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FILE NAME: Philip Carey (PC) DATE: 1957 DOC#: PC069 DOCUMENT DESCRIPTION: Entry in Moody's Industrial Manual w MOODY'S INDUSTRIAL MANUAL Y41 AMERICAN and FOREIGN JOHN SHERMAN PORTER, Edor-in-Chief Editorial Board Charles N. Berents Arthur W. Herrmann David M. Day F rank J. P rendergast F rank J. St . Clair George I. Blair David M. E llin wood George H. Parsons 1957 D. F. Shea, Publisher MOODY'S INVESTORS SERVICE 99 CHURCH STREET, NEW YORK 7, N. Y. PHILADELPHIA Suburb. Stat. BMcr. BOSTON 75 Federal St. CHICACO 105 W. Adams St. LOS ANCELES ' WASHINGTON 606 So. Hill St. Woodward Bldf. LONDON: MOODY'S INVESTORS SERVICE LTD. SAN FRANCISCO Rn** RM Copyright, 1957 by M oody's I nvestors S ervice,' N ew Y ork-- All rigid, reserved 118 MOODY S INDUSTRIAL MANUAL 1894-99 100.00 1 9 0 0 ... 100.00 1901-04 100.00 1837-- L88 1*18 4 NU 1*41__ U t 1900___ 200.90 1900____ 120.M i m __ 43 2.09 19 4 6 ... 2.50 1946__ 0.74 1908___ 120.00 1909____ 100.00 1910-11 120.00 *NO p a r s h a re s a f te r 2-fo r - l sp lit) 3}112- 30.00 .1:^46. 2 OO *11947. 3.00 a u ^ o . I 5 t ( | 100 p a r s h a re s a f te r 10 fo r 1 p ill &ud 00% s to c k d iv id e n d D ec., 1912) ! . 1 j -.J.-- l ----- wt 'J : o jfclUO- 2.50 1953-54 1.40 1951-.- '.00 1955-56 1.00 1913-11 6.00 1910 8.00 3)1917. 9 00 X1- 7 . .5 1 918... 19.00 1919 11.00 1928 17.00 _**)% In sto ck . QBPluj 25% In stock. 3)1921-22 12.00 JLF.os Hj.-x m sto ck Dec. 22,1922. EBPlua 5% In ( | 1W p a r sh are a f u r 100% sto c k sZCCk. 5]To F eo. 16. d iv id e n d D ec., 1922) j PRF-gMKi. I V E R IG H T S--T h e re a ro no effe- 1923-24 6.00 1 9 2 5 ... 3.75 1026-32 N il j u v e p r o v e c e * in g o v e rn in g in stru m e n ts* e x (No par shares p rio r to 2-for-i split) clusive of ia ru te a n d com m on law , re la tin g to 1934__ 0.50 1 0 3 5 ... N il 1936___ 1.00 I p re e m p U re r ig h ts . L IS T E D --N e w Y o rk a n d B o sto n S to c k B *. changes. T R A N S F E R A G E N T S--G u a ra n ty T ru s t CO New York; New E ngland T rust C o , Boston. * REG ISTRA RS--B a n k e rs T ru st Co., N ew York' T he N ational S haw m ut Bank, Boston. * O FFE R E D --55,000 s h a re s in Feb., 1923 a t 09750 p e r sh a re by C u rtis & Sanger, B oston. This did n o t represent com pany anaw^nig P R IC E RA N G E-- 1956 1955 1954 1953 1952 H ig h ................... 54 56 46 30 35ft L o w .................... 30f t 37ft 23 22% 24ft CAPITAL STRUCTURE THE CELOTEX CORPORATION ETim es LONG TERM DEET A m ount Charges Earned In te re st C all Price Range Issue R ating 0 .:^ ia n d in g 1956 1955 D ates P ric e 1956 1932-56 1. 4 f t % c o n v . su b o rd . d e b e n tu r e s , 1976 2. 3 ft% a n d 3%% n o te s, se r. to 1969__ . ,B7 a_ _ 10.300,000^ 6.475.000 18.75 31.85 fM&N 1 tJ& D 1 m os lQ0ft-90 m ------- TlOOft-90 cd- .......... 3. 3%% a n d 4 ft% n o te s, se r. to 1971-- X_ 7.775.000 [J& D 1 m -------- s ----------- CAPITAL STOCK Par Amount X Earned per Sh. ED ivs. p e r Sh. Call Price Range Issue V alue O utstanding 1956 1955 1956 1955 P ric e 1956 1932-56 1. 5% c u m u la tiv e p r e f e r r e d ________ $20 256.502 shs. $22 98 $19.78 $1.00 $1.00 20 20 -17 f t T23 -15 ft 2. C o m m o n 1 8T3,odl shs. 6.40 5.49 2.40 1.75 47T8-34 Hi 47%- 5 [ F isc a l y e a rs. {URange s in c e 1938, a f te r 100% sto ck cu v id en d ; b e fo re 100% sto c k d iv id e n d , 1935-38 ra n g e , 48ft-12ft. E T o A pr. CO, 1958, in cl., w h e n p ric e ch a n g e s; se e te x t. S R a n g e s in c e issuance. .sjR ange sin ce 1943 fo r ?20 p a r sh a re s; r a n g e fo r $100 p a r s h a re s fro m 1935 and to t n e 5 - fo r-l s p lit in 1943, 93-46. 0 P riv a te ly p la c e d . HISTORY I n c o rp o ra te d in D e la w a re J u n e 29, 1935, as su ccesso r in re o rg a n iz atio n to th e C elotex Co (D el.). L a tte r com pany w as in co rp o rated In D e la w a re in 1920 as "L o u is ia n a C e lo te x Co." O n J u n e 16, 1932. th e la tte r c o m p a n y w as p la c e d in re c e iv e rs h ip . O n F e b . 8, 1935. tr u s tees w ere ap p o in te d u n d e r S ectio n 77-B of the U. S. B a n k r u p tc y A c t A re o rg a n iz a tio n p lan w as s u b m itte d u n d e r d a te o f M ay 1, 1934 (su b s e q u e n tly m o d ified ), a n d o n N ov. l, 1935, the business and assets of the predecessor com pany w ere transferred to the present com pany. D etails of reorganization appear in M oody's 1935 In d u s tr ia l M a n u a l. In 1937, o rg a n iz e d E n g lish C o m p an y , C e lo te x L td In 1937 acquired* a n I n te re s t In A m e ric a s G y p su m Co., P o r t C lin to n . 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 and b u si ness of T exas Cem ent P la ste r Co. located at Plasterco and Longw orth, Tex.; m anufacturers of full line of `gypsum plaster and board products. O n A u g . 30, 1946, a c q u ire d 83 1/3% in te re s t in El R ey P ro d u cts Co.; p u rch ased balance of o u ts ta n d in g s to c k in 1947 a n d a c q u ire d d ire c t ow nership cL property and assets including 20% in te r e s t m s to c k Of C a lifo rn ia M ill Sunoi> Co., d e a le rs in w aste p a p e r, rag s, etc. (sold in N ov., 1956). A cquired properties In Ohio of W eaver-W all Co In A u g ., 1946. O n A ug. 15, 1950 a c q u ir e d p r o p e rtie s of W asem P la ste r Co.. F o rt Dodge. Ia I n N o v . 1955 a c q u ire d a lm o s t h a lf th e com m on stock of Cepco, Inc., San Francisco, fabricator of plastics ceiling panels. SUBSIDIARIES This Is principally an operating company. A t O ct. 31, 1956, 100% o f th e v o tin g p o w e r was ow ned in th e follow ing com panies: 0 Nam e, place of incorporation a n d business: E l R ey P ro d u c ts Co., In c ., C alifo rn ia, in ac tive. A t O ct. 31, 1956, o w n ed less th a n 100% of voting pow er in follow ing com pany, Celotex, Ltd., England, m anufactures and sells C elotex products in B ritish Em pire ( 80% ) E . E A rticles of Association of C elotex, Ltd. rovide th a t unless and until nu m b er shall e changed as provided therein, num ber of directors shall not be less th an 2 nor m ore th a n 7. H o ld e rs o f first p r e f e r e n c e s h a re s a re entitled to appoint 1 such director. By virtue o f its o w n e rs n ip o f 100% o f d e f e r r e d sh ares. C elotex Corp. is entitled to elect rem aining d ire c to rs . A t O ct. 31, 1956, th e r e w e re 5 d ire c tors. N o te: . A t O ct. 31, 1956, c o m p a n y o w n ed 205,328 co m m o n s h a re s o f S o u th C o ast C orp. (see general index) constituting approxim ate- Ly 43% o f v o tin g p o w e r of a ll o u ts ta n d in g sloes of iat com pany. S u b se q u e n t to O ct. 31, 1956, so ld in te re s t In follow ing co m p an ies: 1,540,4 s h a re s (20%) of C a lu o rm a MUI S u p p ly C orp., 3,484.3 sh a re s <2Q~. ) o f B erg M etals C orp., a n d 974.8 s h a re s 23^.) of P ip e Sc S te e l C orp. BUSINESS S t PRODUCTS lh e con.?.an m anufactures building an d in sulating products, consluting for the m ost part ol products m arketed under the Vade r-air.e "C e-oiex." T hese p ro d u cts axe m an u factured principally from bagasse, the fiber ret. untng after the juice has been extracted from sugar cane, and are ued, am ong other things, lo r ex terio r sheathing, plaster base, exterior and in te n o r finish, for insulating roois, and as insulation tn th e m an u factu re of ooiuehold refrigerators, railw ay refrigerator cars, trailers and other products. Tee coi--p a n y also m a n u fa c tu re s a n d sells products ior correction of acoustical condi tions m oS;ee buildings, auditorium s, theaters, broadcasting studios, and o th e r places in w hicn acoustical tre a tm e n t is desired, includ ing products m ark eted under th e trade nam es - Aco u sti -Ce io te x .M The com pany also la engaged in th e m anu facture and sale of other types ol Insulating und bulidJhg m aterial products, including loose, g ran u lated an d b a tt form s of rock wool, rooring products, gypsum plaster, lath and waliooards. an d also various item s used as accessories in th e application of products sold. Celotex also sell products m ade by other 'M anufacturera, su ch as h a rd boards, w hich cut, saw and handle like lum ber (m ade by M aior.itc Corp.). and are used fo r paneling >i ail sorts* fo r d e c o ra tio n , sh e lv in g , etc. Celccrete -m ade b7 various steel com panies), a n j^ t w eight concrete aggregate, is m ade of expanded m olten b last fu rn ace slag, a n d Is uses w ith P o rtlan d cem ent to m anufacture Ugh; w eight concrete blocks. T re C eio 'ex C orp. m ain tain s otTices th ro u g h o u t th e w o rld a n d h as b ra n c h offices in 16 -it;s located in various p arts of the United Stares, lnc udm g th e Pacific Coast. PRINCIPAL PLANTS A PROPERTIES TLe m am m an u factu rin g p la n t la located =* M arrero in Je ffe rso n P a ris h , La., clo se to *ne C ity of S'ew O rleans. It com prise* ap p ro x i m a te ly 565 a c re s o f la n d . The c o tn a n y o b ta in s bagasse, th e p rincipal -aw m aterial, from a num ber of sugar mill .a Louisiana A p lan t a t M etuchen, N. J.. la located on approxim ately 18ft acres of land, and contains ib o u t 210.v*J0 s q u a re fe e t of floor pace, and is used for th e m anufacture of asbestos current board w ith insulating core (Cem esto) and insulating siding. T here is also a w are h o u se a n d c u rin g b u ild in g o f a b o u t 56,000 square feet. A p la n t n ear P o rt C linton, Ohio, and a plant near Hamlin, Tex. are used In m anufacture of gypsum products. A p lan t near Ft. Dodge, la., m anufactures plaster products and gypsum board. A p lan t at Lagro, Ind. is used for pro duction of rock wool insulation products. P lan t a t Lagro also m anufactures acoustical m ineral tile. P lan t a t Pittston, Pa. was to start produc tio n o f a c o u stic a l m in e ra l tile e a rly in 1957. P la n ts a t C lev elan d , a n d A v ery , O., M adison, QL, a n d L os A n g eles. C al. a re used in m a n u facture of roofing products. C onstruction o l a p la n t a t L'A use, Mich., o n a 242,000 a c re site w as b e g u n in 1956. P la n t of Celotex, Ltd., a subsidiary, is lo cated at Stonebrldge Park* London. Buildings, Including office building, etc., have a com b in e d floor a r e a o f a p p ro x im a te ly 141.000 sq. ft. E quipm ent includes facilities for preparing raw m aterial and fabricating equipm ent for preparing finished board. MANAGEMENT Officers O. S. M ansell, C hairm an H. W. Collins, P resid en t C. L. C hristensen, V ice-Pres. and Chinn. Exec. Com. F. A. Irvine, V ice-President M arvin Greenw ood, Vice-Pres., Sales G. C. Snym an, V ice-President W. D. Becker, C ontroller C. W. Johns, T reasurer Richard Thompson, Jr., Secretary P. O. K arlson, Asst. Secretary Mgr. J. M. Erickson, Asst. T reasurer A. F. O. Pfeiffer, Asst. Treasurer J . W. Franklin* Purchasing A gent J. A Hash, A dvertising M anager D. W. Rice, E x p o rt Mgr. D irector C. L. C h riste n se n . C hicago H. W. Collins. Chicago L. T. Cross, Chicago A. J. D ailstream . Chicago P. H. Davis. Chicago P a r r is h F u lle r, O a k d a le , La . F. A. Irvine, Chicago O S. M ansell, Chicago C arl G. M uench, R ancho S an ta F e, Cal. A. C. Slm m ondi. Jr., New York E. B. W ilber, P ittsburgh General Counsel: D ailstream * Schiff. H ardin. W aite St D orschel, Chicago. Auditors: A rth u r Y oung St Co. Annual Meeting: T h ird Tuesday in Feb. N um ber o f Stockholders: O ct. 31* 1956: P r e fe rre d , 2,300; co m m o n , 8,800. N um ber o f Em ployees: O ct. 31, 1956, 5,100. G eneral O ffice: 120 So. La S alle St., C hicago 3, DL INCOM E ACCOUNTS C O M PA R A TIV E 1856 N e t sa le s ____________ i ___ _________ $76,467.119 C ost o f sale a n d e x p e n se s .......... -- 62,f 59 542 D ep rec., d e p le tio n Sc a m o r tiz a tio n ... 2.319.643 INCOME ACCOUNT, YEARS 1355 1954 571.136,590 $62,257,623 57 958,129 53,634,184 2/285,338 1.953,705 ENDED OCT. 1953 $59,980,026 51.829,655 1,879.698 31 1952 $52,032,189 47,005,536 1.809,525 1951 $59.241.635 50,644,711 1,670,822 1950 $48.714.716 41.S76.732 1*599,690 O p e ra tin g p r o f i t ...................... .. O th e r I n c o m e ___ _______________ _ 12,037 934 622.389 11.993,123 373,508 6,669,734 451,602 6.270,673 391,835 3,217,128 446.050 6,926,102 496,751 5*218,294 370.684 T o ta l i n c o m e __________ ....___ --. I n te re s t on fu n d e d d e b t -------------------D ebt d is c o u n t a n d e x p e n s e ........ . . . . E O th e r d e d u c t i o n s _______ _________ F e d e ra l in c o m e t a x e s .......... ................. .. O ther Inc. taxes A eonting. tax re s... 12,719.323 67S.0S9 6,00*90) 13ti*0d0 U ,466,631 350,088 5.890,000 135,000 7,121.336 25S.916 1 52.383 117,389 3*400.000 90,000 6,662,308 169.083 22*235 84*347 3,272,000 90,000 3,663,178 187.454 26,345 233.436 1,562.000 42,000 7.422,353 199.676 28,732 113,073 3,494.000 90*000 5.588,978 21 598 30.821 213*208 2*051.000 74,000 N e t p r o f i t __ ___ ___ Previous earned surplus S u rp lu s c r e d i t _________ P r e te r r e d d i v i d e n d s ___ C o m m o n d i v i d e n d s ____ S E a r n e d su rp lu s, 10-31 . . . -------- 5.902.2S4 26.886*719 256.677 2.107,608 $30,424*7o9 5 081.643 23.538*554 " 256,677 1,536,810 $36.386,710 3,202.64* 21.971,094 256,677 1,318,5"1'*3T $23,598,554 3,024.844 20,521,576 256,677 1,318,648 $31,971,094 1,612 043 20,482,520 2,4a 256,862 1,318,573 $20,521,576 3,497.371 18.559,332 256,862 1,317,320 *20,482,520 3.003.552 16,688.175 *256,862 875,532 *18,559,332 MOODY'S INDUSTRIAL MANUAL lid ^In clu d es loss on fixed' assets sold, dism antled, etc.: 1953-55, non e; 1954, $37,337; 1953, $34,423; 1952, $114,705. A s of Oct. 31, 1956, w as u n re s tric te d as to cash dividends under long-term debt agreem en t. General Notes Above report excludes Celotex. Ltd. Net profit of th a t com pany for y ears end ed Oct. 31* 1956, $371,826; 1935, $410,385; 1954, $322,566; 1953, $191,409; 1952, $123,185; 1951, $153,998; 1950, $102,739. Equity In net income in excess of dividends received* 1936, $283,325; 1955. $323,427; 1954, $235 421- 1953 $3102.,14148!; 1952?, $386,541. Record of Year 1936_ 1937.............. 1938.............. 1939.............. 1940.......... . 1941___ 1942.......... .. 1943.............. 1944_______ 1H5.............. 1946............ .. 1947_______ 1948.......... 1949 ______ Warnings, years N et Salea $7,589,955 10474,242 9.126.489 12.317.936 13.817.501 19.977.155 23,510.364 22,598,269 20.693.859 22,185,651 33,090,464 46.872.120 54,190,341 38,362,460 ended Oct. Cost and Expense* $6,724.665 9,280.392 8,471.885 11.242,829 12,808,896 16,809,199 19,645,214 20,630,162 19,715,677 20,812.739 25,982,608 36,593.256 42,852,736 35,222,0a5 31: O perating Profit $865,290 1,293,250 654,604 1.075,107 1,008,605 3,167.957 3,865,150 1,368,107 919.182 1.372,912 7,107.856 10.278,364 11.337,605 3,140,405 O th. Inc. Sc Ded. iNet) * 4 $99,bod 37,203 d 126,246 d 254,351 4 171,677 171,069 A 95,247 4 299,367 4 111,722 418I.9J9 180,637 d 3,336 d 113,328 d 5,215 Inc. Bet. Tax* $765,434 1,330,453 528,358 820,756 836,928 2.996.889 3,769.903 1,668,743 866,460 1.184,933 7,288,493 10.275.528 11,224,277 3,135,190 Incom e Taxes $29,419 63.700 10.000 79.000 89,300 1,247,790 2.645,936 1,138 544 364.184 519.40* 3,464.168 4.047.599 4,439,088 1,186,000 Net Incom e 1738,015 1.266,753 518,358 741,736 747,628 1.749,099 1.123.967 530,199 562,276 <505,25 3.824.325 6.227,929 6.735,189 1,949,190 Common Dividend* $322,422 312,429 706.138 471.901 325,293 377,75 377.772 830.513 968.628 1,518,091 1,307,554 Com. Sha. O uut& nd. 268.685 268.685 312,429 629,960 627,876 627.676 632,068 696.933 755.472 755.472 855.472 905.472 905.472 905.472 Earn Per Com Sh $2 20 4.17 1 19 0.95 0.96 2 55 1,54 0.54 9 S3 0.37 4 17 659 7.20 1.86 BALANCE SHEETS ASSETS; C a s h _________________________ -- .. U. S. G o v e rn m e n t s e c u r i t i e s _____ -- ffiNotes and account receivable, n e t. (Inventories _____________________ ,, COM PARATIVE BALANCE 1956 1955 $7,580,699 $6,315,158 12,731,891 4,164,440 8,688,624 9,004,121 6,702,255 5,983,417 SHEET, AS 1954 $8,109,505 3,990,000 7,872.275 5,612,652 O F OCT. 31 1953 $5.663,638 7.334.572 5,796.789 1952 $4,140.052 7.Y81 422 S.850.054 1951 $5.904,218 996.000 6,402.0)8 5,482,416 1950 $5,017.130 1,993.400 6,638.856 4,814,099 Total c u r r e n t a s s e t s ___ -- O perating p r o p e r t i e s _____________. . Ueprec., d e p le tio n Sc a m o rtts a tlo n _ N et operating property . . . . . . . . . . P aten ts a n d r i g h t s ______________ . . . . $ S outh C oast C orp. In v e stm e n t._.__ In v e stm e n t in C elotex. L t d . ________ X ln v estm t. in o th e r c o r p s .________ _ O ther assets _______________________ Unamort. d e b t discount St expense . . . P re p a id in s u ra n c e . . . . . . . . . . . . . . . . __ D eterred c h a rg e s -__________________ $35.703,469 57,493,958 21,875,794 35,618,164 438,541 700,459 202,838 150,008 163.242 208,804 480,846 $25,497.136 46,735.238 20,107.164 26,628,074 1 438,541 700,459 202,838 306,922 87,730 337,870 375,286 $25,584.432 41.428,143 18,390.283 23.037.860 1 438.541 700,460 202.838 294.507 109,103 1.006,948 $18,794,999 40.363.671 17.059,131 23.304,540 1 438.541 700,460 202,838 183.123 94.274 951,423 $17,471.528 39,033.633 15.561,401 23,472.142 X 438.541 700.460 202.S38 172,758 116.509 1,096,926 $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 $18,463,485 34,015,827 12,775,108 21,240,719 i 438.541 700.460 202.838 165,163 171,487 540.254 L I AJE5tLITUES" ' Accounts p a y a b le ------------------. . . . . . . A ccrued e x p e n s e s _______---- -- --.. I A ccrued i n t e r e s t ______ - ---- --------------J Prov. for m isc. ta x e s . . . ---------.-------- Sinking fu n d r e q u i r e m e n t __ _____ _ ffiprov. fo r in co m e tax es ------------- -- $73,666,371 33,639,506 1,859,248 434,794 950,000 346,960 $54,574,857 $3,621,532 1,935,666 369.790 700,000 323,505 $51,374,887 $2,808.47 il.670.947 \ 129,998 308.021 899,584 889,534 $44,670,197 $2,751,851 1,644.552 41.080 288,062 435,584 550,417 $43,671.703 $2,673,527 1,334.468 44,224 235344 386.890 1,053,862 $43,935,473 $2,687.880 1.872.390 47,739 269,918 437.500 551.343 $41,922.953 $2.503.539 1,435475 51469 248,298 437400 505.105 T otal c u r r e n t lia b ilitie s ____ -- ^ D eb en tu res a n d n o t e s _____________ Def. Fed. in co m e t a x ------------------ . . . 5% p r e f e r r e d s io c k i$20 p a r) [TCommon sto c k ---------------------------im partially p a id com. s h a r e * _______ EsiPaid-in s u r p l u s __________________ E arn ed su rp lu s _____________ ____ Total capital and surplus -- . -- [|}Less tr e a s u ry ^cem m on s t o c k _____ $7,230,508 13,300,000 370,000 5,137,250 878,651 6,325,253 30,424,709 42,765,863 $6,950,493 8,229,500 167,000 5,137,250 878,651 6,325.253 26,886,710 39,227,864 $6,506,563 8,928,416 5,137,250 878,651 6,325,253 23,598,554 35,929,708 -- --------------- $5,711,546 4,620,416 5,137.250 878,889 26,826 6.330,450 21.971.094 34444.5v9 6,275 $5.728.315 5.056,110 5.137.250 878 829 26.828 6,329.070 20.521.576 32,893,053 6375 $5,666.790 5,440,500 5.137,250 877.963 27,572 8309,152 20.482,520 32.834,458 6375 $5.180,987 5472,500 $437450 876446 29426 $469.661 18,559,332 90,871,7 i5 2450 N et c a p ita l a n d s u r p lu s --------------- 42,765,863 39,227,864 35,939,708 34,338,235 32,887378 32.828,183 30,869.465 T otal .................................................... Net c u rre n t a s s e t s ------------ . . . . ----- - $73,666,371 $28,472,961 $54,574,857 $18,546,643 $51,374,687 $19,077,869 $44,670,197 $13.083,453 $43.671.703 $11.743313 $43,935.473 $13,117.862 $41,922.953 $13482,498 EflAt lo w er o f cost o r fn a rk e t. Com prises: Raw m a te ria ls, 1956, $3,002,378 (1S55, $2,953,820); goods in process, 19o6, $487,357 (1955, 458,169); finishvcl goods, 1956, $1,879,366 (19oo, 1,208,543); o p e ra tin g a n d m a in te n a n c e su p plies, 1956, $1,333,160 11955, $1,262,880); to ta l, $6,702,253 (1955, $5,983,417). 2] 1956: C om prises $1,577,260 d e b e n tu re 5s (subordinated) 1973 a n d 205,328 share* of com mon sto ck c a rrie d a t $438,541. M a rk e t v alu e Oct. 31, 1956, d e b e n tu re s 5s (su b o rd in a te d ), 1973, $1,261,808; com m on sh a re s, $3,182,584; total,, $4,444,392. ESAfter re se rv e s: 1956, $779,484. S1956: P a r $1 p e r share. 1950-55 No p a r shares: 1955-54, 878,651; 1953, 878,889; 1952, 878,829; 1951, 877,963; 1950, 876,246. J}At cost. In v estm en t in C alifornia Mill S upply Corp in 19al a n a p rio r y e a rs; fo r 1956. see Note Under "Subsidiaries** above. A fter d educting investm ent in U. S. Treas* u ry notes, ta x series a t cost: 1956, $5,200,000; 1955, $5,700,000; 1954, $2,800,000; 1953, $3,000,000; 1952. $800,000; 1951, $3,900,000; 1950, $2,000,000. S h ares a t cost: 1953-51, 273; 1950, 98 sh ares at cost. 1954: 26,821 com m on sh a re s a t sta te d value deducted from common stock above. D1953, 26.583; 1952, 26,643; 1951. 27,509; 1950, 29,226; 1949, 31,515 shares. T o tal subscribed b y em ployees, 1953. $637,992 (1952, $639,432; 1951, $660,216; 1950, $701,424); less u n p aid p o r tio n d u e in in stalm en ts to 1956, 1953, $611,166 U*az. S612.6U4; 19i, 5632,643; iyou, $6<z,i9sj; balance, 1953, $26,826 (1952, $26,828; 1951, $27,572; 1950, $29.226). Principal paid-in surplus changes follow: 1354-50: A fter cred itin g (1954, $305; 1953, $1,380; 1952, $19.918; ISSI, $39,491; 1550, $52,647); excess of co n sid eratio n received fo r 1954, 35 (1953, 60: 1952. 366; 1951,1,717; 1950, 2,289) com m on sh ares fully paid in the year over stated value of SI p e r sh are, a n d deb itin g , in 1954, $6,002 a d justm ent of carrying value of common stock in tre a s u ry to sta te d v a lu e o f $1 p e r share. STATISTICAL RECORD. FISCAL Earned p e r sh a re --p re fe rre d 1_______ --com m on D ividends p e r sh a re --p r e f e r r e d ___-- ---c o m m o n __ Q)Price ra n g e --p r e f e r r e d _____ ____ _ --com m o n ___ . . . . . . . . . . Net tan g ib le a sse ts p e r ah---p re fe rre d --co m m o n . Times charges earned: B efore in co m e t a x e s __ . . . . . . . . . . . A fte r in co m e t a x e s ____________ _ Time* ch arg es St pfd. dlv. e a r n e d . . . . P rice ra n g e --M s , 1976 ____________ N et ta n g ib le asse ts $1,000 Ig. tm . d e b t N et cun*, asse ts p e r 81,000 lg. tm . d e b t Times p referred dividend* e a r n e d .... Number of share--p r e f e r r e d .__ ___ _ --com m on . . . . . . . . . 1956 $22.98 $6.40 $1.00 $2.40 20-17% 47%-31 $166.49 $42.83 18.75 9.70 7.04 100%-90 $4,215 $2,141 22.99 256,863 878,651 1955 $19.78 $5.49 $1.00 $1.75 19%-18% 37*4-27 $152.71 $38.79 31.85 15.12 8.82 $5,767 $2,254 19.80 256,863 878,651 1954 $12.47 $3 35 $1.00 $1.50 19*4-15% 30%-le $140.03 $35.0 22.50 11.29 6.19 $5,025 $2,137 12.48 256,863 878,651 1953 $11.78 $3.05 $1.00 $1.50 ier.-i5% 19%-15% $133.68 $32.26 34.38 16.81 7.18 $8,432 $2.832 11.78 256,863 3)905,199 1952 $648 51.50 $1.00 $1.50 17%-i 19%-1S* $128 03 $30 66 16.05 844 3.88 $7,504 $2,323 6.28 256,853 31905.199 1951 $13.62 $3.57 $1.00 $1.50 lHb-15% 20%-HW $127.81 $3049 32.00 1841 T.68 $7,033 $2.411 13.62 256.863 31905,199 2950 $11.69 $3.03 $1.00 $1.00 17%-15* n -i3 % $120 18 $28.42 21.75 13.15 $.45 $6457 $2462 11.69 256.863 31905.374 CECalendar year*. In clu d in g p a rtia lly p a id sh ares: 1955-54, FUNDED DEBT L Celotex Corp. convertible subordinated d eb en tu re 4 ^ $ , d u e 1976: R a tin g --Ba AUTHORIZED--$10,000,000; o u tsta n d in g . $10,000,000. DATED--M ay 1, 1956. MATURITY--M ay 1, 1976. INTEREST--M&N1 a t office o f tru s te e and City N ational B ank & T ru st Co., Chicago. TRUSTEE--B an k of New Y ork, N ew Y ork. DENOMINATION--Coupon, $1,000, $10,000 and authorized m u ltip le s of $10,000; re g iste ra b le as to principal; interchangeable. no n e; 1953, 26,583; 1952, 26.643; 1951, 27,509; 1950, CALLABLE--As a w hole o r in p a r t o n a t least 40 d ay s' notice a t an y tim e to A pr. 30 incl. 1958.. 105 1959_ 104% 1960- 104% 1961.. 1041/4 1962_ 104 1963- 103% 1964- 103% 1965_ 103% 1966-- 103 1967- 102% 1968-- 102% 1969- 102% 1970-- 102 1971-- 101% 1972- 101Va 1973- iOli/4 1974- 101 1976- 100 Also callable for sinking fund (w hich see) a t lou. SIN K IN G FUND A nnually Aug. 1. 1966-75. to r e tire d e b e n tu re s equal to lesser o f (1) 10% of d e b e n tu re s o u tsta n d in g M ay 1. 1966. 29,226; 1949, 31.515; 1948, 36.140. or (2) $600.000; p lu s optional am o u n t e a u a l to required retirem ents. Credit may be taken for debentures converted or otherwise ac quired as provided. C O N \ ERTIBLE--Into com m on a t any tim e (if called, to close of business on 10th day b efore red em p tio n d ate) a t $48.75 p e r share, w ith no a d ju s tm e n t fo r in te re s t ot div id en d s; scrip or easn to be paid in lieu of fractional shares. Conversion privilege protected against dilu tion. SECURITY--Not secured; su b o rd in ated to prior paym ent of senior debt, representing money borrowed. m MOODY'S INDUSTRIAL MANUAL CREATION OS' AD D ITIO N A L DEBT--Com* pany or any subsidiary may not create addi tional funded debt, except for refunding, unless im m ediately thereafter consolidated n e t tan g ib le assets a t le a st e q u a l 2uQ% o f con solidated funded debt. DIVIDEND RESTRICTIONS--C om pany m ay not pay cash dividends on common or acquire any stock in excess of consolidated net earn in g s a fte r Oct. 31, 1955, p lu s $4,500,000, and n et proceeds of sale thereafter of stock or any indebtedness (including debentures) con v erted into stock. RIG H TS ON DEFAULT--In e v e n t of d efau lt (30-day grace period for paym ent of interest o r sin k in g fund in sta lm e n t), tru s te e o r 25% of debentures may declare principal due and payable. INDENTURE MODIFICATION -- Indenture m ay be modified, except as provided, with c o n sen t of 66 2/3% of d eb en tu res. PU RPO SE--P roceeds to bu ild p la n t a t L'Anse, Mich., and to acquire tim ber land and tim ber rights from the F ord interests. LEGAL--F o r savings b a n k s in N ew H am p shire, OFFERED--($10,000,000) a t 101% (proceeds to com pany, 100) on M ay 16, 1956 b y H ornblow er Sc W eeks an d U nion S ecu rities Corp., New York, and associates- , _, 2 T erm Loan; O u tstan d in g , Oct. 31, 19o6, $6,475,000, re p re se n te d b y (1) $2,100,000 3%% n o te s p ay ab le $262,500 a n n u a lly to J u n e 1, 1960 an d $525,000, J u n e 1, 1961 an d (2) $4,900, 000 3%% no tes p a y a b le $600,000 an n u ally , J u n e 1, 1962-68 a n d $700,000, J u n e 1, 1969. P ro ceeds to red eem $1,994,000 d e b e n tu re 3%s due 1960, fo r c a p ita l e x p e n d itu re s a n d fo r o th er corporate purposes, Company may not pay cash dividends on common or acquire any capital stock in excess of consolidated n e t e a rn in g s sin ce Oct. 1, 1953 p lu s $3,000,000 a n d u n le ss th e re a fte r, o n con solidated basis, cu rren t assets are at least twice current liabilities and n et working cap ital at least equals funded debt. Company may not pay cash dividends on o r m ake any other distribution on preferred unless, after giving effect thereto, on consolidated basis, current assets are a t least twice c u rre n t liabilities and current assets a t least equal funded debt. Com pany agrees to m aintain consolidated cu r ren t assets in excess of consolidated current liabilities by am ount a t least equal to greater Of $5,000,000 o r' 75% o f co n so lid ated funded debt. Company will not perm it consolidated fu n d e d d e b t to ex ceed a t a n y tim e $i3,ooo,ooo, of w hich n o t to ex ceed $3,9OQ,Q00 m ay be se LIQUIDATION RIGHTS--Gas preferen ce over cu red by m ortgages, p ledges o r p e rm itte d common to par plus accrued end unpaid &vL liens o r in c u rre d u n d e r co n d itio n al sales o r denda. other title retention agreements. PREEMPTIVE RIGHTS--None. T erm L ia n : O utstanding, Oct. 31. 1956. $7,- GAL:. * 3 LE-- a ny q u a rte rn iividend i*te, 775.000, com prising (1) $3,175,000 3%% n o tes In who! or in p a n (by :ot), oii 0 days' notice, p ay ab le $687,500 a n n u a lly to J u n e l, 1960 a n d a t $30 p e r s h ire plus accru ed dividends. $425,000 on Ju n e 1, 1961 a n d (2) $4,600,000 4%% L.ISTFJ>--O n New Y ork Stock xcr.ange. notes p ay ab le each J u n e 1: $320,000, 1962 to 1968; $250,000, 1969; $950,000, 1970 to 1971. P ro TRANSFER AGENT--C hase M anhattan Bank. Nev> York. ceeds used in connection w ith plant construc tion and tim beriarid acquisition. REGISTRAR--C hem ical C orn E xchange Bank, Company may not pay cash dividends on New York. com m on o r acq u ire cap ital stock (ex cep t OFFERED--(1*0,009 shares) a t $20 p er share from proceeds of stock sold a f te r A pr. 16, 1956) in excess of consolidated n e t earn in g s (proceeds to com pany $19 p e r share) on S ept 6. 1945 bv a syndicate head ed b y P au l H. Darts a lte r Oct. 31, 1955, olus $4,500,000, an d unless & Co.. Chicago. th e re a fter consolidated c u rre n t assets a re a t 2. T h e Celotex Corp. com m on; p a r $1: least tw ice consolidated c u rre n t liabilities. AUTHORIZED--1,500.000 shares, outstanding Com pany agrees to m ain tain consolidated n et 878,651 shares; p a r $1 (changed from no par c u rre n t assets by am o u n t a t le a st e q u a l to in Feb- 1956, sh are fo r sh are). g re a te r of $10,000,000 or 100% of consolidated Dividend Record iIn $) funded debt. (Calendar years) A t Oct. 31, 1056, $22,386,710 re ta in e d e a rn On no par shares: ings were so restricted. 1935-36 Nil 1937-- 1.20 I f __ CD CAPITAL STOCK 1939-40 Nil 1941-- 1943-45 0.50 1946-- 1.121,4 1942-- 0.71 1.06 1947__ i.m fc 1. T he C elotex C orp. 5% c u m u la tiv e -pre1949-,. 1.7$ 1949-- 1.50 1956-- L00 ferred stock; par $20. 1951-54 1.50 1955__ 1.75 1956-... 0.60 AUTHORIZED--500,000 shares; outstanding, On $1 p a r s h a re s' 1956__ 1.80 [H1957, 1.20 236 862% sh a re s; re se rv e d for co nversion of deb en tu res, 205,128 shares; p a r $20 (changed (TPaid 100% in stock Nov. 4, 19. from $100 p a r Ju n e 18,1943, five $20 p a r sh ares 5JTo M ay L issued for each $100 p a r share) DIVIDEND LIMITATIONS -- See debenture PREFERENCES--H as p re fe re n ce fo r *s*t* 4VaS an d te n s loans above, and dividends. VOTING RIGHTS--O n e v o te p e r share. Cum* DIVIDEND RIGHTS--E n title d to cu m u lativ e la tiv e voting p e rm itte d fo r election of d ire c dividends of 5% Qer an n u m , payable q u a rte rly to rs S ee "V odng R ights" u n d e r 1% preferred Feb. l, etc, stock, above. DIVIDEND R E C O R D -N o dividend p aid on PREEM PTIVE RIGHTS--None. JIC0 p ar sh ares to Nov. 10, 1936 w hen 5% was LISTED--On N ew York S to ck Exchange. oaid d e a lin g up a rre a rs. T h e re a fter, re g u la r TRANSFER AGENT--C hase M an h attan Bank, dividends paid q u a rte rly F e b ru a ry 1. etc., to New York. May 4. 1943. inch REGISTRAR--C hem ical C o m E xchange Bank, In itial d iv id en d of 25 c en ts p e r sh are paid New Y ork. on 520 p ar sh a re s Aug 9. 1945; re g u la r d iv i dends paid quarterly thereafter. OFFERED--U00,000 sh ares) a t 36** by P aul H. D avis St Co., Chicago a n d U nion Securities DIVIDEND LIMITATIONS -- See debenture Corp., New York. 4%s and term loans above. Subscription Rights; Common stockholder! VOTING RIGHTS--N one, e x cep t th a t If a t any of re c o rd Oct. 22, 1943 h a d r ig h t to subscribe, tim e cu m u lativ e div id en d s h av e accrued to the a t $19.50 p e r bare, for sh ares of com m on stock, e x te n t of 82 p er hare, h o ld ers of p re fe rre d o n th e basis of o n e sh a re fo r eaeh te n shares stock shall have one vote per share. then held. capital structure t h e CUDAHY PACKING COMPANY LONG TERM DEBT Issue R atin g Amount C harges E arned O u tstan d in g 1956 1955 Interest D ates Cali Price Price Range 1956 1932-36 1. F irs t s. f. 2?fes, C, 1967 ........ . 2. 3V4% to 4% b a n k loan, 1958 CAPITAL STOCK* Issue Baa __ Par Value $9,849,0001 1.750.000J Amount O utstanding 10.32 3.52 Earned per Sh. 1956 1955 JM&N 1 Diva, p er Sh. 1956 1955 Ujxoiy* Cal! Price 94-87xA a-- @S3Vz-34 a ........... Price Range 1956 1932-56 1. 4Va% c u m u la tiv e p re fe rre d 2. C o m m o n ___________________ $100 5 100,000 shs. 1,542,213 aha. $61.37 $27,03 33.12 1.46 $11.25 N il 100 NU NU __ 841&-6S 106 -48 Va 14Va--7% 17*A- 4% O lSubject to ch ange; see te x t. In cluding n o n -re c u rrin g profit. S3.69. SJPrivately placed. S H an g e s*nce issuance. !Range since 1945. H R ange since sto ck spU t in . 1947; ra n g e from 1932 io th e 3 -for-l sp lit in 1047, 68 2. HISTORY In c o rp o ra te d u n d e r M aine law s O c t 7, 1915, successor to an Illinois corporation organized in 1887 as A rrao u r-C u d ah y P a c k in g Co., nam e changed in 1890. O pened larg e p la n ts a t San D iego in 1930; a t D enver, in 1933. In 1947 ac^ quired plant in Phoenix, Ariz. from Tovrea P a c k in g Co. H as m ad e n u m e ro u s o th e r ac quisitions from tim e to tim e. I n M ay 1955 com p an y sold. O ld D utch Cleanser and Soap Division to P u rex Corp., L td . fo r 130,000 sn a re s of P u re x stock. I n Oct., 1956, a c q u ire d B lu e R ibbon P a c k in g Co., H ouston, T ex. an d in F ep ., 1957, S eat tle P ack in g Co., S eattle, W ash. SUBSIDIARIES O n Oct. 31, 1956, h e ld 100% v o tin g p o w er in the following subsidiaries: Name, place of incorporation and business: B a rry M achinery Co. <111 I B uy in c T he Dow Cheese Co. (Wls.) Cheese dealer M idwest M eat 06. (Del.). O perates branch nouses a t Tucson and Phoenix. Ariz. and Salt L ake City, U tah B urnett M eat Co. (Del.). O perates branches at Kansas Citv, Mo. B lue Ribbon P acking Co. (Tex.) Packing plant M ission Provision Co., S an A ntonio, Tex.-- Packing plant C u d ah y P acking Co., L td. (E ng ) C aring Subsidiaries in which voting pow er bald was less th a n 100% w ere; A m erican S a lt Corp. (D el.) (98.923) S a lt m in ing and processing ftU8 lNESS AND PRODUCTS ening and cooking and salad oils; pulling, scouring and combing of wool, and m arket ing of wool and sheepskins; purchasing, pack ing and selling eggs, poultry and cheese; purchasing cream and b u tter and m anufac turing and selling butter, m argarine and ice cream; mining rock salt: operating brine wells and producing and handling all kinds of salt; owning and operating refrigerator and tank cars. T rade nam es include P uritan, Rex. Gold Coin, S u n light, D elrich, E conom y a n d Trix. Distribution is conducted in the united States th rough 13 b ra n c h houses, also in fo reig n m arkets. PRINCIPAL PLANTS A PROPERTIES Plants have a combined ground area of about 235 acres, w ith a slau g h terin g , curing rtiui p re p a rin g c a p a c ity of ao o u t 20.000 hog*, 6.700 c a ttle an d 10 000 sheep p e r day. Com pany operates 9 principal slaughtering and m eat packing plants, as follows: South Side, Omaha, Neb. Wichita. K ans North Salt Lake. U tah San Diego. Cal D enver. Colo. Phoenix, Ariz. San Antonio. Tex, Houston, Tex. Seattle, Wash. O th er im p o rtan t p lan ts Include* E ast Chicago, Ind.: G lue and, refrig erato r car construction and repair shops. Leewood. near M empms, Tenn.: Refinery for vegetable oils, producing lard substitutes, m argarine and salad oils. Lyons, K ans.: A e&lt m ine and refinery, p ro ducing rock and evaporated salts. and Fond du Lac. Wis, T he 13 b ra n c h houses are lo cated in p rin cip al cities. Com pany's m ineral lands in California and Kansas con tain chemicals used in cleansing powders. C om pany also ow ns a b o u t 650 re frig erato r cars a n d 125 tru ck s. In ad d itio n , company leases o r operates u n d e r co n tract 105 tank cars a n d 216 tru ck s. MANAGEMENT Officers E. A. Cudahy, C hairm an L. F. Long, President P. B. Thom pson, Exec. V ice-Pres. St Treas. J. L. Crowley, Senior Vice-President J . W. B reath ed , V ice-P resident St Adv. A gt j . W. Christian, V lce-Pres. & Gen. Mgr. Omaha plant D. G. Heugiy, V ice-President L. E. Tfolor, Vice-President J. J. O'Neill, V ice-President R. A. Norris, S ecretary St A ssL Treas. C. A. Bastow, Controller H. W. Hately, AssL Secretary H. V. A ndersen, AssL Secretary C. J. Brvde, Jr., Asst. T reasurer D irectors A. B. Cudahy, Om aha S. A. Cudahy. Chicago E. A. Cudahy, Jr., S an Diego, CaL J. L. Crowley, Omaha L. F. Long, Omaha P. B. Thompson, Omaha J . W. B reathed, O m aha J. W. Christian. Omaha J. C. Hemphill. Chicago W. A. Sawtell. Om aha G eneral A tto rn ey : Yale C. H olland. A principal factor in m eat packing. P ur chases and slaughters livestock and processes and m arkets m eats and by-products, including beef, pork, lamb, ham s and bacon, sausage, canned m eats, and by-products such as glue, anim al feed and fertilizer. Supplem entary activities include: Refining vegetable oils, production and sale of sh o rt Company and subsidiaries .operate 9 dairy an d p o u ltry p la n ts in 18 w e ste rn and so u th w estern states, of w hich 4 plants are leased. T h e re a re ft n u m b e r of p roduce collecting and processing plants, larg est of w hich a re lo c a te d a t W ashington C o u rt House, O., Neosho, Mo.. ffa rro d sb u rg , K y,, B edford. la ., Tom pkinsviUe, K y.. F o rest, Miss.; W ichita, Kan A u ditors: A rth u r A n d ersen St Co. A nnual Meeting: Second F riday In Feb. No o f S tockholders: Nov. IS, 1956: P r e fe rre d , 2,072; com m on, 3,040. No, of Em ployees: Oct. 27, 1956, 8,400. G en eral Offices; 5002 So. 33rd S t , O m aha 7, Nebr.