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AC -258
The Comet Rice Mills Memorandum, 1952
Dates: 1952 (includes information from 1902-1952)
Description
Comet Rice Mills was originally incorporated in Texas on May 10, 1902, as the Seaboard Rice
Milling Company. The company was located in Galveston and was founded by a local group headed
by Waters S. Davis. Comet Rice Mills merged with the Steinhagen Rice Milling Company of
Beaumont in 1939. Comet transferred its machinery and equipment to Beaumont and discontinued
its operations at Galveston. The Beaumont operations of B.A. and E. Harvey Steinhagen were
organized about 1927.
The Comet Rice Mills Memorandum was prepared in February, 1952, by Duff, Anderson & Clark
of Chicago, Industrial Security Analysts. It was prepared, the Memorandum states, "in connection
with the proposed acquisition by Wonder Rice Mills, Inc., of Comet Rice Mills at a price of
$2,800,000."
Scope and Content
The Comet Rice Mills Memorandum of 1952 is a 32 -page report of the operations and organization
of Comet Rice Mills. It includes information concerning the history of the business, sales
organization, plant and equipment, personnel and labor relations, earnings and profits, financial
condition, management and control, and proposed financing. Balance sheets for the years 1942-
1952 are included, as are photographs of the plant The Beaumont plant was located at Cedar and
Fourth streets and had a 1948 appraised reproduction value of $1,322,654. Included also in the report
is a schedule showing dates various buildings were constructed, their descriptions, and their floor
area.
Processed by Jonathan Gerland, July 1996