Document p3EbyRwxQyQdzZJgxjdmEbNj

FILE NAME: Philip Carey (PC) DATE: 1966 DOC#: PC057 DOCUMENT DESCRIPTION: Entry in Moody's Industrial Manual PHILIP Ca r s y MOODY'S INDUSTRIAL MANUAL AMERICAN and FOREIGN FRANK J. ST. CLAIR, Eiitor-m-Chief Editorial Board Lloyd C. Sweet George H. P arsons Arthur W. Herrmann Robert C. R iehle David M. Day Albert C. Esokait Harold Sandstrom A. E. Combader William Strauss June 1966 Robert H. Messner, Publisher MOODY'S INVESTORS SERVICE, INC. 99 CHURCH STREET, NEW YORK 7, N. Y. PHILADELPHIA BOSTON CHICAGO LOS ANGELES WASHINGTON SAN FRANCISCO Suburban Station Bldg. 75 Federal St. 135 So. La Salle St. 510 W. 6th St. Woodward Bldg. Russ Bldg. LONDON: MOODY'S INVESTORS SERVICE, LTD. King William Street House, London ELC. 4 Copyright, 1966 by Moody's Investors Semce, Inc., New York--All rights reserved MOODY'S INDUSTRIAL MANUAL 203 Consolidated Balance Sheet a s o f Sept. 30: Assets: C a s h _______________ 196 1964 $7,288.5 $4,483,698 Time dep. 6c eec. . . 2.640.708 1.691,499 R eceiv ab les______ 23.322,301 47.579.023 U ]In v en to ries____ _24.002.983_ ^23,649.773 Total c u rre n t ffiNet p r o p e r t y _ Investments, cost ,, Patents, n e t ____ Other a s s e t s _____ $57,254,572 93,509,309 13,214,752 65,184 8,153,115 $47,603,993 85,387,183 14,865128 203,197 9,046,934 Total ________ $172,216,932 $157,106,435 Liabilities: Notes p a y a b l e ___ $2,894,561 $8,452,319 Accts. pay., e tc . . . 11,392,414 8,936,393 Income t a x e s ______ 3,863,409 3413,993 Total c u rre n t . Notes p a y a b l e ___ Dei. inc. ta x re s. . . Other deld. ite m s . Fgn. oper. r e s . ___ E,Common s t o c k _ Retained e a rn in g s. Stkhldrs. e q u ity . . EReacq. s t o c k ___ Net stk b ld rs. eq. $18,150,384 $20,502',705 15,822,889 12.897.OUQ 2,432.127 1,345.561 (7.365.278 329.035 1,500.000 1,500.000 4,345,640 4,345,640 123.970,565 117,556,445 128,316.205 121,902,085 1,369,951 1,369.951 126,16,254_ J120.532434 Total ................ $172,216,932 $157,106,435 Net current a s s e ts . $39,104,188 $27,101,288 Net tang. com . sh. . $49.98 $47.42 QjDepr. 8c d ep l. . $103,281,461 $95,701,677 !Kaw m atl., w o rk in p ro c e ss Sc fin ish , goods t lower c o st o r m k t.; c o n s tru c t Sc suppl. at cost, 12:2,573.957 $1 p a r sh s. 5)36,133 shs. a t cost. [Tlncl. $6,846,240 s a le o f f u t u r e o il a n d gas prod. Term Loans: O u ts ta n d in g , S e p t. 30, 1965, $12,147,889 (e x c lu d in g c u r r e n t p o rtio n ), com prising (1) $2,663,000 3%% n o te s d u e in e q u a l annual in sta lm e n ts to 1970; (2) $8,750,000 5 V4% notes p ayable $625,000 a n n u a lly , 1965-80; (3) $734,889 o th e r d e b t a n d 7% n o te s o f a n Ita lia n subsidiary d u e s e m i-a n n u a lly to 1967. Company m a y n o t p a y c a s h d iv id e n d s or purchase its c a p ita l s to c k in e x c e ss o f con solidated n e t in c o m e a f te r S e p t. 30, 1960. A t Sept, 30, 1965, $17,000,000 o f r e ta in e d e a rn in g s was not so re s tric te d . Credit A g re e m e n t D eb t: O u ts ta n d in g S ep t. 30.1905 (excluding c u r r e n t p o rtio n ). U) $1,500,000 4Y2% n o te s d u e 1967 to 1972 borrowed u n d e r a re v o lv in g c re d it a g re e m e n t which p erm its lo an s of u p to $15,000,000 u n til Sept, 30, 1966. (2) $2,175,000 6%% n o tes d u e 1967 b o rro w e d under a c re d it a g re e m e n t w h ic h p e rm its loans in foreign c u rre n c y of u p to $2,925,000 (tra n s lated at p re v a ilin g r a te s o f e x c h an g e) u n til Mar. 12, 19C6. Company e n te re d in to a n o th e r c re d it a g re e ment u h ich p e rm its loans in fo re ig n c u rre n c y of up to $1,000,000 (tra n s la te d a t p re v a ilin g rates of exch an g e) u n til F eb . 28, 19G6. A ny borrowings u n d e r th is a g re e m e n t w o u ld b e a r interest at 634% p e r an n u m . Capital S tock: C ab o t C o rp . com m on; p a r $X: AUTHORIZED--3,000.000 sh a re s; o u ts ta n d in g , 2,537,824 sh ares; in tre a s u r y , 36,133 sh ares; reserved lo r o p tio n s, 130,000 sh a re s; p a r $1. Cabot fam ily ow ns 1,617,883 sh a re s (64%). VOTING RIG H TS--H as o n e v o te p e r sh a re . PREEMPTIVE R IG H T S--N one. DIVIDEND R ESTR IC TIO N --S ee te r m lo an s. DIVIDENDS-- (c a le n d a r y e a rs ): 1963__$0 45 1964-65 $0 60 TRANSFER A G EN TS--F ir s t N a tio n a l C ity Bank, New Y ork; O ld C o lo n y T ru s t Co., Boston REGISTRARS--C h ase M a n h a tta n B a n k , N ew York; F irst N a tio n a l B a n k , B oston. OFFERED-- (296.500 sh a re s) a t $41.50 a sh a re on Apr. 25. 1963 by C arl M. L oeb, R h o ad es Sc Co and W hite, W eld & Co., In c ., N ew Y ork, and associates. OlTerlng d id n o t re p re s e n t new financing. PRICE RANGE-- 19C5 1964 1963 High................... 42 41*,4 46',s L ow ................... 33 ft 321/ \ 36 Stock O ptions h e ld by k ey em ployees on Sept. 30, 19C5 o n 37,300 s h a re s a t $41.50 a share. CALIFORNIA LIQUID QAS CORP. History: In c o rp o ra te d in C a lifo rn ia J u ly 25, * W7. Company has from tim e to tim e acquired additional LP gas com panies in a re a served. Business: E ngaged in d istrib u tio n of liq u e fied petroleum gas a n d re la te d e q u ip m e n t in 06 W estern Sutes a n d a p o rtio n o f M exico. Property: C om pany h as 175 r e ta il d is trib u tion plants (92 ow ned; 83 o n le a se d lan d ) w ith torage cap acity of fro m 15.000 to 30.000 g a l lons of L P gas each; also se v e ra l la rg e sto ra g e facilities (ag g reg atin g 300,000 gallons) u sed by Industrial cu sto m ers. O w ns 75 a n d lenses 59 store-office u n its a n d ow ns 804 p ieces of a u to motive equipm ent. Also owns b u lk ra il u n lo a d in g facility (com pleted in e a rly 1963) a t R eno. N ev. se rv ing are a ea st of S ie rra -N e v a d a M o u n tain s formerly serviced by truck from Calif. A ddi tional term inals a t R edding, Cal.; M issoula, Mont and Cheyenne, Wyo. com pleted in y ear ended J u n e 30, 196-1. Subsidiaries: 115 w h o lly -o w n e d su b sid ia rie s. Officers: A. C. T ied em an , P re s .; J . S. F ra n d sen, Exec. V lce-Pres.; G. W. S orensen, V icePres.; A. F. Riedel, V ice-Pres. an d W est. Reg. M gr.; E. G. O w ens. E ast. Reg. M gr.; P . E. Jones, Treas.; W. A. W inneker, Sec.; C. B. S w an so n , A dm . Sc A sst, to P re s .; C . V. F ish e r, Asst. Treas. Directors: A. C. T iedem an, J. S. Frandsen, P. E .. Jones, G. W. Sorensen, Mrs. Clare Bowles, A. F. Riedel, H. B. Seym our. A uditors; D a rre ll H o d g e Sc Co. General Counsol: D ow ney, B ran d , Seym our & Rohwer. Annual Meeting: Second T uesday In Oct. No. of Stockholders: J u n e 30, 1965, 2,926. No. of Em ployees: J u n e 30. 1965, 720. Office: Sacram ento, Cal. Consolidated Income Account, years ended June 30: N e t sales & re v . __ C ost of s a l e s _____ Selling, etc., exp. . D e p re c ia tio n ____ O perating profit . B]1965 1964 $25,915,892 $22,172,928 13,245,928 . 11,079,447 8,748,066 7,589,324 1,399.393 1,266,340 2,522,505 2,237,817 O th e r in co m e ___ T o ta l i n c o m e ___ . 300,520 2,823,025 223,799 2,461,616 In te r e s t -------------O ther deductions In co m e t a x e s ____ N et in e e n t e ______ P re v . ea rn . s u rp . . 370.347 8,007 852,920 1,591,751 5,052,601 307,349 6,870 787,966 1,359,431 4,090,483 D iv id en d s _______ 515,505 397.313 E arn , su rp ., 6-30 -- 6,128,847 5,052,601 Earn., com. sh are. $1.30 $1.11 Cash flow, com. sh. 2.44 2.14 No. of com. shares 1,227,559 1,223,963 D lncl. subs, organized or acquired from date of organization or acq. S ales and Earnings years to Ju n e 30 (In $) actual: N et N et No. of Earn. Sales P rofit Shares on Com. 1963__ 18,244,586 1.192,682 1,217,752 0.98 1962__ J7.876.330 1443,150 1*211,595 0.04 1961-- 13,441,137 882,790 802,596 1.13 1960--. 10,126,722 636,937 374,745 1.70 1959__ 6,364,879 396,702 301,924 1.31 A djusted earns. & shs. f o r 50% sto c k 12/61; 100% 12/60; 4% 12/59. E a rn in g s ($): 1901. 0.68; 1960, 0.57; 7909. 0.42. S h a re s: 1901, 1,203,712; i960, 0,124,235; 0969, 942,002. Consolidated A ssets: C ash __ ___ ___R eceiv ab les --___ ['Inventories ___ P r e p a y m e n t s __ _ as of 1965 $855,672 3,022.150 2,464,080 179.995 1964 $699,875 2,755,413 1,908,310 310,391 Total cu rren t (TNet p ro p erty . . . G oodw ill, etc. ___ D ei. re c e iv a b les ,,,, O th e r a s s e t s _____ $6.551,897 12. J39,437 290.076 203,807 118,050 $5,673,989 9,847,194 278,732 113,307 111,903 T otal - _____ -- Liabilities: Accounts payable. N o tes p a y a b l e ___ Fed. income tax . . O ther curr. liabil.- $19,303,267 $1,111,564 654,015 710,756 601,033 $16,025,125 $946,220 413,287 603,238 490,543 Total c u rre n t. N otes p a y a b l e ___ D eferred incom e ,, C om m on stk . ($1) . C ap ital s u r p l u s __ Earned surplus . . . R estricted surplus Stkhldrs. equity . . QJReacq. stock . . . N et stk. & surpl. $3,107,368 6,269.299 46,838 1,255,059 2,495.856 6,128,847 39.900 9,919,662 39.900 ___M79,762_ $2,459,294 4,750,211 36,362 1,251,463 2,475,194 5,052,601 39.900 8,819,158 39.900 ___8,779,258 T o ta l ............ .. N et current assets N et tang. com. sh, ^D epreciation . [ULower cost (flfo) cost. $19.303,267 $16^025,125 $3.444,529 $3,214,695 $7.81 $6.95 $6.036,700 $4,921,191 or m k t. (27,500 shs. a t T erm Loan: O u tsta n d in g , J u n e 30, 1965, $6,- ?285,000 co m p risin g (1) $1.900.000 5Va% n o te d u e A ug 1, 1975; (2) $1.385,000 notes due 115,000 each Ja n . 1, 1965-76; b a la n c e on Ja n . 1, 977. P ro ceed s to p a y d e b t in c u rre d in p u r ch ase of assets of R a n c h e rs G as Sc S u p p ly Co. and subsidiaries; balance for general pur poses. (3) O u tsta n d in g , J u n e 30, 1965, $2,000,000 5% n o tes d u e each M ay 1, 1966-82 of 5.5% of m ax im u m n o te s issued; b a la n c e d u e 1963. (4) O u tstan d in g , J u n e 30, 1965, $1,000,000 5% n o te d u e each Ja n . 1, 1968-85 a t 5 % of m a x i m u m n o te s issued. A d d itio n a l $1,000,000 h as b e e n ta k e n dow n O ct. 6. 1965. P ro ceed s to retire short term debt, for w orking capital and fu rth er liquified petroleum gas acquisi tions. Company m ay not pay cash dividends or acquire capital stock in cxoewj of consoli d a te d n e t ea rn in g s a fte r J u n e 30, 1962, plus $500,000; also a g re e s to m a in ta in consolidated w orking capital at not less than the greater of $1,000,000 o r SVa% of p re v io u s 12 m o n th s ' net sales. O th e r D ebt: O u tsta n d in g , J u n e 30, 1965, $638,314 n o tes, ev id e n c e d by $254,015 c u rre n t an d $384,299 te rm d e b ts p a y a b le a fte r one year. Capital Stock: C alifornia Liquid Gas Corp. com m on; p a r $1. A u th o riz e d , 1.500,000 shs.; o u tsta n d in g , J u n e 30, 1965, 1,227,559 shs.; in tre a s u ry , 27,500 shs ; $1 p a r. ($1 p a r sh a re s sp lit 2 -fo r-l In D ec., 1960 an d 3-for-2 i n D ec., 1961.) E s ta te o f C. E. R ow les o w n s 278,793 shs. (22.7%) a n d is tru s te e u n d e r w ill of F. M. R ow les f o r a n o th e r 18,600 shs. (1.5%j. H as one vote per sh., w ith rig h t of cum ula tive voting for directors. No preem ptive rights. For div. restriction, see term loan above. D iv id en d s: 031959- $0.10 Q31960--- $0.40 0)1961 $0.20 1062 0.22 J/3 I960 0.30 0964 0&7l/3 1965-- 0.46 (2A lso sto c k d iv id en d s: 1959, 4%; 1960, 100%; O ffered (98,000 sh ares) a t $17 a sh a re on O ct. 22, 1959 b y K id d e r, P eab o d y & Co., N ew York, a n d asso ciates. O ffering in c lu d e d 55,000 sh a re s fo r com pany account. (125,000 sh ares) a t $36 a sh a re o n M ay 5, 1961, b y K id d e r, P eab o d y & Co., N ew Y ork, a n d asso ciates. O ffering in c lu d e d 50,000 sh a re s for com pany account. T ransfer and D ividend D isbursing Agent: W ells Fargo B ank, San Francisco. R egistrar: B ank of C alifornia N. A., San Francisco. Price Range: 1965 1964 1963 1962Q]1961 H ig h .................... 2l*/4 19Y* 203, 271/4 22% L o w .................... 15% 14 14% 14 20% EDAfter s p lit; b e fo re , 41*26%. CAREY (PHILIP) MANUFACTUR ING CO. H istory: Incorporated u n d er Ohio laws, Feb. 14, 1888. I n J u n e , 1941, co m p an y m erg ed C arey Co., a su b sid ia ry . I n M ay 1952, a c q u ire d v en tilating fan division of Victor Electric Prod u c ts. I n F eb. 1955 a c q u ire d L eh o n Co., C hi cago. In 1959, a c q u ire d L ib e rty B ell Mfg. Co., Swainsboro, Ga. Business: M anufactures and sells asbestoscem ent shingles and siding, asbestos-cem ent, asbestos fibre, fiat and corrugated roofing, siding, paints, coatings and plastics, asbestoscem ent w allboard and sheathing, asphalt shingleB. ro ll roofing and siding, industrial flooring, bridge plank, builtup roofings, ex pansion joints, industrial and rock wool in sulations, railroad car cem ent and roofing, M iam i-Carey bathroom cabinets, access doors, accessories and electric bathroom heater, pipe-line felt, roof coatings and cements, w aterproofing m aterials, household fans, heat insulations, fire resistan t vapor barriers, gas k et stock, m agnesia compounds, sound deadIng felts and emulsions, asbestos-plastic shingles, m irrors, range hoods, and chimes, AM /FM radio-intercom system s and other item s. Properties: Plants located at Cincinnati and M iddletown, Ohio; P erth Amboy, N. J ; H ouston. T ex ; M emphis, Tenn.; W ilm ington, 111.; S w ain sb o ro G a.; a n d L en n ex v ilie, Que.; T o ro n to , O nt.; Los A ngeles; M onroe, O. A s bestos m ines and m ills, E ast B roughton, Que.; w arehouse at M ontreal. Can. Com pany has sales offices in m any cities of the U nited States. Leshner division (m anufacturers of wiping rags) w ith p la n t a t H am ilton, O. w as sold in 1947. Subsidiaries: L ehon C o , Chicago; Philip C arey Co., L td.; C arey-C anadian M ines Ltd. Officers: R. S. K ing, C h airm an ; J . W. H um phrey, Pres.; H. R. B arrett, Exec. Vlce-Pres.; E. A. Boadw ay (Canadian Div.i, H. R Palm er, E. C. M elaner, P. D Jap p , J. W. B artlett, C. J. B ain u m , W. B. E vans, V ice-P res ; E. F. Z leg en h ard t, V lce-Pres. and Treas.; L. A. P echstein, Jr., Sec. and Gen. A ttorney; B. H. W uennem an, C ontr. and Asst Treas.; J. H. Hallock, Asst. Treas. and Asst. Sec. D irecto rs: H. R. B a rre tt. J . W. H u m p h rey , R. S. King, G. C. Hill, G, A. R entschler, J. B. M ontgom ery, M ilton Steinbach, E. A. Boadway. A uditors: H askins & Sells. General Counsel: Taft, S tettinlua and H ollis ter, P u rch asin g A gent: M. R M addux. Annual M eeting: L ast M onday in March. No. of S to ck h o ld ers: Dec. 33, 19C5, 5,357. No. of E m ployees: Dec. 31, 19C5, 3,458. G eneral Office: Lockland, C incinnati, O. 45215. N ew Y ork Office: 120 E. 41st S tre e t. Consolidated Income Account. years ended Dec. 31: 1965 19C4 N et sales --_____ _ $78,453.688 $75,831,037 O th e r i n c o m e ___ 272.884 330.565 T o tal ........................ 78,726.572 76,261.602 Cost of s a l e s ___ - 63,605,788 60.961.375 Selling, etc., exp. . 8,850,654 8.426.6C0 In te r e s t ................ - 673,450 740,817 O ther deductions. 77.678 131.254 In co m e t a x e s ____ 2,627.000 2,899,000 Q]Net p r o f i t ____ 2,892.002 3,102.187 R etain , e a rn ., 1-1- 2i,5Gy,:t:.8 20,09b.236 D iv id en d s _______ 1,616,126 1.628,465 Assets aban., n e t _ 278.398 R etain , e arn ., 12-31 [22,567.426 2;,569,958 Earn., com. share. $2 89 $3 05 Cash flow, com. eh. 5,10 5 46 No. of com. shares 1,002,; 10 1,016,641 [TjAfter $2,219,370 (1964, $2,141,371) d ep rec. Sc d ep let. $3,774,440 n o t re stric te d . S ales & E arn in g s, y e a rs to Dee. 31 (in $): Net Net No of Earn. Sales P rofit S hares on Cora. 1963__ 69,362,770 2,142,208 1,017,791 2 10 1962..^ 73,202,084 2,600,292 1,017,791 2.55 l4biafr. : 204 ' MOODY'S INDUSTRIAL MANUAL Net Net No. of E arn. Note:* C om pany also h a s a u th o riz e d b u t C am pbell M anu factu rin g Co., Inc., incorpo Sales P ro fit S h a re s o n Com. u n issu e d , 75,000 p re fe rre d s h a re s ; p a r $100. ra te d u n d e r N ew J e rs e y l a u s In M arch. 19L 1 9 6 1 ... 69.953,293 2,805,700 1,017,791 1969-- 69.568.686 2,403,994 1,017,791 2.76 2.36 CARTER (WILLIAM) CO. Business: M a n u fa c tu re s fe lt-b a se a n d com* p o sitio n floor c o v erin g s, also a u th o riz e d to \ I 1959-.. 73,203,888 3,306,331 Q]846,170 3.91 H isto ry : In c o rp o ra te d in F e b ru a ry , 1912, In en g ag e in a n y ty p e o f business. 1938-- 66.455,602 2,031.754 850,376 2.39 M assach u setts; co n so lid atio n o f W m. C a rte r Property: P la n t in C a rth a g e , C incinnati. 1957-- 69.889,864 2.623,012 850,376 1 956... 69,426,109 2,560,413 850.376 3.08 Co. of N eed h am H eights, M ass., a n d S p rin g - O fficers: M. R. G reiser, P res., T reas. and 3.01 field, (M ass ) K n ittin g Co. A c q u ire d C a rte x Gen. M gr.; E. A. K oehn, E xec. V ice-P res and I C r 1955__ 68,020.377 2,637.239 *50.376 3.04 Co. a n d C a rte r-C o llie r Co., J u ly 1. 1925. Sec.; H G. S n a rr, V ice-Pres. (Sales); Ralpti 1 954... 54.751.170 2,477,253 800.000 3.00 In 1964, a c q u ire d S in g in g N eed les Inc., S eed o rf, V ice-P res.; M. N. G re ise r, A sst. Vice- E E x c l 169,234 shs. fo r stk . d iv . J a n . 22, 1960. L eola. P a. fo r a b o u t $1,000.000. P re s. (Sales); H elen St. C h arles, A sst. Sec. A djusted earns. & shs. fo r s tk . s p lits & stk . B usiness: M a n u fa c tu re s u n d e rw e a r fo r e n a n d A sst. T reas.; C h a rlo tte e F ra n k e n , Asst. divs : tire fam ily and outerw ear for infants and Sec. E a rn in g s ($): 1939, 3 26; 1958. 1.96; 1957, 2 57; c h ild re n . Directors: F . L a z a ru s III, D. W. G ill. M. R- 1956, 2 50; 1955, 2.53; 1954, 2.50; 1953, 2.42; 1952, Properties: C o m p an y h a s o n e p la n t a t G re iser, L C. G rah am , J. R B ullock, E E. 2 28* 1951 3 02 N eedham H eights. M ass., a n d one each a t K oehn, W. A. M itchell, A da C. Greiser, S h ares:' 1959| 1,015,404; 1958-55, 1,020,451; 1954- S p rin g field , M ass., a n d B a rn e sv ille a n d T hom - J . T. G riffin . 51, 960,000 aston, Ga. Sewing operations are carried on Purchasing Agent: R obert Storch. \ C onsolidated Balance S h eet, as off D ec. 11: a t F o rsy th and T hom aston, Ga., Senatobia, C entreville, and B utreville, Miss., and Leola, Auditors: A rth u r Young & Co. G eneral Counsel: T a it, S te ttm iu s & Hol A ssets: C ash ____________ 1965 $3,073,626 1964 $3,769.574 Pa. lister. Cincinnati. M kt. secur., cost - 2,258,931 5,792,497 Sales offices located a t N ew York, Chicago. Boston, Dallas, C leveland, A tlanta. Los A n Annual Mooting: L ast F rid ay In M arch. No. of Stockholders: Dec. 31, 19C5. 491. Receivables, n et { ^ I n v e n to r ie s _-- 12,569,765 10,554.941 10,830,181 9,701,160 geles and San Francisco. A dm inistrative No of Em ployees: Dec. 31, 1965. 163. l C ontr. in p r o g . __ 201,530 207,627 offices and central H eights, Mass. w arehouse at Needham Office: 124 W est S ix ty -S ix th St., Cincinnati, Ohio. T o ta l c u r re n t- $28.658,793 $30,301,039 S u b sid ia ry : S in g in g N eedles, In c . (w'holly Incom e A ccount, y e a n ended Dec, 31: E N et prop., etc. . 30,768,281 28,952,247 ow ned). 1965 1964 O th e r a s s e t s _____ I>ef. charges, e tc -- 1,194,077 1,537,866 1,080,669 O fficers: L. F. C a rte r, P re s.; W . L. C a rte r, G ross e a r n i n g s __ 1,286,592 Sec.; D. H . F in n ig a n , T reas.; D. P . C a rte r, Sell. adm . etc. exp. $1,240.537 692.660 $1,281,988 655,006 tt ! T o ta l ________ $62.159,017 $61,620,547 A sst T reas.; M. H. C a rte r, C lerk. E O p er. p r o f i t ___ 547,877 626.982 \ L ia b ilitie s: Directors: L. F. C arter, W. C. Ross, W eston. O th er incom e -- 47.976 58.589 N o tes p a y a b l e ___ Accounts payable. $1,347,167 3,088,249 $1,325,000 M ass.; W. L. C a rte r, D. P . C a rte r, D. G ross, T o ta l i n c o m e ___ 2,111,742 N eed h am , M ass.; L. J . F e w e r, N ew to n , M ass.; F ed . in co m e ta x -- 595,853 276.000 685,571 I 323,615 Acer, payrolls, etc. 997.623 946.478 J. R. Q u arles, W ellesley, M ass. N e t i n c o m e __ ___ 319,853 361.953 O ther accruals 552.489 537.918 A n n u a l M eeting: T h ird T u e sd a y in F eb. Spec, c r e d i t _____ {732,811 Inc. tax reserve _ 1,282,408 1,597.662 A u d ito rs: L y b ra n d . R oss B ro s. A M ont B a l a n c e __ - ____ _ 319,853 394.764 Total current _ $7.267.936 $6,5l8,8u0 gom ery. G eneral C o u n sel: Ropes 8c G ray . Prev. earn. surp. . D iv id en d s ----------- 2,468,084 217,051 2,304.210 223.135 N o tes p a y a b l e ___ U neam . prem ium s 10,987,887 2.375.000 11,825.000 P u rc h a sin g A g en ts: R. W. B eale, y a rn s & Cost. stk . re tire . -- 2,330.000 th re a d s: J . A. C ornw all, g e n e ra l item s & cloth. E arn . su rp . 12-31 - 331,745 2,239,141 7,755 2,468 084 D elerr. inc. tax -- Com. sto c k ($10) - 2.680.000 10,021,100 2,665,000 N o. of S to c k h o ld e rs, D ec. 31, 1965: V oting E arn. com . s h a re - 10,166,410 tr u s t, 184; com m on. 294. Cash flow com. sh. $2.27 2.73 $3 27 266 Capital surplus -- R etained earnings 6,259,668 22,567,426 6.S45.379 21,569,958 No. of E m ployees: Dec. 31, 1965, 4.035. O ffice: N eedham H eights. Mass. No. of com. shares 140,880 159 184 \ E A f te r $04,985 (1964, $61,957) d ep rec. d e ! T o ta l ................ 862,159,017 *61,620,547 C o n so lid ated B alan ce S h eet, as of D ec. 31: d u c t. o f def. co m p en satio n p ay a b le by est. N e t c u r r e n t a sse ts $21,390,857 $23,782.239 A ssets: 1965 1964 fu tu r e F ed. inc. ta x b e n e fits a p p h e . p r. yrs. N et tang. com. sh. ^D epreciation _ $38.77 $28,868,734 $37 66 C ash ...................... -- $25.742,637 C tf. of d e p o s i t ....... $1,418,596 - $1.385,202 1,250,000 B alance S h eet, as o f Dec. 31: A ssets: 1965 1964 > ELow er cost or m kt. Receivables, n et _ 3,632,122 3,101,000 C ash _____________ $153,485 $288.848 i T e rm L ean s: O u tsta n d in g , D ec. 31, 1965, $11,- E In v e n to rie s ____ 13,707.282 11,238,965 U. S. gov't s e c u r.. 1,549,648 1,777.699 825,000 co m p risin g : Prepaym ents, etc-- 193,911 136,724 A ccts. re c e iv a b le - 387.235 398.297 (1) $7,000,000 5%% n o te s p a y a b le a n n u a lly , Total c u rre n t. to D ec, 1, 1974, u n d e r a g re e m e n t p ro v id in g fo r QjNet p ro p e rty . . . $18,951,911 7,538,701 $17.111,891 In v e n to rie s _____ 7,288,374 P re p a y m e n ts ____ 583.012 21.042 621.712 ] 26.676 sale in 1961 of a d d itio n a l $1,500,000 n o te s J u n e P a te n ts, n e t _____ 135,100 145.071 Total current . $2,694,422 $3.113.269 15 an d $2,000,000 o n Dec. 15 P ro c e e d s fo r T o ta l ________ $26,626,012 $24.545,*336 CQNet p ro p e rty . . . 640,409 621.132 working capital, expansion and repaym ents on C anadian loan. Liabilities: Accounts payable- $1,990,966 Investm ents . . . . . . $1,725,643 T o tal ________ 127.519 $3,462,350 130,736 $3,865.136 (2) $4,825,000 3%% n o tes d u e , $575,000 n u a lly to 1971 an d $1,375,000 in 1972. an Debt d u e ............ .. A c c ru a ls --............. 1,434,900 1,286,877 219,900 L iab ilities: 1,036,845 A ccts. p a y a b le . . . . $191,089 $227,931 B y a m e n d m e n ts effectiv e D ec. 31, 1963, Co. R etire, p la n c o n tr. 207,011 229.628 F ed . in co m e ta x . . 152,579 213.961 m ay n o t p a y ca sh d iv id e n d s in ex cess o f $750,- F ed . in co m e ta x . . 274,310 428,695 A c c r u a l s __ ______ 118,925 114.204 000, p lu s c o n so lid a te d n e t in c o m e a f te r Dec. 31, 1958 to D ec. 31, 1962 a n d p lu s 80% o f c o n Total cu rren t- $5,194,0G4 $3,640,711 Total cu rren t . $462,593 $556,096 so lid a te d n e t in co m e a f te r D ec. 31, 1962, e x N o tes p ay ., e tc . -- cept that principal paym ents m ade after Dec. Def. Fed. inc. ta x . 2.936,800 528,000 3,319,200 D ef. c o m p en satio n 400.000 Com . sto c k ($5) . . . 56.216 704.400 45.036 795,920 * 31, 1962 n e e d n o t b e d e d u c te d fro m th e ab ove In v e n to ry re s e rv e - 1,500,000 1,500,000 E a rn e d s u r p l u s __ 2.239,141 2,468,084 and unless, on consolidated basis, n et w ork Equip, replace, res. 2,000,000 1,500,000 T o ta l ................ $3,462,350 $3.865.136 in g c a p ita l e q u a ls le s s e r of $14,000,000 o r 150% C om m on ($100)__ 2,600,000 2,600,000 N e t c u r r e n t assets $2,231,829 $2,557,172 of funded debt and current ratio is at least Capital suiplus . . . 61,638 61,638 N e t ta n g . com . s h .. $20.89 $20.50 2 to 1. C o m p an y a g re e s to m a in ta in co n soli E a rn e d s u r p l u s __ 011,805,510 11,523,787 E D e p re c ia tio n . $1,091,666 $1,046.431 dated net w orking capital at not less th an T o ta l ________ $26,626,012 $24.545,336 Capital Stock: L Carthago M ills. Inc., com- sm a lle r of $12,000,000 o r 125% o f c o n so lid a ted N e t c u r r e n t a sse ts $13,757.847 $13,471,180 m on; no p a n fu n d e d d eb t. A t Dec. 31, 1965, $3,774,440 r e ^ D e p re c ia tio n -- $3,841.520 $3,741,327 A u th o riz e d , 250,000 sh a re s; o u tsta n d in g , 140,- tained earnings w ere not so restricted. GD$5,431,988 n o t re s tric te d . 5L o w er co st o r 880 sh a re s; no p ar. Capital Stock: 1. P hilip Carey M f|* Ce. m k t. N o p a r sh a re s sp lit 4 -fo r-l O ct. 1, 1946 and com m on; par $10: T e rm L oans: O u tsta n d in g , D ec. 31. 1965, $2,- 2 -fo r-l J a n . 15, 1960. A U TH O R IZED --1,500,000 s h a re s; o u ts ta n d in g , 93C.800 (ex clu d in g c u r r e n t p o rtio n ) ev id en ced H as o n e v o te p e r sh are. Dec. 31, 1965, 1,002.110 s h a re s; in tre a s u ry , b y $600,000 4%% n o te p a y a b le se ria lly to 1971; D iv id en d s p a id (sin ce 1941 in $): 17,500 sh a re s; p a r $10. a n d $2,250.000 5% n o te , p a y a b le $250,000 a n 1942-43 1.50 1944-45 1.75 E1948__ 5.50 P a r ch a n g e d fro m $100 to n o p a r i n J u ly , n u a lly 1966 to 1975; a n d $86,800 n o te d u e to 1947-48 5.00 1948-49 3.50 1950__ 2.00 1937 b y 5 -fo r-l sp lit; fro m n o p a r to $20 in 1973. 1951-- 1.00 1952-- 0.75 1953__ 1.00 J u n e , 1945, s h a re fo r s h a re a n d fro m $20 to U n d e r te rm s o f In d e n tu re , c o m p an y is r e 1954-- 1.25 1955-58 2.00 1959__ 2.10 $10 in S e p t , 1946 b y 2 -fo r-l sp lit. quired to m aintain certain ratios of current After 2-for-l split: N ote: L a te in F e b . 1966 G len A ld e n C orp. assets, e x c lu siv e of in v e n to rie s, a n d n e t w o rk 1960-- 1.20 1961__ 1.35 1962-64 1.40 (see g e n e ra l in d e x ) s ta te d t h a t 245,000 s h a re s in g c a p ita l to u n p a id b a la n c e of n o tes. A t 1965__ 1.50 001966__ 0.30 h a d b e e n te n d e re d a t $40 p e r s h a re u n d e r D ec. 31, 1965, $5.431,988 o f e a rn e d s u rp lu s w as In clu d es $3.50 p a id p rio r to 4 fo r 1 s p lit term s of its offer. not so restricted. A lso 12% in sto c k J a n 18, 1956. V O T IN G R IG H T S--H as e x c lu s iv e v o tin g Capital Stock: L W illiam Carter Co. com GSTo M ar. 15. pow er. mon; par $100: Price Range: 1965 1964 1963 1962 1961 DIVIDENDS PA ID -- A u th o riz e d 30,000 sh a re s; o u tsta n d in g , 26.000 H ig h __________ 23 24% 24% 22% 21 O n $100 p a r sh a re s: sh a re s; p a r $100. L o w .................... 21 21% 23 21 17% 1909-33.- $5 00 1914-16 N il E 1917-26 $6.00 H as sole v o tin g po w er. Transfer Agent and Registrar: Central (1927-31 8.00 1932__ $2.25 1933-35 N il F o r d iv id e n d lim ita tio n , se e te r m lo a n , T ru s t Co., C in cin n ati. 1936____ 0.25 1937__ 0.75 above. Dividend Disbursing Agent: Com pany. On no par shares: 1937__ 0.25 1938-39 n il 1940-- 0.10 D iv id en d s (p a y m e n ts sin c e 1931 follo w ): 1932-45 $4.00 1946-- $6.00 1947-54 $8.00 CENTENNIAL TURF CLUB. INC. i 1941-- 0.65 1942-44 0.60 1945__ 0.30 1955-61 9.00 1962-65 10.00 History: In c o rp o ra te d M ar. 12, 1949 under O n $20 p a r s h a re s: P a id a sto c k d iv id e n d of 50% in D ec., 1923. C olorado law s. 1945-- 0.40 1946__ 0.40 Price Range: 1965 1964 19G3 1962 1961 Business: Organized to build and operate s O n $30 o a r sh a re s: H ig h .................... 415 325 300 365 360 tr a c k fo r ra c in g of horses. 1946-- 0.70 3949-58 3.60 1947__ 1959__ 1.10 1948__ 1.55 1.70 E l 960-65 1.60 L o w .......... ......... 315 280 225 250 300 P ro p e rty : C lu b h a s 201-acre ra c in g p la n t on T ra n sfe r A gent: S ta te S tre e t B ank & T ru st o u tsk irts of L ittle ton, Colo., ab o u t 8 miles GD3966- 0.40 Co., Boston, fo r voting tru s t certificates. south of Denver. P aid sto ck d iv id e n d s as follow s: 1920, 50%; Registrar: F ir s t N a tio n a l B a n k , B oston, 1922, 30%; 1929, 2%; 1960, 20%. Mass, for com m on and S tate S treet B ank & A ffiliate: A t O ct. 31, 1964 co m p an y owned E T o M ar. 13. T ru st Co. fo r voting tru s t certificates. 56% in te re st in R ocky M o u n tain Q uarter R acing Assn., Inc L IST E D --O n N ew Y o rk a n d C in c in n a ti S to ck Exchanges. Voting T rust: V oting tru st agreem ent dated Officers: H arold G ray. Chm n.; J. C. Dozier, P R IC E R A N G E-- 1965 1964 1963 1962 1961 S ept. 22, 1948 sh a ll c o n tin u e to a n d in c lu d in g P res.; S. A. M a rk ley , Exec. V ice-P res.; Yngve H ig h ............. 32% 34% 29% 32% 36 S ent. 22, 1958 a n d th e r e a f te r to S ept. 22, 1968 H anson, V ice-P res. an d T rees.; R. H. Simon. L o w ............ 27% 23% 23% 22 26% u n le ss te rm in a te d e a r lie r b y r e q u e s t of Sec.; Iv a n T hom as, A sst. Sec. T ransfer A gent: F ifth T h ird Union T rust holders of a m ajority of voting tru st certifi cates. L. F. C arter and W. L. C arter are trus Directors: T. H. Buell. J. C. Dozier. Harold Co., C in cin n ati and F irs t N atio n al C ity B ank, N ew York. tees. G ra y . Y ngve H an so n . S. T. Jo n e s, J r , S A. M arkley, J . J . M arsh, R. H. Sim on, Ivan Registrar: F irst N ational Bank, Cincinnati and Chase M anhattan Bank, New York. CARTHAGE MILLS, INC. T hom as. D iv id en d D isb u rsin g A g e n t: F if th T h ird H isto ry : In c o rp o ra te d In O hio, J a n . 27, 1928, Auditors: P ea t, Marwick. Mitchell A Co. TT--1 _ _ m - . . - P lM A lM M A il /> 4f>b#% 4 U it M ****** II A$ T ftAnAMl -------------*- H irhnrd H. Simnn