Document LgGZqx55xgyvKReq76LQm0z93

FILE NAME: Union Carbide (UC) DATE: 1946 DOC#: UC072 DOCUMENT DESCRIPTION: Entry in Moody's Manual of Investments, Industrial Securities MOODY'S MANUAL OF- INVESTMENTS AMERICAN AND FOREIGN /-- ? :-- i -- i ----------------- --- , * ' ---------------- -- E toU ST R IA L SECURITIES j JOHN SHERMAN PORTER, E dItor-in-C hief V I 7 Editorial Board , i ! ' / Frank J. St . Clair George I. Blair Arthur W. Herrmann David M. Ellinwood C. W esley Lee Max Brupbacher 1946 copyright, 1946, Y Moody's I nvestors Service, New Y ork 1.1 ItIGET SBXVX MOODY'S INVESTORS SERVICE 6 5 BROAD W AY, NEW Y O R K 6, N. Y. PHILADELPHIA Stock Exchange Bldg. BOSTON 75 Federal St. CHICAGO LOS ANGELES PITTSBURGH SAN FRANCISCO 105 W . Adams S t. Hollingsworth Bldg. Union Trust Bldg. B oas Bldg. LONDON: MOODY'S INVESTORS SERVICE, LTD. 2518 STATISTICAL RECORD 1944 Earned p ar a h ara---------------------------- Dividends p er sh are---------------------- 15.44 $ 12.00 Pries r a n ? ------- ......... --......... --------- 370-26714 168.27 N et tangible assets per s h a r e --------Num ber of hares------------------------- 900.000 C A P IT A L TOOK ,, , . _ J E 19211924___ L Sin g er M anufacturing C e . capita! sto ck; 1927-28 AUTHORIZED--1 200.000 shares: Issued and 1931-- 1934-- outstanding. 900.000 shares; par 100. 193* -- Dividend Record (In S) 1914411-- (100 par sh are?) 1943 15.12 * 12.00 41-17584 * 165.28 900.000 5-00 9.00 28.00 15.50 14.50 12.00 88..0000 1922-- 1925-- 1929-- 1932-- 1935-- 1989 1942-45 s 1942 1941 1940 1939 3.41 1939 10.58 14.21 12.00 13.71 32.00 S .00 7.00 * 19-116 12.00 254-200 181-130 162 58 15984-10214 * 160.78 155-99 * 155.31 151.58 155.44 900.000 900.000 900.00U0O s9u0v0..u0u0v0 00.000 __ 1923-- 7.00 but pavm ent w as postponed Indefinitely. (BTo l5:w 1926-- U .00 M ar. 15. . 26.00 *.00 1930-- 22.00 L IS T E D --U n listed trading on New Y o rk Curb 1933-- 6.00 Exchange. . _ 31.00 7*.0W0 1936-37 18.00 T R A N S F E R A G EN T --R eg istrar Ac Tran sfer 1a*p4w0..... 1.00 Co., Je rse y C ity , N. J . 12.00 1M6- - 3.00 R E G IS T R A R --Com m ercial T ru st Co., Jersey C ity , N . J . - p h ic e r a n g r - 73-1911 avah* 1 1 4 _ 12.00 1917... 11.00 1*-- ,1915-- m *-19 00 -- 0 *0 0 101-- 00 10.00UN10I2O0--NBI7.C90ARBIDE & CARBON CORPORATION CAPITAL STRU CTURE C A P IT A L ST O C K p V alu e Am ount O u tsta n d in g i r v l3SUe no nar 9 .277.788 shs. L m ^ ter* p<at-war contingen cles," earned p er share: 44. 3.72. Earn ed per S"h. 1945 1944 4.08 00*4.06 Ltd -D ry D iva 1945 , p e r1"S94"h4. 3.00 3.00 c e ll In d u strial C a ll P~r~ic e G ases A P rice Range 1945 1932-45 10284-7884 111-1584 C ^ ld e z R an ks as thtae H I8T O R Y T S k rp ^ te d 'in lfe w Y o rk . N ov. V ia iJ aa_a holding com pany and acquired 8|i* 8 follow ing four com panies and th e ir subsld- . . ------------------- * - " * ,n * Canb ^ r l^ s tlcS5 bon electrodes and other carbon Canadian R ailroad S e iw e Co.. L . * Carbon C h em icals Lorp-. P ^ a n ic^ ch em tea ls._ lM ls LW Can,, , a_ fOT aretylene and made b^ eok5 fh^torm * ? farm and m ine lighting, in tte form "G arble" processed carbide in flcodUghts ana p ^ a b le ^etylem a g e n e r a to r s ^ a n ^ ag a ric bide Co., ineoi 1898. F o r detai E le c t * S h m g t c a l Co ., W . V . - F e r r o - g 8 *to*19! 8 acquired a ll of t ie common stock of O xw eld A cetylene Co. a * form ed the w hoUy owned sub sid iaries, Cana dian N ational Carbon C o . L td . and Prest-O - lit e Co. of Canada, Ltd . . In 1919 acquired all of the corrm on stock of O xw eld R ailro ad S e rv ice Co. and te tte wime year form ed the w h o lly owned subsidlariM Dom inion Oxygen C o ., f,td . and K em et Lab - w u u l|l producer* luefaction of alp) ` `Ion are used w elding and sg | , o r w " * s - a s s * IRi0.Tld3L<^ i9 I?Aued 43.344 sha,'il3 jt acquire pH of the stefck of M adison A venue Corp.Tsucceeded by Carbide & Carbon R ealty Co. f r c ). owning a 22-rio ry t office .t^ iild iijg at tha^ location in New Y o rk other gases^deriVp o w e r ^ o f M ich.--B e c - " h l l t S ! ? C h y '/9 2 0 Issued 37.500 shares to acouire H avnes Ste llite Co. and form ed the w ho lly m^ned su b sid iary, C arb id e & Carbon Chem l- 3 e CS rM ch lbgtaonJ uRiaiilTMro a.d Co.. 7>9.384-*I-n -' v ' X Am 'ia B 'S N n h jSP form ed a w h o lly owned su b sid iary, E le ctro M etallu rg ical C o o f Canada. L td ( In 1924 aftorm eda a Owmnh uo14ulwlyj1CoftwnIendi'.1subsidiary C* {? l I l s ^ d stock of A ktleselskab et Saudefaldene (Sauda F a lls Co-j ^ a n t In N orvujy " -- Ther p^ .*t-0 -Lite Co.. In c .. N. Y p ^ ^ L i t e Company of Canada. Ltd ' m ! - ^ r^ p a n y of Canada. Ltd m ivsv vy vuc p u l w a r - c a h ^ . e arb.de, Ull VU w*wv ^ tories. Inc. N . Y .- V---l-n--'-?--^--6---p--u--^--^ rdsp ai .te nt aj ! ia.n5ds so t"t e r a ss e t, u . T v a n a d iu m C o rp.., D ell.---Vvaennaadolju mra and n ertaln fn god y to the dry cell battery busi tungsten m ining. ness of M anhattan E lectrica l Suooly .Co- and Sbbsi diaries* In which voting power was less the p roperty and o th e r assets o f Corliss C ar- than l1O00%'S.wwerree;:^ , , aII1 bin Ci927. P re st-O, _-_L_i_te. C__o_._, _I_n__c_.,j asu bsidiary. Autopoint 0 0 . - 7 7 ^ 1 % ^ u Ltd.-51%DB d l^ o ie d ' tf T t rio ra^ e^ b attejy business Co Canadian R esins & C h e ^ SK BSM ? jviazaa miiuamay -- g,, {r66Z6 Hydrocarbon gases, ** " e^t&u;,S"S Sr ^n ^M^ luy- ilr t%l t|eSttee . _w* Jd*e"l y* ^* ad ven ts tn the automobne lacq uer, v ^ t h ^ n o ^ t t y i d co h d h *u sed as an anti- y<in t' l 927- form ed w holly-ow ned sub sld tan r A m erlcan S ^ M t e <^.. ln c .. w hich acquired asTsnet1s^o29f A m erican C arb o llte C o -,2 i i r^ Acauired the common ito c s of AcheAcne* son G raphite Corp.. engaged in the production rf^ ra p h lte products, sp ecializin g In electrodes W ^ c ^ e T M l e h l g a n O x-h yd ric Co. " to m r a c o u t ? ^ additional lan ds and rig hts o s " W ver tn W est V irg ln ia for the deveioom ent of a h yd ro -e lectric station. In 1929 acquired A V tieselskab et M eraKer to 1930 acq u ired c u e to lease and 37-story C arbide and Carbon bulld111to* 193? fmmd a w h o lly owned suhridlaJ^ . -Carbide 8c C arbon C hem icals, L td ., to conson a t o M ra TM i S ?om ^Di5 * I c e * C o r p . of A m erica*, dry ice producing plant at Niagara in foreign countries, as*fo\- these foreign com panies since 1935 are as 101 low s: D ec.31: IJo* 1944............ 37 37 1941I I I - - 36 1940-------- 42 1 ^ 9 ........... 1939------- *1 ................. ... ^U n d eV b a tin g cSa, ileMs &x . O per. Rev. -1-2-,-6-0-0--,9-1--6 12.600.916 10,630.658 10.607.480 17,791^04 13,462,765 17,8*9,054 17,769.792 15^213 15^13.107 17.90336 15.105.138 IS .897357 15.118,771 14.647393 conditions Inform atiSi)'Sd availab le. ______ BUSINESS A PRODUCTS The business m ay be segregated Into flve groups' fr ^ e V c n d S d e . ta fe e ra y 0 a i film and p lastics todusW M .^ ^ alcohol, used production of for- m chiO Ttad ed a c e ty le n e . e-d ^ d e ln p d 8 for tii* manu facture of d ry Ice. . G lyco l-eth ers. . - "A ld eh yd es. .. Esters. __ , - E th e rs and oxides. . . , . . G ly co ls. , K e to n e s. r ^ " . ,, ^ l-s o d u c ti s^^ylinnnths^e, tuuicsseerdde fiIenns pMroidouocsaemP^tr gpmlasntuictsa,ctaurseuboo-fl S S s ?M s5 & ! c ^ S l* N o v T l939 acq u ired a ll the property and assets of B akeR ta C o rn. (B e l.l. m anutocto re r of phenol-form aldehyde and Otte r type p la c e s , paying th erefo r 187^00 shares of Stock. . : ' ' __ SUBSIDIARIES . steels. O ther pr; A r ^ ^ n | l P ^ y l r y ` f m 8 10086 of the voting co ntrol of the follow ing: tools and sp ed ai __ . ... * 4 4 --v .--./ tncflSM* 1 * 'S l- O r.c 'S 8514 MOODY'S MANUAL OF IN VESTM EN TS PRINCIPAL PLANTS A PROPERTIES _ I n _ 1 ,f2. companies comprising the fivt C SSS above operated 197 plant* In the gn lted States and Ctaada located in 118 cities, Ptw tace^. fa addition, m a i tsfaed m sales offices and 1,145 warehou ^Alleys and Metals: P rln atp til plants of this etectrie furnace operations, owns and ates lu-ge power properties includine a ] 5ofe?1401,0w00iihv.pe.loapn,d2 ean*stwealmth-electric placani wun v S S t e2?.5,`Ey ,of >out 70.000 h.p. in West electriec pil_a_n_t_d__r_a__b_o_u_tN4o6,r,i0w00a'yh.pa.nadt Sat S te M--a-r-ifeu, MBuicihu.uuInii, asdudbisttioantial quantl" f * ot electric power are purchased under Shhefwfi?eBlid.,ioA .loap.;ra8ntdi05W5a*l,laNndtf,liOSrra Falls, N. Y.-: In 1944 to coordinate ous plastics developed by several oper _ unite. This Ming* to five the number o f groups toto which company's business 1* divided. The Bakelite Coro., Wholly-ownedrobsidiary. will carry, on ales 'o?fr^tihiLe .nnle?wr4EgroliuVpp.- a. 1,1 _ 5 Vanadium Coro... a i& o ily ^ w n S 'd ^ 'W* " a F---y--T---f-o---r--r------n--e--w- *dK&. * isI*fnonni w7twohitbviHacecVh`KAMwvMnrroai!uTalwl*l Hnu--m"waf-a$-s9in-u-tmuhs-feav-cm*lu-tU-u--ve-$rtw-geali ta-cn-hn-decmnmuica_arkluseaadtxivi into---c-o- n-<ip--o--u--nd** -o*f --certain meettaallss,, tec* tungsten, others. molybdenum, v anad~ium NIANAQEMBIVT .'erson. President. -rerty, Vice-President. .... owning. V ice-President. ' .Jtterd . V iee-Fresidnnt -----.v ,, . White, Vice-President - - - G. Davidson, Vice-President (Chemicals) R. T. HofPmen, Vice-Pres. (fad. Relations) . S. B. Kirk, Vice-President (Gases) J. W. McLaughlin. Vice-Pres. (Plastics) W . J . Priestley, Vice-Pres. (Alloys) ^ ** <VP r,p r (Ralhvad) refund, if any. ............ <b) Income and excess profits taxes as com puted for year 1945 are low er In amount o f approximately $2,423,000 by reason o f pay-.' ments during year for pasf-servioe annuittefi ta anaount o f $2,919,010 which w e r*ih a rg e d jp l"*" . . / ..,U,U,847 -----.... ,u- come and prolife taxes) na? been charged to wartime adjustment reserve; of net amount *1,403.453 applies to 1944. , ... BALANCE SHEET8 .. ,; . rr Taken from annual reports to stockholders; for prior years from SEC reports, see below; Consolidated Balance Sheet, as of Dec. 31 (including subsidiaries operating in U. S. and Canada): ,.................. A` ssets: C a s h ___________ 1945 1944 * $104.058.962 $110.984,920 U. S. tax notes . . . 34,000,000 49.no,000 Market, secur. . . . R---e-c--e-i-v--a--b--l-e-s-,--n--e--t-.-. .1,886,198 42,218,596 4,118,648 54,1623' Post-war tax ref. ,, 5,729,495 . - ..,, .ia ..,. h u ted lK o ie ^ n a c tu r e S ^Ieitim ^carbde! Directors H)Inventories -- I 80.067183 71,378,438 under the ioHcwl 'igpdlainvtissi,ofonr. which are given R. R. Browning. New York. ffiGeorge W. Davison, New York Total current Land, bldgs., ete.. $281,571,280 $290,414.244 873,807,877 856.172,21 C Industrial G n e j & Carbide: Plants for the Jnanufacture o f caldura carbide are faceted Jr-. New York. - 2)Fred H. Haegerson. New York Depree. & amort. Net property . . 256,690,326 117,117,051 204,651,181 151,521,029 ^ N ia g a r a Fall*, N jfY ; Welland..O nt: Sault Stte. Marie, Mteh. Mid Meraker. Norway. Homer A. Holt, Charleston. W. Va. , Paul P. Huffard, New York Patents, e t c . ____ EOInv. in affiliates 1 8,011,182 1 8.808,852 p lanntatetIne the prln ?al ainnddustarinaaldcaanotpeerrsatfeoar ta tm anufacture iVt, oxygen and other gaias [DBenjaipin O'Shea, New York gl.Tames A. Rafferty, New York . Edward 5. Whitney. New York. RJFgn. sub. invest. Other securities -- Post-war tax ref.. 23,553,864 191,897,010 20.980894 567,866 by t.h..ve li*qHuWe'MfaVcWtiUo4n owf acuir aRnUdQ pUl1aBnItIs flo r tUhlVe RJMember at Executive Committee Prepaid ins., e t c - (912,013,918 1,927,372 1,872,176 m am m eture o f acetylene from calcium carbid* Two plants^ ip the united States are oper Annual MeeHnip Third Tuesday in April, f * . o f Stockholders: Dec. 6. 1945, 74,888. Total _______ $428,077.709 $481,178,976 ated for the production of exy-acetylene weld ing ana cutting apparatus and supplies. .G e n e r a l Offlc*: Carbide A Carbon *0 E. 4?nd St.. New York 17, N. Y. B ld g , Liabilities: Accta. p ay ab le__ $17,748,841 $18,467,345 eastern* e ta e trw lM . r^u fach ytag plants tad Batteries; Chief of tw TdlvUion ere INCOME ACCOUNT8 * T aken from reports to stockholders; for Divs. payable . . . Accrued t a x e s __ - 6,958.341 63,755,803 6,858,341 95,384.540 prior years (as reported to SEC), see below: Interest accrued . Other accruals . . ^Consolidated Income Account, yeas* ended 4,249~62 19O0O 4.968.879 W S & E & P * * : Oee. 31 (including subsidiaries operating in Debentures due ~ 1 ^00,000 . Cltemlaab looted at ,. 'Issfle*: principal plants a rt festn, Hastings'and ~D- U. S . andi fC.ann.aAda. t).: . Net s a l e s _______ 1945 1944 Total current Not stated QJ8577,874,598 Wartime adj. res. $92,712.606 $128,369,UK! 8.891.852 - 14,000,000 Aond, W. Va.; [tin`ag,t fMaSdI*.;) T* evAxuaCs City, Tex.; Net e a rn in g s ___ S itm d E ' ad Bloomfield, N. J .; Leachi Wartime ad j. res.. $134,475,044 161,053,777 Deb. 2i4s, 1963 __ 6.315,714 Deferred liab. . . . .625.298 21,000,000 1,642,062 y., and l Falls, N. Y. B a la n c e _________ f . A rt fa addition, large office buildings Deprec. & deplet 134.475,044 14.857,664 154,788,052 Post-war con t res. 14,761.234 WCapital stock . . 15,000,000 192,879,842 15,000,000 192,879,842 l^ K e w York Snd Chicago. A m o rtizatio n ___ B a la n c e _________ . Company h supervised construc^cm of a 22,829,819 96,787.561 18.270.505 121,706,824 Earned surplus . . 115,968.111 108,287,969 numbw of plant* for government including Interest _________ Inc. & prof, ta x .. pumfe fo r Rubber Reserve Co, fo r production 582,941 58,315.094 674,290 Total .............. 83.306.527 Net curr. assets -- r 418288,,805787,,677049 $431478,978 $162.045,139 Of butadiene and styrene used in manufacture Met in c o m e ___ _ Post-war cont. res. Of synthetic ro b b er; plants for Metal Reserve 87.889.526 37.725.506 8,244,922 8 At lower of 9.277,788 no c p ost ar or sha mar res. k e t. V - Co. fo r treating tungsten and vanadium ores, Balance --_______ D iv id e n d s _______ and plants for Defense P lant Corp. for pro 37889.526 27,883,864 34.480.584 27,833,364 '19At cost or less. " E Investments in wholly-owned foreign sub duction o f magnesium and other electric-fur Surplus for year. Earn, surp., 1-1 . . nace products, graphite electrodes, batteries, 10.056,162 108,287.969 6,647,220 sidiaries excluded from consolidation at cost 104,185,353 or less. . j ... and otijer carbon products, and plante for the production o f oxygen. Some o f these plants ESCredits . . . . ____ ffiAnnuity adjust.. 542,990 2,919.010 395,195 2.939,805 (Slncludes $2,438,679 excess fund bonds. profits tax re ,, - mpany under lease agree- Earn, surp., 12-81. EFrom SEC report. 115,968,111 r Government on fee bas!. 108,287,969 -ECanadi&n only. - -1 Note: Foreign subsidiaries, all 100% owned, -,S . Vanadium Corp., sub p m n iTM .' - i . -------------- - -- -- * are shown as investments. Only that part of i its vanadium and Uranium e^ I n c lu ederin ii* ? ^ ,nin ^ i5 ir ^ * t , Income of such subsidiaries received during at Nuela and Naturita, Colo. kefaSXe 1TiSi^r*iet YoJ?e year 10 dividends is included in eonsoldated at Deo' 8I- S293i6D: ncome. Unaudited reports covering less than ^ je . T ii' C A m ,- __, , . foil year indicate that income of companies m r C?- ^ Bubssdiary, was closed down in ttiial-tbioinn*ffonir*i19u44?sa?nrd5?inio specific provisiionneiha*s pdaiyviindgensduschpadidiv.idends will exceed amoun.t..o...f. (NCOMB CCOUNT8 been made in 1944 other than general provision Accounts certified by Hurdman St Cranstoun. ^5PARATTVTC CONSOLIDATED INCOME ACCOUNT YEARS EN Dxn n * r Taken. _ ^ 7 > P o rte led w itt S e r o ^ e i w d $1 : - 9M: totuma, etc..-- (Pot 11994454figures taken from 1943 report to stockholders, see 19 1941 above) e07,91,i $488.350.613 $404380,653 1940 1989 43,088d 89,970.2 333.402.178 <^4,566.058 1317,785,988 ^ .7 7 8 2 4 1 28,593,038 8231393395 138,675,065 ,921.308 8170346,684 105,785,725 2 1 ,5 0 4 ,0 $180380316 $0339325 19335.974 12,7 r 1,199 40^06 68397 ' T 69.403 138379 110311 Interest on ~secu xltlcsl1 $124,848,050 1A 37/"' $120, 1,587 4H6l,101 $103,092,452 $67,727.619 r 362.064 flash '> 200,188 618,920 123,070 586313 i , 248,435 6357 forgn " s iL n w id ^ ^Miscellaneous other i n c oe t e l l TM ~ J rot incom e -------- -------- 1 .^ ,1 . M.998 711355 786.490 e'> e ., .. fe i ^Miscellaneous income deductions... ; Provision fo r depreciation A deple 128,097.671 - 6 .3 913. 122,928.79* 8331379 105,474, 51, 79.179316 , .5M.679 l,OMl tion of foreign p ro p e r tl ,, -....._ - ... t * Interest and debt discount and e x p ... 'J W ~8923g W i.i 2.500.000 1.241,7 . $21,__ ___ fr tttoTM^irr-z~ir _ und, exe*s profite ta x .. 88,400388 er 5,093,854 118324.1TM 79,882,27 B ------- 104,529,9 6j441,220 85,888.509 48,641,885 S,712,458 "^339*045 . . - i - w F c S o i ^ n S S r yesp ^*ZZ.--Z. $37,725.506 $38,342,389 585.166 $3.088.t23 313H 2,041,625 $,247374 "7,4 5 _Amouni transid, tpsurolua EarMd surp^.^begjM ilog n fy ^ 531369.411 $42,041,625 $ 7 3 7 4 '$35347.400 ' tl.40S.T80 dead --- . . . 58.862 ' 0^a 7 'o 2 " 1 BBPlu* taarge* ' ` , end of y e e x . ,, ,, __ _ : $7383.3 1 0 ,6 0 2 3 ` 23358.30 4,401371 U 374326 639029* ff*. fc L . DATA $108387358 00339.150 $.838$ W S Z f -- -- -- i rapatela ln - i; ' S5*r **5 f t i a i c u i i o r u m i . j* other tb * n *F*eJd' era`'l inem ne. $16.354.460 S1,037 $15,253,906 ,497,079 0304,774 86319359 15,925.885 *5,369,640 11,6773*0 < ate and r o y e i t e t e - - ..j...- .^ ._ ^ 11,082,5 2,940370 7300,659 g t company's net in o o m e .i.^ _ _ g tv to Mpinge a f sabs, o o n s.;*^ $8.949.5 ,457340 J , 7*7,631 * 4 5 .9 7 5 ^ :ixte from subs, consolidated___ m In earning* o f subs, not i from. auba. not 1,588.750 58305 1.943332 Sf.416,609 59,800 27,717 0 463.424 54*1*29 1,100,5 13 S 1.1M399 1403 ImS