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FILE NAME: Philip Carey (PC) DATE: 1955 DOC#: PC067 DOCUMENT DESCRIPTION: Entry in Moody's Industrial Manual i MOODY'S INDUSTRIAL MANUAL AM ERIC AN and FO R EIG N JOHN SHERMAN PORTER, Editor-m-Chief Editorial Board Charles N. Berents Arthur W. Herrmann David M. Day Frank J. Prendergast Frank J. St. Clair George I. Blair David M. Ellinwood George H. Parsons 1955 D. B. McCruden, Publisher MOODY'S INVESTORS SERVICE 99 CHURCH STREET, NEW YORK 7, N. Y. P H II.A D F .lP H tA 1411 Walnut St. ROSTON 75 Federal St. CHICACO 105 W. Adam? St. LOS ANGELES 606 So. Hill St. WASHINGTON Woodward Bldg. SAN FRANCISCO Russ Bldg. LONDON: MOODY'S INVESTORS SERVICE LTD. Copyright, 1955-- M oody's I nvestors S ervice, N ew York-- A ll rights reserved -ijurtpffwii:'rtTtnmB 78 MOODY'S INDUSTRIAL MANUAL LONG TERM DEBT 1. Anderson, fiinyton A Co. debenture 7H% serle* A, d u e Y)7U AUTHORIZED--All series, S.tf.o'QO.OOO; out standing:, D ec. 31, 1954, th is series, $17,000,000. Sold privately. DATED--O ct. 1, 19. M ATURITY--O ct. 1, 1971. IN TEREST--A&O 1. TRU STEE--G u a ra n ty T ru s t Co.. N ew York. C A L L A B L E --As a w hole, o r in o a r t bv lo t in m u ltp le s o f $50,000. a t 104 to S ept. JO, 1951; prem ium reducing each year thereafter. D ebentures redeem ed to be cancelled, Also callable for sinking fund (which sea) on like notice as above at p ar and interest, SINKING FUND--A nnually (1) Ted pay m e n ts on S ept. 30, !3ul-70, b id ., au fficieni to red e em on n e x t en su in g Oct. 1, Si .000,000 of debentures, and (2) contingent paym ents on Dec. 31, 1947-70, inch, su fficien t to re d e e m on n e x t en su in g Ja n . 1. n o t In ex cess of $530,000 d e b e n tu re s a n d n o t in ex cess o f $5,000,000 in aggregate. SECURITY--N o t se cu red by a n y lien . T hese d e b e n tu re s a re sen io r to d e b e n tu re 4s, se ries 1979-8$. an d 4'4s eerie* 19SS-98. DIVIDEND RESTRICTIO N S--C o m p an y w ill not declare any dividend* (except stock divi dends) or m ake any distribution on or acquire for value (except in exchange for or from proceeds of stock) any class of stock or any d e b e n tu re 4a, se ries 1379-88. o r 4\4s, series 1989-38, u n le ss su ch d iv id e n d s a r e p ay ab le w ith in 60 days, an d u n less (1) co nsolidated n e t w o rk in g c a p ita l eq u als a t le a st SSO.OOO.O^O* (2) consolidated n e t w orking capital olua fixed sinking fund paym ent required within one y e a r e q u a ls a t le a s t 1.6 tim e s p a r o f o u t sta n d in g 1971 d e b e n tu re s; a n d (3) $5,000,000 phis (or m inus deficit) consolidated n et in com e fro m A ug. I, 1950 ex ceed s a ll su c h d is bursem ents plus debenture fixed sinking fund paym ents (excluding interest) becom ing due from such date. O FFERED --($25,OOOjOOO) sold p r iv a te ly Dec. 5, i$46 a t p a r to E q u ita b le L ife A ssu ran c e SfC .ctv nf th e U. S. 2. A nderson C layton & Co., s in k in g fu n d d e b e n tu re V/iS, se ries 8 , d u e 1971: O u tsta n d ing, Dec. 31, 1954 $22,750,000. S o ld to E q u ita b le Life A n iran ce S o ciety of th e U. S. P ro c ee d s used to reduce .hort-term bank borrow ings. D ate d O ct 1, 1D50; d u e O ct. I, 1971; in te re s t payable A^0 t: G u aran ty T ru s t Co., New York, Trustee. Callable as a w hole o r in p art a t a n y tim e a t 103 to Sept- 30. 1955, incl., prerrrum reducing thereafter. S ecu red e q u a lly w ith deb. 2?is, serie* A d u e, 3971; o th e r provision* su b s ta n tia lly sim ila r thereto. 3. A n d erso n , C layton & Co. sin k in g fu n d de b e n tu re V'iSf series C, d u e 1972: O u tsta n d in g , Dec. 31, 1934, 55,600,000. H eld b y E q u ita b le L ife A ssu ran ce S o ciety o f th e U. S. P ro c e e d s u sed to r e tir e lo n g -te rm n o te s o f M rs. T u c k e r's Food-. Inc. D ate d Oct. 1. 1951; d u e Oct. 1, 1971; in te r e s t payable A&Ol; G uaranty T ru st Co., N ew York, Trustee; Callable as a w hole o r in p art at a n y tim e a t 103% to Sept. 30, 1934, p re m iu m reducing thereafter. Secured equally w ith deb. 2%s, series A due 1971 'N o . 1 ab o v e); o th e r p ro v isio n s su b stantially sim ilar thereto. O th e r F u n d ed D ebt: O u tsta n d in g , D ec. 31, 1954, .?5,368 500 d e b e n tu re 4s d u e J u ly 31, 1988 a n d $4,411,200 d e b e n tu re 4y*s d u e J u ly 31, 1998, On A pr. 6, 1945, co m p an y s ta te d t h a t th e re were no indentures for these issues and that am o u n ts of $15,000,000 a n d $10,000,000 r e spectively had been authorized by the Board of Directors. For dividend restrictions see O p i* al Stock, below. CAPITAL STOCK L Anderson, Clayton A C * , eatnm eef p e r SB.30: AUTHORIZED--5,000,000 sh a re s: o u tsta n d in g . 3,242,060 sh ares; p a r $21.80. DIVIDENDS PA ID -- 1945__ $0.80 1948_____ 3 5 m T -- 1948__ 4 00 1949___ 2.75 1950... .731951 - 4 25 1952-34 2 00 1955. _ (EAlso 100% in sto ck . C ash d iv id en d s i $3.25 p a id p rio r to sto c k dividend. SiTo Ja n . 29. DIVIDEND LIM ITATION - Debentures 1988 c o n ta in a c o v e n a n t p ro v id in g th at pany m ay not pay any dividends or nn p u rc h a se a n y *tcck u n less th ere i f te r zn seta (ex cess o f a ssets o v e r a ll liabilities, h, oar o th e rw ise ) s h a ll b e a t le a s t 1% time d e b e n tu re s a n d o th e r fu n d e d d e b t !<* o a r t ju n io r th e re to . D eb en tu re d u e its tain sim ilar covenant except that r r i 9 sh all be V/4 tim e s fu n d e d debt. For fu rth er lim itation*, see debenture 1971, above. V O TIN G RIGHTS--H as on e v o te p e r ih* PREEM PTIV E RIG H TS -- H as preexn rig h ts to subscribe to an y Issue of eon sto c k e x c e p t a n ag g re g a te of 200.000 shar be the extent th a t such shire* m ay be offered o r optioned to officers, directors, em ployee* of com pany a n d of an y aubaidii H as p re e m p tiv e r ig h t to su b sc rib e t bo n d s, d eb en tu re* , sto c k o r o th e r *ecns c o n v e rtib le in to o r e x c h an g e ab le fo r cca. sto c k i f su c h se c u ritie s a re so ld fo r c**2i LISTED--O n N ew Y ork S tock E x change TR A N SFE R A G EN T--G u a ra n ty T n u t N ew York. REG ISTRA R--J . P , M o rg an & Co., lac.. YOTk. D IV ID EN D D ISB U R SIN G A GENT--G u it T ru s t Co., N ew Y ork. O FFER ED --(250,000 s h a re s) a t $44 p e r i o n A pr. 6. 1945 b y a s y n d ic a te h e a d e d b y ] g an S tanley & Co., N ew Y ork. Offering n o t rep resen t com pany financing. 240,000 s h a re s iss u e d i n F eb .. 1952 in con tio n w ith m e rg e r o f Mr*. T u c k e r'* Foods, IIMtfflWW! VTTflpSBSWP 8AP1YAL STRUCTURE T H E C E L O T E X C O R P O R A T IO N [3T im es LONG TERM DEBT Issue 1. 31/4% d e b e n tu re s, 1960 .......................... 2. 3V4% d e b e n tu re s (series 1947). 1960 3. 3%% & 3T's% notes, se r. to 1969----- R a tin g Baa Baa ffl-- Amount O utstanding $1,502,000 1.126,000 . 7,000,000) Charges E arned 1954 1953 22.50 34.38 In te re s t D ates fF& A l \T SeA 1 IJ& D t C a ll P ric e BROOK 100 -- Price Range 1954 19& 1Q0&-98 g lu t 100V4-9& 1M -------- 3-- CAPITAL STOCK Par A m ount Earned p er Sh. Divs. p er Sh. C all Price Range Issue V alue O utstanding 1954 1953 1954 1953 P r ic e 1954 1932 1. 5% c u m u la tiv e p r e f e r r e d .................. $20 256.962 shs. $12.47 $11.78 $1.00 $1.00 20 19%-15% 2 3 - 2. C om m on _________________________ N o p a r 878.651 shs. 3.35 3.05 1.50 1.50 - - , WSr-16 , 32*a- 2]F isca l y e a rs. gJR ange sin c e 1938, a f te r 100% s to c k d iv id en d . B e fo re 100% s to c k d iv id e n d . 1935-38 ra n g e , 48%-12>fc. T o J u ly 31. . incl., w h e n p ric e changes; see te x t. E R a n g e sin c e 1345. T R a n g e sin c e 1943 fo r $20 p a r sh a re s. $ R a n g e sin c e 1947. R an g e fo r $100 p a r sh fro m 1935 a n d to th e 5 -fo r-l s p lit in 1343, 93-48. P riv a te ly placed . HISTORY ?In c o rp o ra te d In D ela w a re J u n e 29, 1939, a* successor In reo rg an izatio n to th e C elotex Co. (Del.). L atter com pany w as incorporated in D elaw are in 1920 as `L o u is ia n a C elo tex Co." O n J u n e 16, 1932, th e la tte r c o m p an y w as laced in re c e iv e rsh ip . O n F eb. 8, 1935. trufr ees w ere appointed u n d er Section 77-B of the U, S. B a n k ru p tc y A ct. A re o rg a n iz a tio n p la n w as su b m itte d u n d e r d a te o f M ay 1, 1934 (su b se q u e n tly m odified), a n d o n Nov. 1. 1935, th e business an d asset* of th e predecessor com pany were transferred to the present com pany, D etails of reorganization appear in M oody's 1935 In d u s tria l M anual. In 1937, o rg a n is e d E n g lish Com pany C elotex, Ltd. In 1937 a c q u ire d a n in te r e s t in A m erican G ypsum Co., P o r t C linton. O hio, a n d In 1939 com pleted acquisition of com pany. In M ar., 1945, a c q u ire d p ro p e rtie s a n d b u si ness of Texas Cem ent P laster Co. located a t Flasterco and Longw orth, Tex.: m anufacturer* of full line of gypsum plaster and board products. O n A ug 30, 1946, a c q u ire d S3 1/3% In te re s t in E l R ey P ro d u c ts Co.; p u rch a se d b alan ce of o u tsta n d in g sto c k In 1947 a n d a c q u ire d d ire c t ow nership of property and asset* Including 20% in te r e s t in s to c k of C a lifo rn ia M ill S up p ly Co., d ea le rs In WAste p a p e r, rag*, etc. A cquired p roperties in Ohio of W eaver-W all Co. in Aug., 1946. O n A ug. 15, 1950 a c q u ire d p ro p e rtie s o f W asem P la ste r Co.. F o rt Dodge, la. SUBSIDIARIES T h is 1* p rin c ip a lly a n o p e ra tin g com pany. A t Oct. 31, 1954, 100% o f th e v o tin g p o w e r w as owned In the following com panies: Name, place of Incorporation and business: El Rey P roduct* Co., Inc., C alifornia. Inac tive. \ t Oet. 31, 1954, ow ned l&ss th a n 100% o f voting pow er in following com pany. Celotex, Ltd., England, m anufacture* and sell* Celotex products in B ritish E m pire (85.72%) . CEArticles o f A ssociation of C elotex, L td. provide that unless and until num ber shall be changed as provided therein, num ber of di re c to rs shall n o t b e less th a n %n o r m o re th a n 7. H olders of first p re fe re n c e sh a re s a r e e n titled to appoint 1 such director. B y virtue .o f it* o w n e rsh ip o f 100% of d e fe rre d sh a re s, Celotex Corp. is entitled to elect rem aining di re c to rs. A t O ct. 31, 1654, th e re w e re 7 d ire c tor*. it..I niii.es N o te: A t O ct. 31, 1954, c o m p an y o w n e d 205,328 com m on sh a re s o f S o u th C o a st C o rp . (see general Index) constituting approxim ately 48% o f v o tin g p o w e r o f a ll o u ts ta n d in g sto c k o f th a t com pany. Also ow ned in te re st in fol low ing com panies, w hich have resulted from sp lit-u p o f C alifornia M ill S u p p ly C orp. 1,540.4 sh a re s (20%) o f C a lifo rn ia M ill S up p ly Corp., 3.4S4.3 sn a re * (20%) o t B e rg M etals C orp. a n d 974.8 sh a re s (20%) o f B e rg P ip e and Steel Corp. BU8IHE88 A PRODUCT The com pany m anufactures building and in- *nilating products, consisting fo r th e m ost p art of products m arketed under th e trade nam e "Celotex.* These products are m anu factured principally from bagasse, th e fiber rem aining after the juice ha* been extracted from sugar cane, and are used, am ong other things, fo r ex terior sheathing, plaster base, exterior and Interior finish, fo r insulating roof*, an d as insulation In th e m an u factu re of household refrigerators, railw ay refrigerator cars, trailers and other products. The com pany also m anufacture* an d sells products for correction of acoustical condi tions in office buildings, auditorium s, theaters, broadcasting studio*, an d o th e r places In w hich aco u stical tre a tm e n t Is desired, includ e s products m arketed under th e trad e name* "Acousti-Celotex.** T h e co m p a n y also I* en g ag ed In th e m a n u facture and sale of other type* of insulating and building m aterial products, including loose, g ran u lated and b a tt form s o f ro ck wool, roofing product*, gypsum plaster, la th and wailhoands. and also various item * used as accessories In th e application of products sold. C elotex also sell* p roducts m ade b y other m anufacture**, such aa hard boards, which c u t. sa w And h a n d le lik e lu m b e r (m a d e b y M aso n ite C*Tp.>. an d a re u se d f o r p an e lin g of all sorts, for decoration, shelving, etc. C elccrete (m ade by various s+rel com panies), a lig h t w eig h t c o n c re te a g g re g ate . 1 m a d e of expanded m olten b last fu rn ace slag, an d is used w fth Portland cem ent to m anufacture light w eight concrete blocks. T he C elotex Corp. m aintain office* th ro u g h o u t th e w o rld a n d h a s b ra n c h offices in 16 cities located tn various parts of th e United states, including th e Pacific Coast. PRINCIPAL P LARTS A PROPERTIES T h e m a in m a n u fa c tu rin g r i a n t 1 lo c ate d at M arrero, In Jefferson Parish, La., close to the City of New O rleans. It com prise approxi m a tely $00 a c re s o f la n d . T h e co m pany obtain* bagasse, th e grin* raw m aterial, from a num ber of sugar r in Louisiana. A p la n t a t M etuchen, N. J ., I* loeaW a p p ro x im a te ly 18Ifc acre* o f la n d , a n d com a b o u t 210,900 s q u a re f e e t o f floor space, is used fo r th e m anufacture of asbe ce m e n t b o a rd with^ in su latin g core^ (Geiucs a iiu liia u u ltiilf Sidiitg. Tltel'd 1 iau d w. h o u se a n d c u rin g b u ild in g o f a b o u t 50 square feet. A p la n t a t P o r t C lin to n , O hio a n d a p2 n ear Hamlin, Tex. a re used In m amuact of gypsum products. A p lan t n e a r F t. Dodge la., m anufacti plaster product*. A p lan t n ear Lagro. Ind. is used for % ductfon of rock wool insulation produ P lant a t Lagro also m anufactures acoust m ineral tile. P la n ts a t C lev elan d , a n d A v ery . O., Madii HI., an d L os A ngeles. C al. a re used in faeture of roofing products. P la n t o f C elo tex , L td ., a su b sid ia ry . I* cated a t Stonebrldge P ark , London. Buildii In clu d in g office b u ild in g , etc., h a v e a e< b in e d floor a r e a o f a p p ro x im a te ly 141.000 f t. E q u ip m e n t in c lu d e s fa c ilitie s f o r p re p at, raw m aterial and fabricating equipm ent preparing finished board. KANAQEMERT O fficers O. S. M ansell, P resid en t H. W. Collin*. Exec. V ice-President C. L. C h risten se n , V ice-P res. a n d Chns Exec. Com. F, A. Irv in e , V ic e -P re sid e n t M arvin Greenwood, Vice-Pres., dales M J . R. N ew berry, V ice-P resident A. I. Schlm pf, T reasurer C. W. John*, Secretary W. D. Becker, C o n tr and Asst. See. J . M. E rickson, A sst T re asu re r A. P. O. Pfeiffer. Asst. Trfurr J. W. F ranklin, Purchasing A gant G ates Ferguson, A dvertising Manager D. W. R ice, E x p o rt Mgr* D irecto rs C. L. C hristensen, C hicago H. W. Collins. Chicago A. J. D allstream , Chicago P. H. Davis. Chicago P arrish Fuller, O akdale, Iff. F. A. Irvine, Chicago O. S. M ansell. Chicago Carl G. M ueneh. Chicago N . A. O w ings, C hicago A . C. Slxnmonda. Jr. H ew 7 t E. B. W ilber, P ittsburgh 7-- f t* 5__ T 14| d* Inci ii, tn i dai that eo*. *retire ir net . ss. fu n i Imes Idas BBS 139* 2 le t astati tur 23k ? than, eempth* conno sham it be tort, sal sfcttsjta to m scurite **. art CA * le.. 1ft* * uara&te tr ihat* ; byltoh in* conneo v >ds, Ine j ? I ? > 1939-54 1106-00 1104-9* tad a* # mtaim fis e, an* j $bestof *f e^to). f ware 50,009 |< plant 1 actors sture! ' pro duct* stlcal lisca iena (s la ttaie coca o * irte* ter m 4*r. i MOODY'S INDUSTRIAL MANUAL TS General Counsel: D allstream , Schifi?, B ardlo, I A nnual Meeting: T h ird Tuesday In Fb> N um ber o f Employes: Oct. St, 1954, 6.100. Waite & Dorschet, Chicago. I ruary. G eneral Office: 120 So. U Salle S t, Chicago Auditors: A rth u r Young Sc Co. N um ber of Stockholders: Oct. 31, 1954: P re -I 3. HI* I ferrod, 2,500; common, 8,881. I iNComs a c c o u n t s Co m p a r a t iv e 1954 Ati l e s ______________ __ *-- -- $62.257,623 Cost of sales and expense* -- . -- ... 53,634,184 peprec., depletion Sc am ortization... 1,953,705 in co m e a c c o u n t, y ea rs 1953 19 $59,980,02 $52,032.189 51.829,655 47,005.536 1,879,698 1,809,525 e n d e d o c t . 31 1951 1950 $59,241,633 $48,714,71* 30.644.711 41.876,732 1.670,822 1,599,690 1949 $38,362.480 33,718.358 1.503.697 1943 *54,199 341 41.530.140 1.522.596 Operating profit ... Other income . . . . . . . . . 6,669.734 451.603 6.270,673 391,835 3,217,128 446,050 6,926,102 496.751 218.294 370,684 3,140.405 384,788 11.37.605 383.132 Total income .... .......... ....... -__ tnterrston funded debt __ . . . -----Other in te r e s t-------------. . . . . . . . . . . . . Debt discount and expense . . . . . . . . . TOther d e d u c tio n s _______________ jta e n l Income taxe* ...... ......... O tte ine. taxess& conng. tax re e ... 7.12V336 258,916 . 52,383 1 117,389 3,400,000 90,000 6,662,508 169,083 " 235 84,347 3,272,000 90,000 3,663,178 187.454 "26*45 233,436 1,562.000 42,000 7.422,853 199,676 "2T732 113.073 *.494.000 90,000 5.3^,978 216,596 30,621 213,20* 2,051,000 74,000 3,525.193 229.794 " sifitt 126,401 1,135,000 51,000 11/725.727 237.694 45.502 35.050 183.414 4,307,000 1*3,08* Vet profit ......................... previous earned surplus . . . _______ _ Surplus c r e d i t .................. . . . . . . ------ preferred dividends _____ _____. . . . _ Common dividends _____ ___ . . . . . ___ 3,202,649 21,971,094 256,677 1,318,513 3,024,844 20.521,576 " 256,677 1,318,643 ^ . 612,043 20,482,520 2,448 256,862 1.318,573 3,497,371 18,559,333 "25*6,863 1.317,320 3,003,552 16,688,175 " 25 862 875,532 1.849,190 16,296.735 6.666 256AS3 1.307.534 .7R5.109 11*286.501 356 863 1.518.091 Earned surplus, 10-31...... .............. $23,598,554 $21,971,094 $20,521,57 $20,482,520 $18,559,332 $16,683,175 $16,296^5 (^Includes loss on fixed assets sold, dis mantled, etc.: 1954, $37,387; 1953, $34,423; 1952, $114,705. General Nctes Above report excludes Celotex. Ltd. Vet profit of th a t com pany fo r years ended Oct. 31: 1954, $322,566; 1953, $191,409; 1952, $123,185; 1951, $153,998; 1950, $102,739; 1949, $147,954; 1948. $189.231. Equity In net Income In excess of dividends received: 195, $236,421; 1953, $102,448; 1952, $36,ML Reterd of Earnings, years ended Oct. Cost and fu r N et Sales Expenses 1180**_______ $7,589.955 $6,724.665 1137______ 10,574,242 9.280,999 9,126,439 8,471,885 iS :::::;: 12,317,93* 11,242,629 WO-- -- . 13,817,501 11,808,896 19,977.155 16,809,199 fc :::: 23,510.364 19,645,214 22,593,269 20,630,161 S8: 20,693.859 19,715,677 19-------------- 22,185,651 20,812,739 1*46-................. 33,090,464 25,982,608 1*47................... 46,872,120 36,593,256 SALflWCg SHEETS ASSETS: QNh - .................... ................................. R l Government securities ______ _ Notes and accounts receivable, n e t. Stevento r i . . . __ __________ _____ Ms Operating Profit 8865,290 1,293.250 654,604 1.075.10T 1.008.605 3.167,957 3,865.150 1.968,107 978,189 1,372,912 7.107,856 10,278.864 Oth. Inc. * Ded. (Net) *$99.85* 37,203 *126,246 *254,351 *171,877 171.069 *95.247 *299,367 *111,729 *187,979 180,637 *3.336 Inc. Bel. Taxes 8765,434 1,330.453 528,358 820,75* *38,928 3,996,889 3,769,903 1,668,743 866,460 1,184,933 7,288,493 10,275,528 Income Taxes $29.419 63,700 10.000 79,000 89,300 1,247,790 2.645,938 1,138 544 304,184 579.408 8.464,168 4.047,599 Net Income $736,015 1,266,759 618,3*8 741.756 747.628 1.749.09* 1.123.967 530,199 562,276 005.520 3,824,325 0,227,929 Common Dividends $322.422 mi_$1(J2.4^2_9 en. 706,138 471M 325,293 877,786 377.779 * 830.513 968,628 Com. Sh*. Outstand. 268.685 268.685 212,429 629.960 *27.67* *27.87* 32,06* 696,933 758,472 755,472 655,472 905,472 COMPARATIVE BALANCE SHEET* AS OP OCT. 31 1954 1953 1959 1*51 $8.109,505 $5,663,638 *4,140,052 *$904,21 3,990,000 996,000 7,872,275 7 "334" 579 7,481",422 402.018 5,612,652 5,796,78* 5,850.054 8,482,41 1*50 $5,017,130 1,993.400 .638.856 4,814.099 1949 $6,491,349 4.787 6S $.077,254 Earn. Ber Com. Sh. $2.20 4.17 1.1 0.M 0.* 2.1$ 194 0.54 ON O ff 4.17 6.59 1948 $8,777,189 is s fja 4.612.704 ^ Tttsf N I T M t___ Operating properties Oeprtc,, depletion At am ortisation --. Vet operating p r o p e r ty _____ M eats and r ig h ts ______ Mouth Coast Corp. investm ent__ Investment in Celotex, L t d . _____ _ Investmt. In other c o r p s .____- __ _ other se ts................................ ........... unprt. debt discount St expense trred c h a rg e e __ -- ______ _ $25,584,432 41.428.143 18,390.283 23.037,860 438,541 700.460 202.838 294,507 109.103 1.006.946 $18,794,999 40.363.671 17.059.131 23,304.540 1 433,541 700,460 202.838 183,123 94.274 951.423 *17,471,528 39,033.633 15.561,401 23.472,142 1 438,541 700.460 202.838 172.75* 116.509 1.096.926 $18,784,852 36.539,719 14.147,484 22,392,235 1 438,541 700,460 202.838 166,094 142,754 1.107.899 *18,463,485 34.013.827 12.775.108 21,240,719 t 439.541 700.460 202.838 105,16* 171.487 40.254 *16.355,942 32,150,76* 11.419.129 20,731,*3* t 438.541 700 460 202.838 340.001 202.107 383.534 *15.719.013 Sl.SH.d9Q 10,332.81* 21. l s i . 27* 438.541 695.161 202.838 622.845 235.915 448.7*7 Total ...................... -- . LIABILITIES Accounts payable ______ ._______ _ Accrued e x p e n s e s ___ -- ____ . . . . . . . . Accrued In te r e s t_______ _______ _ prov. for mlsc. t a x e s ______ ____ _ Sinking fund r e q u ir e m e n t------- -- , fljprov. for Income tax es ___ _-- $51,374,587 $2.908,479 1,670,947 129,998 208,021 699,584 889,534 $44,670,197 $2,751,851 1,644.55$ * 41,080 288,062 435,584 550.417 $43,671.703 $2,673.527 1,334.468 44.224 235,344 386.890 1,053,862 $43.935,472 $2,687.880 1,672.390 47,759 269,918 437.500 *51.343 $41.922,953 $2,593,339 51,289 24S.298 437,500 505,105 $39.355.063 $1,897,5? 9*7.830 84.873 181.882 437.540 546.281 339.544,33* $2^23,m 919.4*0 58182 146.231 437.500 585.72* . Tetsl c a rre o t flebllVNe*_________ Debentures ______________________ j% preferred stock ($20 p a r ) __ _-- -- Common stock --__________ ___ B rirtially paid com. s h a r e s _-___ _ flIPaidrin surplus . . . . . . -- _____ ___ _ QEamed s u r p lu s __ ______ ____ __Total capital an d surplus . . . . . . . SLess treasury common s t o c k _____ $6,506.563 8.928,41 5,137,250 878,51 7325.253 23,598,554 35,939,708 $5.711,546 4,620,416 5,137,250 878,889 26.83 ,330,450 21.971.094 34,344,509 6,278 $9.728,315 5,056.110 5,137.250 878,829 26.828 6,329.070 20.521,576 32.893,553 6,279 $5,666,790 5.440,500 8,137.250 877.963 27.572 6.309.152 20.482,520 32,834,458 6,275 $8,180.987 8,872,500 8,137,250 876,248 29,226 0^69,661 18,559,332 30,371.718 2*250 *4.115,648 .2914IOO 5,137.250 873 957 31.519 ^17,014 1,688,17* $8,947,915 $4.370.738 6.723.500 (,137.25* 86 332 26.144 6,110.639 16.296 73* 29,450.100 Net capital and su rp lu s _______ _ 35,939,708 34,338,235 32.887,278 32,828,183 80,869*465 $8,947,919 28.450,100 Total ________________ $51,374,68? 544,670,197 $43,671,703 $43.935,473 $41,922,953 $39,355,0*3 $39.544.33 KM current essati . . . . . . . . . . & ,,(07--7-.-8-6-9 $13.083,453 $11.743.213 $13,117,862 $13,282408 12,240,294 M U 48278 kt _lo_w__er o__f c_os..t o__r _m_a_r_k_e_t_. 1954: Corn- QBAfter reserves (1954. $813,786). $639,432; 1951* $660116; 1950. $701.424; 1949, Raw m aterials (including a t cost, $1,- pPNo p a r .shares: 1954. 878 651; 1963, 878,889 $756,360; 1948* $887,360); leas unpaid p o rtion ,790 (1953, $1,428,878) basic raw m aterials which the corporation is th e only sub- 195$; 878.829; 1951, 877,963; 1950,* 876^46; 194$! 373.95T; 1948, 869,332, due In instalm ents to 1956, 1953, $811,16 (1952. $612,604; 1961, $632,643: 1960, $672.198; 1943, dial m arket), $2,650,377 (1953, $2,418,153); mods In process. $450,127 (1953, $388,314); fin- t cost (after $47.162 reserve in 1954). In 5724,841; 1948 $881,216); balance* 1953. $26.828 (1952, $26,828: 1951. *27,572; 1950* $29,226; 1949* uned goods, $1,078,622 (1953, $1,124,342); operfttog and m aintenance supplies, $1,433,527 vestm ent In California Mill Supply Corp. in 1951 an d p rio r years; fo r 1954 see N ote un d er $31.519: 1943. $36.144). fij&Principal paid-in su rp lu s changes follow: 0953, *15,865,980); total, $5,612,652 (1953, $5.796,- "Subsidiaries" above. 1954-43: A fter crediting (1954. $305; 1953. $1.- 789). A fter deducting investm ent In U- (9 Treas- 389: 1952, *19,918; 1951, $39,491; 1950, 2.647; 3)1954: Comprises $1,577,260 debenture 5s u rv notes, ta x se n e s a t cost: 1954, $2,800,000: 1953, $3,000.000; 1953, $800,000; 1951* $3.900.000; 1949, $106,375; 1948, $141,427) excess of consid eration received for 1954. 35 (1953. 60; 1952, *66: (subordinated) 1973 and 205,32* shares of com 1950, $2,000.000; 1949. $1,000,000; 1948. $4,080,000. 1951. 1,717; 1950, 2,289; 1949. 4.625; 1*43, 6,149) mon stock carried a t $438,541. M arket value O tt 31, 1954, debentures 5s (subordinated), 1]Shares a t cast: 1953-51, 273; 1950, 98 share* at cost. common shares fully paid In the year over stated value of *1 per share, an d debiting, in 1973, $1,182,945; common shares, $1,483,623; to tal, $2,671,573. 1954: 26.821 common sh ares a t sta te d value 1954, $6,002 adjustm ent o f carry in g v alu e of common stock in treasury to stated value of deducted from common stock above. $1 p e r share. 9 Investm ent a t cost (less $84,940 reserve In [1953, 26.583; 1952, 26.643: 1951, 27,509; 1950. As o f Oct. 31,1954, $18,971,094 was restricted 1953) in securities Celotex* Ltd. (English sub* 29.126; 1949, 31,515; 1948, 36,140 shares. Total as to dividend under long-term d eb t agree Idlary--no t consolidated.) subscribed h y employees, 1953, $637,992. (1952, ments. TATI9TIOAL RECORD. FlfiCAL YEARS 1954 lam ed per share--preferred -- -- -- $1147 Dividend* per share--p referred - ---- --com mon Price range--preferred ------- -- --com m on -- M tangible asset* per sh.--p referred 19&-15H 3OV4- I 6 $140.03 $35.06 1959 MM $128.09 *90.66 1951 $1162 $1.50 6*0.59 1690 8:8 (1.00 $1.00 "82 *120.18 *9142 1946 *7.59 $1.8 91.00 $1.50 *112*9 OC19 194* 5*$*27S2* m80.TI < Vl' IWr T M . . V tee uv MOODY'S INDUSTRIAL MANUAL S tatistical Racertf, F iteal Y ears (cont*d) Fixed c h a w s earned: B e fo re Incom e ta x e s ________ __ A fter Income ta x e s _______ Tim es charges A pM. dlv. 'M m ed. Pr^oa ra n g e --3H s, i960 (Issued 13) --Sfts, 0 6 0 (se rie s 13-47)-- Met ta n g ib le a ssets $1,000 fu n d , d e b t- . Met c u rr, a ssets o e r $1.00# fu n d . d e b t .. T im es p re fe rre d d iv id e n d s e a r n e d .--.. N u m b e r of sh a re s--p r e f e r r e d . . . . --__ --com m on . . . . . . . . . (^Calendar years. In c lu d in g p a r tia lly p a id sh ares: 1954, 1954 22.50 11 29 6.19 100ft-98 100*4-98 55,025 $2.137 12.48 256.863 878,651 n o n e; 1953, 1953 34 38 16.81 718 9?5&-98 98-98 $8.432 $2,832 11.78 256 R63 3)905,199 26,583; 1952, 1952 16 05 8 54 3 100-99 lOQft-IW'* $7 504 $2.323 6 28 236 853 11905,199 26,643; 1951, 1951 32 on 16 31 7 65 102ft-98ft 102K -W 2 $7,033 $2.411 13 62 256.363 31905,199 1950 2175 1315 6.45 102-KKtft o ift-m ft $6.257 *2.262 12 69 256,3*3 (3905,314 1949 12 39 3 ?.9 4 ?5 l 0l H ~ 9fti'4 lO lH -ioi $5 601 $1.946 7 59 256.863 (33905.472 1*1 - .. * r * .. TV.,.. Ku. , W \ .if* s .r VgCK r H j*-' funded debt b s n tu re 3H. d u e 1955, a n d f o r a d d itio n a l 1o f w h frn n o t to ex ceed 000,000 m ay hr $ C e te te x C orp. d e b e n tu re Sifts, d u e IHftt working capital. cu re d b y m ortgages, pled g es o r nor~ .. T A X STATUS--C o m p an y re fu n d s p e rso n a l lie n s o r In cu rred u n d e r conditional -5 R atin g s A U TH O RIZED --$5,000,000; outs+anding, ^ A O ct. property taxes in Pennsylvania n o t to exceed 4 mills and in K entucky not to exceed 5 mills other title retention agreem ents A t O ct. 31, 1954. $18 971,094 of earn r* .. 31, 1954, $1,502,000. on taxable value, and incom e tax es in M assa plus w as restricted as to cash dividend* \ DATED--A ug. 1.1945. M ATURITY--A n?. 1, I960. c h u se tts uo to 6% a n d In M a ry la n d u p to 5% d e r lo n g -te rm d e b t ag reem en t. per annum. CAPITAL STOCK IN T E R E ST --F& A 1 a t office o f tru st ? o r a t C ity N ational B ank A T ru st Co.. Chicago. L E G A L --F o r sav in g s b a n k s in N ew H am p 1. T h e CefcteK S o rp . f% t o m u l r t n , r * P rincipal and Interest payable In U. S. legal shire. ferre tf sto ck ; p ar $20. tender. LISTED --O n N ew Y ork S tock E x ch an g e. AUTHORIZED---500,000 sh a re s; outstar.dl-r 256,862ft shares; p a r $20 (changed from sisj TRU STEE AND REG ISTRA R--C h em ical C o m Exchange Bank, New York. OF F ERED--($5 ^0<>flffl)) a t (proceed to co m p an y 99) on S ep t, 8, 1945 b y a sy n d ic ate p a r J u n e 18. 19. five $20 p a r sh ares !<sut fo r each $100 p a r sh a re ). DENO M IN ATIO N --C oupon, able as to principal. $1,000; register- b e a d e d b y `P c u i H. D av is A C o . C hicago. 7. Cefotex Corp. d eb en tu re Jift (Issue ef PREFEREN CES--H as and dividends. preference for u stti CA LLA BLE--As a w h o le o r in p a r t on a t le a st 1947) d u e I960: F a tin g --B ee D IVIDEND RIGHTS--E n title d to cumulftfivt 30 d a y s ' p u b lis h e d n o tic e a t a n y tim e a t 100ft AUTHORIZED--$3 900,000; outstanding, Oct. d iv id e n d s of 5% p e r an n u m , p ay ab le qu*ri*rii F eb. 1. etc. to J u ly 31, 1959 an d a t 100 th e re a fte r. Also callable for sinking fund, w hich see, 31. 1954. $1,126 060. D A TED --Aug. 1. 1947. D IV ID EN D RECORD--N o d iv id en d s paid oe $100 p a r sh a re s to Nov. 10. 1936 w hen 5% w u S IN K IN G FUND--A n n u a lly o n o r b e fo re first MATURITY-- Aug. 1, i960. p aid clearin g up a rrea rs. T h ereafter, rejfulw d a y o f fifth c a le n d a r m o n th n e x t su cceed in g IN TEREST--F ^ A 1 a t office of tr u s te e o r C itv d iv id e n d s p aid q u a rte rly F e b ru a ry 1. etc., t* close o f e a ch fiscal y e a r b e g in n in g 1945.15% o f V e r o n a l B an k A T ru s t Co.. C hicago. P rin c ip a l M ay 4, 1943, in<3. sinking fund earnings fas defined), but n o t to In te re s t ravabi in XT. S leg al te n d e r. In itia l d ividend o f 25 c e n ts p e r share paid ex c ee d $250,000. S in k in g fu n d p a y m e n ts shall tb ttsTEE AND REG ISTRA R--B a n k o f N ew o n $20 p a r sh ares A ug. t , 1943; reg u la r div> a v e ra g e a t le a s t $175.000, w h e th e r o r n o t Y ork. N ew Y ork. dends paid quarterly thereafter. e a rn e d , c a sh to b e u s e d to p u rc h a se b o n d s a t DENOM INATION--C oupon, $1.000; re g iste r- D IV ID EN D LIM ITA TIO N S -- S ee debenture n o t exceeding redem ption price or to redeem able as to principal. 3fts and term loan above. b o n d s. D e b e n tu re s m a y b e te n d e re d in lie u o f OATXABLF--A a w h o le o r In o a r t on a t le a st V OTING RIGHTS--N ona, e x c e p t th a t if at aft* n cash a t a n a m o u n t e q u a l to p rin c ip a l a m o u n t 20 days* p u b lish ed n o tic e a t a n y tim e a t p a r tim e c u m u la tiv e d iv id e n d s h a v e accrued to the of debentures o r th e cost b u t not to exceed and interest. e x te n t o f fi2 p e r sh a re , h o ld e rs o f preferred s in k in g fu n d re d e m p tio n p ric e o n n e x t A ug. 1. S IN K IN G FUND--A n n u allv o n o r b e fo re first sto c k sh a ll h a v e on e v o te p e r sh a re . -1 D e b e n tu re s p u rc h a se d o r re d e e m e d to b e c a n d av of te n th c a le n d a r m o n th n e x t su cceed in g LIQ U ID A TIO N RIGHTS--H as p referen ce ovw * celled. * close o f each fiscal y e a r, b eg in n in g w ith fiscal co m m on to p a r plus a c c ru e d a n d u n p aid divi SECURITY--N o t se c u re d b y a n y Hen. v e a r en d in g In 1947. th e le sse r o f 9% o f s in k dends. in g fb n d ea rn in g s (a s d efined) o r $187.500. b u t PR E E M PT IV E RIGHTS--N one. CR EA TIO N O F A D D ITIO N A L D EBT, E T C -- to b e m a in ta in e d a t a m in im u m a v e ra g e o f CA LLA BLE--O n a n y q u a r te rly d iv id en d dats, Com pany w ill not, directly or indirectly, cre ate or assume, or perm it any subridfary to cre $125/00 for each 12-m onths p erio d regardless of such earrings. D ebentures mav be tendered in w h o le o r in p a rt (b y lo t), on 39 d ay s' notice, ate or assume, any mortgage, pledge, o r en a t an am ount equal to th e principal am ount of a t $20 p e r hare p lu s a c c ru e d dividends. L IST E D--O n N ew Y ork S to c k E xchange. cum brance on property or assets now owned or h ereafter acquired, or on incom e or profit? th e debentures in lieu of cash: any excess credits to apply on future paym ents. Deben TR A N SFE R AGENT--C hase M a n h a tta n Bank, therefrom , unless debentures are equally and hires so redeem ed or credited to b e cancelled. New York. R E G IST R A R --C hem ical C o rn E xchange Bank, ratably secured thereby, except m oney o r o th er p erm itted Hens. purchase OTHER PROVISIONS--Sam e as debenture S fts. issue of 1945. d u e 1960 (No. 1). New York. C o n se n t of 68 2 /3 * o f d e b e n tu re s necessary PU R PO SE--N et p ro ce ed s to o a y te rm b an k O FFERED --(109.906 sh a re s) a t $29 p e r shew (p ro ceed s to com pany $19 p e r sh a re ) o n SepL to create, assum e, o r la*, directly o r indirect ly. or perm it any subsidiary so to do, any ad' 'owns: b alan c e to g en e ral funds. LEGA L--F o r sa v in g s b a n k s in N ew H am p 8.1943 b v a syndicate h ea d ed b y P a u l H. Davis dltlonal funded debt, except fa) for refunding, shire. * Sc Co.. C hicago. 2. T h e C elotex C erp. com m on? no par* renew al or extension of not to exceed like a m o u n t th e re o f, o r (b> fu n d e d d e b t (as de LISTED --O n N ew Y o rk S to ck E x ch an g e. OFFERED --(S3 060.000 a t 97to on N ov. 21. 1947 AUTHORIZED--1,500,000 share; o u tstan d in g fined) of a subsidiary to com pany; provided, hv a sy n d icate h ea d ed b y P au l H. D avis A Co.. 878,651 sh a re s; in tre a s u ry , 26,821 sh ares; no par. th a t com pany shall not dispose o r p art w ith Chicago, and U nion Securities CorpM New co n tro l th e re o f (e x c e p t to su c h su b sid ia ry ), York, D ividend R aeertf (In $) unless im m ediately th e re a fte r (1) average an (Calendar yea**) _, -i*t n u a l c o n so lid a te d n e t e a rn in g s a v a ila b le fo r 3. T e rm Loan: O u tsta n d in g . Oct. 31. 1954, $7,- 1935-3 N il 193T___ 1.20 1938___ ffl In te re s t (as defined) on fu n d e d d e b t fo r tw o 000 000 re p re se n te d b y (t) 52,100,000 33/a% n o te s 1939-40 N il 1941-- 1 1 2ft 1942___ 075#f fiscal v e s ts im m ediately preceding equal a t least 4 tim es to tal annual interest require* payable* 5262.500 a n n u a lly to J u n e 1. 1969 ar.d 3565,000. J u n e 1. 1961 a n d (2) 53 900,000 V/s% 1943-45 1949-- 0.50 1.75 1946___ 1949,.. 1.00 1947___ 1.50 1950-- 1.12ft *.00 ttat m e a ts on consolidated fu n d ed debt; ($) excess o i cu rren t assets (as defined) over cu rren t n o te s p a y a b le 5600.000 an n u a lly . J u n e 1,1952-68 an d 5700.000. Ju n e 1. 1969. P ro ceed s to red e em 1951-54 1.50 01955. 0 37ft fTIPaid 100* in sto ck N ov. 4, 1938. lia b ilitie s a t le a s t e q u a l o u tsta n d in g f u n d e d $1,994.000 d e b e n tu re 3 fts d u e I960, f o r ca p ita l 0 T o F eb . 1. debt, except funded debt secured b y liens as expenditures and for o th er corporate p u r DIVIDEND LIMITATIONS -- See debenture perm itted, an d (3) consolidated n e t tangible assets (ns defined) a t least equal 2 ft tim es con* poses. Com pany m ay not oav cash dividends on Sfts and term loan above. V O TIN G R IG H TS--O ne v o te p e r sh a re . Cum u Til' solidated funded debt. common or acquire any capital stock in excess lative voting perm itted for election of direc o f co n so lid ated n e t e a rn in g s sin c e O ct, 1, 1953 to rs. S ee "V oting Right" u n d e r l% p re fe rre d C I D IV ID EN D R ESTR IC TIO N --N o div id en d (ex p lu s $3,000 000 a n d u n le ss th e re a fte r, on co n stock, above. cept stock dividends) shall be declared o r paid on capital stock if thereupon current assets solidated basis, cu rren t assets are a t least tw ice current liabilities and net w orking cap P R EEM PT IV E RIGHTS--N one. LISTED --O n N ew Y ork S to ck E xchange. !x w o u ld b e le ss th a n tw ic e c u r r e n t lia b ilitie s ita l a t le a st eq u a ls fu n d e d debt. C om pany m ay TRA N SFER AGENT--C hase M a n h a tta n B ank, and cash dividends are restricted to n e t earn not p ay cash dividends on o r m ake any other N ew York. < in g s a f te r O ct. 31. 1944 p lu s $1,000,000, d is trib u tio n o n p re fe rre d un less, a f te r g iv in g REG ISTRA R--C hem ical C o m E x ch an g e B ank, R IG H T S O N D EFA U LT--I n e v e n t o f d efa u lt effect th e re to , o n co n so lid a ted basis, c u rre n t N ew Y ork. __ (30 d a y g ra c e p e rio d fo r p a y m e n t o f in te re st, a sse ts a re a t le a st tw ic e c u r r e n t lia b ilitie s O FFER ED --(100.000 sh a re s) a t 36*; b y P a u l H. 60 d ay s fo r sin k in g fu n d in sta llm e n t), tr u s an d c u r r e n t a ssets a t le a s t eq u al fu n d e d d e b t D avis & Co.. Chicago a n d U n io n S ecu rities te e or 23* of debentures m ay declare prin Com pany agrees to m aintain consolidated c u r Corn.. N ew York. cipal due and oavable im m ediately. re n t ^assets in excess of consolidated cu rre n t S ubscription Rights; Com mon stockholder's IN D EN TU R E M O D IFIC A TIO N -- In d e n tu re lia b ilitie s b y a m o u n t a t le a s t ea u a! to g re a te r of r e c o rd O ct. 22, 1943 h a d r ig h t to su b scrib e, m a y b e m odified e x c e p t as p ro v id e d w ith con o f 35.000.000 o r 75% o f co n so lid a ted fu n d e d a t $10 50 p e r sh a re , fo r sh a re s o f co m m on stock, se n t o f 66 2/3% of debentures. debt. Company w ill not perm it consolidated on the basis of one share for each ten shares P U R PO S E --N e t p ro c e e d s need to re d e e m d e- fu n d e d d e b t to ex c ee d a t a n y tim e $13,000,000, th e n held. less w t.o l:J" CAPITAL STRUCTURE LONG TERM DEBT Issue 1. D e b e n tu re 2fts, 1972 ............................ 2. 33/4% n o te s p a y a b le d u e to 1973 ___ R. Raring H . M A C Y & C O ,, IN C . T im es Amount Charges Earned O u tstan d in g 07-31-54 [08-1-53 $18,147,0001 5 80 6.98 15,000,000| Interest D ates |M & N 1 Call P ric e 0 1 0 1 ft Price Range 1954 1932-54 109-95% 01ft*ft-9O 0 - ......... 0 .........-- CAPITAL STOCK Issue 1. 4V4% cum . p re fe rre d , se rie s A __ 2. 4% cum . p re fe rre d , se rie s B _____ 3. C o m m o n ____ _____ .____ ____ 1 __ -- A Qj52 w e e k s en d ed . P riv a te ly p la ce d . sin c e 1947. S ee te x t. Par Amount Earned per Sh. Diva. p e r Sh. CaU Price Range V alue O u tsta n d in g 0Q7-31-54 28-1-53 0)7-31-54 3-1-53 p r ic e 1954 1932-54 $100 1--6--1-,-6-5--0--s-h s j $18.23 $18.52 ($4.25 $425 107ft 92 -8 1 ft fflU lft-78% 100 100,000 shs.J 1 4.00 4.00 ffi-- 0 --------- g ) _ _______ No p ar _0_)1,719.354 she. 2.14 2.20 1.60 1.60 30ft-20ft 65ft-17 0 S iib je c t to ch a n g e; see t e x t E x clu d in g 3,939 tre a s u ry sh a re s. R ange sin c e 1944. R ange HISTORY I n c o rp o ra te d u n d e r N ew Y o rk la w s M a y 23, 1919, su c ce sso r to th e p a r tn e r s h ip o f l t H. M acy & Co. B u sin ess w as fo u n d e d In 1858 b y R ow lan d H . M acy. I n 1923 p u rc h a se d a s u b stantial in terest in LasaHe A Koch C o.,shd In 1*24. 1934 a n d 1935 a c q u ire d a d d itio n a l sto c k m th is concern, w hich Is now w holly-ow ned. I n 1925 a c q u ire d a s u b s ta n tia l in te r e s t in D avison-Paxon-Stokes Co, (now Davison* P axon Co., an A tlanta. Ga. d ep a rtm en t store). In w hich rem ain I r e sto ck w as subsequently ac q u ired . In 1929 a c q u ire d e n tire com m on sto ck o f L. B a m b e rg e r 6fc Co. I n J u ly , 1937 o rg an ized S u p re m a c y P ro d u c ts, Inc., chiefly to purchase and sell a t wholesale products bearing company brand names, Comp a n y w a s dissolved, Ja n . 26, 1946. O n Sept.. 14. 1939 o rg an ized a w h o lly -o w n ed banking subsidiary, know n as Macy a Bank, w hich on Dee. 31.1940 took o v er fu n ctio n s of 'D epositors Account D epartm ent" form erly conducted bv the private banking firm of R. H. M acy A Co.