal amount of $2 by a direct charge to earned surplus ui 1943. This action was taken because U. S. Government, in building Shasta Dam, will flood area in which mines are located. Com pany filed claims with U. S. Government for damages. Amount recovered was credited di rectly to earned surplus in 1946. (21940 represents all 7% preferred stock of American Zirconium Corp., $600,600 par, divi dends on which have been paid to July 1, 1940 and 45% of common. .. As of Oct. 1, 1941 company acquired an additional interest in common stock, thereby increasing same to approximately 90%. Ac counts are now included in consolidation. 1945: Applicable to prior years charged to earned surplus, arising from recomputation of amortization of emergency facilities so as to fully amortize such facilities by Sept. 30, 1945. ' Principal "capital surplus" changes fol- low: 1946: Transfer to earned surplus account of certain charges to capital surplus in 1932, $2.- 620421. 1945: Proceeds from sale of 63,148 common shares in excess of amount credited to stated :^After deducting $2,000,000 U. S. tax notes. 1946: BookVal. Ore Id. & leas. $240,035 Land .............. 2,526,424 Land improv. 152,674 R.R. sidings-- 89,998 Buildings----- 11,164,787 Mach. & eq-- 17,310,602 Furn. & fixt.. 884.040 Auto equip. -- 118,301 Const, in proc. 808,623 Depr. & Reval. depl. res. Res. $69,819 *$4*55*599 **123,426 26,440 '*'*6446 3,608,865 1,594,353 9,730,879 1,183,000 595,305 28.935 72,497 Total ___ $33,295,484 $14,227,231 $3,288,227 (Represented by no par shares: 1946-45, 892,000; 1944-43, 835,531; 1942-40, 83a,591: in cludes treasury shares (see note El below). 031Canadian only. ESCommon sharps: 1946, 4,300; 1945, none; 1944-43, 10,088; (and 400 preferred); 1942, 8,348 (and 400 preferred); 1941, 5,048 (and 300 pre ferred); 1940, 16,871. ES1941: Represents property, plant and equipment, and related reserves, of Ameri can Zirconium Corp. at Oct. 1, 1941, date of which Glidden Co. acquired control of that company. Depreciation Policy: Depreciation is ft# j vided by amounts considered by company m fair and reasonable to cover wear, tear tti : deterioration of property on basis of spttUi J rates. Company does not believe it practicstss to set forth rates in use as such rates lint been determined generally as applicable t specific assets or groups of assets In varKfpi geographical locations. afe Depletion is provided for at rates bHN[g;: upon estimated amounts of remaining recoTSN able units. General Notes (a) Principles of consolidation: ComPMltt included in consolidated statements at Oct It 1945 were also included for the preceding 1mf except that Nelio Resin Processing Cgrp*J wholly-owned subsidiary was liquidated MSI the close of business Oct. 31, 1946, and itsM* sets and liabilities have been transferrss M the parent company. . ,, _ .' (b) Accounts certified by Ernst & Ernst, ' (e) In 1941 Inventories of principal raw* terials have been priced in accordance last-in, first-out method of determinlM instead of methods previously used. 1 change had the effect of reducing MMt stated for inventories at Oct. 31,1911 approximately $1,115,000 and reduced tb profit (after income and access profits shown for that fiscal year by appro, $455,000. FINANCIAL A OPERATING DATA Statistical Record, Fiscal Years Earned per share--preferred --------------common Dividends per sh.--preferred------------ --common Price range--preferred---------- ---------common Net tangible assets per sh.--preferred --common- 1946 $28.64 $5.93 $2.25 $2.00 59-53 56'/4-36% $192.99 $32.14 1945 $11.77 $2.13 $2.25 $1.20 57-52% 39-25% $175.96 $28.18 1944 $10.61 $2.02 $2.25 $0.90 52-45 25%-18% $162.09 $27.10 1943 310.01 $1.88: $2.25' $0.90 22%-14% $156.89 $25.81 1942 $9.29 $1.70 $2.25 $1.30 44-37% 16-12% $158.54 $26.18 1941 *15.08 $3.08 *2.25 $1.40 46-25 mu $25.63 Fixed charges earned: Before inc. taxes, depr. & depl--- Bef. inc. taxes & after depr. & depl. After inc. taxes, depr. & depl.--.-- Times charges Sc pfd. div. earned ... Net tangible assets $1,000 fund, debt Net curr. assets per $1,000 fund. debt. Number of shares--preferred---------- --common------------- Calendar years. Financial and Operating Ratios Curr. assets curr. liab,------------------- % cash & sec. to curr. assets---------------- % Inventory to curr. assets----------------- tpnreotpceurrtry. assets to net worth----------depreciated-------------------- annual depr. to gross property------- 57.75 52.44 29.19 9.07 $5,814 $3,786 199.540 887,700 3.69 15.01 61.38 78.65 52.55 3.23 28.51 23.67 8.89 3.54 $4,901 $3,201 199.540 892,000 3.96 18.86 64.92 82.04 52.55 4.54 26.32 21.32 12.82 3.32 $4,234 $3,526 199,540 825,443 3.60 12.04 68.79 108.99 47.70 4.22 36.85 30.95 10.28 3.33 $7,261 $3,503 199,540 825,443 2.10 11.64 68.53 55.77 45.26 4.05 20.97 16.90 8.05 s. 2.98 $6,273 $3,011 199,540 827,243 2.95 8.19 62.57 56.90 43.27 2.46 56.47 47.12 34.38 5.74 $16,634 $7,151 1951640 830,543 2.26 8.83 60.58' 45.55 42.09 2.90 1340 315.000 187,500 815,063 690.001 48W10 08,160 6,813 72.233 .365,139 .439,332 902,686 ^43,121 109,917 386,652 86,859 ,810,650 .240,016 233,251 45,876 340,102 199,866 420,602 2,479,941 3.500.000 50,000 67.886 100,552 9.997.000 4,180,655 8.374,037 7,452,736 10,004,128 '.9,712.268 15,910,650 15.372,397 11,313,107 228.230 $835,751 136,857 $12,917 is prolpany a tear and : specific actica'olc tes have icable to i various es based recover. lompanies at Oct. 31. :ding year ; Corp., a ated as of ind its assferred to ' mawith cost Such Dunta ,1 by e nel axes) IMS 3.M r151 J2JU $1.10 45-30 19^4-11 $148.17 $23.97 2S-f; 18.80 ISM 3.20 *9.461 199.910 818.920 750 42.90 3.H Financial & Operating Ratios (cont'd) ^itfng^erm debt......................................... S. preferred stock-------------------------S. common stock & surp-----------------Inventory------------------------------ cTies H- receivables ............................... a sales to net property----- _---------------2 sales to total assets----- ------------------7 net income to total assets---------------2 net income to net worth----------------Jrd <jiv. times earned-------------- -------- Analy*'* o1 Operations jjet sales -------------------------------- ---------- Su gcn. & other exp-----------------------Operating profit--------------------------------other income------------------------------------Total income ...-----------------------------Interest on long term debt, etc--------income deductions-------- ------------------provision for contingencies-------------- vt income before inc. taxes------------income taxes ....------------------------------Minority interest-----------------------------get income---------------------------------------- 1946 17.20 21.45 61.35 4.80 12.97 774.93 207.13 9.67 14.84 12.73 % 100.00 81.26 10.38 8.36 0.47 8.83 0.17 0.04 0.11 8.52 3.85 4.67 1945 20.40 22.62 56.98 4.46 18.75 740.94 202.81 4.27 6.69 5.23 % 100.00 83.11 10.62 6.27 0.28 6.55 0.27 0.23 0.01 6.05 3.95 2.10 1944 23.49 23.44 53.07 4.61 17.34 671.83 208.95 3.95 6.55 4.72 % 100.00 84.91 ' 9.89 5.19 0.32 5.51 0.24 0.26 0.13 dr 0.94 3.94 2.04 0.01 1.89 1943 23.66 27.27 50.97 4.24 15.49 563.59 185.12 2.81 6.35 4.45 % 100.00 83.03 10.18 6.79 0.19 6-98 0.22 0.09 6.67 4.60 0.01 2.06 1942 15.82 26.30 57.88 4.78 10.22 472.64 173.07 3.93 6.84 403 % 100.00 83.79 10.90 5.31 0.48 5.79 0.32 0.43 5.04 2.81 erO.03 2.26 1941 5.95 29.70 64.35 4.44 8.79 407.16 152.57 6.67 9.59 6.70 % 100.00 81.66 12.28 6.06 0.24 0.10 8.07 1.68 0.02 4.17 1940 10.51 30.01 69.48 4.73 9.81 383-50 139.71 4.81 6.82 iM % m.oe 80.60 U.61 3.79 0.76 4.65 0-23 6.18 4.14 0,62 lii FUNDED d e b t 1, The Glidden Co. V/t-2% notes, due serial* annually. Dividends payable quarterly Jan. 1, etc. to stock of record about Dec. 17. etc. DIVIDEND RECORD--Initial dividend of 5614c 1920__ 1926... (no par shares) 1.50 1921__ 0.50 1922-25 2.00 1927__ 1.00 1928-- nil nil paid Oct. 1, 1936 and regularly each quarter 1929__ E2.00 1930-- (1.80 1931-32 nil OUTSTANDING--Oct. 31, 1946, $8,000,000. thereafter. 1933__ 0.25 1934__ 0.90 1935__ 1.60 nATED--May 1, 1944. .... DIVIDEND LIMITATION--None. 1936... MATURITY--SI .000,000 lYa% notes each July 1, VOTING RIGHTS--None, except upon default 1940-- 1M6-48 ind.; $1,000,000 1%% notes each July 1, of two successive quarterly dividends where 1943-44 1949-51 incl.; $4,000,000 2% notes July I, 1952. upon holders voting as a class shall elect one- 01947- 2.00 1.00 0.90 1.00 1937__ 2.60 1941---- 1.50 1945-- 1.20 1938-39 0.50 1942__ 0.80 1946__ 2.00 INTEREST--J&J 1. half the directors and on all other matters OBPlus 1% in stock. Under agreement dated May 2, 1945 with vote on a share for share basis with the BIPlus 2% in stock. holders of serial notes interest rate was re common. IllTo Apr. 2. duced 2 of 1% pet annum from July 1, 1945, and holders, together with one additional Consent of two-thirds of the then outstand ing preferred is required to (1) sell, lease or DIVIDEND LIMITATION--For details see de scription of unsecured notes above. hank have agreed to lend company an addi dispose of ali, substantially all, or any essen VOTING RIGHTS --Has exclusive voting tional $4,000,000 at 2% payable July 1, 1952. Thereupon company redeemed $4,000,000-of tial portion of its assets (2) enter a merger or consolidation involving the extinction or power. For exce.ption.see description of 414% convertible preferred;; outstanding 3V4% notes. CALLABLE--As a whole or in part at any time without premium except through refunding at the same or a lower rate (any refunding through the sale of stock being exempt from his premium) when premium shall be at the rate of Vi of 1% per annum to maturity but not to exceed % of 1%. There will be no premium if the notes are redeemed within nine months of maturity unless financing takes place with in 60 days of redemption in which case the rtemium applies. 'ECURITY--A general obligation of company but not secured by any lien. merger of its corporate entity (3) encumber its assets or income, except for (a) purchase money mortgages with certain limitations, and (b) pledges of quick assets as security lor loans in the regular course of business matur ing not less than eighteen months (4) issue or guarantee any obligations maturing more than eighteen months from date of issue (5) authorize or issue any stock on a parity with or having priority over this preferred. LIQUIDATION RIGHTS--In any liquidation entitled to preference over common to par and accrued dividends. PREEMPTIVE RIGHTS--None. CONVERTIBLE--Each share into 7/10 of a PREEMPTIVE RIGHTS--None. LISTED--New York Stock Exchange. TRANSFER AGENT--New York Trust Co., New York. REGISTRAR--Chase Nations! Bank. New York. DIVIDEND DISBURSING AGENT--Company. OFFERED--87.820 shares at $36 per share ta Jan., 1920 by W. F. Ladd & Co.. New York; Hayden Miller & Co., Cleveland. (63,148 shares) at $31 per share (proceeds to company $30 per share) on May 25, 1945 by a syndicate headed by Blyth & Co., Inc., New York. ISSUED--In reorganization dated Dec. 30,1219. OTHER PROVISIONS--Company covenants share of common. Conversion privilege is pro 160.000 shares were issued in exchange for old that it will not without consent of noteholders tected against certain types of dilution. Pre $100 par stock on the basis of 8 new shares a) pay dividends on outstanding common stock, in the aggregate to exceed sum of con ferred stock converted is to be cancelled. CALLABLE--As a whole or in part at any for each old share; 52.009 shares were issued for part purchase price to acquire Nubian solidated net earnings accumulated since fiscal time on thirty days' notice at $52.50 and divi Paint & Varnish Co. and 97,400 shares were rear ended Oct. 31. 1942 or expend in excess of 5200.000 for acquisition or retirement of any class of stock except out of such consolidated ret earnings; (b) create or incur any lien, mortgage or charge upon its property, nor permit any subsidiary to do so; (e) incur any debt or liability maturing beyond 12 months, nor permit any subsidiary to ao so; <d) permit snv subsidiary to incur or guarantee any debt except to the company and to minority stock holders and open account debt in ordinary course of business: (e) guarantee or lend its credit in excess of an aggregate amount of 1100,000, directly or indirectly, to any one other than a subsidiary: (t) merge, sell or lease all or substantially all assets, with exceptions as in subsidiaries. Company agrees that consolidated working capital (excess of current assets over cur rent liabilities, excluding the notes with ex ecution of such as mature within 12 months bom date of termination of such working capital) shall be maintained at all times in an amount not less than $18 000.000. PURPOSE--Issued to refinance outstanding 'hurt and long-term indebtedness. ISSUED--To seven banks. dends. SINKING FUND--None. LISTED--New York Stock Exchange. TRANSFER AGENT--New York Trust Co., New York. REGISTRAR--Chase National Bank, New York. DIVIDEND DISBURSING AGENT--Company. OFFERED--200.000 shares in May, 1936 to com mon stockholders at $52.50 per share. Un subscribed balance then offered in exchange for prior preference stock on the basis of two new shares for each old share and remaining shares offered publicly at $52.50 per share by a syndicate headed by Homblower 8r Weeks, New York and Hayden Miller & Co., Cleve land. Of the proceeds, $3,360,104 was applied to the retirement of funded debt (chiefly 514% notes due June 1, 1939) and for retirement and/or conversion of prior preference stock. PRICE RANGE-- 1946 1945 1944 Preferred.............. 59-53 57-5214 52-45 2. The Glidden Co. common;'no pan AUTHORIZED--Authorized, 1.200,000 shares: issued and outstanding, Oct. 31, 1946, 887,700 sold to underwriters to provide cash for part purchase price of constituent companies, and for working capital. At the same time 15.000 shares of 7% cumulative preferred stock were Issued for a like number of shares qf pre ferred; 24,849 preferred shares were Issued as part payment for stocks of acquired compa nies and 20,238 preferred shares were sold to underwriters to provide cash for part pur chase price of constituent companies, and for working capital. In 1920. 11,470 common shares were sold to employees. In May, 1925. 37,045 common thares were sold for the company's account in the open market. In July, 1935 offered 48.000 common shares to officers and key men at $22 per share. In May, 1945, sold 63,148 shares. Net proceeds were added ;,to working capital, to be used for increased inventories and accounts re ceivable. PRICE RANGE-- 1946 1945 1944 Common...:.. 5614-36% 39-25(4 25%~18(4 Subscription Rights: Common stockholders have received rights to subscribe for stock aa follows: MPITflL 8TOCK shares; in treasury, 4,300 shares; reserved for Holders of Shares Price U The Glidden Ca. 4Vi% convertible cumula te* preferred stock; par $50: conversion of preferred, 145,505 shares; no par. (In reorganization on Dec. 30, 1919, 8 no par shares were issued for each share of $100 par Record Offered 7/22/25 40,000 com. 9/ 7/28 100,000 com. per Sh. $20 23 Besla 1 for 1 for 4 AUTHORIZED--200,000 shares; issued 200.000 stock.) 4/ 4/29 100,000 com. 35 lfor $ thares; outstanding, Oct. 31, 1946, 199,540 Dividend Record (in $) 8/19/29 75.000 com. 50 1 for * hares; par $50. ___ (Calendar Years) 7/ 3/35 104.000 com. 22 16 for 100 DIVIDEND RIGHTS--Has preference over ($100 par shares/. 5/23/36 200,000 con. pfd. 52.50 lfor 4 tommoli as to cumulative dividends of 414% 1917-19 nil 10/ 4/37 64,004 4/5 com. 30 1 for 12% RALSTON PURINA COMPANY CAPITAL STRUCTURE c apit al s t o c k Par Amount SEarned per Sh. EDivs. per Sh. Call Issue Value Outstanding 1946 1945 1946 1945 Price ; 3%% cum. preferred-- $100 3 tChroommon -- --L2o5 100,000 shs. 7I09V5|,U8096U 0s1h1s0.* $40.53 $26.65 . $3.75 $0,933,4 M4.iv6O2 3i.>17i| ` * 2si.,0v0v 1l,,5d0u E108 -- _ BjFiseal years ended Sept. 30. SSubject to change, see description below. ERange since 1945. IS1946 range. Price Range 1946 1932-46 11254-1001,4 1121,4-100(4 68 - 45 (268 - 45 HISTORY Dehydrating & Milling Co. for approximately Note: Ralston Purina Co. of Fort Worth, Incorporated in Missouri, Jan. 8, 1894, as ""nson Danforth Commission Co.; present lie adopted in 1902. $4,500,000. In Dec. 1945 company acquired Taylor Mill ing Corp. (Calif.) for approximately $6,000,000. Tex., and Checkerboard Elevator Co., St. Louis, former subsidiaries, were merged Oct. 1. 1936 ana are now operated as branches. un May 9.1945. company merged Denver Al- SUBSIDIARIES BUSINESS A, PRODUCT8 Ua Milling & products Co. (Colo.), a former Functions primarily as an operating com Company-" and subsidiaries are engaged poily-owned subsidiary, and formed a new pany. As of Sept. 30, 1946, company held 100% primarily m the processing and sale of animal Jiiolly-owned subsidiary. Denver Alfalfa Mill- voting control in Ralston Purina Co. of Can feeds (known in the trade as Purina Chows), rf! Products Co. (Mo.). The latter, together ada. Ltd., Woodstock and Montreal; Taylor and also in the manufacture and sale of break >W the alfalfa division of parent company, Milling Co. (Cal.); and West Coast Wharf & fast cereals, sold largely under the Ralston is sold on May 22, 1946, to National Alfalfa Storage Co. (Cal.). name, and Ry-Krisp whole rye wafers. In con-