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MOODY'S INDUSTRIAL MANUAL AMERICAN and FOREIGN FRANK J. ST. CLAIR, Editor-in-Chief Editorial Board H.George Parsons Lloyd C. Sweet H.Albert Walters Albert C. Esokait H.Roy Krause A. E. Combader B.Joseph Leigh W. J. McCarthy July 1969 Robert H. Messner, Publisher MOODY'S INVESTORS SERVICE, INC. 99 CHURCH STREET, NEW YORK, N. Y. 10007 PHILADELPHIA BOSTON CHICAGO LOS ANGELES WASHINGTON SAN FRANCISCO Suburban Station Bid#, 75 Federal St. 135 So. La Salle St. 611 W. 6th St. Colorado Bldg. Run Bldg. LONDON: MOODY'S INVESTORS SERVICE, LTD. King William Street Home, London E.C. 4 Copyright, 1969 by Moody's Investors Service, Inc., New York--All rights reserved MOODY'S INDUSTRIAL MANUAL 2475 : Ernst & Ernst. _i Stockholders: Dec. 31, 1968: 1st pre- Capital surplus __ Deficit % 2nd preferred, 1; common, 9,496. Total 7,250,949 4,914,806 $11,720,614 7,241,574 1 Hycon Mfg. Co. 61/2% convertible 2nd 5,395,459 preferred, series A; par $10: AUTH.--AH series, 350,000 shs.; outstg.. series $12,524,359 A, 184,127 shs.; par $10. If Employees: Dec. 3d, 1968, 946. Net current assets $6,349,414 $5,820,099 All owned by McDonnell Douglas* Corp. -`ficten Office: RCA Bldg., 1725 K St., ip^Mngton- D. C. 20006. [^Depreciation . EJEst. modification, $1,597,518 completion $1,284,264 and other PREFERENCES--Has second preterence for , assets and divs. -.rtistrative Office: 700 Royal Oaks Drive, Cal. 91016. tad Orders: 1968 1967 ^ Pec. 31 --- $13,041,634 $12,945,626 > Account, yrs. ended Dec. 31: 1968 1967 $17,006,089 $27,016,434 costs------ 16,347,480 24,725.174 20,692 51,669 deducts-, nettoe. tax ------ sord. credit. 16,214 322,000 322,000 cr31,887 1,084,000 1,084,000 income------- 621,703 2,271,478 deficit--------- 5,395,459 7,525,887 ed dlvs. ... 141,050 141,050 contract adjust. Capital Stock: 1. Hycon Mfg. Co. 5Vi% cu mulative convertible preferred; par $10: AUTHORIZED--38,847 shares; outstanding. 38,847 shares; par $10. McDonnell Douglas owns 20,015 shares (51.5%). PREFERENCES--Has preference for assets and dividends. OlVIDEND RIGHTS--Entitled to cumulative dividends of 55 cents per share annually, pay able quarterly Jan. 1, etc. DIVIDEND RECORD--1955, 37% cents; 1956, 55 cents; 1957, none; 1958, 13% cents; 1959 to 1963, 55 cents; Jan. 2, 1964, 13% cents; Apr. 1, 1964, 13% cents and 96% cents clearing ar- DIVIDEND RIGHTS--Entitled to cum. divs. of 65 cents a sh. annually, payable quarterly Jan. 1, etc. VOTING RIGHTS--None. PREEMPTIVE RIGHTS--None. CALLABLE--At $11 per sh. plus divs. CONVERTIBLE--Into common at any time (if called, on or before day preceding re demption date) on basis ot 1.81818 common shs. for each pfd. sh. Conversion privilege protected against dilution. PURPOSE--Sold (184,127 shs.) in Mar., 1965 to McDonnell Aircraft Corp. (now McDonnell Douglas Corp.). Proceeds to replenish work ing capital. TRANSFER AGENT--Company's office. ;t...c...o..m..........s.-h--. . 4,914,806 $0.29 5,395.459 $1.29 of com. shares 1,655,595 1,654,095 inafter $365,134 (1967, $328,956) deprec. EDRe- rear; July 1. 1964 and thereafter to Apr. 1, 1965, none subsequently in 1965 paid 82% cents clearing arrears; regular dividends paid thereafter through Apr. 1, Jj969. 3. Hycon Mfg. Co. common; par $230: AUTHORIZED--2,000,000 shares; outstanding 1,655,595 shares; reserved for conversion of preferred, 342,545 shares; par $2.50. rtrin fed. inc. tax arising from carryover VOTING RIGHTS--Has no voting power ex Par changed from 10 cents to 60 cents Apr. losses. [$0.10 (1967, $0.63) bef. extraord. cept on default of 8 quarterly dividends when 18, 1964 by l-tor-5 reverse split and m same Pro forma earn. com. sh. assuming preferred, voting separately as a class, is en proceedings, increased from 50 cents to $2.50. ' 0f all outstg. convertible pfd. stk. titled to elect majority of directors. See Capital Changes below. ted to $0.31 (1967, $1.14). Consent of majority of preferred required Note: McDonnell Douglas Corp. holds 953,- Company subject to renegotiation, to U) sell substantially all assets; (2) amend 002 shares (57.56%). s ano Earnings, years to Jan. 31 (in $) Net Sales Net No. of Earn, Income Shares on Com. 17,666,666 932,067 1.649.530 0.52 37,928.519 2.164,193 1.649.530 1.23 7,681.768 d4,444,745 1.649.530 *2.70 13,401.669 d3,044,486 3,656,640 40.84 5,397,834 27,336 3.655.340 0.002 9,407,483 240,599 3.575.340 0.07 6,303,369 144,988 3,557,190 0,872,85? 23.550 3,546.690 0.04 0.001 6.163.230 610,057 2,520.890 0.16 9.236,035 d 1,163,588 3,150,790 4 0.39 EJ5 months to June 30. Huune 30, BeI imonths to Dec. 31. Adjusted earns. & shs. for stk. splits 8c stk. jkrnings ($); 1964, 44.19; 1963, 0.01; 1962,0.35; 0-20: 1960, 0.01; 1959, 0.80; 1958, 41.95. Shares: 1964, 731,328; 1963, 731,068; 1962, 715,~ 1961, 711,438; I960, 709,338; 1959. 704,178; . 630,158. Satance Sheet, as of Dec. 31: Assets: 1966 $45,791 1967 $23,148 provisions; (3) create prior stock; (4) issue VOTING RIGHTS--Has one vote per share, parity stock unless consolidated net earnings with right of cumulative voting for directors. for 3 years preceding average at least 2% PREEMPTIVE RIGHTS--None. times fixed annual preferred dividends and DIVIDENDS--None paid. unless consolidated net assets are at least DIVIDEND RESTRICTIONS--See debentures twice par of preferred to be outstanding; (5) and preferred above. issue funded debt, except for refunding pur- LISTED--On American Stock Exchange res, unless (a) consolidated net earnings for TRANSFER AGENT--United States Corpora years preceding average at least 2% times tion Co., New York: fLtduiteInlQfcemioxdUdenepIdsdtDtioooAdlanid$enT1apbnI0trtOue.icpadNeel rnidRfseeIhvtGbaotHraleusTinnsSiettfea--tsrirneIynvs,atorpellilucquhnsuaatiatrddgraievyletisidaoaesnnant,dnddsterw.en(icbe)RNCO00o.EF0.VGF, .EcINSoR.mTERmDYA--.o,RnI--nUsMnAhiatauerrgedin.s,eS1f9otMa5r6tei,ds$cl1ao,6Cnm0do0p,r0ap0Gno0yrraatcstoieoolndKTu4rCh0u8ons.-,t, CALLABLE--As a whole or in part on at least 30 days' notice at any time to Jan. 31 lncl. as follows (per share plus dividends): 1957, $11; 1959, $10.75; 1961. $10.50; thereafter, $10.25. Also callable for sinking fund (which see) at $10 per share. If preferred dividends are in default, com pany may not redeem less than all preferred; no preferred may be purchased unless offer Is made to all holders thereof. SINKING FUND--Annually and cumulative Loeb & Co.; H. Hentz & Co., and Gregory Sc Sons. Inc., New York. Proceeds used for prod uct development, purchase of equipment, ex pansion and additional working capital In November 1957, company sold 400,000 common shares for $1,200,000 to Dempsey-Tegeler & Co., St. Louis. Proceeds used for research and development costs, capital improvement? and additional working capital PRICE RANGE-- 1968 1967 1966 19653J1964 High......... ........... 18% 24%' 20% 20%11% oeginning June 1, 1957, amounts (to extent Low..................... 13 12% 9% 6%5% sarned) sufficient to retire 3,600 preferred EjAfter reverse split; before, 3-1%. vables ______ tract costs, etc. nents, etc.. Total current. et property___ assets Total _________ liabilities: payable____ ta payable. cuit. assets Total current. Ted compens. 5.560,286 3,094,135 108,834 $8,809,046 2.200,133 711,435 $11,720,614 $300,000 429,263 639,219 1,091.150 $2,459,632 556,111 5,525,582 3,783,483 250,232 $9,582,445 2,266.768 675,146 $12,524,359 $1,200,000 911,100 673,055 978,191 $3,762,346 550,920 ihares on or before Aug. 1 succeeding, at $10 oer share Preferred acquired to be credited igainst any accrued or future sinking fund obligation. Preferred acquired by redemption ourchase, etc., to be cancelled. PREEMPTIVE RIGHTS--None. CONVERTIBLE--Into common (if called, to and Including redemption date) on basis of 1 common share for 5 pfd. shares with no adjustment for dividends; cash or scrip to be Issued In lieu of fractional shares. Basis now reflects Capital Changes, see below. Conver sion privilege protected against dilution. TRANSFER AGENT--United States Corpora -or Co New York. REGISTRAR--Marine Midland Grace Trust Co.. New York. Capital Changes: On Mar. 5, 1964, McDon nell Aircraft Corp. purchased (for $3,238,766) 2,591,013 of company's 10-cent par common shares (41% interest), Increasing the outstand ing common to 6,247,653 shares. On Apr. 18, 1964 these were changed to 1,249.530 shares par 50 cents by l-for-5 reverse split. McDonnell then purchased 400.000 of the 50-cent par shares (for $2,500,000), bringing the outstand ing to 1,649,530 shares. Par value of latter was then Increased to $2.50. After these transac tions McDonnell held a 55.6% interest. In 1965 McDonnell increased holdings of common to 948,002 shares (57.47%) and also purchased entire issue of 6%% convertible 2nd preferred, series A, par $10 on Mar. 16, 1965. % pfd. stk. ($10) 388,470 388,470 PRICE RANGE-- 1968 1967 1966 1965 1964 In 1967 McDonnell Douglas Corp. increased % pfd. stk. ($10) 1.841.270 1,841,270 High..................... 6% 7 8% 9 9 holdings of common to 953,002 shares stock ($2i0). 4,138,988 4,135,238 Low..................... 4% 7 7 7% 7 (57.56%). REYNOLDS METALS COMPANY ITAL STRUCTURE Q TKftM DEBT a _ Issue .> First a. f. 4%s, A,due June 1. 1980 -- J Jim *. f. 4V.8, B,due June 1, 1981 -J first . f. 4'is, C, due Dec. 1. 1981 ,, Rating Amount Outstanding $80,199,000' 34.043.000 60.857.000 Times Charges Earned 1968 1967 Interest Dates J&D 1 J&D 1 J&D 1 Call Price Price Range 1967 J first s. f.5%s, D, due Dec. 1, 1987-- A first a. f. 5i,iB, E,due June 1, 1990 -- )*t 5'4s F, due June 1, 1993 47.500.000 74.500.000 175,000,000 J&D 1 J&D 1 J&D 1 }t 50.55s, AA, due June 1, 1960 _____ 41.549.000 2.11 J&D 1 5.023s, BB, due June 1, 1990 _ let 5.137s, CC, due June 1, 1990 16.397.000 32.468.000 J&D 1 J&D 1 I- Conv. subord. deb. 4i4s, 1991 75.000.000 M&S 1 12103.75 * Notes payable, ser. to 1976 * Other debt........... ..............--...................... ff` Eurodollar conv. deb. 5s, 1988 90.000.000 16,761,805 50.000.000 J&J 1 El- JJJ* Other subsidiary debt -- 12,154,045. Z+STTAL stock Par Amount Earned per Sh. Divs, per Sh. Call Price Range : Issue Value Outstanding 1968 1967 1968 1967 Price 1968 1967 * J?4 % preferred, A______ $50 447,861 shs. $66.17 $98.56 $2,375 $2,375 0)51.50 41 - 37 46 %- 38% - ? i*/2--z%vc conv. secounda preefieerredo ...... j1u0u0 601,016 shs. 47.47 76.83 4.50 4.50 0101.50 108%- 88 123%-101 * ^C.o..m....m...o..n...............N....o...P....a..r........................................... 1.55 16,681,460 shs. 02.61 0.90 0.90 ......... 50%- 33% 59%- 44 [DBefore extraordinary item, after, $2.90. ESold privately. ESubject to change; see text. HJFor details see ''Reynolds Metals European tal Corp." in Moody's Bank & Finance Manual. ORY feforporated In Delaware July 18. 1928 with 'Perpetual charter, and acquired the foil *ess and operating assets of United States Co. In Aug., 1928 purchased entire capital . of Robertshaw Thermostat Co., incorp1914; also acquired control of Fulton non Co., Incorporated 1926. Jan. 3,1930 purchased and transferred to newly organized subsidiary Midland Foil Co., Inc. substantially all assets of Midland Metal Co. of Chicago. On May 29. 1930 acquired certain assets of Lehmaier, Schwartz & Co., Inc., New York, manufacturers of metal foils. On Aug. 8, 1930 purchased net assets of Em bossed Metal Products Corp., New York. On Dec. 18, 1933 acquired net assets of Standard Art Works, Louisville. Ky. In 1935 acquired in terest in Richmond Radiator Co. (latter merged with Rheem Mfg. Co. in 1956). In Feb., 1936 acquired through Robertshaw Thermostat Co. entire stock of Grayson Heat Control. Ltd., Lynwood. Cal. In Mar., 1936 formed Bridgeport Thermostat Co., Inc. to acquire property and rights obtained from Bridgeport Brass Co. In Mar., 1938 acquired through Robertshaw Thermostat Co. entire 2476 MOODY'S INDUSTRIAL MANUAL common stock of American Thermometer Co. 8U88IDIARIE8 Ingot plants: Arkadelphla, Ark., On Oct 9, 1940 company incorporated bauxite Mining Corp. (Del.) to conduct bauxite exploration and mining activities; name changed to Reynolds Mining Corp., Aug. 9, 1941. * On Jan. 23, 1941, organised Reynolds Al loys Co. and Reynolds Ore Co.; former merged in 1955 and latter dissolved June 13, 1945. In Oct.. 1943, purchased stock of Charter Oak Stove Sc Range Co.; name changed to Rey nolds Sales Co. on May 18, 1951. In 1945, organized Reynolds Intemacional An operating and holding company. On Dec. 31, 1968, held 100% voting power (except as otherwise noted) in the following major sub sidiaries: Name and place of incorporation: Reynolds Aluminiumwerke Gun.b.H. (W. Ger many) Reynolds Mining Corp. (Del.) Reynolds Jamaica Mines, Ltd. (DeL) Caribbean Steamship Co., S. A. (Panama) Reynolds International, Inc. (Panama) Christi, Tex., Jones Mins, Ark., Li Ala., Longview, Wash., Miasena, N. Troutdale, Ore. Fabricating Plants: Sheffield and ListerhIIL Alaj Sheet plate, wire, bar, rod and rolled shapes, webS 6 tubing, cable, can parts, lithography. Phoenix. Ariz.: Extrusions, drawn w. 'i and pipe, fabricated structural parts. "***1 : Torrance, Califs (2 plants) Extruded aluminum cans. * ; de Mexico, S. A. (now Reynolds Aluminio. S. A.) to operate an aluminum plant in Mexico. Also purchased plants, and other assets of Reynolds Aluminio, S. A. (Mexico) (53%) Reynolds Philippine Corp. (Republic Philippines) (51%) of Tampa, Fla.: Aluminum cans. McCook, lll-s Sheet and plate. Aluminum Products Co. of La Grange and Reynolds Metals European Capital Corp. (Del Louisville, Kyu (4 plants) Foil rolling Lemont, Illinois. aware) tainers, powder and pastes, tubed Lwry During 1947, Robertshaw Thermostat Co., Fulton Sylphon Co., and Bridgeport Ther Reynolds Jamaica Alumina, Ltd. (Delaware) Reynolds Metals Development Corp. (Vir "Tapper" containers, trusions, tubing. appliance parte-5 '^ mostat Co., wholly-owned subsidiaries were ginia) merged into Fulton Sylphon Co. (name subse Reynolds Aluminum Co. of Canada Ltd. (63%) quently changed to Robertshaw Controls Co.). --Statement appended. Atlanta, Ga.: Painted and coated shek Grand Rapids, Mich.: Extrusions and bS On Oct. 31, 1947 securities of latter were Reynolds T. I. Aluminium Ltd., (U. K.) (49%) White Bear, Minn.: Aluminum cans. sold in the market and company received approximately 912,000,000 in cash and at the same time retained approximately 50% in Tilo Company Inc. (Delaware) Reynolds Haitian Mines, Inc. (Delaware) Eskimo Pie Corp. (Delaware) (76%) (see ap St Louis, Mo.: fodl packaging. Printed and ^ terest in the common stock of Robertshaw- pended statement) Woodbridge, N. J.: Aluminum cans. Fulton Controls Co. (subsequently reduced). Aluminium Foils Ltd., (United Kingdom) (51%) In 1949 acquired outstanding capital stock Lydford Enterprises, Ltd. (Canada) of Reynolds Research Institute, Inc. (name Reynolds Cable Co. Ltd. Chester, Pa^ Electric wire and cable wul ucts. changed to Reynolds Aluminum Service Corp. La Societe des Cables Reynolds Limltee Malvern, Ark. and Longview, Wash.: vi-- on June 17, 1954 and to Reynolds Aluminum (Canada) trie wire and cable products. w Service Corp. of Virginia on Nov. 8, 1957 and Reynolds Extrusion Co. Ltd. to Reynolds Metals Development Co. on La Compagnie de Profiles Bellwood, Va.: (3 plants) Extruded July 31, 1963). During 1949, Reynolds Aluminum Co. ac quired from U. S. Government six plants, formerly leased, for $57,581,958. Reynolds Limitee (Canada) (98.6%) Aluminio del Caroni, S. A. (Venezuela) (50%) Industria Navarra del Aluminio, S.A. (Spain) (50%) pipe, tubing, fabricated parts, printed 3 laminated fo-U packaging, deoxidanita. Grottoes, VaJ Plastic films. On July 18, 1949, organized Reynolds Ja Reynolds Guyana Mines, Ltd. Richmond, Va^ (2 plants) foil and ft* maica Mines, Ltd., to develop and operate The British Aluminum Co., Ltd. ("B, A.M) products. Jamaica ore properties. Company subscribed (U. K.) (46%) Research Divisions located as follows* Ah* $1,910,500 for common stock and subsequently Canadian British Aluminum Co. Ltd. (Can mina, Hurricane Creek, Ark.; Reduction. arranged with Mutual Security Agency (for ada) (84%) (statement appended) Listerhill, Ala.; Metallurgical, Packaging sag merly ECA) for advance to subsidiary of $14,- Note: Company has an interest In Robert Product Development, Richmond. Va 287,033 against agency's purchase of aluminum shaw Controls Co. (see general index). over 20-year period. Reynolds T. 1. Aluminium Ltd. (R. T. I. A.) Subsidiary Plants In June, 1950, company exercised Its option owns 5% of ordinary shares of British Alu Reynolds Aluminio, S. A., Mexico CttFZ to purchase controlling stock interest In minium Co. Ltd. (see general index). Aluminum foil plant. . Southern States Iron Roofing Co. (name changed to Reynolds Aluminum Supply Co. BU8INE88 A PRODUOT8 Reynolds Jamaica Mines, Ltd., Jamaica W.I.; facilities to mine, treat and transport I Nov. 1, 1957 and dissolved in 1965). In Deo., 1952, purchased bauxite rights and assets of Berbice Co., Ltd., in British Guiana. Acquisition included mining leases and ex clusive permissions covering some 490,000 acres, complete mining equipment, houses, washing plant, drying plant, service facilities, short railroad and barge Une. In 1953, organized Reynolds International, Inc. to consolidate and expand foreign oper ations. In 1955 Reynolds Alloys Co., Reynolds Aluminum Co. and Reynolds Reduction Co. were merged into parent company. In 1956 acquired Arrow Brands. Inc., Long Beach, Cal., and Security Chain Fence Co. Both latter dissolved. In Mar., 1958, acquired minority Interest in Venesta Ltd., London, Eng., manufacturer of aluminum foil, etc., from Ekco Products Co. Company is a major producer of primary aluminum and fabricated aluminum pro ducts and is engaged in most phases of alu minum industry. Company manufactures alu minum products for a variety of industries including building and construction, trans portation and automotive, electrical .and com munications, appliances and utensils, con tainers and packaging, machinery and equip ment and chemicals. Products include: Ore & Chemicals: Aluminas, Bauxite, Cryo lite, Fluorspar and Calcined Coke. Primary Aluminum: Ingot, billet, molten aluminum, shot and oast anodes. Mill Products: Sheet (flat, coiled, coated, vinyl laminated, patterned and embossed), blanks, circles. Impact slugs, plate (ma chined and sculptured), extruded and drawn shapes and tubes, pipe, wire rod, bar, forging bauxite. Aluminio de Colombia--Reynolds, Domingo, S. A.: aluminum rolling and eating plant in Barranquilla, Colombia. Reynolds Aluminum Co. of Canada _ aluminum sheet, foil and printing plant Quebec Province, Canada. Reynolds Philippine Corp.; aluminum sh< extrusions and foil plant at Manila, P. Tilo Co. Inc.: Plant at Stratford. Co with approx. 611,350 sq. ft. of floor spaoe 17 acres of land. Reynolds Haitian Mines, Inc.; Facilities Haitito mine, treat and transport bauxite. Joint Venture: New alumina plant, construction, to be opened in Jamaica in J with initial capacity of 950,000 tons is 1 owned by Reynolds Metals Co.; 31.43% Anaconda Co. and 28.57% by Kaiser minum & Chemical Corp. | ^ 4 Company and Tube Investments Ltd. stock, structural, powders and pastes, foil Manufacturing Abroad (owners of Reynolds T. I. Aluminium Ltd.) acquired at various times (about 96%) of ord inary shares of British Aluminium Co. Ltd. (see general index). Company owns 45% in terest and Tube Investments Ltd., 47% inter est in this stock. In 1959 the foil business of Venesta was transferred to a new -subsidiary, Venesta Foils, Limited, and sold to Reynolds T. I. Aluminium, Ltd. On July 31, 1961 merged Tilo Roofing Co.. Inc. providing for exchange of one share of $4.50 convertible second preferred for each 5% common shares of Tilo. In Nov. 1961 Reynolds International, Inc., subsidiary acquired for cash Aluminum Ex truders Ltd. from Kruger Organization Ltd. In early 1965 Reynolds International Inc. subsidiary acquired all stock of Filter Lite All-Weather (Alum.) Ltd. in which it pre viously held 50% interest. Name changed to R. M. P. (Quebec) Ltd. May 10, 1965, and to Reynolds Cable Co. Ltd. Aug. 1, 1967. and screw machine stock. Electrical: Stranded and alloy conductors, wire and cable, rigid conduit, capacitor foil, substation structures and transmlslson towers ACSR and foil coils. Building Products: Roofing siding, rain carry ing equipment, shingles, railing, columns, nails, fasteners, fittings, shutters, louvers, vents, flashing, windows, doors, soffits, tub and shower enclosures and insulated panels, acoustical systems, awning components, ex panded metal products, commercial rolling systems and insulated panels. Highway Products: Culverts, signs and sup ports lighting poles, guard rails, posts bridge expansion joints, sign blanks, bridge rail and pedestrian bridges. Fabricated Products: Tubed sheet, nestable bulk containers, telephone booths, custom stamping, drawing and forming and finishing roll forming and integral finned tube. Packaging Products: Aluminum foil, overwraps and labels, foilboard cartons poly Subsidiaries, Associated and Related panics Belgium: Aluminium-Europe, S. A.: trusions, foil, printed foil packaging, bufidBEJ products. Canada: Canadian British Aluminium 1 JLimited: Primary aluminum. Reynolds Aluminum Co. of Canada Sheet, building products, foil, 1 foil, packaging materials, foil ment. Phillips-C.B.A. Conductors Ltd.: num wire and cable. . ^s Reynolds Extrusion Co. Ltd.: ExtnmflMJJ cund fabricated products. Maritime Cans Ltd.: Cans. Reynolds Cable Co. R.M.P. Industries Ltd.: Building prodo ,, R.M.P. (Quebec) Ltd.: Building produCTL _ Colombia: Aluminio de Colombia, Rcywy.^g Santo Domingo, S. A.: Sheet, foil, containers. -- Italy: Socleta per Azlonl Fonderpr^Mj aluminum die castings, dies. _. . On Jan. 1, 1968 acquired facilities and ethylene-foil combinations, foil containers, business of Foote-Burt Co., a machine tool cans and can ends, tapper containers, bever S.L.I.M.--Societa Lavorazionl Metalli, S.p.A. (under construe | manufacturing division of Curtis Noll Corp. age cases and cartons and special packaging Sheet, foil extrusions. .,,|^l (see general index). U. S. Foil Merger: On Apr. 10, 1961, merged United States Foil Co. (see Moody's 1960 In dustrial Manual). Under the plan United States Foil Co. class A and B no par com mon was reclassified into single class of vot ing stock on basis of 3 shares for each class A share and one share for each class B share; new stock was subsequently exchanged for company stock on basis of 0.85 share for each United States Foil Co. new share. machinery, plain, coated and printed can sheet, flat and coiled and slugs for cans, collapsible tubes, etc. Consumer Products: Reynolds Wrap foils and interleaved and interfolded sheets, do-ityourself aluminum, Reynolds Food Service Film and Foil and Reynolds Containers. Plastic Film Products: Polyvinyl chloride films, polyvinyl alcohol film and solutions, disposable laundry bags. Machinery: Can making machinery, drill Japan: Mitsubishi Reynolds Company, Ltd.: Sheet, foil, printed iwi trusions. .. a Mexico: Reynolds Aluminio, & A- foil, printed foil, extrusion. /flab*-! Netherlands: Aluminium Extruders * .i land) N. V.: Extrusions. Philippines: Reynolds Philippine .a ^ tion: Sheet, foil, extrusions, utensil*-Alum|a|te, Spain: Industria Navarra del AJ'Jgjrgf, S. A.; Wire, cable, extrusions, with P1" other fabricating operations. a* Vi .A condition of the merger was that no ing machines, lapping filet rolling and burn Venezuela: Aluminio Reynolds om dividends would be paid on 691,560 shares ishing machines, double hinge drilling and zuela, S. A.: Sheet, foil, extrusions.. or Reynolds common issued in exchange for tipping machines. Aluminio del Caroni, S. A-:__, _ ^ certain new shares of United States Foil Co. aluminum and fabrication (un . received by class A stockholders until com PRINCIPAL PLANT8 A PROPERTIES struction). pany has paid dividends aggregating to $2.50 per share on other common phar^gi Alumina plants: Corpus Christ!, Tex. *i Hurricane Greek, Afk. West Germany: Reynolds All GmbH: Sheet, extrusions. ANA INCC Sales TCo! ffiSel fflDe: fflEx lnt MOODY'S INDUSTRIAL MANUAL 2477 naqement officers s. Reynolds, Jr., Chairman j H. McConnell, President p. P, Reynolds, Exec. Vice-Pres. (Mktg.) G. Reynolds, Exec. Vice-Pres. (Res. & Devel.) J. L. Reynolds, Exec. Vice-Pres.; Chmn. Reynolds International, Inc. j. D. Reynolds, Vice-Pres. (Personnel) C. E- Coghill, Financial Vice-President G. B. Margraf, Admin. Vice-Pres. r. M. Mapes, Vice-Pres (Cons. Mkt. Sales) A. H. Williams, Vice-Pres.; Chmn. Tilo Co., Inc. jC. E. Hall, Vice-Pres. (Gen. Mgr. Cent. Reg. Sales) Paul Murphy, Vice-Pres. (Pckg. Mkt. Sales) W. T. Ingram, Vice-Pres. (Dist., Exec. Sc Govt. Sales) j. . Blomquist, Vice-Pres. Sc Gen. Sales Mgr. E. C. Silver, Vice-Pres. Sc Dir. of Purch. H. N. Kirchdorfer, Vice-Pres. (Ind. Mkt. Sales) P. H. Fox, Vice-Pres. (Gen. Mgr. Bldg. Prod. Sc Supp. Div.) V. G. Kneeskern, Vice-Pres. (Alumina, Reduction) C. B. Richards, Vice-Pres. (labor rela tions) R. H. Henke, Vice-Pres. (fabricating) M. M. Caskie, Jr., Vice-Pres. (Govt, rela tions) R. N. Confer, V.-P. (Advertising) W. S. Ginn, Vice-Pres. (Elec. Sc Mach. Divs.) E. F. Sikorovsky, Vice-Pres. and Gen. Counsel R. W. Davis, Treasurer Allyn Dillard. Secretary G. M. Walters, Controller J. V. Heffernan, Counsel Directors R. S. Reynolds, Jr., Richmond Va. (Chair man) D. P. Reynolds, Richmond, Va. J. L. Reynolds, Richmond, Va. W. G. Reynolds, Richmond, Va. W. L. Rice. Richmond, Va. C. F. Manning, Richmond, Va. J. H. McConnell, Richmond, Va. C. E. Coghill, Richmond, Va. W. M. Wells, Richmond, Va. J. H. Krey, Richmond. Va. Allvn Dillard, Richmond. Va. G. B. Margraf, Richmond, Va. W. T. Brunot, London, England J. E. Blomquist, Richmond, Va. T. T. Arden, Richmond, Va. Auditors: Ernst Sc Ernst. . Annual Meeting: First Wednesday after April 15th at Richmond. Va. No. of Stockholders: Dec. 31, 1368: Pre ferred, 43,4%, 1,775; 4*4%, 4,147; common, 33,310. No. of Employees: Dec. 31, 1368, 34,300. General Office: 6601 Broad St. Road. Rich mond, Va. 23218. New York Office: 19 East 47th St. 10017. Primary Production (tons): 1968 1967 Year to Dec. 31 799,469 781,974 1966 758,929 COME ACCOUNTS COMPARATIVE CONSOLIDATED INCOME ACCOUNT, YEARS ENDED DEC. 31 (Taken from reports filed with Securities and Exchange Commission) les, less discts., returns, allow., etc.. Cost of sales __________________________ ~ lling. gen. Sc admin, expenses____ -predation 1963 $565,608,651 450,156,168 67,569,147 1962 $537,258,830 419,563,852 65,236,479 Operating profit income__________________ 66,763,840 11,554,837 91,748,683 9,163,579 118,059,930 11,850,277 96,806,876 6,456,112 66,323,980 4,728,432 47,883,336 6.008,188 Total terest on funded debt...___________ ' er deductions ___________________ __ 78418,677 36,297.564 3.336,057 100,912,262 27,321407 915,845 129,910407 25,038,395 1.836 435 103.262.988 20,828.676 1,438.078 71,052,412 18,652,199 1,144,316 53.891,524 18,885,157 420,357 Balance ____________________________ vision for income taxes eferred income taxes uity in earns, uncons. subs. ._et inc. bef. extraord. item_______ aord. item 38,685.056 5,166,857 5,570,000 crl,687,780 29.635,979 72,675,210 23,603,031 2,580,000 cr861,757 47,353,936 4,899,282 103,035,577 41,675,536 crl ,350,000 cr 1,511,146 64,221,185 80.996,234 26,260,559 3.100,000 crl,007,802 52,643,477 51455,897 13.591,056 1,290,000 cr262,227 36,637,068 34,586,010 6.654,733 950,000 cr 819,751 27,801,028 Net Income to surplus_________ ___ Retained earnings, begin, of year___ its ------- -------- ----------------------------------erred dividends- non dividends--cash -tained earnings, end of year_____ 29,635.979 $413,596,036 3,808,142 14.875,883 $424,5)47,990 52,253,218 $380,119,658 3,881,659 14,895,181 $413,596,036 64,221,185 382,923,215 3,986,959 13,037,783 $360,119,658 52,643,477 294,589,594 4,160,895 10,148,961 $332,923413 36,637,068 271,615,804 4,239,171 9,424,107 $294,589,594 27,801,028 255,977,129 4,312,459 7.849,894 $271,615,804 "LEMENTARY P. Sc L. DATA Maintenance Sc repairs_________ ____ Depredation 8c amortization______ BTaxes other than income----------- --Rents_________ _______ _____ ___________ Royalties---- $65,848,828 54,689,790 24,212,502 7,855,704 637,702 $63,937,125 48.445,568 22,929,551 7,560,345 440,481 $58,639,490 44,310,131 20,566,098 7,018,904 539,453 $52,578,918 42,703,794 17,208,739 5,753,381 436,087 $49,000,470 40,589,846 15,429,362 5,081,644 446,303 $45,350,877 40.006498 15,511.592 4,903,906 363,551 udes related portions of items shown "Supplementary p. 8c 1. data" below tement. At Dec. 91. 1968, $75,000,000 was unrfr eted as to cash dividends on common k. EI1965 and prior years included in cost of les and selling, etc. expenses. B1967: Gain on sale of investment, less lie tax ($1,948,000). Igjlncludes payroll tax (1968, $11,876,795). fflncludes Tilo Roofing Co., acquired Aug. 1961; U. S. Foil Co., and Reynolds Corp., merged April 10, 1961, for entire year. ju)See General Note (b) under Balance Sheet below. Source & Disposition of Funds: Source of Funds: 1968 Net earnings $29,635,979 Depr., amort., etc. 54,689,790 Def. inc. taxes, etc. 5,763,003 Proceeds of long term debt _____ 127,556,304 Proceeds of conv. sub. deb. 5s____ 60,000,000 1967 $52,253,218 48,445,568 10,614,442 125,613,600 ........... Sale of com. stk. _ --------- Total ................. $267,665,076 Disposition of Funds: Capital expend. $168 ,314,673 Dividends paid __ 18,,684,025 L. t. debt retired . 32 ,680,473 Incr. in def. chgs. Sc other assets. 5 ,241,207 Incr. in invest.___ 60 ,180,907 Pfd. stk. retired .. 1 ,306,253 Total ................. $276,407,538 Work. cap. Incr. . d$8,74t2,462 52,456,499 3,715,961 56,174,460 18,054,822 1,486.935 36,632,703 3,384,815 8,086,000 cr 1.417,320 26,579,208 26,579,208 241,601,136 4,353,512 7,849,703 $255,977,129 $43,480,442 38.750,317 14,841,439 4,651,756 423,396 253,756 $237,180,584 $162,278,162 18,776,840 14,583,117 3,473,474 26,377,807 1,305,872 $226,797,272 $10383,312 Eseerd ef Burnings, yean endsd Dec. 31 (in $): Cost and Operating ar Net Sales Expenses Profit Oth. Inc. Sc Ded. (Net) Inc. Bef. Income Taxes Taxes Net Income Common Com. Shs. Earn. Per Dividends Outstand. Com. Sh __ 149,207,149 131.864,684 166.925,510 215,704.848 234,738,789 287.892,987 306,778.822 384.887,793 405.206.005 446.578,767 445,548.862 489.263,388 438,724,082 478,311,405 537,258,830 132,736,143 121,288,816 138.123,364 163,881,739 193,681,191 241,160,137 256,544,432 301.939,655 312,542.167 364.356,506 362.371,238 403,960,787 392.285,647 433,328,112 484,800,331 16,471,006 10,575,868 28,602,146 51.823,109 41,057,598 46*732,850 50,234,390 82,948,138 92,663.838 82,222.261 83,177,624 85,302,601 46,438,435 44,983,293 52,458.499 <12.253.207 d 1,757,327 d 2,835.825 d 3,696,441 d 6.600,378 d 11,567,214 d 11,638,084 d 12,960,284 d 8.877.484 d 8.836.428 <fl2,723,649 dl0,440,687 d9,019,708 d 11,508,921 d 14,408,476 14,217,799 8.818.541 25,966,321 48.126,668 34,457,220 35.165.636 38,596.306 69,987.854 83.786.354 73.385.833 70,453.975 74,861.914 37,418,727 33,474,372 38,050,023 5.181,268 3,315,326 13,366,590 32.288.822 19,726,149 16,844.661 18,315,398 35.681,333 42.546,452 35,576.121 32.269,446 30,100,638 11,758,066 8,374,719 11,470,815 9,036,531 5.503,215 12,599,731 15.837.846 14,731,071 18,320,975 20,280.908 34,306,521 41.239.902 37,809,712 38,184,529 44.761,276 25.660,661 25,099,653 26,579,208 1,521.451 1,364,653 1,501,343 1,604,524 1,583,970 2,635,789 2,810,085 5,024,298 6,531.911 7,013,584 7,187,718 6.319.702 8,502,742 7,802,735 7.849.703 1,240,235 1,244,635 I.394,401 1,481,286 1,680,431 1,802,489 1,914,122 10,055,065 10,054.858 10.968,909 II,188,215 16,920,003 17,038,195 16,514,527 16,514,927 7.06 4.20 8.84 10.58 8.71 10.15 10.09 3.41 3.93 3.28 3.25 2.42 1.26 1.26 1.35 ffiAlso paid stock dividends: 1948, $2,479,488; 1950, $3,033,055; 1952, $7 ,919.361; 1953, $4,310,247; 1954, $13,984,.551; 1958, $12,.281.136. "Lance sheets comparative consolidated balance sheet, as of dec. si (Taken from reports filed with Securities and Exchange Commission) "Assets $47,421,576 1967 $50,757,937 1966 $52,941,211 1965 $53,709,090 1964 $33,433,136 _ketabie securities, ait cost tes Sc accounts receivable, net.. from affiliates-_______________ -- ventories_______ -____ ___ ______ ____ . syments______________________---- 10,251,671 142,829.247 6,356.857 240,738.708 7,475,992 10,266,748 135,214,622 10,016.620 225,368,593 10,047,993 26,035,920 131,008,960 7,767,610 205.325,536 12,113,552 126,617~822 8,043,036 184,844,413 12,425,770 103 498*700 6,254,417 174,308,703 10.429,117 Total current assets ... adv.--subs. Sc affils. not cons.) ry investments, notes, etc.___ / associated cos. operty, plant Sc equipment---------- ' Depreciation reserve- $455,074,051 152,946.223 82,432,198 1,447,745,626 529,683,756 $441,672,513 58,318.035 116,879.479 1,299,217,157 484,780,170 $435492.789 40,717,020 108,102.687 1,144,470.593 443,866400 $385,640,131 41,897,971 78,446,869 1,043,614,595 403,874,675 $327,624,073 39,984.383 74,335,711 920,460.202 363,030,913 Net property account er prepaid exp. Sc defer, chgs. * investments and assets--------- / 918.061.870 49,861,512 814,436.987 44,620,305 700,604,393 J21,181,682 \19,963,149 639.739,920 15,081,096 13.503,622 557.429,289 13,926,677 14,593,970 Total $1,658475,854 $1,475,927,319 $1425,761,720 $1,174,309,609 $1,027,894,103 1963 $34,861,628 12,141,691 93.151.586 5,758,452 165,200,500 9,218,987 $320,332,844 34.075 429 71,195,080 892,940,339 328,730,152 564,210.187 12,926.518 13 474.613 $1,016,114,571 1962 $36,537,608 6,262,205 84.718,475 10,063,173 158,513,734 7,226,389 $303 421.584 36,885,006 65,440,022 859.928401 294,416,681 565,511,620 10,952.485 10,377,734 $992,488,451 2478 MOODY'S INDUSTRIAL MANUAL BALANCE SHEETS (eonfd): LIABILITIES (cont'd): Accounts payable Accrued general taxes, interest, etc.. SSFederal & other income taxes Dividends parable________________ ____ Long term debt due fflOtber current liabilities_____________ Total current liabilities Oomv. sub. deb. 4)is, 1991 HConv. sub. deb. Ss, 1988 Otber long-term debt _______________ Deterred taxes on income Reserves lur pension, etc.__________ Deferred income 4)i% cum. conv. stock ($100 par)___ *%% cum. pfd. stfc., ser. A ($50) HCommon stock_____________ Earned surplus ______________ Total stockholders* equity Total__________ Mot current assets __________ PROPERTY ACCT.--ANALYSIS ` Additions at cost___ Retirements or sales______ HOther additions net Other reductions--net______________ 1968 $49,755,366 34,001,784 13,697,096 941,042 34,877,775 13,310.313 $146,584,876 75.000.000 50.000.000 647.294,807 84.800.000 29,474,728 2,123,087 60,101,600 22,393,050 116,055,716 424,547,990 634,096,356 $1,656,375,854 $308,489,175 $161,504,971 14.329,507 1,353,005 1967 $42,380,589 33,216,325 13,959,459 961,417 15,676,024 12,247,062 $124,440,876 75,000.000 552,418,976 79,230,000 29.954,203 1,430,609 60,101,600 24,023,050 115,731,969 413,596,036 613,452,655 $1,475,927,319 $317031.637 $166,698,654 12,978,613 1966 *44.436,286 31,981,322 28,100,650 979,361 17,091,996 5,764,860 $128,344,464 75,000,000 441.388,480 76,650,000 22,620,370 730,000 60402,800 25,533,050 115,272,885 380,119,658 581,028,399 $1,325,761,720 $306,848,325 $99,595,926 8,595,982 9,856,064 1965 $35,099,612 26,846,896 21,938,780 1,037,687 16,245496 6,404,09(2 $107,572,462 434,218,311 78,000,000 17,346,681 750,000 61,608,700 29,083,050 112,807,190 332,923415 536,422,155 $1474,307,609 $278,067,669 $1)20,708,680 8,542,941 10,988,654 1964 $24460.840 21,515.291 9485,790 15,502^766 8.605,877 $79,270,564 365,177,836 73,710,000 12,261,263 905,000 61,608,700 30,813,050 109,558,096 294,589,594 496,569,440 $1,027,894403 $248,353,509 $36,907,648 9,387,785 1963 $22,562,769 22,024,143 6.813,666 25,761,678 6,277065 $83,440,121 375/468,766 71,770,000 10,057,254 505,000 61,608,700 32,393,060 109,255076 271,615,804 474,873,430 $1,016414071 $236,892,723 $41,804007 13,388,081 1961 $23,659,841 ,18,181241 6 652.761 ,2L548348 5 959,143 $76,001814 373653,Si 73,975.001 835324$ 610.004 61.608.104 32.993.004 109255Xtt 255.971.12$ $43,141 0l 5,830,221 OXPKEC. RESERVE--ANALYSIS Additions charged to Income_______ Retire, renewals charged to res___ DOther additions Other reductions $54,699,790 10,14)0,980 496.127 406.127 $48,445,568 7,595,659 720.722 720.722 $44,310481 5/786,984 1,466,378 $42,703,794 5,647,882 3,767,860 $40,589,846 6.289,085 $40,006,196 5,936,552 $38,750 011 4,085,794 )IBAlter reserves (1998, $2,250,000). classifications. 1967 (and prior years); Pri minium Company, Limited, equity In which (3JIS68: At lower of cost or market. Cost as marily reflects accounts of companies ac has been computed on the basis of its to Inventories of bauxite and Inventories of alumina and aluminum (Including aluminum content of in-process and finished products), amounting to approximately $109,740,000 has been determined by last-in, flrst-out method; all other inventories represented average or standard (approximate production) cost. quired or consolidated during the year. (UlAfter deducting U. S. Gov't, securities: 1968, $11,7231,808; 1967, $11,779,598; 1966, $14,- 704323; 1965, $10,494,004; 1964. $16,7410,465; 1963, $11,944,806; 1962, $9,633,617. 3Issued by Reynolds Metals European Capital Corp. (wholly-owned subsidiary). year ended July 31. Additional Investment during 1968 in Ca nadian British Aluminum Co. Ltd., which previously was an associated company, re sulted in it becoming an unconsolidated sub sidiary. Its fiscal year was changed from July 31 to Dec. 31. [TIncludes payables to unconsolidated sub sidiaries and affiliates: 1968, $2,772,611; 1967, $3,380,206; 1966, $226,486; 1965, $1,583,179; 1964, $3,046,728; 1963, $2,488,289; 1962, $2,834,182. Book Deprec. 0)1988: Value Reserves Land ....................... .. $18,517,046 ______ Land Improve.___ Mineral prop.____ Bldgs. & equip. -- Mach. 8c equip. Impr. lease prop.. 54,382,839 30,774,306 302.141,097 935,613,212 6,836,078 6,736.265 73,798,456 422,940,066 3.119,284 Constr. in prog. .. 96,721,202 Pda. for acquisitions 102,753,846 ______ Total ................. $1,447,745,620 $589,683,756 $31967.62: No par shares (alter deducting treasury shares): 1968-65, 7,449; prior years, 7,875; 1968-67, 16,681,460; 1906, 16,673,611; 1965, 16,624,069; 1964, 16,522,569; 1963. 16,513,119; 1962, 16,314,927. 911966: Reflects transfers between account Genera! Notes () Ajooounfe of Company and wholly owned subsidiaries (except finance compa nies) are included in consolidated financial statements Intercompany investments, ac counts, and significant intercompany trans actions, profits, and losses have been elim inated In consolidating the financial state ments. Investments in unconsolidated BrubeidflaaHtee and associated companies are oarried at coat, adjusted! for the Company's equity In their undistributed net income, carrying amount ($183,697,253) of Company's invest ments tn such companies art December 31, 1968, exceeded ita equity in the related net asaets by $33,258,114; which represented the excess of investment ooet over underlying equity aft dates of acquteitiioni. In opinion of Company's management, this excess gen erally does not require amiortixaftioQi. Princi pal associated company is The British AIu- (b) For financial accounting and reporting purposes it is policy of Company to provide for depreciation of properties by periodic income charges computed at annual rates (ap> plied by straight-line method) that will amar tize cost of the depreciable properties over their estimated useful lives. Such lives vary, with result that with respect to each class ification numerous annual rates are appli cable. Depreciation for income tax purposes has been computed in part under various other methods, and resulting tax difference . have been accounted for in deferred tax pm- ( vision. Federal Income tax investment credits ing in 1962, 1963, 1964, 1965, 1966, 1967 and min the approximate amounts of $1,300,000, 400,000, $1,200,000, $3,400,000, $5,900,000, $5,' 000 and $7,500,000, respectively, were reflc as a reduction of the provisions for fedarsM Income taxes in those years. P1NANOIAL A OPERATINQ DATA Earned per ehare--preferred --t)i% preferred -- --common 1968 $66.17 $47.47 $1.55 Dividends per (hare--4%% preferred. --4)4% preferred- --common------------Price range--484% preferred--------------- --1)4% conv. preferred -- --common Net tangible assets per thare com-- $2.37)4 $4.50 $0.90 41-37 108V,-88 50)4-33)4 $32.41 Fixed charge* earned: Before Income taxes----------------------After Income tans____________ Times charges & pfd. dlvs. earned-- Price range-deb. 4)4s, 1996----------Net tangible assets $1,000 lg. tm. debt Net curr. assets per $1,000 lg. tm. debt Number ol shares--484% preferred -- --4)4% preferred___ --common 2.11 1.81 1.64 101-82 $1007 $399 447,861 601,016 681,460 Financial A Operating Ratios Currant assets + current liabilities___ % cash and secur. to current assets___ % Inventory to current assets 5 net current asaets to net worth_____ property depreciated Capitalization: % long term debt % preferred stock % common stock and surplus Sales -b Inventory Sale* -f- receivables % sales to net property__________ t sales to total assets__________________ $ net income to total assets__________ 1 net Income to net worth Pfd. dividends times earned Analysis ef Operations Soles, less disc., returns allow., etc__ Joat of sales------------------------------------------- jelling admin. & other expenses_____ >uer income 'otai_____ Operating profit ntereat paid`11111" Jther deductions 4et income before Inc. taxes, etc--------- ncome and excess profits taxes--------let income CDBefore extraordinary item; after, $2.90. 3.02 12.67 52.90 49.50 36.58 50.95 6.49 42.56 3.50 5.91 91.91 50.87 1.79 4.75 7.78 % 100.00 74.65 17.44 7.91 1.37 9.28 4.30 0.40 4.58 1.07 3.51 1967 $98.56 $76.83 m$2.6i $2.37)4 $4.50 $0.90 46)4-38)4 123)4-101 59)4-44 $31.73 3.69 2.73 2.39 116-90 $1,978 $506 480,461 601,016 16.681,460 3.55 13.82 51.03 51.71 37.31 50.56 6.78 42.66 3.57 5.94 96.71 54.46 3.21 7.72 12.19 % 100.00 71.32 17.27 11.41 1.14 12.56 3.40 0.12 9.03 3.14 5.89 1968 $125.76 $104.16 $3.61 $2.37)4 $4.50 *0,78)4 48)4-42% 182)4-95)4 66)4-38)4 $29.71 5.18 3.56 3.08 121-88 $2,125 $594 510.661 601,028 16,673,611 3.39 18.15 47.18 52.81 38.78 47.05 700 45.15 4.09 6.41 119.81 63.31 4.84 11.05 16.11 % 100.00 70.28 15.66 14.06 1.60 15.66 2.98 0.23 12.45 4.80 7.65 1965 $90.51 $83.19 $OT)4 $2.92 $4-50 $0.73)4 52-48)4 117)4-105 50-33)4 826.81 4.94 3.53 2.95 "$2,235 $640 581,661 616,087 16,624,069 3.58 13.93 47.93 51.84 36.70 44.73 9.34 45.93 4.00 5.49 115.64 62.99 4.48 9.83 12.65 % 100.00 75.61 11.30 13.09 0.87 13.96 2.82 000 10.94 3.82 7.12 1964 $59.45 $57.09 $1.96 $2.37)4 $4.50 $0.50 51%-49)4 117-103% 44)4-32 $24.46 $2,359 $680 616,261 616,087 16422,569 4.13 10.20 53.20 50.01 39.44 42.38 10.72 46.90 3.56 6.01 111.23 60.32 3.56 7.38 8.64 % 100.00 77.82 11.49 10.69 0.81 11.50 3.01 0.18 6.31 2.40 5.91 1963 $42.91 $42.63 $1.42 $2.37)4 $4.50 $0.50 52)4-49% 110-102)4 37)4-23)4 $23.00 2.87 2.47 2.01 -$266 $631 647,861 616,087 16413,119 3.84 14.67 5147 49.89 96.81 44.15 11.05 44.80 342 6.07 100.25 55.66 2.74 5.85 6.45 % 100.00 79.59 11.94 8.47 1.06 9.53 3.34 0.08 641 149 4.92 LONG L R<] 4*. *' OPEN 3 Dec. 31, of lnsui & gra New Yi Louis, trustee. CALLA 11,000,00 notice a prices t A bond 1$65, ret I* 1957 Also < SXNKIN A bond: inch $5 incl. $6 SECURail pro nuired. and oil outside a* prov stock o ford. Ei Co., S. (all wh' addit: complia set rati against divide not paj quire c. excess after D consolic least $1 At Dec lngs we FURPO gage ar 2. R* 4V4s$ ' OPEN $60,000,0 $34,043.0 ceeds ft plant a: DATED MATUI INTER! Trust ( individi CALLA of $1,00 follows 1970-- 1973-- 1976___ 1979... Seriet tions, t June 1, tiples t 100. Ca at 100 : 1 moneys Calla beginni SINKI* bonds) 000 196`. B bond SECUR LEND series / 3s Re 4Vii, tt O$1P0E0,Nooc 1968, $6 DATE! MATU1 INTER Trust Individ CALL/ Of S1,0 prices hot be MOODY'S INDUSTRIAL MANUAL 2479 I.ONO TERM DEBT 4. Reynolds Metals Co. first 5%* series D, agrees to maintain consolidated net cur due 1987: rent assets of at least $150,000,000. 1. Reynolds Metals Co. flrst sinking find 4%s, series A, due 1980: OPEN MORTGAGE -- Outstanding, series A. pec. 31. 1968. $80,199,000; all held by a group of.Insurance companies. DATED--July 28, 1955. MATURITY--June 1, 1980. INTEREST--J&D 1. -TRUSTEE--Manufacturers Hanover Trust Co., OPEN MORTGAGE--Authorized, series D, $58,000,000; outstanding, series D, $47,500,000. Held privately by 16 insurance companies. DATED--June 1, 1962. MATURITY--Dec. 1, 1987. INTEREST--J&D 1. Manufacturers Hanover Trust Co., New York and T. C. Crane, trustees. CALLABLE -- As a whole, or In part in 9. Other Debt: Includes purchase money obHgsittjonn, stock subscriptions and other long term debt. Outstanding Dec. 31, 1968, $16,761,805. 10. Subsidiary Eurodollar Debentures: Out standing Dec. 31, 1968, $50,000,000 5% subordi nated guaranteed convertible debentures, due 1988, of Reynolds Metals European Capital New York; St Louis Union Trust Co., St. pouis, co-trustee; T. C. Crane, Individual trustee. CALLABLE--As a whole, or In part in lota of $1,000,000, at any time on at least SO days1 notice at 104.28 to June 1, 1957 and at reduced prices thereafter; provided that if all series A bonds are redeemed on or prior to June 1, 1965, redemption price shall be 106.42 to June 1. 1957 and at reduced prices thereafter. Also callable at par for the sinking fund. SINKING FUND--Annually, cash (or series amounts of at least $1,000,000, at 105% to Dec. 1, 1963; reduced prices yearly thereafter to 100 after Dec. 1, 1986; however, bonds may not be redeemed prior to June 1, 1975 from funds borrowed at interest rate or cost below 5%% nor unless series A, B and C bonds are redeemed in same ratio to outstanding amounts. Also callable at par for sinking fund (which see). SINKING FUND--Annually, cash (or series D bonds) to redeem at par, on each Dec. 1, 1968-86, 5% of series D bonds outstanding on Corp. For complete description see Moody's Bank Sc Finance Manual. 11. Other Subsidiary Debt: Outstanding Dec. 31, 1968, $12,154,045 comprising: $2,630,819 mortgage loans and other debt of Reynolds Aluminiumwerke G.m.b.H., $619,750 mortgage loans of Reynolds Extusion Co. Ltd.; $8,903,476 other subsidiary debt. CAPITAL STOCK A bonds) sufficient to redeem $563,000 to 1968, incl. $6,684,000 1969-72 incl. $6,683,000 1973-79 Apr. 1, 1963. SECURITY--ADDITIONAL BONDS--Same as L Reynolds Metals Co. 4%% cumulative pre ferred, series A; par $50: incl. $6,682,000 1980 series A bonds at par. SECURITY--Secured by a flrst mortgage on all property now owned or hereafter ac quired, except all bauxite fluorspar, gas, coal and oil mined or extracted: all real property outside of U. S. and certain other property, as provided. Secured also by pledge of capital atock of Reynolds Jamaica Mines Ltd.; Lydford. Enterprises, Ltd., Caribbean Steamship Co.. S. A., and Reynolds Haitian Mines, etc. (all wholly-owned subsidiaries). ADDITIONAL BONDS--May be issued (1) on compliance with consolidated net tangible as set ratio; (2) against property additions; (S) against cash; (4) for refunding purposes. DIVIDEND RESTRICTIONS--Company may flrst 4%s-4%, series A, due 1980. DIVIDEND RESTRICTIONS--Same as first 43/bS, series A, due 1960. 5. Reynolds Metals Co. first 5%*, Series E, due 1990: Open mortgage; authorized, series E, $74,500,000; outstanding, series E, $74,500,000; held privately. Dated June 1, 1965; due June 1, 1990; inter est J&D1; Manufacturers Hanover Trust Co., NYC, trustee; individual trustee, T. C. Crane. Callable at 105.25 to June 1, 1966; reduced prices thereafter to 100 after June 1, 1989; not callable, however, prior to June 1. 1975 through refunding at an Interest cost lower AUTHORIZED--All series, 2,000,000 shares; authorized, series A. 800.000 shares; outstand ing, series A, Dec. 31, 1968, 447,861 shares; par $50. PREFERENCES -- Has preference for assets and dividends. DIVIDEND RIGHTS--Entitled to cumulative dividends of $2,375 per share annually, pay able quarterly, Feb. l,, etc., to stock of record about Jan. 10, etc. DIVIDEND RECORD--Initial dividend of 55.42 cents paid May 1,1956. Regular dividends Said quarterly thereafter. IVIDEND RESTRICTIONS -- Company may not pay cash dividends on or acquire junior stock (except from proceeds of junior stock not pay cash dividends on common or ac than 5%% nor unless series A, B, C and D sold) in excess of 75% of consolidated net In quire capital stock (except preferred) (1) in bonds are redeemed In same ratio to out come after Dec. 31, 1954, leas dividends paid excess of 75% of consolidated net earnings standing amounts of series E; also callable on preferred and equal or prior stock. after Dec. 31, 1965 plus $25,000,000. (2) unless for sinking fund at par. Company may not pay cash dividends on or consolidated net current assets equal at Sinking fund, annually cash (or bonds) to acquire junior stock while any series A pre least $140,000,000 (see also Term Loan below). retire series E bonds to each June 1, Inch, ferred sinking fund is in default. At Dec. 31, 1968, $75,000,000 of retained earn as follows: 1969-80, $1,064,000; 1981, $3,518,000; VOTING RIGHTS--Has no voting power ex ings were not so restricted. 1982-87, $4,895,000; 1988-89, $7,557,000. cept on default of 4 quarterly dividends or of PURPOSE--Proceeds used to refund mort Security, other provisions, same as first any sinking fund instalment when preferred, gage and loan debt. 4%s, series A, due 1980. voting as a class, is entitled to elect one- 2. Reynolds Metals Co. flrst sinking fund series B, duo 1981: OPEN MORTGAGE--Authorized, series B, $60,000,000; outstanding, series B, Dec. 31, 1968, $34,043,000. Held by insurance companies. Pro ceeds for construction of aluminum reduction plant and other facilities. DATED--Dec. 12, 1956. MATURITY--June 1, 1981. 6. Other First Mortgage Bonds: (1) 1st 5%s, series F, Authorized, $175,000,000; Outstanding, $175,000,000 due June 1, 1993. Sinking fund, annually, $6,500,000 1971-76 and $8,000,000 there after; (2) 1st 5.055s, series AA, Outstanding $41,549,000; (3) 1st 5.023s, series BB, Outstand ing, $16,397,000; (4) 1st 5.137s, series CC, Out standing, $32,468,000. All sold privately. All due June 1, 1990, unless otherwise noted. 7. Reynolds Metals Co. convertible subord fourth of directors and not less than 2. If sinking fund default continues for 60 days, preferred does not vote if clearing default would violate mortgage or loan provisions. Consent of 66 2/3% of preferred required to change adversely terms of preferred (If leu than all series affected, then consent of 66 2/3% of series affected is required): sell substantially all assets or merge; Increase au thorized preferred; create equal or prior stock or authorize any class of stock convertible INTEREST--J&D 1. Manufacturers Hanover inated debenture 4V2*f due 1991: into such stock. Trust Co., New York, trustee; T. C. Crane, Individual trustee. CALLABLE--As a whole, or In part in lots of $1,000,-000, at any time to June 1, incl., as fellows: 1870-- 102.56 1971___ 102.39 1972_____ 102.21 an-- 102.03 1974___ 101.84 1975_____101.64 g76-- 101.43 1977... 101.22 1978-- 101.00 1879-- 100.76 1 980___ 100.52 1981_____ 100.00 Series B bonds are, under certain condi. to extent of $10,000,000, callable on any e 1,1962-80 in amounts of $1,000,000 or mulles thereof to $4,000,000 at any one time at , Callable by application of trust moneys 100 plus, except on application of certain opeys, applicable premiums above. Callable for sinking fund on each June 1, ning 1962, at 100. ING FUND--Annually, cash (or teriea B ) to redeem $140,000 to 1968, incl. $2,619,- 1969-77 incl. $2,618,000 1978-81 incl. series bonds at par. URITY, ADDITIONAL BONDS, DXVX1 RESTRICTIONS--Same as first 4%s, A, due 1980. S* Reynolds Metals Co. first sinking fund eries C, due 1981: MORTGAGE--Authorized, series C, 000,000; outstanding, series C, Dec. 81, $60.857.000, Held by insurance companies. TED--June 12, 1958. TURITY-Dec 1, 1981. ST--J&D l, Manufacturers Hanover Co., New York, trustee; T. C. Crane, dual trustee. ^.--ABLE--As a whole, or in part in lots *1.000,000, at 106 to Dec. 1, 1961; reduced ^-yearly thereafter; however, bonds may redeemed prior to June 1, 1969 from -Tuigs at interest rate or cost of less *%% nor unless series A and B bonds Redeemed in same ratio to outstanding ts. callable at par for sinking fund. G FUND--Annually, cash (or series ds) to redeem $335,000 to 1968, incl.; 900 1969-80 incl. $8,693,000 1981 series 8 at par. -TTY ADDITIONAL BONDS, DTVI- Rating--Ba AUTH.--$75,000,000; outstg., $75,000,000. DATED--Mar. 1, 1966. DUE--Mar. 1, 1991. INTEREST--M&S1 at office of trustee. TRUSTEE--Chase Manhattan Bank (N.A.), NYC. DENOMINATION--Fully registered, $1,000 and authorized multiples thereof. CALLABLE--As a whole or in part on at least 30 days' notice to each last day of Feb., incl., as follows: 1970_103% 1971__103% 1972.. 103% 1973- __103 -1--9---7--4.. 102% 1975.. 102% 1976_102% 1977.. 102 1978-- 101% 1979.. 101% 1980.. 101% 1981-- 101 1982.. 100% 1983.. 100% 1984.. 100% 1985.. 100% 1986-- 100% 1991-- 100 Also callable for sinking fund (which see) at par. SINKING FUND--Cash (or debs.) to retire each Mar. 1, 1977-90, $3,500,000 debs, outstg., plus similar optional payments. CONVERTIBLE--Into com. at any time (if called, on or before redemption date) at $61.96 a sh. No adjustment for interest or divs. Cash paid in lieu of fractional shs. Conversion privilege protected against dilu tion. SECURITY--Not secured; subordinated to all senior debt. DIVIDEND RESTRICTION--Co. may not pay cash divs. on or acquire capital stock in ex cess of (1) consolidated net income after Dec. 31, 1965; (2) proceeds from sale of stock after such date; and (3) $35,000,000. RIGHTS ON DEFAULT--Trustee, or 25% of debs, may declare principal due and payable (30 days' grace for payment of interest or sinking fund). INDENTURE MODIFICATION -- Indenture may be modified, except as provided, with consent of 66%% of outstg. debs. PURPOSE--Proceeds to finance portion of expansion program. LISTED--On New York Stock Exchange. OFFERED--($75,000,000) at 100 (proceeds to Co., 98%) on Mar. 16, 1966 thru Dillon, Read Sc Co., Inc., and Reynolds & Co., NYC, and associates. Consent of majority of series A preferred required to issue preferred or equal or prior stock or to issue funded debt (see Additional Preferred, below). LIQUIDATION RIGHTS--In liquidation, en titled to $50 per share, if involuntary and re demption price. If voluntary; plus dividends. CALLABLE--As a whole or In part on at least 30 days' notice to Feb. 1 incl. as follows (per share plus dividends): 1971, $51.50; thereafter, $51. Also callable for sinking fund (which see) at $50 per share plus dividends. SINKING FUND--Annually and cumulative, beginning Dec. 31, 1961, cash (or shares ac?uired otherwise than for purchase or sinking und), sufficient to redeem by Feb. 15 follow ing at sinking fund redemption price 32.000 series A shares. RESTRICTIONS ON PREFERRED ACQUISI TION: Under bond mortgage and loan agree ments, company may not acquire preferred (1) unless thereafter 75% of consolidated net earnings after Dec. 31, 1954 exceeds sum of cash dividends on capital stock and amount by which total of capital stock acquisitions plus unliquidated investment in, and net cost of company indebtedness and stock acquired by, certain non-wholly owned subsidiaries, exceeds net proceeds of stock sold and (2) if consolidated net current assets would be less than $85,000,000. PREEMPTIVE RIGHTS--None. ADDITIONAL PREFERRED -- Or any equal or prior stock may not be issued or any long term debt issued, unless either (a) for 12 out of 16 months preceding consolidated net income plus 12 months7 interest on con solidated long term debt are at least 2% times sum of annual interest requirements on con solidated long term debt plus annual divi dend requirements on all preferred, or (b) sum of consolidated long term debt and pre scribed value (greater of par or stated value, or involuntary liquidation price, excluding dividends) of all preferred, is not worth more than twice consolidated net worth, less ag gregate of above prescribed value. Above provisions do not apply to Issuance of debt for refunding long term debt or to issuance of preferred for refunding stock of such classes. HESTRICTIONS--Same as first 4%s, 8. Term Loan: Outstanding, Dec. 31, 1968, PURPOSE--Proceeds used toward construc A. due 1980. $90,000,000; comprising: (1) $15,000,000 5% tion of new properties. SE--Proceeds toward building new (changed from 4%% Jan. 11, 1963) notes pay LISTED--On New York Stock Exchange. um reduction plant in New York State; able quarterly, $1,875,000 to 1970. Notes TRANSFER AND DIVIDEND DISBURSING capacity of one or more sheet fabri- have prepayment provisions. (2) $75,000,000 AGENT--Chase Manhattan Bank, New York. Plants and expand capatcity of alu- 6% notes payable $2,500,000 quarterly 1971-75 REGISTRAR--Morgan Guaranty Trust Co., Plant at Corpus Christ!, Tex. and $6,250,000 quarterly in 1976. Company New York. 2480 MOODY'S INDUSTRIAL MANUAL OFFERED--(800,000 shares) at $50 per share demption date) at $50 per share, with no ad (No par class B shares) (proceeds to company $48-20 per share) on justment for dividends; scrip or cash paid in 1928-29 Nil Feb. 1, 1996 by Dillon. Read 8c Co. and Reyn lieu of fractional shares. Conversion privilege (No par common shares) olds 8c Co., New York, and associates. protected against dilution; however, no ad- 0.35% 1930-- 2.20 1931__ 2. Reynolds Metals Co. 4%% convertible second preferred; par $100: AUTHORIZED--All series, 1,000,000 shares: outstanding, this series, Dec. 31, 1968, 601,016 shares; par $100. PREFERENCES--Has second preference for assets and dividends. DIVIDEND RIGHTS--Entitled to cumulative dividends of $4.50 per share annually, payable quarterly, Feb. 1, eto. DIVIDEND RECORD--Initial dividend of 87% cents paid May 1, 1959; regular dividends paid quarterly thereafter. DIVIDEND RESTRICTION -- Company may not pay cash dividends on or acquire junior stock in excess of consolidated net income after Dec. 31, 1957. Junior shares may be acSuired for not exceeding proceeds of Junior took sold after Dec. 31, 1957. VOTING RIGHTS--Has no voting power ex cept on default of 4 quarterly dividends or Justment in conversion price is required on sue or sale at less than conversion price of (a) treasury shares; (b) common shares on options to officers or employees or under any sale plan; (c) until accumulated change in conversion price would be 50 cents or more. PREEMPTIVE RIGHTS--None. PURPOSE--Proceeds to reimburse treasury for acquisition of British Aluminium Co. Ltdordinary stock. LISTED--On New York Stock Exchange. TRANSFER AND DIVIDEND DISBURSING AGENT--Chase Manhattan Bank, New York. REGISTRAR--Morgan Guaranty Trust Co., New York. OFFERED--(550,000 shares) at $100 per share (proceeds to company, $97.25 per share) on Feb. 11, 1959 by Dillon, Read 8c Co., Inc., Reynolds 8c Co., Inc. and Kuhn, Loeb 8c Co., New York, and associates. 1932___ 1.25 QQ1933-36 1.00 1938___ 0.15 1939___ nil 1941___ nil 1942___ 0.50 1937.. 1940__ 1945___ ED 1948. 1951... E1955. 1.00 1946___ 1.35 1949... 1.10 CQ1952-53 1.62% 0.75 1.10 lJM B1S2: ($1 par common shares) 1955____0.12% S1956-58 0.65 1959 (On no par shares after 3-for-2 snlln 1959-- 0.12% 1960-64 0.50 1965t 1966... 0.78% 1967-68 0.90 01969'"* fflPlus 25% stock in 1934 and $i per'ih-, 15-year debenture 3%s, 1951 paid in im* 3}Stock dividends paid: 1947, 1948 iin 1952^10%; 1953, 1954 and 1955, fc%;195g^ ESTo Apr. 2. DIVIDEND_ ]LIMITATION--See long term debt, above. preferred VOTING RIGHTS--Has sole voting rights vote jDer share) with restrictions (ses any sinking fund payment, when, as a class, it has right to elect 2 directors. Consent of 66%% of second. preferred re quired to increase authorized preferred or create senior stock; change terms adversely or merge if rights would be affected adverse ly. Consent of majority of second preferred required to increase authorized second pre ferred or create parity stock. Company may not merge or alter articles providing for issue of series second preferred adversely affecting rights of any series with out consent of 66%% of series affected. LIQUIDATION RIGHTS--In liquidation, en titled to $100 a share if involuntary and re demption price if voluntary; plus dividends. CALLABLE--As a whole or in part at any time on at least 30 days' notice to Feb. 1, incl., m follows (per share plub dividends): I960, $103; 1974, $101.50; thereafter, $100. CONVERTIBLE--Into common (if called, on or before 3rd full business day before re 3. Reynolds Metals Co, common; no pan PREEMPTIVE RIGHTS--None. AUTHORIZED--25,000.000 shares; outstanding, LISTED--New York Stock Exchange* 16,681,460 shares; in treasury, 7,449 shares; re trading on Pacific Coast, Philadelphia served for options, 448,370 shares; reserved more-washlngton, Detroit, Cincinnati for conversion of 4%% preferred, 1,202,032 Midwest Stock Exchanges. shares; reserved for conversion of debentures, TRANSFER AGENTS -- Chase 2,297,415 shares; no par. Par changed from no par to $1 Sept. 15. 1955 by 5-for-l split; from $1 to no par Oct 13, 1959, by 3-for-2 split. Reynolds family owns about 16iL% of stock. Original capital stock represented by clast A ana B no par common shares was converted in October 1929 into one class of common stock (no par) and class A received in exchange 1% shares of common for each share held while the class B common was exchanged on a share Bank, New York, and State-Planters Commerce & Trusts, Richmond Va DIVIDEND DISBURSING AG3SNT -- Manhattan Bank, New York. REGISTRARS--Morgan Guaranty Trust New York and First 8c Merchants Na ' Bank. Richmond, Va. OFFERED--On July 6, 1937, the unsu^ portion of shares originally offered to' holders was offered publicly at $17 per by Lehman Bros, and Reynolds & Co, for share basis. 1928___ Dividend Record (In $) (No par class A shares) 1.00 1929___ 3.41 Stock Options: Options held by ex and key employees at Dec. 31, 1968 on I common shares at prices from $3438 to I per share expire to 1973. CANADIAN BRITISH ALUMINIUM CO. LTD. (Controlled by Reynolds Metals Co.) 1955 Str^S *ncorPrate<1 ki Quebec Oct. 24, Balance Sheet, as of (in Canadian dollars) Assets: - -------- July Ser terest payable in lawful money of TRUSTEE AND REGISTRAR--3dontr Business: Aluminum production. Cash Co., Montreal and Toronto. Property: Plant under construction at Bale Comeau, Que. will be built in four stages, each with a designed annual capacity of 40,000 long tons of ingots. First stage was placed in operation Dec. 23, 1957; second stage was placed in operation in spring of 1959. Company has long-term contracts with Manicouagan Power Co. (40% owned; remain ing 60% held by Quebec North Shore), and with Hydro-Quebec for power required for operation of plant. Also long-term contract with British Alu minium Co. Ltd. for purchase of company's available production, less amount sold in Canada, and an alumina contract with Reynolds Metals Co. Affiliates: Manicouagan Power Co., 40% owned; Phillips-CBA Conductors, Ltd., 50% owned. Mkt. sec., cost___ Receivables _ ffl Inventories_____ Prepayments _____ Total current _ SJNet prop., etc. _ Investment ........... .. Area d-evel. grant. Mtge. receiv._____ Bond disc. A exp.. Liabilities: Accts., etc., pay.__ Due assoc, cos. ... Income taxes_____ Debt due ......... Total current . $35,332,884 58,533,110 7,783,500 1.000.000 459,968 362,142 $103,41711,604 $3,469,525 765.3)20 2.466,945 $6,711,790 $45,845,392 50,352,514 7,782,500 461,956 403,822 $104,846,164 $4,121,416 37,038 4,458,836 82,000 $8,699,290 DENOMINATION--Coupon, $1,000, $S,0M^ JOO and $100,000; registerable as to fully registered, $1,000 and authorized Dies. CALLABLE--As a whole or in part at on at least 30 days' notice to July 14 follows: 1968___ 103.05 1969___ 102.75 1970_ 1971.102.15 1972___ 101.85 1972-- 1974... 101.25 1975___ 100.95 1971--^' 1977... 100.35 1980____ 100.00 Debentures may not be redeemed rm'July 15, 1967 through refundings at cost to company of less than ~ Also callable for sinking fi at 100. SINKING FUND--Cash (or series B retire annually on July 15 series B follows: $425,000 to 1967; $325.00$ 1972; <$425,000, 1973 to 1976; $1,000,901 Officers: R. S. Reynolds, Jr., Chinn.; J. L. Long term debt .. 24.366.000 24,575,000 1979. V Reynolds, Vice-Chmn.; G. B. Margraf, Pres.; Mtges. payable ... _V. G. Kneeskem, Exec. Vice-Pre*. Oper.; Dei. income tar 788.959 7,626,937 834.391 SECURITY, etc.--Secured equally l 7,083,937 with series A bonds outstanding. J. S. Apostolina, Exec. Vice-Pres, and Gen. @$0.25 cl. A stk. .. 13.915,753 13.965,753 ADDITIONAL BONDS--Same as lor Mgr.; J. P. Jennings, Sec. and Treas.; F. A. Q1C1. B stock_____ 36.000,000 35,000,000 bonds. Agnes, Asst. Sec. Retained earnings. 15,060,171 14,737,813 DIVIDEND RESTRICTION--Same Directors: J. S. Apostolina, W. J. Bennett, C. E. Coghill, J. P. Jennings, V. G. Knees kem, Alex Lelpper, G. B. Margraf, J. H. McConnell, J. L. Reynolds, R. S. Reynolds, Jr. Total .............. $103,471,604 Net current assets $28,621,094 Net tang. A A B sh. $13.94 CD Depreciation . $43,922,449 $104,846,184 $37,146,102 $13.87 $42,918,463 debenture 5%s, series A, due 1977. outstanding first mortgage bonds 000,000. S. Canadian Britilh Alumlulu Auditors: Price Waterhouse A Co. Annual Meeting: In April. No. of Stockholders: July 31,1968,1,354. No. of Employoot: July 31, 1968, 1,000. Offico: 1100 Sherbrooke St. West, Montreal, 110, Que., Canada. ine > Account (in Canadian dollars): 5 mos. to Yr. end. Dec. 31/68 July 31/68 fflOper. profit____ $4,227,204 $9,212,408 Other income____- 511,994 1,323,956 Total income _____ 4,739,198 10,536,358 Interest, etc. 673,240 1,814,408 Income taxes 1,365,000 4,110,000 Def. Income tax .. 543,000 358,000 Net prefit............... 2,157,958 4,253,950 Prev. ret. earn.___ 14,737,813 12,319,463 Dividends ________ 1,835,600 1,835.600 Retained earnings. 15,060,171 14,737,813 g]Times chg. earn. 7.04 5.81 Earn., cl. A sh.: 0Prior basis_____ Partic. basis DOEam.. cl. B sh."' JJo. of cl. A shs. Kcu of cl. B shs. -- SjL $1.98 $3.91 0.47 0.93 0.47 0.93 1,088,999 1,088,999 ,, 3,500,000 d3,5a0v0u,,0u0w0 Be*re income taxes, fter $1,146,738 (July 31, 1968, $4308,688) 2)1,088,999 no par shs. (3,500,000 no par shs. inking fund dabantur* S%*. **r--* - EDLower cost and net realiz. val. AUTHORIZED--All aerie., $250.0T Funded Debt: L Canadian British Alumini tending, Dec. 31, 1968, weriem A. IV um Co. Ltd. 5%*, due 1977: series A first sinking fund DATED--Mar. IS. 1957. _ MATURITY--June 15, 1977. AUTHORIZED--All series, $250,000,000; out standing, Dec. 31, 1968, series A, $7,400,000 5%a. DATED--Mar. 15, 1957, due June 15, 1977. Montreal Trust Co., Montreal, Trustee. CALLABLE--Except for sinking fund, at 105% to June 14, 1958 and reduced prices thereafter. SINKING FUND--(5%% bonds), cash (or bonds) annually on June 15: $250,000 to 1967; $800,000, 1968 to 1972; $1,000,000, 1973 to 1976, to redeem 5%% bonds at 100. SECURED--All series equally secured by first fixed and specific mortgage on all real and immovable property; all shares then owned of its subsidiaries and of Manicouagan Power Co. and all rights under contract with British Aluminium and Quebec North Shore. TRANSFER AGENT AND REGISTRAR-- Montreal Trust Co., Montreal and Toronto. INTEREST--J&D 15 at any br of Royal Bank of Canada, interest payable in lawful money TRUSTEE--Canadian Trust Co.. REGISTRARS--Canadian TrustJ Montreal Trust Co., Toronto, Vancouver. DENOMINA nON--C_ oupon, able as to principal; fully and authorized multiples. __ CALLABLE--As a whole or time, on at least 30 days notieo. mcl. as follows: , i9T0__ 101% 1971-- 100% 1973-- 100% 1977 - 100 Also callable for sinking Company may purchase deo*" market at any time at prices regular redemption price. SINKING FUND--Cash (or aerim 2. Canadian British Aluminium Co. Ltd. first sinking fund 5%sv series B. due 1980: tures) annually June 15 as * to 1967; $800,000, 1968, to 1973. AUTHORIZED--All series, $250,000,000; out' to 1976. standing, series B, $6,375,000. SECURITY--Secured DATED--Apr. 15, 1958. (subject to first mortgage MATURITY--July 15, 1980. property and assets (except Fiscal Y(cr Changed, to end Dec. 31. INTEREST--J&J15 at any branch in Canada able properties and rights; of Royal Bank of Canada. Principal and in tuxe.