Document L2qaJ8J1V977pXBdoXqYgLV5

DIVIDEND LIMITATION--None. VOTING BIGHTS--four Vote* per ahara. LIQUIDATION'RIGHTS--la ear liquidation lus.profsranco to par *a4 accrued dividends. PREEMPTIVE RIGHTS--None, except as exist under New Jersey law*. CALLABLE--No provision. LEGAL--For trust funds Is New Jersey and Virginia. LISTED--New York Stock Exchange. TRANSFER AGENT--Central Hanover Bank A Trust Co.. New York. Dividends payable quarterly Mar. 1, etc.. to stock of record about Feb. It, etc. DIVIDEND LIMITATION--None. VOTING RIGHTS--None. PREEMPTIVE RIGHTS--None, except aa exist under New Jersey laws. BEGISTRAR--National City Bank. New York VOTING RIGHTS--One vote per there. LISTED--New. York: Stack Exchange. PREEMPTIVE RIGHTS--None. except as exist PRICE RANGE-- 1940 1939 1931 under New Jersey law*. TRANSFER AGENT--Central Hanover Bank Preferred___ 1SS1-169 iso-152 I76ifc-157 LISTED--New York Stock Exchange. A Trust Co., New York. L Utrtt A Myers Tebaec# Co. n TRANSFER AGENT--Central Hanover Bank REGISTRAR--National City Bank, New York. parOSi AUTHORIZED--859.856 shares; issued 859,856 & Trust CO.. New York. REGISTRAR--National City Bank. New York. PRICE'RANGE--- 194* 1939.......... 1938 Common B ;.. 10959-87 10OT4-4tt*4 10348-81 >.6 shares; outstanding S59.856 shares; par 825 PRICE RANGE- 1940 2939 1933 Subscript** gkt: Cammon abd cpmmaii (changed from par $100 Feb. 16.1924. and 4 new shares issued for each par $100 share). DIVIDEND RIGHTS--Subject to preferred, Common................ 109-87 108`.t-95 102-81 L Liggett A Myen Tabacee Co. cesamae B; par Ilk B stockholder* of record'Feb. 10.1930. bed the right to subscribe to 9U.OSO.OSO additional com mon class B stock at 925 a share on basis of common has dividend rights equal to those of AUTHORIZED--3.140.144 shares (Increased one share for each five shares of either data common B. from 214,496 shares to 443,638 shares on Jan. 9, held. Rights expired Mar. 12. 193*. PITTSBURGH PLATE GLASS COMPANY OAPITAL STRUCTURE CAPITAL STOCK Issue 1. Common -..................................... ..... Par Value $25 Amount Outstanding 2.188,040 Sh*. Earned per Sh. 1940 1939 $6<30 $434 Diva, per Sh. 1940 1989 9530 9430 Call . Price Price Range 1940 193M0 !04V-65 147*W2tt HISTORY In late 1927 the company and a subddlary Allied Paint 8c Glass Co. Incorporated in Pennsylvania Auf. 24, 1883 and reincorporated In Pennsylvania Nov. 3. 1920 upon merger with the Patton-Pitcaim Co. and Columbia Chemical Co., both incorpo rated in Pennsylvania In Nov.. 1920. For de tails of stock issued in 1920 see Capital Stock --Issued. The Patton-Pitcaira Co. was a hold ing company owning all of the outstanding stocks of (1) Patton Paint Co. of Milwaukee, in which Pittsburgh Plate Class purchased a 49% stock interest in 2900 and subsequently acquired a majority (2) Rennous. Klcinle & Co., brush manufacturers of Baltimore, in which Pittsburgh Plate Glass acquired a 48% stock interest in 1900 and subsequently ac quired a majority i3) Pitcairn Varnish Co., and (4i Corona Chemical Co. In the latter two concerns, Pittsburgh Plate Glass acquired a majority stock interest as a result of stock dividends received. These subsidiaries owned the entire capital stocks of Red Wing Lin seed Oil Co. and several smaller sub-com panies. At the time of merger, Pittsburgh Plate Glass owned 54% of the capital stock of Patton-Pitcaim Co. Columbia Chemical Co. was first organized in 1899 by John Pitcalm, then Chairman of the Board of Di rectors of Pittsburgh Plate Glass Co. Ita al kali plant at Barberton. O. began production In 1900. Upon formation of the company in 1883 the first commercial plate glass factory in the United States was constructed at Creighton. Pa. In 1895 additional plate glass factories were acquired, including those of Diamond Plate Glass Co., with factories at Kokomo and Elwood. Zna. Seven branch warehouses were inaugurated in 1896 and shortly thereafter the business was expanded to include the distribution of all kinds of sheet and window glass pur chased from others. In 2902 began the production of plate glass of E. I. du Pont de Nemoun.each acquired a American. Glass Cons.' 50% stock interest in Pittsburgh Safety Gian Altoona Glass A Fault Co. Co. iname subsequently changed to Duplale Charleroi It Belle Vernon R.R. Co. Corp. i. which constructed a $1,000,000 plant Crystal City Milling Co. at Creighton, Pa. for the manufacture of Columbia Development Corp. safety glass, using the company's plate glass Southern Alkali Corp. (51%). See appended and du Font's plastic Interlayer, in 1931 ac statement. ___ quired full control of Duplate Corp. Southern Minerals Corp. (100%) In June. 1928 acquired Ditzler Color Co. of Southern Pipeline Corp. (10(1%) Detroit, manufacturers of automobile finishes. Ditzler Color Co. in July. 1929 completed the rebuilding and Ivorold Mixed-Paint Co. modernization of its Ford City. Pa. plate glaaa H. W: Johns Paint MfC- Co. plant at a cost of 95,500.000 and in Mar.. 1930 Kingston Paint A Glass Co.. Inc. completed a similar program at the Crystal Nevius Paints, Ine. City. Mo. plate glass plant. These plants re Patton Paint Corp. . _ placed old ones at these locations. In June. Pittsburgh Plate.Glass Co. of Michigan 1931 completed a plant at Ford City to manu Pittsburgh Plate-Glass, Co. (Tenn.) facture Carrara glass, heavy polished plate Poughkeepsie Paint A- Glass CO- Ine. (for glass and spectacle and special glasses. merly Thomas V. Lackaye Paint A Glass In 2928-29 began production of sheet end Co.V window glass under a new process at Clarks The Regal Mirror .Co. _ burg. W. Va.. and ML Vernon. O In 1929 be Scwiekley Hardware A Paint Co. gan operation of a new sheet and window Societe Anonym* det Glares de Courcelles glass plant at Henryetta. Okie, tn 1934 addi (Belgium!: tions were made to all three window gloss Sunset Paint Corp. plants. The Thresher Varnish Co. In 1929 began production of `'Wallhide.*' e Triplex Coro. new interior paint. Uniontciwn Paint A Glass Co. * In 1931. jointly with American Cyanamid Wesco Paint A Glass Co.. Ine. Co., formed Southern Alkali Corp. (see ap pended statement) fin which the company owns a 51% stock interest and American Cyanamid 49%. This company completed a S7.000.000 soda ash and caustic soda plant at Corpus Christi. Tex. in Oct.. 1934. Tn Mar.. 1938 As of Dec. 31. 1340 owned less than 100% of the voting control of the following sub sidiaries: Geneva Paint A Glass Co. (94.76%) Gurley-Comstock Corp. (51.125%) Southern Alkali completed construction of a Walter D. Herne Paint A Wallpaper Co. liquid chlorine slant at this location. (993$%) In Aug.. 1936 began operation of a new li Queen City Paint A Glass Co. (90%) quid chlorine plant at the Barberton. O., fac The Rainey Stores. Ine. (72%) tory of the Columbia Chemical Division and Southern Condensate Corp. (51%) in Nov., 1936 at this location began operation E. J. White Paint; A Glass Co.. Ine. (87.5%) of a bicarbonate of soda factory, in Oct.. In addition, bad. voting control of Joseph . 193? c&pacitv of the liquid chlorine plant at Barberton was doubled. J. Ball. Inc. by-reason;bf holding all Its pre ferred stock. This preferred assumed voting at Courcelles. Belgium. (Closed early in 1940, after German Invasion of Belgium.) In 1907 began operation of a plate glass fac In 1936 began fabricating safety glass at Crystal City. Mo. In 1937 constructed a resin plant at Mil control upon dividend default. Owns 50% .of voting, control of Pittsburgh . Corning Oorp. (see History). tory at Ford Citv. Pa. and in 3 909 at Crystal waukee and acquired the factory and busi Columbia Alkali Corp.. formerly listed as a City, Mo Production of sheet and window glass be gan in 1907 at Mount Yemen. O.. through aeulaitlon of the plant of Chambers Window ilass Co. Additional sheqs anrl window glass gfactories were built in 1914 at Clarksburg. W Va. In 1922 dissolved Red Wing Linseed Oil Co and acquired its linseed ml and other prop ness of The Thresher Varnish Co. at Dayton O. In Mar.. 1937. jointly with Coming Glass Works (sec general index) formed Pittsburgh Corning Corp. to manufacture glass building blorks, g)*** tile. etc., at a newly-constructed plant nt Pert Allegany. Pa. Each companv own* 50% of the S900,000 outstanding capital st4>ck of this concern. In 193S exercised an option to purchase 98.- merties. shares of American Cyanamid Co. class wholly-owned subsidiary, has ceased business and has no assets. BUSINESS A PRODUCTS Principal industries served are'the automo bile. which consumes the company's safety glass and finishes, and' the building, which uses paints, varnishes, brushes, window glass, plate glass and mirrors. Ranks as one of the two leading producers At Creighton. Pa. late in 1924 completed the first unit of a new polished plate glass plant operating by a continuous process and in 1926 completed the second unit. In May. 1924 completed construction of a Portland rrmrr.t plant at Fultonham. CV. u-ith a d&iiv capacity of 2 5ao barrels. In May. 1927 riant capacity was increased to S.OPO barrels dally at a cost of about $1.500 000. Bsuedtocink a19t311.20 per share under an option is On June IP. 1S38 dissolved Duplate Corp.. a wh-iUy - owned subsidiary, manufacturing safety glass, and ooquired Its assets. SUBSIDIARIES Parent functions chiefly as an operating company, the principal subsidiaries being of plate glass (capacity 100 000.000 sq. ft. vcarlv), which la used principally by the auto mobile Industry In the1 form of safety glass which comprise! two sheets of plate glass pressed together with a plastic interlayer. Plate glass is also used,for store fronts, mir ror:*. etc. Ranks as one of the leading pro ducers of sheet or window glass, sold under the trade name Pennvernon. Chief raw ma terials of this division arc soda ash. sand, In early :9?4 began the sale of nitrocellu Columbia Development Corp.. W'hlch hold? limestone and vinyl plastic. lose lacquer*. In the sar.ie year mrroa?ed the securities find. those of southern Alkali Ranks as one of the leading producers of productive capacity of its Portland. Ore. paint Corn. non-current receivables, etc: Ditzler paint, varnish, lacquer and brushes, which factorlr* and acquired the fr.rioriei of Sun Ccinr Co which operates the plant at Detroit: arc sold in large quantities to automobile set Paint CV of Lo. Arrcclej-. Tn 1927 com and the Belgian .subsidiary, which c-perntes companies and other industrial consumers as pleted s four-year expansion program at the the plfite class plant In that country. As of well as for general trade purposes in paint Milwaukee lacquer plant In began opera Doc 31. 19-in. owned :no~ of the voting control ing of new houses and in home rehabilitation. tion of a inequer plant at Newark. N J. <<i the following: Chief raw- materials of this division are lin- MOODT S MANUAL OF INVESTMENTS 2633 seed oil and other solvents, colon, metallic pigment*, etc. Ranks as one of the leading producers of soda ash, which is used in the manufacture oi glass, soap, oil, textiles, drugs, pulp and paper, and in water softening, purification processes and cleaning operations, and of caustic soda, which Is used in the manufac waukee. Dayton, Detroit. Newark and Lot: "Much uncertainty exists as to the future Angelas. Linited oil mills are operated at value of assets in a country occupied by um Red Win*. Minn., and Newark, N. J. Paint and Axis powers. Also, it is impossible to report other brushes are produced at Baltimore, Mo., and Keene, N. H. Paint and varnish also manu actual earnings or deficits, aa no rate of ex change exists that can- be used to oonvwt factured at Houston, Tex. Belgian francs into dollars." Alkalis and other chemicals are produced at Barberton. O. and through a subsidiary. MANAGEMENT ture of soap, chemicals, rayon, lye. textiles, Southern Alkali Corp.. at Corpus Christi, Tex. Officer* and in petroleum refining and rubber re Other activities include a cement plant at claiming. Other products ox the chemical di Zanesville, O. (2.000.000 bbi*. yearly capacity), vision include Cli liquid chlorine, used largely the manufacture of dry colon, insecticides, In the production of chemicals, textiles and fungicides and seed germ disinfectants at Mil pulp, and tn water purification (2) modified waukee; coal mines at Creighton. Pa.; (and . sodas (3) special alkalis H) calcium chloride mines at Crystal City. Mo.; limestone quarries whiting (6) Hennig's purifier, used for at Fultonham, O.. and gas properties and gas desulphurizing pig and cast iron (?) salt for lines at Ford City, Pa. In addition. Ill ware industrial uses itf) Col-Rec, used for coal houses and stores are operated for the dis treatment, and (3; Calcene. used for rubber tribution of glass, paint, etc. Research labor compounding. Principal raw materials of this atories are located os follows: Glass at Creigh division are salt and limestone. ton. paints at Milwaukee. Newark and Detroit, Relatively minor divisions of the business chemicals st Barberton. ,,. comprise the manufacture of Portland ce Pittsburgh Coming Corp-. a 50% controlled Clarence M. Brown, Chairman fHi S: Wharrett,'Vice-Chairman r: l. Clause; President EE, T. Aiplundh.-Vice President rnH. B. Higgijis. Vice President 3. H. Heroy, Vice-President F. W. Judion. Vice-President. BE. D. Griffin. Vice-President F. W. Currier, Treasurer H. B. Brown,. Secretary M. C. Spahr, Comptroller Leland Hazard. General Counsel QjMember of Executive Committee. ment. dry colors, insecticides, fungicides and company, hat a glass block producing plant seed grain disinfectants. Products are dis at Port AUegsny, Pa. tributed through 111 warehouses and stores located throughout the country. Status el Belgian Preparty and Buslnaau Concerning the condition of the Belgian aub- Diracter* Clarence M. Brown, Chairman. Philadelphia _ E. T. Asplundh, Barberton. O. PRINCIPAL PLANT8 * PROPERTIES sidtary's property and curtailment of activities of said subsidiary, the following statement was For details on property acquisition, con made in the annual report for. 19*0: R. L. Clause, Pittsburgh H. A. Galt, Barberton, O. E. D. Griffin, Pittsburgh struction. etc., see History. Plate glass manufacturing plants are lo cated at Creighton and Ford City, Pa.: Crys tal City. Mo., and Courcelles. Belgium (closed early in I (Hu, alter German invasion of Bel gium). Plate glass from the Creighton and Crystal City plants is used in the fabrication or the company's safety glass. Window glass factories are located at Henryetta. Okla.; "The company has been directly affected by the European war. Its foreign plate giant plant located at Courcelles, Belgium, fell Into German hands early in May, lMO. mtd manu facturing operations were suspended. Reports indicate that war damage was of a minor na ture and the principal activity has been the sale of manufactured glass stock. "Late In 1940 plans were made to resume J. H. Heroy, NewJYork H. B. Higgins, Pittsburgh Richard K. McUonTPitfiburgb Harold F. Pitcairn, Philadelphia Raymond Pitcstrifi-Philadelphla H. S. Wherrett, Pittsburgh General Ceunael: Leland Hazard. Anmul Moating: First Wednesday in April. Mount Vernon. O., and Clarksburg. W. Va. Paints ere manufactured at Milwaukee, Wis ; Detroit. Mich.; Newark. N. J.; Portland. Ore.; Dayton. O., and Los Angeles. Cal. Var nishes and lacquers are produced at Mil grinding and polishing of plate glass, but frag mentary reports indicate that after three weeks' operation, manufacturing again was abandoned because of the requisitioning Of x large part of the factory by the invader. Number ef Stockholder*: Dec. 31.1940, 7,033. Number eff Employees: Dec. 31. 1940. 18353. General Office: Grant Bldg., Pittsburgh. INCOME ACCOUNTS COMPARATIVE CONSOLIDATED INCOME ACCOUNT, YEARS ENDED DEC 31 (Taken from reports to Securities and Exchange Commission) 1M0 1939 1938 1W7 ! OjCost of goodi sold-------- ----------------- - ff filial S`S5ile^'.rn 4fif? tii 15107.349 uomnS 132K* .7i3.azi UJ07.57* 9.670.414 14JM.702: 1935 9M2Z62T4 S3.028287 8.058.684 12.689.(31 ; im KMU3H 28299.881 6,174243 . 10,639.149 Interest end dividends received------ Royalties received ----------------- ---------Proceeds, sale of rights----------------XOther income..................................... - iXIncome deductions --....---------- Balance .............................. ............... Federal and state capital stock tax... Federal excess profits tax ................... Income taxes, Federal and state...... Surtax on undistributed profits....... 13.313.291 1.037,223 118,535 834.091 20.323.140 687.729 19.635.411 '7010.666 $.141,474 12.787.692 822.293 146.701 756.508 14,513.274 1.227230 13.185,73* 2.519.523 4.903AM 770,923 326.460 1.582300 608248 8.192.013 159.443 8,032.570 1243.663 20,Ul,733 7764*1 880.008 22.644.317 74>8S 22>69.942 3.793.960 488.013 16,843,893 604258 712.156 18210.116 18.770,588 3,185.727 263,027 12.793.303 544233 474,900 14.401,670 13,716,881 2J18.122 8273.758 580223 284,653 488297 7,607,728 6285487 168215 1,054238 Net income to surplus----------------SoEarned surpJus beginning of year., 'si'Other surplus credits...-----...... IE-Other surplus charges.---------- 13.793.937 48.420.987 10,909.174 249.092 10,766.412 47,313.306 36.176 8.672.611 669 6,488>07 44,406288 188283 3.770272 .......... -- 18297369 41.140.663 13.92&4is 1.093.829 15421.83* 37.198.63C 435.238 11,783,121 32,124 11299.739 ' 32.098.942" 177.191; 8,426.070 40268' 5.7632M 29271258 5244IT 3.104.814' Earned surplus, end of year.......... $51,056,655 $*9.4*2.609 147>13>07 $44.406>88 $41,140,663 S37.198.836 S32.09S243 SUPPLEMENTARY P. & L. DATA Depreciation, depiction A amort.. ,1'Maintenance and repairs--...... Taxes, other than Income........... Royalties ....................... Provision for bad debts 1 net)---------Losses from retiremenj^of property Parent company's net sales.......... Parent company's net income---- Equity m currungs of subs, consol..-- Dividends from subs, consolidated-- .9 Equity m earnings of subs, not cons. Dividends from subs, not consolidated $4,840,643 3.806.030 2.431.767 510.290 166.559 329.015 Not stated $88,637,379 13.063.360 1.6S6.1S7 1.012.7.73 595.031 15S.05O $4,427,430 3.599.361 2,388.451 475.149 11S.534 264,610 499.978 $76,306,295 10,054.332 1.647.403 744.452 502.614 87,325 $4,192417 3,466.080 2443,674 457,657 109.7S5 192.359 $58,498,638 6.030447 1.396.632 660.824 395,103 S3>39.401 4239289 2,412.060 403283 144.861 165,120 513.952 $64,702,218 17.511,665 2.552,971 2.191.984 686,351 531.750 S3.S92.502 3.648.53* 1.403,789 368.510 123.108 86,946 842.282 $77,886,003 14.776,696 2,024,847 1.474.365 267.681 201,244 $3,582,100 3.928448 682437 322.1631 191.678r 197,150 530,710 $66471.416 11,226.576 1,663.073 1.691.544 d 46,489 3,230 53.494.658 2.795253 820.499 461.777 270216 281.643 550.560,814 5,533,698 1,094.366 i 116,622 XGross sales less discounts, returns and allowances and includes following sales to unconsolidated subidinnes: 1934. $Ibl.068; 1935. S220v*i?3. S13G.500; 1*37. $^42,256: 1938. 108,* 4.11; 19119. Sri).704; 1940. $25,059. {tjlnciudes related portions of items shown under "Supplementary P Sc L Data' below statement. Xlnclucies equity in aggregate net earn ings *t r.^n-c.ui*oiirtnted subsidiaries: 1936. S2K7,6$I; 1938. $395,103: 1939. $502,614; 1940. S427.SS3 ( 1934 and 1935 proportion of losses of non-consolidnted subsidiaries oi Si 16.i22 and S4H.4>9. respectively, are included in "Income deductions. In 1940 included S500.000 and In 1939. SI,* QOfl.OOO provision for pensions and relief; in j in 19.16.193S and 1939 represents net adjust ments of securities and investments. > In 1939 comprised: Net ad}ustmentof value of marketable securities and miscellaneous investments. $233,373: Wisconsin dividend priv ilege tax paid for stockholders. $15,720: total, $219,092. In 1937. comprised: Adjustment of foreign subsidiary's property. &563.S95; net adjustment oi marketable securities and miscellaneous in vestments. $489,238: miscellaneous surplus ch.trees. $40 636, total. $1,093,829. X Including amortization but excluding depreciation charged to reserve for contin gencies: 1934. $271.971; 1935. *236.015: 1936. S3.* $90; 1937. $7,556: 1938. $6,891; 1939. $4,081; 1940, none. amounts charged to reserve for contingencies as follows: 1935, $48,315; 1936. $38,270; 1937. $52f143: 1938. $29,390; 1939. $52,117; 1940, none. ^Reflected in above accounts in other in come or income deductions. 1940: After excluding $1,021,622 surplus oi foreign subsidiary previously consolidated. General Notes: (a) Foreign subsidiary (Bel* gian).. previously consolidated, was not con* hOiidated In 1940. In 1939 the operations of this subsidiary were included for only 11 months to Nov. 30 as. company's fiscal year wan changed. The results were converted at the average of semi-monthly rates of ex change nrevailing during the twelve months ended Nov. 30, 1939. The difference arising through conversion of-the accounts is shown 1934 and 1*35 includes $500,000 provision for ix'nsmns ;inl rviii`1 In l>v t \|'i-nu'rl in future XIncludes provisional charges for repairs ;<nd maintenance: 1935, S1.308.56D: 1936. $1. in this statement under income deductions. fb) Total taxes for 1940 amounted to $8,273,- \var- Sen also note 51. above. 214 551: 1937. $1,346,365: 1938.' $1,134,092: 1939. $t.4d<M*3: 1940. $1658.517 Docs not include 211. compared with $4,706,391 in 1939. 1 2684__________________ MOODY'S MANUAL OF INVESTMENTS BALANCE tMEKTS COMPARATIVE CONSOLIDATED BALANOESHIET, AS or PEC. SI (Taken from reports to Securities end tstdunia Commission) ASSETS ........................................ HQIT. 3. Cuu manual --ilTrrltlaa S-Other marketable securities.......... TS-Kotuaa i/vm7eetsSrrrtri?w ricicTUi^d. ~etc* 1940 812.2S6.8M 2.511.372 ll.35391 291.:656399,.097290 1839 310,476,680 S121.616 8,673209 2o85,6S09m^8S8 1338 **2.125X17 . 8J12.838 1794.284724..7r29a7 1W 36^56.410 3JL38J83 I'Sm'JS 263,936*50,419944 1838 &22f9R 379,372487,,777062 US $10,77X608 7.99364 2,673X31 7X75X57 16X97X69 1*34 $7,940X62 5X40X95 2.433*573 5.682*41$. 13.790,036 Total cal-rent Kwtl....................... (CSoc. & advances to uncoiuol. tubs-- Sinvest, in foreifTi subs, not consol.. ^Miscellaneous investments-----------Non-current notes 8c accounts (not). Sggg,*,. account--------------------------- DfSSd"ihJiVM"TM::r-"r":"ii *57384.056 *7.743311 ... 1 , SS'lli ,1051.062 UAUSH 1.095.934 *53.495.871 $7,127310 742480 UMX> 1.090329 *48.671.107 *9348323 1w?aif <" 988377 *45.191.000 99375490 .xi;Yw 'sS'iS nwaa >gg . 1333,942 *47.15*412 94398372 "inViii SII'SH so ,,, Kq aMg;}g 943373 $45.01X6*6 S3X68.Q73 <72X40 668;179. 58393755 16X86 78X57 $35:437.986 $3,921,717 2.86*,140 624.68 56X63.755 10.78$ Tote) _____ ..........-----LIABILITIES Accounts payable, trade...... Notes payable.............. Dividend payable ................. Accrued taxes______ ......... Other payables and accruals. 5129.642.713 $3,051,028 204.600 7.169X34 1.510.92? *124.1*0.330 $3,992,189 121.113 3X53.089 1.425X41 S1U.147.13E $2X87.441 146X60 2.731.004 1X55X73 *114.123.9*4 *2,4*6.01* 1*9.60* uuiss 1,453*7 4* SI 14.432.975 $3,518,699 321,717 4X86X30 1,320.494 *100,650.4*8 *3.431,aso 93.500 1,071.176 2,680X73 1X94.609 $100,125,409 $1,754268 60.000 856,788 1X27*887 076.765 Total current liahllttios.......... SICollected on Installment sale,_____ Deferred credits____ __________ ....... Reserve for contingencies Insurance reserve ................... Pension and relief reserve_________ Reserve for maint. & repair*, etc..... Minority Interest -------- ------------- '.... Capital stock (par *23) JXSurplus ......--------------------------------- $11.941,888 $639,708 174,710 4.931,365 1.983X16 2.042.188 1,641.053 5.826 54.701.000 51X81.658 *8.392.332 *909.113 173.155 493UE3 1.7*6324 2.000.000 1.544.132 5,920 54.430.600 49*67.60* $6X20,778 1,114.17? 122X32 5.003X07 1.674X11 1,000.000 1.424.472 5XS2 S3.969.100 47.313X07 *9.471.625 *1.407.218 145.50* 4.611.442 1,996,*85 1,000.000 1506522 1.670 53470.825 44.406488 $9,447,740 $1,152,703 48X10 4,687,613 1X55443 1.000,000 1X384J8 6,610 53,561,07S 41,140,663 58,061.48* *885447 51440 4,746.495 1.705,585 1,000,000 1.634.736 6.695 53,558,825 37,1*8436 *4473.865 5433,887 35421 5.635(629 1449440 400.000 1,437,346 6437 53447450 33.098,942 Total ..................................................... Net current assets $129,642,713 $45,442,168 *124,150,550 *45.073.53* $123.147.136 $40,250X29 *118.123.994 *35.719.375 *114.438.975 537.710472 *109,650,486 *35452409 5100.125,409 $30462419 PROPERTY ACCT.--ANALYSIS Additions at cost Retirements or sales____ ........... ^Depreciation and depletion....... Other additions ________ $7,648,180 1,990.764 4.340.643 $3,291,739 518.043 4.429,009 $3,633,490 469X74 4.196.716 *8.489.151 889.735 3.915423 cr 563.595 *6454.145 1482471 3483481 *7439.040 1,797.749 3415.633 104443 $2,102,629 397.164 3.766,630 * 61X37 ^Including $305,000 face amount deposited with State Insurance. Commissions and 8100,000 pledged as collateral to a note. Market value. Dec. 31, 1940, 8X44X70. QDLower of cost or market. Market value Dec. 31. 1940. $13,677,908. ft After reserves; 1940. $1,039,607. 3JAt less than cost or market. At Dee. 31. 1940, consisted of: Finished goods, $10,633X45; work In process, $1,462,644; raw materials. $5.262X49: supplies (including repair parts), $4,1S2,7S4: total. $21,539,920. . IT 1940: Consists of: Securities of subsidiaries not consolidated. $4,826,461; due from subsidlarles not consolidated 1 after $10,000 reserve). $2,917,050: total. $7,743X11- used in operation. $243,089; other properties, $2,102,800; total. $61,419X95. _ (^Includes subscription! under officers and employees' stock, purchase plan (20,683 shares at Dec. 31, 1940, of which 10,400 were available In treasury): 1934. $237,511; 1935. $518X71; 1936, S932.J82: 1937. $1X51.128: 188, $974:192; 1939, $787,475: 1940. $517,075. t .^ _ MTnctuaes capital surplus: 1934, $3,694; 1933. 53.003: 1936, $2,882: 1937. written Off; 1938, nil: 1939 (paid in), $525,000; 1940 (paid-in), $525,000. Amounts Invested in treasury stock: 1934. $765X50; 1935, $754X75: 1936. $752,025; 1937, $742X75: 1938, $520,000; 1939, $390,000; 1940, $260,000. i3 Credited to asset accounts. Includes amounts charged to contingency reserve (note atNuH Notes _ lt <a) Accounts certified by Hawkins 8s Sella-, Cb) Above consolidated statements include all subsidiaries whose: business policies .and operations afo directed bythevparent through its organization (excludes Southern Alkali Corp. 61% owned). In 1937* 1838 and; 193F8C- cour.ts of one foreign subsidiary -included as of Nov. 30th. In 1939 net cutrenl assets of foreign subsidiary were converted exchange prevailing at Nov..20.1939. The fixed assets were converted generally, on the basis Company's only foreign subaldlary-(Belglan) was not consolidated in 1940.'r Earnedturplus of this subsidiary was eliminated from consoli dated earned surplus as ol Dec. 31, 1939, end .tin 1934 included, $1,960,000 collateral notes iTto consolidated income account). net carrying value of. the investment and ad? due in 1938 secured by equal face amount of 2iAt net carrying value of investment tn and vances to and from this subsidiary is now Southern Alkali Corp. bonds. advances to and from subsidiary (see General stated at $1. . ft*At depreciated cost- Annual provisions for depreciation and depiction credited to asset accounts 1 see changes shown below balancc sheet). Net values of factories and facilitles not in operation were: 1934, $1,462,342; 1935. S424X*9: 1936. $310X1?; 1937. $282,961: 1938. $595,983: 1939. $606X51; 1940. $243,089. Property account. Dec. 31. 1940, comprised: Company and domestic subsidiaries' land, including min* era! deposit*. $4,799,660; buildings. $18X63.643; machinery and equipment. $33X87,713; con* structlon in progress. $2,423,090; property not Note <b) below I. Depreciation Policy [see also General Note (c) below): Provision for depreciation oi do* prooiable assets was made at various annual rates, which are based on the estimated use ful lives of the respective Items. Provision for depletion of salt, limestone, day and coal deposits lor 1940 was equivalent to cost of such resources recovered during year, that coot being computed on basis of ratio of resources recovered to total recoverable resources es timated by company's engineers. (.;) it appears that reserve for contingencies is adequate-to cover .possible, deficiencies in prior years' Federal and Pennsylvania income taxes and Federal excess profits taxes ^not otherwise provided for,-as well asrany. other known contingencies. ... (e> At Dec. ai. 1940. company and its subsid iaries were in the process of revising property accounts so as to restate property, baaed upon detail studies made, at cost, pnd to set up amounts of accrued depreciation in reserve accounts. FINANCIAL A OPERATING DATA Statistical Record Earned per share.......................... Dividends per share.............................. Price range ............................................ Net Assets per share............................ Number of shares ... ........ .-- Financial and Operating RatlR Current asscts - curr. liabilities.......... % cash & securities to curr. assets.-- *<> inventory to curr. assets................... not curr. assets to net worth........... Capitalization; % common stock & surplus............. Sales-r-inventory ........... -- ....... Salca-f-rcv'eivnbles .................................. % sales to net property......................... % sales to total assets.......... ---------'f net income to total assets................. % not income to not worth.--------------- Analysis of Operations Net sales ............................ ....................... Costa, goods & mfg................................ Sell., gen. Sc adm. exp....... ........... ....... Operating pro rtf ..............-.............. ....... Proceeds, sale of rights.......................... Other income ............-............................. Gross income ...........................-.............. Income deductions.................................. Net income hof*>rc income taxes, etc. Cap. stock At income tax....... - ........... Not income ................................. 1940 S6.30 $5.00 10414-65 $48.57 2.188.040 4.81 45.59 37.54 42.76 100.00 4 55 10,n 159.46 75.55 10.64 12.98 100 00 f>4 c.: 16.5,* 18.72 2*03 20 75 0.70 20.05 5.98 14 09 1939 $4.94 $4 00 117-90 $47.93 2.177,224 637 45.77 38.15 43.17 100.00 4.08 9.66 137.27 67.01 8.67 10.31 % 100.00 66.47 18.16 15-37 V.08 17.45 1.48 1S.97 3.03 12.94 1938 $3.01 $1.75 USIb-SS $46.92 2.158.764 7.16 42.11 42 30 39.64 100.00 3.26 8.85 103.20 54.47 5.49 6.41 % 100.00 72.14 20.24 7 62 2.46 2.65 12.73 .25 12.48 2.40 10.08 1937 $8.53 $6.50 147 W7 545.72 2.142,633 4.77 31.72 52.86 36.45 100.00 3.91 13.40 147.21 79.00 15.48 13.66 % 100.00 62.02 16.40 21.57 2 69 24.27 .08 24.19 4.59 19.60 1936 $7X5 $6.00 140-9SV* $44.20 2.142.443 4.99 43.52 35.05 39.82 100.00 5.21 11.11 142.37 75.25 13X9 16X3 % 100.00 63X4 17.30 19.56 2*28 21.84 .05 21.80 4.00 17.79 1935 |5X2 2.142X53 4.97 47.65 36.43 39.61 100,00 4X8 9.55 116.95 62.50 10.40 12.56 % 100.00 62X4 18.48 18.67 2X4 21.02 1.00 20.02 3.38 16.63 1934 $2.69 $1X0 57 Mr-39 $39X9 2,141.914 7.27 45.11 38.91 35.63 100.00 3.75 9X1 91.03 51.70 5.76 6.73 % 100.00 67X3 20.55 12X2 .58 14.70 1.20 13.49 2.36 11.14 I .I MOODY'S MANUAL OF INVESTMENTS_____________ 2635 CAPITAL STOCK IDPlus 10% In stock Apr., 1917. as follows: 247,300 shares ..to holden of old 1. PlttMuri* plate Qlau Ca. itecfc; par IS; IfiPius 20% In ctook Dec., 1920. APlua 20% in stock Jan.. 1823. 7100 par common on a Share for ibhaare baasiliss; 1.340 shares to holden of . Old 12% preferred AUTHORIZED--2.rno.ooo shares: Issued. 2.- tfjPlui 10% in slock Dec. 1. 1922. on the basis of two shares for each share held: 179.561 shares: outstanding. Dee. 31. 1940. 2.188.- :CTo July 2. 47.728 shares to stockholders of Columbia 010 snares. excL in treasury, 10,400 shares: par 525 i changed from $10u par Oct. 9. 19211. fnur 525 par shares issued in exchange (or Dividends payable quarterly Apr. 1, etc., to stock of record about Mar. 10. etc. Chemical Co. on the basis of 8/10 of a share for each share held; 10.574 shares to minority stockholders (46%) of Pntton-Pltcalm Co. on each 5100 par share. PREEMPTIVE RIGHTS--As provided by the a share for share basis. Dividend Record <in 8) <$100 par shares) statutes of vania. the Commonwealth of Pennsyl PRICE RANGE-- Stock____ _______ 1940 1929 104U-8S 117-90 1937 11549-65 l553*95 Nil 1899... 5.00 j 1007-17 7 00 15119... 10.00 .J'UUO. la.uti 1921... 8.00 3 1923-26 18.00 1927... 13 00 1900-06 6.00 1919... 7.23 1922... 13.00 1928... 6.00 ($25 par shares) f1923. 0.50 1931... 1 75 5034... 1-30 ] 929__ .1 00 1932__ 0.75 1935__ 2 1*0 1930... 2.00 1933... 0.70 1936__ 6.00 LISTED--Pittsburgh Stock Exchange; also Stock Options: On May 17. 1933 directore.al- traded in unlisted section of New York Curb located-67,120 shares to certain executiva of Exchange. ficers and key employees to be solid at 723,pcr TRANSFER AGENTS -- Peoples - Pittsburgh Trust Co., Pittsburgh; City Bank Farmers share with payments of at leait SOC per share quarterly on account of-the purchase price. Trust Co.. New York. As of Dec. 31,- 1940 there were .20.683 snares REGISTRARS--Union Trust Co.. Pittsburgh: Guaranty Trust Co.. New York. under this option of which 10,460 shares wtll In' issued from treasury stock and 10,283 shares from unissued stock. Substantially one-half 1037... 6.50 1938... 1.75 1939... 4.00 ISSUED--Upon reincorporation in 1920. 307.- of each group will be issued on each Oct. 1, 1040. .- 5 00 TllHl... 2.00 342 shares of new 710Q par stock were issued 1941 and 1942. SOUTHERN ALKALI CORPORATION I Controlled jointly by Pittsburgh Plato Gloss Co. (R%) Mi America* Cyonomld Co. (4I%)1 History: Incorporated in Delaware on April 2D. 1931. Depletion ....... 1940 414.225 1939 Liabilities: 362.605 Note, payable ... 1940 <2,006,5501 1939 $1995<000 - Business: Manufacture^ heavy chemicals. Property: Plants, located in Corpus Christ!. Texas, are served l\v .1 raiuvnii trunk lines. Plant for the production cf soda ash. caustic soda and other alkalis went into operation In the fall of I:*,14, liquid chlorine plant and the ntfiucd salt nl.irl opened In l*J39. Salt brine for Sell., exp., etc. .. Net oper. profit.. Margin of profit.. Other income___ Gross income___ Bond Interest ... Other interest___ Prop, retirement. manufacture is piped from company's own wells and natural uas for power Is provided from company's near-by field. Other deduction. Fed. income tax.. Excess prof tax. Control: Capital stock jointly owned i51% Not income......... ,and W'i respectively t by Pittsburgh Plate Dividends paid .. Glass Co. i see preceding statement! (through Surplus for year. Columbia DcvrUipmcnt Corp . wholly-owned Earn, surpl.. 1-1.. 428.173 1010,666 75.313 2.285.S78 271.288 232.590 150,362 24,497 379.181 99,103 1.128.980 300,000 828.960 1,707.872 377,843 Due ami. co.___ 1.758.618 Accta. payable -- 25.28* Accrued Interest.. 24.380 Accrued taxes___ 1.782.988 Acer. sal. ft wades 286.008 Bonds due ____ _ 195.007 54,119 10,288 204<337 Total current. 1st mtde. 6s, 1948. Extraord. matnt. 1.033.238 150,000 683.238 reserve ............ ^Capital stock .. Paid-in surplus__ 884.890 Earned surplus__ 2,627.632] 1.184,391 si ,m.' 515,349: 23,690 230,000 36,649,526 3.980.000 194,367. 2.125.000 375.000 2^36,932: 3>021j98S 84,363 252,733. 22J80 55336,463 4.340.000 150,617 5.125.000 375,000 1,707,972 subsidiary) and American Cviinanvid Co. (see Credit..................... general indexi. Entire issue of bonds of Southern Alkali Corp is also jointly owned by Earn. surp.. 12-31 said companies. Times chgs. earn.: 2,536.932 R222.*41A3S 1,707,972 Total _______ Net current assets 313.800.825: 514^36.062 d 14 142,877 d <3flft,U8 Subsidiaries < wholly-owned s: Southern Min erals Corp. and Southern Pipe Line Corp. Officers: |l. F. Pitcairn. Pres.; C. M. Brown, W. B. Moll, if L l>i rnv. H S. Whcrrctt. O. N\ Stephens. Vicc-Prcs.: J H. Heroy. Sec.: F. W. Before *nc. tax. After inc. tax.. Earned per share No. of shares___ 3.99 3.24 51129 100,000 3.57 3.15 510.33 100400 Consolidated Balance Sheet, as of Dec. 31 (u CQFinUhed chemicals, at cost;'crude oil. at market: materials and suppliea at lower of cost or market. LfJlOO,ooo no par shares. Bonded Debt: Southern Alkali Carp,. Bret Curner. Treas. Inking fund it, due 1948: Directors: C. M. Brow n, Raymond Pitcnirn. F. W Cooper. J. H. Heroy. \V\ L. Landis. H. Cash ...................... Working funds F. Piieamt. E W. Winkier. W. B. Bell, H. L. Derby. II. S. Wlierrett. Frederick Pope. Receivable*., net.. i.Finished chem.. 5600.074 1,750 311.618 228.074 8318,904 AUTHORIZED-47.000.000; outstanding, S4JI0.1,750 ooo (of which S2.147.000 owned by. Pittsburgh 627.494 Plate Glass CO. and the balancoiby American 175,461 C.vnnamid Co.). Annual Meeting: Third Wed. in April. No. of Employees: Dec. 31. 1939: Southern Alkali Cni p.,3S7: Southern Minerals Corp., 103: Southern Pipe Line. 34. Office: C orpus Christa. Texas. Consolidated Incomo Account, years ended Dec. 31 ms reported <0 the SEC): 1940 1939 Not mles ............. S7.509.lll) S6.957.S41 oi ,>a)es . . . 3.601.319 3.632.815 ncpreomiii'ii........ 851.737 625.860 Crude oil ... .. .fiMatcr. & suppi-. Total current. Plant A equip___ Deprec. & depict.. Net property .. Investment ......... Notes receivable Deferred charges. Total ............. 873,429 489.705 $2,508,649 18.667.068 5,318.760 13,148.308 3,251 100.000 102.610 515.860.82S 343.813 No further details available. 369.922 Capital. Stock: Southern AdealI cerp. stock; SI,836.345 no pan 16.411.734 4.265.740 12,146,014 3.251 175.000 AUTHORIZED -- And outstanding, 100,000 shares: no par. 51% of stock Is owned by Pittsburgh Plate Glass Co. and 49% by American Cyaoamld Co. 74,442 DIVIDENDS PAID--1936. $12.50^1937. $46.25; 1938. Nil; 1939. $1.50: 1940, $3. 514.235,052 RADIO-KEITH-ORPHEUM CORPORATION CAPITAL STRUCTURE CAPITAL STOCK Issue Par Value 1 6^ cum conv. pfrt ........ ................ ....... 2 Common ......................................... ........ $200 1 .i'AIso for yinkmc fund at ICO. ill 1040 range. Amount Outstanding 128.170 ffhs. 2,753,053 shs. Earned per Sh. 1939 1938 ---- Divs. per Sh. 1940 1939 ...................... Call Price (Dios Price Ranee 1940 1932-40 4319-34 ffi433fc-34 3- 21k HISTORY Predecessor at formation acquired control producing and distributing subsidiaries: RKO of Keith-Alhcc-Orphcum Corp. (Statement ap Pathe Pictures. Incd RKO Pnthe Distributing Ir.corpoi ated m Delaware July 24. 1939 with pended) FBO PnMluctions. ine. {formed as Corp.; RKO Pathe Export Corp.; RKO Pathe pvrprtiiai i haruT, ,i;iI .-uMimod on Jnn. 26. H-C Pictures Corp. in Delaware June 7, 1921), Studios, Ltd.; RKO Distributing Corp.: RKO `;:U'l'UV4s ;> ol .Ian JjdOi. assets and and concluded certain contracts with Radio Studios. Inc.: RKO Export Corp;V hu>i:'.vs. of R.i.Jio-Ko:l!)-Orp:.'U'n Corn. (In Corp. of America, its subsidiary RCA Photo- On Nov. 30. 1937 formed subsidiary RKO hankmploy . mo-rr^r.iiod :n Maryland Oct. phor.o. Inc. and its then affiliate National Orphcum Corp. to purchase certain assots of 25. i--.n >i i-iiritiis <>t too "i'w company were i.lr.-*adrnstmg Co. In 1929 changed name of StAdium Theatres Coru., which had previously . \.h:.}. i ,,i predf'r I'nin- FBO Production*. Inc to RKO Productions, purchased assets hcla by Trustee in Bank p.my i> !.>}:i*\vs i*r tU't:ii' of ro- Inc., purchased Pontages vaudeville circuit, ruptcy uf Orpheum Circuit. Inc. In May. nr.irin;,'.;:!,';;. m'o M.n'.kj- llMu-lrial forming *n this connection Radio-Kcith-Or- 1935 acquired remaining 50% interest In Van Mumi.i! phciir.i Western Corp.. and ocquired F. F. Bcurcn Corp.. producer of short films. l)oi'c:itt;re 6<. 19 41 Each $100 principal .tunum: .i. 'onl'.n c- iv,*o:\cd 1 share of new nii fcrr -xl a- A 5 si'iiros of m w common slock, in :ii n of vi.h ; sh.;rv->. .lei cr.uirc holders hn.i t-- doc* l Mnv !. to receive Pmctor chr.m of theatres in New York and environs, transferred to RKO Proctor corp,, a siih'.whary. In Apr . 1930 purchased 13 theatres of the l.ibRnn-HcldlngsfcM-Hcrriss chain of Clncin* Anti-Trust Suit: See Paramount Pictures igeneral index). Agreement for Exchange sf Patent Bights: For details see Moody's 1938 Industrial Manual. a:', inn Onm m s'ru wo err'd m.ri In May. Iiv.u arranged to acquire through Investment ef Radio Corp. of America: For Ct'M.ivm Stock. M.iidvr- of old common UKO Southern Corp. 7 theatres of Interstate history of this investment, see Moody's 1939 lock reel*.veil f-r en.*h -hare 1-6 .share of new AnuiM-mcnt Co. On May 20. 19.10 organised frdustrUl Manual. coiuiiim -t.'.'k jnci I p:: * warrant. entitling RKO Midwest Corp. to acquire various the holder *o at hi. tSoet-on, fvr a period atre properties In Jan.. 1931 purchased major SUBSIDIARIES if ten uitor dole - f iouiuu'i.'. 1 >harc of (*i'!i;nn.iM . 5l .it $i.` ; -hai-- nr. n*r a period of five affr-r d;Uo . f i-suar.. <\ 3 >hare of common . t >|<1 a .sh.r.:- t *n*:J-in*i!re :m,i (Unnuon Stock Cer- p.\r: nf productlim and distribution business i.f i'athc Exchnnr* Inc. tor S4.630.fl00 ( 5500,000 ca>h arid remainder deferred notesi. comprisi\: mainly three feature pictures: the Culver Cuv >Uulu>; the Jvr.sey City film laboratory; A holding company. On May 1. 1940 held IOO^j. voting power in the following subsid iaries: Name, place of incorporation and business: titicotr-- Kecoivid >.u.h now pccuntics as the home office; domestic and English branch RKO Proctor Corp. (N. Y.1--Theatre opera \s i iv ...-i.;i;1 '.e e%f s Ichontu t e> anil com* itp.:piv.4 nt; the right (* use the name Pathe tion nuai I' .r wh rh I'lvficti t'ei tifieates in the motion picture field. The following new RKO Midwest Corp. iO.)--Statement ap w-'-ulil in- e'veh.anur.JlnMors of part-paid >uh>id!arics were farmed: RKO Pa the Dis- pended certificate'* were rr.iit.cd t.< receive new se rrthutmg Corp : RKO Pathc Pictures. Inc.; RKO*Uh'de Island Corp. curities in 'iropcrtson t.-. th.r extent of their RKO Pnthe Export Corp.; RKO Studios. Ltd ; Union Hill Corp.--Theatre operation payment. Holder*: of part-paid certificates Pnthr New1*. Inc. Stadium Theatres Corp--Inactive. This com nad neht t- eomoietr payment prior to May On Dec. 31. 1936. merged into RKO RAdlo pany has no a^ct? of valuo. All assets of l. 1939 Pictures, Inc. the following domestic picture any value were transferred to RKO Or-