Document LQnnd0er35BjED3KqJ2kpn07

FILE NAME: Philip Carey (PC) DATE: 1952 DOC#: PC064 DOCUMENT DESCRIPTION: Entry in Moody's Industrial Manual MOODY'S MANUAL OF INVESTMENTS AMERICAN AND FOREIGN INDUSTRIAL SECURITIES JOHN SHERMAN PORTER, Editor-in-Chief Editorial Board Frank J. St. Clair Charles N. Berfnts Arthur W. H errmann G eorge I. Blair D avid M. Day David M. Ellinwood Frank J. Prendergast 1952 COPYRIGHT, 1952, BY M oody' s I nvestors S ervice, New Y ork ALL EIGHTS USStVKD MOODY'S INVESTORS SERVICE 65 BROADWAY, NEW YORK 6, N. Y. PHILADELPHIA 1411 Walnut St. BOSTON CHICAGO LOS ANGELES 75 Federal St. 105 W. Adams Sl Hcllicgswerth B M ; PITTSBURGH SAN FRANCISCO Union Trust Bldg. Russ Bldg. LONDON: MOODY'S INVESTORS SERVICE, LTD. ________________________________________________________________________ I U5 38.19? 96.899 44.32? 00.989 39.112 19,911 32.999 66.072 58.091 17.922 68.771 74.779 MJ84 30,871 .31.829 23.101 149.839 >86.117 100.006 35.954 prior venus asini. a.P r A Sh 0* 1 0.07 0.11 0.19 '021 U 10.96 0.77 1945 139.694 126.000 209.830 110.574 269 030 >65.128 .'45.164 >69.814 75.350 20.861 4&667 161,522 *47.473 141.532 >60.534 50.000 143.719 155.729 49,448 00.000 `75.130 35.956 160.534 >15.680 rUzed of as, the rcraft fed to date Inued affect > pro- lately dated plicapense MOODY'S M A N U A L OF IN VESTM EN TS 189 THE CELOTEX CORPORATION ATISTJOAL RECORD 1951 1950 1949 1940 1947 1940 1945 tim e d p er sh a re --c o m m o n ______ ___ 0ivldends p e r sh a re --c o m m o n _____ $1.34 $0.50 $1.23 $0.25 $0.22 N il $0.19 N il 4 $1.15 N il 30.03 30.45 20.89 0.80 price range--c o m m o n ______________ Ket tangible a s s e ts p e r s h a r e __ _____ 16-12 $3.02 13ft-7% $8.62 8% -6ft $7.64 10ft-6ft $7.42 13ft-7 35.31 34/s-12 $7.06 7*4-17*4 $7.41 yet tang, a s s e ts p e r $1.(XK> lg . tm . d e b t $9.738 $5,170 $3,466 32,769 $2,083 Net curr. a s s e ts p e r $1,000 lg . tm . d e b t $679 $1,571 $810 $625 $306 Number o f s h a r e s ------------ ---------- 1.000.000 1,000.000 1.000.000 1.000.000 1.000,000 1.000.000 1.000.000 FUNDED DEBT : g ro u p o f b a n k s w h ereb y $7,500,000 m a y b e bor- O F F E R E D --(150,000 s h a r e s) a t $10 p e r sh a r e Bank Lean: A t D ec. E,004,906 n o tes p a y a b le 31. 1951. co m p an y h ad outstanding under the | \ ro w e d p rio r to J u n e 30, 1953. vides for com m itm ent fee of Agreem ent proft% on unused on M ar. 28. 1940 b y F . E b e rsta d t Sc Co., Inc., New York. terms of ft group a credit agreem ent entered into with o f fo u r b a n k s u n d e r d a te o f J a n . 30, s I port.on. Notes w ill be :n 20 e q u a l q u a r te r ly unsecured and payable installm ents commenc- 400,000 sh a re s (p a r ($2.50) offered a t $12.7$ p e r s h a r e (p ro c e e d s to com pan y , $11.25 p e r 1947* able T hese n o tes, d a te d D ec. 31. 1947, are p a y in 22 e q u a l q u a rte rly in stallm en ts com ; m g D ec. 31, 1 j OO.%0 w as 1953, w ith borrow ed interest at under the 3*4% . agreem $1>ent h a re ) on A u g . 30, 1343 by a sy n d icate h e ad e d by F . E b e r sta d t Sc Co., N ew Y ork. P ro c e e d s mencing S e p t. 30.1948, an d su c h p ay m en ts m ay be accelerated a t o p tio n o f com p an y . O rigin al 1 d u rin g Ja n ., 1952. L o a n p ro c e e d s < :o fin an ce p u rc h a se o f 20 C o n v air to be used a ir c r a ft, 20 in te n d e d to b e u se d a s fo llo w s: $2,000,000 fo r purchase o f additional equipm ent and for borrowing, $6,000,000. Agreement provides, am ong other P ratt & Whitney CB16 engines an d related th in gs, e q u ip m e n t c o stin g a p p ro x im a te ly $12,000,0o0 m odernization of ground and com m uncatios e q u ip m e n t; $1,000,000 fo r eq u ip m e n t fo r tra d e - that while lo a n s m ad e th e re u n d e r a r e ou t standing: ( a ) a ll p ro c eed s o f lo a n s w ill b e in- | o f w h ich $7,000,000 an c e in 1953. p a y a b le in 1952 and bal a r e a f e e d e r sy ste m , a n d $2,000,0C0 fo r e q u ip m ent for proposed start of foreign-route oper rested in ad d itio n a l flying equipm en t, and CAPITAL STOCK ations. Proceeds from this issue were at end oet proceeds fro m sa le o f an y fly in g eq u ip ment w ill b e re in v e ste d in a d d itio n a l fly in g L Braniff Airways Inc. common; par $230: A U T H O R IZ E D -- 1,500,000 sh a re s (in c re a se d o f 1944 In v e ste d in U. S . G o vern m en t se c u rities. eauipment o r ap p lied in reduction o f the Joans; (b) a t S e p t 30,1948 th e p rin c ip a l am ou n t fro m 75,000 s h a r e s in M arch , 1940, a n d fro m 00,000 sh& ies m A u g., 1943); ou tstan d in g, Dec. TRA N SFER AND DIVIDEND DISBURSING A G E N T --C h a se N a tio n a l B a n k , N ew Y o rk . of loans is n o t to e x c e e d 80% o f th e c o st o f additional fly in g equ ip m en t ac q u ire d betw een 31, 1951. 1,000,000 s h a r e s ; p a r $2.50 (ch a n g e d fro m $10 p a r in M arch , 1940, a n d e x c h a n g e d R EG IST R A R --M anufacturers T ru st Co., Mew York. Nov. 1. 1945 a n d S e p t 30, 1948; (c ) n ew flying j h 4 fo r 1 b a s is ). R ig h ts: S to c k h o ld e rs o f re c o rd A ug. 21. 1949 equipment w ill b e d epreciated o n a b a sis of D IV ID E N D R EC O R D -- h a d r ig h t to p u rc h a se , a t $12.75 p e r sh are , oot more th a n 5 y e a r s to a re sid u a l v a lu e of O n $2.50 p a r sh a r e s : tw o-thirds of a share of common stock for 15% of c o st; (d ) d iv id en d s w ilt n o t be p a id 1340-42 n il @1943. $0.15 1944-45 $060 e a c h s h a r e h e ld . R ig h ts e x p ire d S e p t. 4, 1942. except from e a rn e d su rp lu s a c c u m u la te d a fte r 1946 $0.45 1947-49 n il 1950 0.25 O ffice rs a n d d ire c to rs, w h o a s s g ro u p w ere Pec. 31, 1946; a n d (e ) n e t c u rre n t a sse ts o f 1351__ 0.50 e n title d to p u rc h a se 234,428 sh a re s u n d e r th is sot less th a n $2,750,000 w ill b e m ain tain ed . d JA lso p a id 50% in sto ck . offer, w aived their righ ts to purchase. Unsold Proceeds o f lo a n w a s u se d fo r p u rc h a se o f V O T IN G R IG H T S--O n e vo te p e r sh a re . portion w as sold to public. DC-6 a ir c r a ft a n d c o m p letio n o f th e DC-4 L I S T E D --O n N ew Y o rk S to c k E x c h a n g e , u n O p tio n s: in J a n ., 1347, co m p an y g ra n te d o p program. lis te d tra d in g o n B o sto n a n d P h ila d e lp h ia - tio n s fo r fiv e y e a r s on 45,000 sh a re s a t $11.87 ft 1951 C red it A g reem en t: U n d er d a te o f A ug. B a ltim o re S to c k E x c h a n g e s. per share to five m em bers of the executive 20, 1951, c o m p a n y e n te re d in to agre e m e n t w ith P R E E M P T IV E R IG H T S --N one. com m ittee. IAPITAL STRUCTURE PONDED D E B T Issue 1. 3%% d eb e n tu re s, 1960 ___________ 2. 3ft% d e b e n tu re s (se rie s 1947), I960. CAPITAL ST O C K Issue 1. 5% cum . p r e fe r r e d ______________ 2. Com m on ________________________ R atin g Par V alue 320 No par Amount O utstanding 33.615.0001 2,263,000/ Amount O utstanding 256.862 sh s. @905,199 sh s. CQTimes Charges Earned 1951 1950 32.00 21.75 H3E a rn e d p e r S h . 1951 1950 $13.62 $11.69 3.57 3.03 Interest D ates JF & A 1 1F&A 1 mDivs. p er Sh. 1951 1950 $1.00 $1.00 1.50 1.00 C all P ric e (3101ft 100 C all P ric e 20 Price Range 1951 1932-51 102ft- 98ft 3)i06-98ft 102ft-102 S104-93 Price Range 1951 1932-51 17 ft-1 5 ft (23 -15 f t 20*8-14*2 (238ft- 5 GDFiscal y e a rs. EgRange sin c e 1938, a fte r 100% s to c k d iv id en d . B e fo r e 100% sto c k d iv id en d . 1935-38 ra n g e 48ft-12ft. (2T o J u l y 31, 1953, tael.; th e re a fte r a t 101 to J u l y 31. 1954, in d . w h e n p r ic e a g a in c h a n g e s; se e t e x t R a n g e sin c e 1945. R an g e sin ce 1943 f o r $20 p a r sh a re . J3lnclud.es 27,509 p a r tia lly p a id sh a re s . R a n g e sin c e 1947. R a n g e f o r $100 p a r s h a r e s fro m 1935 a n d to th e 5-for-l s p lit in 1943, 93-46. HISTORY 4 BU SIN ESS A PRODUCTS Incorporated In D e law are J u n e 29, 1935, a s * T h e co m p an y m a n u fa c tu re s b u ild in g a n d in successor in reorgan ization to th e C elotex Co. I su latin g p rod u cts, con sistin g fo r th e m ost (Del.). L a tte r co m p an y w as in co rp o rate d in j p a r t or p ro d u c ts m a rk e te d u n d e r th e tra d e Delaware in 1920 a s "L o u isia n a C e lo te x C o." n am e "C e lo te x ." T h e se p ro d u c ts a r e m an u On Ju n e 16, 1932, th e la tte r c o m p a n y w a s 1 fa c tu re d p rin c ip a lly fro m b a g a sse , th e fiber placed in re c e iv e rsh ip . On F eb . 3, 1935. tru s- J re m a in in g a f t e r th e ju ic e h a s been e x tra c te d tees were a p p o in te d u n d er S e c tio n 77-B o f t h e ' fro m su g a r c a n e , a n d a r e u se d , am o n g oth er 0. S. Bankruptcy A ct. A reorganization plan \ things, lo r exterior sheathing, p iaster base, was su bm itted u n d er d ate o f M ay 1, 1934 (su b -1 e x t e n o r a n d in te rio r finish, fo r in su la tin g equently m o d ified ), an d on N ov. 1, 1935, th e i ro o fs, a n d a s in su la tio n in th e m a n u fa c tu re of business a n d a sse ts of the p red ecesso r com - 1 household re frig e rato rs, railw ay refrig e rato r pany w ere tra n sfe rre d to th e p re se n t c o m -} c a r s , co ld s to r a g e p la n ts a n d o th e r p ro d u cts. pany, D e ta ils o f re o rga n iz atio n a p p e a r in \ T h e com pan y a ls o m a n u fa c tu re s a n d se lls Ifoody's 1935 In d u stria l M an u al. \ products for correction of acoustical condi In 1937, o rg a n iz ed E n glish C om p an y, C elotex, 1 tio n s in office b u ild in g s, a u d ito riu m s, th e ate rs, Ltd. i oroadcastlng studios, and other places in Jn 1937 a c q u ire d an in te re st tn A m erican w h ich a c o u stic a l tre a tm e n t Is d e sire d , in clu d Gypsum Co., P o rt Clinton, Ohio, an d in 1939 in g p ro d u c ts m a rk e te d u n d e r th e tr a d e n am es completed acqu isitio n of com pany. " Acousti-Celotex.** In M ar., 1945, a c q u ire d p ro p e rtie s an d b u si T h e com pan y a ls o is e n g a g e d In th e m an u ness of T e x a s C em en t P ia ste r Co. lo c ated a t Ptasterco an d Longw orth, T ex.; m an u factu rer! facture and sale o f other types o f insulating and building m aterial products, including of fu ll lin e products. of gypsum p la ste r and board loose gran ulated an d batt form s o f rock wool roofing products, gypsum plaster, lath and On A ug. 30, 194$, a c q u ire d 83 1/3% in te re st in El Rey P ro d u c ts Co.; p u rc h a se d balan ce o i w ailboards, and also various item s used as accessories in the application of products sold. outstanding sto c k in 1947 an d ac q u ired d ire ct ownership o f p rop erty an d a sse ts including Celotex also sells products m ade by other 20% in terest in sto c k o f C alifo rn ia M ill S u p p ly Co., d ealers in w a ste p ap er, ra g s, etc. m anufacturers, such a s hard boards, which cut. saw and handle like lum ber (m ade by Acquired prop erties In Ohio of W eaver-Hall Co. in A ug., 1946. M ason ite C o rp >* e n d a r e u se d fo r p an e lin g of ail sorts, fo r decoration, shelving, etc. On A ug. 15, 1950 a c q u ire d p ro p e rtie s Vasem P la ste r Co., F o rt D odge, la . of Celocrete (m ade by various steel com panies), a light weight concrete aggregate. Is m ade of IUB3ID1ARIES expanded m olten b last furnace slag, and Is used with Portland cem ent to m anufacture This is p rin cipally an operatin g company p re cast concrete. At Oct. 31, 1951. 100% o f th e v o tin g p ow er w as T h e C e lo te x C orp . m a in tain s o ffic e s th ro u gh owned in th e fo llo w in g co m p an ies: o u t th e w o rld a n d h a s b ra n c h o ffic e s in 15 Name, place of incorporation an d business: cities located in variou s parte o f th e United American G ypsum Co., Ohio, inactive. States, including the Pacific Coast. 22 R ey P r o d u c ts C o ,, Inc., C alifo rn ia, in ac P R I N C I P A L P L A N T S A P R O P E R T I E S tive. T h e m ain m anufacturing plan t is located At Oct. 31, 1951, ow n ed le ss th a n 100% o f a t M a rre ro , in J e ffe r s o n P a rish , L a ., c lo se to voting pow er in follow ing com pany. the City of New O rleans. It com prises approxi Celotex, L td ., E n glan d , m a n u fa c tu re s a n a m ate ly 500 a c re s o f lan d . sells C elotex products in B ritish Em pire T he com pany obtain s bagasse, the principal ' (80%) E . raw m aterial, from a num ber o f su gar m ills E A rticles of A ssociation of Celotex, Ltd. in Louisiana. provide th at un less a n a un til num ber sh all be A plan t a t M etuchen, N. J ., is located on changed a s p ro v id e d th erein , n u m b er o f d i a p p ro x im a te ly 14 f t a c r e s o f lan d , a n d c o n ta in s rectors sh a ll n o t b e le ss th a n 2 n o r m ore th an a b o u t 210,000 s q u a r e fe e t o f floor sp a c e , an d 7. H olders o f first p refe re n c e sh a re s a r e en is u s e d f o r th e m an u fac tu re ^ o f a sb e sto s titled to ap p o in t 1 such d irector. B y v irtu e cem en t b o ard w ith in su latin g can e (C em esto), a f r o ow n ersh ip o f 100% o f d e fe rre d sh a re s, in su la tin g sid in g . T h e re is a lso a w a re h o u se Celotex C orp . is e n titled to e le ct rem ain in g d i a n d c u rin g b u ild in g o f a b o u t 50,000 sq u a re rectors. A t Oct. 31,1951, there w ere 6 directors. feet. Note: A t Oct. 31, 1951, com p an y ow n ed 205,- A p la n t a t P o r t C lin to n , O hio a n d a p la n t 328 com m on sh a r e s o f S o u th C o a st C orp. (se e n e a r H am lin , T e x . a r e u s e d In m a n u fa c tu re general in dex) constituting approxim ately of gypsum products. 48% o f v o tin g p o w e r o f a ll o u tstan d in g sto c k A p la n t n e a r F t. D od ge, la ., m a n u fa c tu re s of that c o m p a n y a n d 600 sh a r e s (20% ) o f C ali p la s te r p ro d u cts. fornia M ill S u p p ly Corp. A plant near L agro , Ind. an d a p lan t In D e troit, Mich., are used fo r production o f rock wool insulation products. P lant a t Lagro also m anufacturers acoustical m ineral tile. P la n ts a t C leveland, an d A very, O., M adison, 01., an d L o s A ngeles. C al. a re used in m an u factu re of roofing products. P lan t o f Celotex, L td ., a su bsidiary, la to cated at Stonebridge Park, London. Buildings, including office building, etc., h ava a com bin ed floor a r e a o f a p p ro x im a te ly 141.600 eq. ft. Equipm ent includes facilities for preparing raw m aterial and fabricating equipm ent foe preparin g finished board. MANAGEMENT O fficers O. S . M ansell, President H. W. Collins, Exec. V ice-President C arl G. Muench, Senior Vlce-Pres. C. L . Christensen, V lce-Pres. and Chalroa. Exec. Com. F. A. Irvine, Vice-President M a rv in G reen w ood, V ice-P res., S a le s Mg:. A . L Schim pf, T reasurer C. W. Jo h n s, Secretary W. D. Becker, Contr. and A sst. Sec. J . M. Erickson, A sst. Treasurer A . F. O. Pfeiffer, A sst. T reasurer J . W. Franklin. Purchasing Agent G ates Ferguson, A dvertising M anager D. W. Rice, A sst E xport Mgr. D irectors , C. L. Christensen, Chicago H. W. Collins, Chicago W. W. C olpitts, N ew Y ork B ror Dahloerg, O iicago A. J . Dallstream . Chicago P. H. D avis, Chicago P arrish Fuller, O akdale, La. Jo h n Irw in, Chicago c O. S. M ansell, Chicago C arl G. Muench. Chicago A* C. Sim m onds. Jr., N ew York E. B . W ilber, Chicago G eneral Counsel: D allstream , Schiff, S te m 8c H ard in . A nnual M eeting: T h ird T uesday in F eb ruary. N u m b e r o f S to c k h o ld e rs: O c t 31, 1951 (a p p ro x .), 11,700. N u m b er o f E m p lo y ees: Oct. 31, 1951, 5,506. G e n e ra l O ffice; 120 S o . L a S a lle S t., C h icag o 3, IU. Management Compensation Plan: T o r fiscal year bonus paym ents are based on the consoli dated n et earnings (as defined) in excess of $2,000,000 a n d a re lim ited to 40% o f co m b in e d annual compensation rate of officers and cer tain other em ployees, such am ount to be dis tributed in accordance w ith their respective salaries. Pension Plans: Two pension plans, approved b y sto c k h o ld e rs on O ct. 18. 1950. w ere e s ta b lish e d in 1951, a n o n con trib u tory p la n c o v e r ing hourly w orkers a t M arrero plant an d a r-'+q JIXVJUJJX MISUAL, o f in v e st m e n t s contributory plan covering substantially all o l salaried em ployees. A nnual contributions to p e n sio n tr u sts u n d e r p la n s d u rin g 1951 am o u n te d to $414,624, o f w h ich $214,302 re p re sented current service cost, and balance of $200,322 re p re se n te d p ay m e n ts o n p a s t se rv ic e cost, including in terest U nfunded p ast service c o st of p la n s a s of O ct. 31, 1951 w a s e stim ate d a t $3,000,000. w hich co rp o ra tio n p la n s to fu n d over not to exceed 20 years. T h e re a re oth er arran gem en ts for p a y m e n ts to c e rta in p erso n s not cov a b o v e p e n sio n p la n s u n d er which pi of a p p ro x im a te ly $62,000 w ill be recu 1S52. INCOME ACCOUNTS C O M P A R A T IV E C O N SO L ID A T E D IN C O M E A C C O U N T , Y E A R S E N D E D OCT. 31 1951 1950 1949 1948 1947 1916 N et s a l e s ___________________________ $59,241,635 $48, <14,716 $2S.362,!60 $54.190.341 $46,872,120 $33,090,464 IS C o st o f s a le s a n d e x p e n s e s _________ 50,644,711 41,876,732 33.718.358 41,530.140 35,668,208 25.425,359 z\ QJDeprec., depletion St am ortization-- 1,670,822 1,539,690 1,503,697 1,322,596 925,048 a57,250 O p e ra tin g p r o f i t ..............................O ther in co m e .... _________________ 6,926,102 496,751 5,213,294 370,684 3,HO,405 384,788 11,337.605 388,132 10,278,864 354,220 7.107,856 459, bi T o ta l I n c o m e ___________ - .......... In te re st on fu n d e d d e b t _________ ____ Other interest . . . . . . ______ Debt discount and expense ............ O th er d e d u c t i o n s ____________ ,, _____ F e d e ra l in co m e t a x e s ___ --___ ______ Excess nroilts tax _____ ______ Other Inc. taxes St conting. tax res-- 7,422,353 199,676 28,732 113,073 3,494,000 90,000 5,558.978 216,596 30,621 213,208 2,051,000 74.000 3,525,193 229,794 33,808 126,401 1,135,000 5L0U 11,725.737 237,694 45.302 35.050 183,414 4.307.000 132,088 10,633,084 153,075 85,040 10,952 108,487 3,963,867 83,732 7,567,517 1 160.2J5 8,i35 10,133 100,524 2,476.136 952.500 35.682 N e t p ro fit _ -------- -----------------P r e fe r r e d d iv id e n d s ------ ----_. . . -- . C om m on d i v i d e n d s ______________ - -- 3,497.371 256,862 1,317,320 3,003,552 256,862 875,532 1.949.190 256,363 1,307,554 6.785.189 256.862 1,518,391 6,227,929 256.863 968,628 3,824.324 256.002 830.513 ( J S u r p lu s fo r y e a r ___________ . . . . $1,923,188 1.871,158 384,773 $5.010.235 ", $5,002,438 $2.736/349 0)1945 In c lu d e s am o rtizatio n on a c c e le ra te d b a sis ($268,910 a fte r d e d u c tin g $150,480 a p plicable taxes). (21946: B e fo r e d e b itin g $456,634 p ro v isio n fo r additional Federal incom e and excess profits tax es and in terest lor prior years \while basis and am ount are being protested, this provision has been m ade for the entire am ount com puted on basis as proposed by the Treasury D ep t.) an d c re d itin g $49,556 a p p lic a b le n et adjustm ents of depreciable assets. 1945: B e fo re d eb itin g $120,321 c o sts an d e x p e n se s re la tiv e to s a le of 100,000 ad d itio n al preferred shares. General Notes A bove report excludes Celotex, Lt profit of that com pany for years ended 1951, $153,998; 1050, $102,739; 1949, $147,95$189,231; 1947, $44,148; 1946, $121,820; 1945,; Record of Tear 1936--_____ 1937............... 1938............... 1939............... 1940__ -____ 1941........... -- 1942................ 1943_______ 1944............... ` Earnings, years Net Sales $7,589,955 10,574,242 9,126,489 12,317.938 13,817,501 19,977,155 23,510.364 22,598,269 20,693,859 ended Oct. Cost and Expenses $6,724.665 9,280,992 8,471.885 11,242,829 12,808,896 16,809,199 19,645.214 20,630,162 19,715,677 31: O p eratin g Profit $865,290 1,203,250 654,604 1,075,107 1,008,605 3,167,957 3,865,150 1,968,107 978,182 Oth. In c. Sc Ded. (Net) d 3*9.856 37,203 d 125,246 a 254,251 d 171,677 171,069 d *5 247 d 299,367 d 111,722 Inc. B ei. Taxes $765,434 1,330,453 5^8,358 820,756 836,928 2 996.889 .769,903 1 668.743 S66.40 Incom e Taxes $29,419 63,700 10,000 79,000 89,300 1,247,790 2,645,938 1,138.544 304,184 Net Incom e $736,015 1,266,753 618,358 741,Y56 747.628 1.749.099 1,123,967 530,199 562,276 Common D ivid en d s $322,422 212,429 706,138 471,901 325,293 377,759 Com. Sh s. Eai O utstand. Cc 268,035 268,685 312.4^9 629,9b0 627.678 627,676 632,068 696,933 755,472 BALANCE SHEETS ASSETS: C O M P A R A T IV E C O N SO L ID A T E D B A L A N C E S H E E T , A S O F O CT. 31 1951 1950 1949 1948 1QA7 1946 1 ................................... ..... ........ ......__...... U. S . G o v ern m en t se c u ritie s ____ $5,904,218 996,000 $5,017,130 1,993,400 $6,491240 $5.777,132 $5,101,040 465,035 $2,453.820 4,550.951 m 6.C U N otes and accounts receivable, pet- 6,402,018 6.638,855 4.787.368 5.329.177 5,085.297 3.609,718 i F e d e ra l t a x r e fu n d c l a i m s __ ______ f3I n v e n t o r i e s . . . . . . ___________ 5.482,416 4^14.099 5,077,234 4.612.704 4,222,985 3.54M82 U t Total Current a sse ts___________ B O p e r a tin g p ro p e rtie s . . . _____ ____ D eprec., d e p le tio n St a m o r tiz a t io n __ N e t o p e ra tin g p ro p e rty . . . . ____ _ N o n -o p eretin g p ro p e rty m e t) _______ P a te n ts a n d r i g h t s ________ ________ -- S o u th C o a st C orp . in v e stm e n t___ -- In v e stm e n t in C elo tex , L t d . ______ v e stm e n t in E l R e y P ro d . C o .___ __ C alif. M ill S u p p ly C o r p ..._______ _ S u s p e n s e __ _________ . . . . . . . . . __ ____ O ther a s s e t s ______________ __________ Utiamort. d eb t discount St expense ... D e fe rre d c h a r g e s _____ - __ ________ _ T o tal ___________ . . . . $18,784,652 36,539,719 14,147,484 22,392,235 1 438,541 700,460 202.838 166.094 142.754 1.107.899 $43.935,473 $18.463,485 34.015.827 12,775.108 21.240.719 1 438.541 700.460 202^38 165.169 171.487 540,254 $41.922.353 $16.355.942 32,150,768 11,419,120 20,731,639 438,541 700,460 '202,838 340.001 9Q9 107 353,534 $33.355.063 $15.719.013 31,514.090 10.332.815 21,181.275 1 438.541 695.161 202.838 622.845 235.915 448.747 $39.544,336 $14,874,357 28.349,631 $49,071 19,100,559 1 438,541 703,074 202.838 227,379 81,252 475,43$ $36,103,440 $14,160.971 19.130,942 8.591,957 10.538,985 i 438.541 711.007 2,181,790 ifi}55,13G 220,143 . $2,2ui 357.018 $28,755.290 $W 13.1 8,6 M 1 4 7 ** t $19.6: LIA BILITIES N o tes p a y a b le ________ . . . . A cco u n ts p a y a b l e _____ . . . . A cc ru e d e x p e n s e s _____ . . . A c c ru e d i n t e r e s t __________ P ro v . fo r m ise , t a x e s _____ Sinking fund requirem ent S3P ro v . fo r in co m e ta x e s .. $1.000.000 Sl.300.000 $2,687,830 1.672,390 $2.503339 1,435.275 $1.897.502 997,530 $2,223.634 919.160 2,234.898 897,131 2,310,542 812,733 n 47,759 51,269 54,673 58.183 41,998 43,458 269,918 437,500 248,298 437.500 181,882 437.500 146.231 437.500 126.270 250,000 93.509 250.000 L 551,343 505.105 546.261 585,726 1,912,673 830,398 2- Total current Habilfties ... D eb e n tu re s - __ - _______ ____ B a n k l o a n __________________ Paym ent rec. on stock sales 5% p r e fe r r e d sto c k ($20 p a r) C om m on sto c k _______ ____ Partially paid com. shares. P a id -in s u r p l u s ______ . . . . . E a rn e d su r p lu s ......................... . Total capital and surplus S]Treasury common sto c k ..... $5,666,790 5.440,500 5,137,250 877,963 27,572 6,309,152 20,482.520 32,834,458 6,275 $5,180.987 5,872.500 5,137,250 576,246 29,226 6.269,661 18,559.332 30,871.715 2,250 $4.115.548 6.231.500 5.137 250 873,957 31.519 6.217,014 16.688,175 28,947.915 $4.370.735 6.723.500 5.137.250 869.332 36,144 ' 6.110.339 16.296.735 28,450,100 $6.462,969 4,342,000 2.000,000 5,137,250 863,183 42.325 5.969,212 11.286,500 23,298,470 $5,641,140 4.582.000 60055.136 5,137,250 855,472 5,793.659 6.691,140 18,477.521 $2.4AX 5,13 7i 2.45 335 12,31 N et capital and surplus 32,828,183 30,869.465 23,947,915 28^450,100 23,298,470 18,477.521 12.30 T o ta l ____ _ Net current assets $43,935,473 $13,117.862 $41,922,953 $13,282.498 $39.355,063 $12,240.294 $39.544.336 $11.348.278 $36,103,440 $8,411,388 $28,755,700 $3,519,831 $19.52'$10.25 S A t lo w e r o f c o st o r m ark e t. 1951: C om p rise s; R aw m a te ria ls (in c lu d in g a t cost, $797,- A t c o st (a fte r $47,162 re se rv e in 1951). 1945: A fte r c re d itin g 3503,886 e x c e ss of ISA fter d edu ctin g in vestm en t in U. S . T re a s proceeds o f sa le o f p ortion o f investment 112 b a sic ra w m a te ria ls fo r w h ich the c o r p o ra tio n is th e on ly su b sta n tia l m a rk e t), $2,- u ry notes, ta x se r ie s a t cost: 1851, $3 900,000; 1950. S2,000,000; 1949, $1.000,000; 1948. 4.080,000; Certain-teed Products Corp. coramen r ov er 1938 w ritten -d o w n v a lu e th ereof. 196,410; g o o d s in p ro cess, S342.319; finished 1917, $3.380,000; 1946. S3,190,COO; 1845, $1,000.000 gDAmounl rec eiv ed fro m em p lo y e Ou i goods, $875.896; o p e ra tin g an d m ain ten an ce '^ S h a re s a t c o st; 1951, 273: 1950: 98 sh a re s a t sa le s ag reem en t. su p p lies, $2,067,790; total, $5,482,416. . cost. (SlAfter re se rv e s (1950, $766,060). (21951; C o m p rises: $1.577,260 d e b e n tu re 5s (su b o rd in ate d ) 1973 a n d 205,328 sh a r e s o f com ^ P rin cip al paid-in surplus changes follow: 1949-47: A fte r c re d itin g C$49, $106,375, 1948; 521945: In c lu d e s $817,327 em e rg e n cy faci! covered in full by reserve. It is anticip m on sto c k c a rrie d a t $438,541. M a rk e t v a lu e O ct. 31, 1951, d eb e n tu re _ 5 s, (su b o rd in a te d ), $141,427; 1947, $177 353) excc.is o f co n sid eratio n re c e iv e d fo r (1949, 4,625: 1918, 6.149; 1947. 7,- Uiat these facilities w ill continue in us* 1973. $1,182,945: to tal. $2,645,907. ccm m olK shares, $1,462,962; 711) com m on h ares fu lly paid in p ie year o v e r sta te d v a lu e o f $1 p e r s h a r e ( a f t e r $1.800 53,1951, 27,509; 1950, 29.226*, 1949, 31,515; I 36.140; 1947. 42.289 sh a re s. T otal su b sc rib e r ' In v e stm e n t a t c o st (le ss $64,940 re se rv e in 1951) in se c u ritie s C elotex, L td . (E n glish su b costs and expenses relative to sale of stock in 1947). em p lo y e e s. 1951, 660.216; (1950, $701,424; ! S756.360; 1948, $867,360; 1947, $1,014.936): sid iary --n o t consolidated.) 1946: A fte r c re d itin g $3 575.000 e x c e ss of u n p aid p o rtio n d u e in in stallm e n ts to j am o u n t receiv ed fro m sa le at^S36.75 o f 100,000 S632.643 C950, $672,198* 1949. $724.841; 1943. $i N o p a r sh a r e s: 1951. 877,963; 1950, 876,246; 1949. 873,957; 1948, 869,332; 1947, 863,183; 1946, additional common shares over stated value o f $1 p e r sh a re ; le s s $239,024 c o st a n d e x p e n se s 216; 1947, $972,611); b a lan ce . 1951. $27.572: il $29,226; 1949, $31,519; 1948, $36.144; 1947, $43.3 855.472: 1945, 755.472. relative to sale o f stock. pesate covered fe i payrr.em* equired - 1945 $22.145,& 20,041 a 77c^ 1,3*2,312 _ J4U 5 6 5 U4. -- * J3AC * *l 4CC.33 157 _ JU k 65S 170,7a 3n,m 57,0 Ltd. 5 ed O ct SU 7,954; ISO, 145, $59C. JEarn. Ptr Com. S i $29 4.17 . 1-1 0.95 0-94 2.55 1.54 0.54 0.53 1945 $1.853, 6,025,S i 2,205.38 206, m 2,205,9 F1275U7 13,183,151 8,094,19 , 5,029,054 120,1 . 4 438,541 718,913 195,104 102,672 207,571 19,629.43 U,359,29* 593,135 40$ 73.711 175.0 257,818 2,499,842 4,825,001 5,137.258 755,471 2,457,684 3,954,191 2.304.597 2,304,591 7,629.433 >57.534 Of M l neat fat i stock o stock d ati pipate Ute. f 5; 194` bed b y )? S S T * > 195t 13.325t MOODY'S M A N U A L OF IN VESTM EN TS 191 ATISTICAL RECORD. FISCAL, la m e d p e r sh a re --p r e f e r r e d ________ --com m o n ________ Dividends p er sh are--p r e fe r r e d ____ _ , --c o m m o n ____. . . (DPrice ran ge--p r e f e r r e d ......................... --c o m m o n ____________ _ Het tan gible a s s e ts p e r sh .--p re fe rre d --c o m m o n . fixed charges earned: fief. inc. taxes, deprec. St d e p t . . . . . . fief. inc. ta x e s Sc a ft. d ep rec. St d e p t After Inc. ta x ,, d ep rec. St d e p l____ _ Times c h arg es Sc p fd . d iv . e a r n e d . .. . Price range--3 fts, 1960 (issu e d 19451 --3 fts, 1960 ( s e n e s 1947).. get tan gible a s s e ts $1,000 fu n d . d e b t ., get curr. a sse ts p er 1,000 fu n d . d e b t .. Times p re fe rre d d iv id e n d s earn ed __ _ Number o f sh a re s--p r e fe r r e d ____ . . . . --c om m o n _______ _ SCalendar years. (^Including partially paid shares: 1951 $13.62 $3.57 SI 00 $1.50 17%-1574 20^8-14 ft $127 8 $30.59 39.32 32.00 16.31 7.68 102*4-98^8 io2 i 4-io2 $7,033 $2,411 13.62 256,863 E905.199 1951, 27,509; 1950, 1950 $11.69 $3.03 $1.00 $1.00 m V - ia 1/* 21-13 V* $120.18 *28.42 1949 $7.59 Si.36 $1.00 SI 50 183/v-15ft 26^4-1314 $112.69 $26.29 28.22 21.75 13.15 6.45 102-100V2 101 >-101 */2 $6,257 $2,262 n.69 256,863 [2905,374 18.60 12 89 8.39 4.25 101ft--99ft 101ft-101 $5,601 $1,946 7.59 25G.863 3905,472 29,226; 1949, 31,515; 1948, 36,140; 1948 $26.42 $7.20 $1.00 $1.75 20l,8-17% 34%-2244 $110 76 $25.75 40.45 36.29 22.33 12.36 102-99 101-100f t $5.231 $1.638 26.42 256,863 [905.472 1947, 42,289. 1947 $24.25 $6.59 $1.00 S1.12ft 21Tb-19% 32%-19ft $90.70 $20.06 45.97 42.26 26.00 12.80 106-101 104-93 $4,674 $1.326 24.25 256,863 53905,472 194S $14.8$ $4.17 $1.00 $1 OC 23-30 $8)4-22 ** $7193 $15 59 44.95 41.83 22.42 9.19 u u lar $5,033 $1,859 14 89 256,b63 855.472 1945 $2.36 $0.57 $ 1.00 $0.50 2351VVW1 4*%7 $47.90 $9.49 16 37 10.25 5.73 2 46 103%-102 $3,550 $2,126 3-55 256,862% 755.472 FUNDED DEBT 1 Celotex c o r p . d eb en tu re $/**% d u e 1960: R atin g-- B a a AUTHORIZED--$5,000,000; o u tstan d in g . $3,615.000. DATED--A ug. 1, 1945. MATURITY--A ug. 1, 1960. INTEREST--F & A 1 a t o ffic e o f tru ste e or a t City N atio n al B a n k Sc T ru st Co., C h icago. Principal and in terest p ay ab le in U. S. legal tender. TRUSTEE AND REG ISTRA R--Chem ical B an k T ru st P n M a w V ftrlr DENOMINATION--Coup'on, $1,000; re g iste r- able as to p rin cipal. CA LLA BLE--A s a w hole o r in p a r t on a t le a st 30 days* p u b lish ed n o tice a t an y tim e to J u l y 31, incl., as follow s: 1952... 102 1953-- 101% 1954 101 1959-- 100% Q31959- 100 GQAiter J u l y 31, 1959. Also callable fo r sin k in g fund, w hich see. SINKING FUND--A n n u ally on o r before first day of fifth calen d ar m onth n e x t succeeding close of each fiscal y e a r b eg in n in g 1945,15% of sinking fund earn ings (a s defined), b u t not to exceed $250,000. S in k in g fu n d p ay m en ts sh a ll average a t le a st $1757000, w h eth er o r n ot earned, cash to be u sed to purchase bonds a t not exceed in g red em p tio n p ric e or to red eem bonds. D ebentures m ay b e tendered in lieu of cash at an am ount equal to principal am ount Of debentures o r th e c o st b u t n o t to ex c e e d sinking fu n d red em p tion p ric e on n e x t A u g. 1. Debentures purchased or redeem ed to be can celled. , SECURITY--N o t se c u re d b y an y lien. CREATION O F A D D ITIO N A L D EB T , ETC.-- Company w ill not, directly or indirectly, cre ate or assum e, or perm it any subsidiary to cre ate or assum e, any m ortgage, pledge, or en cumbrance on property o r assets now owned or hereafter acquired,, or on Income or profits therefrom, unless d eben tu res are eq u ally and ratably secured thereby, except purchase money or other perm itted H en s/ Consent of 66 2/3% o f d e b e n tu re s n e c e ssary to create, assum e, or issu e, d irectly or in direct ly, or p erm it any su b sid iary so to do, an y ad- -ditional funded debt, ex cep t (a) fo r refunding, "renewal or extension o f not to exceed like amount thereof, or (b) funded debt (a s de fined) o f a su b sid ia ry to c o m p a n y ; p ro v id e d , that com pany sh all not d isp ose o r p a rt w ith control thereof (ex cep t to su ch su b sid iary ), unless im m ediately th ereafter (1) av erage an nual consolidated n et earn in gs av ailab le fo r interest (as defined) on fu n d ed d eb t fo r tw o fiscal y ears Im m ediately precedin g eq u al a t least 4 tim es total ann ual in terest require ments on consolidated funded d ebt; (2) ex cess of current assets (as defined) over current liabilities at least equal outstanding funded debt, except fu n d ed d e b t secu red by lien s' a s permitted, and (3) consolidated net tangible su e ts (a s defined) a t 1le a s t e q u a.l..2...%....t..im e s con- oildated funded debt. DIVIDEND R E S T R IC T IO N --N o d iv id en d ( e x cept stock dividends) sh all be declared or paid on capital stock if thereupon cu rren t a sse ts would be less than twice current liabilities and cash dividends are restricted to net earn in gs a fte r Oct. 31, 1944 p lu s 51,000,000. R IG H T S ON D E F A U L T --In even t of d efau lt (30 d ay g rac e p erio d fo r p ay m en t of in terest, 60 d ay s fo r sin k in g fu n d in sta llm e n t), tru s tee or 25% of deben tures m ay d eclare p rin cipal due and payable Im m ediately. INDENTURE MODIFICATION -- Indenture m ay be m odified except as provided with con se n t o f 66 2/3% o f d e b e n tu re s. P U R P O S E --N e t p ro c e e d s u se d to re d e e m de- c e n tu re 3% s, d u e 1955, a n d f o r ad d itio n al working capital. TA X ST A T U S --C om pany refu n d s p erson al prop erty tax es in P en n sylvan ia not to exceed 4 nulls an d in K en tu ck y not to exceed 5 m ills on taxable value, and income taxes in M assa ch u se tts up to 6% an d in M ary lan d up to 5% per annum. LISTED --On New York Stock Exchange. O F F E R E D --($5,000,000) a t 102ft (p ro c e e d s to com pan y 99) on S e p t. 6, 1945 b y a sy n d ic a te headed by P au l H. D av is & Co.. Chicago. 2. C elotex C orp. d eb en tu re 3% s (issu e o f 1947) d u e I960: R atin g--B a a A U TH O R IZ ED --$3,000,000; o u tstan d in g , $2,- 263,000. D A T E D --A ug. 1. 1947. M A T U R ITY --A u g. I, 1960. IN T E R E ST --F & A 1 a t office of tru stee or City N ational B an k & T ru st Co., Chicago. Principal and in terest payab le in U. S. legal tender. T R U S T E E A N D R E G IS T R A R --B a n k o f N ew York & Fifth Ave. Bank, New York. D EN O M IN A TIO N --C oupon, $1.000; re g iste r- able as to principal. C A LLA BLE--A s a w hole or in p art on at least 30 d a y s' p u b lish e d n o tic e a t a n y tim e a t p a r and interest. S IN K IN G FUND--A n n u ally on o r b efo re first day of tenth calendar m onth next succeeding close of each fiscal year, beginning w uh fiscal y e a r e n d in g in 1947. th e le sse r o f 9% o f sin k in g fu n d e a rn in g s ( a s d efin ed) o r $187.500, b u t to be m aintained a t a minimum average ot $125,000 fo r e ac h 12-m onths p e rio d re g a r d le s s of such earnings. D ebentures m ay be tendered at an am ount equal to the principal am ount of the debentures in lieu o f cash; any excess credits to apply on future paym ents. Deben tu res so redeem ed or credited to be cancelled. O T H E R P R O V IS IO N S --S a m e a s d e b e n tu re 3 As, issu e o f 1945, d u e 1960 (N o. 1). P U R P O S E --N e t p ro c e e d s to p a y te rm bank loans; balance to general funds. L IS T E D --On N ew Y ork S to ck E xch an ge. O F F E R E D --($3,000.000 a t 97'A on N ov. 21. 1947 by a sy n d ic a te h e ad e d b y P a u l H. D av is Sc Co., Chicago, an d Union Securities Corp., New York. % CAPITAL 8TOCK 1. The Celotex Corp. 5% cum ulative pre fe rre d sto c k ; p a r $20. A U TH O R IZ E D --300,000 sh a re s (In c re ase d from 100,000 sh a re s, J u l y 12, 1943); o u tstan d in g . 256,862ft sh a re s; p a r $20 (ch a n g e d fro m $100 p a r J u n e 18, 1943, five S20 p a r sh a re s issu e d fo r e a c h $100 p a r sh a re ). P R E FE R E N C E S--H as p referen ce fo r asse ts and dividends. DIVIDEND RIGHTS--Entitled to cum ulative dividends of 5% per annum , p ay ab le q u arterly F eb . 1, etc. D IVID EN D RECORD--N o d ivid en d s p aid on $100 p a r sh a re s to N ov. 10, 1936 w h en 5% w as paid clearing up arrears. Thereafter, regular d iv id en d s p a id q u a rte rly F e b r u a r y 1, etc., U> M ay 4, 1943, incl. In itia l d iv id e n d o f 25 ce n ts p e r sh a re p a id cn $20 p a r sh a re s A u g. 9, 1943; re g u la r d iv i dends paid quarterly thereafter. DIVIDEND LIM ITATIO NS -- See `'D ividend R e stric tio n " u n d er d eb en tu re 3 l * s , 1960. VOTING R IG H T S---None, e x c e p t th a t if a t any lim e cum ulative dividends have accrued to the e x te n t o f $2 p e r sh a re , h o ld e rs o f p re fe rre d stock shall have one vote per share. L IQ U ID A T IO N R IG H T S --H as p re fe re n c e ov er com m on to p ar p lu s accru ed a n d u n p aid d ivi dends. P R E E M P T fV E R IG H T S --N one. CA LLA BLE--On any quarterly dividend date, m whole or in part (by lot), on 90 days' notice, a t $20 p e r sh are p lu s a c c ru e d d iv id en d s. LISTED --On New Y ork Stock Exchange. T R A N S F E R A G EN T --C h ase N a tio n a l B a n k , New York. R E G IS T R A R --C h em ical B a n k Sr T r u s t Ccnw* oany. New York. O F F E R E D -- (100,000 sh a r e s ) a t $20 p e r s h a r e (p ro c e e d s to com pan y $1$ p e r s h a r e ) o n S e p t. 6, 1945 b y a sy n d ic a te h e ad e d b y P a u l K - D a v is & Co.. Chicago. 2. T h e C elotex C arp, com m on; ne par. A U TH O R IZ ED --1,500.000 sh a re s, o u tstan d in g . 905,199 sh a re s (in clu din g 27,509 s h a r e s p a r tia lly paid subscribed by em ployees); in treasury. 273 sh a re s; no p ar. Dividend Record (In $) (Calendar years) 1935-36 N il 1937__ 1.20 1038__ 1939-40 N il 1941__ 1.12ft 1042__ 1943-45 0.50 194._ 1 00 1*47 1949__ 1.75 1949__ 1.50 1 9 5 0 ,. 1951__ 1.50 E19S2- 0.75 [L P aid 100% in sto c k N ov. 4, 1338. T o M a y 1. OD 0.75 ! 1.00" DIVIDEND LIM ITATIONS -- See "D ividend R estriction ** u n d er d e b e n tu re 514*. I960. V O TIN G R IG H T S --O ne v o te p e r sh a re . C um u* lative voting perm itted for election o f direc tors. See "vo tin g Rights" under 5% preferred stock, above. P R E E M P T IV E R IG H T S --N one. L IS T E D --O n N ew Y o rk S to c k E x c h a n g e . T R A N S F E R A G E N T --C h ase N a tio n a l B a n k . New York. R E G IST R A R --C h em ical B a n k & T r u s t C om pany, New York. O F F E R E D -- (100.000 sh a re s) a t 36% b y P a u l H . D av is Sc Co.. C h icago a n d U n io n S e c u ritie s Corp., New York. Subscription Rights: Common stockholders o f re c o rd O ct. 22, 1943 h a d rig h t t o su b sc rib e , a t $10.50 p e r sh are , fo r sh a re s o f com m o n sto c k , on the basis of one share for each ten shares then held. CORNING GLASS WORKS CAPITAL STRUCTURE Tim es Firm jq n DEBT Amount Charges Earned Issue R ating O utstanding 1951 1950 1, Incom e d eb en tu re 33, 4 s _____________ -- 0510,000,000 OE -- 0B-- CAPITAL STO CK Par Amount Eacned per Sh. Issue V alue O utstanding 1951 1950 1. 3ft% cu m u lativ e p fd ., 1945 se rie s . - $100 42,230sh s.$l 116.67 $198 92 2. 3%% cu m u lativ e p fd ., 1947 se r ie s Com m on . . . . . . __ _____. . . . . . _______ ....- 100 5 44,690sh s.f 2,659,008 sh s. 3 70 6.5'? COT"Aprtf 1, 1 9 5 4 in cL S ee te x t. g]R a ng e sin c e 1945." B JR ahge s in c e 1947. @ To A p r il 1957, w hen p ric e ch an ges. [[O utstanding M a r. 1, 1952. Issu e d in 1952. Interest D ates A&O 1 Divs. per Sh. 1951 1950 $3 50 $3 50 [ 3 50 3 50 2.00 2.00 1, 1955, incl. S e e Call Price Range P ric e 1951 1932-51 Is] 105 ............ Call Price Range Price 1951 1932-51 SIO ? 104ft-91ft (2109^-88 E104ft 104%-92ft 5)105*4-86 ... 78 -38 78 -18 text. QDPrivately held. S iT o M a r. i ' HI8TORY i sInacocropnosroaltieddatiionn No fewa Y N ork ew ^DRecck. 24, 193$, com pany t sam e n am e o rig in a lly in c o rp o fc te d in 1875 end M acbeth-Evans G lass Co. incorporated in fvn n sylvan ia in 1899. B u sin e ss e sta b lish e d in IV I and 1869. O n Sept. 12, 1945. m e rg e d C o m in g R e a lty Co. a w holly-ow ned su b sid ia ry ow n in g C orn - teg Building a t F ifth A ve. and 56th S t.. New York and certain realty a t Com ing, N. Y. SUBSIDIARIES Sc AFFILIATES Steuben G lass, Inc. (w holly-ow ned): Incor- o o ra te d in N ew Y o rk in 1933. D e sig n s a n d distributes fine g lass tablew are and a rt glass. C o rh a rt R e fra c to rie s C o . (88.86% o f v o tin g sto c k o w n e d ): O rg an ized in D e la w a re in 1927. Owns and operates refractories plant at Louis ville, K y. w Corning G tess W orks of Canada, Ltd. w h olly -ow n ed ): O rg an iz e d in 1945 to o p e rate plant, purchased from Canadian govern- m ent. a t L easide, Ont., fo r m an u factu re o f heat-resistant glassw are and other special products for Canadian and certain export m arkets. A fter extensive reconversion w ork necessary to adopt plant's facilities to glass m aking, production w as started in sum m er o f 1946. Corning G lass W orks o f So A u n tie s (Crlstalerias Corning de Sud A m erica, S. A.) (w holly-ow ned): Incorporated under A rgen tin e la w s in 1942. O w ns A rg e n tin ia n a n d