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MOODY'S INDUSTRIAL MANUAL 519 uni military aircraft, of xnoidi used for the Liabilities production of tires and of signal lights, Notes, etc., pay.. lamps, reflectors mirrors and other safety Accta^ etc., pay devices for trucks, automobiles and recrea Divs payable __ 18.770 67444 2433 16,783 34 055 2 490 DENOMINATION -- Coupon. $1 000, reglstcr5,241 aoic as to principal hilly registered SI 000 or 24 417 multiples C&R interchangeable once without 2^39 charge, thereafter, $2 service charge, plus ex tional vehicles. Income taxes__ 9624 6404 9 890 penses. (b) Castings Produces a wide variety of castings -a iron, steel. copper, and aluminum Total current 98 471 60422 CALLABLE--As a whole or In part on 30 41.877 days4 notice at any time to each Aug. 14. IncL, allo>s in sizes ranging* from a few ounces Long term debt. 44 655 46 405 47.894 as follows to several tons for use in mining, earth- Def. me. taxes . moving, steel making, petrochemical, nu Oth. liabilities clear, rock crushing, dredging, food process Minority int. __ ing, and other applications, an Important aCom. stk. supplier of manganese steel castings having Cap paid-in ___ 9 455 5 963 4 640 48,006 15,687 7 491 U 458 3 416 48 006 5 401 1 47S 2 061 _48_,00_6 1975-- 1978-- 1981__ 1984-- 1387-- 102 00 10140 10IDO 10040 100 00 1976-- 1979-- 1982-- 1985-- 10184 1977_ 101 6T 101-34 1980-- 101.17 100.84 1983-- 100 67 100.34 1986-- 200l17 high impact-resistant properties as well as of Retain, earn. ___ 102.716 85.400 79.459 Also callable at 100 tor sinking fundb(which both certrifugally and statically cast produets see) in proprietary heat-resistant ferrous alloys. Total __ ___ ,, 329493 262.408 228 173 SINKING FUND--Cash (or debentures) to (c) Hydraulic Products Manufactured for Net curr assets. 116.599 106 371 99 905 redeem at par not less than $250 000 nor mora industrial and aircraft uses Industrial prod EDeprec.----- 128A2S 117 S3* 112051 than $500 000 debentures each Aug. IS, 1965-71 ucts include hydraulic pumps, motors valves, Q3mv in 8c loans to uncons, afflls., at equity and not less than $650,000 nor more than Sresses and complete hydraulic systems used S100 no par aha. (^Restated for comparative $1400 000 debentures each Aug. is, 1972-88. i many applications, including construction purposes CDFrom SEC report. Fixed minimum payments will retire 954% of and mobile equipment, industrial and marine macnmery and xnaterials-handling equip ment. Hydraulic pumps, motors, servo-valves and flight control actuators are manufac tured for the aerospace market. (d) Railroad Products: Leading supplier of iron and composition brake shoes, cast steel wheels, and custom-made trackwork, such as frogs, switches, crossings and turnouts, for United States and Canadian railroads, also supplies hearings for freight cars and re manufactures and upgrades electric traction motors and generators for the railroad in dustry Property: Owns and operates 41 plants in Long Terra Debt: L American Brake Sbo Co, sinking fund debenture 4V^s* due 1982: ____ ______ Rating--A AUTHORIZED--J12.000.000, outstanding. Dec. 31, 1974, $2,953,000. DATED--Feo. 1, UST. MATURITY--Feb. U 198t INTEREST--F8tA 1 at Chemical Bank, New York.____ TRUSTEE--Morgan Guaranty Trust Co^ New York. REGISTRAR--Chemical Bank. New York. DENOMINATION--Coupon, 81.000; registerable as to principal; fully registered, 81,000 and multiples C8cR and denominations, inter U S, 5 in Canada, 16 in Europe and 2 in changeable once without charge; thereafter. issue before maturity SECURITY--Not secured. Company or any restricted subsidiary may not create any ilea on property (without securing debentures equally and ratably with all other debt se cured thereby) other than mortgages not exceeding $750,000; purchase money or existing mortgages on after-acquired prop erty or liens to construct plants in connection with U S. Government contracts and refunds Inga thereof, provided total does not exceed $5400,000. ahd if secured indebtedness con stitutes funded debt, the incurring of such Indebtedness is permitted by terms of provi sion headed "Creation of Additional Debt*' below Company may not effect uda and lease ' Mexico 82 service charge, plus expenses back arrangements (excluding excepted Subsidiaries (wholly-owned unless other CALLABLE--As a whole or in part on 30 days* leases) in respect of any real property owned wise noted): Abex Industrial, S~A. (Mexico) Abex Industries Ltd. (Canada) Abex International Finance Corp. Q] Abex International SA (Switzerland) Amsco Mexican* S-A. (Mexico) A. L, Hanses Manufacturing Co. Denison Hydraulics, Japan, Ltd. (60%) (DAbex International has 11 wholly-owned ana two 66.7% owned subsidiaries in eight European countries. Affiliates: Denison Hydraulics India Ltd. (26%) Lloyds-Abex Lted. (England) (25%) Lloyds (Burton) Ltd. Uni-Abex Alloy Products Ltd. (India) (20%) notice at any time to Jan. 31 Inch as follows: 1973 103 U7T--. 103 19SL... 101 1983^. 100 Also on notice fog fund (which see) at 100. SINKING FUND--Cash (or debentures) suffi cient to redeem 8250.000 debentures each Feb. 1. I960 to i960, and $650400 debentures each Feb. l 1967 to 1281, in addition, optional pay ments to redeem 3650,000 debentures each Feb. l 19*7 to 198L Fixed payments will retire about 96% of issue by maturity SECURITY--Not secured. Company at any restricted subsidiary may not create any lien on property (without securing debentures equally ana ratably with all other debt se cured thereby) other than purchase money on Aug IS 1962. or any subsequently acquired or leased property as to which the company or a restricted subsidiary is to be the original user CREATION OF ADDITIONAL DEBT--Same as for debenture 4fts due 1982. DIVIDEND RESTRICTIONS--Company may not pay cash dividends on or acquire any stock or make payments on subordinated debt (except for interest and fixed fund) in excess of consolidated net Income after Dec. 31 1561 plus $5,000,009 and cash proceeds of stock sold and unless, on a consolidated basis, net tangible assets are not less than 300% of funded debt. RIGHTS ON DEFAULT--INDENTURE MOD IFICATION--Same as tor debenture due / Officers N G. Belury, pres. tc Chief Exec. Officer K. C Buschman, Vlce-Pres. Sec. 6s Gen. Counsel P H. Clapp, Jr .Vice-President R. U. Forquer Jr, Vlce-Pres. 8c Compt. R. A. Frick, Vice-President F B Herlihy, Vice-President V L. Peisbacker. Vice-President-Admin. D. JC Rennie* Vice-President G L. Romlne Vice-President O B. Cottle, Treasurer N G Belury Directors F. B. Herlfhy or existing mortgages on after-acquired prop erty or Hens to construct plants in connection with U. S. Government contracts end refund ings thereof, provided total does not oceed 85.000,000. ana If secured Indebtedness con stitutes funded debt, the incurring of such indebtedness is permitted by terms of next following provision. Company may not effect sale and lease back arrangements, (excluding exeeptad <**) In respect of any real properhr ownsd on Fab. L 1957. or any-subsequently acquired or leased property as to which the company or a restricted subsidiary Is to be the original user. 1952. PURPOSE--Proceeds for additional working capital, to retire $2 600400 debt of a subsidiary and for capital improvements. OFFERED--($12 000400) at 99ft (proceeds to company, 9845) on Aug. 22, 1962 by First . Boston Corp, New York, and associates. PRICE RANGE-- 1974 1973 1972 1971 1970 High--____ - 79 75 76 ft 75 69 Low________ -- 56ft 68 73 64 63. tm Abex Corp. debenture Hs? due 1977: ____ _ Rating--A AUTH.--$25,000400, outstg , Dec. 31,1974, $25,- 000 000 E. p Berg S E G Hillman CREATION OF ADDITIONAL DEBT--Com DATED--Dec. L 1970 DUE--Dec. L 1977 R. W Biggs W B. Johnson pany or any restricted subsidiary may not INTEREST--J&jDI by mail to holders reg ? Cummings W L. Neumann create additional funded debt (except for istered on 15th day prior to interest date. ~r. C F. Floe R. A. Frick A. p Gagnebin V L. Persbacker G. L. Romine * Auditors: Peat, Marwick, Mitchell 8c Co. refunding) if thereafter consolidated net tan gible assets would be less than 300% of con solidated funded debt. Restricted subsidiaries mar not incur funded debt other than to com* parar or secured landed debt referred to in TRUSTEE--Morgan Guaranty Trust Co., NYC. *.* DENOMINATION--Fully registered. $1,000 * and authorized multiples thereof. Transfer- -- able or exchangeable without service charge. 'r,, Mo. of Employees: Dee. 21, 1974, 15,800 next preceding provision or. In the esse of CALLABLE--As a whole or tn part on or.' Office: 530 N Y. 10036. Fifth Ave., New York City, Canadian subsidiaries, not exceeding $1,000,000 of unsecured funded debt at arty one time. DIVIDEND RESTRICTIONS--CompauT may QlConsolidated Income Account* years end* not pay cash dividends on or acquire any ed Dee. 31 (50oo omitted). stock or make payments on subordinated debt 1974 1973 1973 (except for interest and fixed sinking fund) Sales---------------Other Income -- Total Cost of sales__ SeiL. etc^ exp . 486,204 1,413 487,617 345J8T 55 579 358370 1,329 360499 256,397 43,411 297443 379 in exeesa of consolidated net income after Dec. 31,1956, plus $5,0001)00 and cash proceeds 297.614 of stock sold and unlma, on a consolidated 210 620 36.562 basis, net tangible assets are 300% at funded debt As of not less than Dec. 3L 1974, Depr 4c amort.. 12,403 11,157 9423 $24,000,000 of retained earnings was so re Repairs 8c maint. 15,332 12414 General taxes -- 3.497 341* Interest------ . r-^ 7^60 . 3.756 Income taxes __ 22,085 14,050 Minority lnt.__ crS 207 Acctg chge. adj men 446 __ _ __ Met income 27.155 15.901i 33Cumulative effect of chge In tor domestic inventor!* QFrom SEC 10.711 3487 3425 11.479 crio . U.967 * acetg. report. stricted. RIGHTS ON DEFAULT--In event of default *(30 day grace period for payment of Interest), trustee or 25% of debenture* may declare principal due and payable. INDENTURE MODIFICATION -- Indenture may be modified, except as provided, with consent of 66 2/3% of debentures. . . PURPOSE--Proceeds tar plant expansion and after Dec. 1, 1976, on at least 30 days* notice -t at per. i-1* SECURITY--Co. or aay restricted subsidiary < may not Incur Hess on property except for (a) existing hen debt sot In excess ot $750,000, ^ (b) ordinary course of businem liens, (c) pur-'-' chase mosey mtge*. and Hexas placed on _ property acquired after Dec. 1, 1970 or mtges. .. or liens on such property at time ox acquisition not in exoess of 76% of cost of -** such property, (d) lien* g on prop* 7. erty of a corporation at time it becomes a * restricted subsidiary not in excess of 75% of assets of such corporation at such +<--i *xsd (e) Mens for purpose ot constructing or acquiring plants, equipment or other prop erty In connection with contracts made with or at request of XT $ or any department or agency thereof and any renewals or refinanc ings thereof. r - . - 4 " DIVIDEND RESTRICTION--Co. may not pay [DConaolidated Balance Sheet, as of Dec. 31 (3000 omitted). ,, Assets: 1974 Q)1973 (91973 Cash___________ 3.344 7,032 5.353 Sht, tm. Inv , cost 1808 179 4 293 Dep with par co 14493 20.230 ------ ----- ~ 85 7714 71 78ft 65 dive, on or acquire capital stock or make payments cm subord. debt In excess of consolidated net income after Sept.- 90, 1970 plus net proceeds from saleo? stock 71ft 66 . after suds date phis $12,000,000 and < unless thereafter consolidated net tangible assets Receiv, net 82 052 64.581 49.206 1 Am.ricn ink. *om Ca. .taking (owl not tea thm 200* of cocotetatel tod-1 Inventories___ 123 713 Oth. curr assets 3.634 TT 018 3.700 60 068 2,610 dan.bu.mntuurrv. lVni-*. do_* .*.3__*_1-' ~. - --a.- rpVA'TTftw nr innmrAWAT. ^ fSSSiaS Total current inNet prop., etc. Investments Note* receiv. Intangibles Prepay^ etc 215.469 96.178 3450 1 733 9.941 3.022 166403 844U 2402 1.620 - 4498 2.473 fflfs^/SS't?a! 2,000'?00: TOt*tan?n^ &141.782 73.069 8498 1414 Dl&ATTOmH--ii^Aug.19ls62ri.ssr. iP ~ =3^*~ twrrounftMblehuwt,*p"ku 1e7o5n*sdoifdoatoesitnrUatartmedt ddeebbtt. X 777 INTEREST--FitA. 15 at Banket, Troet Co.r BIGHTS OH DEFAULT--Truetee or 25* of ` 2.753 Keg York. deba outsta. may declare principal dtn and ", Tau2 22A&93 282 408 226.173 York. terut, 80 daye lot (hiking fond inatIiInMp*,^