Document pBJEDJEo8OnvVgdGGqzJ9LqRD

MOODY'S MANUAL OF INVESTMENTS 2947 FINANCIAL A OPERATING DATA Statistical Record, Fisc.-.! Periods *D-- . j i .-i r Year lo June 30/47 Year to June 30.26 Year to June dO.'-J5 Year to June 30/44 Year to June 30,`4J Year to June 30/42 Ejr:;, -J . . r shj.'i-- rr. d............... D.. ;I - !'V? -- ........................ -jiTtirir. /I - o.'iujiiun ___ ^ Pri r - r me N t rcujvsu p-v K n. d ............. -O'MIlll.!'. ................... S:.*2.04 . s:-7? i _ft .] i\ io *;S ^^7.76 47.US r5*.-!iy SX57 si.so sar.24 VjO.ooo *1.115 61.C0 51 Va-37 li . *211.05 75*0,000 52.32 `iss'w *49-37^ '~%Z5.U "na.bdo Q'.SO.IO 56.50 33811-34 *5124137 *150,566 ES0.33 JS.75 *173-250 ViYoloi "i5o,o05 (5S0.17 $7.25 176-125 "*117*69 '"lVo'ooo Financial Operatin*! ftattc* Cimraiu t/wrent lj,;oi!;Led. ... %v coin, jtv.i secui iucs u> current lnvemviy tacurr*5i fc**uts_________ % net current ;.s't i> it) :,rt worth......... % proper:/ deprcd.iiaJ________ ______ r:*. a..;*:. cU\, to gr. prop. 3.17 I.V46 61.17 55.30 l.i7 2.57 15.11 61.47 30.94 53.86 3.48 4.41? 5C.91 42 61 49.35 67.55 4.35 2.91 34 36 43.71 40 89 62.06 6.79 184 *3.31 41.26 *5.14 58^7 fl.98 2.1s 39!7 42.90 28.95 56.33 6.48 2.00 12.64 61.42 27.68 &3.5 4.72 C70Vr.7.atiun <' preferred stock --.------- ---- ----- S? common su<ck ?:lT,-:us--------- Sales't- inventory ............. .................... -- Sales -r rccelvsPies ---------------------- % sales tu net pio;>prty........... -................ % sales t.-> total assets...................... .......... % net lncr.me t u-ul esjt'is_________ _ % ::et tnc*.>:rc t rci tvi,rih...................... Analysis of Operation Net bilJCS........................ .............................. CO-t ul Scil.ntj. . . ................... .......... <-!.. nli.ur ,.xpcn%c. . - Ma;r;ton.ir.ee jVr.i rofj.::r-. ._______ .. Deprei.-.-Mi -n ciepJ & ar.:.;.:>.r.t.u.a..i.io..n.-...- Outer :nct'M.e ........... . -...............-- -- f ? ' - ' .o r:<-. ,'.te tsxrs.......... Income *:rvi surtax............. ............ Net jrf.o-v.- ... ........................................... 61.70 j.:o 4.72 9.7.C3 4310 3.24 4 03 10000 5H.39 ii?.74 9.2G 439 ,s :<:i 3.12 11.13 4.25 720 100.00 3.77 Hl.l!7 253-7S 110.44 tf.fll 13.10 rr 100.00 69.50 1C.33 13.62 0.U3 14.25 537 H.i>o 100.00 4.46 S.28 264.75 100.09 6.15 7.46 % 100.60 63.68 17.22 7.98 .1.06 6.65 2.35 8.00 1.85 6.23 100.00 5.04 10.32 258.06 105.76 S.81 ?.p4 % 100.06 59.23 14.49 800 6.93 11J4 1.78 13.13 7.63 5.50 100.00 6^5 1014 I4S.1S 106.62 6.06 7.80 % 100.00 59.38 13.55 7.6T 6.87 U.U 2dT 14.70 913 5.57 ICO.oO C.42 10.25 246.01 108.J* 5.74 7.75 % 100.00 61.97 22.48 5.76 6.10 23.CJ 1 43 15.22 9.83 5.27 160.00 3.26 7.71 175.11 82.77 6.02 8.03 % 100.00 55.80 15.00 7.06 5.80 16.34 1.65 17.99 10.72 7-27 "C '!ri,,;'r Vi.jr- '.'f^ued in Aug.. 1D47. ITSIO par stock; before 5-Xor-l split, SI -7: 1 :... *: Ir.ciucis p.iici on j'.T' pax slock, ct of 5-for-l split; 1944. *1.94; 194*. CAPITAL STUCK 1. Fcrn$ylvr*tia ratt Menuftcluring Ca. 3!a9fl crr*u}T;tvo convertible preferred, series A: par ai:vuOi'\ i-hnr::- outst.nnlin- -.r; -A. ;7.i 1.7 .-in ri-: par ilOO. J*1%i.i'i. K.v K;-.j ;yr assets i;tid . !-!i : : niviu-Kj; vo cumulative rt:\ivl ' ./..su : y i>;:>jib!c (fii: i ;> r v i\ l-Ic.. Irani Aug. J, i,; Ur.'JDF.XO Jr tu! .liv: lend of 57jj Cov. :>;* jn*-.:v ,:;.J \in\ 1. Regular lu i' r.i:.- ;>;.4. i i:..: : r i ^ icr. VOrj.Nfi l':':1;! - \Of:l;d VOWCT (0X- c: . - ; vi. .i-. i.nv unle s is: quaricriy <i:, .... :: . .. nr:\ .trai ui.cn preferred, vu!:;:.1 n.- l: : ;i ciit.ii- il lt> cAct IWO addi* Urn..:'; ;i ? t *oi . (.'.n - i : . k or pri`fcrr:*d n^cosar.v to chjn-c ..ic.i'.i"-.' In ;*'.> m.r.vri.U respect 3Uu.>-. n to v r.'.i ;T'*cj iiiice ct'^rcnt of any p >rri. i:.,;r * r. .juircilj, or cu j:-c : .:ii\ pr.or stuclv. Coi!'--n; .i ry .m r.r-!i-rycd ncces- -or;.` u- :l...... - . .i.J : .i.'Lilly oil rirop- :oual slock and preferred of subsidiaries; and 2. Pennsyhania Silt Manufacturing Co. conrol.daiccl net assets ios defined) as of common stock; par *20; dx.te not more than six months preceding a;.' l'HORlFl>--:.ow shares: outstanding, Ph proceeds of proposed issue equals at 757,209 shares: par *20 (changed from $50 par 11*'.* - . v. lcc o- u-- t--s--t-a---n---d---i--n---g- ---f-u----n---d---e---d-- debt p....l.u....s.....;..o....t..a....l......N.....o.. .v. . 2, 1944, five *10 shares Issued Tor each *5P *f r.i: preferred and prior or equal stock and share). *?, cliTred of subsidiaries. Dividend Record (In *) i.tOUIDATION K1GHTS--In liquidation, en titled to 51o per ^hare if involuntary or re- :r/.-.ntlon price if voUmtsrj*. plus accrued iiiv'ct'-nds in either case. PREEMPTIVE RIGHTS--None. ^ CONVERTIDLE--Into common to Aug. 1. 1957 u r if called, prior to such redemption date) on fcnssi* of 2*,, common shares for each pro- fiTrcd shr.re. Conversion privilege protected :r;:nnE* dilution. C.M*t*ABLE--As o whole or in part on rot less than 30 nor more than 60 days' mailed ::rticc at any time to each Aug. 1, mcl., os [t'Iows iper share plus dividends): T*I9____$:04 19M____ *103 1953____ $102 1355____ 101 1957____ lUO'fc ffll9*7-- 100 f After Aug. 1. 1957. Unless default exists, company may acquire a^2LgyX^v3l! J1333500-_6g2j 1917-.. j11n*9-23.4,1-2..8. 1936___ 19*9___ 1942__ mi 4 30 5.tO 3.59 8.50 6.00 6.75 I Calendar Years) (S50 par shares) 1863-1914 UJQ.00 1918-22-- 5.00 1929......... 6.00 1103-34. . 3.00 1937.......... 8.75 1940......... 9.00 1943......... 6.50 ISIS-Iff 1923... 1930... 1935___ 1938___ 1941___ 1944___ 4.00 3.50 3.03 4.00 4.50 8.00 5.00 ($10 par shares) 1!1jJ9MJ4r47r*<p----_-_-h_- i* 030 1.80 59% 1945--. 1.30 1946-- SI1948___ 0.60 in stock U64 and 23% In 2.60 1879. fUTo June 16. Dividends payable quarterly. Mar. 15. etc., to stock of Tecord about Feb. 28. etc. VOTING RIGHTS--One vole per share. PREEMPTIVE RIGHTS -- Has preemptive fjhr^`tosubieribe ,0 -t *"* erty or ' nsir,. - u* iivro >c jui^orlzcd pre- l', : t! rv ( :<.:i- * .* i*'-vrc.1:1 t >ck ratih:n f ?i.i : * o. :.; . -.-.iv .*r i\ preferred >r ih r. v :.r;. ;-y *' io *.n other than to corr.pi* > ' *'r vi:< :: v-v--'" :<.\i c. ;it so u < < r- ; ics t*xor equal or * 'm. i~. or v: ftrrcd nf *j*'r-ulsarA. s) : . - ! i :irt ns dr- fir.: Is i-.'i.rv :*.;-*.r on ce:i! o'uJ.niCit funded il-.-:*1. i'>r ;r.v 12 ri.> cuto*c r. orlhs within 1\ ir-in'\i nr. c K-nj. ur rnr.nr.l avcr?gc r.* .ndi r\n for next pri--rdint; three O..I ;it * |v\ ;.v r iitir l n sti-r- e-; r,- .,11 r.rvl-.d y/.-< \Hvutwnd rc{;i:.rmr i nt- on nil pri ii'ried arid prior or tnprtf?rfcd1 so^redeemed or acquired may be FISTED--New York and Philadelphia Stock Exchanges. -- A_ ADDITIONAL PREFERRED--May be issued m srio of equal rank with provisions as i:*rrl hy directors subject to prescribed JiuMtntionr.. LISTED--On New York and Philadelphia Stock Exchanges. TRANSFER AGENT--J. P. Morgan St Co.. Inc. TRANSFER AGENT--Guaranty Trurt Co.. New York and company's office. Philadelphia. REGISTRAR--J. P. Morgan Sc CO.. Inc.. New York and Girard Trust Co.. Philadelphia. PRICE RANGE-- 1947 1946 1945 Common .............. 51i-38 Sl*A-37!fc 49-37i Subscript)?* Rights: Common stockholders New York, and company's irice, Philadelphia, of record July 15. 2947 had right to subscribe REGISTRAR--Guaranty Trust Co.. New York, for 50.000 scries A 3*,aT cumulative convertible a:jri Girard Trust Co.. Philadelphia. preferred shares at S10O per share on basis of PURPOSE--Proceeds ucd for expansion. one preferred shaTetor each 15 common shares PRICE RANGE--2947, 213*WU. held. Rights expired Aug. 4, 2947. PSTTS3UR6H PLATE GLASS COMPANY CAPITA?- STRUCTURE ; : : aj. :;tock T ue I. Common ....... ................ Par Value 810 Amount Ouhtinim-: 8.939.622 Sht. Earned per Sh. 1947 2946 S3.ll $1.92 Diva, per Sh 1947 1946 $1.70 *1.20 CsQ Price Price Range 1947 19J2-47 427#-32V* 5143^-30 : r. -v ^i'-. C 4-wr-1 s*-lit in 1245; rav.gc from 1932 and to the split in 1945. l01^-12Va. HISTORY * I:u- r;T ,:ci nnrt :'f<. 2S:-< :*' r. t >.-*; nr. I o fn TT .*;* nri:.^ 74. 1S**3 fiT*.<yl\n*a Ncv. 3, * '`r.Uon-iUVc.iirn C*t. L xh mcorj*i>- N*v.. >or cte- t?::-s i.f st:.*k i .r-:s Capita) Stock --/U2 Th* .1 C", w.i* n h'-l'i- ;i it the. c-ut-vru'dinq 4locb ri i J* it, ~ t C-> of M**"au!ce. in wn'.'h Hitt-! n i:*jjr'.:uved a i:T Kt.-.ok !nifr, * f*. ?' '> r:..i nl>*c.v/*nllr a n*-:*- v:v. :i: Rc.ircu* K!r:;*le A- *Cwoh.i,chhr5:*!M**.< r. . :.{ !' If.'-.'C.re. h , r-- :i;;:Tr! 'I I.V. stock i-'.trf t .p. i.r '. ^ '-.'jiion'iy rc- v ru rrr -nquired .? nrv.! 4i <?' * :t; h **.* L; w' '.: -r r ;*V irr:l;.hlntCt-*r. } ' ;jr ?' ; 'j *' :: -in:*" a ma.'.-.1 . <- . . f r- `M -.f ** vf .- * . >i .r **r.2:?*c S 'f v- l :t,r- r T red c.'s:l *"' .' * -. i:.-rnrn- nan^x. A! Plate Gl.i? ^ v. r.i : .* * ' .:- . ` "i :. r Mtuf Pf.tto"-?*;:.' i '<->,i:;*h cnr'i'ip.ii Co v.'b* first _ t:eJ in ' V.-J !>y Jchr Pi?* cairn, tiicn Cha<rr.:*n oi iLe V.oard uf D - i cetera of PitUVjrgh Plate Glass Co. Its al- In 1922 dissolved Red Wing Linseed Oil Co. Km:t!1i5p00la. nt at Rarberton, O. began production aanridlaa*.cquired Jte linseed oil and other prop- Upon forB'atiota of tba company fn 1683 the Al Creighton. Pa. late In 1924 completed the Ar*t commercial plate gla:<a factory in the first unit of a new polished plate glass plant United Slates was constructed at Creighton, operating by a continuous process and in Pa. 1926 completed the second unit. In 169S ad;iitioiwl plate glos factories were In Hay, 1924 completed construction of a .squired, including those ol Diamond Data Portland cement plant at Fultonham, O.. with Gloss Co., with lactone* at Kokomo and El- a daily capacity of 2.500 barrels. In May, uoed. Ini. 2927 plant capacity was Increasod W S.fioO Seven brcnch warehouses were inaugurated barrel* dally at a cost of about Jl.S59.000. in iMi'fi and *twrily thcreatier the buelness In early 1924 began the sale of nltrocelTu* exrsfidetj to Include the distribution cf lose lacquers. In the same v^nr increased the -Ij kio.iv cl i'hecl and window pur- productive capacity of Its Portland. Ore. I'Oint ;h.'stct fri::n otliers. factories and acquired .the factories of Sun- Ir. JN-'; fcejan the production of plate gla.ta set Paint Co. of Los Aneeles. In 1927 com- nt C- u'oc'V.v Belgium. (Closed early in lb*0, pletcd a four-year expansion program at the sf' r rL rrtian Invasion nf Belgium.) Milwaukee lacquer plant, in 1929 began opera te :T-n7 l o-rpr operation of plate glass fae- tlon cf a lacquer plant at Newark. N. J. i`".ry ri For?* City. Ps .*nd In 1909 ax Crystal fate I92T the cnmpnnv and a suhf<jf*ry ' M( of B. I. do Pont de Nemours e.sch Required a P:() of sheet end wir!ow gVirs h^- 50^ Ftork Interest In Pittsburgh Safety Gtnss erm In l9f>7 at Mount Vernon, O.. through ac* Co. (name subsequently chunpefl lo Duplate c-jisiHnn of the plant of Chambers Window Corp ). which constructed a *1.000.00*7 plant ClaMi Co. Additional sheet and window glass at Creighton. Pa. for the 'rMiiur.if.'ttiri' ot factories were built in 1914 at Clarksburg. W. safety glass, using the company's plate glass V . and In 1930 at Henryetta. OKla. and du Punt's plastic interlayer. In 1931 ac- PLAINTIFFS ^EXHIBI-fe U-685 moodv's maxuat, of investments mr.n-1 full i.'n : -v "-.j-J.-t-.- f'T' i. 'i!ll>crn C'*rp. I51*.r i.*a* liclat>vc!y minor divisions os th business . J[t: Ju.-r. >A . :.ii *r .* l.r v.c r.t s^nhici-n ..i<irvjJo corjt. ).t (-..(iiprue lito n: iPutacmris ot Portland ce- Drtri'il. fts.v.'v :*ckii-r* :;;.u -ir:V l . j: u:r nt i '** au- r.^M!: dnlshes. C D:v.-;. .. a iitfi. . - i.p* : ;c t.orp. * .;ij Ci-rp. . "v iAr.. i.Ul. iC.ir:i.Mi j-ient, dry v<dcrs. lr.Mclicuiea. iunsicioes and ;a irrum -{mkiicuumu. krjueui ere <ba- iMOutcd ihr^utri 187 warehouses and store* u: i. - r . , :c !a 1...:: % : H nv.tie::*. .:,t it. z .- .* p;*r.t _t :: .*...,.. *.; nr. - : M :r., Cu::.p.*'U;:J .. t.-s:*. -A. the Cr;.;.u City, r.i ir.I.ii1. nt. l- !- p.a-.A-i / t n*.S li *\.t v.l *. !: JUV' . ev.Tl.* rt-.-r* \ {' t st V1 .! ' `-t In r:*a nri r. y v- ..-rtui *./Vil<i :e Lr, ' b- pre .tUl;*-:. t * o wnvjyw ::>>: -r - -.* -*1 O <r buirf. W. V.*. . .-.hi: V'rn->:.. C ' ix- g--*l -`'K'iV-i.i : <. .. : . v. Mlvvt ;:r:a wmJ. *.v pimsi at Lv:rv-i:.>. O..*-;. >i* i'.*: 4 ;ui<> tier*? v.v.'i ai.rjq to i >\ mivnv gl.irs In p:v. -jI cr -h *W >i:lu-Ji*.' a new ir-:*.* **:-is"t. In :J/', > .- A.'i'-n'.n T>Mir"'"'* Co., formed Southern Aikr.a Curp. nn which the company own* r- j-"' stock Internet throuch C<>-uinh:n Development Cor*\ and Amerwan Cy onnmirt 4`j\; i. Tn:s company conipti tvd a rt>h tnrf cmpfic Svcia pinnl at C:Tpu> Christi. 7cX. in Oct., 1J4. I: M;;r., i..>. Sj;;in A c\ %.iis;l-=_*r%.:i con struction cf i liquid chii.Tino pUint at this location. 1. . ; -i*. ii<. Ltd. *L:;nauaJ (lUO,f) S. , l.;l.;u- c'--rp. i'o*. / e o.t;. Co. Inactive) (.. s-vii i*v\in Cn. t> tnma M'-iiwrnciunrK Co. ivotoij Mixt.i instil Co. \ Inactive) H W J,i'a.I-t Mf|<. Co. i Lijciive) u-j; c/ Cwad Co.. Inc. \ v.'l, i*n:nb , h.C. i. K. Xev*in^cirp. I'aun crp. flnecUvo 5'.s:..vjrc*j Plate Gi* Co. of Michigan 1 :iv ii'S'i P'l'te Closif Co. tTcnn.> inn: nkce.^.c Paint St Glass Co.. Inc. ifor- rnvMy Thomas V. Lackaye Pain! 3s Glass Of./ Qv.L-.-r: City P.'iir.r &c Glass Co. i hn R.ar.cy btorcs. Inc. .i-kley Ilosdware Ss Point Co. .rooxie Anon.vmc dos Gutei do Courceiie* ScUiv.mi ?iur.p; Piifit Out- ilnacti%*e> ii. rfhcr Paint k: Varnish Co. (C.) <wrt Funit S: OiaM Co. .. ro Pm nl & CiC'As Co.. Ihc. As of Dec. 31. JiW7. owned less thou 1CC% '>' the voting v.^.u'ok of the foilov/tog aub- J-Jf.ha. 1-m.muto throushout the country. PRINCIPAL PLANTS A PROPERTIES I-or dctriJi on property ocddtsiUon, con* tlructicn. bi.*., cel:story. Ptntc glass rnauuiacluring pUnts are In* caipt* at erfifthtnn vnd Ford City, Pa.; Crye- <-i city. Mu., and Courcehcs. Belgium (closed early in atter: German invasion ox Bel* i;iu>n;. Plate glass from the Creighton and crysuil Ciiy piuiite is used.m the launcatioa of the coiupany'M safety Window glass factories ore located, at Henrietta, OKI*.; Mount Vernon, O., and CJarksburx. W. Va. f'amv-j in c manutnclured at Milwaukee, Mich.: Newark. TJ. J.; Portland. Ore.: Hnyton. O.; Houston, Texas: Los Angelen C?l.: PitLsbiirgh nnri -Springdale. Pa. and by t ibsidiary ai Montreal. Varnishes* and lac* <iucrs yrudneed at Milwaukee, Dayton, L'otroit. Newark. Houston. Cleveland and Los Angeles. Lm>ced oil mills arc operated at Pert Win?;. Mian.; Newark. N. J., and by sub sidiary at Montreal. Paint and other brushes are produced :;t Baltimore, Md.P Keene. If. H. and San Krar.cisco. CjI. A store iront metal factory Is located at Kokomo, Ind. 31. .v.ig., t./.jv '':or. *.;:-n <' a row t>- Gar C--'. ci: Carp. (53.12?!?,. > Alkalis md other chemicals are produced '.nlrrir c i:-.t .n*. f,: i-s;v:-' O.. '-as- >'.i:.-;icrn pctrolcmn Ccrp. At Barberton. O., Bartlett, Calif., and at lor\ jt tr>.* O.-'f.:* Che.s.:-` i:. c vv* it.- I.r. t & Varnish Co. (Inactive) Natrium incur Netv Martinsville), W. Vs. ii\ TCuv., t.i;-, Vv-.;:*" <v?r. (plant purchased from RFC m exercise of of ; br;'ri,..r.itc c ? i.j jrory. In Q-.'t rv:in- uvinds. Lid. in.COG option), uiro through a subsidiary. Southern J:*37 cayn.r-i;.* r.i the linu- - civ:- rm- j! .<1 :\;vjiiy <f Piit.-iua-nh Plate Glass Co. in Alkali Corp. at Corpus Chrisli. Tex. U.Trbertnn `. ntcr: In ls:> rVar c; u,i:r :.lK-'.y Cryvtn! C.ty. --T > In 1037 c.*"'. ;e-' n i- * r: : '.of r.' r.M- waukee an-t ^orij<,?! tir t r. ar-u .>!: re:.- Ti.tr Thxc-chpr . -P. i'ay- ?or, O ` f> v,VuInXr*T>r.. i!7?T. --.1OMil'yi'V\)v:{^/;h \.'>.r!v--ry: Ci. . C-h;: :r ::u-.nc:..c ;.- . v ,:i. : ? luck r-t Southern .Mir.craJs Corp.. ;tTJ.-vclopment Corp.. is S. c r pi'c-nrlvtl statement, ir: Owns of votme control ot Pitts- Corp* *sco History). Ir*. ii if. acquired half Interest in Vlery-PittsUr Velios e Crlsiais. o Brazil warehouse .-m. tr:n. ouu a minority intercat mCompanhia P.-.uhKia or ViJro pl:>no with a new window In Dec.. J3-17. Southern Alkali Corp. com pleted a plant at Lake Charles. La., for manu facture of chlormo and caustic soda. Othc/" nctivlt.es include a cement plant at Zanesville. O. (2.iDC,00i) bbls. yearly capacity); me nuir.uxaciure of dry colors, insecticides, lungictdcs and seed zerm dislntectams at Mllvvoukec; sand mines at C/ystal City, Mo.; limesmne quarries at Futlonham. O., and gas bioclts. I it.1.. ' < ''. ; pJ:***t <<c ,,-rt ' - *. tJ . I1.' i r* i owru rf th-; $1 ."'.`..'j:' oat i.'^vhnu co^it::* stock -f t/i* c-vc-crn. Ir. I'j'i'.-- c.c- .; r.n n;,v>'r* y. pti: rm- ?' - f0r Ahvo-ic vi L vr.:,vH.:-! cl' :- ' 5 lent ot Sno Paulo, Brazil. Also, to- ,-.*..\:rr with Corx.inc Glass Works, acquired -:ty l.itrrt st u two other South American iprovlucir.;; enterprises. CriNtalcrlas RitfoU 'I3utr.cs Aires) end Santa Marino Co. :?jo PnuJo). properties and gas lines at Ford City, Pa. in addition. 194 warehouses and stores are oper ated for Die distribution of glass, paint, ate. Research laboratories are located as follows; C>ass at Creighton, oalnts ut Milwaukee. New aik and Detroit, chemicals at Barberton. 13 Mr < nt Jsi^ i**;;- i.aic rn - LiO*l : 'i .'S3! Or June* I.-!>. ij^.-oltTr} fliir.*''.i*? C*;*'!'. j tvh-*!iy - v*v:*.t*d kuI*-*o*:.r,**. r.i; > i *..*.* f* -riv' .ir',**:vd i* In .Ini'* l?:?. Fitf*i-::rdh C*;t?:;*..* O':? Cor* business A PRODUCTS i :*ii.: :\.:u md:/r;lr its served are the autoniobe. ivn:ch ri;r.-jme* tnc company's safety and iiioshei. and too building, which ; - r.ii-'r.-, \.\i ;,.'siic*7. Jvumil.), window giajs, nttsburgh Coming Corp.. e 50% owned com pany. has a giti$s bloett producing plant at Port A-Mexr.y. Pa. A subsidiary has property in Belgium. MANAGEMENT .mnc;:nt -d ci-'.'f-loi'.'f.i'nt of `Tonma',*r..'* ^ : frtlo i l-w Li.d i::.:*:or&. Officers row :*? rpr^in: yl.-iss that flu;:* r.-r/-.:- . :-: c f two lending producers C. M. Brown. Chairman of Board and of .`Tf: r-*n \:r usf-l n; luiny-'r.t l'V'**' t \ *n C`V'.- '.*('_ tti-i'S (capscuv lt'U.'KjO.tKW sq. it. slr;.,t;**n ' ! fs'-'-it-: l.fc r--r.-*.*'?'"< .v*-'! ......... .. .vii.ch * u.-cd vnr.cipaiiy by theauto- Finance Comm. H. O. lliKZtns. President rcr.tii .* J>ri-lKC . M-.-p'.'t-*. Fcd-'ini r.crnci. s rtTc ;:*v''?.s;-i?:rg r- n* ~ -Chilian* X-ir wsi./-*, f**-* in Air iuI-iI'-.t m *. k;irv`.!c. jt cl<0 n ht-ol 1nuistor and Is distributed Cl3>? Co iir.cfc 1041 < . ..luuruy n. tho form ct safety g)as? wTii ii co.'.if.'rf'.es two sfictts */ plate gc*t ;..s>ea tuieiner with a piame lr>ierla>er. j> ..o used for state fronts, mirric. Hunk* as one ot the leading pro R. B. Tui-icer. Lxcc. Vice-President E. T. Asulundh. Vice-Pros. (Chemical and Cement Divs.) D. C Burnliam. Vicc-?res. (Merchandising Div.) Tn l''t3 v't r-'l"? i',ivl.?on drvclnrrd several sco!:r* Upos rl-- f.r.rri ( -r ;n !' * .irrr.Tff *''`v.-rtl.** Chri'.-r-rr'" ftj.-d "Stratoscal/' In l?i| rrru?rc-.l trsn^firltv interest In Murnhv P.ifnt O'.. Lrd.. -ind the business and factory of Pacific Co. Tn Feb. l:.*4f. .,*rquirckd *?r*rch T'.rush Mfq. Co.. =.m Fr.'.n-*:-co. nr.-J in Mr-r.. T3I*. ?.f. 13 SMV'iam Co t Pr. *. n n:v,f*'-i,*r'*r of nor.-.* predicts, in r-.v-h-vree f*^r ^'.n nnr c'-tt.- rror. hnre^ of u^ch PI.V.o Gin:-; Co Both aw now cp* .`.vcl r^s u:v:s o::s. Ir .'rr,, l1?. ; ~ .'!*.* c Virn:h Cn . r.r w -.r---;:*-'*: :** f -'.< F *. D*.v:^i n. a r.nir o: the J*.i l *-vi-:.ii::. of siic. t or window gigri. sold uuder :.o tr.-.itc nr.i.ie Hcruivemen. Chief ra*.v ma ter:..!.? of Hks division i.re soda snr.d. n.vi i'vOne and vmyi plastic. K.o.ln bs '"re r.t the leading producers of v.irni.1,. lauviucr ana Lru>b*9. which ^iv >:!<: ir. mrze .;*.iartitles to sutoinoolle e-i'-.j.-ari,SA ,m.l other tndujfri;i consumers p* wci: ;> ter ^cnt r,l trade purjK'aus in. palnt:ti; oi nv.v ) >ys;e*. and in hu:u?* rehabilitation. Cl;n-f ra.v n..tcr'aU of this* division are lih-r-. : >:| f t*.i utner solvents, colors, metallic ^ . vr.ts. c:c :n.< ji ore of the tending producers <f ,Mh. w.iii'i* i> u-ed in lh:* manufacture c( *..*>. *.;*p. cik lexti.'ec pulp And r';i m .s<ftcn.n*. purification Leiand Hazard. Vlce-Pres. 3c Gen. Couna. J. H. Hcroy, vicc-Pres. l Brush Div.) F. W. Jtmson. Vice-I'resiuom E. D. CriiTin. Vicc-Pres. (Paint Div.) J. A. Wilson. Vicc-Prcs. (Glass Manuiacturc) W. V. siurnttoTis..Treasurer H. B. brown. Secreuiry C. R. Fay. Comptroller M. E. Carlisle. Purchasing Agent R. D. Buie. ChjAf En^ir.i-er Guy Decghoit, Advert^sug Manager H. J. Henshaw, Export Manager W. R. H.u*i t*r. Sales Mgr.--Glass Div. W. 1. Godther, Sale? M^r.--Ciieni. Div. E. D. Peck. Sales .V.r.~Paint Div. . Dlrectsrs SUBSiBlARIES .-i * .>!. .**,1 vie min;* oncrat'otis. and nf Clar- ncc M. Brown, Philadelphia P3r/-rt *uf' :k .* cor::r*i?:v. :.v ;.*:*.?: ' . . r-j.r .rir.r Air soda, whbh is uaco m the mnnufac- 'o. -. r: r : : v ot `.3P. u: ...U'Ali, r.*yi.n, lye. tCXUies, Howard B Brown. Philadelphia E. T. A*splunclh, Pittslmrgh Cn;*.j*.-`t.' n: sc.-u'iliLS C^rr- r.n -.-:.r: Jir'-j *.r V'!*i : Jn r C :* v. .*. '* W> ' .'**.:Cl. -n A:/--' * '*>* et* : nr.d the ' m ,-r:.*! i;* r*.ito r -rr. ry A- nf l*i *. ! |7. c ; J ,* /..*.i;i rchnlrg nriri ruhuor re* uni; Ot; i-.oductM cf cliurmcAl d- ; include !; :!.>u'J en^rthe. u:*cd largely i':.' ;>ri)c,i,i *.;./n of rfif ni!c;*l<, textile's wnd :.nJ in w.i.* r ft;: iftcr.tu* r. tuodlAcd E. D. Gvitlm. Pittsburgh Lcland Hazard. Pi?lsi.*urgh .). H. Hercy. N*?w- Vrr*; H. T5. 2lig;;in. Pltt)iurgh Ric:.ui is. .vieMun. fc*iti9nur:-'l iwii^-! *A :*.o iw! *? c-*rT'oJ if the fol- ln\v:.*vj. 7 nr-t A: C AlV'-.'ni. C'-a v . * :: An*h:----- lV-\' v Cl* C. A ` : I-' i *.-. L- : ' r:C6:-.T..-n r!B ;t -c o-'Cr.o -- M'f*i 'ilk.ihs mi catcum chloride t pur!`* : ;mn soda brlcuettes. used *. : .('-'ilpr.'ii i.'.'i',*: yiz and cast iron <*) salt t--* in-.uori;i: tnlclum hvochloritc. ,,s l lur w:*u*r p..rM>catlon Calcene or mvth.-. used f>r ruooer compounding, end (9) V,f\rax u4cd in c Iran mg. Pnncipol raw mi* oi tWU dww.on ure salt ahd Ufl)6^t0he. Harold F. Pitcairn, PhUadelphia Raymond i !U;i)ra. Phi aaeipuia R. it. Turkrr. Pittsburgh ftnrtarrl Ceunse*; Har.ird Annvcf Meet:re: first Wednestlov in Anril. No. of Skocklieldcrs: Dec. 31. 1047. 32.960. No. of Employees: Dec. 3b 1947. 24.319. Gcr.crcl Office: Grant Bldg., Pittsburgh 29. iucoM* AC.nJ\'Y2 CO'tPARATIV* I'l-V'-OMPOT income actoutit, ykajus sw>to r**e. st ,'J1 ;.i ri*o)r;r ,'.:c.ir;t:es :;ro Zixvr.nne9 ?Ntfl **,!*....................... ................................ : 01 Slic'd* * *m . ......... VOtf.er i::an*tfKL turir & c*?i ......... jn;: 19-13 f.4S 103.14) h:'.2ul.i:,l 20.4;(,i'ia i;44 14a.su; r** 73.S2K 4.79 21,3-7.224 ion St :o lun.tto G7.!i:*H./kl H.?u;: 7jb 1MJ tiat.ne.ju aajwjjji u.iiia.oGt 1943 et?>ft.fi04on 63.246.843 I7.tyt>.zir .s', r.r ".1 fr r* r. r i :* ' :>!9 Gr-- ' pA-hi fr'.M ,*j. si v . ; .*r . . 5i; '7 41,371,0k* bii.yil 42.rfft.202 2t*.iZ3 2:.?2i.rjj ;.4 2S9 .'i5.I51r.y32 47.5S6.94f T'-lr-l r-rr^t . .... XceJung. nen-sra; Sc 'l'T*in evti.'-Jise** : : : -7 - "* t-T 47.434 J.'i7 23.7y.7n; 42.347.725 I8.5f,2.173 ,T%.t73.q-s 17,271400 47.5Cff.941 iK.7SS.70f u* <- U.SU9 94S 18.3S5.KI 23.TSS.5tZ 21^10.1.542 17JB.UI 28.778.23 MOODY'S MANUAL OF INVESTMENTS 2940 INCOME ACCOUNT?; (tont-rf t Lniercpi anci diviortifl* r#c*ivcfl......... .. Kdvk: 1jc3 received--------------------------------ITOiher inse-zne ........................................ i..i 1.7:?; i"7.c J. lii Mis :.7:r.i77 J VJ.',*! 1 2' 1.1 il,.il K-*. <i1, i l`U3 j.j i' .-^;o 4VilJ7 1.\ 1012 2.109.9U MAW 148208 19*1 MJ162 3U5.017 Gros* Income---- ---------- ------------------T.tneome deductions---------------------------- - 20-.ii.* -y:i I'M t`:l J6.ld7.' 47 ; < ;:*:i not oi:t 29,205.264 428. m i0.479.552 3U7.674 Er.rnr.ce ........................ ......................* Federal tricorne uxm...................... ....... Sta-e income tbxrm . --.------------- -- Federal excess promts tar---- ---------- -- 5XPrkn* years Ux :til.'i:sui\ont pvt ... P'Hit-wsr profit tax.. 2I. 7.IS:* fit*: P47.l*'A 51" 7 "7 CT 1 lr'l' ''PO :j .: : .x rr 5:is'3-*2 Li 7 'no rno 3.000 .Ofl.'i fT ?0' Mf,0 la un irzf 7.WOOOO 361.000 IS2J00 cr 7.800 ?n 172 17fl 6,750.000 1,183:000 7*250,000 -- IVPc11 pin -.. r *? ' ............................ Nat tne>me t* rfurpl*:*.. . . Fn**r: .{ y.i-.U.t. h:-/. nr.In;: : y. ir . ... .iO'l;*r chi;r^. ;s ............... - :<j. *7 r. i n'-: ; M/s7.!*r:7 i r/. G5.14"J,.9-IO 33.1t;.7 >-u i2.:rfi.r.-.7 9 33.292 ,1 7X0 7. * 57.7%.F9'1 s.r>.4 v. : JJ.JJ7.132 M.Jflt 7.707.359 14.08* I7fl 51.056 fi*6 10.961.175 2.37.5fi5 Earned ciimbi*. er.d of veer............. .. $2C.e30.?0f S'tj.gosA1;:: ST7.29C.8M S53.767.1S6 SLTrLKMZXT.VSY V. .`1c L. DATA Dcpri-; intrnrr. tic' I-' n *? 1... Mriuiti.'ii.'iiM.' .... T Mu'- r 'Iv-n jm-Oi.:- . ... 7 (m7 5*. f'l.tll o :i : :j i.:p J r5.rs.ri5 7.r.i s 2 $5 7 :'.2 7 S5.679.161 5 c'?1 S*`.5 7-A i 1 ?*:.!>72 SS544.677 4.897.842 2.604340 4x.x2$ S4 986.610 4 C21.371 3.1.1S .455 Jit. v!Tit;ep~\ *~I............ ...................... Provision for had debt* ..... Parent ci.T5flny' net ............. Parent '-o:c. opnet Inc. *:?o ----------- Pgu'tv :r> earning o? njnx. ec-t^n}... . :. w Not st.V- cl "<' *.4!> S'77 *!! -i.-i i.iifl 2..-.7V ;.ts *'ofii ]; , 17S.JS1 477,0:.; SrS-SSt,!*-! V2.CS} I'.-* l.KM.Ofj; rT.n .; ) i-s 1 \ f-7 277 110 fl:* 17 C1'- MS l7ff.2U 223 S93 9A6.541 U241.864 738.01 S rr.rofij 194.651 273.493 SH6.02fl.rfi3 14.437.062 1.816.33! 1,244.221 P'vifjfr.f!*.' Vrnrn .:!* on<>) irfat*d. . . YF.q-,;:1y in i*.\ i*::*r.-Za o: n>:-\ !Vi* ; Div;ripnrN fro::-. nc: 1 c;:>::*iolJd.!:pd M2 *'rr,'.;ci i.r.^.r.17 1.7^1 7.UM5 ^irr.tOi 673.720 237.335 7;wToss taU**: Ic-v an,: uncor-nh.irifd f;7` ' :: * ;.M: :o4f. ; ii.fnciucc* rciote-i und*r 3uyp:t,,r.o*.t." *tr.ter*ent ''A* r.f .Tan. :3". of t:ir.ui- n;Cc"*.. -j f.. rr.virn^ `o'c** ?tern sbo'vn i.-wi" tre'ow policy r:;o. 4t{!!7-. IncIU'h s S0>2"34 writr-nfl or cxc- efe equity, in u>! trlbutod irplu5 tj( sub- ' T ci.> of iiv/c !:,:.,nls in sttl}Sif1i:*v'!.*' civor n f .................irtr rnnnHdnlnd Alan see note tf). rth n*. d.vi'v ft .tcqiPMl :!: o'- i.nnrvvu'l mo ol clt v.lol.nM.* ).--c' '*.-rty nv.l j jr.c?uclr-4 :oi?4| security axes: 1017. .Si,557,r.:*r*. s.:*].u;>:: ?045, 5xj>7.S4i: rj. $3,120,- j,-..,ji-t-.-rr t r.n addition:;] p*:u;' ycors * c(.- ;9f.: i:H3. St 0or..'3.''* \%'2, $1,003.1*^5. . r-i .acorrti; ir.Ncn :!!; Tnctndcs S-I.coo.ooo p-ov-ion for p'-fmarket decline in invc-vo-i. ' nn*l<S.:n:- { | i'lr.ciir'lrs rr'.>%*i*onel rn^'trs for repairs jijui iv:ainr.-ir.'>ci!: J3;l. Sl.tWI.217; 1942. S1J1B9.' ` fl!K477: J3J1. fit37.066; I9!5, $123,677; h v - t..-ofT r rxec.'-s rf cr>t cf !\v*> ru'.^ui j rioj 'nivkn^cd in T,.4t; over nwt v/orlh al ] / Complete inf- rmation not available with when rtf./.- ,'H :? d: r.rt nn-vi.v.Mlv r-. ri>r t '|ii St:r;Vs:- f:\' `-.Ch -U::': .isi.i :*''s1::!*''-1 : tcfHJSfmi er..{J.c; lo equity in net profit or \`oprcpviattnn m reserve rooid.re.rt .t'.-4 .chrin--Te oi % frr fT0,r ik.,.;.v I \ i'.'lT o'< JW fnrcitfn cBelgium. drut :>r.nr years. sub.-.:a)sry lor -- Of : V. >* r*-- oc.snl- .,.;r^ci pcr.5K.nv and rebel. ` ''T15I4: I;>c'.ucls $750,000 provision for eon- icl-.t' .'i ;< f r cvn*: s7a:.m ' \-j: u -:. :: i:4*. ;i-'T-.;:: S7r:>.;7`'*. W'^. rw.'.v '. s v :.. wh::*h amo-vUit *.v.ts fr.r inciwucu :n :- acccunl. :\S.i i'i' .no:. i In 1343 consisted of tren.-der to .stated ; tin.ircncies. ital m conneetion with cxtdtnnco of four ^ i:'Holnrils foT prior years of Federal income ;>nr sliercs for each fonner P25 par sfiiare. nnvi excess profits taxes, resultinc from ac- In i94). con.*tied of adju^ta ent to olsriin* ecdorated airmnizatlon. Reorcl of Earninfft, years ended Deo. 91 ;.n*l Or*?rnt`nx Year JO'S............. 3936.-.......... 1937............... 1938................ 1'TM................ Vj \0 ............. x -1 v?:cs : T4 " l.V o'j.h:H ;,7*: :? i ': :J 97.r*!0.67,l \7:.i:,o Profit il2.7;f.RR2 ]*.B42.r.i3 20.121.73.1 4.903.Sfl4 12.7-:7.ri`l2 18.323.291 Oth Tne ?< DC-r o;m- <*?! .27:3 >ll5 3.128 686 n;$ 1.3'J2.120 Inc mr TnxrS $;3.7...ihl IS 1 ,`V* 22.560.942 $ ' 73.370 n.Cf'.7W JncO'VC Taxe- S2 riH :>? 3.44K 7"t i.L\) 1*7.1 1.542.W3 2.S19 3t:3 5.G 11.474 Net Jnrora*t SM.396/.33 !C,..i2!.*.M LN.28*.9l`SJ f 4'*fl.907 10.76*-.1i2 I3,7y::.?37 Common Div^ItMirts SG,42i;.070 V .7S3.:?l i::,!>2R.4IS 3.770.272 8.72.n 10-%0,174 Com. Shfl. Enrn. Per Ojtstand. Com. Sh. 2.142.363 SS.32 2.i42.4<3 7.15 2.J 42,533 8 53 2.15fl.7tji 3.01 2. J77.224 4.94 2.186.U40 6.30 BALANCE SHEETS COMPARATIVE CONSOLIDATED BALANCE SHfIFT. AS OF DEC. ! !T3l;2n front reporrs to Securities and Exchange Commission) ASSFT9 Cah ........ ............. . --............ .........-. VU. 9. Government -ccurillcs----------- J"Orher m-irk^'ii'de r^curlito*----------- TN-tes A* acct-s. /ere*'' icerud. etc. 1!*J7 S20 Oi-l.TflO >4 1? *.'i *7/*.:' -';p i3!l*,,.u::i IP *5 $19,133 *102 CIUTfi.hT. 9.*V-7.7':7 1DU 2..fit*., sun 5.!'-'? '.3;1 n>,vi/..:r)4 1943 Six.212 sa1* I3.i:'2r.7 .7.7H6.773 9.911.2-3 pefurd of prior Feucral me. taxes .. jri;.re:itnrics ------------------------- --- -- 37.j'/:.;.7S 27.10l.C72 24.f 1942 fI3.S71.430 5.99*2 820 B.116.64$ 25.650.U5 1941 911289.770 5A36.730 7.607.609 I1.SQ8.Q68 25.453.003 Total eorrent assets ..... -------- Are. <v nrlvnnc-. ' Inv- *.?. :n f ,rc.*n ^ r:*i ;*c .. ML.ceHancou* mw-tn:?r.ts....... ............. pfor.-tiirrenf notes vV iu^ouiita '.r.r.vj. ^Property, plans V CQ-iip........ .............. Urprc.'j . dv'T.i. Ar amnrl res... Uess: ExtraurA. c'oiol rv .................. - S^r.Tjr j:i3 - 2 p.* *11 !/:. *.".77 :>" f:!3 i.-.r-.n::-1 'ti 77 * C | y> S7f> iS.2fll f)-l/.* 7 T.92T.0*: 1 42.1 .vn 13? :- 1.2i3.`.ll9 73.S2C.2M 7.233.034 l 7 TOP SIC I.J82A04 J23A:S..176 ec r"*5 foz 1*332.S-V 7J>T.7s8 6.237 5JP 1 4.3*3 I'vt l.flfil r.75 12 6.97 fl., AS 64."23.175 1.351.943 $30 82190 S7J31JI0 4,007.430 853.429 124.837 875 53.444.116 t4S3.P4P $81,797,173 $7*809.793 9.806.987 1.170.890 121.174.100 54.720.3S0 1,353.949 Net pr.^pCfV------------------------------------ Patents----------------------------------------------------- Deferred char?a# ----------- -- T 2.6.?* .3-! 57.000.156 i.ooe.ric 38.308-5.N 1,C45.:&7 C0.2PS.444 1.701.377 $4,939,110 l,25fl^flt 0.099-801 I.TOS.OSS Trial ............... ............................. LiABn.iT res Acextwnt.** payable, trade----------- Notes payable----------------------------- AccTuefl tpxea................................ Other payabUs nrd ar/ rvals. * $:7^ a'-; :i;7 $7 -rj i.:rr, -,t ; `i.iv.'.'Vn 5134.4:5.374 S5.T57.r77 1 !7 vs Ay-.'* 2.6S8.K`! 5i55.]C5,::f.n ?4.St3.?f'7 *7.'*.iT H re' 2.76' 271 ST'lOPfP.jEP? S-t 372.902 ; r. : i - 1?V 2?.v 7f.7 l.40fl.Jf2 J135.5iS.-B, 82,730.318 19215 10.302.769 1,274.249 ilJIS71(l 83*383.172 IR.f.OO 1T.6AR.013 1.418.353 Total current tJabJHt:*** CnSIM;-'l n-t ::t- ft !:; nt >7.:v* .........Deferred ere liti. . ------------ Heser/o tor eontlng Insurance rerr*r . P**n*fn ar.d relief y.-*ve Hcaerve for < ,'rp:ilr; 5%lnrr:tv lrteret .. r.-- k "t^r t p.r:.*!-in .. E;irr.-.! surp ::-: .. Tntal ...................................................... Net current asset* ................................ PROPERTY ACCT -- ANALYSIS Addlth-Rs r.t cn*t .. --------------- ... Retirement.; or . ................... Jfcl>cpryciatJrif er.d dt'j'.etlu.n ...Mber additions ........................ -- OEPR.. DEPL. A AilORT 2JLS -- ANALYSIS Charged to prr.Pi A *">*.. ............. nCbersed ii nther ncr"*.u:t RetLremenl? rrn-. u-;;]s ^ . Other char.gec ......................................... ;rt nn '*77.*r ^7 .VI - *>VI s.*:?.7o;. ?; " ti .vr- *:i*m ?::: c,''i ? :-n; ;t. 4::.2 5*7*. 'i'*' *.'.7 * r-ji 7u7 fl.'VA\ r. 2,*;!. $:3.nr>.7rr 43.fi in 2u.'.ii7 5.M Pfi." 2 353.:3! i'uiv'M *1....... y r;ri '"-r :/,4 Y; i .7*. * : :j S4.rr 5*2 51*231 x: 42P.2d' 131.' 2 ft $23,23v0. :n?s2 s.ntV:;.'*?. 2.Z ` w' !.px**!`?7 55.2* *!T5n 77.1 :-S3 ri' '.ir' r5*5 *'d S.76..T.:3.:-75* r:. n-'. 75i : *'j.7 ' `vr.pvi S5.4rn r** 8S7.;:,.i $::) 227.;'>'4 79 ;m7 T77.S/8 4,8'i jTfis I:S " jyi 55 r*: < n*s tv-0 s: m ,'rt' yv* 6S2.W2.4I2 82.:-T` trq .29 f .07 S3 Cp 627 v:.:V' R.;.`: .i rr l ..?l? : 81025.840 187 S4f 4.931.365 2.341.905 1.633.174 2J134 55.2M.07S 52'. .600 r.TTi'Y.HO SU6A46.025 844.700323 94.726-459 1.067.12* Viii fSJIIO.SSf 4.741 825.152 it 34.138 822.503.037 363.092 1EK.043 4.931.065 3.2C8.69I 1.930,079 3.297 14,900.959 525.000 53.7S7.135 Sl4t.3flR.TtO 839.292.138 88.931 54.7 l.p? e:*4 52.70S.fi40 cr fi.123 ee 0-7fi.fiT*7 5i.':i5l.871 I.50S 170 dr 229 jmo MOODY'S MANUAL OF INVESTMENTS Tt^wo '* r'3t or market. Mor^ct v*Iue, frsif4i: Represents adjustments to restate riv Accounts ut appraised value ut Dec. 31. 1938. plus subsequent additions at cost: tout or Market xa'uc. credits to depreciation reserve. $31.351.71: net credit to reserve tor extraordinary obsoles . Ai: At l'J\~ c v. rk l... ttj; . rvc- 'I?!" 5:.3i^.St*;2,>. fkm eo-T or market. At Dec. 31, 1 oi >':;u.hr:l SJj..\* J.." >9; 1cv. r:\w mat*, rials. $1 1.- , : ^ .iv:luo;,u; repair parts-, ,>y.. '/iti.I is. cence reserve, S1.3S3.949. Depreciation Policy: Provision for depre- clntjon o/ depreciable assets was mode at various annual rates, which are based cn the climated useful lives of Uie respective items. Coninuterl conmcsUe annual dcprcrlrtion rate*, for 1547. based on provisions for year V-1. a : n Us* L-i: !. Prnr>urtv ;;7^rs i ,:.;s.22j Rcscn'cs .............. 53(32.1^* and balance* In adjusted properly accounts nt beginning of year, plus one-halt of net Additions for year, follow: Used in business* land improvements, 534%; buildings and . if.' i3iu;:.' \::?ch t.'im.' I< Other -- : I'C.n.iS 47/'!`>.'*75 j'.7::..:7o :.* .*:.:-yi 534 2.S18.:39 21.4.V7.637 37.73v.0J6 __ _.... JU3.919 1.! $3,739 budding equipment, 3.047*-: machinery and equipment. 4.75'*: not m operation: Buildings. 2.30'; ; machinery and equipment. 2.0*y.; oiher real'ostaie. land and dwellings for employees including land and dwellings under contract ot ?alc), and investment nruperty: Land im provements. 3.4G1.*; buildings and building eoiupmcnt. 321%; machinery and equipment S!P4.172 923 SS2,C7:>.!}H!i :all luliy depreciated), none. Provision for dcnletlon of alt. ltmeftone. clay ami canl dcpo.-ils. ctc. fur 1917 was equiv alent to VO? t of inch resource recovered bur in: year t oil being computed on basis of ratio of re? ihuvcs recovered lo total recov erable resources estimated by company* erK-necrs). Coneral Notes w,, <n) tertiiled by Haskins 8e Sells. b' Above e^ofolMrited statements tnelude nli do;->*f'st*r jaib.cldiarlee whoso business.pol len s ;*n<J operation* are directed by the parent 1hi\xi.`l; :ts ersanuntten, except Southern Al kali Corn. an<i Southern Minerals Corp. Com- jj:;iy`s Bcb,'i.:n ^'jbshJinry is r.nt included in oerun'nncr w'/h uracuce established in 1940. Conm.tnv's oiher two foreign subsidiaries r C;i:i.r,,an> arc not included on basis of being considered not sigmtieant. Net t*xvi*.7.7 i f i.qulrv of company and con solidated .-ubJidiancs in net asset* of domestic end Cano.-uum subiidiarics not consolidated over carrying value of investments therein amounted to $;),635,024 at Dec. 31,11)47. financial a operating data SUt:tical Record EaincJ per ihi.ru-------------- --------------------Dividend*' per share....--------.....--price rarsc ...................... -........................... Net tangible assets per snare------------Nun-.bei* .f .shares --------------------------------- jy47 S3.n SI.TO 427H-32U Sh>.62 8.939.622 1910 SI 92 *1.20 4SH-3G *15 12 8,899.622 mi045 51.53 5)54.2$ 0C44U-39^ $14.27 8.652.224 3944 $6.0$ *4.25 125U-9S $55.15 2211JU6 1943 S6.0S *109 9S-?4-,'i 553.24 2.206.723 1942 S.09 .50 2008.723 1941 i6.B2 $.00 96V-S5 S49.70 2.198.438 Financial end Operating Ratio* Current a.c-.cts-r-eurr. liabilities--.... cash & securities to curr. asset:------c inventory to eurr. assets------------------- *?c net curr. n*$oU to net worth.--.... 2-20 3i.fi2 6`Mi2 38.56 2 82 36.99 4456 40.18 4.41 52.52 35.21 48.92 3.U 52.58 34.02 46.49 3.74 $1.53 34.62 44.73 4.13 42J2 43.46 *9.54 2.7* 40.02 41.19 39.96 Capit9i*r.iittvn: *> co.T'i`*nn slock c surplus........ Sales-: inventory ------ ---......................... Sales-r-ri'ce:vafcles ----............. .. <*, tales to net property.....---------------- % sales to total assets..------------------------ v net income to total assets----------------- ret income Tn net worth....... ............-- Analyiis cf Operations Net snlo* ....................... ...........-- --------- - Cos's, "* manufacturing................ Cross profit from products...... Gross profit from nux. operations..... Tola! crc!:i---------------- ----------------------------Fell., gen. & odm. expenses...------------- Operatin';: profit .................... ..................... Other invome Gross inf*'.ic ....--------- ------ -- ........ Income deductions-------------------------------- Net 1 *onu* before income taxes, etc. pro\. .on for taxes on income ...... 100 00 5.09 It .05 326.36 127.02 13.44 15.70 % 100.00 64.03 35 07 ""'25*07 13.71 0.06 22 3J 0.S9 21.43 0.53 100.00 4.95 11.95 258.55 106.13 9.80 12.68 % 100.00 68.68 32 32 31*32 14.21 17 Ua*> 19.3.1 2.51 1G.H2 7.53 lOO.CO 5.65 25-22 252.^2 9.23 8.77 10.72 <& 10000 71.29 26.71 0.04 23.75 16.01 12.74 1.56 14.29 0.13 14J6 4.76 100.00 5.25 13.65 244 98 91.S3 8.65 11.03 % 100.00 70. $3 29.17 0.17 29.64 12.99 16.65 l.f.6 18.21 0.07 18.14 8.72 100.00 4.60 }2.05 108.U1 81.CS 9.1S 11.30 % 300.00 68.91 31.09 0.45 31.57 I3.7C 17.G4 2.09 10.93 0 21 19.72 8.31 100.00 4.16 U.7J 166.89 7E24 8.23 9.94 % 100.00 67.09 32.81 _ 32.91 i 16.17 14.74 1.23 17.97 0.43 17.54 7.03 100.00 5.03 11.03 196.63 90.S3 10.69 13.72 % 100.00 62.84 3746 274R 14.PS 22.48 1.33 23.SI 0.24 23.57 11.86 Pension. c*c., res ......................................... Net **>'''---------------------------------------------- [Ton Dec. IS. 1945, four $10 par shares we 10 58 9*24 9.40 9.4 2 11 yf ,10.51 Stott (tleal record for 194S applies to Ti'fi except for dividends. rTAppltes to $2$ par shares. *10 par shares; *25 par shares, 160M-U7. CAPITAL STOCK 1934... 1.20 1935__ 2.90 1936..- G.00 1937... 6.50 1938... 1.75 1930___ 4.00 AUTHORIZED --12.50C.imio shares 1 increased from 2.0n0.'*^0 shores Dec. 15. IMS); outstandimr. Doc. "b 19-7. S.993.R22 stores; par SIO (ch.arsjed from SJCO par Oct. 9, 1928, four S25 par yhc.ro.- i>utd *.n oxi-hnncc for each SI DC par share; rhcm.v-il from 523 par Dec. IS. 1945, four SIO fhnrt'S issued for each S25 share). ; I , i1 1040-41 1944-45 1945... lOPius TiPlus ;j Plus ^rius 5 0Q 4.25 1.20 10% 2l'V 3o:v 10`g 1942... 3.50 1943... (*10 par shRTes) _ 1947^7. 1.70 511948... in aleck Apr., 1917. tn Ucck. Dec., 1920. tn stock Jan.. 1923. in stock Dec. 1. 1928. 4.00 0.50 At Dec ~T. 134G. piicairn Co. owned bene-!! 5ITo July 2. A firialb 22.:*> of outstanding shares. j Divi(ien<ie payable quarterly Apr. X, etc., to CUtdend Record <fn $) p.<r shares) 1 .toci' of record abo:tt Mar. 10. ete. I PREEMPTIVE RIGHTS--As provided by the 1883-09 Mi* 'j>)3.".- son 1000-06 6 00 ! vtatutes of the Commonwealth ol Pennsyl- mpnT-u XK-D. 3;ur.-26 7 Hi! lots... 10.00 1919.... 7.215 13JI... 8.00 1922... 13.00 13.00 1928... 600 11*25 p^r ahares} j LISTED--On New York and Pittsburgh Stock I Exchanges. _ , _ ., : TRANSFER AGENTS--Peoples First National i ii'3i. . i 1 ;:r^n__ j 'i0 I <73?.. 0 75 1930... 2.00 ! Bank & Trust Co.. Pittsburgh; City Bonk 1933... 0.70 Farmers Trust Co.. New York. REGISTRARS--Mellon National Bank & Trust Co., Pittsburgh; Guaranty Trust Co.. New York. DIVIDEND PAYING AGENT--Peoples First National Bank & Trust Co,, Pittsburgh. ISSUED--Upon relRci'rpofetlon to 1920, 307.342 shares of new $100 par stock were issued as follows: 247,500 shares to holders of old 5ioo par common on a share for share basis: l,r,40 shares to holders of old 12% preferred on the basis of two shares for each snare held; 47.726 Ovires to .tockbolders of Columbia Chemical Co. on the basis of 8/10 of share for each, share bold: l`j.574 shares to minority t>rkholdcrs (46%) of Patton-Pitcairn Co. on a share for shore basis. PRICE RANGE-- 1947 1946 {$11945 Stock.................. 4270-22*4 48*4-30 44lV38te jJAItcr 4 for 1 split; before. 1601&-117. SOUTHERN ALKALI CORPORATION Controlled jointly by Pittsburgh Plate Clan Co. (51%) and American Cyanamid Co. (49%) I History: Inior.-oraiod in Delaware Apr. 20. ipn . Business Mnmifnctur^fr hvavv chemirais. Property: I>!nnK located in Corpus Cliristi. Tox. .,rv! r.akf Char:C'. La. SaU brine* for n-nn,.i:`.ii-iti*'r corpus Chri*TU plnnf is rin'd from con mvn ws'\'.s and natural uas !nr no-.v.-r :s provicKl *-o!n company's ncur- lv tif!J. Ccntr ot: jr.'l sUK*i; iointlv ov-ned l."lrn -fctivviv (.,*. Pfii^hnrnh Plato 08;.'S < t tTiTcdini: M-tL ::n-nt > Mhro*i:th 'is'-, i-iotwi m C> rp `.chftM.v-ov.T.iil Mi:)\i.! . :<1 Am.-ric.'in Cyr.nnntid Co. Lee fcn< :a! * v Suhsid^^y: Fojthom Pipe Line Corp.. u h* -ov. ?' I: Ai n ,.v. j- .i ; interest in Southern M r.*` D*. i:*i :.-;nr*cc ow?t*rl tv Colu*i'l-.:n --;v. parent of Southern Alkali * . *r.v. subsidiary of Pitts- - Co >. Officers: V' n r. JMtrairn. T*n*<.: C. M. Ttru*.*. n. ! y .* vs. Jr r. T As* = r.:nth ' II. H* r y. S-*r.; V v <; T- DJrc-Tors: C ^T firown. itn ion4 pilroirn. !f. y i ;!% h.. w IVs**;::. - i; n;-i: F r cNr :**!!.. tf P V.**^rr. *\ K M r.inje. Jr. n C::-y J }l 1L r ? C T'.-av Annual Mcctinc: Tlur^t W dnesdny in April Office: C.vpu* Christi, Tex. Comtomed ncome Account, yisn ended Oec. 31: 1947 1046 Net sales........... ...... Rentals & services Gross o'er. inc.-Corr of sates____ $41.323.107 07.721 41.422.828 2fi.712.447 $27,304.10$ S6.274 27. laO.370 17,7.7l>.r.l Selling, etc., exp. Depreciation_____ Doki ion ______ _ 1.83) .4!)$ 1.C55.2S9 778.732 L3U4.fiS3 1,271.646 76H.362 7 Retirement loss. f'ndcA* LMd. rent. Net oper. income 6C4.021 5n 2?2 9.780.349 291.042 35.094 6.-122.7 SO Other fr.rome____ To*-;! income____ Debt Interest____ Other infe-est ... Sundry fh oVrtiona 64.C02 16S.1A0 121 230 23.690 328.599 r,.7M .:!>: 1H2.VK) 29 >r.% i I ,7S JVd ineerni* tax.. F^d. lax ad State in^mc taxNet income......... Siirnlus. t-1__ Divided-Is . ..... Swrn!*i l.VM . . .7.0.S4.JO8 cr 21.107 ljt 6.150.7.76 12.9^1. !K7 1 F57..sn5 17.732.02S !.?fc>.K45 tir 124.K34 193 4.613379 9.0C.72O 736 KtZ 12.930, U17 Tiee-i rbes earn.: n. fcre me. tax- .13.67 3) 8.3 A.'lfP inr. tux.. 23.30 22.70 Earned <-r share S6t.ni SIC.H Number o( shares 100.003 1OO.0C0 Smith rn Alknli Corp. an*l suhsldinrv enn- 5r!*<!.*iHH r-nd Southern Minerals Corn. infTdi- at**d company). Taken from reports to SEC. j Dry holes and abandonments. ^Southern .Minerals Con'* Amount shown as charge actainst surplus excludes S392.106 (1040. S2G3.t.'jti paid to Southern Alkali Corp. elin*;nntcd against income of that company. "'Combined balance Sheet, as of Dec* 31: 1947 1046 Cn^h ______________ 56.79:5.223 $3,771,187 1.115 3.77S Receivables net.. 4.67.1.066 2,065.257 Ex*'. rrof i:\ rv^f. *.1.223 ........ 20V..7M 111.060 r: Crtid*- oil ............ 1.50:1.500 914.295 i: Rcnre.l pred. .. vS.:'2 2.932 '.'Voter. & 5ftonl.. 903.C3O Raw mat. adv. .. 2.300 2,600 Tnvi^tbK'ii^ ......... DesdcDon........... .. Ncl prnpiTtv .. Deferred chrirpcs SH.1l73.-i70 103.251 .N74.1Ul 11.001.-107 sr*n.9i7 2fi.2!0.*:;7 J.;2U.2I4 S7,774.965 103.251 35.nCO.ii95 9.789.498 5.032.501 20.2:*.C9R 323.495 Total ............... r.i''i*ih'tlcs: J.Vci.s r-..>:.Mc. Afi'iumb payable* Due altiliatcs____ 53.420.:,<)0 $28,440,406 $500,000 1.882.030 3,469