COMMERCIAL CREDIT COMPANY AND SUBSIDIARY COMPANIES Analysis of Debt Maturity As of December 31, 1959 UNSECURED NOTES AND LOANS: DUE WITHIN ONE YEAR: Open market notes: United States.. Canada... Bank loans: United States.. Canada..... *Other notes and loans.. TOTAL DUE WITHIN ONE YEAR. DUE SUBSEQUENT TO ONE YEAR: 34% Notes due June 15, 1961.. 3 % Notes due Jan. 1, 1963. 32% Notes due June 1, 1965. 3.35% Notes due Jan. 15, 1968. 334% Notes due Nov. 1, 1969. 44 % Notes due Oct. 1, 1974. 3% % Notes due Feb. 1, 1976. 5 % Notes due June 1, 1977. 4% % Notes due Jan. 1, 1978. Canada: 42% Notes due Feb. 1, 1963 6 % Notes due July 1, 1979. TOTAL DUE SUBSEQUENT TO ONE YEAR.. SUBORDINATED INDEBTEDNESS (United States): Subordinated Long-Term Notes: 3.95% Notes due June 1, 1964. Junior Subordinated Long-Term Notes: 3% % Notes due Sept. 15, 1969... 5% % Notes due May 1, 1984. TOTAL SUBORDINATED INDEBTEDNESS.. • Credit balances of manufacturing and selling agents, a liability of a wholly owned subsidiary, Textile Banking Company, Inc., the aut worth of which, plus $20 000 000 subordinated note was $35 392 301, all owned by Commercial Credit Company. Consolidaged sidiaries, aber all chang was $14,670,375 for the ye $16,257,950 for 1958. The ma for the smaller net come was the borrowings, which expen during the year. Of this m result of the higher and of the int 44.7%, was the result of mume dalam nang : during 1959. Operating comes, cus percentage of cash emplowed, tecemet year Receivables outstanding at Decanter 3. 99 amounted to $1.70 134361 in rest of $382,378,646, or 28.6; e te ser at Retail receivables amouet L.FMJ = December 31, 1959, am nowe 17f, fr be year. This reflects the durs made us fumat financial assistance to more consumes Squficam is the wider penetration made a fe francing of new automobiles. Whereas the number of as registered in the United States was 25.25 pester for the first eleven mons of 99 amplere records for the year not being mulate at ins writing the number of new cars franced by the local offices of our finance subsidiaries acessed 44.1% during the same period. The new car vend by such receivables were distributed practically evenly among those manufactured by the Fond Motor Company, Chrysler Corporation and, as a group, all other manufacturers, including foreign. Retail farm equipment and personal icans again RECEIVABLES ACQUIRED Motor retail.. $ 756 681 643 Farm equipment, mobile homes and other retail.... Loan receivables.. Motor wholesale.. Open accounts, leases, other wholesale notes, mortgages and factoring receivables Total..... $4 181 273 489 1955, just four years ago, the average amount of the note was $1,502.67 with an average maturity of 21.8 payments. The volume of wholesale receivables purchased during 1959 amounted to $1,547,267,919, compared with $1,105,596,313 in 1958. Wholesale outstandings amounted to $257,732,705, compared with $199,518,387 at the end of 1958. A good part of the increase was the result of substantial shipments made by the manufacturers of new automobiles in the month of December, after the termination of the steel strike. These receivables are primarily for the financing of dealers' new inventories, namely, 1959 1958 S 553 129 161 291 485 431 205 271 573 216 384 173 1 315 331 558 154 641 630 1 601 390 684 1 406 929 123 $3 224 486 855 cars, farm equipment, appliances and mobile homes. The dollar amount of all losses, including retail automobile losses, decreased in 1959. Of the total instalment accounts and notes receivable at Decem ber 31, 1959, aggregating $1,187,018,287, there were $489,021 more than ninety days past due, the unpaid balance thereon being $2,171,247, of the total motor and other wholesale notes and advances, aggregating $257,732,705, the sum of $6,310,944 had been carried longer than ninety days beyond maturity. The maximum maturity of motor wholesale is st months from date of financing. The maturity of other wholesale varies and, in the case of farm equipment, may be one year from date of financing With respect to the factoring receivables, leases, notes and open account receivables, aggregating $269,313,962, the sum of $2,026,355 was more than ninety days past due without applying reserves available for certain of them. Textile Banking Company had its most successful year, handling a volume of $601,291,843, which compares with $489,165,693 for 1958. Outstandings amounted to $126,521,591 at the year end, com pared with $92,390,597 at the same date in 1958. The volume of receivables acquired by the com mercial financing divisions of our finance subsidiaries amounted to $740,518,545, compared with $706,374,991 in 1958. MATURITY of RECEIVABLES versus SHORT TERM NOTES, as of December 31st 100 500 600 700 900 1000 1100 1:200 1300 1400 1500 1600 1700 1800 Receivables Due After One Year Total Receivables A new service with headquarters in Baltimore, but with facilities, strategically located, has been established recently for the purpose of furnishing financing and leasing services to users of industrial equipment on a specialized basis. Due First Half 1960 Due Last Half 1960 Due First Half 1961 Due After June 30, '61 $248 882 979 $183 727 120 $131 639 380 $150 796 445 82 277 610 63 957 007 175 833 932 85 906 938 43.538 956 46 743 223 24 527 993 114 734 505 10 286 131 1900 2000 Short Term Notes Receivables Due Within One Year Fleet leasing operations in the United States and Canada are currently being conducted through several subsidiaries. There were 19,041 passenger cars and trucks covered by these leasing operations at December 31, 1959. MATURITY OF RECEIVABLES Receivables Motor retail. $ 715 045 924 Farm equipment, mobile homes and other retail 329 662 276 Loan receivables 142 310 087 Motor wholesale 175 833 932 Open accounts, leases, other wholesale notes, mortgages and factoring receivables. 351 212 736 1 714 064 955 Sundry accounts and notes receivable.. 6 769 405 Total $1 720 834 360 Percentage 100% 73326 0-61-pt. 2--58 |