Document 93KEvjanXb0kRBL46Z22D38p3

FILE NAME: Owens Illinois (OWILL) DATE: 1943 DOC#: OWILL017 DOCUMENT DESCRIPTION: OWILL Entry in Moody's Manual of Investments M O O D Y'S M A N U A L OF IN V E S T M E N T S 1970 MM2 SINKING FUND--Aug. 2, 1940 and annually thereafter, cash and/or preferred (credited at p ar plus A ugust dividends plus prem ium of 5%) in am ount equal to toe sum of (1) t% of maximum p ar value of p referred theretofore Issued prior to Jan. l of toe then cu rren t year. ti<,sac.Wiw_ tog fund balance unexpended on Sept. 1 shall be ex pended as directors determ ine. Stoking fund preferred shall be retired. TRANSFER AGENT--Irving T rust Co., New York. REGISTRAR--City Bank Farm ers T rust Co., New York. ISSUED--In accordance w ith recapitalization (see below). PRICE RANGE-- 1942 1941 1940 P re fe rre d ......... 110-105 117-107% 122-104 2. Melville Shoe Corp. common; p ar $1: AUTHORIZED--1.300,000 shares; issued 927,072 shares; outstanding, 927,162 shares: reserved fo r conversion of preferred, 276,813 shares; par $1 (changed freon no par in accordance w ith recapitalization--see below). Dhritfend Record (In $) 1915-- (O N tl ld S100 m i. pa .. r shar 5.00 e s )u n _ 10.00 OE im ..- 7JO I f I f ... 7JO 1.00 9.00 (On no p a r abares after 4 for 1 stock split) IfSS-- 6JS 1029__ 2.40 1930-31 2.00 1032__ IJO 1033... 1J9 U34.. 1J9 1935.. . 2J7% 2930-357410 1030... 3.00 1939.. . 4 00 (P resent $1 p ar shares) 1940.. . 2.25 1041... 2.201942 3.00 131943... 1.00 fflPius 32.50 in preferred stock. SIPlus (lo in preferred stock. S3Plus $0.70% per share In 6% first preferred ana 01.41 per snare to $% second preferred (both issues since retired). All paym ents made prior to capital change. fflTo May2< Dividends payable quarterly February 1, etc. to stock of record about January 19, etc. VOTING RIGHTS--One vote per share. PREEMPTIVE RIGHTS -- Has preem ptive rights to any Issue fo r cash (except 20,000 shares which may be- sold to employees) of common, preferred or other stock entitled to voting rights to ordinary circum stances, or in any securities convertible Into or evidencing a rig h t to purchase such stock. LISTED--New York Stock Exchange. TRANSFER AGENT--Irving T rust Co.. New Y ork. REGISTRAR--C ity B ank Farm ers Trust Co* New York. PRICE RANGE-- 1942 194: 104$ C om m on........ 32-20% 33%-? % 34%-24% Subscription Rights: Holders of common stock of record A pril 6, 1936had the right to subscribe, a t $104 per share, for 4%% preferred stock on the b an s of 6 snares for each 100 shares held. Rights expired A pril 27, 1936. Recapitalization: On December 15. 1939 stockholders voted to exchange <?ach share of old $5 par 6% preferred for 11/20C of a share of the above $5 convertible preferred and to ex* change eacn share of the old no par common for 1/10 share of the above 5% convertible pre* ferred, plus 2 shares of new $1 par common. A t the same m eeting the exchanges w ith re* spect to the stocks of the J, F. IvfcElwaln Co. set fo rth under "H istory" above w ere voted. OW ENS-ILLINOIS G LASS COMPANY M m M S F 0TM * Amount Issue Rating O utstanding 1. Sinking fund deb. 2%s, 1952_______ $2,500.000 CAPITAL STOCK Par Amount Issue Value O utstanding 1. Common $12.50 2.661.204 shs. ^ B3J12.50 p ar common--after 2 fo r 1 split-up in 1937. 5]Before income gjT im es Charges Earned In te re st C all Price Range 1942 1941 D ates P ric e 1942 1932-42 127.79 58.99 F & A 1 Not stated SI (3. Earned per Sh. Diva. p er Sh. CaU Price Range 1942 1941 1942 1941 Price 19342 1932-42 $3.46 $3.40 $2.00 $2.50 57%-43% Q]103%-38% taxes and after depreciation, depletion and am ortization. (SPrivately HISTORY PRINCIPAL PLANT8 6 PROPERTIES Incorporated in Ohio, Dec. 13, 1907 as The Glass factories are located as follows: Num ber o f Employees: Dec. 31, 1942, ap proxim ately 19,500. Owens B o ttle Machine Corn., successor to a Alton, IQ. New Jersey corporation of th e same nam e, to* Bridgeton, N. J. Waco, Texas Charleston. W. Va. G eneral Office: Ohio Bldg., Toledo, O. M anagement Profit-Sharing: Executives and corporates S ep t 3, 1903. C harter is perpetual. Clarion, Pa. Name changed to The Owens B ottle Co. M ay :Columbus, O. T erre Haute, Ind. Gas City. Ind. departm ent heads receive additional compen sation under Plan adopted Jan. 20.1930, as de 1,1919 and to Owens-Illinois Glass Co. A pr. 17, Fairm ont, W. Va. 1029. Glassboro. N. J. H untington. W. Va. Muncie, Ind. term ined by the com pany's president out of a fund representing up to 8% of earnings to ex During 1912 `acquired assets of T he Owens Los Angeles. Cal. West V irginia B ottle Co. and N orthw estern Oakland, O il. Toledo, O. Streator, m . cess of 10% of capital and surplus a t the be ginning of th e year. Total of the participating Ohio B ottle Co., and on Jan. 1, 1915. assets of The Owens Eastern B ottle Co., wholly-owned SaAnl.TFroafnlhceisaciob,bCveaal ctive plants except Muncie salaries shall not exceed 10% ox the excess earnings for each year. Total bonus to any subsidiaries. In 1916 acquired control of Amer ican B ottle Co. and Graham Glass Co. In 1917 are used for m anufacture of glass containers, and contain autom atic m achinery and other participant In any year shall not exeeed his salary fo r th a t year. acquired Kanawha M anufacturers Gas Co. During 1918 acquired assets of subsidiary equipm ent for this purpose. The Muncie plant u used for products of the Paym ents m ade under toe plan follow: 1933 _____ $220,220 1938. N il W hitney Glass Works. In 1919 acquired con* trol of Charles Boldt Glass Co., m anufacturing Insulux Division. P lant of the Libbey Glass Co. is located a t Toledo, O., w here company 1934 _____ 1935 ............. 223.000 1939. 348,910 1940. $188,750 48.044 bottles, cartons, etc. During 1923 acquired control of Closure Service Co. On Jan . 1,1926 also m anufactures caps and closures for glass containers. Metal bottle cap m anufacture is 1936 1937 ............. ............. 526,958 1941. 342492 1942. 628.250 579.000 took over assets and control of Charles Boldt *conducted, a t the jGIassboro plant. SUBSIDIARIES Glass Co. In May, 1929 m erged assets of Illi nois Glass Co. (Xu. 2873) ana Chicago H eights Owens-Illinois Can Co. has plants a t Balti more, M d.7Ctoaring, 111. and McKees Rocks, Company pany. is prim arily an operating com B ottle Co., Including stock of Carlyle P aper Pa, On Dec. 31, 1942, held 100% voting power to Co., Tavern Rock Sand Co. and M adison Ware Madison Warehouse Co. operates warehouse the following subsidiaries: house Co. In Apr., 1929 absorbed assets of to Boston, Mass. Branch warehouses are lo Name, place of incorporation and business: GsulbasssidCiaor.ies, American B ottle Co. and Graham cated to Cincinnati and S t Paul. Lauterback Corp. operates plant a t Toledo, O. _ _ Owens-nQnois Pacific Coast Co. (DeL)--Pa cific Coast m anufacturing and sales On Jan. 1. 1930 acquired assets except cer- , Jointly w ith Xibbey-Owens-Ford Glass Co. O w ens-Illinois Can. Co. (Del.)--M etal con tain natural gas properties of Barney-Bond tainers. etc. Glass Co. In Nov* 1930 acquired principal as sets of A tlantic B ottle Co. tog fuel to the Charleston plants Libbey Glass Co. (Ohio)--Glass tum blers, etc. Madison W arehouse Co. (Mass.)--Warehouse As of Nov. 30, 1931 purchased assets of HU nois Pacific Coast Co.; properties w ere trans panics. On Dec. 31, 1942 total territo ry so owned o r held under lease com prised 147,984 Owens-Illinois D istributors, W arehousing and sales Inc. (Ohio)-- ferred June 1, 1932, O w ens-Illinois Pacific acres, on which there w ere 525 producing w ells L auterbach Corp. (Del.)--Plastic molding ma Coast Co. being organized to operate them . (book value was $979,275). Company has other In Oct., 1932 purchased, as o f Ju ly 31, 1932, natu ral gas fields in Clarion, P a. and Fair chinery Company owns 50% of capital stock of the Root Glass Co. of Torre H aute, Ind. In 1932 absorbed business of subsidiary C arlyle Paper m ont, w7 Va.. supplying fuel as a service to bottle m anufacturing plants a t those points. Owens Stapletied Brush Co. and 49.77% of common and 11,331 p referred shares of Owens* Clarion field comprises 14,384_ acres and 136 Corning Fiberglas Corp. (see below). As of Jan. 31.2933 acquired substantially en producing wells; Fairm ont field comprises f Owens-Coming Fiberglas C o ra: Incorpo tire assets and business of O'Neill M achine Co., 3*655 acres a n d ^ producin^w eljs* Jjook value rated under Delaware law s O ct 31. 1938. and developing autom atic bottle blowing ma of the tw o on Dec. 31, 1942 was $39,078. chinery, using the vacuum process. As of Mar. acquired all toe assets of Owens-Illinois Glass Co. and Corning Glass W orks which had 31.1933 acquired Hemingray Glass Co. special MANAGEMENT izing in glass insulators. In Apr~ 1933 exer been devoted to production and development of glass in fibrous form s. Engaged In produc cised option on 16,000 shares ox Container Corp. of America (see general Index) 7% W. E. Levis, Chairman J. P . Levis, President tion of "Fiberglas'* m aterials to r a wide va riety of applications, including Insulation, cum ulative preferred, subsequently receiving ' through recapitalization 50,000 common shares C. B. Belknap, Vice-Chairman of Board dust-stop air filters, and decorative and indus R. H. Barnard, Executive V ice-President tria l service fabrics. Plants a t Newatk, Ol for p a rt of this holding. In May, 1933 pur chased entire assets of Illinois Glam Co. Dur F. J. Solon. V ice-President F. T. N esbitt, V ice-President Ashton, R. L and Coming, N. Y. During 1961 additional plant facilities w ere started to Ohio. ing 1933 organized In Ohio O w ens-Illinois Dis tributors, Inc* engaged to w arehousing and C. R. Megowen, V ice-President 9c Compt. C apital stock all owned by Owens-Illinois C. G. Benstoger, V ice-President WGlass Co. and Corning Glass Works. sale of certain products. G. Lufkin, Vlce-Pres. & Gen. M gr., Glass BUSINESS AND PRODUCTS On Dec. 31, 1935 purchased en tire assets of Container Division D irectly and through subsidiaries manufac Libbey Glass Mfg. Cd., Toledo (founded to 1888), transferring properties to new subsid S. L. Rairdon, Vlce-Pres. 9c Gen. Safer Mgr., Glass Container Div. tures, warehouses and sells a general line of bottles and other containers fo r medicinal iary , Libbey Glass Co. (Ohio 1935). J. H. McNerney, Secretary fie T reasurer toilet, pharm aceutical and proprietary prepa In Feb., 1936 acquired E nterprise Can O* E. F. M krtto, A sst Sec. A A sst T reasurer rations; for products of m anufacturing chem McKees Rocks, Pa* through exchange of stock,', F. G. M orfoot A sst Sec. 9c A sst T reasurer ists; and fo r foods, condim ents and beverages and assets o f Tin D ecorating Co. o f B altim ore A, J. Riedmayer, Asst. Sec. 9c A sst Trees. (including "Stubby" and "Steinle" bottles): (subsidiary of American Tobceo Co.) for' C. B. Rairdon, A ssistant Treasurer. also for other purposes. Company shipments cash, forming, to operate these properties, Directors Owens-Ultoofi Can Co., which bought fo r cash R. H. B arnard, Toledo in 1937 w ere 38.03% of U. S glass container in dustry shipm ents. Also m anufactures and sells assets of St. Louts Can Co. C. B. Belknap, Toledo glass Insulators used to electrical and tele In Aug* 1990 sold en tire stock o f Tavern *- H arold Boescnenstein. Toledo phone w iring, and Insulux gises blocks for Rock Sand Co. fo r 15,309 conmuto s l u r i r o i W. H. B oehart Miami Beach, Fie. Industrial ana residential construction. A sub Pennsylvania Glass Sand Corp., etc. subse H. E. Toledo. sidiary m anufactures, warehouses and tells quently company bought ta n a requirem ents " < G. P. Greenhalgh. B erryville; Va. th in blown (paste mold) tum blers (Libbey from outside interests. W. W. K nigbtT oledo Safedge and lib b e y No-NDt), used as anaktoff In 1936 fh name of Closure Service Co was J. P . Levis, Toledo glasses and as Jars for packing food producto; changed to Owens-Illinois Closure Co. W. E. Levis. Toledo stem w are; glassw are fo r hotels, restaurante In Apr., 1937 acquired Lauterbnch Carp. F. H. McAdoo, New York cafes, clubs, bars and soda fountains; and out On Nov. 1, 1933 company transferred sub C. J. Root, Terre H aute, Ind. and engraved glassw are. A subsidiary manu stantially all of its assets for developm ent and production of glass fiber products to Owens- F. W. Sohwenck. Cincinnati C. J.'W llcox, Toledo' facture, w arehouse and sells tin cans and related m etal products. A nother subsidiary Coming Fiberglas Corp. fo r 49.77% of letter's _ Geitera! Counsel: Williams, Rversm aa 9c m anufactures caps and closures fo r glass con common and 17,586 preferred shafes. M organ: tainers. Company engages in fabrication of * D. u. r. ing 1939 sold Chicago Heights, BL fae- Annual Meeting: T hird W ednesday to A pril at Toledo. O. straw board into corrugated cartons for ship ping glass articles, and also m akes wood pack- " Ten m*rmfachires plastics. MOODY'S M A N U A L OF IN V E ST M E N T S 1971 Company is engaged in the manufacture of war Materials. Owns interests in natural gas properties w9? hichu gsuu ypplyj so ov mi u ee ov sf tt shi we plants w ith fuel. Glass sand requirem ents are purchased from outside Interests. Company owns a substan- tial interest (book value $3,191,786 on Dec. 31, \ Illinois Glass C o--Glass Container Division 1942> in Owens-Corning Fiberglas Corp., .i.n.- ; -a-n--d..I.nsulux Products Division--and 3 wholly- terested in glass fibers for air filters, insulation j owned subsidiaries, Owens-Illinois Pacific and other purposes. Coast Co., Lfcbbey Glass Co. and Owens-Illinois Business is handled through 5 operating Can Co. units, consisting of 2 divisions of Owens* INCOME ACCOUNTS COMPARATIVE CONSOLIDATED INCOME ACCOUNT, YEARS ENDED DEC (Taken from re p o rts.in se c u ritie s and Exchange Commission) 1942 1941 1939 flat sales, royalties St other op. rev-- $152,230,527 $82,025,093 976,106,756 9 Cost of sales, royalties paid, etc__ 111,435,(02 ` 115, ' 59,655,604 Selling, general Sc adm. expenses.. 10,097.709 9.381.117 6374336 , atlng profit ______. . . . . . . . . . 30,707,215 20,942,272 1163,137 76,6X6 Dividends received _______ .... 139.086 15373 1,175 22352 Interest received . . . . __________. . . . 88.609 7707 81,249 81358 Discount Sc commissions_______ ___ 414,083 300.039 253,884 187,867 * 0 8 Miscellaneous other incom e____ . . . . 43,023 dr 40.328 66,673 64396 Total _______ . . . . . . . . . . _____. . . . 31,392,018 T0,93F.09$ 12.035,598 8,933,689 Provision for m anagem ent bonus___ 579,000 48,644 188,750 Discount on s a le s .......________ . . . 1,375,072 789,697 723,471 '637*1361 Provision for bad debts................... ... 26,754 195,271 146,107 78,660 195,777 j Interest on bonds, debentures, e tc ... 217,851 306,569 308,837 432,277 540,264 Premium, debentures r e tir e d ......... 0Sundry expenses St losses (n e t).--. 77354 $76 ""tff,748 '332.285 *146301 B alan ce_____ _______________ 29,0213^9 19,100,072 10380,156 7,414311 s a Cash from sale of patent rights, etc. 37300 37,500 303319 Balance ______ . . . . . . . . . . . . __ -- 29.02l.r9 19.137,572 9,606,060 10,317,654 7.717,431 gBEmployees' annuities --_________ -- 1,400,0)0 1389,127 ------r- V Total income before tax es.____ r- (Social security t a x . . . . . . . . . . . . . __ _ 27.621319 Not stated 17,748,445 9,606,060 103X7,650 N ot stated 7,717,431 918347 1 Capital stock ta x ..__. . . . . . . __ --. . . 114,014 : Provision for Federal Income tax ___ 4,094,300 2360.400 1353,565 1301365 r a Federal excess profits tax _____. . . . 4395,000 Surtax on undistributed profits_____ ; State Sc foreign income ta x e s ..._____ 47.861 18,996 22.626 29,176 Net income to s u r p lu s ............ 9.194,5^:8 9,040,149 7323,034 8.434.915 5*383305 ,,Earned surplus beginning of year___ 27,899,41:4 25312,286 23.611.660 20.499.153 19,107,155 ;r Common dividends ............ ............ . 5,322,408 6,653,010 5322,408 5322,408 3,991306 *Other surplus d e b its...___. . . . . ___ _ Earned surplus, end of year . . . . . . >SUPPLEMENTARY P. Se L. DATA l Decree., depl. Sc am ortization____ {. Molds charged to e x p e n s e ....... | Maintenance Sc r e p a i r s ............. v Taxes (other than incom e)^..____ Parent company's n et income____. . . $31,771.564 84.008.161 1,491.809 3,071,736 2389374 328,544 1,310,419 $8.987321 $27399,424 $3,824308 1.801348 3,115397 2.238.732 299,117 1313.562 $8,158.031 $2531238* $3,749.741 2,051,766 2394.592 1318.601 291.422 805.737 Not stated $23,611.660 $3.744,687 2,061,024 1.933317 1,784357 314375 748370 $7366323 $20,499.153 $3,672,649 2.102392 1.973316 1352314 271.453 739.447 $5,060.164 2987 $91 81,004 72390,682 7,613353 n .v n .w 99,141 590,849 12,818, 342 957 234371 **139.954 11,155,102 1,055.972 12311,074 12311.074 852.180) 147.0551 1,760,155) 100.057 9351,627 18,430.943 M l $19,107,155 $2.923.500 2.028398 2,876,964 1303.467 251.156 962.783 $9390,625 1986 979,714329 60,409,065 6341,782 " 11.963*381 W 254.163 387317 12329,835 526358 709340 151.155 11.448.181 1.057300 12305,681 12305.681 2,193314 213336 10,099,131 16,102,974 7,771.162 . $18,430,943 $2.603.588 Not stated 2,052,452 482359 251318 N o t* f Social security taxes of $980.918 In 1940, 111,243,176 in 1941 and of unstated am ount In (1939 included in cost of sales, selling expenses, .etc., above. In 1939-41, Federal capital stock Stsxes were also included in la tte r accounts. ]1942: Paym ents to service retirem ent tru s t Past service annuities covering certain fioyees, purchased under insurance comP1&estatedCfo r com parative purposes, s Cost of sales, royalties paid, patent, de velopm ent and other operating expenses (inybhiding depreciation and am ortization--1942, m & tfk 1: 1941, 16,156: 1940. ,435322). f ljlncludes related portions of item s shown s n ie r "Supplem entary p Sc L Data** below statem ent 9bIncludes $23,313 recovery of deposits in tased hanks and $473365 profit on sale of seirities. See note 0 under Consolidated Balance ieet below. Sale of patent rights and licenses itails a dim inution of royalty receipts from >ther companies in 1935 and subsequent years. i No depreciation is provided on molds, Jigs, ate. Amount a t which molds, etc., are carried m companies* accounts represents value there of a t Dec. 31, 1930 as determ ined by Indepen dent appraisal. All new molds or m old re placements are charged to expense. 0.1939: Includes damages paid re breach of contracts, $299,771. . P1942: A fter deducting $1,529,400 credit for debt retirem ents and $50,630 for post-w ar tax refund. D epreciation Policy: The policy of company and subsidiaries consolidated w ith respect to provision fo r depreciation, depletion and am ortization of physical properties is as fol lows: D epreciation Is com puted on straight-line m ethod a t rste s based upon expected life of individual groups of property. D epletion of gas properties Is computed on straight-line m ethod on cost over the esti m ated gas content of leased or owned prop erties. A m ortization of leased m achinery is com puted a t 8% per annum on in ltia rtu ll pay aient, it being anticipated th at all leases ex piring p rio r to term ination of estim ated use fu l life of m achinery w ill be renewed. No depreciation Is provided on molds (see footnote under Consolidated Income Ac count). G eneral Notes (a) Consolidatteed statem ents include all subsidiaries and such subsidiaries are whollyowned. (b) Investm ent In consolidated subsidiaries is less than company** equity in th e ir n et as sets as shown in books of la tter, by $3,848365 (as of Dec. 31, 1942). This am ount represents mostly n et earnings less dividends and plus contributions on account of losses since ac quisition or organization and Is Included In consolidated earned surplus. (c) Company is subject to possible renego tiation of w ar contracts. No reserve has been provided fo r any such adjustm ents. On basis of negotiations pending w ith T reasury De partm ent, it is. estim ated th a t maximum addi tional liability of company fo r Federal income and excess profits taxes fo r years 1929 to 1941, inclusive, not provided for, w ill not exceed $900,000, which, w ith accrued interest, may am ount to approxim ately 51,200,000. W hen final settlem ent has been m ade, additional tax and accrued interest w ill be charged against surplus account and, correspondingly, surplus account w ill have restored to it the excess depreciation taken, being In large m easure the basis of additional tax. A fter these a d ju st, m ents have been given effect to, th ere w ill result a n et addition to surplus account. , (e) Accounts certified by A rthur Young St Co. 2 8 BALANCE SHEET8 COMPARATIVE CONSOLIDATED BALANCE SHEET. AS OF DEC. 31 (Takcn^ftom reports to^Securities and^Exchange Commission) assets on hand Sc demand deposits... $11316,067 $7,470,899 $9.884.208 $9.940339 $6376325 dep. w ith bks. Sc insurance cos. 1,000.000 1,000.000 1.000.000 1.000.000 1,000,000 Treasury tax notes _____ 5,110,000 2 .000,000 V. S. Govt, securities . . . __ _ 5.119,846 1.549350 ketable securities (c o s t)...-- . 511.807 511,807 m em 511307 511307 Sc accounts receivable (n e t).. 10346.468 7,788,808 6.835,519 6,194384 m aterial inventory....... ...... . . . 5,937,456 2,707,133 2335372 2342;99$ in process Sc fin. g o o d s...-- 10,601,638 13,091,930 12, 111,000 11309,120 10,439303 sup. Sc repair p arts -- 1,703,508 r Total current assets................. Other security in v e s tm e n ts ......... fe insurance cash surrender v a lu e .. Mutual Insurance St other deposits., tost-w ar refund--excess profit ta x .... Sundry loans, notes St accounts r e i nvested in natural gas property . . . . . P ro p erty , plant St e q u ip m e n t...... {Less: Deprec., depl. & am ortization $49,843383 $3,905,933 *368*841 50,630 268.651 979375 84,091,486 38,489,016 $42,037,441 $4354,751 361,071 330,040 1,006,415 81,061.549 35375,181 $34.002356 $4.142378 *328362 'M S 78359379 33,086.015 $32.133356 $4.078301 320,000 *275382 785*55 77370.444 31,009371 $$g3.3J719,*622174 329,384 397313 926,097 78.423.835 29,613,979 1937 $14,,010704,.090505 513.080 7307,72$ 4,687,61$ 12.128329 2359,419 $32,071,622 $826,723 368307 . B S 1936 $9313/735 1350,009 s 8305, 2377, 9.461 2,108,1 $33328,838 <756>4e 173370 359,960 03333 29,484 Net property a c c o u n t............ Jcenses &*patent rights (n e t).. . . . . . Ite n ts St goodw ill...____ . . . . . . . . . . rep. ren t & imp. to leased property, taexpired insurance . . . -- ^repaid taxes, advertising, e tc ....... P u g . sup. Sc repair parts---------- . . 45.602.4g0 641. 252382 434.637 3,155347 fiflj '*614031336203 3,081,546 rr~45,773364 842390 48348 161390 282,147 1,812,443 48360.473 940.7H mi 329,759 1.719378 481.,800395335366 382,901 171329 30430T 50334388 1,498,125 403,146 191315 269,045 84348360 1334S 466373 173349 164341 T o ta l_____ ____________ -- LIABILITIES counts payable ________--__ . . . U stom err credit balances-- ncrued wages _________________ ccru ed general ta x e s ___________ ccrued management bonus ccrued estim ated Federal taxes____ $105,502,744 II19.695,745 $98,032386 $5,017307 266,899 1,184399 359310 314,125 9398.785 888318.553 $3,045335 180,042 789.062 863341 48.644 2351,951 $87337.453 $2395,738 .1757 407 750 726 $85,057374 $1,756,876 170,435 622302 273,679 mm $87362351 8 2 :8 8 650385 258,006 842,192 2389,191 $72375312 T ssiss 232,047 zJ t