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FILE NAME: Philip Carey (PC) DATE: 1956 DOC#: PC068 DOCUMENT DESCRIPTION: Entry in Moody's Industrial Manual MOODY'S INDUSTRIAL MANUAL AMERICAN and FOREIGN JOHN SHERMAN PORTER, Editcr-m-Chie/ * Editorial Board Charles N. Berents Arthur W . Herrmann David M. Day F rank J . P render gast Frank J. St. Clair George I. Blair David M. Ellinwood George H. Parsons 1956 D. B. McCruden, Publisher MOODY'S INVESTORS SERVICE 99 CHURCH STREET, NEW YORK 7, N. Y. PHILADELPHIA 14(1 W?lnat St. BOSTON CHICACO LOS ANGELES WASHINGTON 75 Federal St. 105 W. Adams St. 606 So. Hill St. WoodwardBids. LONDON: MOODY'S INVESTORS SERVICE LTD. SAN FRANCISCO Ross Bids. Copyright, 1956-- Moody:s I nvestors Service, New York--AU rights reserved oo n u . v y i y x y i u x x t xl/ u u - i x x a x a x x u . *-. . * w av L IA B IL IT IE S (c o n t'd ) U. S. F e d e r a l in c o m e t a x ___ ____ ___ C a n a d ia n In co m e t a x _____-- -- . R e se rv e -- C a n a d ia n e x c h a n g e _____. D e fe n se c o n tr a c t co n tin g . p r o v . ___ T o ta l c u r r e n t KalHtlHe* . . . ______ C o m p e n sa tio n In s u ra n c e r e s e r v e ____ CSCapital s to c k _____ _______ ..______ E a rn e d s u r p l u s ___ . _________ _______ T o ta l . _____________ . ________ _______ S L e s s : R e a c q u ire d s to c k - .............. N e t c a p ita l & s u r p lu s _____________ 1955 196,139 74,390 35,000 $3,038,024 50,000 5,587,300 18,018,879 23.606,379 304,089 23,302,289 1954 1.443,300 118,047 150 000 53,902,846 50.000 5 587,500 18,453,037 24.040,537 304,089 23,736,448 1963 2,112,913 272.054 300.000 $6,330,146 50,000 5.587,500 17.922,696 23.510,196 279,769 23,230,427 1)952 1397.563 173.292 $3,650.412 50,000 5.587,500 16.785.152 22,372.652 225,172 22,137,480 1951 (386.247 318,536 $3,606.336 50,000 5,587.500 17,231,437 22,818,937 147,533 22.671,404 1950 (3104,746 178,228 * $4.147 681 50 090 5.587,501) 15,788.271 21,375,771 147.333 21.228.238 jm -* 2292* 12UTI --- * $3.853 s 1 5-0.^ 5.5H7 12.63(524; 18,223 ? 147.117 18,076 277 T o ta l ________ ____ __ - ________ N ot c u r r e n t a s s e t s __________________ $26,440,314 $11,654,383 $27,689,294 $11,912,151 $29,610,573 $11.485.321 $25,837,892 $9.712,520 $26.327,741 $12.835.893 $25,425.918 $12,862,437 $21.976.J $3.626 h iXAt lo w e r o f c o st (1951 a n d s u b s e q u e n tly principally last-in, hrst-out m ethod) or m ar ket. 1955 in v e n to rie s c o m p rise : F in ish e d p ro d u c ts, $594,983; in -p ro c e ss p ro d u c ts, $1,274,1SS; r a w m a te ria ls , $3,072,835; m a n u fa c tu rin g su p p lie s, $124,360; to ta l, $5,066,367; (o f w h ich a p p ro x im a te ly 50% o n la s t-in , first-o u t, b a l ance on first-in, first-out m ethod). U S h a re s a t co st: 1955. 9,142; 1954, 9,142; 1953, 8,142; 1952, 6,442; 1951-49, 3,482. (2412.50i) p o p a r s h a re s W A fter d e d u ctin g U. S T re a su ry ta x notes. 1952, $675,000; 1951, $4,075,200; 1950, $2,000,000; 1949. $1,900 000 [H1954-53: C o sts in c u r r e d o n d e fe n se co n - tracts, after deducting progress paym ents U954. $432,10; 1953, $1,773,935). ^C an ad ian excess p ro m s taxe9 only. 7 In clu d es re n e g o tia tio n re b a te s. $2952: In c lu d e s $533,401 p r e p a r a to r y e x penses on defense contracts. jT1954-53: In c lu d e s a c c o u n ts re c e iv a b le fro m U. S G o v e rn m e n t (1953, $852,101; 1954, $3,300,225; 1953. $1,359,830) co n sistin g p rin c ip a lly of am ounts due under negotiated contract price adjustm ents, claim s arising from term i nated contracts and other charges. G eneral Notes: (a) A ccounts of Canadian subsidiaries have been consolidated in above balance sheets a n d sta te d in U. S. dollars on b asis o f p a r of ex ch an g e except property p la n t and equipm ent included on basis si ui of exchange w hen acquired. T h e se su b sid ia rie s a t J u ly 31, 1955, had r.?z c u r r e n t a sse ts of $1,263,583 an d other asi`U p rin c ip a lly p ro p e rty , p la n t an d equipm ent of *647,338. (b ) S a le s fo r 1954 a n d 1935 include salr u n d e r d e fe n se c o n tra c ts, su b je c t to pnee red e te rm in a tio n and reneg o tiatio n Adquat, p ro v isio n is b e lie v e d to h a ^ e been made for a n y fu rth e r ad ju stm e n ts w hich may arise c o n n e c tio n w ith p ric e rev isio n or renegetia tio n o f sales d u rin g fiscal y ears ended .5 1954 a n d 1955. STATISTICAL RECORD Fiscal years E arned p er sbAre . .. B D iv id e n d s p e r s h a r e ____ - _______ Q]P r ic e r a n g e __________ ______ ___ N e t ta n g ib le a s s e ts p e r s h a r e __ - ___ N u m b e r o f s h a r e s ___________ - _______ E C alendar years. 1955 $0.42 $1.50 3236-23, 2 $57.77 403,358 1954 $3 32 $2.00 27-20 $58.85 403,358 1953 $4.81 $2.00 34/2-20i/4 $57.45 404.353 1952 $2 42 $2.50 34-27 f t $54.54 405,858 1951 $8.53 $4 00 41ft-30ft $55.48 408,658 1950 $11 46 $5.00 37ft-24ft $01 95 408.658 Ifel $908 $3.0* 28%-16>* $44 2S 408.651 CAPITAL STOCK D ividend R ecord (in $) (C alendar years) 1. L. A. Y oung S pring & W ire C orp. stock; (S in ce J a n . 1, 1923 no p a r sh a re s) p a r $5: 1923__ n il 1924__ 1.20 1925__ A U T H O R IZ E D --1,000,000 s h a re s; issu ed , 412,- 1926-27 200 1928-- 2 50 511929-30 500 s h a re s ; o u ts ta n d in g , N ov. 30, 195o, 403,- 1931__ 2.75 1932__ 1.00 1933-- 358 s h a re s ; in tre a s u ry , 9,142 s h a re s; p a r S5 1934__ 0.75 21935__ 2.75 1936__ ^ch a n g e d fro m n o p a r to $5 p a r N ov. 23, 195o 1937__ 2.25 1938-39 n il 1940__ share for share). 1941__ 1.00 1942__ n il 1943-45 A s o f O ct. 5, 1954, L . A. Y o u n g o w n ed d i 1947__ 1949-- 0.25 3.00 1947__ 1,00 1950.-- 5.00 1948-- 1951-- r e c tly 56,030 s h a re s (13.83%); O la Y oung 1952... 2.50 1953-54 2.00 1955... (w ife ), b e n e fic ia lly , 33,303 s h a r e s (8.22%); a n d ($5 p a r shares) L a y Im p ro v e m e n t C o rp ., 54,166 s h a re s T1956. 0.50 (13.37%). L a t t e r ia w h o lly o w n e d b y L* A. i P i u s 25% i n sto c k A ug. 15f 1929. Young. 3! P lu s 5% i n sto c k !Dec. 31,, 1935. J jTo M ar. 16. D iv id e n d s p a y a b le Q u arterly . M ar. 15, etc, to sto c k of re c o rd M ar. 1. etc. V O T IN G R IG H TS--O n e v o te p e r sh are; cumu 2.50 la tiv e v o tin g fo r d ire c to rs p erm itte d . 3.0, PR E E M PT IV E R IG H T S --N one ex cep t as pro0.26 v id e d u n d e r M ich ig an law s L IST E D --N ew Y ork S to c k E xchange. 0 50 T R A N S F E R A G E N T S--N atio n al B an k of D+ 1.00 tro it: N ew Y ork T r u s t Co. 1.50 R E G IST R A R S--G u a ra n ty T ru s t Co.. Nee 4.00 Y ork; D e tro it T ru s t Co. 1.00 D IV ID EN D D ISB U R SIN G A G EN T -- Nation* Bank of D etroit S tock O ptions: O u tsta n d in g , Nov. 30. 1955o p tio n s h e ld by c e r ta in k e y em ployees oc 28,200 com m on s h a re s a t $24.4625 p e r share O p tio n s e x p ire J u ly 27, 1960. CAPITAL STRUCTURE ' LONG TERM DEBT Issue 1. 3*i% d e b e n tu re s , 1960 .......................... 2. 31/4% d e b e n tu re s (s e rie s 1947), 1960 3. 3%% & 3?a% n o tes, se r. to 1969___ THE R atin g Baa Baa S3-. CELOTEX A m ount O utstanding $1,253,0001 939,000i 6,737,500] CORPORATION E T im es Charges Earned 1955 1954 31.85 22.50 In te re st D ates fF& A 1 (FcA 1 1<J&D 1 C all P ric e (TKWVa 100 --- Price Range 1955 1932-55 99l/*-99 H106-S5 ............. 3104-95 S3......... D ......... CAPITAL STOCK Par A m ount (TEarned p er Sh. ED ivs. p er Sh. Call Price Range Issue V alue O utstanding 1955 1954 1955 1954 P ric e 1955 1932-55 1. 5% c u m u la tiv e p r e f e r r e d ________ $20 256,862 shs. $19.78 $12.47 $1.00 $1.00 20 I97s-18% J 2 3 -15-j 2. C o m m o n _________________________ 1 878,651 shs. 5.49 3.35 1.75 1.50 .. 37$i*-2i ..JS1,*- 5 iD F iscal y e a rs. (R an g e sin ce 1938. a f te r 100% sto c k d iv id e n d ; b e f o r e 100% sto c k d iv id e n d . 1935*38 ra n g e , 481W 2& . iUTo J u ly 31, 1959. in ch , w h e n p ric e ch a n g e s; see te x t, a R an g e sin c e issu an ce. .5.R a n g e sin c e 1943 fo r $20 v a t s h a re s; r a n g e fo r $100 p a r s h a re s irc trt 1935 ar<i to th e 5 -fo r-l s p lit in 1943, 93-46. [^ P riv a te ly p la c e d . H IS T O R Y I n c o rp o ra te d in D e la w a re J u n e 29, 1935, a s successor in reo rg an izatio n to th e C eiotex Co. (Del.). L atter com pany was incorporated in D e la w a re in 1920 as "L o u isia n a C eiotex 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 eb . 8, 1935. tr u s tees w ere appointed under Section 77-B of the U S. B a n k ru p tc y A ct. A re o rg a n iz atio n plan w a s s u b m itte d u n d e r d a te of M ay 1, 1934 (su b s e q u e n tly m o d ified ), a n d o n N ov. 1, 1935, th e business and assets of the predecessor com pany w ere transferred to th e present com pany. .D etails of reorganization appear in M oody's 1935 In d u stria l M anual. I n 1937, o rg a n iz e d E n g lish C o m p an y , C eiotex, I^td, In 1937 a c q u ire d a n I n te r e s t In A m e ric a n 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 a n d b u si n e ss of T ex as C em ent P la s te r Co. lo cated a t P lasterco 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 c ts 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 of property and assess ircluding 20% in te r e s t in sto c k of C a lifo rn ia M ill S u p p ly CO., d e a le rs m w a ste paper, rag, etc A cquired properties in Ohio of W eaver-W all Co. in A ug.. 1946. O n A ug. 15, 1950 a c q u ire d p ro p e rtie s o f W asem P la ste r Co.. T ort Dodge, la I n N ov. 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. SU B SID IA R IES . This is principally an operating com pany. A t O ct. 31, 1955, 100% o f tire v o tin g p o w e r w as ow ned in th e following com panies: Name, place of incorporation and business: El Rey P ro d u c ts Co., Inc., C alifornia, inac tive. A t O ct. 31, 1955, o w n e d less th a n 100% of voting pow er in following com pany. Ceiotex, L td., E ngland, m an u factu res and sells C eiotex products in B ritish Em pire (35.72%) X . A rticles of A ssociation of C eiotex, Ltd. provide th at unless and until num ber shall be changed as provided therein, num ber of directors shall not b e less th a n 2 nor m ore th a n 7. H o ld e rs o f first p re fe re n c e s h a re s a re entitled to appoint 1 such director. By virtue of its o w n e rsh ip o f 100% o f d e f e r r e d sh a re s, Ceiotex Corp. is entitled to elect rem aining d ire c to rs. A t O ct. 31, 1955 th e r e w e re 7 d ire c tors. N ote: A t O ct. 31, 1955, c o m p a n y o w n ed 205,328 co m m o n s h a re s of S o u th C o ast C orp. (see general index) constituting approxim ate ly 48% o f v o tin g p o w e r o f a ll o u ts ta n d in g stock of th a t com pany. Also ow ned interest in following com panies, w hich have resulted from split-up of C alifornia M ill Supply C orp. 1,540 4 s h a re s (20%) o f C a lifo rn ia M ill S u p p ly C orp., 3,484 8 s h a re s (20%) o f B erg M etals C orp. a n d 974.8 s h a re s (20%) o f B erg Pipe and Steel Corp. BUSINESS A PRODUCTS The com pany m anufactures building and In sulating products, consisting for the m ost p art of product m arketed un d er the trade nam e "C eiotex." These products are m anu factured principally from bagasse, the fiber rem aining a lte r the Juice has been extracted from sugar cane, and are used, am ong other things, for ex terio r sheathing, piaster base, exterio r and in te rio r finish, for insulating roofs, and as insulation in th e m anufacture of household refrigerators, railw ay refrigerator cars, trailers and other products. 1 T h e c o m p an y also m a n u fa c tu re s a n d sells p ro d u c ts fo r c o rre c tio n o i a co u stical condi tions In office buildings, auditorium s, theaters, b ro a d c a stin g 3tu d lo s, a n d o th e r place is w h ich aco u stic a l tr e a tm e n t is d esired . mclud> m g p ro d u c ts m a rk e te d u n d e r th e trad e names "A co u sti-C elo tex ." T he com pany also is engaged in the manu factu re an d sale of o th er types of insulating an d building m a te ria l products, including loose, g ra n u la te d a n d b a tt fo rm s of ro c k WOOL roofing products, gypsum p laster, la th and w ailboards, a n d also v ario u s item s used as a c cesso ries in th e a p p lic a tio n of p ro d u c ts sold. C eiotex also sells p ro d u cts m ade by other m a n u factu rers, such a s h a rd boards, which c u t, saw a n d h a n d le lik e lu m b e r (m ad e D? M asonite Corp.), a n d a re used for paneling of a ll so rts, fo r d e c o ra tio n , sh elv in g , etc. C elocrete (m ade by various steel companies), a lig h t w e ig h t c o n c re te a g g re g a te , is m ade of e x p a n d e d m o lte n b la s t fu rn a c e slag, and is used w ith P ortland cem ent to manufacture light w eight concrete blocks. T he C eiotex C orp. m ain tain s offices through* o u t th e w o rld a n d h a s b ra n c h offices in 15 cities located In v ario u s p a rts of th e United States, including th e Pacific Coast. PRINCIPAL PLANTS A PROPERTIES The m ain m anufacturing p lan t is .ocated a t M a rre ro , In J e flc rso a P a ris h , L a , close t& the C ity of New O rleans. It com prises approxi m a te ly 565 a c re s o f la n d . The com pany obtains bagasse, the principal raw m aterial, fro m a n u m b er of su g ar milts ui Louisiana. A p la n t a t M etuchen. N. J., is located on a p p ro x im a te ly 18f t a c re s of lan d , a n d contains a b o u t 210.000 s q u a re fe e t of floor space, ar.d is used fo r th e m an u factu re of asbestos cem ent board w ith insulating core (Cemesto) and insulating siding. T here is alio a ware- wf V 'i f 5, 3^7I I2.e;c;*j ! 18.223 \ | ? I 18.076 ** * $21,97 $3.b3$<*t p t property basis oi u;* .955, had ~rr other a^** quipment x ticlude sain to price r>i. Adequati on made %^ nay an sc > or reiw*. rs ended ^ and c u rin g b u ild in g o f a b o u t 50.000 :fset. at P o rt Clinton. Ohio and a plant Hamlin, T ex. a re u se d In m a n u fa c tu re Sirpsum product# \ plant n ear F t. Dodge. Ia*., m a n u fa c tu res ter products. *X plant n e a r Lagro, .In d . is u sed fo r pro gaiion of rook wool in s u la tio n products. ?ttnt at Lagro also m a n u fa c tu re s acoustical serai tile. Plants at Cleveland, a n d A very, O , M adison. and Los Angeles. Cal. a re used in m anuaeture of roofing products, plant of Celotex, L td., a su b sid ia ry , la lo oted at Stonebridge P a rk , L ondon. Building, lading office building, etc., have a com tu*d floor area of a p p ro x im a te ly 141,000 sq. * Equipment in clu d es fa c ilitie s fo r p re p a rin g material and fabricating equipm ent for -ttpsrtng finished board. MANAGEMENT Off core O. S. M ansell, president H. W. Collins. Exec. V lc-Presidnt C. L. C hristensen, V ice-Pres. an d Chmn. Exec. Com. F. A. Irvine, V ice-P resident M arvm Greenwood. Vice-Pres . Sales Mgr J. R Newberry. Vice-President G. C. S nym an, V ice-P resident C. W. Jo h n s, T re a su re r L. H. Thompson, Jr., Secretary W. D. B ecker, Contr. an d Aaat. Sec. L. O. K arlson, Asst. S e c re ta ry J. M. E rickson, Asst. T re a su re r A. F. O. P feiffer, Asst. T re a su re r J. W. F ranklin, P urchasing A gent Gates Ferguson, A dvertising Manager D. W. Rice, E x p o rt Mgr. Directors C. L. C h ristensen, Chicago H. W. Collins. Chicago A. J. D allstream . Chicago P. H. Davis, Chicago Parrish Fuller. Oakdale, La. F A Ir-v ine. Chicago O S. Mangel! ClucHgo Carl G M uench, Rancho Santa Fe, Cal. N. A. Owin.gs. Chicago A. C. Sim m onds. J r., New Y ork E B Wilber. Pittsburgh G eneral Counsel; Dallstream , Schiff Hardin. W ade & Doischel, Chicago A uditors: A rth u r Young ft Co Annunl Meeting: Third Tuesday in Feb. N um ber of S tockholders: Oct 31, 1955: P re ferred , 2,400; com m on, 8,800. N um ber of Em ployees: Oct 31, 1955, 5,200 G eneral Office: 120 So. La Saile S t , Chicago 3, tU. 4ICOME ACCOUNTS COMPARATIVE 1955 t*t sales ............................ .................... * $71.136,590 avt of sales a n d expenses ____ . . . 57,958,129 jtprec., depletio n & a m o rtizatio n __ 2,085,338 INCOME ACCOUNT, YEARS 1954 1953 $62,257,623 $59,980.026 53.634.184 51,829.655 1.953,705 1,879.698 ENDED OCT. 1952 $52,032.189 47,005 536 1.809.525 31 1951 $59.241,635 50.644.711 1,670,822 1950 $48.714.716 41.376,732 1.599.690 1349 $38 362,160 33,718,358 1.503,697 Operating profit 3fcir income 11,093,123 373,508 6^669/734 451,602 6,270,673 391.835 3,217.128 446.050 .926.102 496,751 5.218.294 370,684 3,140.405 384.7S8 Total I n c o m e __ _______________ kterest on fu n d e d d e b t _____ _______ I >bt discount a n d e x p e n s e ------------ 0tber d e d u c tio n s -------- -- Nderai incom e ta x e s . . . ------------------ Otter tnc. tax es & con ting, ta x re#-- 11,466,631 359,988 5,890,000 135,000 7,121,336 [258.916 \ 52,383 117.389 3.400.000 90.000 6.662 508 169.083 22,235 84,347 3.272,000 90.000 3.663,178 187.454 26.245 233.436 1.562,000 42.000 7,422.853 199,676 28.132 113.073 3.494.000 90.000 5,588,978 216.S96 30,621 213,208 2,051.000 74.000 3.525,193 229.794 33.303 126.401 1,135,000 51.000 :fcl na noi 28%-lU $47 0 408.* AT. 15. etc. lire; curst}* ted. ept at pro ank of Do Co.. Nov -- Nation V. 30, 1951 Dloyees ca per share ange : 1932-55 2106- 2104-33 3 ........ nge 1932-55 023 -15`, 38U- 5 ' 31, 195. 1935 and and selb al cond* theaters, lacet ta l, inciufr ie nam e manu* isolating ncludlng ck wool ath anft used at ictssoid )j other .. wluc* aade tty >anehnf ng, $$ pania*; nadft of and tiacturv trough a in If Unite* Nat p r o f i t................... Previous earn ed su rp lu s Surplus c re d it ................. rreirred d iv id e n d * ---Common d iv id e n d s ____ 5,081,643 23,598,554 *""256,677 1,536,810 3,202.649 21.971.094 256,677 1.318.513 3,024,844 20,521,57 *256,677 1.318,648 1.612 043 20.482,520 2.448 256,062 1.318 573 3,497.371 18,559,332 256 $62 i.3i?.3iQ 3.003,552 16,688,175 **256 36$ 875.532 1.949,190 16,296,735 6.666 256 863 1,307 554 Earned su rp lu s, 1-31 ------------ $26,886,710 $23,598.554 $21.971,094- $20.521,576 $20.482.520 $18.559 332 116.688 175 Includes lo&s on fixed assets sold, dls- stric te d a s to cash div id en d s u n d e r long-term $123.185; 1951, $153,998; 1950, $102,739; 1949, eantled, etc.: 1955, non e; 1954, $37,387; 1953. d e b t ag reem ent. $147,954. 84,423; 1952, $114,705. SAs of Oct. 31, 1955, $7,915,616 w as unre G eneral Notes Eoui'y In net incom e in excess of dividend A bove re p o rt exclude# C elotex. L td. Net received: 1955, $323,427; 1954, $235,421; 1953, orofit of th a t com pany for year* ended Oct. 31 $102,448; 1952, $36.541. 1955, $410,385; 1954, $322,566; 1953, $191,409; 1952, Record of fear 3 ........ ... JOT. JO T . 339............. M L m \.........__ m t ........... 1N3............. 16(4............. m ............. W$............. 1547............. 1948......... ... Earnings, years ended Oct, Cost and Net Sales Expenses $7,589,965 . * $6,724,665 10,574,242 * 9,280,992 . . 9.126,489 8,471,885 12.317,936 ' 11,242,829 . 13.817,501 12,808,896 19,977.155 . 16,809,199 23,510.364 19.645,214 22.598,269 20.630.1 20,693,859 ' 19,715,677 22.185,651 20.812,739 33,090,464 ` 25.982,608 46,872 120 36.593.256 54,190,341 42,852,736 31: O peratin g Profit $865.290 1,293,250 654.604 1,075,107 1,008,605 3,167,957 3,865.150 1,968,107 978,182 1,372,912 7,107,856 10,278.864 11,337,605 O th. Inc. 6c Ded. (Net) d $99,856 37.203 i 126.246 d 254.351 i 171,677 171.069 ft 95,247 d 299.367 ft 111,122 ft 181.979 180.637 ft 3.336 ft 113,328 Inc. Bet. Income Taxes Taxes $765,434 129.419 I, 330.45363,700 528.358 10,000 820.756 79,000 836.928 89,300 2.996.889 1,247.790 3.769.903 2.645.936 1.668.743 1,138 544 666.460 304 184 1.184.333 7.288.493 3.464.168 10.275 528 4.047 599 II. 224,2747,439,088 Net Incom e $736,015 1.266.753 518.358 741,756 747,628 1,749.099 1,123.967 530,199 562 276 605.025 3.824.325 6.227.929 6,735,189 Common D iv id en d s $322.422 312,429 706.138 471.901 325.293 377.159 37$ .72 830.513 968.628 1,518,091 Com. Sha. Out#u n d . 268.685 268.685 312.429 629.960 027.676 27.676 632.068 696.933 755.472 755.472 855.472 905.472 905.472 Earn. Per Com. Sh $2.20 4.17 1 19 0 95 0.96 2.53 1 54 0.54 0 53 U.Ji 4 17 6 59 7.20 IAIANCE SH EET8 ASSETS: C u h ________________ ________ ____ _ ttjj$. G overnm ent s e c u r i t i e s --------- - JNotes and accounts receivable, n e t. Inventories __________ .... COMPARATIVE BALANCE 1955 1954 $6 345,158 $8,109.505 4,164,440 3.990,000 9,004,121 7.872.275 5,983,417 5,612.652 SHEET, AS 1953 $5.663,638 7.334,572 5,796,789 O F OCT. 31 1952 $1.-40,052 7 431.422 5.850 054 1951 $5.904.218 996,000 6.402 0)8 5,452.426 1950 $5,017,130 1,993.400 6.638.856 4.814.099 1949 $6,491,340 4.787.368 5.077.234 Total c u rre n t a s s e ts ____________ $25,497,136 $25,584,432 Operating p ro p e rtie s . . . -------------. . . 46,735,238 * 41,428.143 Deprec., d ep leu o n 3c am ortlaatiO B -- 20,107,164 18,390,283 Net operating p r o p e r t y ------------- 26,628,074 23,037.860 in te n ts an d r i g h e s ____________ ____ 1 1 uth Coast Corp. Investm ent-- 438,541 438,541 vestm ent in C elotex, L td . _____ 700,459 700,460 202,838 202.838 306,922 294,507 vestmt. in o th e r corps, . . . . ------ 87,730 109,103 it a s s e t s ____ ________________ . . . 937 70 Qhamort d e b t d isco u n t Sc ex p en se . . . 375,286 1.006.946 lid in su ra n c e ----------------- ------ TTaorrteadl c_h_a__r g__e_s_____________________________________ $54,574,857 $51,374,687 ,, LIABILITIES accounts p a y a b le ______ _____ $3,621,532 $2,808.479 Accrued e x p a n s e s --------------------- . . . ) 1,935,666 (1,670,947 Accrued i n t e r e s t ___________________f 1 129 998 h w . for misc. t a x e s ---------------- --~ 369,790 308,021 Staking fu n d r e q u i r e m e n t ________ 700,000 699.584 ZProv. fo r incom e t a x e s __________ 323,505 889,534 $18,794.3 40.363.671 17.059.131 23,304,540 1 433,541 700.460 202,838 183.123 94,274 951,423 $44,670.197 $2.751.851 i ,644,552 41,080 288,062 435,584 550,417 lit,171.52ft 39,033.633 15.581.101 23.472.142 1 438.541 700.460 202.9J8 172,758 il6 509 1.096,926 $43.671,703 $2.673.527 1.334.468 44.224 235.344 386.390 1,053.862 $18.184.652 36.539 719 14,147 484 22,392,235 1 438,541 700.460 202 838 166,1)94 142.754 1.107.899 $43.935.473 $2,587.380 1.672,390 47,759 269.918 437.500 651,343 $18,463.485 34,015,827 12.775,108 21,240,719 l 438.541 700.460 202,838 165.169 171,487 540.254 $41.922.953 $2.503,539 1,435,27$ 51,269 248,298 437,500 505,105 $16.355.942 32.150,768 11.4:3 129 20,731.639 l 438.541 700.460 202.838 340,001 202.107 383,534 $39.255.063 $1.397.502 997,830 54.673 181.882 437.500 546.261 Total current Mobilities___ M sentures --________________ OsL Fed. incom e t a x _____. . . . t% preferred stock ($20 p a r ) _ {Common sto ck ____________ _ 1Partially paid com. shares . . p a i d - i n su rp lu s _______ . . . . Earned s u r p l u s ____ ____ -- Total capital and surplus ELess tre a su ry com m on sto ck $6,950,493 8,229,500 187 non 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 35.939.108 ........ -- $5.711,546 4,620,416 5.137.250 878.889 26,826 6,330,450 21,971,094 34,344,509 6,273 $5.728,315 5.056.110 5.137,250 878 829 26,828 6,329.070 20,521,576 ',593,553 6,275 $5.666,790 5.440,500 5.137.250 877.963 27,572 6,309,152 20,482,320 22.834.458 6,275 $5,180,987 5,672,500 5.137,250 876,246 29.226 6.269.661 18,539,22 $0,811,115 2,250 $4.115.648 6.291.500 5.137 ,J50 872.957 31 319 6.217.014 16.6ftS.l75 28,941,915 *IE8 ' .ocateft oso te jproa^: incinol' ra 5 Md 0? ntalar a.endv beato testo). Ret capital and surplus 39,227,864 35,939.708 34,338,235 32.337.278 32,828,183 20.863,165 28,947,915 Total ........... .. $54,574.857 SSI,374,687 $44,670.197 $43,671.703 $43,935,473 $41,922,953 $39.355,Q63 Net current assets . $18,546,643 $19,077.869 $13,083,453 $11.743.213 $13,117.862 $13,282.498 $L2.340.24 At low er of cost o r m a rk e t. C om prises; m an stock carrie d a t $438,541. M ark et value 889; 1952, 878.829; 1951, 877,963; 1950, 876 246; Saw m aterials, 1955, $2,953,820; (1954, $2,650,- Oct. 31, 1955, d e b e n tu re s 5s (sub o rd in ated ), 1949, 873 957. P a r v a lu e changed to $1 in 3 $ goods in process, 1955, $453,169; (1954, 1973, $1,198,718; com m on shares, $1,591,292: to Feb. 1956. $CM27); finished goods, 1955, $1,208,548; (1954, tal, $2,790,010. jlA t cost (a fte r $47,162 re se rv e in 1955). In .978,622); o p eratin g an d m a in te n a n ce sup- [In v estm en t a t cost (less $64.940 reserv e tn v estm en t in C alifornia M ill Supply Corp. in ttttes, 1955, $1,362.880: (1954, $1,433,527); to tal, 1955) in secu rities C elotex, L td. (E nglish sub 1951 and prior years, fo r 1354 see N ote u n d e r 19S5, $5,983,417 (1954, $5^12,652). sidiary -n o t consolidated ) "Subsidiaries * above. 7S1955: C om prises *077,260 d e b e n tu re 5s (5]A fter re se rv e s (1955, $859,040). aiA fter deducting investm ent ln V. S T reas Jftiborftixiated) 1973 and^ta5.328 sh ares of com - (sJNo p a r shares: 1955-54, 878,651; 1953, 878,- u ry notes, ta x series a t cost: 1955, $5,700.000; 1954, $2,800,000; 1953, $3,000,000; 1952, $800,000; 1951, $3,900,000; 1950, $2,000,000; 1949, $1,000,000. [^ S h are s a t cost; 1953-51, >73 1950. 98 s h a re s at cost l'J54 6,821 c o m rro n s h a ro - a t seated v a lu e deducted trom common s t :c sbovo 51053, 26,583. .J52, ~6.64.>. ..51, 7,509 1950. 29,226; 1949, 31,515 sh a re s, o ta l su b sc rib e d b y em p lo y ees, 1953, $637.992 (1952, $639.432; 1951, $660,216; 1950, $701,424; 1949, $756,360); less unpaid portion due in instalm ents to 1956, 1953, $611,166 (1952, $612,604; 1951, $632,643; 1950, $672,198; 1949, $724,841); b a la n c e , 1933, 326,826 (1952, $26,828; 1931, $27,572; 1950, 829 220; 1919, $31,519). n P rm c io a i p a id -in s u rp lu s ch an g es follow': 1954-49: A fte r c re d itin g (1934, $805; 1953, $1,- 380; 1952, $19,918; 1951, $39,491- o i1o9s4a9, $1in0a6,S377r5\)-; eaxvcme s<s oAft constom tC ?-.*, c eiv ed f o r 1964, 35 (1953, 60; 4 1,717; 1950, 2,289; 1949, 4,625) c fu lly p aid iri th e y e a r over SI p e r sh a re , a n d d eb itin g , m *u ju s tm e n t of c a rry in g v alu e ox in tr e a s u ry to s ta te d v alu e of &/ l cn STATISTICAL RECORD. FISCAL E a rn e d p e r sh a re -- p re fe rre d ______ --co m m o n ________ D iv id e n d s p e r share*--p r e f e r r e d ____ ,, --c o m m o n .____ 23Price ra n g e --p r e f e r r e d ____ ______ _ --c o m m o n ......................... N et ta n g ib le asset* p e r sh.--p r e f e rre d --c o m m o n . Tim es charges earned: B e fo re incom e ta x e s ............ ............. A f te r Incom e t a x e s _______________ T im es c h a rg e s 3c p td . d lv e a rn e d ___ P ric e ra n g e -- S ^ s, 1960 (issu ed 1945> --3 l,4s. I960 (sen e* 1347).. N e t ta n g ib le assets $1,000 Ig tm . d e b t N e t c u r r . a sse ts p e r $1,000 lg. tm . d e b t T im es p r e f e r r e d d iv id e n d s e a rn e d ___ N u m b e r of s h a re s --p r e f e r r e d ___ ____ --com m on . . . . . . __ ` 1955 $19.78 $5.49 $1 00 $1.75 1 9 V 1 S 3/* 3734-27 S152.71 $38.79 31.85 15.12 8.82 99?2-99 No sale $5,767 $2,254 19 80 256,863 878,651 1934 $12.47 S3 35 $1.00 $1.50 19Va-15% 3014-16 $140.03 $35.06 22 50 11.29 6.19 1001,4-98 lOOft-98 $5,025 $2.13712.48 256,863 878,651 1953 $11.78 $3.05 $1.00 $1 50 1$%-15}4 19%-15fc $133.68 $32.26 34.38 16.81 7.18 98%'98 98-98 $8,432 $2,832 11.78 256,863 21905.199 1952 $6.28 $1 50 $1 00 $1 50 m i-i 1914-15U $128 03 $30 66 16.05 8.54 3.88 100-99 lOOte-lOOte $7.504 $2.323 628 256,363 E 905,199 1951 $13.62 $3.57 $1.00 $1.50 nra-isy# 20%-14ft $127 81 $30 59 32.00 18.31 7.68 10244-9814 10214-102 $7,033 $2,411 13 62 256,863 [905,199 1950 $11.69 S3.03 $1.00 $1 00 1 7 % -1 5 `/a 21-13K 1120.18 $28.42 21.75 13 15 6.45 102- 100ft 101 ta-ioiy* $6,257 12.262 11 69 256,863 (3905,374 -1 1 * * 2fc *1. a I IS1*? I 2v*4-*: * 1 ift H *; t*_a f i < 1* 101, ` Kk $1 *1 f t rA<' -ft SW *'2 iTCalendar year*. ^ I n c lu d in g p a r tia lly p a id sh a re s: 1955-54, none; 1953, 26,583; 1952, 26,643; 1951, 27,509; 1950, 29,226; 1949, 31,515; 1948, 36,140. FUNDED DEBT TAX STATUS--C o m p an y re fu n d s p e rso n a l lie n s o r in c u rre d u n d e r co n d itio n al 38.1 Of 1. C e lo te x C orp. d e b e n tu re 3' 4S, d u e I960: property taxes in Pennsylvania not to exceed other title retention agreem ents. 4 m ills an d In K e n tu c k y n o t to ex ceed 5 m ills A t O ct. 31, 1955, $7,915,616 of e?.rned sur* R a tin g --B ae on ta x a b le value, a n d in co m e ta x e s in M assa p lu s w as u n re s tric te d as to ca?h divrier.*!* A U T H O R IZ E D --55,000.000; o u ts ta n d in g , O ct. c h u s e tts u p to 6% a n d In M a ry la n d u p to 5% u n d e r lo n g -te rm d e b t a g reem en t. 31, 1955, $1,253,000. per annum. CAPITAL 8TOCK D A TED --A ug. 1. 1945. LEGAL--F o r sa v in g s b a n k s in N ew H a m p 1. T he Celotex Corp. 5% cumulative pre M A TU R ITY --A ug. 1, 1960. shire. ferred stock; p ar $20. IN T E R E S T --F& A 1 a t office of tru s te e o r a t LISTED --O n N ew Y ork S to c k E x ch an g e. AUTHORIZED--500,000 sh a re s; : -tstandlci 256,862^ sh a re s; p a r $20 (ch an g ed from. $1* C ity N atio n al B ank St T rut Co.. C hicago P rin c ip a l an d in te re st p ay ab le in U. 3. legai O FFER ED --(55.000.000) a t 102ft (p ro c e e d s to c o m p an y 99) o n S e p t. 6, 1945 b y a sy n d ic a te o a r J u n e 18, J943. five $20 p a r scares issued tender. h e a d e d by P a u l H. D av is fie Co., C hicago. fo r e a c h $100 p a r sh a re ). PREFERENCES--H as preference for u u u T R U STEE AND REG ISTRA R--C h em ical C o rn 2. C elotex C orp, d e b e n tu re PA* (Issue e f a n d d ividends. E xchange Bank, New York. 1947) d u e 1960: D IVIDEND R IG H TS--E n title d to ra n u la ih D EN O M IN A TIO N --C oupon. $1.000; re g ia te r- Rating--Baa d iv id e n d s of 5% p e r a n n u m , p ay ab le quarter!* able as to principal., AUTH O RIZED --$3,000,000; o u ts ta n d in g , O c t F eb. 1. etc. C A LLA B LE--As a w h o le o r in p a r t o n a t le a s t 31, 1955, $939,000. DIV ID EN D RECORD--N o dividend* paid 00 30 d a y s ' p u b lis h e d n o tic e a t a n y tim e a t 100& DATED--A ug. 1. 1947. $100 p a r sh a re s to N ov. 10, 1936 w h en 5% v u p a id c le a rin g u p a rre a rs . T h e re a fte r, regular to J u ly 31, 1959 a n d a t 100 th e r e a fte r. M ATURITY--A ug. I, 1960. d iv id e n d s paid q u a rte rly F e b ru a ry 1. etc., ts A lso c a lla b le fo r s in k in g fu n d , w h ic h see. IN T E R E ST --F& A 1 a t office of tr u s te e o r C ity M ay 4, 1943, incl. S IN K IN G FUND--A n n u a lly o n o r b e fo re first N a tio n a l B a n k Sc T r u s t Co., C hicago. P rin c ip a l In itia l d iv id e n d of 25 c e n ts p e r chare paid d ay of fifth c a le n d a r m o n th n e x t su c c e e d in g a n d in te r e s t p a y a b le in U S. le g a l te n d e r. on $20 p a r s h a re s A ug. 9, 1943; re g u la r divi . 3 close of e a c h fiscal y e a r b e g in n in g 1945. 15% of TR U STEE A N D R E G IS T R A R --B a n k o f N ew d en d s p a id q u a r te r ly th e re a fte r. sinking fu n d earnings (as defined), b u t n o t to Y ork, N ew York. DIVIDEND LIM ITATIONS -- See debenture e x c e e d >250,000. S in k in g fu n d p a y m e n ts sh a ll a v e ra g e a t le a st $175,000. w h e th e r o r n o t D EN O M IN A TIO N --C o u p o n , $1,000; register- 3V4S a n d te r m lo a n above. earned, cash to be used to purchase bonds at not exceeding redem ption pr.ee or to redeem able as to principal. C A LLA BLE--A s a w h o le o r in p a r t o n a t le a s t V OTING R IG H T S--N one, e x c e p t m* *f at ary tim e c u m u la tiv e d iv id e n d s h a v e accru ed to the b o n d s. D e b e n tu re s m a y be te n d e re d in lie u of 30 d a y s' p u b lish e d n o tic e a t a n y tim e a t p a r e x te n t of $2 p e r sh a re , h o ld e rs c l preferred cash a t an am ount equal to principal am ount and in te re st itock shall have one vote p er share. o f d e b e n tu r e s o r th e c o st b u t n o t to e x c e e d SIN K IN G FUND--A n n u a lly on o r b e fo re first LIQ U ID A TIO N R IG H T S --H as preferer.ee ore? s in k in g f u n d re d e m p tio n p rice c n n e x t A ug. X. d a y of te n th c a le n d a r m o n th n e x t su c c e e d in g com m on to p a r p lu s a c c ru e d a n d u n p aid divi c D ebentures purchased or redeem ed to be can close of each fiscal year, beginning w ith fiscal dends. celled. y e a r e n d in g in 1947, th e le s s e r o f 9% o f s in k PR E E M PT IV E R IG H T S--N one. SE C U R IT Y --N o t s e c u re d b y a n y lien. ing fu n d e a rn in g s (a s d e fin e d ) o r $187,500, b u t to be m a in ta in e d a t a* m in im u m a v e ra g e of C A LLA BLE--O n a n y q u a rte rly d iv id en d data, CREATION OP ADDITIONAL DEBT. ETC.-- C om pany will not, directly or Indirectly, cre $125,000 f o r e a c h 12-m onths p e rio d fe g a rd le s s in w h o le o r in p a r t (b y lo t), on 33 day s' notice, a t $20 p e r c h are p lu s a c c ru e d d iri len d s. ate or assum e, or perm it any subsidiary to cre of su c h e a rn in g s. D e b e n tu re * ua> be icuUexeu at an am ount equal to the principal am ount of LISTED --O n N ew Y ork S to c k E xchange. ate or assum e, any m ortgage, pledge, or en cu m brance cn p roperty or oacets now owned the debentures in lieu of cash; any excess TR A N SFER A G EN T--Ch2L?e Maltha*. V u D**, or h ereafter acquired, or on jicom e or profits credits to apply on fu tu re paym ents. D eben tu res so redeem ed o r credited to be cancelled. New York. therefrom , unless debentures are equally and R EG ISTR A R --C h e m ic a l C o rn E x ch an g e Bank, r a ta b ly s e c u re d th e r e b y , e x c e p t p u rc h a s e O THER PR O V ISIO N S--S a m e a s d e b e n tu re New* Y ork. m oney or o th er p e rm itted lien*. 3Vs issu e o f 1945, d u e 1960 (N o, 1). O FFER ED --(100,000 s h a re s ) a t $20 p e r share C o n se n t of 66 2/3% o f d e b e n tu re s n e c e ssa ry P U R PO SE --N e t p ro c e e d s to p a y te r m b a n k (p ro c e e d s to c o m p a n y $19 p e r sh a re ) o n Sept to create, assum e, or issue, directly or in d irect loans; balance to g eneral funds. 6, 1945 b y a sy n d ic a te h e a d e d b y P a u l H . Davis ly , o r p e r m it a n y s u b sid ia ry so to do. a n y a d LEG A L--F o r sa v in g s b a n k s in N ew H a m p Sc Co.. C hicago. d itio n a l fu n d e d d e b t, e x c e p t {&> fo r re fu n d in g , sh ire . 2. T h e C elo tex C o rp . co m m o n ; p a r $1: renew al or extension, of not to exceed like am ount thereof, or (b). funded debt (as de L IST E D --O n N ew Y o rk S to c k E x c h a n g e . A U T H O R I Z E D -- 1,500.000 s n a r e s , o u ts ta n d in g . 878,651 sh ares;: p a r $1 (c h a n g e d fro n j no par fined) of a su b sid iary 'to com pany; provided, th a t com pany shall not dispose or p a rt w ith O FFE R E D --($3,000,000 a t 97 5k o n N ov. 21, 1947 by a sy n d ic a te h e a d e d b y P a u l H. D av is 6c Co., in Feb. 1956, s h a re fo r s h a re ). control thereof (except to such subsidiary), Chicago, and U nion S ecurities Corp., New unless Im m ediately th ereafter (I) average an York. D ividend R ecord iln $) (Calendar years) nual consolidated net earnings available for 3, T erm Loan: O utstanding, O ct. 31, 1955, 1935-36 1939-40 N il N il 1937__ L941__ 1.20 1938__ 1.121k 1942-- m 0.75 in terest (as defined) on funded debt for tw o fiscal years Im m ediately preceding equal at $6,737,500 re p re s e n te d b y (1) $2,100,000 n o te s p a y a b le $262,500 a n n u a lly to J u n e 1, 1943-45 1949... 0.50 1.75 1946__ 1949... 1.00 1947__ 1.50 m o -- 1.121k 100 feast 4 tim es total annual interest require m en ts on consolidated funded debt; (2) excess 1)60 a n d $525,000, J u n e 1, 1961 a n d (2) $4,900,000 37q% n o te s p a y a b le $600,000 a n n u a lly , 1951-54 1.50 1955-- 1.75 E1946-- 060 of c u r r e n t a sse ts (as d efined) o v e r c u r r e n t J u n e 1, 1962-88 a n d $700,000. J u n e 1, 1969. P r o ffiPaid 100% in s to c k N ov. 4. 1938. lia b ilitie s a t le a s t e q u a l o u ts ta n d in g fu n d e d c eed s to re d e e m $1,994,000 d e b e n tu r e 3*,4s d u e SITO F eb . 1. debt, e x c e p t funded* d eb t secu red by liens as I960, fo r ca p ita l e x p e n d itu re s a n d fo r o th e r DIVIDEND LIM ITA TIO N S -- See debenture p e rm itte d , a n d (3) c o n so lid a te d n e t ta n g ib le c o rp o ra te p u rp o se s. 3l/4s a n d te r m loan above. assets (as defined) at least equal solidated funded debt. tim es con C o m p a n y m a y n o t p a y c a s h d iv id e n d s o n VOTING RIGHTS--O ne v o te p e r share. Cumu D IV ID E N D R E ST R IC T IO N --No .d iv id e n d ( e x common or acquire any capital stock in excess o f c o n so lid a te d n e t e a rn in g * sin c e O ct. 1, I9a3 lative voting o en n itted for election of direc tors. See **voiing R ights" u n d e r 5% preferred c e p t sto c k dividends) sh all be d e c la re d o r p aid p lu s $3,000,000 a n d u n le s s th e r e a f te r , o n con stock, above. on cap ital stock if thereupon c u rre n t assets w o u ld be less- th a n tw ice c u rre n t lia b ilitie s solidated basis, c u rre n t assets are a t least tw ice cu rren t liabilities and n et w orking cap PR E E M PT IV E R IG H T S --N one. a n d c a s h d iv id e n d s .a re r e s tr ic te d to n e t e a r n ita l a t le a s t e q u a ls fu n d e d d e b t. C om pany m a y LISTED --O n N ew Y o rk S to ck E x ch an g e in g s a f te r O ct. 31, 1944 p lu s $1,000.000 n e t p a y c a s h d iv id e n d s o n o r m a k e a n y o th e r TR A N SFER AGEIST--C h ase M aniuut n B ank, RIGHTS ON DEFAULT- -In event of default distribution on p refeired unless, afte r giving New York. (30 d a y g ra c e p e rio d fo r p a y m e n t of in te r e s t, e ffect th e re to , o n c o n s o lid a te d b asis, c u r r e n t R EG ISTR A R --C h em ical C orn E x c h a n g e Bank, 60 d a y s fo r sin k in g fu n d in sta llm en t) tr u s a sse ts a r e a t le a s t tw ic e c u r r e n t lia b ilitie s N ew Y ork. te e o r 25% of d e b e n tu re s m ay d e c la re p r in and cu rren t assets at least equal funded debt. Com pany agrees to m aintain consolidated cu r O FFE R E D --(100.000 s h a re s ) a t 36% b y P a u l H. cipal due and payable LmmediajSy. r e n t a s s e ts in e x c e ss o f c o n s o lid a te d c u r r e n t D avis Sc Co.. C hicago a n d U nion S ecu rities INDENTURE M O D IF IC A T lO r^P In d en tu re liabilities by am o u n t a t le a st eq u al to g re a te r Corp., N ew York. . m ay be m odified e x c e p t as p r e ^ f ie d w ith c o n o f $5.000,000 o r 75% o f c o n so lid a te d fu n d e d S ubscription R ights: Com mon stockholders s e n t of 66 2/3% of d e b e n tu re s . d e b t. C o m p a n y w ill n o t p e r m it c o n so lid a te d o f re co rd O ct. 22. 1943 h ad rig h t to su b scrib e, P U R P O S E L -N et p ro c e e d s u s t ^ 't o re d e e m d e fu n d e d d e b t to e x c e e d a t a n y tim e $13,000,000, a t $10.50 p e r share, f o r sh ares of com m on stock, b e n tu r e 334 s, d u e 1955. and f o r a d d itio n a l of w h ic h n o t to e x c e e d $3,000,000 m a y b e se <m th e basi of one share fo r each te a shares w orking capital. cured by m ortgages, pledges o r perm itted then held.