Document xMe62wmYZkb9XaxxnxkrmngE

FILE NAME: Philip Carey (PC) DATE: 1950 DOC#: PC054 DOCUMENT DESCRIPTION: Entry from Moody's Manual of Investments MOODY'S MANUAL OF INVESTMENTS AMERICAN AND FOREIGN INDUSTRIAL SECURITIES JOHN SHERMAN PORTER, Editor-in-Chief Editorial Board Daniel F. Shea Arthur W. Herrmann C. W esley Lee Frank J. Prendergast Frank J. St. Clair George L Blair David M. Ellinwood Max F. Brubaker 1950 COPYilG HT, 19S0, BY Moody's Investors Skrvicb, N ew York ALL RIGHTS KEsLXVE MOODY'S INVESTORS SERVICE 6 5 BROADWAY, NEW Y OR K 6, N. Y. PHILADELPHIA BOSTON CHICAGO LOS ANGELES PITTSBURGH SAN FRANCISCO Stock Exchange Bldg. 75 Federal St. 15 W. Adams St. Hollingsworth Bldg. Union Trust Bldg. Russ BUg. LONDON: MOODY'S INVESTORS SERVICE, LIT). ' tfafance Sheet* as of Nov. 30: Assets: 1949 C a s h ........................ $1,010,241 Receivable* n e t.. 578,174 Inventories; cost. 1,184,443 1948 $846,920 799,113 1,503,117 Total current. Bldgs. & equip. Depreciation . . . . Net property .. L and ................... . Inv. Canada affil.. P aten ts, e tc ........... Life ins., cash val. O ther a s s e t s ........ Prepayments . . . . $2,772,858 891.694 272,834 618,861 64,044 21,746 1 11,039 20,296 14,024 $3,149,150 878,104 250,147 627,957 64,044 19,965 1 6,637 10,110 T otal .............. Liabilities: Accounts payable Empl. prof. sn. fd. Accruals, etc. . . . Fed. Inc. tax res.. $3,522,868 $145,510 128.269 137,301 156,986 $3,877,864 $278,934 155,067 156,290 346,931 Total current. In v e n to ry r e s . __ C apital sto ck ($1) Paid-in surplus -- Earned surplus -- Total ..................... Reacq. stock .. Net stk. & surp. $568,066 300,000 128,717 660,146 1,894,878 2,683.741 28.939 2,654,802 $937,222 300,000 128.717 660,146 1,851,779 2,640,642 2,640,642 T o tal .............. $3,522,868 $3,877,864 Net current assets $2,204,792 $2,211,928 012.100 sh ares a t cosStt. Act B arrow , Wade,, G uthrie 8c Co C apital S toclu L S in k s M a n u fa c tu rin g Co tack; p a r $1: AUTHORIZED--200.000 sh ares (in c re a se d fro m 120,000 sh ares M ar. 31, 1937); o u tsta n d in g , 126,- 617 sh ares (in clu d in g 1,339 sh a re s h e ld fo r exchange of old class A stock); in treasury, 2,100 sh ares; p a r $1. ISSUED--In 1936 in acco rd an ce w ith re c a p i talizatio n p lan , 20 sh a re s fo r ea c h $100 of de- bentures, share for sltare for class A prefer ence and one share for each 4 class B shares. DIVIDENDS PA ID -- 1936__ $0.75 1937--. $0.70 1938. $0.10 1939__ 0.25 1940-41 0.60 1942. 0.25 1943-44 0.60 1945... 0.75 1946. nil 1947__ 1.20 1948... 1.40 1949. a.50 21950. 0.90 LflTo A p ril 2. OFFERED--(25.000 sh a re s) a t m a rk e t in May, 1937. by Fusz-Schm elzle St Co., St. L ouis. P ro ceeds used for expansion and additional work ing capital. TRANSFER AGENT--C ity N atio n al B an k Sc Trust Co , Chicago. REGISTRAR--F irs t N atio n al B ank, C hicago. LISTED--On M idw est Stock E xchange. PRICE RANGE-- 1949 1948 1947~ 1946 1945 H igh................... L o w ................... 14 10 15\'i 17% 11% 3104V%L? 23% CARET (PHILIP) MANUFACTUR ING CO. History: Incorporated under Ohio laws. Feb. 14, 1888. In Jan ., 1942, com pany m erg ed C arey C o. a subsidiary. Consolidated Incom e Account* years ended Dec. 31: 1949 1948 N et sales .............. $39,902,929 $45,180,477 Cost of sales........ 30,593.1351 39.432,529 Selling, etc., exp. 4,607,620) O perating profit.. 4,702,174 5,747,948 O ther income . . . 67,224 63,789 T otal i n c o m e ___ 4,769,398 5,811,737 Interest & amort. 196.707 132,193 Can. exch loss .. 65,703 Pension trust res. 179,382 " 168,246 Loss, prop, sold .. 29,537 79,625 O ther deductions. 75.763 103.396 Incom e t a x e s ___ 1.66G.000 2,110,000 ESN et p r o f i t _____ 2,556,306 3.218.277 Contingency res.. 200,000 B a la n c e ................. 2,556,306 3.018.277 E arn, su rp lu s. 1-1 8.586.992 6.627.039 5% pfd. d i v s . ___ 93,660 93,660 Common divs. . . . 1,274,725 1,234,463 C r e d its ................... 44,873 [13269,799 Contingency res.. cr 244,751 Pr. yrs inc. tax. 161,394 O th er d e b i t s ........ 1,668 E arn , su rp l.. 12-31 9,901.475 8,586.992 Earn., pfd. share. $136 52 $171.81 No of pfd. shares 18.725 18.732 UiP ro ceeds o f in su ran ce life of deceased officer. S ales fit E arnings, y ears to Dec* 31 (in $): Net Net No, of Earn. Sales P rofit Shares on Com. 1949__ 39.902.929 2,556,306 800,000 3.08 1948... 45,180,477 3,018,277 796,428 GJ3.67 1947-- 41,567,101 2,806,692 796,428 3.41 1946__ 40,340.679 2,149,411 796,428 2.58 1945-- 30,586,005 648,663 390,114 1.42 1944__ 28.942,110 709,716 390,114 1.58 1943__ 28,956,035 765,902 390.180 1.72 1942-- 26.043,707 717.331 390,180 1.58 1941__ 25,273,189 1,364,848 390,806 3.23 1940 - 15,677.338 424,058 394.741 0.81 E A fter contingency reserve. Before would b e $3.92. C onsolidated Balance Sheet* as Assets: 1949 C a s h ______ ____ - $2,269,376 Govt, securities.. 1,550.343 Receivables, n e t.. 4.351,023 I n v e n to r ie s __ _ 5.267,914 Contr. in prog.. 245.992 of Dec. 31: 1948 $3,890,968 1.053.930 4,987,340 5.119.243 313,034 Total current Land, bldgs., etc.. Dcpr. & deni., etc. N et property .. M ineral Ids., etc-- D epletion _______ N et m in Ids., etc. C onstruction ___ Life ins., cash val. Tax claim s _____ Misc. receivables. Deferred charges. $13,684,648 25.099.913 10.649,424 14.450.489 145,497 24.414 121,083 2.890.605 22,288 40,828 151.190 259.005 $15,364,515 22.968.690 10,077.405 12,891.285 145.497 24.414 121,083 2,013.627 21,160 133,570 218.134 237,818 T otal .......... -- L ia b ilities: Accounts payable Acer, payrolls, etc. Acer, taxes, e tc ... Inc. tax reserv e.. Sink, fund due . . $31,620,136 $1,244 429 488,501 201.354 1,548,672 425.000 $31,001,192 $1,298,556 585,591 169,707 1.88,220 Business: M anufactures and sells asbestoscem ent shingles and siding, asbestos-cem ent Total current $3^9077956 $3,942,074 fiat and corrugated roofing and siding, as Deb. 3V4S. 1962 . . . Conting. reserve . 5,575,000 270.000 6 ,000,000 595.000 bestos-cement wallboard and sheathing, as. pfcalt shingles, ro ll roofing an d siding, asp h a lt Roofing guar. res. 400.000 300.000 tile flooring, bridge plank, builtup roofings, Misc. r e s e r v e ___ 5% pfd. stk . ($100) 130.000 1,872,500 195.000 1,873,200 Cnreyduct (air conditioning joints, industrial and rock wd uooc tl),inesxuplaantisoinosn,'.Com m on stk. ($10) 8 ,000,000 7,964,280 Miami-Carey bathroom cabinets, accessories Paid-in surplus .. 1.563.205 1.544.646 and electric bathroom heater, pipeline felt, Earned surplus .. 9,901,475 8 586,992 loof coatings and cements, w aterproofing m a terials and household fans. T otal .............. $31,620,136 $31,003,192 Net current assets $9,776,692 $11,422,441 Properties: P lants located a t L ockland and ffiGenwrally a t standard costs w hich w ere M iddletow n, Ohio* P e rth A m boy, N. J.; P ly n ot in excess of m arket. m outh M eeting, Pa.; a n d L enno x v ille. Que. [Less advance billings: 1949, $654,713; 1948, Asbestos m ines a n d m ills, E ast B roughton, $1,490,788. P. Q. C anada. * A ccounts certified. Haskins & Sells. C om pany has sales offices in m an y c itie s of Bunded D ebt: 1. P hilip Carey Mfg. Co. sin k the United States. ing fund d e b e n tu re 3*4$* due 1962: L esher division (m a n u fa c tu re rs of w iping AUTHORIZED--$6,000,000; outstanding, Dec. ra|js) w ith p la n t a t H am ilton, O. w as sold in 31, 1949, $5,575,000. D A T E D --N o v . 1, 1947. S ubsidiaries; G en eral M agnesite a n d M ag M A T U R IT Y --N o v . 1, 1962. nesia Co., Q uebec A sbestos C orp., L td. an d INTEREST--M&N 1 a t office of tru stee. P rin c i P hilip C arey Co., L td. pal and in te re st payable in U. S. legal tender. Officers: R. S. K ing, C hairm an; J . W. H um TRUSTEE--Chase N ational Bank, New York. phrey, Pres.; H. R. B arrett, Vice-Pres. and CALLABLE--As a whole, or in p a rt by lo t a t 102% to Oct. 31, 1950; prem ium s decreasing Contr.; C. B. P ooler, V ice-Pres. (M fg.); L. W. Clarke, Vice-Pres, (Sales); W. L. sieffens, thereafter. Vice-Pres.; E. J, Fasold, Sec.; S. E. B reu leu x , Also callable for sinking fu n d (w hich see) Trcus and Asst. Sec. a t 100. SINKING FUND--A nnually (a) Oct. 31, 1950- Director: H. R. B a rre tt, J. W. H um phrey, 61, incl., sufficient to redeem on n e x t ensuing R S. K ing, C. C. M errifield, C. B. P ooler, J . J. Nov. 1, $325,000 of d ebentures, an d (b) A pril Rowe, G. A. R entsch ler, L. W. C larke, H. E. 30, 1950-62, inch, 10% of consolidated n e t in Coombe. com e (to n e x t h ig h est m ultiple of $5,000) for General Counsel: Taft, Stettinius and Hollis next preceding fiscal year b u t not to exceed ter. $100,000; to red eem debentures. A nnual M eeting: L ast M onday in M arch. SECURITY--N ot secured by any lien. No. of S tockholders: Dec. 31, 1949: P re fe rre d , DIVIDEND RESTRICTIO N S--Com pany w ill 625; com m on, 3,510. not declare any dividends (except in stock, and No. of Employee: Dec. 31,1949, 3,387. on preferred) or make any distribution on or G eneral Office: L ockland, C in cin n ati l i , O. acq u ire fo r value (ex cep t in exchange for or New Y ork OfficesfLincoln, Bldg.. 42nd S treet. from proceeds of stock) unless th e re a fte r (1) R etirem ent Plan: U nder term s of em ployees consolidated net w orking capital is at least re tire m e n t p la n com pany a t Dec. 31, 1949 had $7,500,000; (2) consolidated c u rre n t ra tio (as a liab ility of $562,417 fo r c o n trib u tio n s fo r defined) is a t le a st 2 to 1; and (3) consolidated past service w hich is p ayable o v er 19 years. n et incom e from Ja n . 1, 3947 exceeds the greater of all such disbursem ents (including preferred dividends) plus fixed debenture sinking fund payments. PURPOSE--P roceeds used to re tire d eb en tu re 3%s, due 1954, and fo r capital im provem ents. OFFERED--($4,000,000) sold p riv ately in Nov., 1947 an d $2,000,000 in Dec. 48. to E quitable Life A ssurance Society of the United States. c a p ita l Stock: 1, P h ilip C arey Mfg. Co. 5% cu m ulative preferred* Initial series; p a r $100: AUTHORIZED--All series 75,000 shares; this series, 20,000 shares; outstanding, Dec. 31, 1949, 18,725 shares; in treasu ry , 850 9/20 shares; par $100 PREFERENCES--H as p referen ce fo r a u e ta and dividends. DIVIDEND RIGHTS--E n titled to cum ulative dividends a t ra te of $5 p e r sh are annually payable q u a rte rly Ja n . 1, etc. DIVIDEND RECORD--In itia l q u arterly divi dend of $1.25 paid Sept. 29, 1945 and reg u larly thereafter. VOTING RIG H TS--H as no voting p ow er u n less four quarterly dividends are in arrears, w hen preferred, voting as a class, shall be entitled to elect two directors. Consent of tw o-thirds of preferred necessary to increase authorized preferred or create any security having, or convertible into share# having, priority or parity w ith preferred ex cept for retirem ent of preferred. LIQUIDATION RIGHTS--In liquidation, en titled to current redem ption price if voluntary an d to $100 p e r sh a re if inv o lu n tary , plu s ac crued dividends in all cases. PREEM PTIVE RIG H TS--None. CALLABLE--A s a w hole or In p a rt on n ot lees th a n 30 n o r m o re th a n 90 d ay s n o tice on any dividend d ate to J u ly 1 in ch as follows: 1948. $110; 1951, $107.50, a n d th e re a fte r a t $105 p er share, plus dividends In all cases. ADDITIONAL PREFERRED--M ay be issued In any series at any tim e provided th at there after n et tangible assets would be a t least tim es funded debt plus outstanding preferred. PURPOSE--Issued in Ju n e. 1945. in exchange fo r fo rm er o u tstan d in g $100 p a r 6% and 5% p re fe rre d on basis of 1% new sh ares for each 6% p referred share an d on a share-for-share basis fo r th e 5% p referred according to re capitalization plan. PRICE RANGE-- 1949 1948 1947 1946 1945 H igh....................... 95 101 109 110 108 L o w ...................... 85 96 100 106 105 2 P h ilip C arey Mfg* Co. com m on; p a r $10: AUTHORIZED--1,500,000 shares; outstanding, Dec. 31, 1949. 800,000 shares, p a r $10 (changed from $100 p a r to no p a r in Ju ly , 1937; five no p a r sharks issued fo r each $100 p a r share; from no p a r to $20 p a r in Ju n e, 1945, sh are fo r sh are a n d to $10 p a r in Sept., 1946, tw o $10 shares issued fo r each $20 sh are). VOTING RIGHTS--Ha* exclusive voting power. DIVIDEND RESTRICTIONS--See d eb en tu re 3%s above. DIVIDENDS PA ID -- On $100 p a r share: 071909-13 $5.00 1914-16 N il (1917-26 $6 00 011927-31 8.00 1932__ $2.25 IU Z -U Nil 1936........... 0.25 1937... 0.75 On no par shares: 1937--. 0.25 1938-39 nil 1940__ 0.10 1941___ 0.65 1042-44 0.60 1945-- 0.30 On $20 p a r shares: 1945-- 0.40 1946-- 0.40 O n $10 p a r shares: 1046... 0.70 1947-.. 1.10 1948__ 1.55 1949. - 1.60 @1950- 0.40 ftjPald stock dividends as follows: 1902. 300%; 1906. 105%; 1920, 50%; 1922, 30%; 1929. 2%. ElTo A p r il 1. PRICE RANGE-- 1949 1948 1947U]1946 1945 H igh................... 16% 21 20V? 20y4 35 L o w ................... 9% 153/4 14/4 133 18 E$1Q par shares; $20 p ar, 4415-33. Transfer and Dividend Disbursing Agent: F ifth T hird U nion T ru st Co., C incinnati. Registrar: P referred, F ifth Third Union T ru st Co., C incinnati; com m on, F u s t N ational Bank. Cincinnati. CENTRAL CHEMICAL CORP. H istory: In co rp o rated in M aryland Dec. 23. 1947 p u rsu a n t to consolidation of Central Chemical Corp. of M aryland and Central Chemical Corp. of Pennsylvania. Business established in 1910. Business: M an u factures and distrib u tes fer> tilizer, insecticides, paint and livestock feed. P ro p erty : Owns p la n t a t H agerstow n. Md., on 30-acre site; also plants at Butler, Everett, Gettysburg, Milton and Lebanon, Pa.; with com bined an n u al cap acity of 120.000 tons of fertilizer and 21,500,000 lbs Of insecticides. The Lebanon plant is subject to a purchase option granted to C entral Chemical Corp. of Lebanon, a subsidiary. Central Chemical Corn, of Virginia, a sub sidiary, owns plants at H arrisonburg, Crirnora and Chanda, Va., w ith com bined annual capacity of 15,000 tons of fe rtiliz e r and 5,000,000 lbs. insecticides; also capacity for p ro cessing 22,000 tons of livestock feed. Subsidiaries: C entral Chemical Corp. of V irginia, 97% owned; C en tral Mills, Inc., W hol ly-owned; Central Chemical Corp. of Lebanon, 50%, ow ned. C om oany ow ns 75% of voting stock and 45 sh ares ($10 par) p re fe rred of B ark er Chem ical Co.